BlackRock
Global
Allocation
Portfolio
2
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
September
30,
2022
Security
Par
(000)
Pa
r
(
000)
Value
Asset-Backed
Securities
Cayman
Islands
—
0.3%
(a)(b)
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2022-FL2,
Class
A,
(1
Month
CME
Term
SOFR
+
1.85%),
4.70%,
05/15/37
.......
USD
100
$
97,846
Elmwood
CLO
II
Ltd.,
Series
2019-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
4.36%,
04/20/34
.......
250
237,016
Voya
CLO
Ltd.,
Series
2017-3A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.04%),
3.75%,
04/20/34
.......
150
142,500
477,362
Ireland
—
0.1%
OCP
Euro
CLO
DAC,
Series
2017-2X,
Class
B,
(EURIBOR
3
Month
+
1.35%),
1.35%,
01/15/32
(b)(c)
....
EUR
100
91,164
United
States
—
0.8%
AccessLex
Institute,
Series
2007-A,
Class
A3,
(LIBOR
USD
3
Month
+
0.30%),
3.30%,
05/25/36
(b)
.....
USD
23
22,610
ACRES
Commercial
Realty
Ltd.,
Series
2021-FL1,
Class
A,
(LIBOR
USD
1
Month
+
1.20%),
4.14%,
06/15/36
(a)
(b)
......................
100
97,514
Ajax
Mortgage
Loan
Trust,
Series
2021-
E,
Class
A1,
1.74%,
12/25/60
(a)(b)
.
179
151,499
GoodLeap
Sustainable
Home
Solutions
Trust,
Series
2021-3CS,
Class
A,
2.10%,
05/20/48
(a)
...........
46
37,221
Mariner
Finance
Issuance
Trust,
Series
2020-AA,
Class
A,
2.19%,
08/21/34
(a)
................
100
96,528
Navient
Private
Education
Refi
Loan
Trust
(a)
Series
2021-DA,
Class
A,
(US
Prime
Rate
-
1.99%),
3.51%,
04/15/60
(b)
96
88,191
Series
2021-DA,
Class
C,
3.48%,
04/15/60
...............
110
92,284
Nelnet
Student
Loan
Trust
(a)
Series
2021-A,
Class
D,
4.93%,
04/20/62
...............
100
83,156
Series
2021-BA,
Class
C,
3.57%,
04/20/62
...............
100
79,804
Pagaya
AI
Debt
Selection
Trust,
Series
2021-2,
Class
NOTE,
3.00%,
01/25/29
(a)
................
91
84,904
SLM
Private
Education
Loan
Trust,
Series
2010-C,
Class
A5,
(LIBOR
USD
1
Month
+
4.75%),
7.57%,
10/15/41
(a)(b)
...............
149
161,008
SMB
Private
Education
Loan
Trust,
Series
2021-A,
Class
C,
2.99%,
01/15/53
(a)
................
204
172,018
1,166,737
Total
Asset-Backed
Securities
—
1.2%
(Cost:
$1,916,681)
..............................
1,735,263
Security
Shares
Shares
Value
Common
Stocks
Argentina
—
0.0%
MercadoLibre,
Inc.
(d)
............
19
$
15,728
Australia
—
0.7%
AGL
Energy
Ltd.
..............
5,337
23,282
Australia
&
New
Zealand
Banking
Group
Ltd.
................
580
8,491
BHP
Group
Ltd.
(e)
..............
5,985
148,976
CSL
Ltd.
....................
81
14,731
Endeavour
Group
Ltd.
..........
4,260
19,145
Glencore
plc
.................
91,528
480,981
Goodman
Group
..............
1,032
10,430
Origin
Energy
Ltd.
.............
881
2,923
QBE
Insurance
Group
Ltd.
.......
2,382
17,674
Quintis
Australia
Pty.
Ltd.
(d)(f)
.......
218,994
1
Rio
Tinto
plc
.................
1,764
95,443
South32
Ltd.
.................
29,364
69,708
Treasury
Wine
Estates
Ltd.
.......
1,722
13,856
Woodside
Energy
Group
Ltd.
......
902
18,429
Woolworths
Group
Ltd.
..........
248
5,389
929,459
Belgium
—
0.0%
KBC
Group
NV
...............
502
23,822
Brazil
—
0.1%
Embraer
SA
(d)
................
4,445
9,616
Engie
Brasil
Energia
SA
.........
1,583
11,319
NU
Holdings
Ltd.,
Class
A
(d)
.......
4,577
20,139
Sendas
Distribuidora
SA
.........
4,242
13,801
Suzano
SA
..................
592
4,902
Vale
SA
....................
1,200
16,057
Yara
International
ASA
..........
297
10,423
86,257
Canada
—
0.9%
Barrick
Gold
Corp.
.............
425
6,587
Canadian
Imperial
Bank
of
Commerce
(e)
...............
422
18,471
Canadian
National
Railway
Co.
....
328
35,423
Enbridge,
Inc.
................
26,765
992,437
George
Weston
Ltd.
............
90
9,423
Imperial
Oil
Ltd.
...............
373
16,150
National
Bank
of
Canada
........
114
7,145
Nutrien
Ltd.
(e)
................
797
66,467
Pembina
Pipeline
Corp.
.........
266
8,080
Suncor
Energy,
Inc.
............
470
13,236
TC
Energy
Corp.
(e)
.............
2,423
97,597
1,271,016
Cayman
Islands
—
0.0%
Hedosophia
European
Growth
(d)
....
5,835
56,328
Chile
—
0.0%
Sociedad
Quimica
y
Minera
de
Chile
SA,
ADR
.................
470
42,652
China
—
1.7%
AAC
Technologies
Holdings,
Inc.
(d)
..
1,000
1,554
Agricultural
Bank
of
China
Ltd.,
Class
H
71,000
21,250
Aier
Eye
Hospital
Group
Co.
Ltd.,
Class
A
......................
4,879
19,549
Alibaba
Group
Holding
Ltd.
(d)
......
24,216
241,660
Amoy
Diagnostics
Co.
Ltd.,
Class
A
.
7,380
23,778
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
B
100
1,477
ANTA
Sports
Products
Ltd.
.......
600
6,298
BlackRock
Global
Allocation
Portfolio
3
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Security
Shares
Shares
Value
China
(continued)
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
...............
978
$
18,885
Baidu,
Inc.,
Class
A
(d)
...........
500
7,361
Bank
of
China
Ltd.,
Class
H
.......
13,000
4,246
BYD
Co.
Ltd.,
Class
A
...........
5,200
183,194
BYD
Co.
Ltd.,
Class
H
..........
1,000
24,635
China
Construction
Bank
Corp.,
Class
H
......................
51,000
29,437
China
Feihe
Ltd.
(a)(c)(d)
...........
3,000
2,095
China
Gas
Holdings
Ltd.
.........
800
957
China
Hongqiao
Group
Ltd.
.......
2,000
1,637
China
Life
Insurance
Co.
Ltd.,
Class
H
3,000
3,838
China
Mengniu
Dairy
Co.
Ltd.
(d)
....
2,000
7,906
China
Merchants
Bank
Co.
Ltd.,
Class
H
......................
2,000
9,256
China
National
Building
Material
Co.
Ltd.,
Class
H
...............
2,000
1,523
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
H
..................
2,800
5,142
China
Petroleum
&
Chemical
Corp.,
Class
H
..................
56,000
23,914
China
Resources
Gas
Group
Ltd.
...
2,000
6,341
China
Resources
Land
Ltd.
.......
2,000
7,834
China
Resources
Power
Holdings
Co.
Ltd.
.....................
2,000
3,088
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
A
...............
700
19,210
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
............
4,000
223,696
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
..................
8,150
9,480
Country
Garden
Services
Holdings
Co.
Ltd.
.....................
10,000
14,600
CSPC
Pharmaceutical
Group
Ltd.
...
6,000
5,947
Dali
Foods
Group
Co.
Ltd.
(a)(c)
......
3,000
1,292
Dongfeng
Motor
Group
Co.
Ltd.,
Class
H
......................
12,000
6,415
ENN
Energy
Holdings
Ltd.
........
200
2,667
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
A
...............
2,910
33,666
Ganfeng
Lithium
Co.
Ltd.,
Class
H
(a)(c)
10,640
70,288
Glodon
Co.
Ltd.,
Class
A
.........
3,900
24,874
Great
Wall
Motor
Co.
Ltd.,
Class
H
..
17,000
19,381
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
Class
A
.............
4,600
20,854
Guangzhou
Baiyun
International
Airport
Co.
Ltd.,
Class
A
............
18,000
35,771
Haidilao
International
Holding
Ltd.
(a)(c)(d)
12,000
23,276
Haier
Smart
Home
Co.
Ltd.,
Class
H
.
800
2,434
Hangzhou
Robam
Appliances
Co.
Ltd.,
Class
A
..................
6,200
19,846
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
H
(a)(c)
............
1,900
15,275
Hundsun
Technologies,
Inc.,
Class
A
.
7,789
36,812
Hygeia
Healthcare
Holdings
Co.
Ltd.
(a)(c)
(d)
......................
3,800
21,256
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
...............
68,000
31,899
JD
Health
International,
Inc.
(a)(c)(d)
...
9,100
51,837
JD.com,
Inc.,
Class
A
...........
1,304
32,898
Jiangsu
Hengrui
Medicine
Co.
Ltd.,
Class
A
..................
5,600
27,414
Jinxin
Fertility
Group
Ltd.
(a)(c)
......
33,500
16,298
JiuGui
Liquor
Co.
Ltd.,
Class
A
.....
456
8,001
Kindstar
Globalgene
Technology,
Inc.
(a)
(c)(d)
.....................
55,500
12,554
Security
Shares
Shares
Value
China
(continued)
Kingsoft
Corp.
Ltd.
.............
8,400
$
22,226
Kweichow
Moutai
Co.
Ltd.,
Class
A
..
124
32,414
Lenovo
Group
Ltd.
.............
24,000
16,601
Li
Auto,
Inc.,
ADR
(d)
............
4,065
93,536
Meituan
Dianping
(a)(c)(d)
..........
2,000
42,033
Microport
Cardioflow
Medtech
Corp.
(a)(c)
(d)
......................
96,000
26,782
Ming
Yuan
Cloud
Group
Holdings
Ltd.
7,000
4,118
NetEase,
Inc.
................
600
9,054
Nongfu
Spring
Co.
Ltd.,
Class
H
(a)(c)
..
2,800
16,193
PetroChina
Co.
Ltd.,
Class
H
......
32,000
13,081
Pharmaron
Beijing
Co.
Ltd.,
Class
H
(a)(c)
1,750
8,466
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
..................
2,000
2,068
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
...............
2,000
9,978
SG
Micro
Corp.,
Class
A
.........
675
13,272
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
H
............
3,500
8,449
Shanghai
Jinjiang
International
Hotels
Co.
Ltd.,
Class
A
............
2,400
19,319
Shenzhou
International
Group
Holdings
Ltd.
.....................
700
5,405
SITC
International
Holdings
Co.
Ltd.
.
8,000
14,671
TBEA
Co.
Ltd.,
Class
A
..........
1,900
5,730
Tencent
Holdings
Ltd.
...........
11,000
371,540
Tianqi
Lithium
Corp.,
Class
A
(d)
.....
700
9,786
Tingyi
Cayman
Islands
Holding
Corp.
2,000
3,444
Venustech
Group,
Inc.,
Class
A
....
7,699
21,722
Want
Want
China
Holdings
Ltd.
....
6,000
3,918
Wuhan
Raycus
Fiber
Laser
Technologies
Co.
Ltd.,
Class
A
(d)
.
5,460
16,976
WuXi
AppTec
Co.
Ltd.,
Class
A
.....
1,864
18,572
Wuxi
Biologics
Cayman,
Inc.
(a)(c)(d)
...
3,834
22,823
Yifeng
Pharmacy
Chain
Co.
Ltd.,
Class
A
......................
1,482
10,289
Yonyou
Network
Technology
Co.
Ltd.,
Class
A
..................
11,300
27,686
Yum
China
Holdings,
Inc.
........
400
18,985
Zhongsheng
Group
Holdings
Ltd.
...
1,000
3,965
Zijin
Mining
Group
Co.
Ltd.,
Class
A
.
3,000
3,276
Zijin
Mining
Group
Co.
Ltd.,
Class
H
.
10,000
9,679
ZTE
Corp.,
Class
H
............
3,400
6,072
2,356,925
Denmark
—
0.2%
AP
Moller
-
Maersk
A/S,
Class
B
....
3
5,452
Chr
Hansen
Holding
A/S
.........
89
4,384
DSV
A/S
....................
460
53,888
Novo
Nordisk
A/S,
Class
B
.......
1,514
150,821
Pandora
A/S
.................
193
9,026
223,571
Finland
—
0.0%
Fortum
OYJ
.................
1,995
26,807
Kone
OYJ,
Class
B
............
234
9,016
Wartsila
OYJ
Abp
..............
1,826
11,664
47,487
France
—
1.7%
Arkema
SA
..................
1,790
130,453
Atos
SE
(d)
...................
1,059
8,372
BNP
Paribas
SA
..............
4,675
197,469
Carrefour
SA
.................
629
8,724
Cie
de
Saint-Gobain
............
8,059
288,154
Danone
SA
..................
3,642
172,213
BlackRock
Global
Allocation
Portfolio
4
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Security
Shares
Shares
Value
France
(continued)
Engie
SA
...................
647
$
7,447
EssilorLuxottica
SA
............
2,103
285,846
Hermes
International
...........
145
170,537
Kering
SA
...................
47
20,847
La
Francaise
des
Jeux
SAEM
(a)(c)
...
693
20,557
L'Oreal
SA
..................
174
55,635
LVMH
Moet
Hennessy
Louis
Vuitton
SE
1,414
833,659
Remy
Cointreau
SA
............
48
7,966
Societe
Generale
SA
...........
3,347
66,191
TotalEnergies
SE
..............
1,811
84,962
Unibail-Rodamco-Westfield
(d)
......
80
3,310
2,362,342
Germany
—
2.3%
adidas
AG
..................
83
9,542
BASF
SE
...................
319
12,243
Commerzbank
AG
(d)
............
9,386
66,819
Deutsche
Boerse
AG
...........
91
14,917
Deutsche
Telekom
AG
(Registered)
.
32,049
545,528
Fresenius
Medical
Care
AG
&
Co.
KGaA
...................
322
9,072
Fresenius
SE
&
Co.
KGaA
........
553
11,787
Infineon
Technologies
AG
........
3,248
71,079
Mercedes-Benz
Group
AG
........
10,330
522,357
SAP
SE
....................
9,335
760,757
Siemens
AG
(Registered)
........
7,082
692,215
Symrise
AG
.................
648
63,188
Telefonica
Deutschland
Holding
AG
.
5,544
11,209
Uniper
SE
...................
1,710
6,454
Vantage
Towers
AG
............
16,104
416,611
3,213,778
Hong
Kong
—
0.3%
AIA
Group
Ltd.
...............
36,400
303,063
ASMPT
Ltd.
.................
2,200
13,336
Orient
Overseas
International
Ltd.
..
1,000
17,403
WH
Group
Ltd.
(a)(c)
.............
9,500
5,975
339,777
India
—
0.1%
HCL
Technologies
Ltd.
..........
903
10,255
Indian
Oil
Corp.
Ltd.
............
4,444
3,635
Think
&
Learn
Pvt
Ltd.,
Series
F
(Acquired
12/11/20,
cost
$67,547)
(d)(f)
(g)
......................
45
130,751
Vedanta
Ltd.
.................
3,785
12,421
157,062
Ireland
—
0.0%
Kingspan
Group
plc
............
573
25,816
Israel
—
0.3%
(d)
Nice
Ltd.,
ADR
(e)
..............
2,057
387,210
Taboola.com,
Ltd.
.............
4,995
9,041
396,251
Italy
—
0.2%
Coca-Cola
HBC
AG
............
895
18,701
Enel
SpA
...................
4,887
20,043
Ferrari
NV
..................
528
97,778
FinecoBank
Banca
Fineco
SpA
....
721
8,905
Intesa
Sanpaolo
SpA
...........
112,186
185,445
UniCredit
SpA
................
664
6,722
337,594
Japan
—
1.0%
AGC,
Inc.
...................
100
3,113
Astellas
Pharma,
Inc.
...........
1,350
17,884
Security
Shares
Shares
Value
Japan
(continued)
BayCurrent
Consulting,
Inc.
.......
100
$
25,943
CyberAgent,
Inc.
..............
400
3,368
East
Japan
Railway
Co.
.........
300
15,385
FANUC
Corp.
................
3,300
463,367
Food
&
Life
Cos.
Ltd.
...........
900
13,803
Fujitsu
Ltd.
..................
100
10,965
Hino
Motors
Ltd.
..............
3,200
13,230
Honda
Motor
Co.
Ltd.
...........
600
13,024
Hoya
Corp.
..................
2,959
285,125
Inpex
Corp.
..................
1,400
13,058
Japan
Post
Bank
Co.
Ltd.
........
2,200
15,378
Kao
Corp.
...................
100
4,069
Keyence
Corp.
...............
281
92,888
Kobayashi
Pharmaceutical
Co.
Ltd.
..
100
5,860
Kose
Corp.
..................
1,400
144,346
Kyowa
Kirin
Co.
Ltd.
............
500
11,496
Mazda
Motor
Corp.
............
1,800
11,952
Mitsubishi
Electric
Corp.
.........
1,600
14,477
Morinaga
Milk
Industry
Co.
Ltd.
....
300
8,795
Oracle
Corp.
Japan
............
200
10,601
Recruit
Holdings
Co.
Ltd.
........
1,877
54,068
Ryohin
Keikaku
Co.
Ltd.
.........
1,400
11,715
Sega
Sammy
Holdings,
Inc.
.......
1,100
14,982
Shionogi
&
Co.
Ltd.
............
200
9,659
Sysmex
Corp.
................
100
5,344
Terumo
Corp.
................
500
14,055
Toyota
Motor
Corp.
............
900
11,763
Yamato
Holdings
Co.
Ltd.
........
600
9,010
ZOZO,
Inc.
..................
1,000
20,018
1,348,741
Jordan
—
0.0%
Hikma
Pharmaceuticals
plc
.......
338
5,095
Macau
—
0.0%
Sands
China
Ltd.
(d)
.............
1,600
3,984
Mexico
—
0.0%
Fomento
Economico
Mexicano
SAB
de
CV
.....................
5,470
34,309
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
.............
409
8,042
42,351
Netherlands
—
1.6%
Adyen
NV
(a)(c)(d)
...............
215
268,140
ASML
Holding
NV
.............
1,517
628,461
Heineken
NV
................
134
11,702
ING
Groep
NV
................
71,856
615,693
Koninklijke
Ahold
Delhaize
NV
.....
1,796
45,747
Koninklijke
Philips
NV
...........
339
5,219
Koninklijke
Vopak
NV
...........
106
1,929
Salt
Pay
Co.
Ltd.,
Series
C (Acquired
11/16/21,
cost
$73,809)
(d)(f)(g)
....
38
49,918
Shell
plc
....................
13,911
346,984
Shell
plc,
ADR
................
5,473
272,336
Wolters
Kluwer
NV
.............
112
10,906
2,257,035
Norway
—
0.0%
Norsk
Hydro
ASA
(e)
............
8,911
47,816
Poland
—
0.0%
Polski
Koncern
Naftowy
ORLEN
SA
.
536
5,754
BlackRock
Global
Allocation
Portfolio
5
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Security
Shares
Shares
Value
Saudi
Arabia
—
0.0%
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
................
56
$
3,083
South
Africa
—
0.1%
Anglo
American
Platinum
Ltd.
.....
65
4,610
Anglo
American
plc
............
4,233
127,099
Kumba
Iron
Ore
Ltd.
............
638
13,534
145,243
South
Korea
—
0.5%
Amorepacific
Corp.
............
1,298
91,521
Fila
Holdings
Corp.
............
159
3,440
Hana
Financial
Group,
Inc.
.......
1,175
28,852
KB
Financial
Group,
Inc.
.........
272
8,214
Kia
Corp.
...................
205
10,203
LG
Chem
Ltd.
................
267
98,586
LG
Display
Co.
Ltd.
............
596
4,939
LG
Energy
Solution
Ltd.
(d)
........
956
281,885
Samsung
Electronics
Co.
Ltd.
.....
358
13,145
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
.....................
50
6,395
Samsung
SDI
Co.
Ltd.
..........
368
138,421
SK
Telecom
Co.
Ltd.
............
519
18,323
703,924
Spain
—
0.3%
Cellnex
Telecom
SA
(a)(c)
..........
13,438
414,517
Endesa
SA
..................
408
6,128
Iberdrola
SA
.................
658
6,135
Industria
de
Diseno
Textil
SA
......
787
16,241
443,021
Sweden
—
0.5%
Atlas
Copco
AB,
Class
A
.........
6,425
59,716
Epiroc
AB,
Class
A
.............
3,879
55,491
Evolution
AB
(a)(c)
...............
214
16,916
H
&
M
Hennes
&
Mauritz
AB,
Class
B
1,068
9,874
Hexagon
AB,
Class
B
...........
6,001
56,044
Husqvarna
AB,
Class
B
..........
719
3,986
Swedbank
AB,
Class
A
..........
3,291
43,197
Telefonaktiebolaget
LM
Ericsson,
Class
B
......................
2,904
16,975
Telia
Co.
AB
.................
4,255
12,255
Volvo
AB,
Class
B
.............
27,060
382,925
657,379
Switzerland
—
0.4%
ABB
Ltd.
(Registered)
...........
590
15,234
Alcon,
Inc.
..................
366
21,259
Cie
Financiere
Richemont
SA
(Registered)
...............
915
86,372
Lonza
Group
AG
(Registered)
.....
247
120,262
Nestle
SA
(Registered)
..........
1,042
112,700
Novartis
AG
(Registered)
........
334
25,463
Roche
Holding
AG
.............
126
41,017
Sika
AG
(Registered)
...........
36
7,236
Sonova
Holding
AG
(Registered)
...
78
17,165
STMicroelectronics
NV
..........
2,020
62,776
Temenos
AG
(Registered)
........
196
13,214
VAT
Group
AG
(a)(c)
.............
23
4,667
527,365
Taiwan
—
0.4%
Evergreen
Marine
Corp.
Taiwan
Ltd.
.
400
1,824
MediaTek,
Inc.
................
1,000
17,256
Nan
Ya
Printed
Circuit
Board
Corp.
..
2,000
11,756
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
37,000
490,450
Security
Shares
Shares
Value
Taiwan
(continued)
Unimicron
Technology
Corp.
......
7,000
$
25,625
546,911
United
Arab
Emirates
—
0.0%
NMC
Health
plc
(d)(f)
.............
8,338
—
United
Kingdom
—
2.0%
Admiral
Group
plc
.............
316
6,713
Alphawave
IP
Group
plc
(d)
........
15,500
23,848
AstraZeneca
plc
..............
4,682
514,690
AstraZeneca
plc,
ADR
..........
997
54,675
Auto
Trader
Group
plc
(a)(c)
........
8,741
49,571
BP
plc
.....................
6,169
29,478
BP
plc,
ADR
.................
426
12,162
Burberry
Group
plc
.............
763
15,241
Compass
Group
plc
............
21,176
421,665
Dr.
Martens
plc
...............
2,283
5,594
Experian
plc
.................
681
19,935
Exscientia
plc
(d)
...............
16,984
139,439
Exscientia
plc,
ADR
(d)
...........
116
952
Genius
Sports
Ltd.
(d)(e)
...........
6,585
24,167
Grand
Rounds,
Inc.,
(Acquired
02/11/22,
cost
$179,056)
(d)(f)(g)
....
67,553
104,032
Kingfisher
plc
................
4,422
10,764
Legal
&
General
Group
plc
.......
3,306
7,891
Linde
plc
...................
402
108,375
Lloyds
Banking
Group
plc
........
1,271,226
574,579
National
Grid
plc
(e)
.............
510
5,250
NatWest
Group
plc
.............
6,791
16,915
Smith
&
Nephew
plc
............
333
3,844
Spirax-Sarco
Engineering
plc
......
753
86,560
Unilever
plc
..................
13,598
597,494
2,833,834
United
States
—
33.8%
Abbott
Laboratories
............
7,958
770,016
AbbVie,
Inc.
.................
4,564
612,534
Activision
Blizzard,
Inc.
..........
711
52,856
Adobe,
Inc.
(d)
.................
240
66,048
Advance
Auto
Parts,
Inc.
.........
117
18,292
Agilent
Technologies,
Inc.
........
138
16,774
Air
Products
&
Chemicals,
Inc.
.....
2,629
611,847
Airbnb,
Inc.,
Class
A
(d)
...........
56
5,882
Aiven,
Inc.
(d)(f)
................
647
72,425
Akamai
Technologies,
Inc.
(d)
.......
105
8,434
Albemarle
Corp.
..............
1,196
316,270
Alcoa
Corp.
..................
2,434
81,928
Align
Technology,
Inc.
(d)
..........
141
29,203
Allegion
plc
..................
777
69,681
Alphabet,
Inc.,
Class
A
(d)
.........
40
3,826
Alphabet,
Inc.,
Class
C
(d)
.........
17,340
1,667,241
Altair
Engineering,
Inc.,
Class
A
(d)
...
1,429
63,190
AltC
Acquisition
Corp.,
Class
A
(d)
....
4,615
45,042
Altria
Group,
Inc.
..............
1,135
45,831
Altus
Power,
Inc.
(d)
.............
3,400
37,434
Amazon.com,
Inc.
(d)(h)
...........
13,107
1,481,091
American
Express
Co.
..........
142
19,157
American
Tower
Corp.
..........
3,420
734,274
Amgen,
Inc.
.................
131
29,527
ANSYS,
Inc.
(d)
................
395
87,571
APA
Corp.
..................
433
14,804
Apple,
Inc.
(h)
.................
15,812
2,185,218
Applied
Materials,
Inc.
..........
3,350
274,465
Aptiv
plc
(d)
...................
2,506
195,994
Archer-Daniels-Midland
Co.
.......
8,379
674,091
Astra
Space,
Inc.
(d)
.............
5,839
3,568
BlackRock
Global
Allocation
Portfolio
6
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Security
Shares
Shares
Value
United
States
(continued)
Atlassian
Corp.
plc,
Class
A
(d)
......
105
$
22,112
AutoZone,
Inc.
(d)
..............
11
23,561
Baker
Hughes
Co.
.............
905
18,969
Ball
Corp.
...................
427
20,633
Bank
of
America
Corp.
..........
19,063
575,703
Berkshire
Hathaway,
Inc.,
Class
B
(d)
.
30
8,011
Boeing
Co.
(The)
(d)
.............
122
14,772
Booking
Holdings,
Inc.
(d)
.........
77
126,527
Boston
Scientific
Corp.
(d)
.........
13,831
535,675
Brown-Forman
Corp.,
Class
B
.....
368
24,498
Bunge
Ltd.
..................
4,017
331,684
Cadence
Design
Systems,
Inc.
(d)
...
1,047
171,111
California
Resources
Corp.
.......
3,023
116,174
Capri
Holdings
Ltd.
(d)
...........
3,487
134,040
CDW
Corp.
..................
203
31,684
Centene
Corp.
(d)
..............
428
33,303
CF
Industries
Holdings,
Inc.
.......
6,651
640,159
Charles
Schwab
Corp.
(The)
......
11,740
843,754
Charter
Communications,
Inc.,
Class
A
(d)
.....................
815
247,230
Chesapeake
Energy
Corp.
.......
525
49,460
Chipotle
Mexican
Grill,
Inc.
(d)
......
46
69,127
Chubb
Ltd.
..................
357
64,931
Cigna
Corp.
.................
298
82,686
Cintas
Corp.
.................
26
10,093
Cisco
Systems,
Inc.
............
745
29,800
CME
Group,
Inc.
..............
463
82,011
Comcast
Corp.,
Class
A
(h)
........
10,426
305,795
ConocoPhillips
...............
12,149
1,243,329
Copart,
Inc.
(d)
................
156
16,598
Corteva,
Inc.
.................
796
45,491
Costco
Wholesale
Corp.
.........
1,267
598,366
Crowdstrike
Holdings,
Inc.,
Class
A
(d)
.
1,554
256,115
Crown
Castle,
Inc.
.............
177
25,585
Crown
Holdings,
Inc.
...........
153
12,398
Crown
PropTech
Acquisitions
(d)
.....
3,804
37,660
Crown
PropTech
Acquisitions
(d)(f)
....
1,464
893
CSX
Corp.
..................
175
4,662
Darling
Ingredients,
Inc.
(d)
........
404
26,725
Datadog,
Inc.,
Class
A
(d)
.........
1,856
164,776
Davidson
Kempner
Mercant
Co-
Invest
Fund
LP,
(Acquired
04/01/21,
cost
$51,944)
(g)(i)
...............
203,100
132,417
DaVita,
Inc.
(d)
.................
263
21,769
Deere
&
Co.
.................
1,039
346,912
Dell
Technologies,
Inc.,
Class
C
....
230
7,859
Delta
Air
Lines,
Inc.
(d)
...........
686
19,249
Devon
Energy
Corp.
............
1,138
68,428
Dexcom,
Inc.
(d)
...............
2,974
239,526
Diversey
Holdings
Ltd.
(d)
.........
14,879
72,312
Domino's
Pizza,
Inc.
............
518
160,684
Dow,
Inc.
...................
406
17,836
DR
Horton,
Inc.
(e)
..............
4,780
321,933
Dynatrace,
Inc.
(d)(e)
.............
7,305
254,287
eBay,
Inc.
...................
571
21,019
Edwards
Lifesciences
Corp.
(d)
.....
2,738
226,241
Element
Solutions,
Inc.
..........
1,362
22,160
Elevance
Health,
Inc.
...........
115
52,238
Eli
Lilly
&
Co.
................
677
218,908
Emerson
Electric
Co.
...........
230
16,841
Energy
Transfer
LP
(e)
...........
3,732
41,164
Epic
Games,
Inc.,
(Acquired
07/02/20,
cost
$189,750)
(d)(f)(g)
..........
330
299,957
EQT
Corp.
..................
12,072
491,934
Equinix,
Inc.
.................
38
21,616
Security
Shares
Shares
Value
United
States
(continued)
Essex
Property
Trust,
Inc.
........
88
$
21,316
Eversource
Energy
............
400
31,184
Excelerate
Energy,
Inc.,
Class
A
(e)
...
1,249
29,227
Expedia
Group,
Inc.
(d)
...........
298
27,920
Extra
Space
Storage,
Inc.
........
34
5,872
Exxon
Mobil
Corp.
.............
3,419
298,513
F5,
Inc.
(d)
...................
1,633
236,344
Fanatics
Holdings
Inc.,
(Acquired
08/17/22,
cost
$301,006)
(d)(f)(g)
...
4,437
277,889
FedEx
Corp.
.................
81
12,026
Floor
&
Decor
Holdings,
Inc.,
Class
A
(d)
696
48,901
FMC
Corp.
..................
275
29,067
Fortinet,
Inc.
(d)
................
3,657
179,668
Fortive
Corp.
.................
10,650
620,895
Freeport-McMoRan,
Inc.
(h)
........
15,842
432,962
Gartner,
Inc.
(d)
................
70
19,368
Generac
Holdings,
Inc.
(d)
.........
136
24,227
General
Dynamics
Corp.
.........
132
28,006
General
Motors
Co.
............
5,437
174,473
Genuine
Parts
Co.
.............
36
5,376
Gilead
Sciences,
Inc.
...........
620
38,248
Green
Plains,
Inc.
(d)(e)
...........
1,170
34,012
GSK
plc
....................
1,258
18,169
Halliburton
Co.
...............
1,917
47,197
Healthpeak
Properties,
Inc.
.......
385
8,824
Hewlett
Packard
Enterprise
Co.
....
609
7,296
Hilton
Worldwide
Holdings,
Inc.
....
2,752
331,946
Home
Depot,
Inc.
(The)
.........
1,729
477,100
HP,
Inc.
....................
336
8,373
Humana,
Inc.
................
2,406
1,167,367
iHeartMedia,
Inc.,
Class
A
(d)
.......
60
440
Informatica,
Inc.,
Class
A
(d)(e)
......
3,741
75,082
Intercontinental
Exchange,
Inc.
....
408
36,863
International
Flavors
&
Fragrances,
Inc.
3,112
282,663
Intuit,
Inc.
...................
561
217,287
Intuitive
Surgical,
Inc.
(d)
..........
1,853
347,326
Jawbone
Health
Hub,
Inc.,
(Acquired
01/24/17,
cost
$0)
(d)(f)(g)
........
6,968
—
Johnson
&
Johnson
............
3,761
614,397
JPMorgan
Chase
&
Co.
.........
143
14,943
Juniper
Networks,
Inc.
..........
364
9,508
Kinder
Morgan,
Inc.
............
905
15,059
Kroger
Co.
(The)
..............
269
11,769
Laboratory
Corp.
of
America
Holdings
38
7,783
Lam
Research
Corp.
...........
20
7,320
Latch,
Inc.
(d)
.................
4,082
3,893
Liberty
Media
Acquisition
Corp.
(d)
...
12,038
119,778
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A
(d)(e)
................
6,124
233,141
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
C
(d)
.................
8,317
313,634
Lions
Gate
Entertainment
Corp.,
Class
A
(d)
.....................
3,851
28,613
Live
Nation
Entertainment,
Inc.
(d)
...
227
17,261
LKQ
Corp.
..................
169
7,968
Lockheed
Martin
Corp.
..........
44
16,997
Lookout,
Inc.,
(Acquired
03/04/15,
cost
$16,643)
(d)(f)(g)
..............
1,457
11,714
Lowe's
Cos.,
Inc.
..............
761
142,923
Lululemon
Athletica,
Inc.
(d)
........
33
9,225
Lumen
Technologies,
Inc.
(e)
.......
805
5,860
LyondellBasell
Industries
NV,
Class
A
3,024
227,647
Marsh
&
McLennan
Cos.,
Inc.
.....
6,450
962,920
Masco
Corp.
.................
855
39,920
Masimo
Corp.
(d)
...............
474
66,910
BlackRock
Global
Allocation
Portfolio
7
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Security
Shares
Shares
Value
United
States
(continued)
Mastercard,
Inc.,
Class
A
.........
3,251
$
924,389
McDonald's
Corp.
.............
2,606
601,308
Merck
&
Co.,
Inc.
..............
6,289
541,609
Meta
Platforms,
Inc.,
Class
A
(d)
.....
151
20,488
Mettler-Toledo
International,
Inc.
(d)
..
20
21,682
MGM
Resorts
International
.......
575
17,089
Micron
Technology,
Inc.
..........
5,301
265,580
Microsoft
Corp.
(h)
..............
9,957
2,318,985
Mirion
Technologies
(d)
...........
20,100
150,147
Mirion
Technologies,
Inc.
(d)
........
1,997
14,918
Molina
Healthcare,
Inc.
(d)
.........
79
26,057
MongoDB,
Inc.
(d)
..............
154
30,578
Moody's
Corp.
................
19
4,619
Morgan
Stanley
...............
5,398
426,496
Mosaic
Co.
(The)
..............
475
22,957
Mr
Cooper
Group,
Inc.
(d)
.........
798
32,319
NetApp,
Inc.
.................
261
16,143
NextEra
Energy,
Inc.
...........
8,568
671,817
NIKE,
Inc.,
Class
B
............
782
65,000
Norfolk
Southern
Corp.
..........
138
28,932
Northrop
Grumman
Corp.
(e)
.......
1,499
705,010
NVIDIA
Corp.
................
2,006
243,508
Offerpad
Solutions,
Inc.
(d)
........
5,726
6,928
ONEOK,
Inc.
.................
776
39,762
Opendoor
Technologies,
Inc.
(d)
.....
5,720
17,789
Otis
Worldwide
Corp.
...........
1,767
112,735
Packaging
Corp.
of
America
......
70
7,860
Palo
Alto
Networks,
Inc.
(d)
........
1,061
173,781
Park
Hotels
&
Resorts,
Inc.
.......
997
11,226
Paycom
Software,
Inc.
(d)
.........
55
18,149
Peloton
Interactive,
Inc.,
Class
A
(d)
..
4,707
32,620
PepsiCo,
Inc.
................
682
111,343
Philip
Morris
International,
Inc.
.....
215
17,847
Phillips
66
...................
134
10,816
Pioneer
Natural
Resources
Co.
....
695
150,488
Planet
Labs
PBC
(d)
.............
4,320
23,458
Playstudios,
Inc.
(d)
.............
6,121
21,362
PNC
Financial
Services
Group,
Inc.
(The)
....................
142
21,218
Procter
&
Gamble
Co.
(The)
......
60
7,575
Prologis,
Inc.
.................
223
22,657
Proof
Acquisition
Corp.
I
(d)(f)
.......
807
904
Public
Service
Enterprise
Group,
Inc.
312
17,544
Quest
Diagnostics,
Inc.
(e)
.........
196
24,047
Raymond
James
Financial,
Inc.
....
3,852
380,655
ResMed,
Inc.
................
712
155,430
Rocket
Lab
USA,
Inc.
(d)(e)
.........
3,465
14,103
S&P
Global,
Inc.
..............
406
123,972
Salesforce,
Inc.
(d)
..............
3,135
450,938
Samsonite
International
SA
(a)(c)(d)
....
2,100
5,037
Sarcos
Technology
&
Robotics
(d)
....
27,575
61,216
Sarcos
Technology
&
Robotics
Corp.
(d)
1,371
3,044
Sarcos
Technology
&
Robotics
Corp.
(d)(f)
687
893
SBA
Communications
Corp.
......
142
40,420
Schlumberger
NV
.............
1,520
54,568
Schneider
Electric
SE
...........
158
17,846
Seagate
Technology
Holdings
plc
(e)
..
350
18,630
Seagen,
Inc.
(d)(e)
...............
1,798
246,020
Sempra
Energy
...............
6,269
939,974
ServiceNow,
Inc.
(d)
.............
778
293,781
Snorkel
AI,
Inc.,
Series
B
(Acquired
06/30/21,
cost
$7,945)
(d)(f)(g)
.....
529
4,893
Snowflake,
Inc.,
Class
A
(d)
........
124
21,075
Sonder
Holdings,
Inc.
(d)
..........
6,340
10,524
Southwest
Airlines
Co.
(d)
.........
325
10,023
Security
Shares
Shares
Value
United
States
(continued)
Splunk,
Inc.
(d)
................
373
$
28,050
Starbucks
Corp.
...............
3,921
330,383
Starwood
Property
Trust,
Inc.
......
1,430
26,055
Sun
Country
Airlines
Holdings,
Inc.
(d)
.
7,468
101,639
Symbotic
Corp.,
Class
A
(d)
........
1,805
19,674
Synchrony
Financial
............
595
16,773
Tapestry,
Inc.
.................
485
13,789
TE
Connectivity
Ltd.
............
3,126
344,985
Tesla,
Inc.
(d)
..................
1,004
266,311
Thermo
Fisher
Scientific,
Inc.
(h)
.....
1,052
533,564
TJX
Cos.,
Inc.
(The)
............
6,199
385,082
Toast,
Inc.,
Class
A
(d)
...........
1,779
29,745
Toll
Brothers,
Inc.
..............
369
15,498
TPB
Acquisition
Corp.
I,
Class
A
(d)
...
2,154
21,389
Tractor
Supply
Co.
.............
1,243
231,049
Trane
Technologies
plc
..........
88
12,743
TransDigm
Group,
Inc.
..........
108
56,681
Travelers
Cos.,
Inc.
(The)
........
168
25,738
Twilio,
Inc.,
Class
A
(d)
...........
58
4,010
United
Parcel
Service,
Inc.,
Class
B
.
3,711
599,475
United
Rentals,
Inc.
(d)
...........
240
64,829
UnitedHealth
Group,
Inc.
.........
2,136
1,078,765
Univar
Solutions,
Inc.
(d)
..........
539
12,257
US
Bancorp
.................
1,336
53,868
Valero
Energy
Corp.
............
6,636
709,057
VeriSign,
Inc.
(d)
...............
799
138,786
Verisk
Analytics,
Inc.
............
671
114,426
Verizon
Communications,
Inc.
.....
576
21,871
Vertiv
Holdings
Co.
............
23,076
224,299
Visa,
Inc.,
Class
A
.............
328
58,269
Vulcan
Materials
Co.
...........
3,229
509,246
Walgreens
Boots
Alliance,
Inc.
.....
374
11,744
Walmart,
Inc.
.................
2,497
323,861
Walt
Disney
Co.
(The)
(d)
.........
3,869
364,963
Waste
Connections,
Inc.
.........
233
31,485
Wells
Fargo
&
Co.
.............
8,964
360,532
Willis
Towers
Watson
plc
.........
130
26,122
WillScot
Mobile
Mini
Holdings
Corp.
(d)
1,340
54,042
Workday,
Inc.,
Class
A
(d)(e)
........
242
36,837
XPO
Logistics,
Inc.
(d)
...........
3,548
157,957
Zebra
Technologies
Corp.,
Class
A
(d)
.
34
8,908
Zoetis,
Inc.
..................
578
85,712
Zscaler,
Inc.
(d)(e)
...............
856
140,701
47,410,467
Total
Common
Stocks
—
49.1%
(Cost:
$75,546,494)
..............................
68,867,868
Par
(000)
Pa
r
(
000)
Corporate
Bonds
Australia
—
0.6%
National
Australia
Bank
Ltd.,
3.38%
,
01/14/26
.................
USD
1
953
Quintis
Australia
Pty.
Ltd.
(a)(f)(j)
7.50%,
(7.50%
Cash
or
8.00%
PIK),
10/01/26
...............
463
462,748
0.00%,
(0.00%
Cash
or
12.00%
PIK),
10/01/28
...........
414
393,477
857,178
BlackRock
Global
Allocation
Portfolio
8
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Security
Par
(000)
Par
(000)
Value
Belgium
—
0.0%
Anheuser-Busch
Cos.
LLC,
3.65%
,
02/01/26
.................
USD
54
$
51,871
Canada
—
0.3%
Bank
of
Montreal
Series
H,
4.25%,
09/14/24
.....
43
42,302
(SOFR
+
0.60%),
0.95%,
01/22/27
(b)
35
30,279
Canadian
Pacific
Railway
Co.,
4.00%
,
06/01/28
.................
46
43,520
Rogers
Communications,
Inc.,
2.95%
,
03/15/25
(a)
................
57
54,262
Royal
Bank
of
Canada
0.65%,
07/29/24
............
1
929
0.75%,
10/07/24
............
3
2,754
1.20%,
04/27/26
............
1
871
3.63%,
05/04/27
............
32
29,771
4.24%,
08/03/27
............
46
43,881
Thomson
Reuters
Corp.,
3.35%
,
05/15/26
.................
1
937
Toronto-Dominion
Bank
(The)
2.35%,
03/08/24
............
52
50,169
4.29%,
09/13/24
............
36
35,457
2.80%,
03/10/27
............
1
901
336,033
China
—
0.1%
China
Milk
Products
Group
Ltd.,
0.00%
,
01/05/12
(d)(f)(k)(l)(m)
............
300
—
NXP
BV
5.35%,
03/01/26
............
9
8,899
3.25%,
11/30/51
............
10
5,975
RKPF
Overseas
2019
A
Ltd.,
5.90%
,
03/05/25
(c)
................
200
85,000
Times
China
Holdings
Ltd.,
6.75%
,
07/08/25
(c)
................
200
27,000
126,874
Germany
—
0.3%
(a)
Adler
Pelzer
Holding
GmbH,
4.13%
,
04/01/24
.................
EUR
139
105,235
APCOA
Parking
Holdings
GmbH,
(EURIBOR
3
Month
+
5.00%),
5.00%
,
01/15/27
(b)
...........
102
90,139
Douglas
GmbH,
6.00%
,
04/08/26
...
127
94,604
Kirk
Beauty
SUN
GmbH,
8.25%
,
(8.25%
Cash
or
9.00%
PIK),
10/01/26
(b)(j)
................
109
62,290
352,268
India
—
0.1%
REI
Agro
Ltd.
(d)(k)(l)
5.50%,
11/13/14
(a)
...........
USD
220
1,825
5.50%,
11/13/14
(c)(f)
..........
152
—
TML
Holdings
Pte.
Ltd.,
4.35%
,
06/09/26
(c)
................
200
167,600
169,425
Italy
—
0.3%
Castor
SpA,
(EURIBOR
3
Month
+
5.25%),
6.25%
,
02/15/29
(a)(b)
....
EUR
100
89,263
Forno
d'Asolo
SpA,
(EURIBOR
3
Month
+
5.50%),
6.69%
,
04/30/27
(a)(b)
...
178
150,026
KME
SE,
6.75%
,
02/01/23
(c)
.......
37
34,922
Marcolin
SpA,
6.13%
,
11/15/26
(a)
...
100
85,681
Security
Par
(000)
Par
(000)
Value
Italy
(continued)
Shiba
Bidco
SpA,
4.50%
,
10/31/28
(a)
.
EUR
100
$
75,439
435,331
Luxembourg
—
0.2%
(a)
Garfunkelux
Holdco
3
SA,
7.75%
,
11/01/25
..................
GBP
100
87,091
Herens
Midco
SARL,
5.25%
,
05/15/29
EUR
100
61,344
Picard
Bondco
SA,
5.38%
,
07/01/27
.
100
89,042
Sani/Ikos
Financial
Holdings
1
SARL,
5.63%
,
12/15/26
............
100
92,125
329,602
Netherlands
—
0.0%
ING
Groep
NV
4.63%,
01/06/26
(a)
...........
USD
3
2,885
(SOFR
+
1.64%),
3.87%,
03/28/26
(b)
8
7,584
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.10%),
1.40%,
07/01/26
(a)(b)
..
1
883
11,352
Switzerland
—
0.0%
Novartis
Capital
Corp.,
3.00%
,
11/20/25
1
951
Thailand
—
0.1%
Kasikornbank
PCL,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.94%),
5.28%
(b)(c)
(n)
......................
200
176,725
Turkey
—
0.1%
Bio
City
Development
Co.
BV,
8.00%
,
07/06/21
(a)(d)(f)(k)(l)
.............
800
75,040
United
Arab
Emirates
—
0.0%
Shelf
Drilling
North
Sea
Holdings
Ltd.,
10.25%
,
10/31/25
(a)
..........
37
36,300
United
Kingdom
—
0.6%
AstraZeneca
plc,
2.13%
,
08/06/50
..
32
18,423
BCP
V
Modular
Services
Finance
II
plc,
6.13%
,
11/30/28
(a)
...........
GBP
100
86,545
BCP
V
Modular
Services
Finance
plc,
6.75%
,
11/30/29
(a)
...........
EUR
128
86,558
Boparan
Finance
plc,
7.63%
,
11/30/25
(c)
.................
GBP
100
72,442
Deuce
Finco
plc,
5.50%
,
06/15/27
(a)
.
100
83,183
GlaxoSmithKline
Capital
plc,
3.00%
,
06/01/24
.................
USD
51
49,644
GlaxoSmithKline
Capital,
Inc.,
3.63%
,
05/15/25
.................
32
31,120
HSBC
Holdings
plc,
(SOFR
+
0.71%),
0.98%
,
05/24/25
(b)
...........
14
12,863
Inspired
Entertainment
Financing
plc,
7.88%
,
06/01/26
(a)
...........
GBP
100
103,928
Kane
Bidco
Ltd.
(a)
5.00%,
02/15/27
............
EUR
100
82,324
6.50%,
02/15/27
............
GBP
100
95,778
Lloyds
Bank
plc,
3.50%
,
05/14/25
...
USD
3
2,839
Market
Bidco
Finco
plc,
5.50%
,
11/04/27
(a)
................
GBP
159
137,303
Sky
Ltd.,
3.75%
,
09/16/24
(a)
.......
USD
2
1,951
Vodafone
Group
plc,
4.13%
,
05/30/25
14
13,736
878,637
BlackRock
Global
Allocation
Portfolio
9
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Security
Par
(000)
Par
(000)
Value
United
States
—
6.2%
AbbVie,
Inc.
2.60%,
11/21/24
............
USD
60
$
57,098
3.80%,
03/15/25
............
47
45,520
3.60%,
05/14/25
............
111
106,545
3.20%,
05/14/26
............
1
935
2.95%,
11/21/26
............
64
58,634
Aetna,
Inc.,
3.50%
,
11/15/24
......
5
4,858
Affinity
Gaming,
6.88%
,
12/15/27
(a)
..
13
10,598
AIG
Global
Funding,
0.65%
,
06/17/24
(a)
24
22,295
Albertsons
Cos.,
Inc.,
3.50%
,
03/15/29
(a)
................
84
67,704
Allegiant
Travel
Co.
(a)
8.50%,
02/05/24
............
154
152,232
7.25%,
08/15/27
............
18
16,965
Alphabet,
Inc.,
2.25%
,
08/15/60
....
10
5,622
Amazon.com,
Inc.
2.50%,
06/03/50
............
21
13,111
2.70%,
06/03/60
............
10
5,899
American
Express
Co.
2.50%,
07/30/24
............
31
29,691
2.25%,
03/04/25
............
1
937
3.95%,
08/01/25
............
32
30,994
American
International
Group,
Inc.,
3.90%
,
04/01/26
............
24
22,909
American
Tower
Corp.
3.38%,
05/15/24
............
61
59,391
4.40%,
02/15/26
............
24
23,333
3.10%,
06/15/50
............
10
6,227
Amgen,
Inc.
1.90%,
02/21/25
............
1
932
3.13%,
05/01/25
............
7
6,708
3.00%,
01/15/52
............
41
25,630
2.77%,
09/01/53
............
10
5,826
Aon
Corp.
4.50%,
12/15/28
............
34
32,064
2.90%,
08/23/51
............
32
19,803
Apple,
Inc.,
2.40%
,
08/20/50
......
10
6,206
Aptiv
plc,
3.10%
,
12/01/51
........
45
25,200
AT&T,
Inc.,
1.70%
,
03/25/26
......
44
39,129
Bank
of
America
Corp.
(SOFR
+
0.67%),
1.84%,
02/04/25
(b)
31
29,461
(LIBOR
USD
3
Month
+
0.97%),
3.46%,
03/15/25
(b)
.........
2
1,937
(SOFR
+
1.11%),
3.84%,
04/25/25
(b)
78
75,880
(LIBOR
USD
3
Month
+
0.87%),
2.46%,
10/22/25
(b)
.........
5
4,681
(SOFR
+
0.65%),
1.53%,
12/06/25
(b)
3
2,744
(LIBOR
USD
3
Month
+
0.81%),
3.37%,
01/23/26
(b)
.........
11
10,422
(SOFR
+
1.33%),
3.38%,
04/02/26
(b)
47
44,397
3.50%,
04/19/26
............
1
939
(SOFR
+
1.75%),
4.83%,
07/22/26
(b)
40
39,108
Series
N,
(SOFR
+
0.91%),
1.66%,
03/11/27
(b)
..............
1
867
Series
L,
4.18%,
11/25/27
.....
47
43,543
(LIBOR
USD
3
Month
+
1.58%),
3.82%,
01/20/28
(b)
.........
3
2,761
(LIBOR
USD
3
Month
+
1.51%),
3.71%,
04/24/28
(b)
.........
1
910
(SOFR
+
1.56%),
2.97%,
07/21/52
(b)
10
6,133
Bank
of
New
York
Mellon
Corp.
(The)
2.10%,
10/24/24
............
30
28,425
(SOFR
+
1.35%),
4.41%,
07/24/26
(b)
57
55,690
3.85%,
04/26/29
............
86
78,421
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Becton
Dickinson
and
Co.
3.36%,
06/06/24
............
USD
32
$
31,097
3.70%,
06/06/27
............
94
87,476
Berry
Global,
Inc.,
4.88%
,
07/15/26
(a)
3
2,820
Blackstone
Holdings
Finance
Co.
LLC,
3.15%
,
10/02/27
(a)
...........
25
22,498
Boston
Properties
LP,
2.75%
,
10/01/26
33
29,672
Bristol-Myers
Squibb
Co.
3.63%,
05/15/24
............
45
44,268
3.20%,
06/15/26
............
44
41,641
3.25%,
02/27/27
............
2
1,882
2.55%,
11/13/50
............
15
9,242
Broadcom
Corp.,
3.88%
,
01/15/27
..
55
50,593
Broadcom,
Inc.,
3.15%
,
11/15/25
...
40
37,546
California
Resources
Corp.,
7.13%
,
02/01/26
(a)
................
5
4,700
Capital
One
Financial
Corp.,
3.90%
,
01/29/24
.................
46
45,329
Cargill,
Inc.,
3.50%
,
04/22/25
(a)
.....
26
25,076
Carrols
Restaurant
Group,
Inc.,
5.88%
,
07/01/29
(a)
................
10
6,675
Caterpillar
Financial
Services
Corp.,
0.60%
,
09/13/24
............
31
28,698
CDI
Escrow
Issuer,
Inc.,
5.75%
,
04/01/30
(a)
................
23
20,086
Change
Healthcare
Holdings
LLC,
5.75%
,
03/01/25
(a)
...........
10
9,939
Charles
Schwab
Corp.
(The)
4.20%,
03/24/25
............
1
989
3.45%,
02/13/26
............
2
1,924
Charter
Communications
Operating
LLC
4.91%,
07/23/25
............
94
91,665
4.20%,
03/15/28
............
7
6,284
3.85%,
04/01/61
............
10
5,838
Cheniere
Energy,
Inc.,
4.63%
,
10/15/28
25
22,933
Cigna
Corp.,
1.25%
,
03/15/26
.....
2
1,752
Cisco
Systems,
Inc.,
2.50%
,
09/20/26
1
929
Citigroup,
Inc.
(b)
(LIBOR
USD
3
Month
+
0.90%),
3.35%,
04/24/25
..........
8
7,715
(SOFR
+
0.67%),
0.98%,
05/01/25
6
5,559
(SOFR
+
1.37%),
4.14%,
05/24/25
15
14,662
(SOFR
+
1.53%),
3.29%,
03/17/26
62
58,535
(SOFRINDX
+
1.55%),
5.61%,
09/29/26
...............
32
31,824
Comcast
Corp.
3.95%,
10/15/25
............
4
3,886
3.55%,
05/01/28
............
86
78,837
2.45%,
08/15/52
............
10
5,669
2.65%,
08/15/62
............
7
3,773
Conagra
Brands,
Inc.,
4.30%
,
05/01/24
2
1,968
Covanta
Holding
Corp.,
4.88%
,
12/01/29
(a)
................
14
11,316
Cox
Communications,
Inc.,
3.85%
,
02/01/25
(a)
................
38
36,587
Crown
Castle,
Inc.,
3.70%
,
06/15/26
.
40
37,569
CSX
Corp.,
2.50%
,
05/15/51
......
10
5,985
CVS
Health
Corp.
3.88%,
07/20/25
............
22
21,337
2.88%,
06/01/26
............
49
45,364
1.30%,
08/21/27
............
44
36,658
4.30%,
03/25/28
............
38
35,840
5.05%,
03/25/48
............
46
40,510
BlackRock
Global
Allocation
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Deere
&
Co.,
2.75%
,
04/15/25
.....
USD
7
$
6,685
Dell
International
LLC
6.02%,
06/15/26
............
37
37,149
3.45%,
12/15/51
(a)
...........
10
5,685
Discovery
Communications
LLC,
3.80%
,
03/13/24
............
23
22,452
Dollar
General
Corp.
4.25%,
09/20/24
............
16
15,808
3.88%,
04/15/27
............
38
35,911
Duke
Realty
LP,
2.25%
,
01/15/32
...
10
7,772
Earthstone
Energy
Holdings
LLC,
8.00%
,
04/15/27
(a)
...........
68
64,090
eBay,
Inc.,
1.90%
,
03/11/25
.......
15
13,920
Elevance
Health,
Inc.
2.38%,
01/15/25
............
1
944
3.65%,
12/01/27
............
55
51,221
3.13%,
05/15/50
............
39
25,796
Eli
Lilly
&
Co.,
2.25%
,
05/15/50
....
10
6,186
Equinix,
Inc.
1.25%,
07/15/25
............
53
47,400
1.45%,
05/15/26
............
35
30,307
3.00%,
07/15/50
............
5
3,063
Expedia
Group,
Inc.,
2.95%
,
03/15/31
3
2,327
Fidelity
National
Information
Services,
Inc.,
1.15%
,
03/01/26
.........
1
865
Fifth
Third
Bancorp,
(SOFR
+
1.36%),
4.06%
,
04/25/28
(b)
...........
28
26,279
Fiserv,
Inc.,
3.20%
,
07/01/26
......
10
9,209
FLYR,
Inc.,
10.00%
,
01/20/27
(f)
.....
49
45,144
Flyreel,
Inc.,
8.00%
,
07/20/23
(f)(k)
....
93
97,343
Ford
Motor
Co.,
6.10%
,
08/19/32
...
64
56,422
Freed
Corp.,
10.00%
,
12/01/23
(f)
....
128
122,880
Freedom
Mortgage
Corp.
(a)
8.13%,
11/15/24
............
39
34,125
8.25%,
04/15/25
............
40
33,049
FreeWire
Technologies,
Inc.,
12.59%
,
03/31/25
(b)(f)
................
61
54,290
Frontier
Communications
Holdings
LLC
(a)
5.88%,
10/15/27
............
30
26,887
6.75%,
05/01/29
............
28
23,100
8.75%,
05/15/30
............
47
47,030
Frontier
Florida
LLC,
Series
E,
6.86%
,
02/01/28
.................
1
924
Frontier
North,
Inc.,
Series
G,
6.73%
,
02/15/28
.................
45
40,725
Full
House
Resorts,
Inc.,
8.25%
,
02/15/28
(a)
................
3
2,700
GATX
Corp.,
3.50%
,
03/15/28
.....
1
882
GCI
LLC,
4.75%
,
10/15/28
(a)
......
12
9,963
General
Motors
Co.,
4.88%
,
10/02/23
28
27,885
General
Motors
Financial
Co.,
Inc.
2.90%,
02/26/25
............
48
44,847
5.25%,
03/01/26
............
52
50,602
2.70%,
08/20/27
............
69
58,424
Georgia-Pacific
LLC,
3.60%
,
03/01/25
(a)
1
965
Gilead
Sciences,
Inc.
0.75%,
09/29/23
............
36
34,552
3.70%,
04/01/24
............
36
35,435
3.65%,
03/01/26
............
16
15,208
2.80%,
10/01/50
............
42
25,938
Global
Payments,
Inc.
2.65%,
02/15/25
............
5
4,673
4.95%,
08/15/27
............
8
7,622
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Goldman
Sachs
Group,
Inc.
(The)
3.00%,
03/15/24
............
USD
73
$
70,932
3.50%,
04/01/25
............
45
42,984
(SOFR
+
0.61%),
0.86%,
02/12/26
(b)
2
1,785
(SOFR
+
0.79%),
1.09%,
12/09/26
(b)
52
44,872
GoTo
Group,
Inc.,
5.50%
,
09/01/27
(a)
.
30
18,399
GSK
Consumer
Healthcare
Capital
US
LLC,
3.02%
,
03/24/24
(a)
.......
12
11,609
HCA,
Inc.
5.00%,
03/15/24
............
4
3,974
5.38%,
02/01/25
............
43
42,491
5.25%,
04/15/25
............
45
44,078
5.88%,
02/15/26
............
44
43,406
3.50%,
07/15/51
............
10
6,192
Home
Depot,
Inc.
(The)
2.38%,
03/15/51
............
42
24,576
2.75%,
09/15/51
............
40
25,433
Homes
by
West
Bay
LLC,
9.50%
,
04/30/27
(f)
.................
146
133,415
Humana,
Inc.
0.65%,
08/03/23
............
52
50,211
1.35%,
02/03/27
............
1
842
Huntington
Bancshares,
Inc.,
(SOFR
+
1.97%),
4.44%
,
08/04/28
(b)
.....
59
55,709
Intel
Corp.
3.40%,
03/25/25
............
12
11,637
3.10%,
02/15/60
............
2
1,207
Intercontinental
Exchange,
Inc.
4.00%,
09/15/27
............
31
29,426
3.00%,
09/15/60
............
10
5,978
International
Business
Machines
Corp.,
2.95%
,
05/15/50
............
10
6,303
Johnson
&
Johnson,
2.25%
,
09/01/50
10
6,166
JPMorgan
Chase
&
Co.
(b)
(3
Month
CME
Term
SOFR
+
0.58%),
0.97%,
06/23/25
....
70
64,748
(SOFR
+
0.61%),
1.56%,
12/10/25
7
6,419
(SOFR
+
1.85%),
2.08%,
04/22/26
64
58,310
(SOFR
+
1.32%),
4.08%,
04/26/26
49
47,178
(SOFR
+
1.56%),
4.32%,
04/26/28
51
47,792
(LIBOR
USD
3
Month
+
1.38%),
3.54%,
05/01/28
..........
11
9,959
(SOFR
+
1.99%),
4.85%,
07/25/28
45
43,208
Keurig
Dr
Pepper,
Inc.,
0.75%
,
03/15/24
.................
23
21,665
Kinder
Morgan
Energy
Partners
LP,
3.50%
,
09/01/23
............
21
20,688
Kinetik
Holdings
LP,
5.88%
,
06/15/30
(a)
16
14,651
Kraft
Heinz
Foods
Co.
3.00%,
06/01/26
............
64
59,011
4.38%,
06/01/46
............
45
34,983
L3Harris
Technologies,
Inc.,
3.85%
,
12/15/26
.................
94
88,757
Lam
Research
Corp.,
3.75%
,
03/15/26
5
4,795
Level
3
Financing,
Inc.,
4.25%
,
07/01/28
(a)
................
8
6,240
Lightning
eMotors,
Inc.,
7.50%
,
05/18/25
(a)(k)
...............
27
17,955
Lions
Gate
Capital
Holdings
LLC,
5.50%
,
04/15/29
(a)
...........
13
9,685
Lowe's
Cos.,
Inc.
4.00%,
04/15/25
............
1
980
4.40%,
09/08/25
............
17
16,741
3.35%,
04/01/27
............
25
23,154
BlackRock
Global
Allocation
Portfolio
11
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
1.70%,
09/15/28
............
USD
35
$
28,575
3.00%,
10/15/50
............
10
6,123
4.25%,
04/01/52
............
53
40,582
Lumen
Technologies,
Inc.,
5.13%
,
12/15/26
(a)
................
52
44,741
LYB
International
Finance
II
BV,
3.50%
,
03/02/27
.................
87
79,555
LyondellBasell
Industries
NV,
5.75%
,
04/15/24
.................
5
5,040
Marsh
&
McLennan
Cos.,
Inc.
3.88%,
03/15/24
............
36
35,498
3.75%,
03/14/26
............
27
26,100
5.88%,
08/01/33
............
30
30,256
McDonald's
Corp.,
3.30%
,
07/01/25
.
2
1,923
Medline
Borrower
LP,
3.88%
,
04/01/29
(a)
................
15
12,025
Merck
&
Co.,
Inc.
2.75%,
02/10/25
............
12
11,504
2.45%,
06/24/50
............
10
6,154
Meta
Platforms,
Inc.,
3.50%
,
08/15/27
(a)
24
22,443
MetLife,
Inc.
Series
D,
4.37%,
09/15/23
(o)
....
31
30,894
3.60%,
11/13/25
............
29
27,922
Metropolitan
Life
Global
Funding
I,
1.88%
,
01/11/27
(a)
...........
1
873
MGM
Resorts
International,
5.50%
,
04/15/27
.................
4
3,594
Microsoft
Corp.
2.70%,
02/12/25
............
59
56,620
2.53%,
06/01/50
............
77
50,307
2.68%,
06/01/60
............
10
6,288
Mondelez
International
Holdings
Netherlands
BV,
1.25%
,
09/24/26
(a)
1
857
Moody's
Corp.
2.55%,
08/18/60
............
2
1,086
3.10%,
11/29/61
............
8
4,875
Morgan
Stanley
(SOFR
+
1.16%),
3.62%,
04/17/25
(b)
64
62,155
(SOFR
+
0.53%),
0.79%,
05/30/25
(b)
15
13,806
(SOFR
+
1.67%),
4.68%,
07/17/26
(b)
20
19,474
3.13%,
07/27/26
............
56
51,566
(SOFR
+
0.86%),
1.51%,
07/20/27
(b)
1
852
(SOFR
+
1.61%),
4.21%,
04/20/28
(b)
62
58,014
Nationstar
Mortgage
Holdings,
Inc.
(a)
6.00%,
01/15/27
............
7
5,976
5.50%,
08/15/28
............
35
27,484
5.13%,
12/15/30
............
31
22,481
New
Home
Co.,
Inc.
(The),
7.25%
,
10/15/25
(a)
................
17
13,704
New
York
Life
Global
Funding,
2.88%
,
04/10/24
(a)
................
22
21,379
NextEra
Energy
Capital
Holdings,
Inc.,
2.94%
,
03/21/24
............
52
50,515
Norfolk
Southern
Corp.,
3.00%
,
03/15/32
.................
17
14,215
Northern
Trust
Corp.,
4.00%
,
05/10/27
33
31,821
NortonLifeLock,
Inc.
(a)
6.75%,
09/30/27
............
40
38,381
7.13%,
09/30/30
............
15
14,508
Omnicom
Group,
Inc.,
3.65%
,
11/01/24
15
14,620
Oncor
Electric
Delivery
Co.
LLC,
5.75%
,
03/15/29
............
1
1,028
ONEOK
Partners
LP,
4.90%
,
03/15/25
79
77,703
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Oracle
Corp.
2.40%,
09/15/23
............
USD
36
$
35,125
3.40%,
07/08/24
............
8
7,776
2.50%,
04/01/25
............
50
46,593
3.60%,
04/01/50
............
10
6,257
3.95%,
03/25/51
............
37
24,538
Outfront
Media
Capital
LLC,
5.00%
,
08/15/27
(a)
................
3
2,621
PACCAR
Financial
Corp.,
4.95%
,
10/03/25
.................
26
26,086
Pacific
Gas
&
Electric
Co.,
4.50%
,
07/01/40
.................
23
16,369
Paramount
Global,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.00%),
6.38%
,
03/30/62
(b)
................
10
8,639
Parker-Hannifin
Corp.,
4.25%
,
09/15/27
23
21,906
Peninsula
Pacific
Entertainment
LLC,
8.50%
,
11/15/27
(a)
...........
20
21,525
PepsiCo,
Inc.,
2.38%
,
10/06/26
....
2
1,837
Picard
Midco,
Inc.,
6.50%
,
03/31/29
(a)
97
81,936
Pitney
Bowes,
Inc.
(a)
6.88%,
03/15/27
............
48
29,412
7.25%,
03/15/29
............
45
26,887
Playtika
Holding
Corp.,
4.25%
,
03/15/29
(a)
................
17
13,596
PNC
Bank
NA,
4.20%
,
11/01/25
....
2
1,946
PNC
Financial
Services
Group,
Inc.
(The),
3.50%
,
01/23/24
........
16
15,746
PPG
Industries,
Inc.,
1.20%
,
03/15/26
14
12,218
Principal
Life
Global
Funding
II
(a)
0.75%,
04/12/24
............
1
933
1.25%,
08/16/26
............
1
858
Regions
Financial
Corp.,
2.25%
,
05/18/25
.................
2
1,852
RMIT
Cash
Management
LLC,
Series
2021-3,
3.88%
,
10/17/33
(f)
......
200
180,000
Ryder
System,
Inc.,
2.50%
,
09/01/24
2
1,909
S&P
Global,
Inc.
2.45%,
03/01/27
(a)
...........
33
29,580
2.30%,
08/15/60
............
16
8,424
Sabre
GLBL,
Inc.,
9.25%
,
04/15/25
(a)
.
20
19,148
Salesforce,
Inc.
0.63%,
07/15/24
............
53
49,402
2.90%,
07/15/51
............
10
6,605
San
Diego
Gas
&
Electric
Co.,
Series
NNN,
3.60%
,
09/01/23
........
18
17,780
Service
Properties
Trust
4.50%,
06/15/23
............
14
13,667
4.35%,
10/01/24
............
15
13,279
4.50%,
03/15/25
............
16
13,365
7.50%,
09/15/25
............
29
27,115
Sherwin-Williams
Co.
(The)
4.05%,
08/08/24
............
50
49,168
4.25%,
08/08/25
............
22
21,473
2.90%,
03/15/52
............
32
19,232
Shire
Acquisitions
Investments
Ireland
DAC
2.88%,
09/23/23
............
62
60,634
3.20%,
09/23/26
............
118
108,836
Simon
Property
Group
LP,
3.38%
,
10/01/24
.................
1
970
Sprint
Corp.
7.88%,
09/15/23
............
49
49,500
BlackRock
Global
Allocation
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
7.13%,
06/15/24
............
USD
7
$
7,105
Steel
Dynamics,
Inc.
2.40%,
06/15/25
............
55
50,849
5.00%,
12/15/26
............
3
2,940
Stem,
Inc.,
0.50%
,
12/01/28
(a)(k)
....
6
4,452
Talen
Energy
Supply
LLC
(a)(d)(l)
7.25%,
05/15/27
............
23
23,517
6.63%,
01/15/28
............
59
59,738
7.63%,
06/01/28
............
23
23,702
Tap
Rock
Resources
LLC,
7.00%
,
10/01/26
(a)
................
77
70,391
Tenet
Healthcare
Corp.,
6.13%
,
06/15/30
(a)
................
36
32,976
Thermo
Fisher
Scientific,
Inc.,
1.22%
,
10/18/24
.................
1
930
T-Mobile
USA,
Inc.,
3.50%
,
04/15/25
.
89
85,063
Toyota
Motor
Credit
Corp.
1.80%,
02/13/25
............
4
3,731
3.05%,
03/22/27
............
2
1,842
TransDigm,
Inc.,
6.25%
,
03/15/26
(a)
..
31
30,070
Truist
Bank
3.30%,
05/15/26
............
5
4,638
3.80%,
10/30/26
............
6
5,642
Truist
Financial
Corp.
(b)
(SOFR
+
1.46%),
4.26%,
07/28/26
32
31,122
(SOFR
+
0.61%),
1.27%,
03/02/27
26
22,601
TWDC
Enterprises
18
Corp.,
3.15%
,
09/17/25
.................
1
954
UnitedHealth
Group,
Inc.
3.10%,
03/15/26
............
3
2,838
2.90%,
05/15/50
............
10
6,568
Univision
Communications,
Inc.,
7.38%
,
06/30/30
(a)
................
15
14,314
US
Bancorp
3.10%,
04/27/26
............
2
1,869
(SOFR
+
0.73%),
2.22%,
01/27/28
(b)
17
14,974
3.90%,
04/26/28
............
33
31,095
(SOFR
+
1.66%),
4.55%,
07/22/28
(b)
81
78,056
Ventas
Realty
LP,
3.50%
,
02/01/25
..
37
35,327
Verizon
Communications,
Inc.
2.63%,
08/15/26
............
33
29,973
2.88%,
11/20/50
............
6
3,669
2.99%,
10/30/56
............
74
43,987
Vertiv
Group
Corp.,
4.13%
,
11/15/28
(a)
20
16,100
Visa,
Inc.,
2.00%
,
08/15/50
.......
28
16,026
Vistra
Operations
Co.
LLC,
5.63%
,
02/15/27
(a)
................
79
73,964
VMware,
Inc.,
1.80%
,
08/15/28
....
63
49,945
Walt
Disney
Co.
(The)
2.20%,
01/13/28
............
34
29,604
2.75%,
09/01/49
............
10
6,344
Warnermedia
Holdings,
Inc.
(a)
3.43%,
03/15/24
............
17
16,426
3.64%,
03/15/25
............
15
14,205
Waste
Management,
Inc.
0.75%,
11/15/25
............
10
8,826
3.15%,
11/15/27
............
32
29,263
Wells
Fargo
&
Co.
(b)
(LIBOR
USD
3
Month
+
0.75%),
2.16%,
02/11/26
..........
38
34,987
(SOFR
+
1.56%),
4.54%,
08/15/26
94
90,936
(SOFR
+
1.51%),
3.53%,
03/24/28
48
43,474
Welltower,
Inc.
4.50%,
01/15/24
............
37
36,668
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
2.70%,
02/15/27
............
USD
33
$
29,481
Western
Digital
Corp.,
4.75%
,
02/15/26
18
16,668
Workday,
Inc.,
3.50%
,
04/01/27
....
63
58,275
WRKCo,
Inc.
3.75%,
03/15/25
............
18
17,342
4.65%,
03/15/26
............
12
11,737
Wynn
Las
Vegas
LLC
(a)
5.50%,
03/01/25
............
21
19,661
5.25%,
05/15/27
............
4
3,521
Xerox
Holdings
Corp.
(a)
5.00%,
08/15/25
............
54
48,574
5.50%,
08/15/28
............
35
27,922
8,630,831
Total
Corporate
Bonds
—
8.9%
(Cost:
$15,744,180)
..............................
12,468,418
Floating
Rate
Loan
Interests
Belgium
—
0.1%
Apollo
Finco
BV,
Facility
Term
Loan
B,
(EURIBOR
6
Month
+
4.85%),
5.08%
,
10/02/28
(b)
...........
EUR
149
127,592
Canada
—
0.1%
Knowlton
Development
Corp.,
Inc.,
Term
Loan,
(EURIBOR
1
Month
+
5.00%),
5.69%
,
12/22/25
(b)
.....
187
176,745
France
—
0.1%
Babilou
Family,
Facility
Term
Loan,
(EURIBOR
3
Month
+
4.00%),
5.16%
,
11/17/27
(b)
...........
214
194,787
Germany
—
0.1%
Iris
BidCo
GmbH,
Facility
Term
Loan
B,
(EURIBOR
3
Month
+
5.00%),
5.00%
,
06/29/28
(b)
...........
93
81,119
Jersey,
Channel
Islands
—
0.1%
(b)(f)
Vita
Global
FinCo
Ltd.,
Facility
Term
Loan,
(LIBOR
GBP
1
Month
+
7.00%),
8.69%
,
07/06/27
......
GBP
40
42,642
Vita
Global
FinCo
Ltd.,
Term
Loan,
(EURIBOR
6
Month
+
7.00%),
0.00%
-
15.00%
,
01/01/28
......
EUR
67
62,381
105,023
Luxembourg
—
0.2%
(b)
Jazz
Pharmaceuticals
plc,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
6.62%
,
05/05/28
............
USD
57
55,236
Luxembourg
Life
Fund
-
Long
Term
Growth
Fund,
Term
Loan,
(LIBOR
USD
3
Month
+
9.25%),
0.00%
-
15.00%
,
01/01/38
(f)
..........
128
127,360
Luxembourg
Life
Fund
II
-
Absolute
Return
Fund
III,
Delayed
Draw
Term
Loan,
(LIBOR
USD
3
Month
+
11.50%),
0.00%
-
15.00%
,
01/01/28
(f)
..........
15
14,479
BlackRock
Global
Allocation
Portfolio
13
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Security
Par
(000)
Par
(000)
Value
Luxembourg
(continued)
Luxembourg
Life
Fund
II
-
Absolute
Return
Fund
III,
Term
Loan,
(LIBOR
USD
3
Month
+
11.50%),
0.00%
-
15.00%
,
01/01/28
(f)
..........
USD
96
$
93,969
291,044
Netherlands
—
0.4%
(b)
Cypher
Bidco
BV,
Term
Loan,
(EURIBOR
6
Month
+
0.00%),
0.00%
-
15.00%
,
01/01/28
(f)
.....
EUR
154
139,176
Median
BV,
Facility
Term
Loan
B1,
(EURIBOR
6
Month
+
5.00%),
5.23%
,
10/14/27
............
100
89,266
Ziggo
BV,
Facility
Term
Loan
H,
(EURIBOR
6
Month
+
3.00%),
3.76%
,
01/31/29
............
311
273,105
501,547
Sweden
—
0.0%
Unique
BidCo
AB,
Term
Loan
B,
(EURIBOR
3
Month
+
5.25%),
6.24%
,
03/11/29
(b)
...........
70
62,172
United
States
—
1.6%
(b)
ACProducts
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
7.13%
-
7.92%
,
05/17/28
......
USD
42
30,674
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
7.74%
,
02/02/26
(f)
......
74
65,417
Altar
BidCo,
Inc.,
1st
Lien
Term
Loan,
(SOFR
12
Month
+
3.10%),
4.95%
-
5.50%
,
02/01/29
............
69
64,386
American
Auto
Auction
Group
LLC,
1st
Lien
Term
Loan
B,
(SOFR
3
Month
+
5.00%),
8.55%
,
12/30/27
......
81
74,874
Avaya,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.25%),
7.07%
,
12/15/27
............
15
7,911
Avaya,
Inc.,
Term
Loan
B3,
(SOFR
1
Month
+
10.00%),
12.85%
,
12/15/27
10
6,238
Change
Healthcare
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
7.75%
,
03/01/24
......
15
14,589
City
Brewing
Co.
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
6.80%
,
04/05/28
......
18
13,875
DirectTV
Financing
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
8.12%
,
08/02/27
............
44
40,654
DRI
Holding,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.25%),
8.37%
,
12/21/28
............
28
24,981
DS
Parent,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
5.75%),
9.42%
-
9.92%
,
12/10/28
............
42
40,563
ECL
Entertainment
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
7.50%),
10.62%
,
05/01/28
...........
49
48,634
Emerald
Technologies
US
Acquisitionco,
Inc.,
Term
Loan
B,
(SOFR
1
Month
+
6.25%),
9.38%
,
12/29/27
............
33
31,013
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
7.44%
,
05/01/28
USD
59
$
54,884
Galaxy
Brands,
Term
Loan,
(LIBOR
USD
3
Month
+
0.00%),
0.00%
-
15.00%
,
01/01/38
(f)
..........
200
199,714
GoTo
Group,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
7.80%
,
08/31/27
............
98
67,968
Green
Plains
Operating
Co.
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
0.00%),
8.83%
,
07/20/26
(f)
......
119
117,667
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
1.75%),
4.83%
,
06/22/26
......
151
145,722
Hydrofarm
Holdings
Group,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
5.50%),
8.38%
,
10/25/28
(f)
......
21
18,341
Informatica
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
5.88%
,
10/27/28
............
63
60,687
J&J
Ventures
Gaming
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
7.67%
,
04/26/28
............
35
33,256
Jack
Ohio
Finance
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
7.87%
,
10/04/28
(f)
...........
16
15,481
Kronos
Acquisition
Holdings,
Inc.,
Term
Loan,
(SOFR
3
Month
+
6.00%),
8.94%
,
12/22/26
............
15
14,106
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
7.12%
,
12/17/27
......
115
100,435
Maverick
Gaming
LLC,
Facility
Term
Loan
B,
(LIBOR
USD
3
Month
+
7.50%),
10.57%
,
09/03/26
......
27
24,118
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(SOFR
3
Month
+
6.00%),
9.65%
,
01/24/30
............
4
3,620
OD
Intermediate
SUBI
Holdco
II
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
1
0.
00%),
0.00%
-
10.00%
,
04/01/26
(f)
..........
312
297,184
OVG
Business
Services
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
6.25%),
9.34%
,
11/20/28
(f)
......
54
49,969
ProFrac
Holdings
II
LLC,
Term
Loan,
(SOFR
3
Month
+
7.25%),
11.10%
,
03/04/25
(f)
...........
44
44,954
Project
Ruby
Ultimate
Parent
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
6.37%
,
03/10/28
89
82,511
Redstone
HoldCo
2
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
7.53%
,
04/27/28
......
95
70,044
Redstone
HoldCo
2
LP,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.75%),
10.52%
,
04/27/29
......
50
39,532
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.00%),
6.81%
,
03/16/27
......
57
53,256
Signal
Parent,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
6.62%
,
04/03/28
............
35
25,552
BlackRock
Global
Allocation
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Sonder
Corp.,
Term
Loan,
10.00%
,
01/19/27
(f)
..........
USD
154
$
137,588
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
6.62%
,
06/08/28
10
9,256
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
7.60%
,
10/06/28
......
18
13,934
Talen
Energy
Supply
LLC,
Term
Loan,
(SOFR
3
Month
+
4.75%),
7.48%
-
8.24%
,
11/13/23
............
82
81,918
Vaco
Holdings
LLC,
Term
Loan,
(SOFR
3
Month
+
5.00%),
8.70%
,
01/21/29
33
31,688
2,257,194
Total
Floating
Rate
Loan
Interests
—
2.7%
(Cost:
$4,269,313)
..............................
3,797,223
Foreign
Government
Obligations
Argentina
—
0.1%
Argentine
Republic
(The)
1.00%,
07/09/29
............
30
5,654
0.50%,
07/09/30
(o)
...........
295
59,098
1.50%,
07/09/35
(o)
...........
331
60,020
3.88%,
01/09/38
(o)
...........
119
27,715
152,487
Austria
—
0.1%
Republic
of
Austria,
2.10%
,
09/20/17
(a)(c)
EUR
116
86,970
Canada
—
0.5%
Canadian
Government
Bond,
0.25%
,
03/01/26
.................
CAD
1,062
687,911
Indonesia
—
0.1%
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara,
3.38%
,
02/05/30
(c)
................
USD
200
160,600
Spain
—
0.1%
Kingdom
of
Spain,
3.45%
,
07/30/66
(a)(c)
EUR
185
170,021
Total
Foreign
Government
Obligations
—
0.9%
(Cost:
$2,009,621)
..............................
1,257,989
Shares
Shares
Investment
Companies
Health
Care
Select
Sector
SPDR
Fund
(e)
...................
1,533
185,662
Industrial
Select
Sector
SPDR
Fund
(e)
928
76,875
Invesco
Municipal
Opportunity
Trust
.
1,407
12,818
Invesco
Municipal
Trust
(e)
........
1,398
12,778
Invesco
QQQ
Trust
1,
Series
1
(e)
....
1,100
293,986
Invesco
Quality
Municipal
Income
Trust
1,385
12,645
Invesco
Trust
for
Investment
Grade
Municipals
................
1,376
12,879
Invesco
Value
Municipal
Income
Trust
1,379
15,872
iShares
0-5
Year
TIPS
Bond
ETF
(p)
..
1,425
136,956
iShares
China
Large-Cap
ETF
(e)(p)
...
2,692
69,615
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(e)(p)
..............
441
31,483
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(e)(h)(p)
......
5,600
573,720
Security
Shares
Shares
Value
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(e)(p)
........
9,277
$
736,594
iShares
Latin
America
40
ETF
(e)(p)
...
2,948
69,927
iShares
MSCI
Brazil
ETF
(p)
.......
3,320
98,372
iShares
MSCI
Emerging
Markets
ETF
(e)
(p)
......................
429
14,964
iShares
Nasdaq
Biotechnology
ETF
(p)
153
17,895
KraneShares
Bosera
MSCI
China
A
50
Connect
Index
ETF
..........
1,141
34,618
KraneShares
CSI
China
Internet
ETF
(e)
8,431
207,740
Nuveen
Municipal
Value
Fund,
Inc.
..
2,293
19,399
SPDR
Bloomberg
High
Yield
Bond
ETF
(e)
...................
1,221
107,265
SPDR
Gold
Shares
(i)
............
2,028
313,671
United
States
Oil
Fund
LP
(e
)
(i
)
......
1,670
109,017
VanEck
Semiconductor
ETF
......
221
40,911
Total
Investment
Companies
—
2.3%
(Cost:
$3,689,013)
..............................
3,205,662
Par
(000)
Pa
r
(
000)
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
0.7%
United
States
—
0.7%
(a)(b)
Connecticut
Avenue
Securities
Trust
Series
2021-R01,
Class
1B1,
(30-
Day
Average
SOFR
+
3.10%),
5.38%,
10/25/41
..........
USD
30
27,224
Series
2022-R01,
Class
1B1,
(30-
Day
Average
SOFR
+
3.15%),
5.43%,
12/25/41
..........
14
11,702
Federal
Home
Loan
Mortgage
Corp.
STACR
REMIC
Trust
Series
2021-DNA6,
Class
B1,
(30-
Day
Average
SOFR
+
3.40%),
5.68%,
10/25/41
..........
51
45,605
Series
2022-DNA1,
Class
B1,
(30-
Day
Average
SOFR
+
3.40%),
5.68%,
01/25/42
..........
17
14,717
Federal
Home
Loan
Mortgage
Corp.
STACR
REMIC
Trust
Variable
Rate
Notes
Series
2020-DNA6,
Class
B1,
(30-
Day
Average
SOFR
+
3.00%),
5.28%,
12/25/50
..........
17
16,041
Series
2021-DNA3,
Class
B1,
(30-
Day
Average
SOFR
+
3.50%),
5.78%,
10/25/33
..........
49
45,419
Series
2021-HQA1,
Class
B1,
(30-
Day
Average
SOFR
+
3.00%),
5.28%,
08/25/33
..........
32
26,344
Series
2021-HQA1,
Class
B2,
(30-
Day
Average
SOFR
+
5.00%),
7.28%,
08/25/33
..........
20
15,485
Federal
Home
Loan
Mortgage
Corp.
Structured
Agency
Credit
Risk
Debt
Variable
Rate
Notes
Series
2021-DNA2,
Class
B1,
(30-
Day
Average
SOFR
+
3.40%),
5.68%,
08/25/33
..........
18
16,201
Series
2021-DNA2,
Class
B2,
(30-
Day
Average
SOFR
+
6.00%),
8.28%,
08/25/33
..........
17
13,410
BlackRock
Global
Allocation
Portfolio
15
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Federal
Home
Loan
Mortgage
Corp.,
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA7,
Class
B1,
(30-Day
Average
SOFR
+
3.65%),
5.93%,
11/25/41
.......
USD
51
$
44,598
JPMorgan
Mortgage
Trust
Series
2021-INV5,
Class
A2A,
2.50%,
12/25/51
..........
532
422,443
Series
2021-INV7,
Class
A3A,
2.50%,
02/25/52
..........
211
180,537
Series
2021-INV7,
Class
A4A,
2.50%,
02/25/52
..........
78
52,895
932,621
Commercial
Mortgage-Backed
Securities
—
2.1%
Bermuda
—
0.1%
RIAL
Issuer
Ltd.,
Series
2022-FL8,
Class
A,
(1
Month
CME
Term
SOFR
+
2.25%),
5.27%,
01/19/37
(a)(b)
...
100
98,845
Cayman
Islands
—
0.0%
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-W10,
Class
F,
(1
Month
CME
Term
SOFR
+
3.37%),
6.22%,
12/15/34
(a)(b)
....
100
96,243
United
States
—
2.0%
BANK,
Series
2017-BNK9,
Class
A4,
3.54%,
11/15/54
............
17
15,979
Beast
Mortgage
Trust
(a)(b)
Series
2021-SSCP,
Class
B,
(LIBOR
USD
1
Month
+
1.10%),
3.92%,
04/15/36
...............
27
25,266
Series
2021-SSCP,
Class
C,
(LIBOR
USD
1
Month
+
1.35%),
4.17%,
04/15/36
...............
37
34,242
Series
2021-SSCP,
Class
D,
(LIBOR
USD
1
Month
+
1.60%),
4.42%,
04/15/36
...............
33
30,147
Series
2021-SSCP,
Class
E,
(LIBOR
USD
1
Month
+
2.10%),
4.92%,
04/15/36
...............
37
33,558
Series
2021-SSCP,
Class
F,
(LIBOR
USD
1
Month
+
2.90%),
5.72%,
04/15/36
...............
24
21,994
Series
2021-SSCP,
Class
G,
(LIBOR
USD
1
Month
+
3.80%),
6.62%,
04/15/36
...............
39
35,734
Series
2021-SSCP,
Class
H,
(LIBOR
USD
1
Month
+
4.90%),
7.72%,
04/15/36
...............
18
16,522
Benchmark
Mortgage
Trust,
Series
2021-B25,
Class
A5,
2.58%,
04/15/54
.................
46
37,225
BX
Commercial
Mortgage
Trust
(a)(b)
Series
2019-XL,
Class
J,
(LIBOR
USD
1
Month
+
2.65%),
5.47%,
10/15/36
...............
85
81,169
Series
2021-21M,
Class
E,
(LIBOR
USD
1
Month
+
2.17%),
4.99%,
10/15/36
...............
79
74,134
Series
2021-CIP,
Class
E,
(LIBOR
USD
1
Month
+
2.82%),
5.64%,
12/15/38
...............
100
93,236
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-SOAR,
Class
G,
(LIBOR
USD
1
Month
+
2.80%),
5.62%,
06/15/38
..........
USD
106
$
96,889
Series
2021-VINO,
Class
F,
(LIBOR
USD
1
Month
+
2.80%),
5.62%,
05/15/38
...............
100
91,998
Series
2021-XL2,
Class
F,
(LIBOR
USD
1
Month
+
2.24%),
5.06%,
10/15/38
...............
114
104,855
BX
Trust
(a)(b)
Series
2019-OC11,
Class
D,
4.08%,
12/09/41
...............
64
52,235
Series
2019-OC11,
Class
E,
4.08%,
12/09/41
...............
89
67,689
Series
2021-ARIA,
Class
E,
(LIBOR
USD
1
Month
+
2.24%),
5.06%,
10/15/36
...............
100
91,972
Series
2021-MFM1,
Class
E,
(LIBOR
USD
1
Month
+
2.25%),
5.07%,
01/15/34
..........
20
18,496
Series
2021-MFM1,
Class
F,
(LIBOR
USD
1
Month
+
3.00%),
5.82%,
01/15/34
...............
40
36,503
CD
Mortgage
Trust,
Series
2017-CD6,
Class
B,
3.91%,
11/13/50
(b)
.....
10
8,820
Citigroup
Commercial
Mortgage
Trust,
Series
2018-C6,
Class
A4,
4.41%,
11/10/51
..................
16
15,403
Commercial
Mortgage
Trust
Series
2014-CR17,
Class
C,
4.94%,
05/10/47
(b)
..............
15
14,312
Series
2014-CR21,
Class
A3,
3.53%,
12/10/47
..........
32
30,844
CORE
Mortgage
Trust,
Series
2019-
CORE,
Class
F,
(LIBOR
USD
1
Month
+
2.35%),
5.17%,
12/15/31
(a)
(b)
......................
13
11,824
CSAIL
Commercial
Mortgage
Trust
Series
2016-C5,
Class
C,
4.80%,
11/15/48
(b)
..............
10
9,165
Series
2020-C19,
Class
A3,
2.56%,
03/15/53
...............
94
77,854
DBGS
Mortgage
Trust,
Series
2018-
BIOD,
Class
F,
(LIBOR
USD
1
Month
+
2.00%),
4.70%,
05/15/35
(a)
(b)
......................
91
87,214
Extended
Stay
America
Trust
(a)(b)
Series
2021-ESH,
Class
D,
(LIBOR
USD
1
Month
+
2.25%),
5.07%,
07/15/38
...............
203
194,116
Series
2021-ESH,
Class
E,
(LIBOR
USD
1
Month
+
2.85%),
5.67%,
07/15/38
...............
101
96,280
GS
Mortgage
Securities
Corp.
Trust,
Series
2021-DM,
Class
E,
(LIBOR
USD
1
Month
+
2.94%),
5.75%,
11/15/36
(a)(b)
...............
100
92,520
GS
Mortgage
Securities
Trust,
Series
2020-GC47,
Class
AS,
2.73%,
05/12/53
.................
36
28,847
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2019-COR4,
Class
A5,
4.03%,
03/10/52
.....
35
32,492
BlackRock
Global
Allocation
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2021-MHC,
Class
E,
(LIBOR
USD
1
Month
+
2.45%),
5.27%,
04/15/38
...............
USD
60
$
56,390
Series
2021-MHC,
Class
F,
(LIBOR
USD
1
Month
+
2.95%),
5.77%,
04/15/38
...............
60
55,784
Series
2022-NXSS,
Class
A,
(1
Month
CME
Term
SOFR
+
2.18%),
5.13%,
08/15/39
....
14
13,897
Life
Mortgage
Trust,
Series
2021-BMR,
Class
F,
(LIBOR
USD
1
Month
+
2.35%),
5.17%,
03/15/38
(a)(b)
....
115
105,424
Med
Trust
(a)(b)
Series
2021-MDLN,
Class
F,
(LIBOR
USD
1
Month
+
4.00%),
6.82%,
11/15/38
...............
122
111,930
Series
2021-MDLN,
Class
G,
(LIBOR
USD
1
Month
+
5.25%),
8.07%,
11/15/38
(f)
.........
131
123,140
MHC
Commercial
Mortgage
Trust
(a)(b)
Series
2021-MHC,
Class
E,
(LIBOR
USD
1
Month
+
2.10%),
4.92%,
04/15/38
...............
156
146,222
Series
2021-MHC,
Class
F,
(LIBOR
USD
1
Month
+
2.60%),
5.42%,
04/15/38
...............
106
98,312
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2015-C24,
Class
C,
4.48%,
05/15/48
(b)
..............
10
9,166
Series
2016-C32,
Class
A4,
3.72%,
12/15/49
...............
27
25,273
Morgan
Stanley
Capital
I
Trust
Series
2018-MP,
Class
A,
4.42%,
07/11/40
(a)(b)
.............
17
15,047
Series
2020-L4,
Class
A3,
2.70%,
02/15/53
...............
29
24,004
SREIT
Trust
(a)(b)
Series
2021-MFP,
Class
F,
(LIBOR
USD
1
Month
+
2.62%),
5.44%,
11/15/38
...............
100
92,970
Series
2021-MFP2,
Class
F,
(LIBOR
USD
1
Month
+
2.62%),
5.44%,
11/15/36
...............
100
93,236
STWD
Trust,
Series
2021-FLWR,
Class
E,
(LIBOR
USD
1
Month
+
1.92%),
4.74%,
07/15/36
(a)(b)
..........
25
23,121
UBS
Commercial
Mortgage
Trust,
Series
2019-C17,
Class
A4,
2.92%,
10/15/52
.................
10
8,464
Wells
Fargo
Commercial
Mortgage
Trust
(b)
Series
2015-C28,
Class
AS,
3.87%,
05/15/48
...............
30
28,374
Series
2017-C38,
Class
C,
3.90%,
07/15/50
...............
10
8,836
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2017-C41,
Class
B,
4.19%,
11/15/50
...............
USD
25
$
21,638
2,820,762
3,015,850
Total
Non-Agency
Mortgage-Backed
Securities
—
2.8%
(Cost:
$4,438,343)
..............................
3,948,471
Beneficial
Interest
(000)
Beneficial
Interest
(000)
Other
Interests
Capital
Markets
-
0.2%
Sprott
Private
Resource
Streaming
&
Royalty
US
LP
(f)(q)
...........
166
240,144
Total
Other
Interests
-
0.2%
(Cost:
$167,154)
..................................
240,144
Preferred
Securities
Capital
Trusts
—
0.1%
United
States
—
0.1%
(b)
Prudential
Financial,
Inc.
,
(LIBOR
USD
3
Month
+
3.92%),
5.63%, 06/15/43
44
43,352
USB
Capital
IX
,
(LIBOR
USD
3
Month
+
1.02%),
3.53%
(n)
...........
31
23,531
66,883
Total
Capital
Trusts
—
0.1%
(Cost:
$73,146)
................................
66,883
Shares
Shares
Preferred
Stocks
—
3.1%
Brazil
—
0.1%
Neon
Payments
Ltd.
(f)
...........
319
159,806
Petroleo
Brasileiro
SA
(Preference)
..
3,414
18,961
178,767
China
—
0.3%
Bytedance
Ltd.,
Series
E-1
(Acquired
11/11/20,
cost
$272,511)
(f)(g)
.....
2,487
413,333
Germany
—
0.2%
Caresyntax,
Inc.
(f)
..............
296
17,337
Dr
Ing
hc
F
Porsche
AG
(Preference)
1,633
132,035
Porsche
Automobil
Holding
SE
(Preference)
...............
536
30,200
Volkswagen
AG
(Preference)
......
33
4,032
Volocopter
Gmbh,
(Acquired
03/03/21,
cost
$159,572)
(f)(g)
...........
30
165,670
349,274
India
—
0.1%
Think
&
Learn
Pvt
Ltd.,
Series
F
(Acquired
12/11/20,
cost
$103,122)
(f)
(g)
......................
32
92,979
Israel
—
0.1%
Deep
Instinct
Ltd.,
Series
D-4
(Acquired
09/20/22,
cost
$84,498)
(f)(g)
.....
11,985
84,494
BlackRock
Global
Allocation
Portfolio
17
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Security
Shares
Shares
Value
Jersey,
Channel
Islands
—
0.1%
(f)(g)
Loadsmart,
Inc.,
Series
C
(Acquired
10/05/20,
cost
$85,987)
.......
10,057
$
150,654
Loadsmart,
Inc.,
Series
D
(Acquired
01/27/22,
cost
$19,100)
.......
955
14,306
164,960
Sweden
—
0.0%
Volta
Greentech
AB,
Series
C
(f)
.....
228
13,541
United
States
—
2.2%
10X
Future
Technologies
Holding
Ltd.,
(Acquired
05/13/21,
cost
$183,387)
(f)
(g)
......................
4,842
70,769
2020
Cash
Mandatory
Exchangeable
Trust,
5.25%
(a)(k)
.............
277
311,597
Aptiv
plc,
Series
A,
5.50%
(k)
.......
1,083
103,102
Becton
Dickinson
and
Co.,
Series
B,
6.00%
(e)
..................
4,094
192,991
Boston
Scientific
Corp.,
Series
A,
5.50%
...................
713
72,170
Breeze
Aviation
Group,
Inc.,
Series
B
(Acquired
07/30/21,
cost
$127,466)
(f)
(g)
......................
236
73,278
Cruise,
Series
G
(Acquired
03/25/21,
cost
$76,178)
(f)(g)
............
2,891
48,974
Databricks,
Inc.,
Series
F
(Acquired
08/01/22,
cost
$88,431)
(f)(g)
.....
6,177
377,724
Databricks,
Inc.,
Series
G
(Acquired
08/01/22,
cost
$102,873)
(f)(g)
....
1,740
106,401
Deep
Instinct
Ltd.,
Series
D-2
(Acquired
03/19/21,
cost
$89,710)
(f)(g)
.....
14,760
104,058
Dream
Finders
Homes,
Inc.,
9.00%
(f)
.
285
262,913
Exo
Imaging,
Inc.,
Series
C
(Acquired
06/24/21,
cost
$62,470)
(f)(g)
.....
10,664
40,843
Farmer’s
Business
Network,
Inc.,
Series
F,
(Acquired
07/31/20,
cost
$69,518)
(f)(g)
...............
2,103
108,115
Farmer's
Business
Network,
Inc.,
Series
G,
(Acquired
09/15/21,
cost
$19,766)
(f)(g)
...............
318
16,348
JumpCloud,
Inc.,
Series
E-1
(Acquired
10/30/20,
cost
$93,611)
(f)(g)
.....
51,330
230,472
JumpCloud,
Inc.,
Series
F
(Acquired
09/03/21,
cost
$20,218)
(f)(g)
.....
3,376
15,158
Lessen,
Inc.,
Series
B
(f)
..........
6,246
47,407
Lookout,
Inc.,
Series
F
(Acquired
09/19/14-10/22/14,
cost
$243,061)
(f)
(g)
......................
21,278
171,075
MNTN
Digital,
Series
D
(Acquired
11/05/21,
cost
$54,841)
(f)(g)
.....
2,388
29,301
Mythic
AL,
Inc.,
Series
C
(Acquired
01/26/21,
cost
$48,256)
(f)(g)
.....
7,024
34,909
Noodle
Partners,
Inc.,
Series
C
(Acquired
08/26/21,
cost
$73,361)
(f)
(g)
......................
8,220
45,210
PsiQuantum
Corp.,
Series
D
(Acquired
05/21/21,
cost
$40,179)
(f)(g)
.....
1,532
38,928
Relativity
Space,
Inc.,
Series
E,
(Acquired
05/27/21,
cost
$68,894)
(f)
(g)
......................
3,017
52,405
SambaNova
Systems,
Inc.,
Series
C
(Acquired
02/19/20,
cost
$91,575)
(f)
(g)
......................
1,720
118,044
SambaNova
Systems,
Inc.,
Series
D
(Acquired
04/09/21,
cost
$52,640)
(f)
(g)
......................
554
38,021
Security
Shares
Shares
Value
United
States
(continued)
Snorkel
AI,
Inc.,
Series
C
(Acquired
06/30/21,
cost
$28,447)
(f)(g)
.....
1,894
$
17,519
Ursa
Major
Technologies,
Inc.,
Series
C,
(Acquired
09/13/21,
cost
$72,377)
(f)(g)
...............
12,134
72,804
Verge
Genomics,
Series
B
(Acquired
11/05/21,
cost
$65,877)
(f)(g)
.....
12,367
60,722
Wells
Fargo
&
Co.,
Series
L,
7.50%
(k)(n)
46
55,384
Zero
Mass
Water,
Inc.,
Series
C-1
(Acquired
05/07/20,
cost
$70,353)
(f)
(g)
......................
4,463
162,453
Zero
Mass
Water,
Inc.,
Series
D
(Acquired
07/05/22,
cost
$13,149)
(d)
(f)(g)
.....................
321
13,145
3,092,240
Total
Preferred
Stocks
—
3.1%
(Cost:
$4,011,383)
..............................
4,389,588
Trust
Preferreds
—
0.1%
United
States
—
0.1%
Citigroup
Capital
XIII
,
(LIBOR
USD
3
Month
+
6.37%),
9.18%, 10/30/40
(b)
5,096
142,178
Total
Trust
Preferreds
—
0.1%
(Cost:
$140,435)
................................
142,178
Total
Preferred
Securities
—
3.3%
(Cost:
$4,224,964)
..............................
4,598,649
Par
(000)
Pa
r
(
000)
U.S.
Government
Sponsored
Agency
Securities
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes,
Series
2018-M13,
Class
A2,
3.87%, 09/25/30
(b)
...........
USD
14
13,584
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
(b)
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates,
Series
KL06,
Class
XFX,
1.47%, 12/25/29
........
100
6,801
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
Series
K105,
Class
X1,
1.64%
,
01/25/30
........
279
23,858
Series
K109,
Class
X1,
1.70%
,
04/25/30
........
118
10,582
Series
K116,
Class
X1,
1.53%
,
07/25/30
........
100
8,213
Series
K120,
Class
X1,
1.13%
,
10/25/30
........
395
24,457
Series
KW09,
Class
X1,
0.94%
,
05/25/29
........
463
18,314
92,225
BlackRock
Global
Allocation
Portfolio
18
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
—
1.7%
Uniform
Mortgage-Backed
Securities
4.50%
,
10/25/52
-
11/25/52
(r)
..
USD
2,535
$
2,413,625
Total
U.S.
Government
Sponsored
Agency
Securities
—
1.8%
(Cost:
$2,617,069)
..............................
2,519,434
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
1.75%, 08/15/41
............
362
247,162
2.38%, 02/15/42
............
225
172,406
3.25%, 05/15/42
............
544
482,534
2.25%, 02/15/52
(s)
...........
1,141
828,717
3.00%, 08/15/52
............
250
215,742
U.S.
Treasury
Inflation
Linked
Notes
0.63%, 01/15/24
............
3,121
3,047,533
0.50%, 04/15/24
............
3,685
3,580,698
0.13%, 04/15/27
............
382
352,169
U.S.
Treasury
Notes
0.13%, 11/30/22
(i)
............
4,608
4,586,112
1.38%, 09/30/23
............
1,380
1,340,972
3.25%, 08/31/24
............
3,952
3,880,679
1.88%, 02/15/32
............
494
418,164
2.88%, 05/15/32
(s)
...........
772
713,738
Total
U.S.
Treasury
Obligations
—
14.2%
(Cost:
$20,525,161)
..............................
19,866,626
Shares
Shares
Warrants
Cayman
Islands
—
0.0%
Hedosophia
European
Growth
(Issued/
Exercisable
05/13/21,
1
Share
for
1
Warrant,
Expires
05/13/27,
Strike
Price
EUR
11.50)
(d)(f)
..........
1,945
286
Israel
—
0.0%
Innovid
Corp.
(Issued/Exercisable
01/28/21,
1
Share
for
1
Warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
(d)
..................
375
180
Switzerland
—
0.0%
Cie
Financiere
Richemont
SA
(Issued/
Exercisable
11/27/20,
1
Share
for
1
Warrant,
Expires
11/22/23,
Strike
Price
CHF
67.00)
(d)
..........
36
16
United
Kingdom
—
0.0%
Genius
Sports
Ltd.
(Issued/Exercisable
12/07/20,
1
Share
for
1
Warrant,
Expires
12/31/28,
Strike
Price
USD
11.50)
(d)
..................
1,164
850
United
States
—
0.0%
(d)
Altus
Power,
Inc.
(Issued/Exercisable
01/22/21,
1
Share
for
1
Warrant,
Expires
01/12/27,
Strike
Price
USD
11.00)
...................
511
1,554
Cano
Health,
Inc.
(Issued/Exercisable
07/06/20,
1
Share
for
1
Warrant,
Expires
06/03/26,
Strike
Price
USD
11.50)
...................
1,986
5,243
Security
Shares
Shares
Value
United
States
(continued)
Crown
PropTech
Acquisitions
(Issued/
Exercisable
02/05/21,
1
Share
for
1
Warrant,
Expires
02/01/26,
Strike
Price
USD
11.50)
(f)
...........
2,120
$
42
Deep
Instinct
Ltd.
(Issued/Exercisable
09/22/22,
1
Share
for
1
Warrant,
Expires
09/20/32,
Strike
Price
USD
0.00)
(f)
...................
845
—
Embark
Technology,
Inc.
(Issued/
Exercisable
03/05/21,
1
Share
for
1
Warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
............
963
67
EVgo,
Inc.
(Issued/Exercisable
11/10/20,
1
Share
for
1
Warrant,
Expires
09/15/25,
Strike
Price
USD
11.50)
...................
1,130
2,113
Flyr,
Inc.
(Issued/Exercisable
05/10/22,
1
Share
for
1
Warrant,
Expires
05/10/32,
Strike
Price
USD
3.95)
(f)
264
3,836
Freewire
Warrants
TA
(Issued/
Exercisable
03/31/22,
1
Share
for
1
Warrant,
Expires
04/26/27,
Strike
Price
USD
3.35)
(f)
...........
6,819
7,365
Gores
Holdings
VIII,
Inc.
(Issued/
Exercisable
01/28/21,
1
Share
for
1
Warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
............
178
176
Highland
Transcend
Partners
I
Corp.
(Issued/Exercisable
03/23/22,
1
Share
for
1
Warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
1,590
58
Hippo
Holdings,
Inc.
(Issued/
Exercisable
01/04/21,
1
Share
for
1
Warrant,
Expires
08/02/26,
Strike
Price
USD
11.50)
............
938
160
Latch,
Inc.
(Issued/Exercisable
06/04/21,
1
Share
for
1
Warrant,
Expires
06/04/26,
Strike
Price
USD
11.50)
...................
840
68
Lightning
eMotors,
Inc.
(Issued/
Exercisable
05/18/25,
1
Share
for
1
Warrant,
Expires
05/18/25,
Strike
Price
USD
11.50)
............
2,348
1,056
Offerpad
Solutions,
Inc.
(Issued/
Exercisable
10/13/20,
1
Share
for
1
Warrant,
Expires
09/01/26,
Strike
Price
USD
11.50)
............
1,681
281
Proof
Acquisition
Corp.
I
(Issued/
Exercisable
09/27/22,
1
Share
for
1
Warrant,
Expires
10/01/26,
Strike
Price
USD
11.50)
(f)
...........
2,017
141
Sarcos
Technology
&
Robotics
Corp.
(Issued/Exercisable
12/21/20,
1
Share
for
1
Warrant,
Expires
09/24/26,
Strike
Price
USD
11.50)
1,924
658
Sarcos
Technology
&
Robotics
Corp.
(Issued/Exercisable
01/15/21,
1
Share
for
1
Warrant,
Expires
06/15/27,
Strike
Price
USD
11.50)
724
217
Sonder
Holdings,
Inc.
(Issued/
Exercisable
11/19/26,
1
Share
for
1
Warrant,
Expires
11/19/26,
Strike
Price
USD
12.50)
(f)
...........
2,205
44
BlackRock
Global
Allocation
Portfolio
19
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Security
Shares
Shares
Value
United
States
(continued)
TPB
Acquisition
Corp.
I
(Issued/
Exercisable
02/19/21,
1
Share
for
1
Warrant,
Expires
02/19/23,
Strike
Price
USD
11.50)
............
718
$
445
TPG
Pace
Beneficial
Finance
Corp.
(Issued/Exercisable
11/17/20,
1
Share
for
1
Warrant,
Expires
10/09/27,
Strike
Price
USD
11.50)
510
6
Volta,
Inc.
(Issued/Exercisable
10/22/20,
1
Share
for
1
Warrant,
Expires
08/26/26,
Strike
Price
USD
11.50)
...................
1,160
406
23,936
Total
Warrants
—
0.0%
(Cost:
$37,802)
................................
25,268
Total
Long-Term
Investments
—
87.4%
(Cost:
$135,185,795)
.............................
122,531,015
Par
(000)
Pa
r
(
000)
Short-Term
Securities
Certificates
of
Deposit
—
0.2%
Domestic
—
0.2%
Citibank
NA,
5.00%, 09/21/23
.....
USD
220
220,117
Total
Certificates
of
Deposit
—
0.2%
(Cost:
$220,000)
................................
220,117
Foreign
Government
Obligations
—
10.9%
(t)
Brazil
-
0.5%
Federative
Republic
of
Brazil
Treasury
Bills,
8.32%
,
07/01/24
.........
BRL
4
672,736
Japan
-
10.4%
Japan
Treasury
Bills
(0.17)%,
10/11/22
-
10/17/22
....
JPY
81,850
565,553
(0.12)%,
11/14/22
...........
241,000
1,665,432
(0.16)%,
11/21/22
...........
698,500
4,827,128
(0.19)%,
11/28/22
...........
333,250
2,303,061
(0.19)%,
12/12/22
...........
185,650
1,283,089
(0.24)%,
01/06/23
...........
133,000
919,309
(0.28)%,
01/11/23
...........
449,050
3,103,929
14,667,501
Total
Foreign
Government
Obligations
—
10.9%
(Cost:
$16,040,942)
..............................
15,340,237
Shares
Shares
Money
Market
Funds
—
7.5%
(p)(u)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
2.79%
......
5,465,136
5,465,136
SL
Liquidity
Series,
LLC,
Money
Market
Series,
3.29%
(v)
.............
5,018,326
5,018,325
Total
Money
Market
Funds
—
7.5%
(Cost:
$10,483,565)
..............................
10,483,461
Security
Par
(000)
Pa
r
(
000)
Value
Time
Deposits
—
0.1%
Australia
—
0.0%
Australia
&
New
Zealand
Banking
Group
Ltd.,
0.25%, 07/01/22
....
AUD
47
$
30,279
Canada
—
0.0%
Royal
Bank
of
Canada,
0.51%, 07/04/22
............
CAD
49
35,612
Europe
—
0.1%
Citibank
NA,
(0.78)%, 07/01/22
....
EUR
52
50,787
Hong
Kong
—
0.0%
Hong
Kong
&
Shanghai
Bank
Corp.
Ltd.,
0.37%, 07/04/22
.........
HKD
25
3,248
Japan
—
0.0%
Sumitomo
Mitsui
Financial
Group,
Inc.,
(0.36)%, 07/01/22
...........
JPY
500
3,455
Norway
—
0.0%
Brown
Brothers
Harriman
&
Co.,
0.07%, 07/01/22
............
NOK
6
526
Singapore
—
0.0%
Hong
Kong
&
Shanghai
Bank,
0.00%, 07/01/21
............
SGD
1
844
United
Kingdom
—
0.0%
Citibank
NA,
0.52%, 07/01/22
.....
GBP
5
5,134
Total
Time
Deposits
—
0.1%
(Cost:
$129,885)
................................
129,885
U.S.
Treasury
Obligations
—
0.5%
U.S.
Treasury
Bills,
3.97%
,
09/07/23
(t)
USD
690
664,976
Total
U.S.
Treasury
Obligations
—
0.5%
(Cost:
$665,033)
................................
664,976
Total
Short-Term
Securities
—
19.2%
(Cost:
$27,539,425)
..............................
26,838,676
Total
Options
Purchased
—
0.7%
(Cost:
$1,077,860
)
..............................
949,444
Total
Investments
Before
Options
Written,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
107.3%
(Cost:
$163,803,080)
.............................
150,319,135
Total
Options
Written
—
(1.6)%
(Premiums
Received
—
$(893,675))
..................
(2,149,107)
TBA
Sale
Commitments
Uniform
Mortgage-Backed
Securities,
4.50%, 10/25/52
(r)
...........
(1,000)
(952,578)
Total
TBA
Sale
Commitments
—
(0.7)%
(Proceeds:
$(956,469))
...........................
(952,578)
BlackRock
Global
Allocation
Portfolio
20
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
R
Security
Par
(000)
Par
(000)
Value
Investments
Sold
Short
Shares
Shares
Common
Stocks
France
—
(0.0)%
Pernod
Ricard
SA
.............
(240)
$
(44,029)
Hong
Kong
—
(0.0)%
Techtronic
Industries
Co.
Ltd.
......
(5,000)
(47,710)
United
Kingdom
—
(0.0)%
Diageo
plc
..................
(1,024)
(43,104)
Security
Shares
Shares
Value
United
States
—
(0.1)%
JM
Smucker
Co.
(The)
..........
(412)
$
(56,613)
Total
Common
Stocks
—
(0.1)%
(Proceeds:
$(196,830))
...........................
(191,456)
Total
Investments
Sold
Short
—
(0.1)%
(Proceeds:
$(196,830)
)
...........................
(191,456)
Total
Investments
Net
of
Options
Written,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
104.9%
(Cost:
$161,756,106)
.............................
147,025,994
Liabilities
in
Excess
of
Other
Assets
—
(4.9)%
............
(6,810,089)
Net
Assets
—
100.0%
..............................
$
140,215,905
(a)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Non-income
producing
security.
(e)
All
or
a
portion
of
this
security
is
on
loan.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(g)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$3,979,683,
representing
2.84%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$3,469,328.
(h)
All
or
a
portion
of
the
security
has
been
pledged
and/or
segregated
as
collateral
in
connection
with
outstanding
exchange-traded
options
written.
(i)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
(j)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(k)
Convertible
security.
(l)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(m)
Zero-coupon
bond.
(n)
Perpetual
security
with
no
stated
maturity
date.
(o)
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.
(p)
Affiliate
of
the
Fund.
(q)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(r)
Represents
or
includes
a
TBA
transaction.
(s)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(t)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(u)
Annualized
7-day
yield
as
of
period
end.
(v)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
BlackRock
Global
Allocation
Portfolio
21
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
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
...
$
8,690,749
$
—
$
(3,225,613)
(a)
$
—
$
—
$
5,465,136
5,465,136
$
114,917
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
3,724,155
1,296,830
(a)
—
(2,556)
(104)
5,018,325
5,018,326
13,499
(b)
—
iShares
0-5
Year
TIPS
Bond
ETF
—
140,568
—
—
(3,612)
136,956
1,425
—
—
iShares
China
Large-Cap
ETF
..
131,798
—
(28,450)
(11,923)
(21,810)
69,615
2,692
393
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
......
98,408
704,618
(742,313)
(26,967)
(2,263)
31,483
441
3,963
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
......
38,828
3,866,516
(3,210,377)
(62,862)
(58,385)
573,720
5,600
10,991
—
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
.
1,764,918
1,077,334
(1,768,614)
(277,262)
(59,782)
736,594
9,277
21,853
—
iShares
Latin
America
40
ETF
..
69,160
—
—
—
767
69,927
2,948
3,237
—
iShares
MSCI
Brazil
ETF
.....
93,192
—
—
—
5,180
98,372
3,320
4,977
—
iShares
MSCI
Emerging
Markets
ETF
..................
20,957
—
—
—
(5,993)
14,964
429
155
—
iShares
Nasdaq
Biotechnology
ETF
..................
23,351
—
—
—
(5,456)
17,895
153
47
—
iShares
Russell
2000
ETF
(c)
....
—
954,433
(987,467)
33,034
—
—
—
—
—
iShares
S&P
500
Value
ETF
(c)
..
275,825
—
(261,595)
42,130
(56,360)
—
—
—
—
$
(306,406)
$
(207,818)
$
12,232,987
$
174,032
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
BlackRock
Global
Allocation
Portfolio
22
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Euro-Bund
..............................................................
11
12/08/22
$
1,493
$
(73,338)
Australia
10
Year
Bond
......................................................
26
12/15/22
1,948
(45,739)
MSCI
Emerging
Markets
E-Mini
Index
............................................
5
12/16/22
218
(29,889)
Russell
2000
E-Mini
Index
....................................................
1
12/16/22
83
(11,015)
U.S.
Treasury
10
Year
Note
...................................................
50
12/20/22
5,603
(263,232)
U.S.
Treasury
Long
Bond
....................................................
4
12/20/22
506
(37,263)
U.S.
Treasury
Ultra
Bond
....................................................
33
12/20/22
4,511
(177,536)
U.S.
Treasury
2
Year
Note
....................................................
24
12/30/22
4,928
(14,221)
3
Month
SONIA
Index
.......................................................
11
09/19/23
2,892
(43,547)
(695,780)
Short
Contracts
Euro-
Bobl
...............................................................
1
12/08/22
117
2,934
Euro-BTP
...............................................................
4
12/08/22
439
(3,728)
Euro-
Buxl
...............................................................
2
12/08/22
287
32,203
Euro-Schatz
.............................................................
9
12/08/22
945
8,075
Japan
10
Year
Bond
........................................................
1
12/13/22
1,025
1,287
EURO
STOXX
50
Index
.....................................................
24
12/16/22
770
77,364
FTSE
100
Index
..........................................................
1
12/16/22
76
7,610
NASDAQ
100
E-Mini
Index
...................................................
20
12/16/22
4,414
599,842
S&P
500
E-Mini
Index
......................................................
9
12/16/22
1,621
42,386
U.S.
Treasury
10
Year
Ultra
Note
...............................................
145
12/20/22
17,187
847,345
Long
Gilt
...............................................................
2
12/28/22
215
30,424
U.S.
Treasury
5
Year
Note
....................................................
35
12/30/22
3,761
13,796
1,659,538
$
963,758
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
355,844
JPY
48,900,000
JPMorgan
Chase
Bank
NA
10/11/22
$
17,758
USD
239,898
JPY
32,950,000
JPMorgan
Chase
Bank
NA
10/17/22
11,955
MXN
395,102
USD
19,030
Citibank
NA
10/20/22
529
MXN
7,786,205
USD
374,968
Deutsche
Bank
AG
10/20/22
10,483
USD
1,035,303
CNY
6,977,839
Deutsche
Bank
AG
10/20/22
57,692
USD
700,287
HKD
5,485,138
Deutsche
Bank
AG
10/20/22
1,229
USD
364,998
NOK
3,614,428
Deutsche
Bank
AG
10/20/22
33,029
USD
1,796,673
JPY
241,000,000
HSBC
Bank
plc
11/14/22
124,600
USD
1,400,682
EUR
1,396,592
Bank
of
America
NA
11/18/22
27,548
USD
31,760
EUR
31,670
BNP
Paribas
SA
11/18/22
622
USD
694,467
HKD
5,437,015
JPMorgan
Chase
Bank
NA
11/18/22
1,129
USD
5,180,635
JPY
698,500,000
HSBC
Bank
plc
11/21/22
330,500
USD
2,457,433
JPY
333,250,000
HSBC
Bank
plc
11/28/22
141,603
USD
343,731
BRL
1,779,563
Goldman
Sachs
International
12/02/22
18,283
USD
1,334,988
JPY
185,650,000
Morgan
Stanley
&
Co.
International
plc
12/12/22
42,282
DKK
3,247,176
USD
419,285
JPMorgan
Chase
Bank
NA
12/15/22
11,209
SEK
1,586,793
USD
139,349
Deutsche
Bank
AG
12/15/22
4,279
SGD
135,585
USD
94,039
Citibank
NA
12/15/22
454
SGD
133,562
USD
92,839
HSBC
Bank
plc
12/15/22
244
SGD
135,585
USD
93,811
Morgan
Stanley
&
Co.
International
plc
12/15/22
682
USD
666,909
INR
53,517,460
Citibank
NA
12/15/22
15,435
USD
371,549
SEK
3,931,830
Deutsche
Bank
AG
12/15/22
15,660
USD
629,648
CNY
4,410,378
HSBC
Bank
plc
12/21/22
10,871
USD
184,974
CNY
1,316,626
JPMorgan
Chase
Bank
NA
12/21/22
251
USD
948,678
JPY
133,000,000
Bank
of
America
NA
01/06/23
19,001
BlackRock
Global
Allocation
Portfolio
23
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
3,143,235
JPY
449,050,000
HSBC
Bank
plc
01/11/23
$
2,241
899,569
JPY
449,384,991
USD
3,108,392
HSBC
Bank
plc
10/05/22
(3,120)
IDR
2,545,907,426
USD
168,124
HSBC
Bank
plc
10/19/22
(1,884)
AUD
477,667
USD
330,091
Bank
of
America
NA
10/20/22
(24,494)
AUD
690,432
USD
468,370
Morgan
Stanley
&
Co.
International
plc
10/20/22
(26,653)
CAD
391,006
USD
298,139
BNP
Paribas
SA
10/20/22
(15,090)
CAD
1,103,394
USD
853,666
Deutsche
Bank
AG
10/20/22
(54,920)
CNY
1,728,564
USD
247,769
Bank
of
America
NA
10/20/22
(5,593)
JPY
139,844,715
EUR
992,234
JPMorgan
Chase
Bank
NA
10/20/22
(5,825)
MXN
6,861,299
USD
339,993
Goldman
Sachs
International
10/20/22
(329)
AUD
2,476,301
USD
1,739,822
Barclays
Bank
plc
11/18/22
(154,862)
CHF
2,214,753
USD
2,348,894
JPMorgan
Chase
Bank
NA
11/18/22
(94,623)
EUR
4,830,036
USD
4,858,726
BNP
Paribas
SA
11/18/22
(109,818)
EUR
716,178
USD
732,921
Deutsche
Bank
AG
11/18/22
(28,772)
GBP
419,890
USD
507,741
JPMorgan
Chase
Bank
NA
11/18/22
(38,573)
JPY
96,820,152
USD
678,776
HSBC
Bank
plc
11/18/22
(6,723)
JPY
267,371,957
USD
2,002,290
Morgan
Stanley
&
Co.
International
plc
11/18/22
(146,394)
JPY
803,859,947
USD
5,610,154
UBS
AG
11/18/22
(30,360)
NOK
6,797,053
CHF
662,652
UBS
AG
11/18/22
(49,780)
KRW
788,631,153
USD
595,398
UBS
AG
11/23/22
(47,853)
BRL
2,704,985
USD
514,236
JPMorgan
Chase
Bank
NA
12/02/22
(19,547)
CHF
294,910
USD
303,240
Citibank
NA
12/15/22
(2,107)
DKK
822,513
USD
111,486
Morgan
Stanley
&
Co.
International
plc
12/15/22
(2,441)
GBP
265,947
EUR
305,101
UBS
AG
12/15/22
(3,443)
NZD
138,116
USD
83,262
Deutsche
Bank
AG
12/15/22
(5,933)
PLN
347,609
USD
72,962
Morgan
Stanley
&
Co.
International
plc
12/15/22
(3,692)
ZAR
1,251,973
USD
71,415
Morgan
Stanley
&
Co.
International
plc
12/15/22
(2,693)
CNY
1,393,712
USD
198,052
JPMorgan
Chase
Bank
NA
12/21/22
(2,514)
CNY
1,017,596
USD
145,608
Morgan
Stanley
&
Co.
International
plc
12/21/22
(2,839)
EUR
142,829
USD
142,122
Barclays
Bank
plc
12/21/22
(1,255)
EUR
214,243
USD
213,180
JPMorgan
Chase
Bank
NA
12/21/22
(1,880)
USD
239,422
CNY
1,722,349
Bank
of
America
NA
12/21/22
(2,224)
USD
1,174
CNY
8,486
Deutsche
Bank
AG
12/21/22
(17)
USD
209,487
EUR
213,687
BNP
Paribas
SA
12/21/22
(1,264)
USD
208,441
EUR
213,075
JPMorgan
Chase
Bank
NA
12/21/22
(1,707)
USD
200,371
GBP
187,035
Bank
of
America
NA
12/21/22
(8,719)
USD
1,673
GBP
1,563
Morgan
Stanley
&
Co.
International
plc
12/21/22
(74)
(908,015)
$
(8,446)
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Put
GBP
Currency
...............
Down
and
Out
HSBC
Bank
plc
12/23/22
USD
1.00
USD
0.96
GBP
27
$
381
GBP
Currency
...............
One-Touch
HSBC
Bank
plc
12/23/22
USD
1.03
USD
1.03
GBP
27
4,365
$
4,746
$
–
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
Invesco
QQQ
Trust
1
.........................
56
10/07/22
USD
295.00
USD
1,497
$
476
Invesco
QQQ
Trust
1
.........................
22
10/14/22
USD
295.00
USD
588
1,166
BlackRock
Global
Allocation
Portfolio
24
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
CBOE
Volatility
Index
.........................
3
10/19/22
USD
35.00
USD
9
$
661
Eli
Lilly
&
Co.
..............................
2
10/21/22
USD
330.00
USD
65
1,455
Invesco
DB
Agriculture
Fund
(a)
...................
38
10/21/22
USD
23.00
USD
76
285
Microsoft
Corp.
.............................
4
10/21/22
USD
270.00
USD
93
134
Microsoft
Corp.
.............................
5
10/21/22
USD
290.00
USD
116
40
SPDR
S&P
500
ETF
Trust
......................
29
10/21/22
USD
430.00
USD
1,036
73
Tesla,
Inc.
.................................
6
10/21/22
USD
320.00
USD
159
1,425
Visa,
Inc.
.................................
4
10/21/22
USD
220.00
USD
71
30
Walt
Disney
Co.
(The)
........................
6
10/21/22
USD
130.00
USD
57
21
SPDR
S&P
500
ETF
Trust
......................
44
10/24/22
USD
400.00
USD
1,572
1,276
Abbott
Laboratories
..........................
8
11/18/22
USD
110.00
USD
77
468
Alphabet,
Inc.
..............................
14
11/18/22
USD
117.50
USD
135
770
Alphabet,
Inc.
..............................
15
11/18/22
USD
107.50
USD
144
2,850
Apple,
Inc.
................................
9
11/18/22
USD
170.00
USD
124
477
Aptiv
plc
..................................
5
11/18/22
USD
100.00
USD
39
500
BNP
Paribas
SA
............................
24
11/18/22
EUR
52.00
EUR
105
576
Dynatrace
,
Inc.
.............................
9
11/18/22
USD
45.00
USD
31
428
Eli
Lilly
&
Co.
..............................
6
11/18/22
USD
330.00
USD
194
8,160
Generac
Holdings,
Inc.
........................
3
11/18/22
USD
300.00
USD
53
128
LGF
Bancorp,
Inc.
...........................
3
11/18/22
USD
12.50
USD
2
68
Lululemon
Athletica
,
Inc.
.......................
5
11/18/22
USD
350.00
USD
140
838
Microsoft
Corp.
.............................
6
11/18/22
USD
280.00
USD
140
717
Societe
Generale
SA
.........................
37
11/18/22
EUR
26.00
EUR
76
254
SPDR
Gold
Shares
(a)
.........................
18
11/18/22
USD
170.00
USD
278
981
SPDR
S&P
500
ETF
Trust
......................
20
11/18/22
USD
410.00
USD
714
1,490
Tesla,
Inc.
.................................
2
11/18/22
USD
320.00
USD
53
1,515
Tesla,
Inc.
.................................
3
11/18/22
USD
300.00
USD
80
3,735
Tesla,
Inc.
.................................
3
11/18/22
USD
310.00
USD
80
2,978
Walt
Disney
Co.
(The)
........................
7
11/18/22
USD
120.00
USD
66
284
Western
Digital
Corp.
.........................
6
11/18/22
USD
65.00
USD
20
57
Alphabet,
Inc.
..............................
12
12/16/22
USD
115.00
USD
115
1,620
Amazon.com,
Inc.
...........................
11
12/16/22
USD
135.00
USD
124
2,728
Apple,
Inc.
................................
9
12/16/22
USD
165.00
USD
124
1,499
Charles
Schwab
Corp.
(The)
....................
10
12/16/22
USD
80.00
USD
72
1,975
Commerzbank
AG
...........................
35
12/16/22
EUR
9.00
EUR
26
720
Crowdstrike
Holdings,
Inc.
......................
3
12/16/22
USD
195.00
USD
49
2,295
Domino's
Pizza,
Inc.
..........................
2
12/16/22
USD
370.00
USD
62
950
Energy
Select
Sector
SPDR
Fund
................
11
12/16/22
USD
75.00
USD
79
4,923
General
Motors
Co.
..........................
11
12/16/22
USD
43.00
USD
35
358
HCA
Healthcare,
Inc.
.........................
4
12/16/22
USD
230.00
USD
74
810
iShares
China
Large-Cap
ETF
...................
100
12/16/22
USD
30.00
USD
259
4,000
LVMH
Moet
Hennessy
Louis
Vuitton
SE
............
1
12/16/22
EUR
640.00
EUR
61
1,568
LVMH
Moet
Hennessy
Louis
Vuitton
SE
............
1
12/16/22
EUR
680.00
EUR
61
1,127
Microsoft
Corp.
.............................
6
12/16/22
USD
270.00
USD
140
1,965
Palo
Alto
Networks,
Inc.
.......................
3
12/16/22
USD
190.00
USD
49
1,275
Salesforce,
Inc.
.............................
10
12/16/22
USD
165.00
USD
144
4,750
SAP
SE
..................................
5
12/16/22
USD
100.00
USD
41
288
Shell
plc
..................................
26
12/16/22
USD
55.00
USD
129
3,640
Siemens
AG
...............................
12
12/16/22
EUR
110.00
EUR
121
4,281
SPDR
Gold
Shares
(a)
.........................
15
12/16/22
USD
170.00
USD
232
1,778
SPDR
S&P
500
ETF
Trust
......................
29
12/16/22
USD
435.00
USD
1,036
1,320
Tesla,
Inc.
.................................
6
12/16/22
USD
300.00
USD
159
10,620
Visa,
Inc.
.................................
5
12/16/22
USD
210.00
USD
89
773
Walt
Disney
Co.
(The)
........................
7
12/16/22
USD
120.00
USD
66
553
Abbott
Laboratories
..........................
8
01/20/23
USD
125.00
USD
77
240
Abbott
Laboratories
..........................
13
01/20/23
USD
115.00
USD
126
1,222
Adobe,
Inc.
................................
1
01/20/23
USD
480.00
USD
28
44
Align
Technology,
Inc.
.........................
2
01/20/23
USD
290.00
USD
41
1,150
Alphabet,
Inc.
..............................
20
01/20/23
USD
125.00
USD
192
1,850
Dexcom
,
Inc.
..............................
10
01/20/23
USD
100.00
USD
81
3,150
Dynatrace
,
Inc.
.............................
9
01/20/23
USD
45.00
USD
31
1,035
Eli
Lilly
&
Co.
..............................
3
01/20/23
USD
340.00
USD
97
5,310
Eli
Lilly
&
Co.
..............................
3
01/20/23
USD
320.00
USD
97
8,175
Freeport-McMoRan,
Inc.
.......................
26
01/20/23
USD
35.00
USD
71
3,146
BlackRock
Global
Allocation
Portfolio
25
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Glencore
plc
...............................
9
01/20/23
GBP
5.68
GBP
44
$
1,734
Humana,
Inc.
..............................
1
01/20/23
USD
500.00
USD
49
2,830
Humana,
Inc.
..............................
2
01/20/23
USD
550.00
USD
97
2,140
Intuit,
Inc.
.................................
1
01/20/23
USD
450.00
USD
39
1,550
Marathon
Oil
Corp.
..........................
36
01/20/23
USD
24.00
USD
81
8,604
Otis
Worldwide
Corp.
.........................
9
01/20/23
USD
85.00
USD
57
495
Salesforce,
Inc.
.............................
5
01/20/23
USD
210.00
USD
72
368
Salesforce,
Inc.
.............................
5
01/20/23
USD
200.00
USD
72
610
ServiceNow
,
Inc.
............................
2
01/20/23
USD
550.00
USD
76
700
SPDR
S&P
500
ETF
Trust
......................
20
01/20/23
USD
430.00
USD
714
2,450
TE
Connectivity
Ltd.
..........................
6
01/20/23
USD
135.00
USD
66
945
Tractor
Supply
Co.
...........................
3
01/20/23
USD
210.00
USD
56
1,770
Visa,
Inc.
.................................
6
01/20/23
USD
210.00
USD
107
1,605
Walt
Disney
Co.
(The)
........................
10
01/20/23
USD
120.00
USD
94
1,310
XPO
Logistics,
Inc.
..........................
6
01/20/23
USD
57.50
USD
27
960
143,525
Put
U.S.
Treasury
10
Year
Note
.....................
1
10/07/22
USD
111.50
USD
1
484
Apple,
Inc.
................................
20
10/21/22
USD
155.00
USD
276
34,150
Carnival
Corp.
..............................
7
10/21/22
USD
5.00
USD
5
63
Consumer
Staples
Select
Sector
SPDR
Fund
.........
64
10/21/22
USD
70.00
USD
427
22,240
Dollar
Tree,
Inc.
.............................
5
10/21/22
USD
130.00
USD
68
1,258
EQT
Corp.
................................
23
10/21/22
USD
30.00
USD
94
403
Ford
Motor
Co.
.............................
14
10/21/22
USD
10.00
USD
16
273
Intel
Corp.
................................
43
10/21/22
USD
28.00
USD
111
10,600
Invesco
QQQ
Trust
1
.........................
3
10/21/22
USD
255.00
USD
80
1,260
Invesco
QQQ
Trust
1
.........................
3
10/21/22
USD
250.00
USD
80
921
Invesco
QQQ
Trust
1
.........................
48
10/21/22
USD
268.00
USD
1,283
41,784
iShares
China
Large-Cap
ETF
...................
58
10/21/22
USD
28.00
USD
150
13,572
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
4
10/21/22
USD
69.00
USD
29
226
iShares
Russell
2000
ETF
......................
3
10/21/22
USD
160.00
USD
49
1,028
iShares
Russell
2000
ETF
......................
4
10/21/22
USD
150.00
USD
66
504
iShares
Russell
2000
ETF
......................
65
10/21/22
USD
164.00
USD
1,072
31,753
KB
Home
.................................
5
10/21/22
USD
22.00
USD
13
100
Netflix,
Inc.
................................
1
10/21/22
USD
185.00
USD
24
338
Sabre
Corp.
...............................
1
10/21/22
USD
4.50
USD
1
14
Sabre
Corp.
...............................
2
10/21/22
USD
5.00
USD
1
61
SPDR
S&P
500
ETF
Trust
......................
2
10/21/22
USD
350.00
USD
71
1,275
SPDR
S&P
500
ETF
Trust
......................
3
10/21/22
USD
340.00
USD
107
1,139
U.S.
Treasury
5
Year
Note
......................
1
10/21/22
USD
106.50
USD
100
336
VanEck
Semiconductor
ETF
....................
2
10/21/22
USD
175.00
USD
37
755
VanEck
Semiconductor
ETF
....................
3
10/21/22
USD
180.00
USD
56
1,598
SPDR
S&P
500
ETF
Trust
......................
113
10/28/22
USD
355.00
USD
4,036
105,090
BHP
Group
Ltd.
.............................
11/18/22
GBP
21.83
GBP
102
3,934
Carnival
Corp.
..............................
7
11/18/22
USD
5.00
USD
5
193
Frontier
Communications
Parent,
Inc.
..............
4
11/18/22
USD
20.00
USD
9
630
Invesco
Senior
Loan
ETF
......................
12
11/18/22
USD
19.00
USD
24
210
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
5
11/18/22
USD
69.00
USD
36
618
Rio
Tinto
plc
...............................
1
11/18/22
GBP
45.62
GBP
51
1,574
SPDR
S&P
500
ETF
Trust
......................
4
11/18/22
USD
300.00
USD
143
852
SPDR
S&P
500
ETF
Trust
......................
5
11/18/22
USD
365.00
USD
179
8,405
SPDR
S&P
500
ETF
Trust
......................
27
11/18/22
USD
360.00
USD
964
39,123
Vertiv
Holdings
Co.
..........................
1
11/18/22
USD
7.50
USD
1
28
Ally
Financial,
Inc.
...........................
8
12/16/22
USD
20.00
USD
22
320
Ford
Motor
Co.
.............................
6
12/16/22
USD
8.00
USD
7
111
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
2
12/16/22
USD
70.00
USD
14
430
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
4
12/16/22
USD
62.00
USD
29
194
SPDR
S&P
500
ETF
Trust
......................
4
12/16/22
USD
345.00
USD
143
4,930
SPDR
S&P
500
ETF
Trust
......................
4
12/16/22
USD
365.00
USD
143
8,040
SPDR
S&P
500
ETF
Trust
......................
27
12/16/22
USD
350.00
USD
964
37,760
Xerox
Holdings
Corp.
.........................
5
12/16/22
USD
13.00
USD
7
563
Xerox
Holdings
Corp.
.........................
6
12/16/22
USD
11.00
USD
8
255
BlackRock
Global
Allocation
Portfolio
26
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
ConocoPhillips
.............................
11
01/20/23
USD
70.00
USD
113
$
1,645
Energy
Select
Sector
SPDR
Fund
................
18
01/20/23
USD
65.00
USD
130
6,705
EQT
Corp.
................................
18
01/20/23
USD
35.00
USD
73
5,850
Exxon
Mobil
Corp.
...........................
7
01/20/23
USD
75.00
USD
61
2,149
Pioneer
Natural
Resources
Co.
..................
3
01/20/23
USD
210.00
USD
65
6,195
Valero
Energy
Corp.
..........................
6
01/20/23
USD
90.00
USD
64
3,090
405,029
$
548,554
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
OTC
Options
Purchased
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
...........
Goldman
Sachs
International
—
10/27/22
CNH
6.80
USD
719
$
34,049
USD
Currency
...........
Goldman
Sachs
International
—
11/11/22
CNH
7.00
USD
879
20,040
S&P
500
Index
..........
Barclays
Bank
plc
138
12/16/22
USD
3,849.00
USD
495
8,985
63,074
Put
EUR
Currency
...........
Deutsche
Bank
AG
—
10/17/22
USD
0.94
EUR
1,084
2,162
EUR
Currency
...........
JPMorgan
Chase
Bank
NA
—
10/20/22
USD
0.98
EUR
931
11,434
GBP
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
11/01/22
USD
1.06
GBP
291
2,467
USD
Currency
...........
Citibank
NA
—
11/14/22
JPY
140.00
USD
282
5,325
USD
Currency
...........
Citibank
NA
—
11/15/22
JPY
140.00
USD
253
4,917
EUR
Currency
...........
JPMorgan
Chase
Bank
NA
—
11/25/22
CHF
0.95
EUR
634
4,631
30,936
$
94,010
OTC
Credit
Default
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
(a)
Value
Put
Bought
Protection
on
5-Year
Credit
Default
Swap
1.00
%
Markit
CDX
North
American
Investment
Grade
Index
Series
39.V1
Quarterly
Goldman
Sachs
International
10/19/22
USD
1.25
USD
280
$
259
Bought
Protection
on
5-Year
Credit
Default
Swap
5.00
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
Quarterly
Bank
of
America
NA
10/19/22
USD
90.00
USD
125
—
Bought
Protection
on
5-Year
Credit
Default
Swap
5.00
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
Quarterly
Barclays
Bank
plc
11/16/22
USD
90.00
USD
105
783
Bought
Protection
on
5-Year
Credit
Default
Swap
5.00
Markit
CDX
North
American
High
Yield
Index
Series
38.V2
Quarterly
Goldman
Sachs
International
11/16/22
USD
90.00
USD
80
368
$
1,410
(a)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
BlackRock
Global
Allocation
Portfolio
27
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.26%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
10/27/22
2.26
%
USD
475
$
6
1-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.80%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
03/16/23
0.80
USD
10,341
176
182
Put
1-Year
Interest
Rate
Swap
(a)
.
3.75%
At
Termination
1
day
SOFR
At
Termination
Goldman
Sachs
International
02/09/23
3.75
USD
7,110
58,807
1-Year
Interest
Rate
Swap
(a)
.
2.47%
At
Termination
1
day
SONIA
At
Termination
Goldman
Sachs
International
04/03/23
2.47
GBP
3,719
131,597
1-Year
Interest
Rate
Swap
(a)
.
1.00%
Annual
6
month
EURIBOR
Semi-Annual
Goldman
Sachs
International
05/02/23
1.00
EUR
5,265
110,138
300,542
$
300,724
(a)
Forward
settling
swaption.
OTC
Barrier
Options
Written
Description
Type
of
Option
Counterparty
Expiration
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Put
GBP
Currency
...............
Down
and
In
Morgan
Stanley
&
Co.
International
11/01/22
USD
1.03
USD
0.98
GBP
291
$
(1,276)
GBP
Currency
...............
One-Touch
HSBC
Bank
12/23/22
USD
1.00
USD
1.00
GBP
27
(2,995)
(4,271)
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
Invesco
QQQ
Trust
1
..........................
56
10/07/22
USD
310.00
USD
1,497
$
(84)
Invesco
QQQ
Trust
1
..........................
22
10/14/22
USD
315.00
USD
588
(99)
CBOE
Volatility
Index
..........................
3
10/19/22
USD
55.00
USD
9
(139)
ConocoPhillips
..............................
8
10/21/22
USD
125.00
USD
82
(196)
Costco
Wholesale
Corp.
........................
2
10/21/22
USD
580.00
USD
94
(16)
Crowdstrike
Holdings,
Inc.
.......................
5
10/21/22
USD
230.00
USD
82
(63)
EQT
Corp.
.................................
23
10/21/22
USD
42.00
USD
94
(4,600)
Invesco
DB
Agriculture
Fund
(a)
....................
38
10/21/22
USD
27.00
USD
76
(190)
LVMH
Moet
Hennessy
Louis
Vuitton
SE
.............
1
10/21/22
EUR
750.00
EUR
61
(102)
Palo
Alto
Networks,
Inc.
........................
3
10/21/22
USD
213.33
USD
49
(75)
SPDR
S&P
500
ETF
Trust
.......................
58
10/21/22
USD
440.00
USD
2,072
(87)
Alcoa
Corp.
................................
9
11/18/22
USD
65.00
USD
30
(50)
Alphabet,
Inc.
...............................
14
11/18/22
USD
130.00
USD
135
(210)
Apple,
Inc.
.................................
9
11/18/22
USD
185.00
USD
124
(135)
BHP
Group
Ltd.
..............................
2
11/18/22
GBP
26.00
GBP
51
(651)
Boston
Scientific
Corp.
.........................
23
11/18/22
USD
45.00
USD
89
(460)
Microsoft
Corp.
..............................
6
11/18/22
USD
305.00
USD
140
(150)
Rio
Tinto
plc
................................
1
11/18/22
GBP
56.00
GBP
51
(682)
SPDR
Gold
Shares
(a)
..........................
18
11/18/22
USD
185.00
USD
278
(135)
SPDR
S&P
500
ETF
Trust
.......................
20
11/18/22
USD
430.00
USD
714
(410)
Tesla,
Inc.
..................................
3
11/18/22
USD
350.00
USD
80
(998)
Tesla,
Inc.
..................................
3
11/18/22
USD
360.00
USD
80
(747)
Alphabet,
Inc.
...............................
12
12/16/22
USD
150.00
USD
115
(90)
BlackRock
Global
Allocation
Portfolio
28
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Amazon.com,
Inc.
............................
11
12/16/22
USD
150.00
USD
124
$
(919)
Apple,
Inc.
.................................
9
12/16/22
USD
180.00
USD
124
(450)
Dexcom
,
Inc.
...............................
9
12/16/22
USD
110.00
USD
72
(855)
Energy
Select
Sector
SPDR
Fund
.................
11
12/16/22
USD
85.00
USD
79
(1,562)
iShares
China
Large-Cap
ETF
....................
100
12/16/22
USD
34.00
USD
259
(3,100)
Microsoft
Corp.
..............................
6
12/16/22
USD
295.00
USD
140
(633)
Salesforce,
Inc.
..............................
10
12/16/22
USD
185.00
USD
144
(1,585)
Shell
plc
...................................
26
12/16/22
USD
65.00
USD
129
(520)
SPDR
Gold
Shares
(a)
..........................
15
12/16/22
USD
185.00
USD
232
(428)
Tesla,
Inc.
..................................
6
12/16/22
USD
350.00
USD
159
(3,720)
UnitedHealth
Group,
Inc.
........................
3
12/16/22
USD
600.00
USD
152
(738)
EQT
Corp.
.................................
18
01/20/23
USD
50.00
USD
73
(4,905)
Exxon
Mobil
Corp.
............................
14
01/20/23
USD
95.00
USD
122
(5,950)
Merck
&
Co.,
Inc.
.............................
13
01/20/23
USD
100.00
USD
112
(943)
Valero
Energy
Corp.
...........................
12
01/20/23
USD
120.00
USD
128
(7,830)
(44,507)
Put
Alphabet,
Inc.
...............................
13
10/21/22
USD
105.00
USD
125
(12,155)
Amazon.com,
Inc.
............................
11
10/21/22
USD
120.00
USD
124
(9,928)
Apple,
Inc.
.................................
9
10/21/22
USD
150.00
USD
124
(11,498)
Apple,
Inc.
.................................
20
10/21/22
USD
135.00
USD
276
(8,150)
Consumer
Staples
Select
Sector
SPDR
Fund
..........
64
10/21/22
USD
65.00
USD
427
(4,896)
Costco
Wholesale
Corp.
........................
2
10/21/22
USD
490.00
USD
94
(4,890)
Dollar
Tree,
Inc.
..............................
5
10/21/22
USD
120.00
USD
68
(463)
Equinix
,
Inc.
................................
1
10/21/22
USD
590.00
USD
57
(3,150)
Home
Depot,
Inc.
(The)
........................
4
10/21/22
USD
280.00
USD
110
(4,260)
Intercontinental
Exchange,
Inc.
...................
7
10/21/22
USD
90.00
USD
63
(1,750)
Intuit,
Inc.
..................................
2
10/21/22
USD
390.00
USD
77
(3,650)
Intuit,
Inc.
..................................
5
10/21/22
USD
370.00
USD
194
(5,150)
Intuitive
Surgical,
Inc.
..........................
3
10/21/22
USD
180.00
USD
56
(1,830)
Invesco
DB
Agriculture
Fund
(a)
....................
38
10/21/22
USD
19.00
USD
76
(380)
Invesco
QQQ
Trust
1
..........................
3
10/21/22
USD
200.00
USD
80
(41)
Invesco
QQQ
Trust
1
..........................
3
10/21/22
USD
225.00
USD
80
(179)
Invesco
QQQ
Trust
1
..........................
48
10/21/22
USD
245.00
USD
1,283
(10,656)
iShares
China
Large-Cap
ETF
....................
58
10/21/22
USD
25.00
USD
150
(3,190)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
4
10/21/22
USD
68.00
USD
29
(148)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
5
10/21/22
USD
65.00
USD
36
(55)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
30
10/21/22
USD
70.00
USD
214
(2,490)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
48
10/21/22
USD
72.00
USD
343
(8,112)
iShares
Russell
2000
ETF
.......................
3
10/21/22
USD
140.00
USD
49
(135)
iShares
Russell
2000
ETF
.......................
65
10/21/22
USD
152.00
USD
1,072
(10,075)
Mastercard
,
Inc.
.............................
2
10/21/22
USD
290.00
USD
57
(2,410)
Microsoft
Corp.
..............................
4
10/21/22
USD
230.00
USD
93
(2,690)
Microsoft
Corp.
..............................
10
10/21/22
USD
250.00
USD
233
(18,475)
Netflix,
Inc.
.................................
1
10/21/22
USD
150.00
USD
24
(64)
SPDR
S&P
500
ETF
Trust
.......................
2
10/21/22
USD
325.00
USD
71
(345)
SPDR
S&P
500
ETF
Trust
.......................
3
10/21/22
USD
310.00
USD
107
(266)
Tesla,
Inc.
..................................
18
10/21/22
USD
240.00
USD
477
(15,795)
UnitedHealth
Group,
Inc.
........................
3
10/21/22
USD
480.00
USD
152
(1,733)
VanEck
Semiconductor
ETF
.....................
2
10/21/22
USD
140.00
USD
37
(42)
VanEck
Semiconductor
ETF
.....................
3
10/21/22
USD
170.00
USD
56
(782)
Visa,
Inc.
..................................
4
10/21/22
USD
185.00
USD
71
(3,790)
Visa,
Inc.
..................................
4
10/21/22
USD
180.00
USD
71
(2,620)
Walt
Disney
Co.
(The)
.........................
6
10/21/22
USD
110.00
USD
57
(9,420)
SPDR
S&P
500
ETF
Trust
.......................
22
10/24/22
USD
330.00
USD
786
(5,335)
SPDR
S&P
500
ETF
Trust
.......................
113
10/28/22
USD
325.00
USD
4,036
(27,516)
Abbott
Laboratories
...........................
8
11/18/22
USD
95.00
USD
77
(3,080)
Alcoa
Corp.
................................
9
11/18/22
USD
45.00
USD
30
(10,823)
Alphabet,
Inc.
...............................
14
11/18/22
USD
95.00
USD
135
(7,210)
Alphabet,
Inc.
...............................
15
11/18/22
USD
90.00
USD
144
(5,025)
Apple,
Inc.
.................................
9
11/18/22
USD
135.00
USD
124
(6,278)
Aptiv
plc
...................................
5
11/18/22
USD
82.50
USD
39
(4,375)
BHP
Group
Ltd.
..............................
4
11/18/22
GBP
19.60
GBP
102
(1,578)
BlackRock
Global
Allocation
Portfolio
29
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
BNP
Paribas
SA
.............................
24
11/18/22
EUR
45.00
EUR
105
$
(7,786)
Dynatrace
,
Inc.
..............................
9
11/18/22
USD
35.00
USD
31
(2,790)
Eli
Lilly
&
Co.
...............................
3
11/18/22
USD
270.00
USD
97
(762)
Generac
Holdings,
Inc.
.........................
3
11/18/22
USD
220.00
USD
53
(13,980)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
5
11/18/22
USD
63.00
USD
36
(145)
Lululemon
Athletica
,
Inc.
........................
5
11/18/22
USD
290.00
USD
140
(12,125)
Microsoft
Corp.
..............................
6
11/18/22
USD
220.00
USD
140
(4,680)
Northrop
Grumman
Corp.
.......................
2
11/18/22
USD
430.00
USD
94
(1,930)
Rio
Tinto
plc
................................
1
11/18/22
GBP
41.65
GBP
51
(723)
Societe
Generale
SA
..........................
37
11/18/22
EUR
21.00
EUR
76
(5,856)
SPDR
S&P
500
ETF
Trust
.......................
4
11/18/22
USD
250.00
USD
143
(252)
SPDR
S&P
500
ETF
Trust
.......................
4
11/18/22
USD
350.00
USD
143
(4,254)
SPDR
S&P
500
ETF
Trust
.......................
10
11/18/22
USD
340.00
USD
357
(7,690)
SPDR
S&P
500
ETF
Trust
.......................
27
11/18/22
USD
330.00
USD
964
(14,904)
Tesla,
Inc.
..................................
3
11/18/22
USD
220.00
USD
80
(3,000)
Tesla,
Inc.
..................................
5
11/18/22
USD
240.00
USD
133
(8,000)
Walt
Disney
Co.
(The)
.........................
14
11/18/22
USD
95.00
USD
132
(8,575)
Air
Products
and
Chemicals,
Inc.
..................
3
12/16/22
USD
220.00
USD
70
(2,370)
Alphabet,
Inc.
...............................
12
12/16/22
USD
90.00
USD
115
(5,160)
Amazon.com,
Inc.
............................
11
12/16/22
USD
100.00
USD
124
(5,005)
Apple,
Inc.
.................................
9
12/16/22
USD
130.00
USD
124
(5,828)
Charles
Schwab
Corp.
(The)
.....................
10
12/16/22
USD
65.00
USD
72
(2,525)
Commerzbank
AG
............................
35
12/16/22
EUR
7.20
EUR
26
(2,161)
Crowdstrike
Holdings,
Inc.
.......................
3
12/16/22
USD
150.00
USD
49
(3,420)
Domino's
Pizza,
Inc.
...........................
2
12/16/22
USD
290.00
USD
62
(2,790)
Energy
Select
Sector
SPDR
Fund
.................
11
12/16/22
USD
60.00
USD
79
(1,854)
General
Motors
Co.
...........................
11
12/16/22
USD
33.00
USD
35
(3,768)
HCA
Healthcare,
Inc.
..........................
4
12/16/22
USD
160.00
USD
74
(2,400)
LVMH
Moet
Hennessy
Louis
Vuitton
SE
.............
1
12/16/22
EUR
520.00
EUR
61
(1,401)
LVMH
Moet
Hennessy
Louis
Vuitton
SE
.............
1
12/16/22
EUR
550.00
EUR
61
(1,803)
Microsoft
Corp.
..............................
6
12/16/22
USD
220.00
USD
140
(5,865)
Microsoft
Corp.
..............................
6
12/16/22
USD
215.00
USD
140
(5,025)
Palo
Alto
Networks,
Inc.
........................
3
12/16/22
USD
150.00
USD
49
(2,205)
Salesforce,
Inc.
..............................
10
12/16/22
USD
130.00
USD
144
(6,525)
SAP
SE
...................................
5
12/16/22
USD
80.00
USD
41
(2,225)
Shell
plc
...................................
26
12/16/22
USD
45.00
USD
129
(4,745)
Siemens
AG
................................
12
12/16/22
EUR
88.00
EUR
121
(3,258)
SPDR
S&P
500
ETF
Trust
.......................
4
12/16/22
USD
340.00
USD
143
(4,340)
SPDR
S&P
500
ETF
Trust
.......................
4
12/16/22
USD
315.00
USD
143
(2,242)
SPDR
S&P
500
ETF
Trust
.......................
29
12/16/22
USD
370.00
USD
1,036
(65,685)
SPDR
S&P
500
ETF
Trust
.......................
33
12/16/22
USD
310.00
USD
1,179
(16,236)
Tesla,
Inc.
..................................
6
12/16/22
USD
220.00
USD
159
(8,340)
Visa,
Inc.
..................................
5
12/16/22
USD
170.00
USD
89
(3,688)
Walt
Disney
Co.
(The)
.........................
7
12/16/22
USD
95.00
USD
66
(5,005)
Abbott
Laboratories
...........................
8
01/20/23
USD
105.00
USD
77
(8,720)
Abbott
Laboratories
...........................
13
01/20/23
USD
95.00
USD
126
(7,183)
Adobe,
Inc.
.................................
1
01/20/23
USD
400.00
USD
28
(12,450)
Align
Technology,
Inc.
..........................
2
01/20/23
USD
230.00
USD
41
(7,920)
Alphabet,
Inc.
...............................
20
01/20/23
USD
100.00
USD
192
(19,100)
Alphabet,
Inc.
...............................
20
01/20/23
USD
80.00
USD
192
(5,100)
Amazon.com,
Inc.
............................
20
01/20/23
USD
80.00
USD
226
(3,620)
Comcast
Corp.
..............................
26
01/20/23
USD
30.00
USD
76
(7,800)
Dexcom
,
Inc.
...............................
10
01/20/23
USD
80.00
USD
81
(8,900)
Dynatrace
,
Inc.
..............................
9
01/20/23
USD
35.00
USD
31
(3,690)
Eli
Lilly
&
Co.
...............................
3
01/20/23
USD
280.00
USD
97
(2,205)
Eli
Lilly
&
Co.
...............................
3
01/20/23
USD
260.00
USD
97
(1,343)
Exxon
Mobil
Corp.
............................
7
01/20/23
USD
65.00
USD
61
(952)
Freeport-McMoRan,
Inc.
........................
26
01/20/23
USD
25.00
USD
71
(6,266)
Glencore
plc
................................
9
01/20/23
GBP
4.50
GBP
44
(3,260)
Humana,
Inc.
...............................
1
01/20/23
USD
390.00
USD
49
(600)
Humana,
Inc.
...............................
2
01/20/23
USD
440.00
USD
97
(2,960)
Intuit,
Inc.
..................................
1
01/20/23
USD
370.00
USD
39
(2,860)
Marathon
Oil
Corp.
...........................
36
01/20/23
USD
21.00
USD
81
(7,614)
Microsoft
Corp.
..............................
7
01/20/23
USD
200.00
USD
163
(4,323)
BlackRock
Global
Allocation
Portfolio
30
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Otis
Worldwide
Corp.
..........................
9
01/20/23
USD
65.00
USD
57
$
(4,185)
Salesforce,
Inc.
..............................
10
01/20/23
USD
160.00
USD
144
(22,525)
ServiceNow
,
Inc.
.............................
2
01/20/23
USD
450.00
USD
76
(16,730)
TE
Connectivity
Ltd.
...........................
6
01/20/23
USD
110.00
USD
66
(4,950)
Tractor
Supply
Co.
............................
3
01/20/23
USD
165.00
USD
56
(2,040)
Valero
Energy
Corp.
...........................
6
01/20/23
USD
75.00
USD
64
(1,251)
Visa,
Inc.
..................................
6
01/20/23
USD
180.00
USD
107
(7,875)
Walt
Disney
Co.
(The)
.........................
10
01/20/23
USD
100.00
USD
94
(10,725)
XPO
Logistics,
Inc.
...........................
6
01/20/23
USD
45.00
USD
27
(3,270)
iShares
Semiconductor
ETF
.....................
2
03/17/23
USD
290.00
USD
64
(4,270)
(704,891)
$
(749,398)
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
OTC
Currency
Options
Written
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
.............................
Goldman
Sachs
International
10/27/22
CNH
7.05
USD
719
$
(11,807)
USD
Currency
.............................
Goldman
Sachs
International
10/27/22
CNH
7.05
USD
719
(11,807)
USD
Currency
.............................
Goldman
Sachs
International
11/11/22
CNH
7.15
USD
879
(9,219)
–
(32,833)
–
Put
EUR
Currency
.............................
Deutsche
Bank
AG
10/13/22
USD
0.98
EUR
720
(5,773)
EUR
Currency
.............................
JPMorgan
Chase
Bank
NA
10/20/22
USD
0.96
EUR
931
(4,249)
EUR
Currency
.............................
JPMorgan
Chase
Bank
NA
11/25/22
CHF
0.91
EUR
634
(1,261)
–
(11,283)
–
$
(44,116)
OTC
Credit
Default
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Credit
Rating
(a)
Exercise
Price
Notional
Amount
(000)
(b)
Value
Put
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
Investment
Grade
Index
Series
39.V1
1.00
%
Quarterly
Goldman
Sachs
International
10/19/22
NR
USD
1.45
USD
280
$
(79)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
5.00
Quarterly
Barclays
Bank
plc
11/16/22
NR
USD
85.00
USD
105
(297)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
High
Yield
Index
Series
38.V2
5.00
Quarterly
Goldman
Sachs
International
11/16/22
NR
USD
85.00
USD
80
(128)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
ITRAXX
EUROPE
CROSSOVER
Index
Series
37.V1
5.00
Quarterly
Barclays
Bank
plc
10/19/22
NR
EUR
575.00
EUR
360
(6,811)
$
(7,315)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
BlackRock
Global
Allocation
Portfolio
31
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
2-Year
Interest
Rate
Swap
(a)
.
2.47%
Semi-Annual
1
day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
10/27/22
2.47
%
USD
1,759
$
(2)
2-Year
Interest
Rate
Swap
(a)
.
1.40%
Semi-Annual
1
day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
02/15/23
1.40
USD
3,793
(398)
1-Year
Interest
Rate
Swap
(a)
.
0.40%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
03/16/23
0.40
USD
10,341
(111)
1-Year
Interest
Rate
Swap
(a)
.
0.60%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
03/16/23
0.60
USD
10,341
(139)
(650)
Put
5-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
2.91%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
10/04/22
2.91
USD
1,885
(78,706)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.05%
Semi-Annual
Goldman
Sachs
International
10/26/22
3.05
USD
884
(40,173)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.88%
Semi-Annual
Citibank
NA
10/31/22
2.88
USD
899
(53,058)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.92%
Semi-Annual
Goldman
Sachs
International
11/02/22
2.92
USD
904
(50,657)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.90%
Semi-Annual
Goldman
Sachs
International
11/10/22
2.90
USD
1,447
(83,910)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.20%
Semi-Annual
Goldman
Sachs
International
11/23/22
3.20
USD
846
(32,026)
1-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
At
Termination
4.40%
At
Termination
Goldman
Sachs
International
02/09/23
4.40
USD
14,221
(58,327)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
2.60%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
02/15/23
2.60
USD
3,793
(117,368)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
2.70%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
02/15/23
2.70
USD
3,793
(110,690)
1-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
At
Termination
4.50%
At
Termination
Morgan
Stanley
&
Co.
International
plc
03/07/23
4.50
USD
6,974
(27,729)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
4.03%
Semi-Annual
Goldman
Sachs
International
03/08/23
4.03
USD
7,053
(68,775)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.27%
Semi-Annual
Goldman
Sachs
International
03/23/23
3.27
USD
2,825
(119,492)
1-Year
Interest
Rate
Swap
(a)
.
1
day
SONIA
At
Termination
3.22%
At
Termination
Goldman
Sachs
International
04/03/23
3.22
GBP
7,439
(209,039)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.40%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
04/06/23
3.40
USD
942
(34,643)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.45%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
04/18/23
3.45
USD
926
(32,708)
1-Year
Interest
Rate
Swap
(a)
.
6
month
EURIBOR
Semi-Annual
1.75%
Annual
Goldman
Sachs
International
05/02/23
1.75
EUR
10,529
(148,943)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.75%
Semi-Annual
Citibank
NA
05/05/23
3.75
USD
902
(22,803)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.57%
Semi-Annual
Goldman
Sachs
International
05/11/23
3.57
USD
1,711
(54,310)
(1,343,357)
$
(1,344,007)
(a)
Forward
settling
swaption.
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Avis
Budget
Car
Rental
LLC
............
5.00
%
Quarterly
12/20/26
USD
90
$
81
$
(10,981)
$
11,062
CDX.NA.HY.37.V2
...................
5.00
Quarterly
12/20/26
USD
7
25
(218)
243
CDX.NA.HY.38.V2
...................
5.00
Quarterly
06/20/27
USD
102
2,149
1,537
612
BlackRock
Global
Allocation
Portfolio
32
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.IG.39.V1
...................
1.00
%
Quarterly
12/20/27
USD
162
$
506
$
(242)
$
748
$
2,761
$
(9,904)
$
12,665
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
ITRAXX.EUROPE.
CROSSOVER.36.V1
.
5.00
%
Quarterly
12/20/26
BB-
EUR
205
$
(4,654)
$
23,150
$
(27,804)
CDX.NA.HY.39.V1
.....
5.00
Quarterly
12/20/27
B+
USD
3,156
(124,707)
(130,468)
5,761
ITRAXX.EUROPE.
CROSSOVER.38.V1
.
5.00
Quarterly
12/20/27
BB-
EUR
437
(22,022)
(15,654)
(6,368)
$
(151,383)
$
(122,972)
$
(28,411)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
28
day
MXIBTIIE
Monthly
4.42%
Monthly
N/A
02/28/23
MXN
7,323
$
(9,300)
$
—
$
(9,300)
28
day
MXIBTIIE
Monthly
4.50%
Monthly
N/A
03/03/23
MXN
7,321
(9,073)
—
(9,073)
28
day
MXIBTIIE
Monthly
4.68%
Monthly
N/A
02/27/24
MXN
5,196
(20,154)
—
(20,154)
28
day
MXIBTIIE
Monthly
4.86%
Monthly
N/A
03/01/24
MXN
5,196
(19,445)
—
(19,445)
1
day
SOFR
Annual
2.65%
Annual
N/A
05/02/24
USD
10,966
(225,483)
2,245
(227,728)
0.53%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
06/06/24
USD
1,612
104,034
—
104,034
1
day
SONIA
At
Termination
4.26%
At
Termination
09/06/23
(a)
09/06/24
GBP
3,885
(58,700)
—
(58,700)
2.00%
Annual
1
day
SOFR
Annual
02/17/23
(a)
02/17/25
USD
1,067
44,124
—
44,124
2.72%
Annual
1
day
SOFR
Annual
N/A
05/02/25
USD
13,742
402,986
(3,438)
406,424
28
day
MXIBTIIE
Monthly
6.48%
Monthly
N/A
08/12/26
MXN
4,339
(20,582)
—
(20,582)
28
day
MXIBTIIE
Monthly
6.43%
Monthly
N/A
08/13/26
MXN
5,991
(28,891)
—
(28,891)
28
day
MXIBTIIE
Monthly
6.47%
Monthly
N/A
08/13/26
MXN
5,959
(28,371)
—
(28,371)
28
day
MXIBTIIE
Monthly
6.42%
Monthly
N/A
08/14/26
MXN
4,857
(23,464)
—
(23,464)
28
day
MXIBTIIE
Monthly
6.44%
Monthly
N/A
08/14/26
MXN
2,947
(14,117)
—
(14,117)
28
day
MXIBTIIE
Monthly
6.42%
Monthly
N/A
08/17/26
MXN
4,376
(21,117)
—
(21,117)
1
day
SOFR
Annual
2.67%
Annual
N/A
05/02/27
USD
988
(44,708)
(686)
(44,022)
1.08%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/17/30
USD
90
17,339
11,708
5,631
0.02%
Annual
6
month
EURIBOR
Semi-Annual
N/A
08/26/31
EUR
762
174,642
(1)
174,643
1
day
SOFR
Annual
2.65%
Annual
N/A
05/02/32
USD
6,318
(443,036)
5,563
(448,599)
2.58%
Annual
1
day
SOFR
Annual
N/A
05/24/32
USD
1,169
90,538
(1,130)
91,668
2.60%
Annual
1
day
SOFR
Annual
N/A
05/26/32
USD
190
14,444
—
14,444
1
day
SOFR
Annual
3.47%
Annual
N/A
10/04/32
USD
810
—
—
—
2.61%
Annual
1
day
SOFR
Annual
N/A
05/02/42
USD
143
15,091
342
14,749
2.43%
Annual
1
day
SOFR
Annual
N/A
05/02/52
USD
4,377
520,906
(9,644)
530,550
$
417,663
$
4,959
$
412,704
(a)
Forward
swap.
BlackRock
Global
Allocation
Portfolio
33
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Centrally
Cleared
Inflation
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
2.69%
At
Termination
08/15/32
EUR
110
$
2,738
$
—
$
2,738
OTC
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Bombardier,
Inc.
..........
5.00
%
Quarterly
Barclays
Bank
plc
06/20/23
USD
69
$
(449)
$
2,798
$
(3,247)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Barclays
Bank
plc
06/20/24
USD
5
969
577
392
Staples,
Inc.
.............
5.00
Quarterly
Barclays
Bank
plc
06/20/24
USD
5
636
506
130
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
5
1,482
1,425
57
Ford
Motor
Co.
...........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
USD
10
(292)
(945)
653
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
7
157
149
8
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
7
157
149
8
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
10
209
187
22
BorgWarner,
Inc.
..........
1.00
Quarterly
BNP
Paribas
SA
12/20/27
USD
10
280
145
135
Ford
Motor
Co.
...........
5.00
Quarterly
Citibank
NA
12/20/27
USD
25
(599)
(1,501)
902
$
–
$
–
$
–
$
2,550
$
3,490
$
(940)
$
–
$
–
$
–
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
day
BZDIOVER
At
Termination
9.39%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
2,166
$
(23,048)
$
—
$
(23,048)
1
day
BZDIOVER
At
Termination
9.42%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
2,362
(24,712)
—
(24,712)
1
day
BZDIOVER
At
Termination
9.54%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
2,354
(22,909)
—
(22,909)
$
(70,669)
$
—
$
(70,669)
OTC
Total
Return
Swap
s
-
Future
Reference
Entity
Fixed
Amount
Paid
/
(Received)
by
the
Fund
(a)
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.....
USD
5,224
BNP
Paribas
SA
10/17/22
USD
5
$
(14,768)
$
—
$
(14,768)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.....
USD
1,861
Barclays
Bank
plc
10/26/22
USD
2
209
—
209
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.....
USD
4,223
BNP
Paribas
SA
12/16/22
USD
4
(14,898)
—
(14,898)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.....
USD
240
Citibank
NA
12/16/22
USD
—
(679)
—
(679)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.....
USD
3,749
Goldman
Sachs
International
12/16/22
USD
4
(11,847)
—
(11,847)
BlackRock
Global
Allocation
Portfolio
34
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying
the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
(c)
Amount
includes
$(1,835)
of
net
dividends
and
financing
fees.
(e)
Amount
includes
$198
of
net
dividends
and
financing
fees.
OTC
Total
Return
Swaps
-
Future
(continued)
Reference
Entity
Fixed
Amount
Paid
/
(Received)
by
the
Fund
(a)
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.....
USD
2,539
JPMorgan
Chase
Bank
NA
12/16/22
USD
3
$
(7,194)
$
—
$
(7,194)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.....
USD
3,062
Merrill
Lynch
International
&
Co.
12/16/22
USD
3
(9,354)
—
(9,354)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
.
USD
(2,629)
Citibank
NA
12/16/22
USD
3
12,415
—
12,415
SPDR®
Bloomberg
High
Yield
Bond
ETF
.............
USD
742
Barclays
Bank
plc
12/16/22
USD
1
(3,033)
—
(3,033)
SPDR®
Bloomberg
High
Yield
Bond
ETF
.............
USD
4,882
BNP
Paribas
SA
12/16/22
USD
5
(22,155)
—
(22,155)
SPDR®
Bloomberg
High
Yield
Bond
ETF
.............
USD
1,286
Citibank
NA
12/16/22
USD
1
(4,876)
—
(4,876)
SPDR®
Bloomberg
High
Yield
Bond
ETF
.............
USD
1,274
Goldman
Sachs
International
12/16/22
USD
1
(9,012)
—
(9,012)
Pitney
Bowes,
Inc.
.........
USD
(163)
Citibank
NA
12/27/22
USD
—
13
—
13
$
(85,179)
$
—
$
(85,179)
(a)
At
termination,
the
fixed
amount
paid
(received)
will
be
exchanged
for
the
total
return
of
the
reference
entity.
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long/Short
...
Monthly
Citibank
NA
(b)
01/25/21-05/31/23
$
(531,493
)
$
22,46
5
(c)
$
(507,193
)
0.3
%
Monthly
JPMorgan
Chase
Bank
NA
(d)
02/08/23
(742,452
)
76
,
808
(e)
(665,842
)
0.4
$
99
,
273
$
(1,173,035
)
(b)
(d)
Range:
15-216
basis
points
15-400
basis
points
Benchmarks:
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
The
following
table
represents
the
individual
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Citibank
NA,
as
of
period
end,
termination
dates
January
25,
2021-May
31,
2023:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Short
Common
Stocks
China
Bilibili
,
Inc.,
Class
Z
........
(1,160)
$
(17,816)
3.5
%
China
Overseas
Land
&
Investment
Ltd.
........
(6,000)
(15,609)
3.1
China
Vanke
Co.
Ltd.,
Class
H
(10,297)
(18,523)
3.6
Shares
Value
%
of
Basket
Value
China
(continued)
Kanzhun
Ltd.,
ADR
........
(228)
$
(3,849)
0.8
%
Kuaishou
Technology
.......
(1,100)
(7,055)
1.4
Longfor
Group
Holdings
Ltd.
..
(3,000)
(8,600)
1.7
Microport
Scientific
Corp.
....
(2,900)
(4,942)
1.0
Prosus
NV
..............
(303)
(15,764)
3.1
Sunny
Optical
Technology
Group
Co.
Ltd.
..............
(400)
(3,801)
0.7
(95,959)
BlackRock
Global
Allocation
Portfolio
35
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Shares
Value
%
of
Basket
Value
Germany
Beiersdorf
AG
............
(224)
$
(22,011)
4.3
%
Siemens
Healthineers
AG
....
(399)
(17,115)
3.4
(39,126)
Italy
Leonardo
SpA
...........
(777)
(5,501)
1.1
Nexi
SpA
...............
(665)
(5,372)
1.1
(10,873)
Japan
Money
Forward,
Inc.
.......
(500)
(10,508)
2.1
Open
House
Group
Co.
Ltd.
..
(300)
(10,135)
2.0
(20,643)
South
Korea
Celltrion
Healthcare
Co.
Ltd.
..
(94)
(4,405)
0.9
HYBE
Co.
Ltd.
...........
(60)
(5,576)
1.1
Kakao
Corp.
.............
(253)
(9,955)
1.9
NCSoft
Corp.
............
(38)
(9,090)
1.8
(29,026)
Spain
Ferrovial
SA
.............
(258)
(5,856)
1.2
Sweden
Electrolux
AB,
Class
B
......
(934)
(9,707)
1.9
Fastighets
AB
Balder,
Class
B
.
(3,480)
(13,891)
2.8
Sagax
AB,
Class
B
........
(181)
(2,980)
0.6
Sweco
AB,
Class
B
........
(182)
(1,527)
0.3
(28,105)
Switzerland
Adecco
Group
AG
(Registered)
(301)
(8,308)
1.6
United
Kingdom
BT
Group
plc
............
(2,485)
(3,341)
0.6
Just
Eat
Takeaway.com
NV
...
(1,113)
(17,264)
3.4
Rolls-Royce
Holdings
plc
....
(4,377)
(3,352)
0.7
(23,957)
United
States
Caesars
Entertainment,
Inc.
..
(87)
(2,807)
0.6
CarMax,
Inc.
............
(105)
(6,932)
1.4
Coinbase
Global,
Inc.,
Class
A
(292)
(18,831)
3.7
EPAM
Systems,
Inc.
.......
(14)
(5,071)
1.0
Etsy,
Inc.
...............
(69)
(6,909)
1.3
Illumina,
Inc.
............
(109)
(20,796)
4.1
Lamb
Weston
Holdings,
Inc.
..
(167)
(12,922)
2.5
Las
Vegas
Sands
Corp.
.....
(598)
(22,437)
4.4
Lennar
Corp.,
Class
A
......
(125)
(9,319)
1.8
Norwegian
Cruise
Line
Holdings
Ltd.
................
(1,604)
(18,221)
3.6
Paramount
Global,
Class
B
...
(1,050)
(19,992)
3.9
PPG
Industries,
Inc.
.......
(133)
(14,722)
2.9
PulteGroup,
Inc.
..........
(651)
(24,412)
4.8
Quanta
Services,
Inc.
......
(80)
(10,191)
2.0
Snap,
Inc.,
Class
A
........
(658)
(6,462)
1.3
Take-Two
Interactive
Software,
Inc.
.................
(128)
(13,952)
2.8
Teledyne
Technologies,
Inc.
..
(66)
(22,273)
4.4
Viatris
,
Inc.
..............
(1,067)
(9,091)
1.8
(245,340)
Total
Reference
Entity
—
Short
............
(507,193)
Net
Value
of
Reference
Entity
—
Citibank
NA
..
$
(507,193)
The
following
table
represents
the
individual
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
JPMorgan
Chase
Bank
NA,
as
of
period
end,
termination
dates
February
8,
2023:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Short
Common
Stocks
Australia
Allkem
Ltd.
..............
(1,084)
$
(9,586)
1.4
%
AMP
Ltd.
...............
(18,877)
(13,232)
2.0
IDP
Education
Ltd.
........
(551)
(9,256)
1.4
OZ
Minerals
Ltd.
..........
(667)
(11,034)
1.7
Pilbara
Minerals
Ltd.
.......
(4,428)
(12,776)
1.9
(55,884)
Brazil
Alpargatas
SA
(Preference)
..
(145)
(575)
0.1
Localiza
Rent
a
Car
SA
.....
(1,338)
(15,071)
2.3
Magazine
Luiza
SA
........
(29,043)
(24,281)
3.6
(39,927)
Canada
Shaw
Communications,
Inc.,
Class
B
..............
(736)
(17,897)
2.7
China
China
Southern
Airlines
Co.
Ltd.,
Class
H
..............
(10,000)
(5,263)
0.8
Country
Garden
Holdings
Co.
Ltd.
................
(24,681)
(5,701)
0.8
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
..........
(800)
(3,208)
0.5
Geely
Automobile
Holdings
Ltd.
(5,000)
(6,842)
1.0
Li
Ning
Co.
Ltd.
...........
(1,000)
(7,588)
1.1
Shandong
Gold
Mining
Co.
Ltd.,
Class
H
..............
(8,250)
(13,127)
2.0
Xiaomi
Corp.,
Class
B
......
(33,400)
(37,821)
5.7
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.
..............
(2,700)
(11,302)
1.7
(90,852)
Finland
Orion
OYJ,
Class
B
........
(314)
(13,222)
2.0
France
Alstom
SA
..............
(480)
(7,764)
1.2
Germany
Vonovia
SE
.............
(286)
(6,172)
0.9
Hong
Kong
CK
Asset
Holdings
Ltd.
.....
(2,000)
(12,007)
1.8
Japan
Hitachi
Metals
Ltd.
........
(500)
(7,523)
1.1
Olympus
Corp.
...........
(800)
(15,390)
2.3
Tokyo
Electric
Power
Co.
Holdings,
Inc.
..........
(1,400)
(4,475)
0.7
(27,388)
Netherlands
Aegon
NV
..............
(4,351)
(17,295)
2.6
Poland
CD
Projekt
SA
...........
(445)
(8,911)
1.3
InPost
SA
..............
(1,837)
(10,689)
1.6
(19,600)
BlackRock
Global
Allocation
Portfolio
36
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Shares
Value
%
of
Basket
Value
South
Korea
Delivery
Hero
SE
.........
(418)
$
(15,268)
2.3
%
Iljin
Materials
Co.
Ltd.
......
(159)
(5,559)
0.8
POSCO
Chemical
Co.
Ltd.
...
(254)
(26,277)
4.0
(47,104)
Sweden
Swedish
Match
AB
........
(1,376)
(13,611)
2.0
Switzerland
Bachem
Holding
AG
.......
(41)
(2,579)
0.4
United
Kingdom
Informa
plc
..............
(819)
(4,681)
0.7
Ocado
Group
plc
.........
(1,395)
(7,240)
1.1
(11,921)
United
States
Broadridge
Financial
Solutions,
Inc.
.................
(96)
(13,855)
2.1
DISH
Network
Corp.,
Class
A
.
(1,711)
(23,663)
3.6
Shares
Value
%
of
Basket
Value
United
States
(continued)
Dollar
Tree,
Inc.
..........
(174)
$
(23,681)
3.6
%
DXC
Technology
Co.
.......
(850)
(20,808)
3.1
Fiserv,
Inc.
..............
(104)
(9,731)
1.5
International
Business
Machines
Corp.
...............
(277)
(32,910)
4.9
Marvell
Technology,
Inc.
.....
(404)
(17,336)
2.6
Nielsen
Holdings
plc
.......
(910)
(25,225)
3.8
PACCAR,
Inc.
...........
(242)
(20,253)
3.0
PerkinElmer,
Inc.
.........
(184)
(22,141)
3.3
Ross
Stores,
Inc.
.........
(383)
(32,275)
4.8
STERIS
plc
.............
(195)
(32,425)
4.9
Zoom
Video
Communications,
Inc.,
Class
A
...........
(113)
(8,316)
1.3
(282,619)
Total
Reference
Entity
—
Short
............
(665,842)
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
(665,842)
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0.05
%
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
2.59
1
day
SONIA
.........................................
Sterling
Overnight
Index
Average
2.19
28
day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
9.55
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
3.78
6
month
EURIBOR
.....................................
Euro
Interbank
Offered
Rate
1.90
BlackRock
Global
Allocation
Portfolio
37
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNH
Chinese
Yuan
Offshore
CNY
Chinese
Yuan
DKK
Danish
Krone
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PLN
Polish
Zloty
SEK
Swedish
Krona
SGD
Singapore
Dollar
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CDI
Crest
Depository
Interests
CLO
Collateralized
Loan
Obligation
DAC
Designated
Activity
Company
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
LIBOR
London
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
NASDAQ
National
Association
of
Securities
Dealers
Automated
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
REMIC
Real
Estate
Mortgage
Investment
Conduit
S&P
Standard
&
Poor's
SONIA
Sterling
Overnight
Interbank
Average
Rate
SOFR
Secured
Overnight
Financing
Rate
SPDR
Standard
&
Poor’s
Depositary
Receipts
TBA
To-be-announced
BlackRock
Global
Allocation
Portfolio
38
Consolidated
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
...................................
$
—
$
1,735,263
$
—
$
1,735,263
Common
Stocks
Argentina
............................................
15,728
—
—
15,728
Australia
.............................................
—
929,458
1
929,459
Belgium
.............................................
—
23,822
—
23,822
Brazil
...............................................
75,834
10,423
—
86,257
Canada
.............................................
1,271,016
—
—
1,271,016
Cayman
Islands
........................................
56,328
—
—
56,328
Chile
...............................................
42,652
—
—
42,652
China
...............................................
93,536
2,263,389
—
2,356,925
Denmark
.............................................
—
223,571
—
223,571
Finland
..............................................
—
47,487
—
47,487
France
..............................................
—
2,362,342
—
2,362,342
Germany
............................................
—
3,213,778
—
3,213,778
Hong
Kong
...........................................
—
339,777
—
339,777
India
...............................................
—
26,311
130,751
157,062
Ireland
..............................................
—
25,816
—
25,816
Israel
...............................................
387,210
9,041
—
396,251
Italy
................................................
—
337,594
—
337,594
Japan
...............................................
—
1,348,741
—
1,348,741
Jordan
..............................................
—
5,095
—
5,095
Macau
..............................................
—
3,984
—
3,984
Mexico
..............................................
42,351
—
—
42,351
Netherlands
...........................................
272,336
1,934,781
49,918
2,257,035
Norway
..............................................
—
47,816
—
47,816
Poland
..............................................
—
5,754
—
5,754
Saudi
Arabia
..........................................
—
3,083
—
3,083
South
Africa
...........................................
—
145,243
—
145,243
South
Korea
..........................................
—
703,924
—
703,924
BlackRock
Global
Allocation
Portfolio
39
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Level
1
Level
2
Level
3
Total
Spain
...............................................
$
—
$
443,021
$
—
$
443,021
Sweden
.............................................
—
657,379
—
657,379
Switzerland
...........................................
—
527,365
—
527,365
Taiwan
..............................................
—
546,911
—
546,911
United
Arab
Emirates
....................................
—
—
—
—
United
Kingdom
........................................
224,179
2,505,623
104,032
2,833,834
United
States
..........................................
46,229,226
379,256
669,568
47,278,050
Corporate
Bonds
Australia
.............................................
—
953
856,225
857,178
Belgium
.............................................
—
51,871
—
51,871
Canada
.............................................
—
336,033
—
336,033
China
...............................................
—
126,874
—
126,874
Germany
............................................
—
352,268
—
352,268
India
...............................................
—
169,425
—
169,425
Italy
................................................
—
435,331
—
435,331
Luxembourg
..........................................
—
329,602
—
329,602
Netherlands
...........................................
—
11,352
—
11,352
Switzerland
...........................................
—
951
—
951
Thailand
.............................................
—
176,725
—
176,725
Turkey
..............................................
—
—
75,040
75,040
United
Arab
Emirates
....................................
—
36,300
—
36,300
United
Kingdom
........................................
—
878,637
—
878,637
United
States
..........................................
—
7,997,759
633,072
8,630,831
Floating
Rate
Loan
Interests
Belgium
.............................................
—
127,592
—
127,592
Canada
.............................................
—
176,745
—
176,745
France
..............................................
—
194,787
—
194,787
Germany
............................................
—
81,119
—
81,119
Jersey,
Channel
Islands
...................................
—
—
105,023
105,023
Luxembourg
..........................................
—
55,236
235,808
291,044
Netherlands
...........................................
—
362,371
139,176
501,547
Sweden
.............................................
—
62,172
—
62,172
United
States
..........................................
—
1,310,879
946,315
2,257,194
Foreign
Government
Obligations
..............................
—
1,257,989
—
1,257,989
Investment
Companies
....................................
3,205,662
—
—
3,205,662
Non-Agency
Mortgage-Backed
Securities
Bermuda
.............................................
—
98,845
—
98,845
Cayman
Islands
........................................
—
96,243
—
96,243
United
States
..........................................
—
3,630,243
123,140
3,753,383
Other
Interests
..........................................
—
—
240,144
240,144
Preferred
Securities
Brazil
...............................................
18,961
—
159,806
178,767
China
...............................................
—
—
413,333
413,333
Germany
............................................
132,035
34,232
183,007
349,274
India
...............................................
—
—
92,979
92,979
Israel
...............................................
—
—
84,494
84,494
Jersey,
Channel
Islands
...................................
—
—
164,960
164,960
Sweden
.............................................
—
—
13,541
13,541
United
States
..........................................
565,825
378,480
2,356,996
3,301,301
U.S.
Government
Sponsored
Agency
Securities
....................
—
2,519,434
—
2,519,434
U.S.
Treasury
Obligations
...................................
—
19,866,626
—
19,866,626
Warrants
..............................................
12,281
1,273
11,714
25,268
Short-Term
Securities
Certificates
of
Deposit
.....................................
—
220,117
—
220,117
Foreign
Government
Obligations
..............................
—
15,340,237
—
15,340,237
Money
Market
Funds
......................................
5,465,136
—
—
5,465,136
Time
Deposits
..........................................
—
129,885
—
129,885
U.S.
Treasury
Obligations
...................................
—
664,976
—
664,976
Options
Purchased
Credit
contracts
..........................................
—
1,410
—
1,410
Equity
contracts
..........................................
547,734
8,985
—
556,719
Foreign
currency
exchange
contracts
...........................
—
89,771
—
89,771
Interest
rate
contracts
......................................
820
300,724
—
301,544
BlackRock
Global
Allocation
Portfolio
40
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Level
1
Level
2
Level
3
Total
Liabilities
Investments
TBA
Sale
Commitments
....................................
$
—
$
(952,578)
$
—
$
(952,578)
Investment
Sold
Short
Common
Stocks
France
..............................................
—
(44,029)
—
(44,029)
Hong
Kong
...........................................
—
(47,710)
—
(47,710)
United
Kingdom
........................................
—
(43,104)
—
(43,104)
United
States
..........................................
(56,613)
—
—
(56,613)
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
—
(2,066)
(2,066)
$
58,602,237
$
77,633,079
$
7,786,977
$
144,022,293
Investments
Valued
at
NAV
(b
)
.....................................
5,150,742
$
—
$
149,173,035
$
—
Derivative
Financial
Instruments
(c)
Assets
Credit
contracts
...........................................
$
—
$
20,733
$
—
$
20,733
Equity
contracts
...........................................
642,228
196,884
—
839,112
Foreign
currency
exchange
contracts
............................
—
899,569
—
899,569
Interest
rate
contracts
.......................................
936,064
1,386,267
—
2,322,331
Other
contracts
...........................................
—
2,738
—
2,738
Liabilities
Credit
contracts
...........................................
—
(44,734)
—
(44,734)
Equity
contracts
...........................................
(790,302)
(97,816)
—
(888,118)
Foreign
currency
exchange
contracts
............................
—
(956,402)
—
(956,402)
Interest
rate
contracts
.......................................
(658,604)
(2,388,239)
—
(3,046,843)
$
129,386
$
(981,000)
$
—
$
(851,614)
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(c)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Asset-
Backed
Securities
Common
Stocks
Corporate
Bonds
Floating
Rate
Loan
Interests
Non-Agency
Mortgage-
Backed
Securities
Other
Interests
Preferred
Securities
Unfunded
Floating
Rate
Loan
Interests
Unfunded
SPAC
PIPE
Commitments
Warrants
Total
Investments
Assets/Liabilities
Opening
balance,
as
of
December
31,
2021
.....................
$
109,558
$
917,849
$
1,379,781
$
1,482,984
$
—
$
191,853
$
3,947,097
$
455
$
6,464
$
7,123
$
8,043,164
Transfers
into
Level
3
............
—
—
300
64,892
129,700
—
13,541
—
—
2,214
210,647
Transfers
out
of
Level
3
...........
(109,558)
—
—
(274,107)
—
—
—
—
—
—
(383,665)
Other
(a)
.....................
—
116,585
—
—
—
(116,585)
—
—
—
—
Accrued
discounts/premiums
........
—
—
(21,975)
7,094
—
—
—
—
—
—
(14,881)
Net
realized
loss
................
—
—
—
(23)
—
—
—
—
—
—
(23)
Net
change
in
unrealized
appreciation
(depreciation)
(b)
..............
—
(123,597)
(14,148)
(136,322)
(6,560)
48,291
(575,037)
(2,521)
(6,464)
2,377
(813,981)
Purchases
....................
—
43,433
220,379
341,357
—
—
200,100
—
—
—
805,269
Sales
.......................
—
—
—
(59,553)
—
—
—
—
—
—
(59,553)
Closing
balance,
as
of
September
30,
2022
.....................
$
—
$
954,270
$
1,564,337
$
1,426,322
$
123,140
$
240,144
$
3,469,116
$
(2,066)
$
—
$
11,714
$
7,786,977
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
September
30,
2022
(b)
........
$
—
$
(122,898)
$
(13,848)
$
(117,491)
$
(6,560)
$
48,291
$
(522,104)
$
—
$
—
$
6,381
$
(728,229)
(a)
Certain
Level
3
investments
were
re-classified
between
Common
Stocks
and
Preferred
Securities.
(b)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
September
30,
2022
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
BlackRock
Global
Allocation
Portfolio
41
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
The
following
table
summarizes
the
valuation
approaches
used
and
unobservable
inputs
utilized
by
the
Valuation
Committee
to
determine
the
value
of
certain
of
the
Fund’s
Level
3
financial
instruments
as
of
period
end.
The
table
does
not
include
Level
3
financial
instruments
with
values
based
upon
unadjusted
third
party
pricing
information
in
the
amount
of
$499,522.
A
significant
change
in
the
third
party
information
could
result
in
a
significantly
lower
or
higher
value
of
such
Level
3
investments.
Value
Valuation
Approach
Unobservable
Inputs
Range
of
Unobservable
Inputs
Utilized
(a)
Weighted
Average
of
Unobservable
Inputs
Based
on
Fair
Value
Assets
Common
Stocks
.............................
$
954,270
Income
Discount
Rate
16%
—
Market
Revenue
Multiple
3.4x
–
17.19x
6.53x
Volatility
47%
–
69%
58%
Time
to
Exit
1.4
–
1.7
years
1.6
years
Corporate
Bonds
(b)
............................
1,384,337
Income
Discount
Rate
12%
–
35%
17%
Estimated
Recovery
Value
31%
—
Floating
Rate
Loan
Interests
......................
1,232,160
Income
Discount
Rate
6%
–
16%
12%
Other
Interests
..............................
240,144
Market
Discount
Rate
6%
—
Preferred
Stocks
(c)
............................
3,469,116
Market
Revenue
Multiple
0.09x
–
29.00x
12.82x
EBITDA
Multiple
3.75x
—
Gross
Profit
Multiple
30.50x
—
Time
to
Exit
1.5
–
5.0
years
3.8
years
Volatility
50%
–
90%
67%
Market
Adjustment
Multiple
1.00x
—
Income
Discount
Rate
12%
—
Warrants
..................................
11,428
Market
Revenue
Multiple
13.64x
—
Volatility
43%
–
60%
60%
Time
to
Exit
0.5
–
0.8
years
0.7
years
$
7,291,455
(a)
A
significant
change
in
unobservable
input
would
have
resulted
in
a
correlated
(inverse)
significant
change
to
value.
(b)
For
the
period
end
September
30,
2022,
the
valuation
technique
for
investments
classified
as
Corporate
Bonds
amounting
to
$122,880
changed
to
Discount
Cash
Flow
approach.
The
investments
were
previously
valued
utilizing
a
recent
transaction.
The
change
was
due
to
consideration
of
the
information
that
was
available
at
the
time
the
investments
were
valued.
(c)
For
the
period
end
September
30,
2022,
the
valuation
technique
for
investments
classified
as
Preferred
Stocks
amounting
to
$262,913
changed
to
Discount
Cash
Flow
approach.
The
investments
were
previously
valued
utilizing
a
recent
transaction.
The
change
was
due
to
consideration
of
the
information
that
was
available
at
the
time
the
investments
were
valued.
The
Fund
valued
certain
of
its
Level
3
investments
using
recent
prior
transaction
prices
as
the
best
approximation
of
fair
value.
The
value
of
Level
3
investments
obtained
using
recent
prior
transaction
prices,
for
which
inputs
are
unobservable,
is
$563,864
as
of
September
30,
2022.