BlackRock Series Fund NPORT-P BlackRock Sustainable Balanced Portfolio (Sep 2022 report)

BlackRock

Sustainable

Balanced

Portfolio

2

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

September

30,

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%),

3.34%,

05/25/37

(a)

...

USD

45

$

8,983

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(LIBOR

USD

1

Month

+

0.48%),

3.56%,

05/25/35

(a)

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

55

47,870

BCMSC

Trust

(a)

Series

2000-A,

Class

A3,

7.83%,

06/15/30

49

7,386

Series

2000-A,

Class

A4,

8.29%,

06/15/30

35

5,629

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

Series

2004-HE7,

Class

M2,

(LIBOR

USD

1

Month

+

1.73%),

4.81%,

08/25/34

...

1

612

Series

2007-HE2,

Class

22A,

(LIBOR

USD

1

Month

+

0.14%),

3.22%,

03/25/37

..

12

11,397

Series

2007-HE2,

Class

23A,

(LIBOR

USD

1

Month

+

0.14%),

3.22%,

03/25/37

..

22

20,693

Series

2007-HE3,

Class

1A3,

(LIBOR

USD

1

Month

+

0.25%),

3.33%,

04/25/37

..

40

52,358

Carrington

Mortgage

Loan

Trust,

Series

2006-

NC4,

Class

A3,

(LIBOR

USD

1

Month

+

0.16%),

3.24%,

10/25/36

(a)

..........

34

33,022

Citigroup

Mortgage

Loan

Trust

(a)

Series

2007-AHL2,

Class

A3B,

(LIBOR

USD

1

Month

+

0.20%),

3.28%,

05/25/37

..

142

104,205

Series

2007-AHL2,

Class

A3C,

(LIBOR

USD

1

Month

+

0.27%),

3.35%,

05/25/37

..

65

47,278

Conseco

Finance

Corp.

Series

1998-8,

Class

A1,

6.28%,

09/01/30

3

2,944

Series

2001-D,

Class

B1,

(LIBOR

USD

1

Month

+

2.50%),

5.32%,

11/15/32

(a)

..

20

21,246

Conseco

Finance

Securitizations

Corp.,

Series

2000-5,

Class

A6,

7.96%,

05/01/31

.....

37

12,266

Countrywide

Asset-Backed

Certificates,

Series

2006-SPS1,

Class

A,

(LIBOR

USD

1

Month

+

0.22%),

3.30%,

12/25/25

(a)

.........

—

(b)

681

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2001-MH29,

Class

B1,

8.10%,

09/25/31

(a)

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

17

16,179

CWHEQ

Home

Equity

Loan

Trust

Series

2006-S3,

Class

A4,

6.02%,

01/25/29

(c)

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

2

3,173

Series

2006-S5,

Class

A5,

6.16%,

06/25/35

2

2,859

CWHEQ

Revolving

Home

Equity

Loan

Resuritization

Trust

(a)(d)

Series

2006-RES,

Class

4Q1B,

(LIBOR

USD

1

Month

+

0.30%),

3.12%,

12/15/33

7

7,164

Series

2006-RES,

Class

5B1A,

(LIBOR

USD

1

Month

+

0.19%),

3.01%,

05/15/35

..

18

17,466

CWHEQ

Revolving

Home

Equity

Loan

Trust

(a)

Series

2005-B,

Class

2A,

(LIBOR

USD

1

Month

+

0.18%),

3.00%,

05/15/35

...

4

3,952

Series

2006-H,

Class

1A,

(LIBOR

USD

1

Month

+

0.15%),

2.97%,

11/15/36

...

8

7,382

First

Franklin

Mortgage

Loan

Trust,

Series

2006-FFH1,

Class

M2,

(LIBOR

USD

1

Month

+

0.60%),

3.68%,

01/25/36

(a)

....

41

37,039

GSAMP

Trust

(a)

Series

2007-H1,

Class

A1B,

(LIBOR

USD

1

Month

+

0.20%),

3.28%,

01/25/47

...

22

11,727

Series

2007-HS1,

Class

M6,

(LIBOR

USD

1

Month

+

3.38%),

6.46%,

02/25/47

...

25

23,443

Home

Equity

Asset

Trust,

Series

2007-1,

Class

2A3,

(LIBOR

USD

1

Month

+

0.30%),

3.38%,

05/25/37

(a)

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

31

22,702

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

IXIS

Real

Estate

Capital

Trust,

Series

2007-

HE1,

Class

A4,

(LIBOR

USD

1

Month

+

0.23%),

3.31%,

05/25/37

(a)

..........

USD

627

$

161,424

Lehman

ABS

Manufactured

Housing

Contract

Trust

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(a)

56

56,174

Series

2002-A,

Class

C,

0.00%,

06/15/33

4

3,783

Long

Beach

Mortgage

Loan

Trust

(a)

Series

2006-5,

Class

2A3,

(LIBOR

USD

1

Month

+

0.30%),

3.38%,

06/25/36

...

21

10,668

Series

2006-7,

Class

2A3,

(LIBOR

USD

1

Month

+

0.32%),

3.40%,

08/25/36

...

14

5,719

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust,

Series

2007-2,

Class

A2C,

(LIBOR

USD

1

Month

+

0.24%),

3.56%,

05/25/37

(a)

18

14,046

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-HE1,

Class

A2MZ,

(LIBOR

USD

1

Month

+

0.60%),

3.68%,

12/25/34

(a)

78

66,618

Oakwood

Mortgage

Investors,

Inc.,

Series

2001-D,

Class

A4,

6.93%,

09/15/31

(a)

...

9

5,279

Option

One

Mortgage

Loan

Trust

Series

2007-CP1,

Class

2A3,

(LIBOR

USD

1

Month

+

0.21%),

3.29%,

03/25/37

(a)

.

40

30,759

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(c)

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

32

26,941

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(c)

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

37

30,883

Origen

Manufactured

Housing

Contract

Trust,

Series

2007-B,

Class

A1,

(LIBOR

USD

1

Month

+

1.20%),

4.02%,

10/15/37

(a)(d)

...

12

11,958

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(c)

........

27

22,407

SG

Mortgage

Securities

Trust,

Series

2006-

FRE2,

Class

A2C,

(LIBOR

USD

1

Month

+

0.32%),

3.40%,

07/25/36

(a)

..........

16

3,573

Total

Asset-Backed

Securities

—

0.3%

(Cost:

$1,181,106)

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

979,888

Shares

Shares

Common

Stocks

Aerospace

&

Defense

—

0.4%

BAE

Systems

plc

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

1,424

12,512

Curtiss-Wright

Corp.

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

119

16,560

HEICO

Corp.,

Class

A

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

3,328

381,455

L3Harris

Technologies,

Inc.

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

55

11,431

Saab

AB,

Class

B

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

10,595

330,107

Textron,

Inc.

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

11,212

653,211

Thales

SA

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

1,607

177,082

1,582,358

Air

Freight

&

Logistics

—

0.2%

Deutsche

Post

AG

(Registered)

.........

7,830

235,994

DSV

A/S

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

702

82,238

Expeditors

International

of

Washington,

Inc.

.

701

61,905

FedEx

Corp.

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

254

37,711

United

Parcel

Service,

Inc.,

Class

B

......

1,741

281,241

699,089

Airlines

—

0.0%

(e)

Deutsche

Lufthansa

AG

(Registered)

.....

14,747

84,768

Qantas

Airways

Ltd.

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

12,537

40,233

125,001

BlackRock

Sustainable

Balanced

Portfolio

3

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Shares

Shares

Value

Auto

Components

—

0.1%

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

(d)

(f)

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

18,800

$

75,383

Hankook

Tire

&

Technology

Co.

Ltd.

......

1,543

37,662

HL

Mando

Co.

Ltd.

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

1,832

56,047

Hu

Lane

Associate,

Inc.

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

19,000

98,831

Hyundai

Mobis

Co.

Ltd.

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

273

36,037

303,960

Automobiles

—

1.4%

Bayerische

Motoren

Werke

AG

.........

9,635

653,037

BYD

Co.

Ltd.,

Class

A

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

100

3,523

BYD

Co.

Ltd.,

Class

H

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

9,000

221,720

Ford

Otomotiv

Sanayi

A/S

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

6,287

110,752

General

Motors

Co.

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

9,056

290,607

Honda

Motor

Co.

Ltd.

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

29,200

633,809

Mercedes-Benz

Group

AG

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

20,040

1,013,363

Renault

SA

(e)

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

1,195

32,332

Tesla,

Inc.

(e)

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

9,760

2,588,840

Tofas

Turk

Otomobil

Fabrikasi

A/S

.......

4,221

20,823

Volkswagen

AG

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

265

43,187

XPeng,

Inc.,

ADR

(e)

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

636

7,600

5,619,593

Banks

—

2.9%

Australia

&

New

Zealand

Banking

Group

Ltd.

32,439

474,868

Banco

Bilbao

Vizcaya

Argentaria

SA

......

121,175

543,572

Banco

Bradesco

SA

(e)

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

3,121

9,465

Bancolombia

SA

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

4,068

27,444

Bank

of

America

Corp.

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

74,376

2,246,155

Bank

of

Nova

Scotia

(The)

(g)

...........

28,540

1,357,424

Bank

of

Queensland

Ltd.

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

2,559

10,660

Bank

Polska

Kasa

Opieki

SA

...........

4,536

55,089

China

Merchants

Bank

Co.

Ltd.,

Class

H

...

56,500

261,474

Citigroup,

Inc.

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

17,749

739,601

Credicorp

Ltd.

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

621

76,259

Erste

Group

Bank

AG

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

1,428

31,305

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

38,360

245,803

JPMorgan

Chase

&

Co.

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

23,163

2,420,534

KeyCorp

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

15,722

251,866

National

Australia

Bank

Ltd.

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

13,982

258,886

Royal

Bank

of

Canada

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

2,578

232,111

Societe

Generale

SA

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

756

14,951

Swedbank

AB,

Class

A

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

1,407

18,468

UniCredit

SpA

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

35,932

363,779

US

Bancorp

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

20,623

831,519

Wells

Fargo

&

Co.

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

4,258

171,257

Westpac

Banking

Corp.

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

83,716

1,107,563

11,750,053

Beverages

—

1.8%

Ambev

SA

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

119,554

344,632

Anheuser-Busch

InBev

SA/NV

..........

8,641

391,408

Arca

Continental

SAB

de

CV

...........

4,068

29,291

Brown-Forman

Corp.,

Class

B

..........

9,766

650,123

China

Resources

Beer

Holdings

Co.

Ltd.

...

6,000

41,620

Coca-Cola

Co.

(The)

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

31,031

1,738,357

Coca-Cola

Europacific

Partners

plc

.......

6,326

269,614

Coca-Cola

Femsa

SAB

de

CV

..........

19,697

114,781

Davide

Campari-Milano

NV

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

20,641

182,622

Fomento

Economico

Mexicano

SAB

de

CV

.

4,429

27,780

Heineken

NV

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

1,758

153,528

PepsiCo,

Inc.

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

14,754

2,408,738

Pernod

Ricard

SA

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

3,281

601,913

Suntory

Beverage

&

Food

Ltd.

..........

2,600

92,532

Tsingtao

Brewery

Co.

Ltd.,

Class

H

.......

2,000

18,856

7,065,795

Security

Shares

Shares

Value

Biotechnology

—

0.9%

Amgen,

Inc.

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

2,724

$

613,990

BeiGene

Ltd.

(e)

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

900

9,280

BeiGene

Ltd.,

ADR

(e)

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

657

88,577

Biogen,

Inc.

(e)

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

1,012

270,204

BioMarin

Pharmaceutical,

Inc.

(e)

.........

2,159

183,018

Celltrion,

Inc.

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

411

49,882

CSL

Ltd.

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

1,405

255,523

Exelixis,

Inc.

(e)

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

2,182

34,214

Genmab

A/S

(e)

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

621

199,778

Gilead

Sciences,

Inc.

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

6,977

430,411

Incyte

Corp.

(e)

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

2,468

164,467

Innovent

Biologics,

Inc.

(d)(e)(f)

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

30,000

92,199

Legend

Biotech

Corp.,

ADR

(e)

...........

2,341

95,513

Moderna,

Inc.

(e)

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

557

65,865

PharmaEngine,

Inc.

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

4,000

14,796

Regeneron

Pharmaceuticals,

Inc.

(e)

.......

618

425,722

Shanghai

Junshi

Biosciences

Co.

Ltd.,

Class

H

(d)(e)(f)(g)

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

12,600

39,842

United

Therapeutics

Corp.

(e)

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

397

83,124

Vertex

Pharmaceuticals,

Inc.

(e)

..........

1,437

416,069

3,532,474

Building

Products

—

0.2%

Belimo

Holding

AG

(Registered)

.........

264

97,098

Fortune

Brands

Home

&

Security,

Inc.

.....

305

16,376

Geberit

AG

(Registered)

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

22

9,434

Lixil

Corp.

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

2,200

32,280

Owens

Corning

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

7,512

590,518

ROCKWOOL

A/S,

Class

B

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

34

5,363

751,069

Capital

Markets

—

0.8%

B3

SA

-

Brasil

Bolsa

Balcao

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

3,736

9,108

Bank

of

New

York

Mellon

Corp.

(The)

.....

37,781

1,455,324

Deutsche

Bank

AG

(Registered)

.........

59,157

437,997

Deutsche

Boerse

AG

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

625

102,454

Macquarie

Group

Ltd.

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

7,891

769,848

S&P

Global,

Inc.

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

26

7,939

UBS

Group

AG

(Registered)

...........

41,010

594,972

3,377,642

Chemicals

—

0.8%

Allied

Supreme

Corp.

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

2,000

20,814

Croda

International

plc

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

1,521

108,636

DuPont

de

Nemours,

Inc.

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

166

8,366

Givaudan

SA

(Registered)

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

373

1,126,834

Israel

Corp.

Ltd.

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

21

8,060

LG

Chem

Ltd.

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

964

355,943

Linde

plc

(g)

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

159

42,865

Methanex

Corp.

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

813

25,896

Nitto

Denko

Corp.

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

800

43,317

Novozymes

A/S,

Class

B

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

8,865

445,485

Sika

AG

(Registered)

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

3,038

610,613

Sumitomo

Chemical

Co.

Ltd.

...........

71,600

246,275

Wacker

Chemie

AG

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

600

61,684

3,104,788

Commercial

Services

&

Supplies

—

0.0%

ISS

A/S

(e)

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

626

9,650

Sohgo

Security

Services

Co.

Ltd.

........

300

7,549

Tetra

Tech,

Inc.

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

1,102

141,640

158,839

Communications

Equipment

—

0.1%

Accton

Technology

Corp.

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

2,000

17,059

Arcadyan

Technology

Corp.

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

7,000

20,895

BYD

Electronic

International

Co.

Ltd.

......

5,000

11,948

BlackRock

Sustainable

Balanced

Portfolio

4

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Shares

Shares

Value

Communications

Equipment

(continued)

Cisco

Systems,

Inc.

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

2,763

$

110,520

Juniper

Networks,

Inc.

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

6,971

182,083

Nokia

OYJ

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

22,535

96,744

Telefonaktiebolaget

LM

Ericsson,

Class

B

..

12,155

71,052

510,301

Construction

&

Engineering

—

0.4%

Ackermans

&

van

Haaren

NV

..........

2,236

283,714

AECOM

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

5,161

352,858

Bouygues

SA

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

5,006

130,950

COMSYS

Holdings

Corp.

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

2,600

44,117

Daewoo

Engineering

&

Construction

Co.

Ltd.

(e)

7,009

19,951

Eiffage

SA

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

1,183

94,868

EXEO

Group,

Inc.

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

7,200

104,095

HDC

Hyundai

Development

Co-Engineering

&

Construction

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

575

4,123

JGC

Holdings

Corp.

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

800

9,925

Kandenko

Co.

Ltd.

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

800

4,599

Obayashi

Corp.

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

10,400

66,747

Samsung

Engineering

Co.

Ltd.

(e)

.........

1,768

27,832

Shimizu

Corp.

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

13,300

65,024

Toda

Corp.

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

1,400

7,202

Vinci

SA

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

2,790

225,602

1,441,607

Construction

Materials

—

0.0%

James

Hardie

Industries

plc,

CDI

........

3,193

62,719

Consumer

Finance

—

0.8%

Ally

Financial,

Inc.

(g)

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

14,168

394,295

American

Express

Co.

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

12,216

1,648,061

Capital

One

Financial

Corp.

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

5,742

529,240

Lufax

Holding

Ltd.,

ADR

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

2,005

5,093

Synchrony

Financial

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

16,479

464,543

3,041,232

Containers

&

Packaging

—

0.0%

Avery

Dennison

Corp.

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

91

14,806

WestRock

Co.

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

2,564

79,202

94,008

Diversified

Consumer

Services

—

0.2%

Benesse

Holdings,

Inc.

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

1,900

28,289

H&R

Block,

Inc.

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

13,318

566,548

Service

Corp.

International

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

1,070

61,782

YDUQS

Participacoes

SA

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

4,422

11,886

668,505

Diversified

Financial

Services

—

0.3%

Berkshire

Hathaway,

Inc.,

Class

B

(e)

......

3,637

971,152

FirstRand

Ltd.

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

4,449

14,852

Groupe

Bruxelles

Lambert

NV

..........

1,695

118,540

Investor

AB,

Class

B

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

3,413

49,800

Voya

Financial,

Inc.

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

3,357

203,098

1,357,442

Diversified

Telecommunication

Services

—

0.5%

AT&T,

Inc.

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

461

7,072

BCE,

Inc.

(g)

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

4,048

169,733

Nippon

Telegraph

&

Telephone

Corp.

.....

62,800

1,693,861

1,870,666

Electric

Utilities

—

0.9%

Acciona

SA

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

1,001

175,932

Centrais

Eletricas

Brasileiras

SA

.........

1,288

10,286

Contact

Energy

Ltd.

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

11,217

46,962

CPFL

Energia

SA

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

26,929

168,532

Edison

International

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

24,279

1,373,706

Security

Shares

Shares

Value

Electric

Utilities

(continued)

Electricite

de

France

SA

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

10,832

$

125,624

Elia

Group

SA/NV

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

2,392

281,469

Enel

SpA

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

110,650

453,801

Energisa

SA

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

2,497

19,432

Hydro

One

Ltd.

(d)(f)

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

39,580

967,903

NextEra

Energy,

Inc.

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

1,327

104,050

SSE

plc

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

3,363

56,788

Terna

-

Rete

Elettrica

Nazionale

.........

2,178

13,265

3,797,750

Electrical

Equipment

—

0.2%

ABB

Ltd.

(Registered)

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

12,670

327,132

Bizlink

Holding,

Inc.

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

24,000

210,824

Legrand

SA

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

3,560

230,186

Signify

NV

(d)(f)

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

4,288

110,362

878,504

Electronic

Equipment,

Instruments

&

Components

—

0.5%

Azbil

Corp.

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

800

20,854

Chroma

ATE,

Inc.

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

32,000

180,043

Delta

Electronics,

Inc.

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

47,000

373,327

E

Ink

Holdings,

Inc.

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

18,000

118,835

FLEXium

Interconnect,

Inc.

(e)

...........

41,000

111,957

Genius

Electronic

Optical

Co.

Ltd.

.......

4,000

43,261

Omron

Corp.

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

14,400

659,769

Shimadzu

Corp.

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

700

18,365

Simplo

Technology

Co.

Ltd.

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

22,000

182,025

Sinbon

Electronics

Co.

Ltd.

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

2,000

16,612

Spectris

plc

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

5,310

160,457

Sunny

Optical

Technology

Group

Co.

Ltd.

..

900

8,553

1,894,058

Energy

Equipment

&

Services

—

0.1%

Schlumberger

NV

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

12,534

449,970

Worley

Ltd.

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

1,787

14,569

464,539

Entertainment

—

0.0%

NetEase,

Inc.

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

1,000

15,089

NHN

Corp.

(e)

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

198

2,944

Studio

Dragon

Corp.

(e)

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

201

9,235

27,268

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.1%

American

Tower

Corp.

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

568

121,950

Brixmor

Property

Group,

Inc.

...........

589

10,879

Crown

Castle,

Inc.

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

9,238

1,335,353

Digital

Realty

Trust,

Inc.

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

990

98,188

Equinix,

Inc.

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

1,437

817,423

Equity

Residential

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

1,190

79,992

Essex

Property

Trust,

Inc.

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

77

18,652

GPT

Group

(The)

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

2,727

6,712

Klepierre

SA

(e)

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

2,607

45,323

Lamar

Advertising

Co.,

Class

A

.........

514

42,400

Prologis,

Inc.

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

6,904

701,446

Segro

plc

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

50,195

418,820

Simon

Property

Group,

Inc.

(g)

...........

5,272

473,162

Stockland

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

81,782

171,155

Tritax

Big

Box

REIT

plc

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

22,643

34,170

Warehouses

De

Pauw

CVA

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

2,480

60,910

4,436,535

Food

&

Staples

Retailing

—

0.4%

BIM

Birlesik

Magazalar

A/S

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

7,506

46,967

Cia

Brasileira

de

Distribuicao

...........

1,792

6,451

Coles

Group

Ltd.

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

2,682

28,275

Cosmos

Pharmaceutical

Corp.

..........

900

88,991

BlackRock

Sustainable

Balanced

Portfolio

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Shares

Shares

Value

Food

&

Staples

Retailing

(continued)

Costco

Wholesale

Corp.

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

912

$

430,710

George

Weston

Ltd.

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

294

30,782

Lawson,

Inc.

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

5,200

170,122

Migros

Ticaret

A/S

(e)

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

18,199

99,094

Shoprite

Holdings

Ltd.

(g)

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

3,282

39,183

Tesco

plc

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

3,397

7,796

Tsuruha

Holdings,

Inc.

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

14,300

837,262

1,785,633

Food

Products

—

0.8%

Associated

British

Foods

plc

...........

18,052

252,234

BRF

SA

(e)

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

1,755

4,194

Chocoladefabriken

Lindt

&

Spruengli

AG

...

17

164,293

Kellogg

Co.

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

166

11,564

Kuala

Lumpur

Kepong

Bhd.

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

3,200

14,254

Marfrig

Global

Foods

SA

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

27,242

50,046

Mondelez

International,

Inc.,

Class

A

......

16,437

901,241

Nestle

SA

(Registered)

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

13,750

1,487,163

Nissin

Foods

Holdings

Co.

Ltd.

.........

2,300

159,873

Nomad

Foods

Ltd.

(e)

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

12,176

172,899

Sao

Martinho

SA

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

12,912

60,965

3,278,726

Health

Care

Equipment

&

Supplies

—

1.0%

Align

Technology,

Inc.

(e)

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

898

185,985

Angelalign

Technology,

Inc.

(d)(f)

..........

400

3,817

Boston

Scientific

Corp.

(e)

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

43,393

1,680,611

Edwards

Lifesciences

Corp.

(e)

..........

7,707

636,829

IDEXX

Laboratories,

Inc.

(e)

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

816

265,853

Medtronic

plc

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

16,230

1,310,572

4,083,667

Health

Care

Providers

&

Services

—

1.7%

Alfresa

Holdings

Corp.

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

600

6,993

AmerisourceBergen

Corp.

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

1,555

210,438

Cigna

Corp.

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

3,693

1,024,697

CVS

Health

Corp.

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

16,523

1,575,798

Elevance

Health,

Inc.

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

1,034

469,684

Fleury

SA

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

25,397

83,380

Humana,

Inc.

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

1,172

568,643

Qualicorp

Consultoria

e

Corretora

de

Seguros

SA

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

10,931

16,515

Quest

Diagnostics,

Inc.

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

238

29,200

UnitedHealth

Group,

Inc.

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

5,900

2,979,736

6,965,084

Hotels,

Restaurants

&

Leisure

—

1.1%

Aristocrat

Leisure

Ltd.

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

56,679

1,195,167

Booking

Holdings,

Inc.

(e)

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

346

568,551

Boyd

Gaming

Corp.

(g)

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

814

38,787

Chipotle

Mexican

Grill,

Inc.

(e)

...........

90

135,248

Domino's

Pizza,

Inc.

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

92

28,538

Expedia

Group,

Inc.

(e)

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

1,510

141,472

Flight

Centre

Travel

Group

Ltd.

(e)

........

4,543

41,131

InterContinental

Hotels

Group

plc

........

2,610

125,703

International

Game

Technology

plc

(g)

......

941

14,868

Marriott

International,

Inc.,

Class

A

.......

1,767

247,627

Resorttrust,

Inc.

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

400

6,407

Travel

+

Leisure

Co.

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

29,696

1,013,228

Trip.com

Group

Ltd.

(e)

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

550

14,861

Trip.com

Group

Ltd.,

ADR

(e)

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

4,785

130,679

Wyndham

Hotels

&

Resorts,

Inc.

........

134

8,221

Yum

China

Holdings,

Inc.

(g)

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

8,248

390,378

Yum!

Brands,

Inc.

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

4,116

437,695

4,538,561

Security

Shares

Shares

Value

Household

Durables

—

0.1%

Arcelik

A/S

(g)

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

7,398

$

26,734

Barratt

Developments

plc

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

64,397

243,383

Bellway

plc

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

1,445

27,219

Mohawk

Industries,

Inc.

(e)

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

450

41,036

338,372

Household

Products

—

0.7%

Colgate-Palmolive

Co.

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

23,504

1,651,156

Procter

&

Gamble

Co.

(The)

...........

10,213

1,289,391

2,940,547

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Atlantica

Sustainable

Infrastructure

plc

(g)

...

3,586

94,312

Clearway

Energy,

Inc.,

Class

C

.........

1,832

58,349

Drax

Group

plc

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

19,545

130,038

Encavis

AG

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

734

13,119

Innergex

Renewable

Energy,

Inc.

........

865

10,889

306,707

Industrial

Conglomerates

—

0.8%

3M

Co.

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

138

15,249

Doosan

Co.

Ltd.

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

515

28,799

General

Electric

Co.

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

11,876

735,243

Honeywell

International,

Inc.

...........

4,786

799,118

Siemens

AG

(Registered)

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

12,531

1,224,816

Smiths

Group

plc

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

16,668

277,639

3,080,864

Insurance

—

1.9%

Ageas

SA/NV

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

286

10,431

AIA

Group

Ltd.

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

201,200

1,675,172

Aon

plc,

Class

A

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

68

18,215

AXA

SA

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

6,696

146,193

Brighthouse

Financial,

Inc.

(e)

...........

645

28,006

Direct

Line

Insurance

Group

plc

.........

25,231

52,056

Lincoln

National

Corp.

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

7,986

350,665

Manulife

Financial

Corp.

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

58,819

923,152

Marsh

&

McLennan

Cos.,

Inc.

..........

8,285

1,236,868

Meritz

Fire

&

Marine

Insurance

Co.

Ltd.

....

174

3,562

MetLife,

Inc.

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

25,933

1,576,208

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

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

48,000

239,462

Swiss

Life

Holding

AG

(Registered)

.......

771

340,637

T&D

Holdings,

Inc.

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

1,200

11,406

Talanx

AG

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

531

18,803

Tokio

Marine

Holdings,

Inc.

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

11,000

195,504

Travelers

Cos.,

Inc.

(The)

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

5,601

858,073

7,684,413

Interactive

Media

&

Services

—

2.3%

AfreecaTV

Co.

Ltd.

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

355

15,516

Alphabet,

Inc.,

Class

A

(e)

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

30,333

2,901,352

Alphabet,

Inc.,

Class

C

(e)

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

23,340

2,244,141

Auto

Trader

Group

plc

(d)(f)

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

43,254

245,297

Baidu,

Inc.,

Class

A

(e)

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

22,500

331,227

Joyy,

Inc.,

ADR

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

1,094

28,444

Kakao

Corp.

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

3,103

122,101

Kuaishou

Technology

(d)(e)(f)

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

14,300

91,722

Meta

Platforms,

Inc.,

Class

A

(e)

..........

12,160

1,649,869

NAVER

Corp.

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

1,047

139,477

REA

Group

Ltd.

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

384

27,950

Scout24

SE

(d)(f)

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

2,828

141,712

SEEK

Ltd.

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

569

6,916

Tencent

Holdings

Ltd.

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

34,700

1,172,038

9,117,762

BlackRock

Sustainable

Balanced

Portfolio

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Shares

Shares

Value

Internet

&

Direct

Marketing

Retail

—

1.3%

Alibaba

Group

Holding

Ltd.

(e)

...........

80,500

$

803,337

Amazon.com,

Inc.

(e)

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

27,722

3,132,586

Coupang,

Inc.

(e)(g)

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

11,441

190,722

eBay,

Inc.

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

15,810

581,966

JD.com,

Inc.,

Class

A

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

7,800

196,780

Meituan

Dianping

(d)(e)(f)

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

12,600

264,807

ZOZO,

Inc.

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

300

6,005

5,176,203

IT

Services

—

2.2%

Accenture

plc,

Class

A

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

8,071

2,076,668

Capgemini

SE

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

301

48,190

CGI,

Inc.,

Class

A

(e)

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

1,111

83,638

Cognizant

Technology

Solutions

Corp.,

Class

A

26,973

1,549,329

DXC

Technology

Co.

(e)

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

346

8,470

EPAM

Systems,

Inc.

(e)

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

234

84,752

Fujitsu

Ltd.

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

300

32,896

Gartner,

Inc.

(e)

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

3,881

1,073,834

Genpact

Ltd.

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

9,599

420,148

Mastercard,

Inc.,

Class

A

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

2,784

791,603

Nomura

Research

Institute

Ltd.

.........

12,900

315,060

Otsuka

Corp.

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

4,400

137,225

Paychex,

Inc.

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

1,869

209,720

Visa,

Inc.,

Class

A

(g)

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

11,439

2,032,138

8,863,671

Leisure

Products

—

0.1%

Sankyo

Co.

Ltd.

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

700

21,194

Sega

Sammy

Holdings,

Inc.

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

12,300

167,520

188,714

Life

Sciences

Tools

&

Services

—

0.6%

Agilent

Technologies,

Inc.

(g)

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

13,708

1,666,207

Mettler-Toledo

International,

Inc.

(e)

.......

450

487,854

Pharmaron

Beijing

Co.

Ltd.,

Class

H

(d)(f)

....

1,500

7,257

Thermo

Fisher

Scientific,

Inc.

...........

426

216,063

WuXi

AppTec

Co.

Ltd.,

Class

H

(d)(f)

.......

9,800

78,270

Wuxi

Biologics

Cayman,

Inc.

(d)(e)(f)

........

24,000

142,868

2,598,519

Machinery

—

0.3%

Amada

Co.

Ltd.

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

62,400

424,002

ANDRITZ

AG

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

4,888

206,859

DMG

Mori

Co.

Ltd.

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

1,200

13,705

Ebara

Corp.

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

1,600

52,136

Hiwin

Technologies

Corp.

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

2,000

11,074

PACCAR,

Inc.

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

1,228

102,771

Rational

AG

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

89

43,105

Spirax-Sarco

Engineering

plc

...........

381

43,797

Techtronic

Industries

Co.

Ltd.

...........

12,500

119,277

Timken

Co.

(The)

(g)

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

216

12,753

Toyota

Industries

Corp.

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

200

9,554

Trelleborg

AB,

Class

B

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

660

12,382

Valmet

OYJ

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

7,754

156,757

VAT

Group

AG

(d)(f)

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

342

69,402

Wartsila

OYJ

Abp

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

13,113

83,765

Yaskawa

Electric

Corp.

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

600

17,267

1,378,606

Marine

—

0.1%

AP

Moller

-

Maersk

A/S,

Class

A

.........

58

102,472

AP

Moller

-

Maersk

A/S,

Class

B

.........

178

323,467

Evergreen

Marine

Corp.

Taiwan

Ltd.

......

8,000

36,475

Grindrod

Shipping

Holdings

Ltd.

.........

445

10,649

Kuehne

+

Nagel

International

AG

(Registered)

375

76,362

Security

Shares

Shares

Value

Marine

(continued)

Orient

Overseas

International

Ltd.

.......

1,500

$

26,105

575,530

Media

—

0.7%

Comcast

Corp.,

Class

A

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

38,915

1,141,377

Fox

Corp.,

Class

A

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

46,636

1,430,793

Fox

Corp.,

Class

B

(g)

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

376

10,716

Fuji

Media

Holdings,

Inc.

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

1,400

10,282

Nippon

Television

Holdings,

Inc.

.........

1,000

8,013

2,601,181

Metals

&

Mining

—

0.6%

Anglo

American

plc

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

32,782

983,552

Norsk

Hydro

ASA

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

2,747

14,740

POSCO

Holdings,

Inc.

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

557

81,248

Reliance

Steel

&

Aluminum

Co.

.........

255

44,475

South32

Ltd.

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

50,300

119,408

Steel

Dynamics,

Inc.

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

282

20,008

Wheaton

Precious

Metals

Corp.

.........

37,330

1,208,796

2,472,227

Multiline

Retail

—

0.0%

J

Front

Retailing

Co.

Ltd.

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

900

7,323

Macy's,

Inc.

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

1,873

29,350

Shinsegae,

Inc.

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

196

31,319

67,992

Multi-Utilities

—

0.3%

E.ON

SE

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

65,858

505,972

Engie

SA

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

61,658

709,677

1,215,649

Oil,

Gas

&

Consumable

Fuels

—

2.9%

Aker

BP

ASA

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

4,559

130,864

Ampol

Ltd.

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

233

4,310

APA

Corp.

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

631

21,574

ARC

Resources

Ltd.

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

11,082

133,095

Birchcliff

Energy

Ltd.

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

1,827

12,975

BP

plc

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

9,519

45,485

Chevron

Corp.

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

17,630

2,532,902

ConocoPhillips

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

1,164

119,124

Crescent

Point

Energy

Corp.

...........

27,593

169,791

Devon

Energy

Corp.

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

165

9,921

Enbridge,

Inc.

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

29,881

1,107,978

Enerplus

Corp.

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

2,724

38,572

Eni

SpA

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

1,080

11,479

EOG

Resources,

Inc.

(g)

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

3,526

393,960

EQT

Corp.

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

1,806

73,594

Equinor

ASA

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

28,351

934,980

Exxon

Mobil

Corp.

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

23,273

2,031,966

Gibson

Energy,

Inc.

(g)

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

1,047

16,652

Inpex

Corp.

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

26,900

250,899

Magnolia

Oil

&

Gas

Corp.,

Class

A

.......

691

13,689

Marathon

Oil

Corp.

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

7,549

170,456

Marathon

Petroleum

Corp.

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

9,357

929,431

Murphy

Oil

Corp.

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

233

8,195

NuVista

Energy

Ltd.

(e)

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

754

5,355

Occidental

Petroleum

Corp.

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

1,447

88,918

Ovintiv,

Inc.

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

601

27,662

Parex

Resources,

Inc.

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

2,113

30,853

PBF

Energy,

Inc.,

Class

A

(e)

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

215

7,559

Phillips

66

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

312

25,185

Pioneer

Natural

Resources

Co.

.........

242

52,400

Range

Resources

Corp.

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

2,327

58,780

SK

Innovation

Co.

Ltd.

(e)

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

997

98,800

TC

Energy

Corp.

(g)

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

10,120

407,628

Tourmaline

Oil

Corp.

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

7,146

371,384

BlackRock

Sustainable

Balanced

Portfolio

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Turkiye

Petrol

Rafinerileri

A/S

(e)

.........

5,658

$

88,057

Valero

Energy

Corp.

(g)

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

1,703

181,966

Var

Energi

ASA

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

6,077

19,745

Vermilion

Energy,

Inc.

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

4,002

85,669

Williams

Cos.,

Inc.

(The)

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

13,832

396,010

Woodside

Energy

Group

Ltd.

...........

28,105

574,228

11,682,091

Paper

&

Forest

Products

—

0.0%

West

Fraser

Timber

Co.

Ltd.

...........

1,353

97,879

Personal

Products

—

0.4%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

961

207,480

LG

H&H

Co.

Ltd.

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

38

16,656

L'Oreal

SA

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

143

45,723

Natura

&

Co.

Holding

SA

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

3,188

8,747

Pola

Orbis

Holdings,

Inc.

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

2,200

24,848

Unilever

plc

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

30,374

1,336,952

1,640,406

Pharmaceuticals

—

3.3%

Astellas

Pharma,

Inc.

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

16,300

215,931

Bristol-Myers

Squibb

Co.

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

28,682

2,039,003

Eisai

Co.

Ltd.

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

600

32,195

Eli

Lilly

&

Co.

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

4,851

1,568,571

GSK

plc

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

3,031

43,776

H

Lundbeck

A/S

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

2,344

7,513

Johnson

&

Johnson

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

19,477

3,181,763

Merck

&

Co.,

Inc.

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

20,129

1,733,510

Novartis

AG

(Registered)

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

6,337

483,114

Novo

Nordisk

A/S,

Class

B

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

14,150

1,409,592

Ono

Pharmaceutical

Co.

Ltd.

...........

1,300

30,366

Pfizer,

Inc.

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

21,310

932,526

Roche

Holding

AG

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

943

316,677

Santen

Pharmaceutical

Co.

Ltd.

.........

4,200

28,230

Takeda

Pharmaceutical

Co.

Ltd.

.........

51,300

1,332,148

Teva

Pharmaceutical

Industries

Ltd.,

ADR

(e)

.

16,078

129,749

13,484,664

Professional

Services

—

0.9%

Booz

Allen

Hamilton

Holding

Corp.

(g)

......

7,010

647,373

Experian

plc

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

32,533

952,325

ManpowerGroup,

Inc.

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

483

31,245

Randstad

NV

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

230

9,927

Recruit

Holdings

Co.

Ltd.

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

4,900

141,148

Robert

Half

International,

Inc.

...........

5,060

387,090

SMS

Co.

Ltd.

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

200

4,041

Teleperformance

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

432

109,591

Wolters

Kluwer

NV

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

11,586

1,128,171

3,410,911

Real

Estate

Management

&

Development

—

0.4%

Alony

Hetz

Properties

&

Investments

Ltd.

...

996

11,906

China

Resources

Land

Ltd.

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

28,000

109,673

City

Developments

Ltd.

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

15,800

83,268

Country

Garden

Services

Holdings

Co.

Ltd.

.

23,000

33,580

Daiwa

House

Industry

Co.

Ltd.

..........

8,500

172,827

Jones

Lang

LaSalle,

Inc.

(e)

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

169

25,531

LEG

Immobilien

SE

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

1,541

91,982

Longfor

Group

Holdings

Ltd.

(d)

..........

2,500

7,166

Mitsubishi

Estate

Co.

Ltd.

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

24,400

321,499

Mitsui

Fudosan

Co.

Ltd.

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

38,400

731,519

Sun

Hung

Kai

Properties

Ltd.

...........

6,500

71,736

Tokyo

Tatemono

Co.

Ltd.

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

500

7,114

Zillow

Group,

Inc.,

Class

A

(e)

...........

162

4,638

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

(continued)

Zillow

Group,

Inc.,

Class

C

(e)

...........

627

$

17,939

1,690,378

Road

&

Rail

—

0.1%

JB

Hunt

Transport

Services,

Inc.

........

651

101,830

Knight-Swift

Transportation

Holdings,

Inc.

..

3,069

150,166

Landstar

System,

Inc.

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

447

64,533

Localiza

Rent

a

Car

SA

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

2,219

25,056

Movida

Participacoes

SA

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

1,958

4,497

Old

Dominion

Freight

Line,

Inc.

.........

776

193,046

Sankyu,

Inc.

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

300

8,712

547,840

Semiconductors

&

Semiconductor

Equipment

—

2.3%

Advanced

Micro

Devices,

Inc.

(e)

.........

6,056

383,708

Advantest

Corp.

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

3,000

138,542

Analog

Devices,

Inc.

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

11,854

1,651,736

Applied

Materials,

Inc.

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

13,276

1,087,703

ASML

Holding

NV

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

1,233

510,806

Disco

Corp.

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

800

176,362

Formosa

Sumco

Technology

Corp.

.......

9,000

38,384

Foxsemicon

Integrated

Technology,

Inc.

....

3,000

17,341

Global

Unichip

Corp.

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

11,000

202,293

Intel

Corp.

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

45,600

1,175,112

Kinsus

Interconnect

Technology

Corp.

.....

10,000

28,970

KLA

Corp.

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

181

54,776

Koh

Young

Technology,

Inc.

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

432

3,784

Lam

Research

Corp.

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

729

266,814

Lattice

Semiconductor

Corp.

(e)

..........

235

11,564

MediaTek,

Inc.

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

3,000

51,769

Nova

Ltd.

(e)

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

64

5,497

NVIDIA

Corp.

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

3,293

399,737

NXP

Semiconductors

NV

(g)

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

2,471

364,497

Parade

Technologies

Ltd.

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

1,000

18,376

QUALCOMM,

Inc.

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

5,177

584,897

Realtek

Semiconductor

Corp.

..........

14,000

118,189

RichWave

Technology

Corp.

...........

5,000

15,246

Silergy

Corp.

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

1,000

13,042

Silicon

Laboratories,

Inc.

(e)

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

485

59,868

Sino-American

Silicon

Products,

Inc.

......

10,000

40,850

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

92,000

1,219,496

Texas

Instruments,

Inc.

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

1,516

234,647

Tokyo

Electron

Ltd.

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

1,700

418,871

United

Microelectronics

Corp.

(e)

.........

1,000

1,119

9,293,996

Software

—

3.3%

Adobe,

Inc.

(e)

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

6,060

1,667,712

Autodesk,

Inc.

(e)

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

882

164,758

Cadence

Design

Systems,

Inc.

(e)

........

687

112,276

Check

Point

Software

Technologies

Ltd.

(e)

..

2,467

276,353

DocuSign,

Inc.

(e)

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

916

48,979

Fair

Isaac

Corp.

(e)

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

16

6,592

Intuit,

Inc.

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

789

305,595

Manhattan

Associates,

Inc.

(e)(g)

..........

222

29,533

Microsoft

Corp.

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

35,566

8,283,321

Nemetschek

SE

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

919

43,622

Palo

Alto

Networks,

Inc.

(e)

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

2,634

431,423

RingCentral,

Inc.,

Class

A

(e)

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

4,836

193,247

Salesforce,

Inc.

(e)

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

4,703

676,480

SAP

SE

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

862

70,249

ServiceNow,

Inc.

(e)

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

1,358

512,794

Workday,

Inc.,

Class

A

(e)

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

3,970

604,313

13,427,247

BlackRock

Sustainable

Balanced

Portfolio

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Shares

Shares

Value

Specialty

Retail

—

1.3%

AutoNation,

Inc.

(e)

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

125

$

12,734

Best

Buy

Co.,

Inc.

(g)

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

4,755

301,182

Dogus

Otomotiv

Servis

ve

Ticaret

A/S

.....

1,052

5,505

Fast

Retailing

Co.

Ltd.

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

100

52,994

Foschini

Group

Ltd.

(The)

(g)

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

2,038

13,246

Home

Depot,

Inc.

(The)

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

9,766

2,694,830

Lowe's

Cos.,

Inc.

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

9,206

1,728,979

Penske

Automotive

Group,

Inc.

.........

376

37,010

Shinsegae

International,

Inc.

...........

180

3,365

Ulta

Beauty,

Inc.

(e)

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

927

371,903

5,221,748

Technology

Hardware,

Storage

&

Peripherals

—

3.2%

Advantech

Co.

Ltd.

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

1,000

9,211

Apple,

Inc.

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

77,101

10,655,358

Dell

Technologies,

Inc.,

Class

C

.........

601

20,536

FUJIFILM

Holdings

Corp.

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

1,400

63,945

Hewlett

Packard

Enterprise

Co.

.........

66,175

792,776

HP,

Inc.

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

21,776

542,658

Ricoh

Co.

Ltd.

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

4,500

32,950

Samsung

Electronics

Co.

Ltd.

..........

14,454

530,740

Wiwynn

Corp.

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

2,000

50,541

12,698,715

Textiles,

Apparel

&

Luxury

Goods

—

0.9%

ANTA

Sports

Products

Ltd.

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

21,400

224,631

Burberry

Group

plc

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

2,641

52,755

Fulgent

Sun

International

Holding

Co.

Ltd.

..

6,000

29,921

Hermes

International

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

679

798,586

Kering

SA

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

2,639

1,170,525

Li

Ning

Co.

Ltd.

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

8,500

64,497

Lululemon

Athletica,

Inc.

(e)

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

1,999

558,840

Makalot

Industrial

Co.

Ltd.

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

30,000

172,486

Mavi

Giyim

Sanayi

ve

Ticaret

A/S,

Class

B

(d)(f)

1,800

6,964

Moncler

SpA

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

4,177

170,524

NIKE,

Inc.,

Class

B

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

1,340

111,381

Swatch

Group

AG

(The)

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

1,209

271,540

3,632,650

Thrifts

&

Mortgage

Finance

—

0.0%

Essent

Group

Ltd.

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

970

33,824

Radian

Group,

Inc.

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

652

12,577

46,401

Trading

Companies

&

Distributors

—

0.6%

IMCD

NV

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

1,166

138,243

ITOCHU

Corp.

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

21,900

528,620

Marubeni

Corp.

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

6,100

53,225

Mitsubishi

Corp.

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

11,000

300,852

Mitsui

&

Co.

Ltd.

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

50,900

1,083,141

Sumitomo

Corp.

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

8,400

103,777

Travis

Perkins

plc

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

611

5,245

United

Rentals,

Inc.

(e)

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

597

161,262

2,374,365

Transportation

Infrastructure

—

0.0%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

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

891

5,605

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

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

3,415

43,240

Kamigumi

Co.

Ltd.

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

5,000

92,314

141,159

Water

Utilities

—

0.1%

United

Utilities

Group

plc

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

29,314

289,451

Security

Shares

Shares

Value

Wireless

Telecommunication

Services

—

0.3%

Freenet

AG

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

7,809

$

147,992

KDDI

Corp.

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

6,500

190,036

MTN

Group

Ltd.

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

26,195

172,834

SK

Telecom

Co.

Ltd.

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

6,355

224,355

Tele2

AB,

Class

B

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

41,554

358,593

1,093,810

Total

Common

Stocks

—

51.7%

(Cost:

$242,013,195)

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

208,648,134

Par

(000)

Par

(000)

Corporate

Bonds

Air

Freight

&

Logistics

—

0.1%

United

Parcel

Service,

Inc.

4.45%,

04/01/30

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

USD

390

378,835

6.20%,

01/15/38

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

15

16,221

395,056

Airlines

—

0.0%

American

Airlines

Pass-Through

Trust

Series

2015-2,

Class

B,

4.40%,

09/22/23

69

66,804

Series

2016-1,

Class

B,

5.25%,

01/15/24

41

39,002

Series

2017-1,

Class

B,

4.95%,

02/15/25

14

13,124

Series

2019-1,

Class

B,

3.85%,

02/15/28

57

46,211

United

Airlines

Pass-Through

Trust,

Series

2019-2,

Class

B,

3.50%,

05/01/28

.....

34

28,252

193,393

Automobiles

—

0.1%

Honda

Motor

Co.

Ltd.,

2.53%,

03/10/27

...

280

253,214

Banks

—

3.8%

Banco

Santander

SA

2.75%,

05/28/25

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

200

182,870

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.00%),

4.18%,

03/24/28

(a)

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

400

360,449

Bank

of

America

Corp.

(LIBOR

USD

3

Month

+

0.79%),

3.00%,

12/20/23

(a)

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

31

30,835

7.25%,

10/15/25

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

75

78,007

(LIBOR

USD

3

Month

+

0.87%),

2.46%,

10/22/25

(a)

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

537

502,784

(LIBOR

USD

3

Month

+

0.81%),

3.37%,

01/23/26

(a)

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

68

64,429

(SOFR

+

1.15%),

1.32%,

06/19/26

(a)

...

186

165,093

(SOFR

+

1.01%),

1.20%,

10/24/26

(a)

...

131

114,305

(SOFR

+

0.96%),

1.73%,

07/22/27

(a)

...

390

334,592

(LIBOR

USD

3

Month

+

1.58%),

3.82%,

01/20/28

(a)

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

78

71,794

(SOFR

+

1.05%),

2.55%,

02/04/28

(a)

...

379

329,753

(LIBOR

USD

3

Month

+

1.51%),

3.71%,

04/24/28

(a)

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

89

80,985

(SOFR

+

1.58%),

4.38%,

04/27/28

(a)

...

240

224,889

(LIBOR

USD

3

Month

+

1.37%),

3.59%,

07/21/28

(a)

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

39

35,224

(SOFR

+

1.06%),

2.09%,

06/14/29

(a)

...

335

272,233

(LIBOR

USD

3

Month

+

1.31%),

4.27%,

07/23/29

(a)

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

145

132,210

(LIBOR

USD

3

Month

+

1.21%),

3.97%,

02/07/30

(a)

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

107

95,245

(LIBOR

USD

3

Month

+

1.19%),

2.88%,

10/22/30

(a)

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

58

47,545

Bank

of

Montreal,

1.25%,

09/15/26

......

450

384,744

BlackRock

Sustainable

Balanced

Portfolio

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Bank

of

Nova

Scotia

(The)

1.05%,

03/02/26

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

USD

490

$

427,045

1.30%,

09/15/26

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

500

428,856

2.95%,

03/11/27

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

500

452,637

Barclays

plc

(a)

(SOFR

+

2.71%),

2.85%,

05/07/26

.....

370

335,871

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.05%),

2.28%,

11/24/27

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

230

192,630

Citigroup,

Inc.

4.40%,

06/10/25

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

94

91,361

(SOFR

+

0.69%),

2.01%,

01/25/26

(a)

...

538

494,388

(SOFR

+

1.28%),

3.07%,

02/24/28

(a)

...

460

409,975

(LIBOR

USD

3

Month

+

1.39%),

3.67%,

07/24/28

(a)

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

266

239,474

(LIBOR

USD

3

Month

+

1.19%),

4.08%,

04/23/29

(a)

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

16

14,482

HSBC

Holdings

plc

(a)

(SOFR

+

1.43%),

3.00%,

03/10/26

.....

370

342,105

(SOFR

+

1.29%),

1.59%,

05/24/27

.....

490

409,515

(SOFR

+

1.10%),

2.25%,

11/22/27

.....

570

478,908

(LIBOR

USD

3

Month

+

1.53%),

4.58%,

06/19/29

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

301

268,306

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.25%),

4.70%

(h)

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

200

142,033

(SOFR

+

1.19%),

2.80%,

05/24/32

.....

490

360,033

ING

Groep

NV,

(SOFR

+

1.83%),

4.02%,

03/28/28

(a)

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

470

426,748

JPMorgan

Chase

&

Co.

(3

Month

CME

Term

SOFR

+

1.59%),

2.01%,

03/13/26

(a)

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

278

254,591

(SOFR

+

1.85%),

2.08%,

04/22/26

(a)

...

25

22,777

2.95%,

10/01/26

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

80

73,322

(LIBOR

USD

3

Month

+

1.34%),

3.78%,

02/01/28

(a)

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

127

116,438

(SOFR

+

1.17%),

2.95%,

02/24/28

(a)

...

266

235,203

(SOFR

+

1.89%),

2.18%,

06/01/28

(a)

...

6

5,103

(SOFR

+

1.99%),

4.85%,

07/25/28

(a)

...

130

124,823

(LIBOR

USD

3

Month

+

1.33%),

4.45%,

12/05/29

(a)

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

13

11,898

Lloyds

Banking

Group

plc

(a)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.00%),

2.44%,

02/05/26

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

730

670,697

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.80%),

3.75%,

03/18/28

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

360

323,597

(LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/07/28

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

240

210,479

Mitsubishi

UFJ

Financial

Group,

Inc.

1.41%,

07/17/25

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

200

179,288

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%),

1.54%,

07/20/27

(a)

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

490

417,432

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

2.34%,

01/19/28

(a)

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

380

328,288

Mizuho

Financial

Group,

Inc.

(a)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

2.65%,

05/22/26

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

460

422,945

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%),

1.55%,

07/09/27

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

500

425,223

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

NatWest

Group

plc

(a)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.64%,

06/14/27

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

USD

640

$

537,314

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.27%),

5.52%,

09/30/28

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

650

616,898

Royal

Bank

of

Canada,

0.88%,

01/20/26

...

390

338,673

Santander

UK

Group

Holdings

plc,

(SOFR

+

0.79%),

1.09%,

03/15/25

(a)

..........

237

218,817

Sumitomo

Mitsui

Financial

Group,

Inc.,

3.78%,

03/09/26

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

116

110,105

Toronto-Dominion

Bank

(The)

Series

FXD,

1.95%,

01/12/27

........

470

408,909

3.20%,

03/10/32

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

400

327,796

Washington

Mutual

Escrow

Bonds

(e)(i)(j)

0.00%,

11/06/09

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

100

1,000

0.00%,

09/29/17

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

400

—

15,403,969

Beverages

—

1.0%

Anheuser-Busch

InBev

Worldwide,

Inc.,

4.00%,

04/13/28

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

343

325,835

Coca-Cola

Co.

(The),

2.25%,

01/05/32

....

290

235,646

Coca-Cola

Femsa

SAB

de

CV,

1.85%,

09/01/32

490

356,108

Diageo

Capital

plc

1.38%,

09/29/25

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

470

426,145

2.00%,

04/29/30

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

780

625,018

Keurig

Dr

Pepper,

Inc.

2.25%,

03/15/31

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

400

311,202

4.05%,

04/15/32

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

470

412,200

PepsiCo,

Inc.

3.60%,

02/18/28

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

240

226,740

3.90%,

07/18/32

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

1,230

1,136,996

4,055,890

Biotechnology

—

0.6%

AbbVie,

Inc.,

2.95%,

11/21/26

.........

180

164,908

Amgen,

Inc.

2.20%,

02/21/27

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

200

177,584

3.00%,

02/22/29

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

270

236,116

4.20%,

02/22/52

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

15

11,759

4.88%,

03/01/53

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

30

26,391

Regeneron

Pharmaceuticals,

Inc.,

1.75%,

09/15/30

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

2,440

1,846,733

2,463,491

Building

Products

—

0.4%

Carlisle

Cos.,

Inc.,

2.20%,

03/01/32

......

730

543,225

Carrier

Global

Corp.,

2.24%,

02/15/25

....

10

9,344

Johnson

Controls

International

plc

3.90%,

02/14/26

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

870

834,417

2.00%,

09/16/31

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

100

75,485

Owens

Corning,

3.40%,

08/15/26

.......

110

101,317

1,563,788

Capital

Markets

—

2.3%

Ares

Capital

Corp.

2.15%,

07/15/26

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

400

335,229

2.88%,

06/15/27

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

290

242,264

Blackstone

Private

Credit

Fund,

4.00%,

01/15/29

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

129

103,335

Deutsche

Bank

AG

1.69%,

03/19/26

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

300

261,088

(SOFR

+

1.32%),

2.55%,

01/07/28

(a)

...

150

121,776

FactSet

Research

Systems,

Inc.

2.90%,

03/01/27

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

790

714,889

3.45%,

03/01/32

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

60

48,894

BlackRock

Sustainable

Balanced

Portfolio

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

FS

KKR

Capital

Corp.

2.63%,

01/15/27

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

USD

230

$

185,715

3.25%,

07/15/27

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

290

238,858

Goldman

Sachs

Group,

Inc.

(The)

(SOFR

+

0.51%),

0.66%,

09/10/24

(a)

...

21

19,990

3.75%,

02/25/26

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

37

35,046

3.50%,

11/16/26

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

27

24,953

(SOFR

+

0.80%),

1.43%,

03/09/27

(a)

...

565

485,736

(SOFR

+

0.82%),

1.54%,

09/10/27

(a)

...

1,640

1,385,542

(SOFR

+

1.11%),

2.64%,

02/24/28

(a)

....

886

768,728

(LIBOR

USD

3

Month

+

1.51%),

3.69%,

06/05/28

(a)

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

206

186,270

(SOFR

+

1.28%),

2.62%,

04/22/32

(a)

...

66

51,159

Moody's

Corp.,

3.25%,

01/15/28

........

69

62,378

Morgan

Stanley

(SOFR

+

1.15%),

2.72%,

07/22/25

(a)

...

57

54,070

(SOFR

+

1.67%),

4.68%,

07/17/26

(a)

...

325

316,460

3.13%,

07/27/26

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

4

3,683

3.63%,

01/20/27

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

281

261,393

(SOFR

+

0.88%),

1.59%,

05/04/27

(a)

...

96

82,952

(SOFR

+

0.86%),

1.51%,

07/20/27

(a)

...

81

68,987

(SOFR

+

1.00%),

2.48%,

01/21/28

(a)

...

280

244,720

(LIBOR

USD

3

Month

+

1.34%),

3.59%,

07/22/28

(a)

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

35

31,486

(LIBOR

USD

3

Month

+

1.14%),

3.77%,

01/24/29

(a)

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

407

366,032

(LIBOR

USD

3

Month

+

1.63%),

4.43%,

01/23/30

(a)

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

357

328,176

(SOFR

+

1.14%),

2.70%,

01/22/31

(a)

...

355

287,823

(SOFR

+

1.03%),

1.79%,

02/13/32

(a)

...

130

95,007

(SOFR

+

1.02%),

1.93%,

04/28/32

(a)

...

24

17,521

(SOFR

+

1.20%),

2.51%,

10/20/32

(a)

...

56

42,797

(SOFR

+

2.08%),

4.89%,

07/20/33

(a)

...

310

287,234

Morgan

Stanley

Domestic

Holdings,

Inc.,

3.80%,

08/24/27

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

62

57,277

Nasdaq,

Inc.,

1.65%,

01/15/31

.........

470

349,973

Nomura

Holdings,

Inc.,

3.00%,

01/22/32

...

344

260,293

Prospect

Capital

Corp.,

3.36%,

11/15/26

...

190

156,127

S&P

Global,

Inc.

(d)

2.45%,

03/01/27

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

280

250,979

4.75%,

08/01/28

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

125

121,998

2.90%,

03/01/32

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

210

175,201

3.90%,

03/01/62

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

3

2,268

9,134,307

Chemicals

—

0.1%

Celanese

US

Holdings

LLC

5.90%,

07/05/24

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

85

83,822

6.17%,

07/15/27

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

35

33,124

Dow

Chemical

Co.

(The),

2.10%,

11/15/30

.

39

29,875

DuPont

de

Nemours,

Inc.,

4.49%,

11/15/25

.

148

145,374

292,195

Commercial

Services

&

Supplies

—

0.2%

RELX

Capital,

Inc.

3.50%,

03/16/23

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

115

114,262

4.00%,

03/18/29

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

108

99,182

3.00%,

05/22/30

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

593

500,296

Republic

Services,

Inc.

2.90%,

07/01/26

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

42

38,583

3.95%,

05/15/28

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

47

43,981

2.30%,

03/01/30

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

20

16,422

1.75%,

02/15/32

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

100

74,521

887,247

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

—

0.2%

Motorola

Solutions,

Inc.

4.60%,

05/23/29

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

USD

162

$

149,179

2.30%,

11/15/30

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

610

458,352

2.75%,

05/24/31

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

130

99,215

706,746

Consumer

Finance

—

0.2%

American

Express

Co.,

2.55%,

03/04/27

...

199

177,251

General

Motors

Financial

Co.,

Inc.,

3.70%,

05/09/23

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

16

15,884

Synchrony

Financial

4.50%,

07/23/25

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

2

1,907

3.70%,

08/04/26

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

22

20,107

Toyota

Motor

Credit

Corp.

3.05%,

03/22/27

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

270

248,636

1.90%,

04/06/28

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

290

246,739

710,524

Distributors

—

0.0%

Genuine

Parts

Co.,

1.75%,

02/01/25

.....

150

138,473

Diversified

Financial

Services

—

0.2%

Block

Financial

LLC,

3.88%,

08/15/30

....

420

358,694

National

Rural

Utilities

Cooperative

Finance

Corp.

1.00%,

06/15/26

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

590

515,731

1.65%,

06/15/31

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

40

29,975

904,400

Diversified

Telecommunication

Services

—

0.4%

Deutsche

Telekom

International

Finance

BV

3.60%,

01/19/27

(d)

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

380

356,249

9.25%,

06/01/32

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

210

257,624

Koninklijke

KPN

NV,

8.38%,

10/01/30

....

140

154,398

Lumen

Technologies,

Inc.,

5.38%,

06/15/29

(d)

720

535,078

Verizon

Communications,

Inc.

4.13%,

03/16/27

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

96

91,682

2.10%,

03/22/28

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

53

44,743

4.33%,

09/21/28

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

115

108,206

2.85%,

09/03/41

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

50

33,338

1,581,318

Electric

Utilities

—

0.5%

Avangrid,

Inc.

3.20%,

04/15/25

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

620

586,311

3.80%,

06/01/29

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

140

124,407

Baltimore

Gas

&

Electric

Co.,

2.25%,

06/15/31

18

14,369

Edison

International,

3.13%,

11/15/22

....

1

998

Eversource

Energy

Series

U,

1.40%,

08/15/26

..........

60

51,993

2.90%,

03/01/27

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

270

245,014

3.38%,

03/01/32

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

220

185,078

Exelon

Corp.

2.75%,

03/15/27

(d)

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

19

17,023

5.10%,

06/15/45

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

10

8,908

4.10%,

03/15/52

(d)

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

7

5,400

NSTAR

Electric

Co.

3.25%,

05/15/29

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

280

251,479

3.95%,

04/01/30

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

300

278,994

Public

Service

Electric

&

Gas

Co.

3.65%,

09/01/28

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

80

73,832

2.05%,

08/01/50

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

31

16,814

Southern

California

Edison

Co.

Series

E,

3.70%,

08/01/25

..........

26

25,000

Series

20C,

1.20%,

02/01/26

........

60

52,801

Series

A,

4.20%,

03/01/29

..........

33

30,515

1,968,936

BlackRock

Sustainable

Balanced

Portfolio

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Electronic

Equipment,

Instruments

&

Components

—

0.4%

Allegion

US

Holding

Co.,

Inc.,

3.55%,

10/01/27

USD

15

$

13,378

CDW

LLC,

3.57%,

12/01/31

..........

66

51,386

Flex

Ltd.,

3.75%,

02/01/26

...........

290

269,483

Keysight

Technologies,

Inc.

4.60%,

04/06/27

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

620

603,247

3.00%,

10/30/29

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

720

609,118

1,546,612

Energy

Equipment

&

Services

—

0.1%

Baker

Hughes

Holdings

LLC,

4.49%,

05/01/30

80

73,804

CGG

SA,

8.75%,

04/01/27

(d)

..........

200

168,000

241,804

Entertainment

—

0.1%

Electronic

Arts,

Inc.

4.80%,

03/01/26

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

250

248,141

1.85%,

02/15/31

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

122

94,036

342,177

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.6%

Alexandria

Real

Estate

Equities,

Inc.,

2.95%,

03/15/34

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

24

18,556

American

Tower

Corp.

5.00%,

02/15/24

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

15

14,992

2.95%,

01/15/25

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

8

7,569

1.30%,

09/15/25

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

190

168,500

1.60%,

04/15/26

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

26

22,663

1.45%,

09/15/26

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

200

170,498

2.75%,

01/15/27

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

200

176,859

3.65%,

03/15/27

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

360

329,286

1.50%,

01/31/28

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

200

159,907

3.95%,

03/15/29

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

38

33,893

3.80%,

08/15/29

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

47

41,229

2.10%,

06/15/30

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

153

117,196

2.70%,

04/15/31

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

200

156,942

Crown

Castle,

Inc.

3.70%,

06/15/26

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

50

46,961

1.05%,

07/15/26

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

1,278

1,079,525

2.90%,

03/15/27

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

488

433,164

3.10%,

11/15/29

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

171

143,708

3.30%,

07/01/30

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

61

51,077

2.25%,

01/15/31

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

28

21,381

2.50%,

07/15/31

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

408

314,400

5.20%,

02/15/49

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

18

15,495

Duke

Realty

LP

1.75%,

07/01/30

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

23

17,913

1.75%,

02/01/31

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

117

89,427

Equinix,

Inc.

1.00%,

09/15/25

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

151

133,186

1.45%,

05/15/26

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

160

138,544

Extra

Space

Storage

LP,

2.35%,

03/15/32

..

260

191,616

Iron

Mountain,

Inc.,

5.25%,

07/15/30

(d)

....

200

165,494

Life

Storage

LP,

3.88%,

12/15/27

.......

150

136,489

Prologis

LP,

1.63%,

03/15/31

..........

520

394,315

Realty

Income

Corp.

3.00%,

01/15/27

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

5

4,547

3.25%,

01/15/31

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

40

34,133

Uniti

Group

LP,

6.50%,

02/15/29

(d)

.......

490

328,402

VICI

Properties

LP

5.63%,

05/01/24

(d)

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

62

60,931

4.50%,

09/01/26

(d)

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

18

16,438

5.75%,

02/01/27

(d)

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

30

28,268

5.13%,

05/15/32

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

280

248,192

Welltower,

Inc.

4.00%,

06/01/25

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

300

287,549

4.25%,

04/01/26

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

340

325,818

2.70%,

02/15/27

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

410

366,275

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Weyerhaeuser

Co.,

3.38%,

03/09/33

.....

USD

20

$

16,199

6,507,537

Food

Products

—

0.9%

Bunge

Ltd.

Finance

Corp.

1.63%,

08/17/25

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

380

341,828

3.75%,

09/25/27

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

360

329,749

2.75%,

05/14/31

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

480

377,581

Campbell

Soup

Co.,

4.15%,

03/15/28

....

170

159,532

General

Mills,

Inc.

3.20%,

02/10/27

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

350

325,507

2.25%,

10/14/31

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

1,100

860,586

Kellogg

Co.

3.40%,

11/15/27

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

190

174,415

4.30%,

05/15/28

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

850

805,519

2.10%,

06/01/30

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

300

237,952

3,612,669

Gas

Utilities

—

0.0%

ONE

Gas,

Inc.,

4.25%,

09/01/32

........

45

41,072

Southwest

Gas

Corp.,

4.05%,

03/15/32

...

160

134,414

175,486

Health

Care

Providers

&

Services

—

0.8%

Cigna

Corp.,

4.38%,

10/15/28

.........

200

188,849

CVS

Health

Corp.,

3.75%,

04/01/30

......

180

160,064

Elevance

Health,

Inc.

3.65%,

12/01/27

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

260

242,136

4.10%,

03/01/28

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

53

50,128

HCA,

Inc.,

3.13%,

03/15/27

(d)

..........

160

141,646

Humana,

Inc.

4.50%,

04/01/25

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

16

15,771

1.35%,

02/03/27

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

490

412,672

3.70%,

03/23/29

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

360

322,830

4.88%,

04/01/30

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

57

54,673

Laboratory

Corp.

of

America

Holdings,

1.55%,

06/01/26

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

40

35,045

Quest

Diagnostics,

Inc.,

3.45%,

06/01/26

..

100

94,119

UnitedHealth

Group,

Inc.,

4.20%,

05/15/32

.

1,500

1,393,114

3,111,047

Hotels,

Restaurants

&

Leisure

—

0.1%

McDonald's

Corp.,

3.30%,

07/01/25

......

250

240,403

Starbucks

Corp.,

2.00%,

03/12/27

.......

250

219,166

459,569

Household

Products

—

0.0%

Colgate-Palmolive

Co.,

3.25%,

08/15/32

...

15

13,367

Industrial

Conglomerates

—

0.2%

3M

Co.,

3.05%,

04/15/30

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

410

348,548

Trane

Technologies

Luxembourg

Finance

SA,

3.80%,

03/21/29

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

560

502,997

851,545

Insurance

—

1.0%

Alleghany

Corp.,

3.63%,

05/15/30

.......

920

819,797

Ambac

Assurance

Corp.,

5.10%

(d)(h)

......

5

4,907

Arthur

J

Gallagher

&

Co.,

2.40%,

11/09/31

.

160

122,414

Hanover

Insurance

Group,

Inc.

(The),

4.50%,

04/15/26

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

1,030

992,433

Manulife

Financial

Corp.,

4.15%,

03/04/26

..

340

329,638

Marsh

&

McLennan

Cos.,

Inc.

4.38%,

03/15/29

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

816

775,046

2.25%,

11/15/30

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

541

429,264

Progressive

Corp.

(The)

2.50%,

03/15/27

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

180

162,586

3.00%,

03/15/32

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

75

62,474

Trinity

Acquisition

plc,

4.40%,

03/15/26

....

20

19,199

BlackRock

Sustainable

Balanced

Portfolio

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Unum

Group,

4.13%,

06/15/51

.........

USD

270

$

179,914

Willis

North

America,

Inc.,

2.95%,

09/15/29

.

190

156,317

4,053,989

Internet

&

Direct

Marketing

Retail

—

0.0%

Amazon.com,

Inc.,

1.65%,

05/12/28

.....

170

144,399

eBay,

Inc.,

1.40%,

05/10/26

..........

87

76,114

220,513

IT

Services

—

0.7%

Automatic

Data

Processing,

Inc.,

1.70%,

05/15/28

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

1,510

1,292,061

Cogent

Communications

Group,

Inc.,

7.00%,

06/15/27

(d)

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

250

235,114

Fidelity

National

Information

Services,

Inc.

1.15%,

03/01/26

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

109

94,321

1.65%,

03/01/28

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

58

47,638

Gartner,

Inc.,

4.50%,

07/01/28

(d)

........

185

165,427

International

Business

Machines

Corp.

2.20%,

02/09/27

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

280

249,310

5.88%,

11/29/32

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

22

22,568

4.00%,

06/20/42

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

2

1,569

Mastercard,

Inc.

3.30%,

03/26/27

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

100

93,927

2.00%,

11/18/31

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

390

308,594

PayPal

Holdings,

Inc.

1.65%,

06/01/25

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

48

44,185

2.65%,

10/01/26

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

14

12,848

VeriSign,

Inc.,

2.70%,

06/15/31

........

180

139,635

2,707,197

Life

Sciences

Tools

&

Services

—

0.3%

Agilent

Technologies,

Inc.

3.05%,

09/22/26

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

545

501,481

2.10%,

06/04/30

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

97

76,056

2.30%,

03/12/31

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

820

639,671

1,217,208

Machinery

—

0.4%

Cummins,

Inc.

0.75%,

09/01/25

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

190

170,621

1.50%,

09/01/30

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

420

323,494

Deere

&

Co.,

3.75%,

04/15/50

.........

17

13,868

IDEX

Corp.,

2.63%,

06/15/31

..........

980

780,617

Otis

Worldwide

Corp.,

2.57%,

02/15/30

...

23

18,812

Wabash

National

Corp.,

4.50%,

10/15/28

(d)

.

200

155,041

1,462,453

Media

—

0.1%

Interpublic

Group

of

Cos.,

Inc.

(The)

4.20%,

04/15/24

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

15

14,689

4.65%,

10/01/28

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

170

157,202

2.40%,

03/01/31

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

32

24,302

Sirius

XM

Radio,

Inc.,

5.50%,

07/01/29

(d)

...

250

224,870

421,063

Metals

&

Mining

—

0.3%

Mineral

Resources

Ltd.,

8.50%,

05/01/30

(d)

.

250

241,600

Reliance

Steel

&

Aluminum

Co.

1.30%,

08/15/25

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

190

169,513

2.15%,

08/15/30

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

530

403,114

Steel

Dynamics,

Inc.

2.80%,

12/15/24

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

35

33,435

2.40%,

06/15/25

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

330

305,093

1,152,755

Multi-Utilities

—

0.2%

Consolidated

Edison

Co.

of

New

York,

Inc.

3.80%,

05/15/28

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

100

93,522

Security

Par

(000)

Par

(000)

Value

Multi-Utilities

(continued)

Series

20A,

3.35%,

04/01/30

........

USD

430

$

377,794

2.40%,

06/15/31

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

290

231,651

702,967

Oil,

Gas

&

Consumable

Fuels

—

0.9%

Cheniere

Corpus

Christi

Holdings

LLC

5.88%,

03/31/25

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

76

76,304

5.13%,

06/30/27

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

275

266,259

3.70%,

11/15/29

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

970

841,199

Enterprise

Products

Operating

LLC

3.13%,

07/31/29

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

93

80,107

2.80%,

01/31/30

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

91

75,993

EQT

Corp.,

7.00%,

02/01/30

(c)

.........

430

443,717

Kinder

Morgan

Energy

Partners

LP

7.50%,

11/15/40

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

16

16,512

5.00%,

08/15/42

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

20

16,247

Kinder

Morgan,

Inc.,

4.80%,

02/01/33

....

67

60,121

MPLX

LP,

2.65%,

08/15/30

...........

511

400,329

ONEOK,

Inc.

5.85%,

01/15/26

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

330

330,891

6.35%,

01/15/31

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

540

529,463

Vermilion

Energy,

Inc.,

6.88%,

05/01/30

(d)

..

365

335,800

3,472,942

Paper

&

Forest

Products

—

0.0%

Georgia-Pacific

LLC

1.75%,

09/30/25

(d)

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

22

20,002

0.95%,

05/15/26

(d)

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

10

8,663

7.75%,

11/15/29

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

20

22,673

Louisiana-Pacific

Corp.,

3.63%,

03/15/29

(d)

.

200

157,128

208,466

Pharmaceuticals

—

0.8%

Astrazeneca

Finance

LLC

1.20%,

05/28/26

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

380

332,955

1.75%,

05/28/28

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

390

327,773

Jazz

Securities

DAC,

4.38%,

01/15/29

(d)

...

200

172,750

Merck

&

Co.,

Inc.

2.15%,

12/10/31

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

420

338,744

2.45%,

06/24/50

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

30

18,461

2.75%,

12/10/51

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

19

12,374

Novartis

Capital

Corp.,

2.20%,

08/14/30

...

855

713,243

Zoetis,

Inc.

4.50%,

11/13/25

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

370

364,071

3.00%,

09/12/27

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

110

98,892

2.00%,

05/15/30

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

1,040

825,982

3,205,245

Professional

Services

—

0.3%

AMN

Healthcare,

Inc.,

4.00%,

04/15/29

(d)

..

285

240,144

ASGN,

Inc.,

4.63%,

05/15/28

(d)

.........

465

400,156

Thomson

Reuters

Corp.,

3.35%,

05/15/26

..

530

496,558

1,136,858

Real

Estate

Management

&

Development

—

0.1%

CBRE

Services,

Inc.

4.88%,

03/01/26

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

170

167,710

2.50%,

04/01/31

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

550

418,505

586,215

Road

&

Rail

—

0.1%

Canadian

National

Railway

Co.,

3.85%,

08/05/32

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

160

145,866

Penske

Truck

Leasing

Co.

LP

(d)

4.25%,

01/17/23

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

40

39,922

2.70%,

03/14/23

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

50

49,471

235,259

BlackRock

Sustainable

Balanced

Portfolio

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

—

0.9%

Applied

Materials,

Inc.

1.75%,

06/01/30

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

USD

200

$

157,844

4.35%,

04/01/47

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

37

31,990

Broadcom

Corp.,

3.88%,

01/15/27

......

129

118,664

Broadcom,

Inc.

4.15%,

04/15/32

(d)

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

350

292,722

4.30%,

11/15/32

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

210

176,323

Entegris

Escrow

Corp.,

5.95%,

06/15/30

(d)

..

250

228,177

Lam

Research

Corp.,

3.75%,

03/15/26

....

56

53,705

NVIDIA

Corp.

3.20%,

09/16/26

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

752

715,196

1.55%,

06/15/28

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

190

157,585

2.00%,

06/15/31

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

590

463,930

3.50%,

04/01/50

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

50

36,604

NXP

BV

3.88%,

06/18/26

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

25

23,375

4.30%,

06/18/29

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

172

154,746

3.40%,

05/01/30

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

70

58,610

2.50%,

05/11/31

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

189

141,372

Texas

Instruments,

Inc.

1.90%,

09/15/31

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

97

76,612

3.65%,

08/16/32

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

1,020

923,504

3,810,959

Software

—

1.1%

Adobe,

Inc.,

2.30%,

02/01/30

..........

1,010

839,078

Autodesk,

Inc.

3.50%,

06/15/27

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

81

75,004

2.40%,

12/15/31

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

54

42,002

Intuit,

Inc.

1.35%,

07/15/27

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

860

728,587

1.65%,

07/15/30

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

1,060

825,721

Roper

Technologies,

Inc.,

1.75%,

02/15/31

.

26

19,157

Salesforce,

Inc.,

3.05%,

07/15/61

.......

10

6,240

ServiceNow,

Inc.,

1.40%,

09/01/30

......

850

625,821

VMware,

Inc.

1.80%,

08/15/28

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

1,154

914,867

4.70%,

05/15/30

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

72

64,771

2.20%,

08/15/31

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

193

140,478

4,281,726

Specialty

Retail

—

0.3%

Home

Depot,

Inc.

(The)

2.88%,

04/15/27

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

110

101,694

1.50%,

09/15/28

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

300

248,535

1.38%,

03/15/31

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

31

23,318

1.88%,

09/15/31

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

400

309,731

4.50%,

12/06/48

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

17

14,880

Lowe's

Cos.,

Inc.

4.00%,

04/15/25

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

170

166,557

3.35%,

04/01/27

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

450

416,763

3.65%,

04/05/29

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

93

83,810

1,365,288

Technology

Hardware,

Storage

&

Peripherals

—

0.5%

Apple,

Inc.

3.35%,

08/08/32

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

500

445,310

3.95%,

08/08/52

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

485

405,007

4.10%,

08/08/62

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

40

32,791

HP,

Inc.

1.45%,

06/17/26

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

430

370,693

3.00%,

06/17/27

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

310

274,762

4.75%,

01/15/28

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

5

4,692

4.00%,

04/15/29

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

531

465,366

2.65%,

06/17/31

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

6

4,403

Security

Par

(000)

Par

(000)

Value

Technology

Hardware,

Storage

&

Peripherals

(continued)

4.20%,

04/15/32

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

USD

241

$

195,849

2,198,873

Thrifts

&

Mortgage

Finance

—

0.1%

BPCE

SA,

2.70%,

10/01/29

(d)

..........

274

226,857

Wireless

Telecommunication

Services

—

0.2%

Rogers

Communications,

Inc.,

3.80%,

03/15/32

(d)

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

140

121,079

T-Mobile

USA,

Inc.

2.70%,

03/15/32

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

820

639,983

5.65%,

01/15/53

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

90

85,016

5.80%,

09/15/62

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

75

69,723

915,801

Total

Corporate

Bonds

—

22.6%

(Cost:

$100,923,898)

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

91,097,394

Floating

Rate

Loan

Interests

Consumer

Finance

—

0.0%

Credito

Real

SAB

de

CV

SOFOM

ER,

Term

Loan

A,

(LIBOR

USD

3

Month

+

3.75%),

5.25%

,

 02/21/23

(a)(j)

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

7

119

Total

Floating

Rate

Loan

Interests

—

0.0%

(Cost:

$7,000)

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

119

Shares

Shares

Investment

Companies

iShares

MSCI

China

A

ETF

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

36,331

1,112,818

iShares

MSCI

India

ETF

(g)

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

66,538

2,713,420

Total

Investment

Companies

—

1.0%

(Cost:

$4,386,174)

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

3,826,238

Par

(000)

Par

(000)

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.2%

Alternative

Loan

Trust

Series

2005-22T1,

Class

A1,

(LIBOR

USD

1

Month

+

0.35%),

3.43%,

06/25/35

(a)

..

41

35,336

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

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

19

10,638

Series

2006-OC10,

Class

2A3,

(LIBOR

USD

1

Month

+

0.46%),

3.54%,

11/25/36

(a)

.

23

20,286

Series

2007-OA3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.28%),

3.36%,

04/25/47

(a)

.

21

18,794

Series

2007-OA3,

Class

2A2,

(LIBOR

USD

1

Month

+

0.36%),

3.44%,

04/25/47

(a)

.

2

99

Series

2007-OA8,

Class

2A1,

(LIBOR

USD

1

Month

+

0.36%),

3.44%,

06/25/47

(a)

.

13

9,845

Series

2007-OH2,

Class

A2A,

(LIBOR

USD

1

Month

+

0.48%),

3.56%,

08/25/47

(a)

.

6

5,274

American

Home

Mortgage

Assets

Trust,

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.94%),

2.04%,

10/25/46

(a)

..........

45

32,356

APS

Resecuritization

Trust

(a)(d)

Series

2016-1,

Class

1MZ,

3.12%,

07/31/57

137

54,146

Series

2016-3,

Class

3A,

(LIBOR

USD

1

Month

+

2.85%),

5.93%,

09/27/46

...

25

25,344

Banc

of

America

Funding

Trust,

Series

2014-

R2,

Class

1C,

0.00%,

11/26/36

(a)(d)

.....

54

14,110

BlackRock

Sustainable

Balanced

Portfolio

14

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Bear

Stearns

Mortgage

Funding

Trust,

Series

2006-SL1,

Class

A1,

(LIBOR

USD

1

Month

+

0.28%),

3.36%,

08/25/36

(a)

.........

USD

13

$

12,773

Chase

Mortgage

Finance

Trust,

Series

2007-

S6,

Class

1A1,

6.00%,

12/25/37

.......

273

126,593

Citicorp

Mortgage

Securities

Trust,

Series

2008-2,

Class

1A1,

6.50%,

06/25/38

....

23

17,669

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

(d)

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

109

45,074

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2005-10,

Class

10A1,

(LIBOR

USD

1

Month

+

1.35%),

4.43%,

11/25/35

(a)

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

18

3,560

CSMC

Mortgage-Backed

Trust,

Series

2007-5,

Class

1A11,

7.00%,

08/25/37

(a)

........

24

13,383

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(LIBOR

USD

1

Month

+

0.34%),

3.42%,

08/25/47

(a)

...

83

84,177

Deutsche

Alt-A

Securities,

Inc.,

Series

2007-

RS1,

Class

A2,

(LIBOR

USD

1

Month

+

0.50%),

5.67%,

01/27/37

(a)(d)

.........

—

(b)

101

GreenPoint

Mortgage

Funding

Trust,

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

2.00%),

3.10%,

03/25/36

(a)

..........

6

5,742

GSR

Mortgage

Loan

Trust,

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

.........

1

1,319

IndyMac

INDX

Mortgage

Loan

Trust,

Series

2007-AR19,

Class

3A1,

3.37%,

09/25/37

(a)

29

19,271

JPMorgan

Alternative

Loan

Trust,

Series

2007-A1,

Class

1A4,

(LIBOR

USD

1

Month

+

0.42%),

3.50%,

03/25/37

(a)

.........

34

32,866

New

Residential

Mortgage

Loan

Trust,

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

(a)(d)

.

37

35,605

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2007-2,

Class

A4,

(LIBOR

USD

1

Month

+

0.42%),

3.50%,

06/25/37

(a)

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

4

3,956

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2006-3,

Class

4A,

3.25%,

04/25/36

(a)

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

8

5,125

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2006-AR4,

Class

3A1,

(LIBOR

USD

1

Month

+

0.38%),

3.46%,

06/25/36

(a)

...

11

9,536

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

33

30,102

Series

2006-4,

Class

3A5,

6.85%,

05/25/36

(c)

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

42

36,407

709,487

Commercial

Mortgage-Backed

Securities

—

0.0%

(a)(d)

280

Park

Avenue

Mortgage

Trust,

Series

2017-280P,

Class

E,

(LIBOR

USD

1

Month

+

2.12%),

4.82%,

09/15/34

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

100

92,465

Bayview

Commercial

Asset

Trust

Series

2005-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.45%),

3.53%,

01/25/36

...

16

14,476

Series

2005-4A,

Class

M1,

(LIBOR

USD

1

Month

+

0.68%),

3.76%,

01/25/36

...

12

10,766

Series

2006-1A,

Class

A2,

(LIBOR

USD

1

Month

+

0.54%),

3.62%,

04/25/36

...

7

6,102

Series

2006-3A,

Class

A1,

(LIBOR

USD

1

Month

+

0.38%),

3.46%,

10/25/36

...

9

8,188

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2006-3A,

Class

A2,

(LIBOR

USD

1

Month

+

0.45%),

3.53%,

10/25/36

...

USD

9

$

8,203

Lehman

Brothers

Small

Balance

Commercial

Mortgage

Trust,

Series

2007-1A,

Class

1A,

(LIBOR

USD

1

Month

+

0.25%),

3.33%,

03/25/37

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

3

3,194

143,394

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

One

Market

Plaza

Trust,

Series

2017-1MKT,

Class

XCP,

0.00%,

02/10/32

(a)(d)

.......

1,000

29

Principal

Only

Collateralized

Mortgage

Obligations

—

0.0%

Seasoned

Credit

Risk

Transfer

Trust,

Series

2017-3,

Class

B,

0.00%,

07/25/56

(d)(k)

...

38

6,874

Total

Non-Agency

Mortgage-Backed

Securities

—

0.2%

(Cost:

$1,005,488)

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

859,784

Beneficial

Interest

(000)

Other

Interests

(l)

Capital

Markets

—

0.0%

(j)

Lehman

Brothers

Holdings,

Inc.

(e)(i)

.......

490

—

Lehman

Brothers

Holdings,

Inc.

(e)(i)

.......

130

—

Lehman

Brothers

Holdings,

Inc.

.........

499

—

Total

Other

Interests

—

0.0%

(Cost:

$6)

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

—

Shares

Shares

Preferred

Securities

Preferred

Stocks

—

0.3%

Airlines

—

0.0%

Azul

SA

(Preference)

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

26,852

73,323

Automobiles

—

0.1%

Volkswagen

AG

(Preference)

...........

2,328

284,463

Banks

—

0.1%

Banco

Bradesco

SA

(Preference)

........

99,872

367,322

Bancolombia

SA

(Preference)

..........

11,335

68,895

Itau

Unibanco

Holding

SA

(Preference)

....

6,859

35,602

471,819

Chemicals

—

0.1%

Sociedad

Quimica

y

Minera

de

Chile

SA

(Preference)

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

5,904

549,471

Total

Preferred

Securities

—

0.3%

(Cost:

$1,509,779)

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

1,379,076

Rights

Road

&

Rail

—

0.0%

Localiza

Rent

a

Car

SA(Expires

10/31/22,

Strike

Price

BRL

50.35)

(e)

...........

6

12

Total

Rights

—

0.0%

(Cost:

$—)

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

12

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

Mortgage-Backed

Securities

—

8.0%

Federal

Home

Loan

Mortgage

Corp.

2.50%, 01/01/29

-

04/01/31

..........

173

161,330

BlackRock

Sustainable

Balanced

Portfolio

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

3.00%, 09/01/27

-

12/01/46

..........

USD

284

$

260,728

3.50%, 04/01/31

-

01/01/48

..........

439

408,678

4.00%, 08/01/40

-

12/01/45

..........

68

64,633

4.50%, 02/01/39

-

04/01/49

..........

509

496,143

5.00%, 10/01/41

-

11/01/48

..........

97

97,978

5.50%, 06/01/41

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

46

47,081

6.00%, 01/01/34

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

33

33,176

Federal

National

Mortgage

Association,

4.00%, 01/01/41

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

5

4,627

Government

National

Mortgage

Association

2.00%, 08/20/50

-

04/20/52

..........

3,711

3,103,640

2.00%, 10/15/52

(m)

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

663

552,166

2.50%, 07/20/51

-

07/20/52

..........

5,171

4,456,302

2.50%, 10/15/52

(m)

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

925

794,687

3.00%, 02/15/45

-

07/20/52

..........

1,922

1,706,254

3.00%, 10/15/52

(m)

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

3,145

2,779,437

3.50%, 01/15/42

-

10/20/46

..........

1,082

1,001,292

3.50%, 10/15/52

(m)

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

861

783,073

4.00%, 04/20/39

-

12/20/47

..........

220

209,602

4.00%, 10/15/52

(m)

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

494

461,292

4.50%, 12/20/39

-

04/20/50

..........

291

285,229

4.50%, 10/15/52

(m)

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

47

44,986

5.00%, 12/15/38

-

07/20/42

..........

62

62,596

7.50%, 03/15/32

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

1

1,423

Uniform

Mortgage-Backed

Securities

2.00%, 10/01/31

-

02/01/52

..........

3,957

3,241,865

2.00%, 10/25/37

-

10/25/52

(m)

.........

550

477,455

2.50%, 09/01/27

-

02/01/52

..........

2,085

1,823,464

3.00%, 04/01/29

-

03/01/52

..........

2,176

1,966,792

3.50%, 08/01/30

-

01/01/51

..........

2,810

2,575,756

3.50%, 10/25/37

(m)

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

61

57,645

4.00%, 10/01/33

-

01/01/51

..........

1,396

1,325,636

4.50%, 02/01/25

-

05/01/49

..........

2,378

2,322,813

4.50%, 10/25/52

(m)

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

75

71,443

5.00%, 09/01/35

-

05/01/49

..........

180

180,219

5.50%, 02/01/35

-

04/01/41

..........

292

299,215

6.00%, 12/01/27

-

06/01/41

..........

169

177,823

6.50%, 05/01/40

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

47

49,470

Total

U.S.

Government

Sponsored

Agency

Securities

—

8.0%

(Cost:

$35,661,760)

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

32,385,949

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

4.25%, 05/15/39

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

66

68,797

4.50%, 08/15/39

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

82

88,038

4.38%, 11/15/39

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

82

86,590

1.13%, 05/15/40

-

08/15/40

..........

694

431,784

1.38%, 11/15/40

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

347

224,317

2.25%, 05/15/41

-

02/15/52

..........

13,000

9,533,555

2.38%, 02/15/42

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

4,000

3,065,000

3.13%, 02/15/43

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

332

285,364

2.88%, 05/15/43

-

11/15/46

..........

597

490,038

3.63%, 08/15/43

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

332

309,577

3.75%, 11/15/43

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

332

315,296

2.50%, 02/15/45

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

593

452,093

3.00%, 02/15/47

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

1,500

1,254,082

1.63%, 11/15/50

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

3

1,863

1.88%, 11/15/51

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

1,000

661,289

U.S.

Treasury

Notes

2.13%, 12/31/22

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

623

620,886

1.50%, 01/15/23

-

02/15/30

..........

1,868

1,671,611

0.50%, 05/31/27

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

129

109,433

2.25%, 08/15/27

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

798

733,537

1.25%, 03/31/28

-

09/30/28

..........

1,047

901,679

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

2.88%, 08/15/28

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

USD

188

$

176,375

3.13%, 11/15/28

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

386

366,775

1.75%, 01/31/29

-

11/15/29

..........

1,239

1,076,303

2.63%, 02/15/29

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

63

58,051

1.88%, 02/28/29

-

02/15/32

..........

12,352

10,737,946

2.38%, 05/15/29

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

7,063

6,391,463

1.63%, 08/15/29

-

05/15/31

..........

952

815,811

1.13%, 02/15/31

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

235

190,286

1.38%, 11/15/31

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

43

34,938

Total

U.S.

Treasury

Obligations

—

10.2%

(Cost:

$48,786,795)

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

41,152,777

Total

Long-Term

Investments

—

94.3%

(Cost:

$435,475,201)

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

380,329,371

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

9.8%

(n)(o)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

2.79%

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

31,498,888

31,498,888

SL

Liquidity

Series,

LLC,

Money

Market

Series,

3.29%

(p)

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

8,117,731

8,117,731

Total

Short-Term

Securities

—

9.8%

(Cost:

$39,616,619)

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

39,616,619

Total

Investments

Before

TBA

Sale

Commitments

and

Investments

Sold

Short

—

104.1%

(Cost:

$475,091,820

)

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

419,945,990

Par

(000)

Pa

r

(

000)

TBA

Sale

Commitments

Mortgage-Backed

Securities

—

(0.2)%

Government

National

Mortgage

Association,

3.00%, 10/15/52

(m)

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

(1,000)

(883,633)

Total

TBA

Sale

Commitments

—

(0.2)%

(Proceeds:

$(891,563))

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

(883,633)

Investments

Sold

Short

U.S.

Treasury

Obligations

U.S.

Treasury

Notes

3.13%, 11/15/28

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

(23)

(21,854)

1.63%, 08/15/29

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

(460)

(396,696)

1.50%, 02/15/30

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

(1,253)

(1,063,386)

1.13%, 02/15/31

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

(56)

(45,345)

1.38%, 11/15/31

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

(40)

(32,500)

Total

U.S.

Treasury

Obligations

—

(0.4)%

(Proceeds:

$(1,861,103))

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

(1,559,781)

Total

Investments

Sold

Short

—

(0.4)%

(Proceeds:

$(1,861,103))

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

(1,559,781)

Total

Investments

Net

of

TBA

Sale

Commitments

and

Investments

Sold

Short

—

103.5%

(Cost:

$472,339,154

)

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

417,502,576

Liabilities

in

Excess

of

Other

Assets

—

(3.5)%

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

(14,262,670)

Net

Assets

—

100.0%

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

$

403,239,906

BlackRock

Sustainable

Balanced

Portfolio

16

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Rounds

to

less

than

1,000.

(c)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(d)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(e)

Non-income

producing

security.

(f)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(g)

All

or

a

portion

of

this

security

is

on

loan.

(h)

Perpetual

security

with

no

stated

maturity

date.

(i)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(j)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(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)

Affiliate

of

the

Fund.

(o)

Annualized

7-day

yield

as

of

period

end.

(p)

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

September

30,

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

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

46,127,397

$

—

$

(14,628,509)

(a)

$

—

$

—

$

31,498,888

31,498,888

$

264,058

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

...........

8,980,617

—

(858,676)

(a)

(4,210)

—

8,117,731

8,117,731

31,126

(b)

—

BlackRock

Allocation

Target

Shares-

BATS

Series

A

(c)

....

31,424,619

—

(30,479,991)

(1,059,012)

114,384

—

—

—

—

iShares

MSCI

Taiwan

ETF

(c)

....

—

6,042,426

(4,982,533)

(1,059,893)

—

—

—

—

—

$

(2,123,115)

$

114,384

$

39,616,619

$

295,184

$

—

—

—

(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

in

vestment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

BlackRock

Sustainable

Balanced

Portfolio

17

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

i

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

TOPIX

Index

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

62

12/08/22

$

7,875

$

(296,789)

S&P/TSX

60

Index

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

3

12/15/22

485

(24,572)

MSCI

EAFE

E-Mini

Index

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

27

12/16/22

2,242

(116,044)

MSCI

Emerging

Markets

E-Mini

Index

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

7

12/16/22

305

(40,070)

S&P

500

E-Mini

Index

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

25

12/16/22

4,053

(274,872)

U.S.

Treasury

10

Year

Note

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

24

12/20/22

2,690

(109,407)

U.S.

Treasury

Long

Bond

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

12

12/20/22

1,518

(103,548)

U.S.

Treasury

Ultra

Bond

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

1

12/20/22

137

(8,779)

(974,081)

Short

Contracts

U.S.

Treasury

10

Year

Note

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

118

12/20/22

13,223

311,123

U.S.

Treasury

Ultra

Bond

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

30

12/20/22

4,101

340,801

U.S.

Treasury

2

Year

Note

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

19

12/30/22

3,901

66,426

U.S.

Treasury

5

Year

Note

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

64

12/30/22

6,877

98,402

816,752

$

(157,329)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

115,044

EUR

113,000

BNP

Paribas

SA

12/21/22

$

3,597

USD

115,981

GBP

99,100

Bank

of

America

NA

12/21/22

5,195

USD

1,195,588

JPY

168,903,000

Citibank

NA

12/21/22

17,817

$

26,609

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.HY.39.V1

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

5.00

%

Quarterly

12/20/27

USD

4,707

$

185,964

$

223,093

$

(37,129)

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

day

SOFR

plus

0.09%

Quarterly

MSCI

ACWI

ESG

Universal

Index

Quarterly

BNP

Paribas

SA

04/11/23

USD

21,661

$

(1,823,499)

$

—

$

(1,823,499)

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

SOFR

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

Secured

Overnight

Financing

Rate

2.59

%

BlackRock

Sustainable

Balanced

Portfolio

18

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

BRL

Brazilian

Real

CAD

Canadian

Dollar

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

USD

United

States

Dollar

Portfolio

Abbreviation

ABS

Asset-Backed

Security

ADR

American

Depositary

Receipts

CDI

Crest

Depository

Interests

CMT

Constant

Maturity

Treasury

CSMC

Credit

Suisse

Mortgage

Capital

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

OTC

Over-the-counter

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

SOFR

Secured

Overnight

Financing

Rate

TBA

To-be-announced

BlackRock

Sustainable

Balanced

Portfolio

19

Schedule

of

Investments

(unaudited)

(continued)

September

30,

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

Valuation

Committee's

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

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

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

$

—

$

979,888

$

—

$

979,888

Common

Stocks

Aerospace

&

Defense

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

1,062,657

519,701

—

1,582,358

Air

Freight

&

Logistics

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

380,857

318,232

—

699,089

Airlines

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

—

125,001

—

125,001

Auto

Components

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

—

303,960

—

303,960

Automobiles

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

2,887,047

2,732,546

—

5,619,593

Banks

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

8,609,438

3,140,615

—

11,750,053

Beverages

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

5,583,316

1,482,479

—

7,065,795

Biotechnology

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

2,871,174

661,300

—

3,532,474

Building

Products

.......................................

606,894

144,175

—

751,069

Capital

Markets

........................................

1,472,371

1,905,271

—

3,377,642

Chemicals

............................................

77,127

3,027,661

—

3,104,788

Commercial

Services

&

Supplies

.............................

141,640

17,199

—

158,839

Communications

Equipment

................................

292,603

217,698

—

510,301

Construction

&

Engineering

................................

352,858

1,088,749

—

1,441,607

Construction

Materials

....................................

—

62,719

—

62,719

Consumer

Finance

......................................

3,041,232

—

—

3,041,232

Containers

&

Packaging

..................................

94,008

—

—

94,008

Diversified

Consumer

Services

..............................

640,216

28,289

—

668,505

Diversified

Financial

Services

...............................

1,174,250

183,192

—

1,357,442

Diversified

Telecommunication

Services

........................

176,805

1,693,861

—

1,870,666

Electric

Utilities

........................................

2,643,909

1,153,841

—

3,797,750

Electrical

Equipment

.....................................

—

878,504

—

878,504

Electronic

Equipment,

Instruments

&

Components

.................

—

1,894,058

—

1,894,058

Energy

Equipment

&

Services

..............................

449,970

14,569

—

464,539

Entertainment

.........................................

—

27,268

—

27,268

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

3,699,445

737,090

—

4,436,535

Food

&

Staples

Retailing

..................................

514,910

1,270,723

—

1,785,633

BlackRock

Sustainable

Balanced

Portfolio

20

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Level

1

Level

2

Level

3

Total

Food

Products

.........................................

$

1,200,909

$

2,077,817

$

—

$

3,278,726

Health

Care

Equipment

&

Supplies

...........................

4,079,850

3,817

—

4,083,667

Health

Care

Providers

&

Services

............................

6,958,091

6,993

—

6,965,084

Hotels,

Restaurants

&

Leisure

..............................

3,155,292

1,383,269

—

4,538,561

Household

Durables

.....................................

41,036

297,336

—

338,372

Household

Products

.....................................

2,940,547

—

—

2,940,547

Independent

Power

and

Renewable

Electricity

Producers

............

163,550

143,157

—

306,707

Industrial

Conglomerates

..................................

1,549,610

1,531,254

—

3,080,864

Insurance

............................................

4,991,187

2,693,226

—

7,684,413

Interactive

Media

&

Services

...............................

6,823,806

2,293,956

—

9,117,762

Internet

&

Direct

Marketing

Retail

............................

3,905,274

1,270,929

—

5,176,203

IT

Services

...........................................

8,330,300

533,371

—

8,863,671

Leisure

Products

.......................................

—

188,714

—

188,714

Life

Sciences

Tools

&

Services

..............................

2,370,124

228,395

—

2,598,519

Machinery

............................................

115,524

1,263,082

—

1,378,606

Marine

..............................................

10,649

564,881

—

575,530

Media

...............................................

2,582,886

18,295

—

2,601,181

Metals

&

Mining

........................................

1,273,279

1,198,948

—

2,472,227

Multiline

Retail

.........................................

29,350

38,642

—

67,992

Multi-Utilities

..........................................

—

1,215,649

—

1,215,649

Oil,

Gas

&

Consumable

Fuels

...............................

9,523,244

2,158,847

—

11,682,091

Paper

&

Forest

Products

..................................

97,879

—

—

97,879

Personal

Products

......................................

216,227

1,424,179

—

1,640,406

Pharmaceuticals

.......................................

9,592,635

3,892,029

—

13,484,664

Professional

Services

....................................

1,065,708

2,345,203

—

3,410,911

Real

Estate

Management

&

Development

.......................

48,108

1,642,270

—

1,690,378

Road

&

Rail

...........................................

539,128

8,712

—

547,840

Semiconductors

&

Semiconductor

Equipment

....................

6,275,059

3,018,937

—

9,293,996

Software

.............................................

13,313,376

113,871

—

13,427,247

Specialty

Retail

........................................

5,146,638

75,110

—

5,221,748

Technology

Hardware,

Storage

&

Peripherals

....................

12,011,328

687,387

—

12,698,715

Textiles,

Apparel

&

Luxury

Goods

............................

670,221

2,962,429

—

3,632,650

Thrifts

&

Mortgage

Finance

................................

46,401

—

—

46,401

Trading

Companies

&

Distributors

............................

161,262

2,213,103

—

2,374,365

Transportation

Infrastructure

...............................

48,845

92,314

—

141,159

Water

Utilities

.........................................

—

289,451

—

289,451

Wireless

Telecommunication

Services

.........................

—

1,093,810

—

1,093,810

Corporate

Bonds

Air

Freight

&

Logistics

....................................

—

395,056

—

395,056

Airlines

..............................................

—

193,393

—

193,393

Automobiles

..........................................

—

253,214

—

253,214

Banks

...............................................

—

15,402,969

1,000

15,403,969

Beverages

...........................................

—

4,055,890

—

4,055,890

Biotechnology

.........................................

—

2,463,491

—

2,463,491

Building

Products

.......................................

—

1,563,788

—

1,563,788

Capital

Markets

........................................

—

9,134,307

—

9,134,307

Chemicals

............................................

—

292,195

—

292,195

Commercial

Services

&

Supplies

.............................

—

887,247

—

887,247

Communications

Equipment

................................

—

706,746

—

706,746

Consumer

Finance

......................................

—

710,524

—

710,524

Distributors

...........................................

—

138,473

—

138,473

Diversified

Financial

Services

...............................

—

904,400

—

904,400

Diversified

Telecommunication

Services

........................

—

1,581,318

—

1,581,318

Electric

Utilities

........................................

—

1,968,936

—

1,968,936

Electronic

Equipment,

Instruments

&

Components

.................

—

1,546,612

—

1,546,612

Energy

Equipment

&

Services

..............................

—

241,804

—

241,804

Entertainment

.........................................

—

342,177

—

342,177

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

—

6,507,537

—

6,507,537

Food

Products

.........................................

—

3,612,669

—

3,612,669

Gas

Utilities

...........................................

—

175,486

—

175,486

Health

Care

Providers

&

Services

............................

—

3,111,047

—

3,111,047

Hotels,

Restaurants

&

Leisure

..............................

—

459,569

—

459,569

Household

Products

.....................................

—

13,367

—

13,367

Industrial

Conglomerates

..................................

—

851,545

—

851,545

Insurance

............................................

—

4,053,989

—

4,053,989

Internet

&

Direct

Marketing

Retail

............................

—

220,513

—

220,513

BlackRock

Sustainable

Balanced

Portfolio

21

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Level

1

Level

2

Level

3

Total

IT

Services

...........................................

$

—

$

2,707,197

$

—

$

2,707,197

Life

Sciences

Tools

&

Services

..............................

—

1,217,208

—

1,217,208

Machinery

............................................

—

1,462,453

—

1,462,453

Media

...............................................

—

421,063

—

421,063

Metals

&

Mining

........................................

—

1,152,755

—

1,152,755

Multi-Utilities

..........................................

—

702,967

—

702,967

Oil,

Gas

&

Consumable

Fuels

...............................

—

3,472,942

—

3,472,942

Paper

&

Forest

Products

..................................

—

208,466

—

208,466

Pharmaceuticals

.......................................

—

3,205,245

—

3,205,245

Professional

Services

....................................

—

1,136,858

—

1,136,858

Real

Estate

Management

&

Development

.......................

—

586,215

—

586,215

Road

&

Rail

...........................................

—

235,259

—

235,259

Semiconductors

&

Semiconductor

Equipment

....................

—

3,810,959

—

3,810,959

Software

.............................................

—

4,281,726

—

4,281,726

Specialty

Retail

........................................

—

1,365,288

—

1,365,288

Technology

Hardware,

Storage

&

Peripherals

....................

—

2,198,873

—

2,198,873

Thrifts

&

Mortgage

Finance

................................

—

226,857

—

226,857

Wireless

Telecommunication

Services

.........................

—

915,801

—

915,801

Floating

Rate

Loan

Interests

.................................

—

—

119

119

Investment

Companies

....................................

3,826,238

—

—

3,826,238

Non-Agency

Mortgage-Backed

Securities

........................

—

859,784

—

859,784

Other

Interests

..........................................

—

—

—

—

Preferred

Stocks

Airlines

..............................................

73,323

—

—

73,323

Automobiles

..........................................

—

284,463

—

284,463

Banks

...............................................

471,819

—

—

471,819

Chemicals

............................................

—

549,471

—

549,471

Rights

................................................

—

12

—

12

U.S.

Government

Sponsored

Agency

Securities

....................

—

32,385,949

—

32,385,949

U.S.

Treasury

Obligations

...................................

—

41,152,777

—

41,152,777

Short-Term

Securities

Money

Market

Funds

......................................

31,498,888

—

—

31,498,888

Liabilities

Investments

TBA

Sale

Commitments

....................................

—

(883,633)

—

(883,633)

Investments

Sold

Short

....................................

—

(1,559,781)

—

(1,559,781)

$

181,920,318

$

227,463,408

$

1,119

$

409,384,845

Investments

Valued

at

NAV

(a)

.....................................

8,117,731

$

—

$

417,502,576

$

—

Derivative

Financial

Instruments

(b)

Assets

Foreign

currency

exchange

contracts

............................

$

—

$

26,609

$

—

$

26,609

Interest

rate

contracts

.......................................

816,752

—

—

816,752

Liabilities

Credit

contracts

...........................................

—

(37,129)

—

(37,129)

Equity

contracts

...........................................

(455,558)

(2,120,288)

—

(2,575,846)

Interest

rate

contracts

.......................................

(221,734)

—

—

(221,734)

$

139,460

$

(2,130,808)

$

—

$

(1,991,348)

(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.