BlackRock
Global
Allocation
Portfolio
2
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
March
31,
2023
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-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
6.68%,
05/15/37
.................
USD
100
$
98,250
Elmwood
CLO
II
Ltd.,
Series
2019-2A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.46%,
04/20/34
.................
250
242,373
Voya
CLO
Ltd.,
Series
2017-3A,
Class
A1R,
(3-mo.
LIBOR
USD
+
1.04%),
5.85%,
04/20/34
............
150
146,806
487,429
Ireland
—
0.1%
OCP
Euro
CLO
DAC,
Series
2017-2X,
Class
B,
(3-mo.
EURIBOR
at
1.35%
Floor
+
1.35%),
3.64%,
01/15/32
(b)(c)
EUR
100
103,922
United
States
—
0.8%
AccessLex
Institute,
Series
2007-A,
Class
A3,
(3-mo.
LIBOR
USD
at
0.30%
Floor
+
0.30%),
5.26%,
05/25/36
(b)
................
USD
20
19,633
Ajax
Mortgage
Loan
Trust,
Series
2021-
E,
Class
A1,
1.74%,
12/25/60
(a)(b)
.
171
146,762
GoodLeap
Sustainable
Home
Solutions
Trust,
Series
2021-3CS,
Class
A,
2.10%,
05/20/48
(a)
...........
43
34,151
Mariner
Finance
Issuance
Trust,
Series
2020-AA,
Class
A,
2.19%,
08/21/34
(a)
................
100
95,703
Navient
Private
Education
Refi
Loan
Trust
(a)
Series
2021-DA,
Class
A,
(US
Prime
Rate
-
1.99%),
5.76%,
04/15/60
(b)
84
76,772
Series
2021-DA,
Class
C,
3.48%,
04/15/60
...............
110
98,383
Nelnet
Student
Loan
Trust
(a)
Series
2021-A,
Class
D,
4.93%,
04/20/62
...............
100
85,090
Series
2021-BA,
Class
C,
3.57%,
04/20/62
...............
100
83,576
Pagaya
AI
Debt
Selection
Trust,
Series
2021-2,
Class
NOTE,
3.00%,
01/25/29
(a)
................
62
59,581
RMIT
Cash
Management
LLC,
Series
2021-3, 3.88%,
10/17/33
(a)(d)
....
200
173,760
SLM
Private
Education
Loan
Trust,
Series
2010-C,
Class
A5,
(1-mo.
LIBOR
USD
at
4.75%
Floor
+
4.75%),
9.43%,
10/15/41
(a)(b)
....
137
149,168
SMB
Private
Education
Loan
Trust,
Series
2021-A,
Class
C,
2.99%,
01/15/53
(a)
................
204
178,269
1,200,848
Total
Asset-Backed
Securities
—
1.2%
(Cost:
$1,949,801)
..............................
1,792,199
Security
Shares
Shares
Value
Common
Stocks
Australia
—
0.5%
AGL
Energy
Ltd.
..............
5,640
$
30,425
BHP
Group
Ltd.
...............
2,118
67,184
CSL
Ltd.
....................
48
9,296
Endeavour
Group
Ltd.
..........
3,585
16,288
Glencore
plc
.................
81,361
468,169
Medibank
Pvt
Ltd.
.............
6,601
14,896
Origin
Energy
Ltd.
.............
1,279
7,123
Qantas
Airways
Ltd.
(e)
...........
2,741
12,234
QBE
Insurance
Group
Ltd.
.......
639
6,256
Quintis
HoldCo
Pty.
Ltd.
(d)(e)
.......
218,994
1
Rio
Tinto
plc
.................
496
33,668
South32
Ltd.
.................
5,512
16,154
681,694
Belgium
—
0.0%
KBC
Group
NV
...............
369
25,354
Brazil
—
0.1%
Ambev
SA
..................
20,145
57,115
Embraer
SA
(e)
................
5,522
22,639
Engie
Brasil
Energia
SA
.........
781
6,173
Lojas
Renner
SA
..............
5,801
18,999
Telefonica
Brasil
SA
............
530
4,048
108,974
Canada
—
1.3%
Barrick
Gold
Corp.
.............
1,499
27,828
BCE,
Inc.
...................
248
11,109
Brookfield
Asset
Management
Ltd.,
Class
A
..................
902
29,546
Brookfield
Corp.,
Class
A
.........
614
20,003
Cameco
Corp.
................
6,272
164,138
Canadian
Imperial
Bank
of
Commerce
1,139
48,299
Enbridge,
Inc.
................
24,300
926,511
George
Weston
Ltd.
............
90
11,927
Imperial
Oil
Ltd.
(f)
..............
374
19,020
Metro,
Inc.
..................
287
15,787
National
Bank
of
Canada
........
198
14,163
Royal
Bank
of
Canada
..........
304
29,073
Suncor
Energy,
Inc.
............
9,693
300,938
TC
Energy
Corp.
(f)
.............
3,227
125,522
TELUS
Corp.
................
6,150
122,090
Toronto-Dominion
Bank
(The)
(f)
.....
220
13,177
1,879,131
Cayman
Islands
—
0.1%
(e)
Hedosophia
European
Growth
.....
5,835
62,964
Salt
Pay
Co.
Ltd.,
Series
C
(Acquired
11/16/21,
cost
$73,809)
(d)(g)
.....
38
27,836
90,800
China
—
1.5%
Agricultural
Bank
of
China
Ltd.,
Class
H
37,000
13,702
Aier
Eye
Hospital
Group
Co.
Ltd.,
Class
A
......................
6,439
29,097
Amoy
Diagnostics
Co.
Ltd.,
Class
A
.
8,680
35,565
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
B
100
1,786
Baidu,
Inc.,
Class
A
(e)
...........
100
1,884
Bank
of
Chengdu
Co.
Ltd.,
Class
A
..
19,400
38,285
BOC
Hong
Kong
Holdings
Ltd.
.....
3,000
9,340
BYD
Co.
Ltd.,
Class
A
...........
2,600
96,848
BYD
Co.
Ltd.,
Class
H
..........
1,500
44,124
China
Construction
Bank
Corp.,
Class
H
......................
79,000
51,128
China
Merchants
Bank
Co.
Ltd.,
Class
H
......................
3,000
15,234
BlackRock
Global
Allocation
Portfolio
3
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Shares
Shares
Value
China
(continued)
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
A
...............
900
$
24,029
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
............
1,900
112,444
Dali
Foods
Group
Co.
Ltd.
(a)(c)
......
3,000
1,251
Dongfeng
Motor
Group
Co.
Ltd.,
Class
H
......................
6,000
2,819
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
A
...............
3,799
42,302
Glodon
Co.
Ltd.,
Class
A
.........
4,384
47,394
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
Class
A
.............
14,300
76,321
Guangzhou
Baiyun
International
Airport
Co.
Ltd.,
Class
A
(e)
...........
18,000
40,976
Haidilao
International
Holding
Ltd.
(a)(c)(e)
10,000
27,102
Hangzhou
Robam
Appliances
Co.
Ltd.,
Class
A
..................
18,080
74,658
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
H
(a)(c)
............
1,300
12,248
Hundsun
Technologies,
Inc.,
Class
A
.
8,920
69,113
Hygeia
Healthcare
Holdings
Co.
Ltd.
(a)(c)
(e)
......................
3,800
27,096
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
...............
95,000
50,487
JD
Health
International,
Inc.
(a)(c)(e)
...
6,600
48,939
JD.com,
Inc.,
Class
A
...........
1,704
37,209
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
Class
A
...............
6,540
40,739
Jinxin
Fertility
Group
Ltd.
(a)(c)
......
28,500
19,177
Kindstar
Globalgene
Technology,
Inc.
(c)
(e)
......................
55,500
14,104
Kingsoft
Corp.
Ltd.
.............
10,600
52,109
Kweichow
Moutai
Co.
Ltd.,
Class
A
..
200
52,823
Lenovo
Group
Ltd.
.............
8,000
8,667
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
...............
3,885
22,856
Meituan
(a)(c)(e)
.................
3,030
54,971
Microport
Cardioflow
Medtech
Corp.
(a)(c)
(e)
......................
83,000
24,515
Ming
Yuan
Cloud
Group
Holdings
Ltd.
7,000
4,466
Ningbo
Deye
Technology
Co.
Ltd.,
Class
A
..................
600
22,582
Nongfu
Spring
Co.
Ltd.,
Class
H
(a)(c)
..
1,200
6,919
NXP
Semiconductors
NV
........
70
13,053
PetroChina
Co.
Ltd.,
Class
H
......
18,000
10,633
Pharmaron
Beijing
Co.
Ltd.,
Class
H
(a)(c)
950
3,976
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
...............
5,600
37,091
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
H
............
2,500
7,108
Shanghai
Jinjiang
International
Hotels
Co.
Ltd.,
Class
A
............
3,188
29,197
SITC
International
Holdings
Co.
Ltd.
.
5,000
10,746
StarPower
Semiconductor
Ltd.,
Class
A
1,000
40,014
Tencent
Holdings
Ltd.
...........
9,300
454,485
Venustech
Group,
Inc.,
Class
A
....
8,670
41,978
Want
Want
China
Holdings
Ltd.
....
5,000
3,217
Wuhan
Raycus
Fiber
Laser
Technologies
Co.
Ltd.,
Class
A
(e)
.
6,850
25,948
Wuliangye
Yibin
Co.
Ltd.,
Class
A
...
1,387
39,620
Yifeng
Pharmacy
Chain
Co.
Ltd.,
Class
A
......................
1,982
16,708
Yonyou
Network
Technology
Co.
Ltd.,
Class
A
..................
13,877
50,873
Security
Shares
Shares
Value
China
(continued)
Yum
China
Holdings,
Inc.
........
400
$
25,051
2,165,007
Denmark
—
0.2%
AP
Moller
-
Maersk
A/S,
Class
B
....
7
12,724
Coloplast
A/S,
Class
B
..........
89
11,718
Novo
Nordisk
A/S,
Class
B
.......
1,292
205,197
Novozymes
A/S,
Class
B
.........
962
49,258
Pandora
A/S
.................
58
5,567
284,464
Finland
—
0.1%
Aiven,
Inc.
(d)(e)
................
647
51,792
Elisa
OYJ
...................
150
9,046
Kesko
OYJ,
Class
B
............
315
6,770
Kone
OYJ,
Class
B
............
349
18,202
Wartsila
OYJ
Abp
..............
441
4,162
89,972
France
—
3.3%
Accor
SA
(e)
..................
81
2,633
BNP
Paribas
SA
..............
13,743
820,699
Bollore
SE
..................
1,359
8,401
Carrefour
SA
.................
629
12,717
Cie
de
Saint-Gobain
............
9,099
517,220
Danone
SA
..................
3,465
215,605
Dassault
Systemes
SE
..........
627
25,864
EssilorLuxottica
SA
............
2,038
367,498
Hermes
International
...........
140
283,536
Kering
SA
...................
989
645,252
La
Francaise
des
Jeux
SAEM
(a)(c)
...
693
28,883
L'Oreal
SA
..................
224
100,093
LVMH
Moet
Hennessy
Louis
Vuitton
SE
1,182
1,084,968
Remy
Cointreau
SA
............
48
8,740
Sanofi
.....................
1,993
216,198
SCOR
SE
...................
330
7,503
Societe
Generale
SA
...........
838
18,881
Teleperformance
..............
38
9,182
TotalEnergies
SE
..............
7,277
429,079
Ubisoft
Entertainment
SA
(e)
.......
831
22,149
Unibail-Rodamco-Westfield
(e)
......
104
5,596
4,830,697
Germany
—
2.5%
BASF
SE
...................
167
8,767
Bayer
AG
(Registered)
..........
4,582
292,705
Brenntag
SE
.................
367
27,619
Commerzbank
AG
(e)
............
8,836
93,027
Deutsche
Telekom
AG
(Registered)
.
25,935
628,465
Fresenius
SE
&
Co.
KGaA
........
491
13,259
Infineon
Technologies
AG
........
2,193
90,056
Mercedes-Benz
Group
AG
........
8,117
624,220
Merck
KGaA
.................
15
2,796
SAP
SE
....................
6,386
806,364
SAP
SE,
ADR
(f)
...............
500
63,275
Scout24
SE
(a)(c)
...............
130
7,732
Siemens
AG
(Registered)
........
5,011
811,802
Symrise
AG
.................
700
76,177
Telefonica
Deutschland
Holding
AG
.
4,139
12,741
United
Internet
AG
(Registered)
....
789
13,601
Vonovia
SE
..................
842
15,859
3,588,465
Hong
Kong
—
0.3%
AIA
Group
Ltd.
...............
37,400
392,227
ASMPT
Ltd.
.................
1,000
9,918
CK
Asset
Holdings
Ltd.
..........
500
3,031
BlackRock
Global
Allocation
Portfolio
4
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Shares
Shares
Value
Hong
Kong
(continued)
Hang
Seng
Bank
Ltd.
...........
500
$
7,108
MTR
Corp.
Ltd.
...............
2,000
9,653
Orient
Overseas
International
Ltd.
..
1,000
19,195
Super
Hi
International
Holding
Ltd.
(e)
.
1,200
3,015
444,147
India
—
0.1%
Bajaj
Auto
Ltd.
................
239
11,306
HCL
Technologies
Ltd.
..........
1,405
18,652
Indian
Oil
Corp.
Ltd.
............
4,444
4,221
Infosys
Ltd.
..................
448
7,833
Think
&
Learn
Pvt
Ltd.,
Series
F
(Acquired
12/11/20,
cost
$67,547)
(d)
(e)(g)
.....................
45
79,840
Vedanta
Ltd.
.................
1,846
6,184
128,036
Ireland
—
0.0%
Kingspan
Group
plc
............
766
52,490
Israel
—
0.3%
(e)
Nice
Ltd.,
ADR
(f)
...............
1,777
406,738
Taboola.com,
Ltd.
.............
4,995
13,586
420,324
Italy
—
0.4%
Coca-Cola
HBC
AG
(e)
...........
895
24,501
Enel
SpA
...................
3,286
20,041
Ferrari
NV
..................
539
146,060
FinecoBank
Banca
Fineco
SpA
....
1,067
16,348
Intesa
Sanpaolo
SpA
...........
118,046
302,958
Snam
SpA
..................
3,584
19,003
UniCredit
SpA
................
776
14,626
543,537
Japan
—
2.1%
AGC,
Inc.
...................
100
3,728
Astellas
Pharma,
Inc.
...........
3,750
53,277
BayCurrent
Consulting,
Inc.
.......
200
8,304
Coca-Cola
Bottlers
Japan
Holdings,
Inc.
.....................
600
6,557
CyberAgent,
Inc.
..............
1,800
15,251
FANUC
Corp.
................
17,000
613,907
Food
&
Life
Cos.
Ltd.
...........
200
5,219
Heiwa
Corp.
.................
200
3,968
Hino
Motors
Ltd.
(e)
.............
2,400
10,050
Honda
Motor
Co.
Ltd.
...........
900
23,806
Hoya
Corp.
..................
2,459
271,750
Ibiden
Co.
Ltd.
................
300
12,031
Japan
Post
Bank
Co.
Ltd.
(f)
.......
2,900
23,686
Jeol
Ltd.
....................
700
22,626
Kamigumi
Co.
Ltd.
.............
300
6,302
Kewpie
Corp.
................
300
5,040
Keyence
Corp.
...............
1,381
676,840
Kobayashi
Pharmaceutical
Co.
Ltd.
..
200
12,232
Kose
Corp.
..................
1,300
154,516
M3,
Inc.
....................
400
10,068
Mazda
Motor
Corp.
............
1,300
11,991
Mitsubishi
Corp.
...............
700
25,156
Mitsubishi
Heavy
Industries
Ltd.
....
400
14,736
Mitsubishi
Motors
Corp.
(e)
........
2,500
9,852
Mitsubishi
UFJ
Financial
Group,
Inc.
.
57,800
370,421
MS&AD
Insurance
Group
Holdings,
Inc.
500
15,495
Nihon
M&A
Center
Holdings,
Inc.
...
1,700
12,742
Nissan
Chemical
Corp.
..........
100
4,542
Nisshin
Seifun
Group,
Inc.
........
600
7,022
Nomura
Research
Institute
Ltd.
....
1,100
25,726
Security
Shares
Shares
Value
Japan
(continued)
Oracle
Corp.
Japan
............
100
$
7,222
Recruit
Holdings
Co.
Ltd.
........
377
10,371
Sega
Sammy
Holdings,
Inc.
.......
1,400
26,611
SG
Holdings
Co.
Ltd.
...........
200
2,966
Shin-Etsu
Chemical
Co.
Ltd.
......
500
16,231
Shionogi
&
Co.
Ltd.
............
500
22,553
Shiseido
Co.
Ltd.
..............
400
18,753
SoftBank
Corp.
...............
1,100
12,698
Sony
Group
Corp.
.............
200
18,217
Suzuken
Co.
Ltd.
..............
100
2,526
Sysmex
Corp.
................
5,200
341,284
Terumo
Corp.
................
2,400
64,909
Tokyo
Electron
Ltd.
............
300
36,650
TOTO
Ltd.
..................
100
3,350
ZOZO,
Inc.
..................
900
20,585
3,041,767
Jordan
—
0.0%
Hikma
Pharmaceuticals
plc
.......
253
5,244
Mexico
—
0.1%
Fomento
Economico
Mexicano
SAB
de
CV
.....................
2,670
25,418
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
.............
421
12,878
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
..................
1,803
15,181
Southern
Copper
Corp.
..........
177
13,496
Wal-Mart
de
Mexico
SAB
de
CV
....
20,279
81,026
147,999
Netherlands
—
2.2%
Adyen
NV
(a)(c)(e)
...............
178
283,630
Argenx
SE
(e)
.................
10
3,714
ASML
Holding
NV
.............
1,502
1,023,535
ING
Groep
NV
................
70,587
838,245
Koninklijke
Ahold
Delhaize
NV
.....
722
24,667
Koninklijke
Philips
NV
...........
660
12,122
Koninklijke
Vopak
NV
...........
594
20,972
Shell
plc
....................
22,878
655,480
Shell
plc,
ADR
................
5,347
307,666
3,170,031
Norway
—
0.0%
Equinor
ASA
.................
2,176
61,860
Peru
—
0.0%
Credicorp
Ltd.
................
62
8,208
Poland
—
0.0%
Polski
Koncern
Naftowy
ORLEN
SA
.
427
5,764
Saudi
Arabia
—
0.0%
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
................
96
7,473
Saudi
Telecom
Co.
.............
1,031
11,027
18,500
Singapore
—
0.0%
DBS
Group
Holdings
Ltd.
........
1,200
29,834
Genting
Singapore
Ltd.
..........
13,600
11,479
Keppel
Corp.
Ltd.
..............
3,100
13,152
NetLink
NBN
Trust
(c)
............
5,500
3,559
Oversea-Chinese
Banking
Corp.
Ltd.
1,000
9,322
Sembcorp
Marine
Ltd.
(e)
.........
62
6
Singapore
Airlines
Ltd.
..........
2,100
9,058
BlackRock
Global
Allocation
Portfolio
5
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Shares
Shares
Value
Singapore
(continued)
Singapore
Technologies
Engineering
Ltd.
.....................
4,200
$
11,562
87,972
South
Africa
—
0.1%
Anglo
American
Platinum
Ltd.
(f)
.....
179
9,609
Anglo
American
plc
............
2,191
72,876
Kumba
Iron
Ore
Ltd.
............
695
17,573
100,058
South
Korea
—
0.5%
Amorepacific
Corp.
............
1,180
124,544
Celltrion
Healthcare
Co.
Ltd.
......
213
9,922
Fila
Holdings
Corp.
............
159
4,470
Hana
Financial
Group,
Inc.
.......
220
6,890
Hanwha
Aerospace
Co.
Ltd.
......
268
20,415
KB
Financial
Group,
Inc.
.........
193
7,049
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
(e)
........
83
4,963
LG
Chem
Ltd.
................
108
59,313
LG
Energy
Solution
Ltd.
(e)
........
583
262,673
Samsung
Electronics
Co.
Ltd.
.....
1,278
63,198
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
.....................
68
10,749
Samsung
SDI
Co.
Ltd.
..........
161
91,454
SK
Telecom
Co.
Ltd.
............
574
21,297
686,937
Spain
—
0.5%
Aena
SME
SA
(a)(c)(e)
............
57
9,217
Cellnex
Telecom
SA
(a)(c)
..........
18,918
735,677
Endesa
SA
..................
354
7,689
Industria
de
Diseno
Textil
SA
......
843
28,321
780,904
Sweden
—
0.2%
Assa
Abloy
AB,
Class
B
.........
1,796
43,019
Epiroc
AB,
Class
A
.............
3,403
67,550
Hexagon
AB,
Class
B
...........
5,982
68,849
Industrivarden
AB,
Class
A
.......
278
7,514
Nibe
Industrier
AB,
Class
B
.......
1,606
18,307
Swedbank
AB,
Class
A
..........
1,683
27,676
Tele2
AB,
Class
B
.............
530
5,275
Telefonaktiebolaget
LM
Ericsson,
Class
B
......................
1,619
9,490
Telia
Co.
AB
.................
18,520
47,027
294,707
Switzerland
—
1.7%
Alcon,
Inc.
..................
4,548
322,851
Cie
Financiere
Richemont
SA
(Registered)
...............
60
9,621
Flughafen
Zurich
AG
(Registered)
(e)
.
67
12,276
Geberit
AG
(Registered)
.........
18
10,052
Givaudan
SA
(Registered)
........
8
26,038
Kuehne
+
Nagel
International
AG
(Registered)
...............
97
28,890
Lonza
Group
AG
(Registered)
.....
281
169,162
Nestle
SA
(Registered)
..........
9,137
1,114,080
Novartis
AG
(Registered)
........
985
90,441
Partners
Group
Holding
AG
.......
17
16,009
Roche
Holding
AG
.............
776
221,736
Sonova
Holding
AG
(Registered)
...
70
20,649
STMicroelectronics
NV
..........
1,921
102,358
Swisscom
AG
(Registered)
.......
15
9,573
TE
Connectivity
Ltd.
............
3,030
397,385
Security
Shares
Shares
Value
Switzerland
(continued)
VAT
Group
AG
(a)(c)
.............
24
$
8,671
2,559,792
Taiwan
—
0.5%
Chunghwa
Telecom
Co.
Ltd.
......
5,000
19,654
Far
EasTone
Telecommunications
Co.
Ltd.
.....................
4,000
9,886
MediaTek,
Inc.
................
1,000
25,926
Nan
Ya
Printed
Circuit
Board
Corp.
..
1,000
9,374
Oneness
Biotech
Co.
Ltd.
(e)
.......
1,000
8,807
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
33,000
578,313
Unimicron
Technology
Corp.
......
4,000
19,509
Wiwynn
Corp.
................
1,000
37,101
708,570
United
Arab
Emirates
—
0.0%
NMC
Health
plc
(d)(e)
.............
8,338
—
United
Kingdom
—
2.5%
Admiral
Group
plc
.............
389
9,768
Alphawave
IP
Group
plc
(e)
........
15,500
22,524
AstraZeneca
plc
..............
2,924
405,133
AstraZeneca
plc,
ADR
(f)
..........
3,866
268,339
Auto
Trader
Group
plc
(a)(c)
........
10,061
76,742
BAE
Systems
plc
..............
27,425
331,737
BP
plc
.....................
5,552
35,092
BP
plc,
ADR
(f)
................
734
27,848
British
American
Tobacco
plc
......
625
21,909
Burberry
Group
plc
.............
763
24,431
CNH
Industrial
NV
.............
2,450
37,488
Compass
Group
plc
............
22,571
567,244
Direct
Line
Insurance
Group
plc
....
4,932
8,378
Dr.
Martens
plc
...............
1,835
3,218
Experian
plc
.................
681
22,424
Exscientia
plc,
ADR
(e)
...........
8,550
45,315
Genius
Sports
Ltd.
(e)
............
5,166
25,727
Kingfisher
plc
................
4,422
14,294
Legal
&
General
Group
plc
.......
3,363
9,946
Lloyds
Banking
Group
plc
........
950,113
558,617
London
Stock
Exchange
Group
plc
..
860
83,532
National
Grid
plc
(f)
.............
510
6,899
NatWest
Group
plc
.............
10,201
33,286
Spirax-Sarco
Engineering
plc
......
861
126,414
Standard
Chartered
plc
..........
866
6,563
Unilever
plc
..................
16,801
870,612
3,643,480
United
States
—
33.1%
3M
Co.
.....................
208
21,863
Abbott
Laboratories
............
6,980
706,795
AbbVie,
Inc.
.................
2,367
377,229
Activision
Blizzard,
Inc.
..........
2,825
241,792
Adobe,
Inc.
(e)
.................
277
106,747
Advance
Auto
Parts,
Inc.
.........
154
18,728
Advanced
Micro
Devices,
Inc.
(e)
....
4,197
411,348
Agilent
Technologies,
Inc.
........
89
12,312
Air
Products
&
Chemicals,
Inc.
.....
2,015
578,728
Airbnb,
Inc.,
Class
A
(e)
...........
130
16,172
Akamai
Technologies,
Inc.
(e)
.......
246
19,262
Albemarle
Corp.
(f)
..............
1,349
298,183
Alexandria
Real
Estate
Equities,
Inc.
.
40
5,024
Allegion
plc
..................
573
61,156
Alliant
Energy
Corp.
............
266
14,204
Allstate
Corp.
(The)
............
246
27,259
Alphabet,
Inc.,
Class
C
(e)
.........
18,782
1,953,328
Altria
Group,
Inc.
..............
668
29,806
BlackRock
Global
Allocation
Portfolio
6
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Shares
Shares
Value
United
States
(continued)
Amazon.com,
Inc.
(e)(h)
...........
15,035
$
1,552,965
American
International
Group,
Inc.
..
363
18,281
American
Tower
Corp.
..........
2,682
548,040
AmerisourceBergen
Corp.
........
283
45,311
Amgen,
Inc.
.................
239
57,778
ANSYS,
Inc.
(e)
................
473
157,414
APA
Corp.
..................
193
6,960
Apple,
Inc.
..................
13,714
2,261,439
Applied
Materials,
Inc.
..........
2,875
353,136
Aptiv
plc
(e)
...................
2,212
248,164
Archer-Daniels-Midland
Co.
.......
10,581
842,882
Astra
Space,
Inc.,
Class
A
(e)
.......
5,839
2,482
AT&T,
Inc.
...................
713
13,725
Atlas
Energy
Solutions,
Inc.,
Class
A
(e)
581
9,894
Automatic
Data
Processing,
Inc.
....
108
24,044
AutoZone,
Inc.
(e)
..............
23
56,537
Baker
Hughes
Co.,
Class
A
.......
361
10,418
Ball
Corp.
(f)
..................
180
9,920
Bank
of
America
Corp.
..........
3,041
86,973
Baxter
International,
Inc.
.........
354
14,358
Berkshire
Hathaway,
Inc.,
Class
B
(e)
.
162
50,021
Booking
Holdings,
Inc.
(e)
.........
51
135,273
Boston
Scientific
Corp.
(e)(f)(h)
.......
20,461
1,023,664
Broadcom,
Inc.
...............
20
12,831
Brown-Forman
Corp.,
Class
B
.....
571
36,698
Bunge
Ltd.
..................
3,039
290,285
Cadence
Design
Systems,
Inc.
(e)
...
1,151
241,814
California
Resources
Corp.
.......
753
28,990
Cardinal
Health,
Inc.
............
636
48,018
Carrier
Global
Corp.
............
685
31,339
CDW
Corp.
..................
83
16,176
Centene
Corp.
(e)
..............
434
27,433
CF
Industries
Holdings,
Inc.
.......
5,841
423,414
Charles
Schwab
Corp.
(The)
......
8,521
446,330
Charter
Communications,
Inc.,
Class
A
(e)
.....................
726
259,625
Cheniere
Energy,
Inc.
...........
123
19,385
Chesapeake
Energy
Corp.
(f)
.......
525
39,921
Chevron
Corp.
................
249
40,627
Chipotle
Mexican
Grill,
Inc.
(e)
......
46
78,581
Chubb
Ltd.
..................
3,527
684,873
Cigna
Group
(The)
.............
204
52,128
Cintas
Corp.
.................
47
21,746
Cisco
Systems,
Inc.
............
1,152
60,221
CME
Group,
Inc.,
Class
A
........
318
60,903
Coca-Cola
Co.
(The)
...........
746
46,274
Colgate-Palmolive
Co.
..........
572
42,986
Comcast
Corp.,
Class
A
.........
7,972
302,219
ConocoPhillips
...............
2,556
253,581
Constellation
Brands,
Inc.,
Class
A
..
273
61,668
Copart,
Inc.
(e)
................
534
40,162
Costco
Wholesale
Corp.
.........
1,405
698,102
Coterra
Energy,
Inc.
............
756
18,552
Crowdstrike
Holdings,
Inc.,
Class
A
(e)
.
1,171
160,731
Crown
Castle,
Inc.
.............
63
8,432
Crown
Holdings,
Inc.
...........
153
12,655
Crown
PropTech
Acquisitions
(d)(e)
...
1,464
937
Crown
PropTech
Acquisitions
(e)(f)
....
845
8,475
CVS
Health
Corp.
.............
152
11,295
Datadog,
Inc.,
Class
A
(e)
.........
344
24,995
Davidson
Kempner
Merchant
Co-
Invest
Fund
LP,
(Acquired
04/07/21,
cost
$36,787)
(e)(g)(i)
...........
—
(j)
167,315
Deere
&
Co.
(f)
................
868
358,380
Dell
Technologies,
Inc.,
Class
C
....
301
12,103
Security
Shares
Shares
Value
United
States
(continued)
Delta
Air
Lines,
Inc.
(e)
...........
3,014
$
105,249
Devon
Energy
Corp.
............
297
15,031
Dexcom,
Inc.
(e)
...............
2,676
310,898
Domino's
Pizza,
Inc.
............
364
120,073
Dow,
Inc.
...................
595
32,618
Dynatrace,
Inc.
(e)
..............
400
16,920
eBay,
Inc.
...................
710
31,503
Ecolab,
Inc.
.................
63
10,428
Edison
International
............
723
51,037
Edwards
Lifesciences
Corp.
(e)
.....
2,826
233,795
Element
Solutions,
Inc.
..........
1,362
26,300
Eli
Lilly
&
Co.
................
1,405
482,505
Energy
Transfer
LP
(f)
...........
1,566
19,528
EOG
Resources,
Inc.
...........
44
5,044
Epic
Games,
Inc.,
(Acquired
07/02/20,
cost
$189,750)
(d)(e)(g)
..........
330
237,240
EQT
Corp.
..................
10,414
332,311
Essex
Property
Trust,
Inc.
........
34
7,111
Eversource
Energy
............
724
56,660
Expedia
Group,
Inc.
(e)
...........
178
17,271
Extra
Space
Storage,
Inc.
........
61
9,939
Exxon
Mobil
Corp.
.............
378
41,451
F5,
Inc.
(e)(f)
..................
2,639
384,476
Fanatics
Holdings
Inc.,
Class
A,
(Acquired
08/17/22,
cost
$301,006)
(d)
(e)(g)
.....................
4,437
332,864
Fastenal
Co.
.................
510
27,509
Ferguson
plc
.................
139
18,377
Fidelity
National
Information
Services,
Inc.
.....................
771
41,888
First
Republic
Bank
............
137
1,917
First
Solar,
Inc.
(e)
..............
57
12,397
FleetCor
Technologies,
Inc.
(e)
......
143
30,152
Floor
&
Decor
Holdings,
Inc.,
Class
A
(e)
(f)
.......................
912
89,577
Fortinet,
Inc.
(e)
................
3,314
220,248
Fortive
Corp.
.................
10,755
733,168
Fox
Corp.,
Class
A
(f)
............
176
5,993
Freeport-McMoRan,
Inc.
(h)
........
10,916
446,574
Gartner,
Inc.
(e)
................
78
25,410
Gen
Digital,
Inc.
...............
1,761
30,219
Generac
Holdings,
Inc.
(e)
.........
71
7,669
General
Motors
Co.
............
1,949
71,489
Genuine
Parts
Co.
.............
49
8,198
Gilead
Sciences,
Inc.
...........
815
67,621
Global
Payments,
Inc.
..........
189
19,890
Goldman
Sachs
Group,
Inc.
(The)
..
141
46,122
Grand
Rounds,
Inc.,
(Acquired
02/11/22,
cost
$179,056)
(d)(e)(g)
...
67,553
85,792
Green
Plains,
Inc.
(e)
............
1,170
36,258
GSK
plc
....................
1,451
25,638
Halliburton
Co.
...............
2,454
77,645
Healthpeak
Properties,
Inc.
.......
1,564
34,361
Hewlett
Packard
Enterprise
Co.
....
3,073
48,953
Hilton
Worldwide
Holdings,
Inc.
....
2,570
362,036
Honeywell
International,
Inc.
......
113
21,597
Humana,
Inc.
................
1,421
689,839
iHeartMedia,
Inc.,
Class
A
(e)
.......
60
234
Illinois
Tool
Works,
Inc.
..........
33
8,034
Informatica,
Inc.,
Class
A
(e)(f)
.......
2,371
38,884
Intel
Corp.
..................
460
15,028
Intercontinental
Exchange,
Inc.
....
253
26,385
Intuit,
Inc.
...................
439
195,719
Intuitive
Surgical,
Inc.
(e)
..........
1,536
392,402
BlackRock
Global
Allocation
Portfolio
7
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Shares
Shares
Value
United
States
(continued)
Jawbone
Health
Hub,
Inc.,
(Acquired
01/24/17,
cost
$0)
(d)(e)(g)
........
6,968
$
—
JBS
SA
....................
3,338
11,723
Johnson
&
Johnson
............
3,696
572,880
Johnson
Controls
International
plc
..
299
18,006
JPMorgan
Chase
&
Co.
.........
2,024
263,747
Kellogg
Co.
..................
183
12,254
Keurig
Dr
Pepper,
Inc.
..........
273
9,631
Kimberly-Clark
Corp.
...........
141
18,925
Kinder
Morgan,
Inc.
............
1,302
22,798
KLA
Corp.
...................
607
242,296
Kroger
Co.
(The)
..............
354
17,477
Latch,
Inc.
(e)
.................
4,082
3,111
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A
(e)
.................
5,825
163,624
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
C
(e)
.................
6,758
189,157
Lincoln
National
Corp.
..........
181
4,067
Linde
plc
...................
262
93,125
Lions
Gate
Entertainment
Corp.,
Class
A
(e)(f)
....................
3,241
35,878
Live
Nation
Entertainment,
Inc.
(e)
...
126
8,820
Lockheed
Martin
Corp.
..........
546
258,111
Lookout,
Inc.,
(Acquired
03/04/15,
cost
$16,643)
(d)(e)(g)
..............
1,457
3,744
Lowe's
Cos.,
Inc.
..............
434
86,787
LPL
Financial
Holdings,
Inc.
.......
3,265
660,836
Lululemon
Athletica,
Inc.
(e)
........
81
29,499
LyondellBasell
Industries
NV,
Class
A
705
66,192
Marathon
Oil
Corp.
.............
9,421
225,727
Marathon
Petroleum
Corp.
.......
514
69,303
Marsh
&
McLennan
Cos.,
Inc.
(h)
....
6,162
1,026,281
Masco
Corp.
.................
923
45,892
Masimo
Corp.
(e)
...............
401
74,001
Mastercard,
Inc.,
Class
A
.........
3,059
1,111,671
McDonald's
Corp.
(h)
............
1,704
476,455
McKesson
Corp.
..............
269
95,777
Merck
&
Co.,
Inc.
..............
7,864
836,651
Meta
Platforms,
Inc.,
Class
A
(e)
.....
139
29,460
MetLife,
Inc.
.................
288
16,687
Mettler-Toledo
International,
Inc.
(e)
..
19
29,074
MGM
Resorts
International
.......
1,178
52,327
Microchip
Technology,
Inc.
........
181
15,164
Micron
Technology,
Inc.
..........
5,977
360,652
Microsoft
Corp.
(h)
..............
12,276
3,539,171
Mirion
Technologies,
Inc.,
Class
A
(e)
.
1,997
17,054
Mirion
Technologies,
Inc.,
Class
A
(e)
.
20,100
171,654
Moody's
Corp.
................
81
24,788
Morgan
Stanley
(f)
..............
300
26,340
Mr
Cooper
Group,
Inc.
(e)
.........
798
32,694
Netflix,
Inc.
(e)
.................
24
8,292
Newmont
Corp.
...............
316
15,490
NextEra
Energy,
Inc.
...........
10,319
795,389
NIKE,
Inc.,
Class
B
............
779
95,537
Northrop
Grumman
Corp.
........
1,651
762,300
NRG
Energy,
Inc.
..............
234
8,024
Nucor
Corp.
.................
65
10,041
NVIDIA
Corp.
................
1,452
403,322
Offerpad
Solutions,
Inc.,
Class
A
(e)
..
5,726
3,018
Omnicom
Group,
Inc.
...........
68
6,415
Opendoor
Technologies,
Inc.
(e)
.....
5,720
10,067
Otis
Worldwide
Corp.
...........
1,106
93,346
Palo
Alto
Networks,
Inc.
(e)
........
1,067
213,123
Park
Hotels
&
Resorts,
Inc.
(f)
......
997
12,323
Paycom
Software,
Inc.
(e)
.........
197
59,890
Security
Shares
Shares
Value
United
States
(continued)
Peloton
Interactive,
Inc.,
Class
A
(e)(f)
.
4,129
$
46,823
PepsiCo,
Inc.
................
548
99,900
Pfizer,
Inc.
..................
3,082
125,746
Philip
Morris
International,
Inc.
.....
141
13,712
Phillips
66
...................
414
41,971
Playstudios,
Inc.
(e)
.............
6,121
22,586
Procter
&
Gamble
Co.
(The)
......
118
17,545
Proof
Acquisition
Corp.
I
(d)(e)
.......
807
638
Public
Storage
................
228
68,888
Rockwell
Automation,
Inc.
........
699
205,122
RXO,
Inc.
(e)
..................
413
8,111
S&P
Global,
Inc.
..............
497
171,351
Salesforce,
Inc.
(e)
..............
1,323
264,309
Sarcos
Technology
&
Robotics
Corp.
(e)
1,371
651
Sarcos
Technology
&
Robotics
Corp.
(e)
687
281
Sarcos
Technology
&
Robotics
Corp.
(e)
27,575
13,090
Schlumberger
NV
.............
2,860
140,426
Schneider
Electric
SE
...........
158
26,406
Seagate
Technology
Holdings
plc
(f)
..
354
23,406
Sealed
Air
Corp.
..............
704
32,321
Sempra
Energy
...............
5,938
897,588
ServiceNow,
Inc.
(e)
.............
51
23,701
Sirius
XM
Holdings,
Inc.
.........
1,166
4,629
Snorkel
AI,
Inc.,
Series
B
(Acquired
06/30/21,
cost
$7,945)
(d)(e)(g)
.....
529
3,766
Snowflake,
Inc.,
Class
A
(e)
........
48
7,406
Sonder
Holdings,
Inc.,
Class
A
(e)
....
6,340
4,800
Starbucks
Corp.
...............
3,777
393,299
Sun
Country
Airlines
Holdings,
Inc.
(e)
.
7,468
153,094
Symbotic
Corp.,
Class
A
(e)
........
1,738
38,531
Symbotic
Corp.,
Class
A
(e)(f)
.......
228
5,208
Synchrony
Financial
............
440
12,795
Synopsys,
Inc.
(e)
..............
28
10,815
Tapestry,
Inc.
.................
719
30,996
Tesla,
Inc.
(e)(h)
................
1,995
413,883
Texas
Instruments,
Inc.
..........
186
34,598
Thermo
Fisher
Scientific,
Inc.
(h)
.....
1,471
847,840
TJX
Cos.,
Inc.
(The)
............
4,164
326,291
Trane
Technologies
plc
..........
270
49,675
TransDigm
Group,
Inc.
..........
108
79,601
Transocean
Ltd.
(e)(f)
.............
6,558
41,709
Travelers
Cos.,
Inc.
(The)
........
266
45,595
Truist
Financial
Corp.
...........
466
15,891
Union
Pacific
Corp.
............
379
76,278
United
Airlines
Holdings,
Inc.
(e)
.....
459
20,311
United
Parcel
Service,
Inc.,
Class
B
(f)
3,186
618,052
United
Rentals,
Inc.
............
113
44,721
UnitedHealth
Group,
Inc.
.........
2,913
1,376,655
US
Bancorp
.................
179
6,453
Valero
Energy
Corp.
............
4,002
558,679
VeriSign,
Inc.
(e)
...............
869
183,646
Verisk
Analytics,
Inc.
............
693
132,959
Vertiv
Holdings,
Class
A
(e)
........
6,932
95,662
VF
Corp.
...................
1,565
35,854
Visa,
Inc.,
Class
A
(f)
............
1,061
239,213
Vulcan
Materials
Co.
...........
1,712
293,711
Walgreens
Boots
Alliance,
Inc.
.....
1,303
45,058
Walmart,
Inc.
.................
2,306
340,020
Walt
Disney
Co.
(The)
(e)
.........
6,891
689,996
Waters
Corp.
(e)
...............
12
3,716
Wells
Fargo
&
Co.
.............
8,511
318,141
West
Pharmaceutical
Services,
Inc.
.
49
16,977
Whirlpool
Corp.
(f)
..............
262
34,589
Willis
Towers
Watson
plc
.........
74
17,196
Workday,
Inc.,
Class
A
(e)
.........
159
32,840
BlackRock
Global
Allocation
Portfolio
8
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Shares
Shares
Value
United
States
(continued)
Yum!
Brands,
Inc.
.............
78
$
10,302
Zions
Bancorp
NA
.............
103
3,083
Zoetis,
Inc.,
Class
A
............
1,332
221,698
Zscaler,
Inc.
(e)
................
856
100,006
48,270,188
Total
Common
Stocks
—
54.2%
(Cost:
$75,135,051)
..............................
78,925,073
Par
(000)
Pa
r
(
000)
Corporate
Bonds
Australia
—
0.3%
Quintis
Australia
Pty.
Ltd.
(a)(d)(k)
0.00%,
(0.00%
Cash
or
8.00%
PIK),
10/01/26
...............
USD
463
462,748
0.00%,
(0.00%
Cash
or
12.00%
PIK),
10/01/28
...........
414
13,957
476,705
Belgium
—
0.1%
Anheuser-Busch
Cos.
LLC,
3.65%
,
02/01/26
.................
29
28,464
Anheuser-Busch
InBev
Worldwide,
Inc.,
3.50%
,
06/01/30
............
49
46,198
74,662
Canada
—
0.3%
Garda
World
Security
Corp.,
7.75%
,
02/15/28
(a)
................
7
6,899
HR
Ottawa
LP,
11.00%
,
03/31/31
(a)
..
386
374,420
Nutrien
Ltd.,
4.90%
,
03/27/28
.....
15
14,996
Rogers
Communications,
Inc.,
3.80%
,
03/15/32
(a)
................
16
14,359
410,674
China
—
0.1%
NXP
BV
3.40%,
05/01/30
............
16
14,338
5.00%,
01/15/33
............
30
29,221
RKPF
Overseas
2019
A
Ltd.,
5.90%
,
03/05/25
(c)
................
200
167,000
210,559
Germany
—
0.2%
Adler
Pelzer
Holding
GmbH,
4.13%
,
04/01/24
(a)
................
EUR
139
126,325
APCOA
Parking
Holdings
GmbH,
(3-mo.
EURIBOR
at
5.00%
Floor
+
5.00%),
7.29%
,
01/15/27
(a)(b)
....
102
108,130
Caresyntax,
Inc.,
0.00%
,
12/31/24
(d)(l)
USD
8
8,982
TK
Elevator
Midco
GmbH,
4.38%
,
07/15/27
(c)
................
EUR
100
97,876
341,313
India
—
0.1%
REI
Agro
Ltd.
(e)(m)(n)
5.50%,
11/13/14
(a)
...........
USD
220
1,825
5.50%,
11/13/14
(c)(d)
..........
152
—
TML
Holdings
Pte.
Ltd.,
4.35%
,
06/09/26
(c)
................
200
180,162
181,987
Security
Par
(000)
Par
(000)
Value
Israel
—
0.1%
Teva
Pharmaceutical
Finance
Netherlands
II
BV,
7.38%
,
09/15/29
EUR
100
$
109,498
Italy
—
0.3%
(a)
Castor
SpA,
(3-mo.
EURIBOR
at
5.25%
Floor
+
5.25%),
8.21%
,
02/15/29
(b)
100
103,378
Forno
d'Asolo
SpA,
(3-mo.
EURIBOR
at
5.50%
Floor
+
5.50%),
8.52%
,
04/30/27
(b)
................
178
167,946
Marcolin
SpA,
6.13%
,
11/15/26
....
100
90,990
362,314
Luxembourg
—
0.1%
(a)
Herens
Midco
SARL,
5.25%
,
05/15/29
100
71,902
Sani/Ikos
Financial
Holdings
1
SARL,
5.63%
,
12/15/26
............
100
100,208
172,110
Switzerland
—
0.1%
UBS
Group
AG,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.83%),
1.01%
,
07/30/24
(a)(b)
...............
USD
135
132,316
Thailand
—
0.1%
Kasikornbank
PCL,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.94%),
5.28%
(b)
(c)(o)
.....................
200
183,100
Turkey
—
0.1%
Bio
City
Development
Co.
BV,
8.00%
,
07/06/24
(a)(d)(e)(m)(n)
............
800
79,040
United
Arab
Emirates
—
0.0%
Shelf
Drilling
North
Sea
Holdings
Ltd.,
10.25%
,
10/31/25
(a)
..........
37
36,810
United
Kingdom
—
0.5%
Astrazeneca
Finance
LLC,
1.20%
,
05/28/26
.................
16
14,570
AstraZeneca
plc,
0.70%
,
04/08/26
..
56
50,396
BCP
V
Modular
Services
Finance
II
plc,
6.13%
,
11/30/28
(a)
...........
GBP
100
104,856
BCP
V
Modular
Services
Finance
plc,
6.75%
,
11/30/29
(a)
...........
EUR
128
110,310
Boparan
Finance
plc,
7.63%
,
11/30/25
(c)
.................
GBP
100
79,432
Deuce
Finco
plc,
5.50%
,
06/15/27
(a)
.
100
102,617
Inspired
Entertainment
Financing
plc,
7.88%
,
06/01/26
(a)
...........
100
116,884
Kane
Bidco
Ltd.,
5.00%
,
02/15/27
(a)
.
EUR
100
99,973
Virgin
Media
Secured
Finance
plc,
5.00%
,
04/15/27
(c)
...........
GBP
100
115,342
794,380
United
States
—
3.4%
Affinity
Interactive,
6.88%
,
12/15/27
(a)
USD
13
11,596
Alexandria
Real
Estate
Equities,
Inc.,
1.88%
,
02/01/33
............
29
21,724
Allegiant
Travel
Co.
(a)
8.50%,
02/05/24
............
154
154,000
7.25%,
08/15/27
............
18
17,919
Alliant
Energy
Corp.,
3.88%
,
03/15/26
(a)
(m)
......................
25
25,835
American
Tower
Corp.
2.10%,
06/15/30
............
16
13,072
BlackRock
Global
Allocation
Portfolio
9
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
2.70%,
04/15/31
............
USD
53
$
44,448
Amgen,
Inc.
5.15%,
03/02/28
............
70
71,471
2.30%,
02/25/31
............
16
13,466
2.00%,
01/15/32
............
16
13,025
3.35%,
02/22/32
............
49
44,223
Amkor
Technology,
Inc.,
6.63%
,
09/15/27
(a)
................
10
10,001
Aptiv
plc,
3.25%
,
03/01/32
........
16
13,935
Ardagh
Metal
Packaging
Finance
USA
LLC,
2.00%
,
09/01/28
(c)
.......
EUR
100
89,320
AT&T,
Inc.,
1.70%
,
03/25/26
......
USD
24
22,080
Autodesk,
Inc.,
3.50%
,
06/15/27
....
30
28,703
AvalonBay
Communities,
Inc.,
5.00%
,
02/15/33
.................
22
22,318
Bank
of
America
Corp.
(b)
(3-mo.
LIBOR
USD
+
0.99%),
2.50%,
02/13/31
..........
37
31,336
(1-Day
SOFR
+
2.15%),
2.59%,
04/29/31
...............
26
22,018
(1-Day
SOFR
+
1.53%),
1.90%,
07/23/31
...............
8
6,416
(1-Day
SOFR
+
1.37%),
1.92%,
10/24/31
...............
23
18,345
(1-Day
SOFR
+
1.32%),
2.69%,
04/22/32
...............
42
35,050
(1-Day
SOFR
+
1.21%),
2.57%,
10/20/32
...............
19
15,529
Becton
Dickinson
&
Co.,
3.70%
,
06/06/27
.................
37
35,748
Broadcom,
Inc.
4.15%,
11/15/30
............
16
14,838
2.45%,
02/15/31
(a)
...........
19
15,556
4.30%,
11/15/32
............
46
42,382
3.42%,
04/15/33
(a)
...........
64
53,549
Carrols
Restaurant
Group,
Inc.,
5.88%
,
07/01/29
(a)
................
20
16,100
CDI
Escrow
Issuer,
Inc.,
5.75%
,
04/01/30
(a)
................
17
16,419
Citigroup,
Inc.
(b)
(3-mo.
CME
Term
SOFR
+
1.60%),
3.98%,
03/20/30
..........
8
7,456
(1-Day
SOFR
+
1.15%),
2.67%,
01/29/31
...............
30
25,605
(1-Day
SOFR
+
2.11%),
2.57%,
06/03/31
...............
33
27,842
(1-Day
SOFR
+
1.17%),
2.56%,
05/01/32
...............
22
18,253
Cloud
Software
Group
Holdings,
Inc.,
6.50%
,
03/31/29
(a)
...........
20
17,692
Crown
Castle,
Inc.,
4.00%
,
03/01/27
.
22
21,312
CVS
Health
Corp.
3.25%,
08/15/29
............
31
28,350
3.75%,
04/01/30
............
16
14,968
1.75%,
08/21/30
............
43
34,957
2.13%,
09/15/31
............
33
26,977
Dell
International
LLC,
5.25%
,
02/01/28
29
29,282
Earthstone
Energy
Holdings
LLC,
8.00%
,
04/15/27
(a)
...........
68
65,982
Edison
International,
6.95%
,
11/15/29
16
17,309
Elevance
Health,
Inc.,
3.65%
,
12/01/27
41
39,620
Energy
Transfer
LP,
4.20%
,
09/15/23
16
15,941
EQM
Midstream
Partners
LP
(a)
7.50%,
06/01/27
............
5
5,020
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
7.50%,
06/01/30
............
USD
5
$
4,844
Equinix,
Inc.
2.90%,
11/18/26
............
23
21,389
1.55%,
03/15/28
............
34
28,799
FLYR,
Inc.,
(1-mo.
SOFR
at
0.50%
Floor
+
5.00%),
7.74%
,
0
5
/
1
0/27
(d)
49
45,203
Flyreel,
Inc.,
8.00%
,
07/20/23
(d)(m)
...
96
93,117
Freed
Corp.,
10.00%
,
12/0
7
/23
(d)
...
125
121,827
Freedom
Mortgage
Corp.
(a)
8.13%,
11/15/24
............
39
37,537
8.25%,
04/15/25
............
21
19,399
FreeWire
Technologies,
Inc.,
(3-mo.
CME
Term
SOFR
+
9
.00%),
14.91%
,
03/31/25
(b)(d)
...............
63
60,610
Frontier
Communications
Holdings
LLC
(a)
5.88%,
10/15/27
............
50
45,455
8.75%,
05/15/30
............
57
56,773
8.63%,
03/15/31
............
55
53,856
Frontier
Florida
LLC,
Series
E,
6.86%
,
02/01/28
.................
61
54,454
Frontier
North,
Inc.,
Series
G,
6.73%
,
02/15/28
.................
45
40,275
Full
House
Resorts,
Inc.,
8.25%
,
02/15/28
(a)
................
3
2,730
GCI
LLC,
4.75%
,
10/15/28
(a)
......
12
10,353
Gen
Digital,
Inc.
(a)
6.75%,
09/30/27
............
25
25,130
7.13%,
09/30/30
............
52
51,740
General
Motors
Financial
Co.,
Inc.,
2.70%
,
06/10/31
............
67
53,674
Gilead
Sciences,
Inc.,
2.95%
,
03/01/27
38
36,157
Goldman
Sachs
Group,
Inc.
(The)
(b)
(1-Day
SOFR
+
1.09%),
1.99%,
01/27/32
...............
33
26,361
(1-Day
SOFR
+
1.28%),
2.62%,
04/22/32
...............
24
19,992
(1-Day
SOFR
+
1.25%),
2.38%,
07/21/32
...............
27
21,921
GoTo
Group,
Inc.,
5.50%
,
09/01/27
(a)
.
35
17,910
HCA,
Inc.
5.88%,
02/15/26
............
21
21,311
3.50%,
09/01/30
............
42
37,409
Healthpeak
OP
LLC,
5.25%
,
12/15/32
10
10,029
Homes
by
West
Bay
LLC,
9.50%
,
04/30/27
(d)
................
146
133,225
Humana,
Inc.,
0.65%
,
08/03/23
....
15
14,788
JPMorgan
Chase
&
Co.
(b)
(3-mo.
LIBOR
USD
+
1.16%),
3.70%,
05/06/30
..........
8
7,437
(1-Day
SOFR
+
1.51%),
2.74%,
10/15/30
...............
24
20,951
(3-mo.
CME
Term
SOFR
+
1.11%),
1.76%,
11/19/31
..........
33
26,191
Kinetik
Holdings
LP,
5.88%
,
06/15/30
(a)
4
3,850
Kraft
Heinz
Foods
Co.,
6.75%
,
03/15/32
(p)
................
4
4,473
Lessen,
Inc.,
(3-mo.
CME
Term
SOFR
+
5.00%),
9.51%
,
01/05/28
(a)(b)(d)
..
151
144,931
Lightning
eMotors,
Inc.,
7.50%
,
05/15/24
(a)(m)
...............
27
14,850
Lions
Gate
Capital
Holdings
LLC,
5.50%
,
04/15/29
(a)
...........
62
40,765
BlackRock
Global
Allocation
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Lowe's
Cos.,
Inc.
4.80%,
04/01/26
............
USD
20
$
20,114
2.63%,
04/01/31
............
16
13,675
3.75%,
04/01/32
............
48
44,321
5.00%,
04/15/33
............
30
30,009
Marvell
Technology,
Inc.,
4.20%
,
06/22/23
.................
10
9,957
Mauser
Packaging
Solutions
Holding
Co.,
7.88%
,
08/15/26
(a)
........
137
137,000
Maxar
Technologies,
Inc.,
7.75%
,
06/15/27
(a)
................
45
47,022
Medline
Borrower
LP,
3.88%
,
04/01/29
(a)
................
8
6,940
Medtronic
Global
Holdings
SCA,
4.25%
,
03/30/28
............
40
39,936
Microchip
Technology,
Inc.,
0.97%
,
02/15/24
.................
35
33,600
Morgan
Stanley
(b)
(1-Day
SOFR
+
1.14%),
2.70%,
01/22/31
...............
3
2,584
(1-Day
SOFR
+
1.18%),
2.24%,
07/21/32
...............
9
7,221
Nationstar
Mortgage
Holdings,
Inc.
(a)
6.00%,
01/15/27
............
5
4,538
5.50%,
08/15/28
............
35
30,012
5.13%,
12/15/30
............
31
23,821
New
Home
Co.,
Inc.
(The),
7.25%
,
10/15/25
(a)
................
17
15,724
Newmont
Corp.,
2.60%
,
07/15/32
...
24
20,088
ONEOK
Partners
LP,
4.90%
,
03/15/25
79
78,486
Oracle
Corp.
2.30%,
03/25/28
............
40
35,797
2.95%,
04/01/30
............
26
22,957
4.65%,
05/06/30
............
7
6,816
2.88%,
03/25/31
............
58
49,631
Pacific
Gas
&
Electric
Co.
3.85%,
11/15/23
............
30
29,562
3.25%,
02/16/24
............
2
1,959
5.45%,
06/15/27
............
2
1,979
Paramount
Global,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.00%),
6.38%
,
03/30/62
(b)
................
31
24,567
Pitney
Bowes,
Inc.,
6.88%
,
03/15/27
(a)
84
66,525
Playtika
Holding
Corp.,
4.25%
,
03/15/29
(a)
................
17
14,152
Prologis
LP,
2.25%
,
01/15/32
......
10
8,225
Rand
Parent
LLC,
8.50%
,
02/15/30
(a)
103
96,820
Regal
Rexnord
Corp.,
6.05%
,
02/15/26
(a)
................
10
10,044
Republic
Services,
Inc.,
4.88%
,
04/01/29
.................
15
15,162
Sabre
GLBL,
Inc.
(a)
9.25%,
04/15/25
............
54
50,868
7.38%,
09/01/25
............
20
17,870
11.25%,
12/15/27
...........
32
29,819
Seagate
HDD
Cayman,
9.63%
,
12/01/32
(a)
................
45
50,430
Service
Properties
Trust
4.35%,
10/01/24
............
6
5,739
4.50%,
03/15/25
............
16
14,702
7.50%,
09/15/25
............
23
22,695
Skyworks
Solutions,
Inc.,
0.90%
,
06/01/23
.................
10
9,916
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Southern
California
Edison
Co.
1.10%,
04/01/24
............
USD
15
$
14,418
5.95%,
11/01/32
............
20
21,665
Spirit
AeroSystems,
Inc.,
7.50%
,
04/15/25
(a)
................
5
5,000
Sprint
LLC,
7.88%
,
09/15/23
......
49
49,362
Steel
Dynamics,
Inc.,
5.00%
,
12/15/26
3
2,995
Stem,
Inc.,
0.50%
,
12/01/28
(a)(m)
....
6
3,390
Tap
Rock
Resources
LLC,
7.00%
,
10/01/26
(a)
................
77
67,456
T-Mobile
USA,
Inc.
3.88%,
04/15/30
............
8
7,507
3.50%,
04/15/31
............
24
21,580
2.70%,
03/15/32
............
38
32,009
Topaz
Solar
Farms
LLC,
5.75%
,
09/30/39
(a)
................
36
34,457
Transocean
Titan
Financing
Ltd.,
8.38%
,
02/01/28
(a)
...........
12
12,349
Transocean,
Inc.,
8.75%
,
02/15/30
(a)
.
12
12,240
Union
Pacific
Corp.,
3.00%
,
04/15/27
30
28,620
UnitedHealth
Group,
Inc.
4.25%,
01/15/29
............
101
100,254
5.35%,
02/15/33
............
65
69,082
Uniti
Group
LP,
10.50%
,
02/15/28
(a)
..
38
36,860
Verizon
Communications,
Inc.
3.15%,
03/22/30
............
49
44,634
2.55%,
03/21/31
............
104
88,597
Vertiv
Group
Corp.,
4.13%
,
11/15/28
(a)
32
28,235
Viasat,
Inc.,
5.63%
,
04/15/27
(a)
.....
48
45,072
VICI
Properties
LP,
5.63%
,
05/01/24
(a)
5
4,956
Vistra
Operations
Co.
LLC
(a)
5.13%,
05/13/25
............
20
19,490
5.63%,
02/15/27
............
79
76,659
VMware,
Inc.,
2.20%
,
08/15/31
....
16
12,667
Western
Digital
Corp.,
1.50%
,
02/01/24
(m)(p)
...............
70
67,480
Wynn
Las
Vegas
LLC,
5.50%
,
03/01/25
(a)
................
4
3,925
Xerox
Holdings
Corp.,
5.00%
,
08/15/25
(a)
................
86
81,139
4,910,085
Total
Corporate
Bonds
—
5.8%
(Cost:
$10,551,062)
..............................
8,475,553
Floating
Rate
Loan
Interests
Belgium
—
0.1%
Apollo
Finco
BV,
Facility
Term
Loan
B,
(6-mo.
EURIBOR
+
4.85%),
7.60%
,
10/02/28
(b)(d)
..........
EUR
126
92,592
Canada
—
0.1%
Knowlton
Development
Corp.,
Inc.,
Term
Loan,
(1-mo.
EURIBOR
+
5.00%),
7.91%
,
12/22/25
(b)
.....
186
198,216
France
—
0.1%
Babilou
Family,
Facility
Term
Loan,
(3-mo.
EURIBOR
+
4.00%),
6.13%
,
11/17/27
(b)
...........
214
224,292
BlackRock
Global
Allocation
Portfolio
11
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Germany
—
0.1%
Iris
BidCo
GmbH,
Facility
Term
Loan
B,
(3-mo.
EURIBOR
+
5.00%),
7.49%
,
06/29/28
(b)
...........
EUR
93
$
86,216
Jersey,
Channel
Islands
—
0.1%
(b)(d)
Vita
Global
FinCo
Ltd.,
Facility
Term
Loan,
(SONIA
6
Month
+
7.00%),
11.18%
,
07/06/27
...........
GBP
39
45,021
Vita
Global
FinCo
Ltd.,
Term
Loan,
(6-mo.
EURIBOR
+
7.00%),
9.44%
,
01/01/28
............
EUR
65
65,880
110,901
Luxembourg
—
0.1%
(b)(d)
Luxembourg
Life
Fund
II
-
Absolute
Return
Fund
III,
Delayed
Draw
Term
Loan,
(3-mo.
LIBOR
USD
+
9.25%),
13.93%
,
01/01/28
...........
USD
15
14,519
Luxembourg
Life
Fund
II
-
Absolute
Return
Fund
III,
Term
Loan,
(3-mo.
LIBOR
USD
+
11.50%),
13.98%
,
01/01/28
...........
94
93,539
108,058
Netherlands
—
0.4%
(b)
Cypher
Bidco
BV,
Term
Loan,
(6-mo.
EURIBOR
+
4.50%),
6.61%
,
01/01/28
(d)
...........
EUR
154
154,844
Median
BV,
Facility
Term
Loan
B1,
(6-mo.
EURIBOR
+
5.00%),
7.75%
,
10/14/27
............
100
93,233
Ziggo
BV,
Facility
Term
Loan
H,
(6-mo.
EURIBOR
+
3.00%),
6.10%
,
01/31/29
............
311
317,165
565,242
Sweden
—
0.0%
Unique
BidCo
AB,
Facility
Term
Loan
B,
(3-mo.
EURIBOR
+
5.25%),
8.23%
,
03/16/29
(b)
...........
70
71,408
United
States
—
1.3%
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
LIBOR
USD
at
0.75%
Floor
+
4.75%),
9.53%
,
02/02/26
(b)
...........
USD
73
69,654
Altar
BidCo,
Inc.,
2nd
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.60%),
10.49%
,
02/01/30
(b)
79
68,754
American
Auto
Auction
Group
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.05%
,
12/30/27
(b)
..........
24
20,791
Avaya,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
10.00%),
14.48%
,
12/15/27
(b)
..........
4
860
City
Brewing
Co.
LLC,
1st
Lien
Term
Loan,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
3.50%),
8.33%
,
04/05/28
(b)
18
7,135
DirecTV
Financing
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.75%
Floor
+
5.00%),
9.84%
,
08/02/27
(b)
.....
42
39,941
DRI
Holding,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
5.25%),
10.09%
,
12/21/28
(b)
.....
28
24,636
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
DS
Parent,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.75%),
10.79%
,
12/10/28
(b)
.....
USD
41
$
39,737
ECL
Entertainment
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.50%),
12.42%
,
05/01/28
(b)
62
61,510
Emerald
Technologies
US
AcquisitionCo.,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.25%),
11.16%
,
12/29/27
(b)
32
30,245
Galaxy
Brands,
Term
Loan,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
5.75%),
9.07%
,
01/01/38
(b)(d)
....
199
191,259
GoTo
Group,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
LIBOR
USD
+
4.75%),
9.59%
,
08/31/27
(b)
...........
98
55,379
Green
Plains
Operating
Co.
LLC,
Term
Loan,
(3-mo.
LIBOR
USD
+
8.00%),
11.29%
,
07/20/26
(b)(d)
.........
119
118,262
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.64%
,
06/22/26
(b)
.....
151
150,625
Hydrofarm
Holdings
Group,
Inc.,
Term
Loan,
(1-mo.
LIBOR
USD
at
1.00%
Floor
+
5.50%),
10.35%
,
10/25/28
(b)
(d)
......................
21
18,042
Indicor
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.40%
,
11/22/29
(b)
.....
76
75,321
J&J
Ventures
Gaming
LLC,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
4.00%),
9.16%
,
04/26/28
(b)
.....
35
33,780
Jack
Ohio
Finance
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.75%
Floor
+
4.75%),
9.59%
,
10/04/28
(b)
.....
16
15,122
Kronos
Acquisition
Holdings,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.00%),
11.02%
,
12/22/26
(b)
..........
15
14,330
Maverick
Gaming
LLC,
Facility
Term
Loan
B,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
7.50%),
12.45%
,
09/03/26
(b)
..........
27
17,953
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.00%
,
01/24/30
(b)
4
2,983
Nielsen
Consumer,
Inc.,
Term
Loan
B,
03/06/28
(b)(q)
...............
EUR
225
221,441
OD
Intermediate
SUBI
Holdco
II
LLC,
Term
Loan,
0.00%
-
10.00%
,
04/01/26
(d)(r)
.........
USD
166
156,835
OVG
Business
Services
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
at
1.00%
Floor
+
6.25%),
11.10%
,
11/20/28
(b)
(d)
......................
53
51,856
ProFrac
Holdings
II
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.25%),
12.10%
,
03/04/25
(b)
43
42,287
Redstone
HoldCo
2
LP,
1st
Lien
Term
Loan,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
4.75%),
9.57%
,
04/27/28
(b)
70
54,452
Redstone
HoldCo
2
LP,
2nd
Lien
Term
Loan,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
7.75%),
12.56%
,
04/27/29
(b)
50
27,893
BlackRock
Global
Allocation
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
4.00%),
8.83%
,
03/16/27
(b)
...........
USD
57
$
55,607
Signal
Parent,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.31%
,
04/03/28
(b)
.....
35
22,824
Sonder
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
9.00%),
12.60% 01/19/27
(b)(d)
....
163
146,970
Talen
Energy
Supply
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
9.51%
-
9.57%
,
11/13/23
(b)
...........
82
81,939
Vaco
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.05%
,
01/21/29
(b)
.....
33
31,936
1,950,359
Total
Floating
Rate
Loan
Interests
—
2.3%
(Cost:
$3,707,082)
..............................
3,407,284
Foreign
Government
Obligations
Argentina
—
0.1%
Argentine
Republic
(The)
1.00%,
07/09/29
............
30
8,134
0.50%,
07/09/30
(p)
...........
295
84,954
1.50%,
07/09/35
(p)
...........
331
85,153
3.88%,
01/09/38
(p)
...........
119
36,698
214,939
Brazil
—
0.2%
Federative
Republic
of
Brazil
10.00%,
01/01/25
...........
BRL
1
182,793
10.00%,
01/01/27
...........
—
78,370
261,163
Canada
—
0.5%
Canadian
Government
Bond,
0.25%
,
03/01/26
.................
CAD
1,062
718,687
Colombia
—
0.1%
Republic
of
Colombia
5.75%,
11/03/27
............
COP
208,800
36,201
7.00%,
03/26/31
............
349,800
57,787
7.00%,
06/30/32
............
877,500
139,738
233,726
Czech
Republic
—
0.3%
Czech
Republic
5.50%,
12/12/28
............
CZK
1,500
71,618
5.00%,
09/30/30
............
5,610
263,593
1.20%,
03/13/31
............
3,230
114,757
449,968
Indonesia
—
0.3%
Republic
of
Indonesia
8.25%,
05/15/36
............
IDR
1,925,000
141,860
7.13%,
06/15/38
............
3,841,000
259,509
401,369
Mexico
—
0.6%
United
Mexican
States
8.50%,
05/31/29
............
MXN
23
126,496
7.75%,
05/29/31
............
96
497,917
Security
Par
(000)
Par
(000)
Value
Mexico
(continued)
7.50%,
05/26/33
............
MXN
42
$
214,640
839,053
South
Africa
—
0.3%
Republic
of
South
Africa
8.00%,
01/31/30
............
ZAR
1,776
90,848
8.25%,
03/31/32
............
1,173
57,421
9.00%,
01/31/40
............
4,603
210,042
8.75%,
01/31/44
............
793
34,493
392,804
Spain
—
2.9%
(a)(c)
Bonos
y
Obligaciones
del
Estado
2.55%,
10/31/32
............
EUR
1,911
1,951,240
3.15%,
04/30/33
............
1,644
1,755,283
3.90%,
07/30/39
............
176
195,647
2.90%,
10/31/46
............
173
163,941
Kingdom
of
Spain,
3.45%
,
07/30/66
.
185
183,275
4,249,386
Total
Foreign
Government
Obligations
—
5.3%
(Cost:
$8,184,939)
..............................
7,761,095
Shares
Shares
Investment
Companies
Health
Care
Select
Sector
SPDR
Fund
(f)
...................
322
41,686
Industrial
Select
Sector
SPDR
Fund
(f)
928
93,895
Invesco
Municipal
Opportunity
Trust
.
1,407
13,803
Invesco
Municipal
Trust
.........
1,398
13,868
Invesco
QQQ
Trust
1,
Series
1
(f)
....
2,300
738,139
Invesco
Quality
Municipal
Income
Trust
1,385
13,822
Invesco
Trust
for
Investment
Grade
Municipals
................
1,376
13,678
Invesco
Value
Municipal
Income
Trust
1,379
16,824
iShares
0-5
Year
TIPS
Bond
ETF
(s)
..
1,425
141,403
iShares
Biotechnology
ETF
(f)(s)
.....
153
19,761
iShares
China
Large-Cap
ETF
(f)(s)
...
545
16,094
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(f)(s)
...............
2,656
200,661
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(f)(s)
.......
5,072
555,942
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(f)(h)(s)
........
18,407
1,588,156
iShares
Latin
America
40
ETF
(f)(s)
...
2,948
70,369
iShares
MSCI
Brazil
ETF
(f)(s)
.......
3,320
90,902
iShares
MSCI
Emerging
Markets
ETF
(f)
(s)
......................
429
16,928
KraneShares
CSI
China
Internet
ETF
(e)
(f)
.......................
7,107
221,667
Nuveen
Municipal
Value
Fund,
Inc.
..
2,293
20,201
SPDR
Bloomberg
High
Yield
Bond
ETF
(f)
....................
599
55,599
SPDR
Gold
Shares
(e)(i)
..........
1,814
332,361
SPDR
S&P
500
ETF
Trust
(f)
.......
400
163,756
SPDR
S&P
Metals
&
Mining
ETF
(f)
..
436
23,178
United
States
Oil
Fund
LP
(e)
.......
659
43,784
VanEck
JPMorgan
EM
Local
Currency
Bond
ETF
.................
3,124
78,881
VanEck
Semiconductor
ETF
(e)(f)
....
221
58,165
Total
Investment
Companies
—
3.2%
(Cost:
$4,536,481)
..............................
4,643,523
BlackRock
Global
Allocation
Portfolio
13
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Pa
r
(
000)
Value
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
0.5%
United
States
—
0.5%
(a)(b)
Federal
Home
Loan
Mortgage
Corp.
STACR
Trust
Variable
Rate
Notes,
Series
2022-DNA1,
Class
B1,
(SOFR
30
Day
Average
+
3.40%),
7.96%,
01/25/42
............
USD
17
$
15,428
JP
Morgan
Mortgage
Trust
Series
2021-INV5,
Class
A2A,
2.50%,
12/25/51
..........
517
418,462
Series
2021-INV7,
Class
A3A,
2.50%,
02/25/52
..........
203
177,651
Series
2021-INV7,
Class
A4A,
2.50%,
02/25/52
..........
78
52,332
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.55%
Floor
+
2.55%),
7.36%,
10/25/39
.
96
95,339
759,212
Commercial
Mortgage-Backed
Securities
—
1.8%
Bermuda
—
0.1%
RIAL
Issuer
Ltd.,
Series
2022-FL8,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
6.99%,
01/19/37
(a)(b)
...............
100
97,818
Cayman
Islands
—
0.1%
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-W10,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.37%
Floor
+
3.37%),
8.20%,
12/15/34
(a)(b)
100
91,311
United
States
—
1.6%
BANK,
Series
2017-BNK9,
Class
A4,
3.54%,
11/15/54
............
17
16,168
Beast
Mortgage
Trust
(a)(b)
Series
2021-SSCP,
Class
A,
(1-mo.
LIBOR
USD
at
0.75%
Floor
+
0.75%),
5.43%,
04/15/36
....
15
14,255
Series
2021-SSCP,
Class
B,
(1-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
5.78%,
04/15/36
....
27
25,643
Series
2021-SSCP,
Class
C,
(1-mo.
LIBOR
USD
at
1.35%
Floor
+
1.35%),
6.03%,
04/15/36
....
37
34,944
Series
2021-SSCP,
Class
D,
(1-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.28%,
04/15/36
....
33
30,817
Series
2021-SSCP,
Class
E,
(1-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
6.78%,
04/15/36
....
37
34,334
Series
2021-SSCP,
Class
F,
(1-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
7.58%,
04/15/36
....
24
22,504
Series
2021-SSCP,
Class
G,
(1-mo.
LIBOR
USD
at
3.80%
Floor
+
3.80%),
8.48%,
04/15/36
....
39
36,552
Series
2021-SSCP,
Class
H,
(1-mo.
LIBOR
USD
at
4.90%
Floor
+
4.90%),
9.59%,
04/15/36
....
18
16,889
Benchmark
Mortgage
Trust,
Series
2021-B25,
Class
A5,
2.58%,
04/15/54
.................
46
37,665
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
BX
Commercial
Mortgage
Trust
(a)(b)
Series
2019-XL,
Class
J,
(1-mo.
CME
Term
SOFR
at
2.76%
Floor
+
2.76%),
7.59%,
10/15/36
...
USD
85
$
81,230
Series
2021-SOAR,
Class
G,
(1-mo.
LIBOR
USD
at
2.80%
Floor
+
2.80%),
7.49%,
06/15/38
....
105
96,739
Series
2021-VINO,
Class
F,
(1-mo.
LIBOR
USD
at
2.80%
Floor
+
2.80%),
7.49%,
05/15/38
....
100
89,967
Series
2021-XL2,
Class
F,
(1-mo.
LIBOR
USD
at
2.24%
Floor
+
2.24%),
6.93%,
10/15/38
....
113
104,893
BX
Trust
(a)(b)
Series
2019-OC11,
Class
D,
3.94%,
12/09/41
...............
64
52,813
Series
2019-OC11,
Class
E,
3.94%,
12/09/41
...............
89
70,446
Series
2021-ARIA,
Class
E,
(1-mo.
LIBOR
USD
at
2.25%
Floor
+
2.24%),
6.93%,
10/15/36
....
100
89,972
Series
2021-MFM1,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.36%
Floor
+
2.36%),
7.19%,
01/15/34
...
18
16,905
Series
2021-MFM1,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.11%
Floor
+
3.11%),
7.94%,
01/15/34
...
36
33,168
CD
Mortgage
Trust,
Series
2017-CD6,
Class
B,
3.91%,
11/13/50
(b)
.....
10
8,832
Citigroup
Commercial
Mortgage
Trust,
Series
2018-C6,
Class
A4,
4.41%,
11/10/51
..................
16
15,452
Commercial
Mortgage
Trust,
Series
2014-CR21,
Class
A3,
3.53%,
12/10/47
.................
30
28,867
CSAIL
Commercial
Mortgage
Trust,
Series
2020-C19,
Class
A3,
2.56%,
03/15/53
.................
94
79,382
DBGS
Mortgage
Trust,
Series
2018-
BIOD,
Class
F,
(1-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
6.68%,
05/15/35
(a)(b)
...............
91
87,252
Extended
Stay
America
Trust
(a)(b)
Series
2021-ESH,
Class
D,
(1-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
6.94%,
07/15/38
....
199
189,653
Series
2021-ESH,
Class
E,
(1-mo.
LIBOR
USD
at
2.85%
Floor
+
2.85%),
7.54%,
07/15/38
....
100
94,078
GS
Mortgage
Securities
Corp.
Trust,
Series
2021-DM,
Class
E,
(1-mo.
LIBOR
USD
at
2.94%
Floor
+
2.94%),
7.62%,
11/15/36
(a)(b)
....
100
91,706
GS
Mortgage
Securities
Trust,
Series
2020-GC47,
Class
AS,
2.73%,
05/12/53
.................
36
29,079
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2019-COR4,
Class
A5,
4.03%,
03/10/52
.....
35
32,929
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2021-MHC,
Class
E,
(1-mo.
LIBOR
USD
at
2.45%
Floor
+
2.45%),
7.13%,
04/15/38
....
60
56,407
BlackRock
Global
Allocation
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-MHC,
Class
F,
(1-mo.
LIBOR
USD
at
2.95%
Floor
+
2.95%),
7.63%,
04/15/38
....
USD
20
$
18,727
Series
2022-NXSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.18%
Floor
+
2.18%),
7.01%,
08/15/39
...
14
13,912
KKR
Industrial
Portfolio
Trust,
Series
2021-KDIP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.66%
Floor
+
0.66%),
5.49%,
12/15/37
(a)(b)
....
15
14,314
Med
Trust
(a)(b)
Series
2021-MDLN,
Class
F,
(1-mo.
LIBOR
USD
at
4.00%
Floor
+
4.00%),
8.69%,
11/15/38
.....
121
112,264
Series
2021-MDLN,
Class
G,
(1-mo.
LIBOR
USD
at
5.25%
Floor
+
5.25%),
9.93%,
11/15/38
.....
131
119,058
MHC
Commercial
Mortgage
Trust,
Series
2021-MHC,
Class
E,
(1-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
6.78%,
04/15/38
(a)(b)
....
156
146,215
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2015-C24,
Class
C,
(1-mo.
LIBOR
USD
+
0.00%),
4.33%,
05/15/48
(b)
..............
10
9,110
Series
2016-C32,
Class
A4,
3.72%,
12/15/49
...............
27
25,406
Morgan
Stanley
Capital
I
Trust
Series
2018-MP,
Class
A,
4.28%,
07/11/40
(a)(b)
.............
17
15,033
Series
2020-L4,
Class
A3,
2.70%,
02/15/53
...............
29
24,351
SREIT
Trust
(a)(b)
Series
2021-MFP,
Class
F,
(1-mo.
LIBOR
USD
at
2.63%
Floor
+
2.62%),
7.31%,
11/15/38
.....
100
91,330
Series
2021-MFP2,
Class
F,
(1-mo.
LIBOR
USD
at
2.62%
Floor
+
2.62%),
7.30%,
11/15/36
.....
100
92,479
STWD
Trust,
Series
2021-FLWR,
Class
E,
(1-mo.
LIBOR
USD
at
1.92%
Floor
+
1.92%),
6.61%,
07/15/36
(a)(b)
25
22,931
UBS
Commercial
Mortgage
Trust,
Series
2019-C17,
Class
A4,
2.92%,
10/15/52
.................
10
8,687
Wells
Fargo
Commercial
Mortgage
Trust
(b)
Series
2015-C28,
Class
AS,
3.87%,
05/15/48
...............
30
28,618
Series
2017-C38,
Class
C,
3.90%,
07/15/50
...............
10
8,547
Series
2017-C41,
Class
B,
4.19%,
11/15/50
...............
25
22,250
2,392,773
2,581,902
Total
Non-Agency
Mortgage-Backed
Securities
—
2.3%
(Cost:
$3,745,037)
..............................
3,341,114
Security
Beneficial
Interest
(000)
Beneficial
Interest
(000)
Value
Other
Interests
Capital
Markets
-
0.2%
Sprott
Private
Resource
Streaming
&
Royalty
LP
(d)(e)(t)
.............
USD
166
$
212,693
Total
Other
Interests
—
0.2%
(Cost:
$167,154)
..................................
212,693
Par
(000)
Pa
r
(
000)
Preferred
Securities
Capital
Trusts
—
0.0%
United
States
—
0.0%
USB
Capital
IX
,
(3-mo.
LIBOR
USD
at
3.50%
Floor
+
1.02%),
5.81%
(b)(e)(o)
31
23,808
Total
Capital
Trusts
—
0.0%
(Cost:
$28,719)
................................
23,808
Shares
Shares
Preferred
Stocks
—
2.8%
Brazil
—
0.1%
Neon
Payments
Ltd.
(d)(e)
.........
319
162,154
China
—
0.3%
ByteDance
Ltd.,
Series
E-1
(Acquired
11/11/20,
cost
$269,333)
(d)(e)(g)
...
2,458
388,769
Germany
—
0.3%
Dr
Ing
hc
F
Porsche
AG
(Preference)
(e)
1,633
209,594
Volkswagen
AG
(Preference)
......
96
13,102
Volocopter
Gmbh,
(Acquired
03/03/21,
cost
$159,572)
(d)(e)(g)
..........
30
190,592
413,288
India
—
0.0%
Think
&
Learn
Pvt
Ltd.,
Series
F
(Acquired
12/11/20,
cost
$103,322)
(d)
(e)(g)
.....................
32
56,776
Israel
—
0.1%
(d)(e)(g)
Deep
Instinct
Ltd.,
Series
D-2
(Acquired
03/19/21,
cost
$89,710)
.......
14,760
104,058
Deep
Instinct
Ltd.,
Series
D-4
(Acquired
09/20/22,
cost
$84,498)
.......
11,985
84,494
188,552
Sweden
—
0.0%
Volta
Greentech
AB,
Series
C
(Acquired
02/22/22,
cost
$26,894)
(d)(e)(g)
....
228
23,876
United
Kingdom
—
0.1%
10X
Future
Technologies
Holding
Ltd.,
(Acquired
05/13/21,
cost
$183,387)
(d)
(e)(g)
.....................
4,842
61,941
United
States
—
1.9%
2020
Cash
Mandatory
Exchangeable
Trust,
5.25%
(a)(m)
............
277
322,774
Aptiv
plc,
Series
A,
5.50%
(m)
.......
1,083
132,927
Boston
Scientific
Corp.,
Series
A,
5.50%
...................
713
86,302
Breeze
Aviation
Group,
Inc.,
Series
B
(Acquired
07/30/21,
cost
$127,466)
(d)
(e)(g)
.....................
236
71,248
BlackRock
Global
Allocation
Portfolio
15
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Shares
Shares
Value
United
States
(continued)
Caresyntax,
Inc.
(d)(e)
............
296
$
19,018
Cruise,
Series
G
(Acquired
03/25/21,
cost
$76,178)
(d)(e)(g)
...........
2,891
43,539
Databricks,
Inc.,
Series
F
(Acquired
10/22/19,
cost
$88,431)
(d)(e)(g)
....
6,177
336,770
Databricks,
Inc.,
Series
G
(Acquired
02/01/21,
cost
$102,873)
(d)(e)(g)
...
1,740
94,865
Dream
Finders
Homes,
Inc.,
9.00%
(d)(e)
285
257,569
Exo
Imaging,
Inc.,
Series
C
(Acquired
06/24/21,
cost
$62,470)
(d)(e)(g)
....
10,664
29,966
Farmer’s
Business
Network,
Inc.,
Series
F
(Acquired
07/31/20,
cost
$69,518)
(d)(e)(g)
..............
2,103
98,021
Farmer's
Business
Network,
Inc.,
Series
G
(Acquired
09/15/21,
cost
$19,766)
(d)(e)(g)
..............
318
14,822
JumpCloud,
Inc.,
Series
E-1
(Acquired
10/30/20,
cost
$93,611)
(d)(e)(g)
....
51,330
157,583
JumpCloud,
Inc.,
Series
F
(Acquired
09/03/21,
cost
$20,218)
(d)(e)(g)
....
3,376
10,364
Lessen,
Inc.,
Series
B
(d)(e)
........
6,246
80,886
Lessen,
Inc.,
Series
C
(d)(e)
........
2,050
26,548
Loadsmart,
Inc.,
Series
C
(Acquired
10/05/20,
cost
$85,987)
(d)(e)(g)
....
10,057
141,200
Loadsmart,
Inc.,
Series
D
(Acquired
01/27/22,
cost
$19,100)
(d)(e)(g)
....
955
13,408
Lookout,
Inc.,
Series
F
(Acquired
09/19/14
-
10/22/14,
cost
$243,061)
(d)(e)(g)
.............
21,278
94,687
MNTN
Digital,
Series
D
(Acquired
11/05/21,
cost
$54,841)
(d)(e)(g)
....
2,388
23,140
Mythic
AI,
Inc.,
Series
C
(Acquired
01/26/21,
cost
$48,256)
(d)(e)(g)
....
7,024
—
Noodle
Partners,
Inc.,
Series
C
(Acquired
08/26/21,
cost
$73,361)
(d)
(e)(g)
.....................
8,220
43,730
PsiQuantum
Corp.,
Series
D
(Acquired
05/21/21,
cost
$40,179)
(d)(e)(g)
....
1,532
36,737
Relativity
Space,
Inc.,
Series
E
(Acquired
05/27/21,
cost
$68,894)
(d)
(e)(g)
.....................
3,017
49,931
SambaNova
Systems,
Inc.,
Series
C
(Acquired
02/19/20,
cost
$91,575)
(d)
(e)(g)
.....................
1,720
109,203
SambaNova
Systems,
Inc.,
Series
D
(Acquired
04/09/21,
cost
$52,640)
(d)
(e)(g)
.....................
554
35,173
Snorkel
AI,
Inc.,
Series
C
(Acquired
06/30/21,
cost
$28,447)
(d)(e)(g)
....
1,894
13,485
Ursa
Major
Technologies,
Inc.,
Series
C
(Acquired
09/13/21,
cost
$72,377)
(d)
(e)(g)
.....................
12,134
80,448
Ursa
Major
Technologies,
Inc.,
Series
D
(Acquired
10/14/22,
cost
$9,855)
(d)(e)
(g)
......................
1,487
9,859
Verge
Genomics,
Series
B
(Acquired
11/05/21,
cost
$65,877)
(d)(e)(g)
....
12,367
64,927
Versa
Networks,
Inc.,
Series
E
(Acquired
10/14/22,
cost
$43,198)
(d)
(e)(g)
.....................
14,803
42,041
Wells
Fargo
&
Co.,
Series
L,
7.50%
(f)(m)
(o)
......................
46
54,108
Zero
Mass
Water,
Inc.,
Series
C-1
(Acquired
05/07/20,
cost
$70,353)
(d)
(e)(g)
.....................
4,463
135,943
Security
Shares
Shares
Value
United
States
(continued)
Zero
Mass
Water,
Inc.,
Series
D
(Acquired
07/05/22,
cost
$13,149)
(d)
(e)(g)
.....................
321
$
12,891
2,744,113
Total
Preferred
Stocks
—
2.8%
(Cost:
$3,801,318)
..............................
4,039,469
Trust
Preferreds
—
0.1%
United
States
—
0.1%
Citigroup
Capital
XIII
,
(3-mo.
LIBOR
USD
+
6.37%),
11.17%, 10/30/40
(b)(f)
5,096
145,440
Total
Trust
Preferreds
—
0.1%
(Cost:
$140,435)
................................
145,440
Total
Preferred
Securities
—
2.9%
(Cost:
$3,970,472)
..............................
4,208,717
Par
(000)
Pa
r
(
000)
U.S.
Government
Sponsored
Agency
Securities
Collateralized
Mortgage
Obligations
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Structured
Agency
Credit
Risk
Debt
Variable
Rate
Notes,
Series
2021-DNA2,
Class
B2,
(SOFR
30
Day
Average
+
6.00%),
10.56%, 08/25/33
(a)(b)
.........
USD
17
14,832
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes,
Series
2018-M13,
Class
A2,
3.74%, 09/25/30
(b)
...........
13
13,077
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
(b)
Series
K105,
Class
X1,
1.52%
,
01/25/30
........
279
22,869
Series
K109,
Class
X1,
1.58%
,
04/25/30
........
118
10,144
Series
K116,
Class
X1,
1.42%
,
07/25/30
........
100
7,879
Series
K120,
Class
X1,
1.04%
,
10/25/30
........
394
23,491
Series
KL06,
Class
XFX,
1.36%
,
12/25/29
........
100
6,343
Series
KW09,
Class
X1,
0.80%
,
05/25/29
........
461
17,007
87,733
Mortgage-Backed
Securities
—
9.3%
Uniform
Mortgage-Backed
Securities
(u)
3.00%
,
04/25/53
-
05/25/53
...
1,126
1,010,338
3.50%
,
04/25/53
-
05/25/53
...
7,281
6,768,319
4.50%
,
04/25/53
..........
5,914
5,794,286
13,572,943
Total
U.S.
Government
Sponsored
Agency
Securities
—
9.4%
(Cost:
$13,493,570)
..............................
13,688,585
BlackRock
Global
Allocation
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
2.38%, 02/15/42
............
USD
225
$
180,932
3.25%, 05/15/42
............
544
501,584
3.38%, 08/15/42
............
296
277,447
4.00%, 11/15/52
............
417
442,117
U.S.
Treasury
Inflation
Linked
Notes
0.63%, 01/15/24
............
2,225
2,205,650
0.50%, 04/15/24
............
1,238
1,218,414
0.13%, 04/15/27
............
386
367,347
0.63%, 07/15/32
(v)
...........
614
586,127
U.S.
Treasury
Notes
0.75%, 12/31/23
(i)
...........
4,608
4,473,568
4.00%, 12/15/25
............
1,017
1,020,973
Total
U.S.
Treasury
Obligations
—
7.7%
(Cost:
$11,292,737)
..............................
11,274,159
Shares
Shares
Warrants
Brazil
—
0.0%
Lavoro
Ltd.
(Issued/Exercisable
12/27/22,
1
Share
for
1
Warrant,
Expires
12/27/27,
Strike
Price
USD
11.50)
(e)
..................
718
455
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)
(e)
..........
1,945
63
Israel
—
0.0%
(e)
Deep
Instinct
Ltd.,
(Acquired
09/20/22,
cost
$0)
(Issued/Exercisable
09/20/22,
1
Share
for
1
Warrant,
Expires
09/20/32)
(d)(g)
.........
845
5,036
Innovid
Corp.
(Issued/Exercisable
01/28/21,
1
Share
for
1
Warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
...................
375
38
5,074
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)
(e)
..........
36
45
United
States
—
0.0%
(e)
Cano
Health,
Inc.
(Issued/Exercisable
07/06/20,
1
Share
for
1
Warrant,
Expires
06/03/26,
Strike
Price
USD
11.50)
...................
1,986
318
Crown
PropTech
Acquisitions
(Issued/
Exercisable
02/05/21,
1
Share
for
1
Warrant,
Expires
02/01/26,
Strike
Price
USD
11.50)
(d)
..........
2,120
170
Crown
PropTech
Acquisitions
(Issued/
Exercisable
01/25/21,
1
Share
for
1
Warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
............
1,268
127
Embark
Technology,
Inc.
(Issued/
Exercisable
12/28/20,
1
Share
for
1
Warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
............
963
18
Security
Shares
Shares
Value
United
States
(continued)
EVgo,
Inc.
(Issued/Exercisable
11/10/20,
1
Share
for
1
Warrant,
Expires
09/15/25,
Strike
Price
USD
11.50)
...................
1,130
$
1,220
Flyr,
Inc.
(Issued/Exercisable
05/10/22,
1
Share
for
1
Warrant,
Expires
05/10/32,
Strike
Price
USD
3.95)
(d)
264
4,161
Freewire
Warrants
TA
(Issued/
Exercisable
04/27/22,
1
Share
for
1
Warrant,
Expires
04/26/27,
Strike
Price
USD
3.35)
(d)
...........
6,819
3,341
Hippo
Holdings,
Inc.
(Issued/
Exercisable
01/04/21,
1
Share
for
1
Warrant,
Expires
08/02/26,
Strike
Price
USD
11.50)
............
938
52
Latch,
Inc.
(Issued/Exercisable
12/29/20,
1
Share
for
1
Warrant,
Expires
06/04/26,
Strike
Price
USD
11.50)
...................
840
50
Lightning
eMotors,
Inc.
(Issued/
Exercisable
05/06/21,
1
Share
for
1
Warrant,
Expires
12/15/25,
Strike
Price
USD
11.50)
............
2,348
145
Offerpad
Solutions,
Inc.
(Issued/
Exercisable
10/13/20,
1
Share
for
1
Warrant,
Expires
09/01/26,
Strike
Price
USD
11.50)
............
1,681
67
Proof
Acquisition
Corp.
I
(Issued/
Exercisable
12/03/21,
1
Share
for
1
Warrant,
Expires
12/23/28,
Strike
Price
USD
11.50)
(d)
..........
2,017
121
Rotor
Acquisition
Corp.
(Issued/
Exercisable
01/15/21,
1
Share
for
1
Warrant,
Expires
06/15/27,
Strike
Price
USD
11.50)
............
724
58
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
154
Sonder
Holdings,
Inc.
(Issued/
Exercisable
01/19/22,
1
Share
for
1
Warrant,
Expires
11/19/26,
Strike
Price
USD
12.50)
(d)
..........
2,205
—
Versa
Networks,
Inc.,
Series
E
(Acquired
10/14/22,
cost
$0)
(Issued/Exercisable
10/14/22,
1
Share
for
1
Warrant,
Expires
10/07/32,
Strike
Price
USD
0.01)
(d)(g)
1,825
4,873
Volta,
Inc.
(Issued/Exercisable
10/22/20,
1
Share
for
1
Warrant,
Expires
08/26/26,
Strike
Price
USD
11.50)
...................
1,160
249
15,124
Total
Warrants
—
0.0%
(Cost:
$29,554)
................................
20,761
Total
Long-Term
Investments
—
94.5%
(Cost:
$136,762,940)
.............................
137,750,756
BlackRock
Global
Allocation
Portfolio
17
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Pa
r
(
000)
Value
Short-Term
Securities
Certificates
of
Deposit
—
0.2%
Domestic
—
0.2%
Citibank
NA,
5.00%, 09/21/23
.....
USD
220
$
219,504
Total
Certificates
of
Deposit
—
0.2%
(Cost:
$220,000)
................................
219,504
Commercial
Paper
—
1.1%
(w)
Societe
Generale
SA,
5.70%
,
03/06/24
263
250,899
Mercedes-Benz
Finance
North
America
LLC,
5.59%
,
05/03/23
.........
455
452,887
3M
Co.,
5.55%
,
09/07/23
........
250
244,356
UnitedHealth
Group,
Inc.,
5.31%
,
06/01/23
.................
612
606,435
Total
Commercial
Paper
—
1.1%
(Cost:
$1,552,961)
..............................
1,554,577
Foreign
Government
Obligations
—
3.1%
(w)
Brazil
-
0.5%
Federative
Republic
of
Brazil
Treasury
Bills,
9.36%
,
07/01/24
.........
BRL
4
754,509
Japan
-
2.6%
Japan
Treasury
Bills
(0.25)%,
04/04/23
...........
JPY
125,450
944,833
(0.28)%,
06/26/23
...........
376,700
2,838,578
3,783,411
Total
Foreign
Government
Obligations
—
3.1%
(Cost:
$4,593,881)
..............................
4,537,920
Shares
Shares
Money
Market
Funds
—
12.1%
(s)(x)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.70%
......
12,746,584
12,746,584
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.01%
(y)
.............
4,909,651
4,910,142
Total
Money
Market
Funds
—
12.1%
(Cost:
$17,657,164)
..............................
17,656,726
Par
(000)
Pa
r
(
000)
Time
Deposits
—
0.2%
Australia
—
0.0%
Australia
&
New
Zealand
Banking
Group
Ltd.,
2.20%, 04/03/23
....
AUD
33
22,301
Canada
—
0.0%
BNP
Paribas
SA,
3.32%, 04/03/23
..
CAD
38
28,282
Denmark
—
0.0%
Brown
Brothers
Harriman
&
Co.,
1.40%, 04/03/23
............
DKK
25
3,614
Europe
—
0.0%
Citibank
NA,
1.91%, 04/03/23
.....
EUR
12
12,781
Security
Par
(000)
Par
(000)
Value
Hong
Kong
—
0.0%
Hong
Kong
&
Shanghai
Bank,
0.92%, 04/03/23
............
HKD
109
$
13,915
Japan
—
0.0%
Sumitomo
Mitsui
Financial
Group,
Inc.,
(0.53)%, 04/03/23
...........
JPY
5,852
44,075
New
Zealand
—
0.0%
Brown
Brothers
Harriman
&
Co.,
3.40%, 04/03/23
............
NZD
1
421
Norway
—
0.0%
Brown
Brothers
Harriman
&
Co.,
1.58%, 04/03/23
............
NOK
4
412
Singapore
—
0.0%
Hong
Kong
&
Shanghai
Bank,
2.21%, 04/03/23
............
SGD
1
414
South
Africa
—
0.0%
Brown
Brothers
Harriman
&
Co.,
5.79%, 04/03/23
............
ZAR
56
3,151
Sweden
—
0.0%
Brown
Brothers
Harriman
&
Co.,
1.74%, 04/03/23
............
SEK
4
414
Switzerland
—
0.0%
Brown
Brothers
Harriman
&
Co.,
0.00%, 04/03/23
............
CHF
13
13,669
United
Kingdom
—
0.1%
Brown
Brothers
Harriman
&
Co.,
3.15%, 04/03/23
............
GBP
39
47,643
United
States
—
0.1%
Australia
&
New
Zealand
Banking
Group
Ltd.,
4.83%, 04/03/23
....
USD
89
88,860
Total
Time
Deposits
—
0.2%
(Cost:
$279,952)
................................
279,952
Total
Short-Term
Securities
—
16.7%
(Cost:
$24,303,958)
..............................
24,248,679
Total
Options
Purchased
—
0.7%
(Cost:
$933,927
)
................................
1,063,306
Total
Investments
Before
Options
Written,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
111.9%
(Cost:
$162,000,825)
.............................
163,062,741
Total
Options
Written
—
(0.6)%
(Premiums
Received
—
$(736,977))
..................
(894,375)
TBA
Sale
Commitments
Uniform
Mortgage-Backed
Securities
(u)
3.00%
,
04/25/53
............
(400)
(358,904)
3.50%
,
04/25/53
............
(3,241)
(3,011,225)
4.50%
,
04/25/53
............
(1,497)
(1,466,754)
Total
TBA
Sale
Commitments
—
(3.3)%
(Proceeds:
$(4,800,175))
..........................
(4,836,883)
BlackRock
Global
Allocation
Portfolio
18
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Shares
Shares
Value
Investments
Sold
Short
Common
Stocks
France
—
(0.0)%
Pernod
Ricard
SA
.............
(240)
$
(54,343)
United
Kingdom
—
(0.0)%
Diageo
plc
..................
(486)
(21,690)
Security
Shares
Shares
Value
United
States
—
(0.1)%
JM
Smucker
Co.
(The)
..........
(412)
$
(64,837)
Total
Common
Stocks
—
(0.1)%
(Proceeds:
$(116,279))
...........................
(140,870)
Total
Investments
Sold
Short
—
(0.1)%
(Proceeds:
$(116,279)
)
...........................
(140,870)
Total
Investments
Net
of
Options
Written,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
107.9%
(Cost:
$156,347,394)
.............................
157,190,613
Liabilities
in
Excess
of
Other
Assets
—
(7.9)%
............
(11,457,887)
Net
Assets
—
100.0%
..............................
$
145,732,726
(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)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Non-income
producing
security.
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$3,622,793,
representing
2.49%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$3,530,939.
(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)
Investment
does
not
issue
shares.
(k)
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.
(l)
Zero-coupon
bond.
(m)
Convertible
security.
(n)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(o)
Perpetual
security
with
no
stated
maturity
date.
(p)
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.
(q)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(r)
Fixed
rate.
(s)
Affiliate
of
the
Fund.
(t)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(u)
Represents
or
includes
a
TBA
transaction.
(v)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(w)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(x)
Annualized
7-day
yield
as
of
period
end.
(y)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
BlackRock
Global
Allocation
Portfolio
19
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
Shares
Held
at
03/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
2,362,835
$
10,383,749
(a)
$
—
$
—
$
—
$
12,746,584
12,746,584
$
—
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
4,093,307
816,227
(a)
—
1,263
(655)
4,910,142
4,909,651
4,515
(b)
—
iShares
0-5
Year
TIPS
Bond
ETF
138,168
—
—
—
3,235
141,403
1,425
—
—
iShares
Biotechnology
ETF
....
20,087
—
—
—
(326)
19,761
153
10
—
iShares
China
Large-Cap
ETF
..
170,847
64,519
(240,052)
(10,414)
31,194
16,094
545
—
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
......
195,561
—
—
—
5,100
200,661
2,656
2,173
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
......
—
1,619,464
(1,070,932)
4,120
3,290
555,942
5,072
—
—
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
.
1,304,970
264,002
—
—
19,184
1,588,156
18,407
12,712
—
iShares
Latin
America
40
ETF
..
67,480
—
—
—
2,889
70,369
2,948
—
—
iShares
MSCI
Brazil
ETF
.....
92,861
—
—
—
(1,959)
90,902
3,320
—
—
iShares
MSCI
Emerging
Markets
ETF
..................
16,259
—
—
—
669
16,928
429
—
—
$
(5,031)
$
62,621
$
20,356,942
$
19,410
$
—
—
—
(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.
BlackRock
Global
Allocation
Portfolio
20
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
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-
Bobl
...............................................................
4
06/08/23
$
511
$
11,246
Euro-Bund
..............................................................
45
06/08/23
6,629
203,256
Euro-OAT
...............................................................
3
06/08/23
424
13,547
Australia
10
Year
Bond
......................................................
26
06/15/23
2,136
58,479
EURO
STOXX
Banks
Price
Index
...............................................
7
06/16/23
38
(252)
MSCI
Emerging
Markets
E-Mini
Index
............................................
5
06/16/23
249
10,531
U.S.
Treasury
10
Year
Note
...................................................
3
06/21/23
345
(136)
U.S.
Treasury
Long
Bond
.....................................................
2
06/21/23
263
12,395
U.S.
Treasury
Ultra
Bond
.....................................................
37
06/21/23
5,241
156,867
U.S.
Treasury
5
Year
Note
....................................................
48
06/30/23
5,263
(11,122)
3-mo.
SONIA
Index
.........................................................
10
09/19/23
2,944
14,287
469,098
Short
Contracts
Euro-BTP
...............................................................
4
06/08/23
500
(16,553)
Euro-
Buxl
...............................................................
1
06/08/23
153
(8,886)
Euro-Schatz
.............................................................
7
06/08/23
802
(7,570)
EURO
STOXX
50
Index
.....................................................
1
06/16/23
46
(192)
FTSE
100
Index
...........................................................
1
06/16/23
94
(705)
NASDAQ
100
E-Mini
Index
...................................................
9
06/16/23
2,394
(208,387)
Russell
2000
E-Mini
Index
....................................................
2
06/16/23
181
(3,181)
S&P
500
E-Mini
Index
.......................................................
9
06/16/23
1,862
(70,127)
U.S.
Treasury
10
Year
Ultra
Note
...............................................
121
06/21/23
14,673
(408,820)
Long
Gilt
................................................................
1
06/28/23
127
(3,976)
U.S.
Treasury
2
Year
Note
....................................................
78
06/30/23
16,115
(128,212)
(856,609)
$
(387,511)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
959,512
JPY
125,450,000
JPMorgan
Chase
Bank
NA
04/04/23
$
14,681
IDR
2,388,355,993
USD
152,601
Deutsche
Bank
AG
04/12/23
7,204
IDR
860,090,000
USD
56,753
Citibank
NA
04/17/23
776
USD
56,649
ZAR
990,000
Morgan
Stanley
&
Co.
International
plc
04/17/23
1,110
USD
345,947
NOK
3,404,461
Bank
of
America
NA
04/20/23
20,535
USD
1,299,692
HKD
10,163,783
BNP
Paribas
SA
05/16/23
2,125
BRL
873,006
USD
165,341
HSBC
Bank
plc
06/02/23
5,031
BRL
426,000
USD
80,000
Citibank
NA
06/14/23
2,941
COP
338,240,000
USD
70,000
Deutsche
Bank
AG
06/14/23
1,571
CZK
1,761,993
USD
80,000
Deutsche
Bank
AG
06/14/23
1,123
INR
4,470,000
USD
54,182
Citibank
NA
06/14/23
36
THB
4,684,085
USD
135,000
BNP
Paribas
SA
06/14/23
2,996
THB
1,560,825
USD
45,000
HSBC
Bank
plc
06/14/23
983
USD
36,931
COP
174,316,137
Goldman
Sachs
International
06/14/23
42
ZAR
3,501,657
USD
192,424
Citibank
NA
06/14/23
2,999
BRL
691,128
USD
132,705
Citibank
NA
06/15/23
1,829
BRL
3,711,867
USD
711,286
Goldman
Sachs
International
06/15/23
11,263
CHF
2,336,891
USD
2,572,960
UBS
AG
06/15/23
1,560
DKK
3,855,350
USD
557,087
HSBC
Bank
plc
06/15/23
6,930
EUR
4,065,347
USD
4,372,179
UBS
AG
06/15/23
55,077
GBP
253,766
EUR
286,245
JPMorgan
Chase
Bank
NA
06/15/23
1,776
GBP
382,565
USD
463,967
JPMorgan
Chase
Bank
NA
06/15/23
8,655
HUF
56,258,710
USD
151,329
Morgan
Stanley
&
Co.
International
plc
06/15/23
5,569
JPY
1,364,190,808
USD
10,297,334
JPMorgan
Chase
Bank
NA
06/15/23
88,560
BlackRock
Global
Allocation
Portfolio
21
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
MXN
21,928,151
USD
1,169,994
Barclays
Bank
plc
06/15/23
$
29,575
MXN
2,075,226
USD
110,743
Goldman
Sachs
International
06/15/23
2,781
NZD
128,478
USD
79,272
Deutsche
Bank
AG
06/15/23
1,065
PLN
967,506
USD
213,991
Goldman
Sachs
International
06/15/23
9,135
SGD
381,729
USD
284,193
Citibank
NA
06/15/23
3,326
USD
468,705
INR
38,637,002
Citibank
NA
06/15/23
92
ZAR
7,338,287
USD
398,761
JPMorgan
Chase
Bank
NA
06/15/23
10,742
BRL
946,630
USD
177,023
HSBC
Bank
plc
06/21/23
7,031
COP
852,862,080
USD
176,576
Morgan
Stanley
&
Co.
International
plc
06/21/23
3,639
HUF
64,222,752
USD
174,979
Bank
of
America
NA
06/21/23
3,823
MXN
3,328,812
USD
176,773
Citibank
NA
06/21/23
5,115
MXN
7,060,574
USD
371,357
Deutsche
Bank
AG
06/21/23
14,436
USD
302,300
EUR
276,592
Bank
of
America
NA
06/21/23
985
USD
181,164
EUR
166,276
UBS
AG
06/21/23
26
USD
182,536
TWD
5,482,469
HSBC
Bank
plc
06/21/23
1,462
USD
2,873,997
JPY
376,700,000
BNP
Paribas
SA
06/26/23
1,380
339,985
INR
4,530,000
USD
55,508
Citibank
NA
04/17/23
(393)
CAD
1,416,984
USD
1,055,000
Citibank
NA
04/20/23
(6,309)
JPY
129,241,775
EUR
935,620
Bank
of
America
NA
04/20/23
(39,730)
AUD
3,409,760
USD
2,374,489
HSBC
Bank
plc
05/16/23
(91,731)
NOK
6,854,758
CHF
619,833
HSBC
Bank
plc
05/16/23
(24,575)
KRW
737,856,471
USD
580,053
Citibank
NA
05/17/23
(13,798)
KRW
284,580,000
USD
220,417
JPMorgan
Chase
Bank
NA
06/14/23
(1,653)
USD
69,055
COP
333,727,848
Citibank
NA
06/14/23
(1,561)
USD
88,268
CZK
1,946,395
Barclays
Bank
plc
06/14/23
(1,345)
USD
73,158
CZK
1,621,284
Morgan
Stanley
&
Co.
International
plc
06/14/23
(1,487)
USD
63,340
IDR
948,572,456
BNP
Paribas
SA
06/14/23
(61)
USD
50,413
IDR
760,883,747
Deutsche
Bank
AG
06/14/23
(443)
USD
67,186
IDR
1,021,567,567
JPMorgan
Chase
Bank
NA
06/14/23
(1,094)
USD
207,991
MXN
3,883,436
Bank
of
America
NA
06/14/23
(4,492)
USD
154,279
MXN
2,901,319
Deutsche
Bank
AG
06/14/23
(4,467)
USD
180,000
MXN
3,358,710
Goldman
Sachs
International
06/14/23
(3,772)
USD
63,846
ZAR
1,145,326
Barclays
Bank
plc
06/14/23
(73)
USD
110,181
ZAR
2,039,365
Goldman
Sachs
International
06/14/23
(3,633)
USD
32,820
ZAR
603,209
Morgan
Stanley
&
Co.
International
plc
06/14/23
(844)
USD
698,179
CNY
4,793,859
UBS
AG
06/15/23
(3,487)
USD
206,688
SEK
2,184,818
JPMorgan
Chase
Bank
NA
06/15/23
(4,627)
USD
137,372
BRL
735,352
Barclays
Bank
plc
06/21/23
(5,603)
USD
137,994
BRL
725,986
Citibank
NA
06/21/23
(3,160)
USD
68,740
BRL
370,487
JPMorgan
Chase
Bank
NA
06/21/23
(3,294)
USD
181,119
CNY
1,237,459
Goldman
Sachs
International
06/21/23
(95)
USD
355,704
EUR
328,572
Citibank
NA
06/21/23
(2,237)
USD
522,360
EUR
483,521
Deutsche
Bank
AG
06/21/23
(4,380)
USD
338,638
EUR
312,890
HSBC
Bank
plc
06/21/23
(2,219)
USD
338,345
EUR
317,000
JPMorgan
Chase
Bank
NA
06/21/23
(6,990)
USD
181,193
GBP
147,307
JPMorgan
Chase
Bank
NA
06/21/23
(808)
USD
137,372
MXN
2,644,274
Citibank
NA
06/21/23
(7,112)
USD
206,734
MXN
3,915,119
Goldman
Sachs
International
06/21/23
(7,190)
(252,663)
$
87,322
BlackRock
Global
Allocation
Portfolio
22
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Interest
Rate
Caps
Purchased
Description
Exercise
Rate
Counterparty
Expiration
Date
Notional
Amount
(000)
Value
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
5Y-30Y
CMS
Index
Cap
.....
0.07
%
Goldman
Sachs
International
09/27/23
USD
9,146
$
11,832
$
16,005
$
(4,173)
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Call
EURO
STOXX
50
Index
Down
and
In
Citibank
NA
59
04/21/23
EUR
4,100.00
EUR
3,971.00
EUR
255
$
123
EUR
Currency
Up
and
Out
HSBC
Bank
plc
—
06/27/23
USD
1.09
USD
1.10
EUR
296
1,227
1,350
Put
GBP
Currency
One-Touch
JPMorgan
Chase
Bank
NA
—
05/11/23
USD
1.00
USD
1.00
GBP
32
$
6
$
1,356
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
SPDR
S&P
500
ETF
Trust
......................
59
04/06/23
USD
407.00
USD
2,415
$
27,406
CBOE
Volatility
Index
.........................
8
04/19/23
USD
32.00
USD
15
208
CBOE
Volatility
Index
.........................
12
04/19/23
USD
35.00
USD
22
216
Advanced
Micro
Devices,
Inc.
...................
5
04/21/23
USD
95.00
USD
49
2,963
Advanced
Micro
Devices,
Inc.
...................
13
04/21/23
USD
85.00
USD
127
18,038
Advanced
Micro
Devices,
Inc.
...................
16
04/21/23
USD
90.00
USD
157
15,280
Alphabet,
Inc.
..............................
19
04/21/23
USD
95.00
USD
198
18,430
Apple,
Inc.
................................
15
04/21/23
USD
155.00
USD
247
16,350
Bank
of
America
Corp.
........................
12
04/21/23
USD
36.00
USD
34
18
BNP
Paribas
SA
............................
8
04/21/23
EUR
66.00
EUR
44
43
Bunge
Ltd.
................................
3
04/21/23
USD
100.00
USD
29
240
Bunge
Ltd.
................................
3
04/21/23
USD
110.00
USD
29
45
Charles
Schwab
Corp.
(The)
....................
9
04/21/23
USD
82.50
USD
47
50
Chubb
Ltd.
................................
2
04/21/23
USD
220.00
USD
39
115
Constellation
Brands,
Inc.
......................
13
04/21/23
USD
240.00
USD
294
1,625
Costco
Wholesale
Corp.
.......................
1
04/21/23
USD
500.00
USD
50
848
Deere
&
Co.
...............................
1
04/21/23
USD
440.00
USD
41
107
EOG
Resources,
Inc.
.........................
12
04/21/23
USD
157.50
USD
138
180
EURO
STOXX
50
Index
.......................
6
04/21/23
EUR
4,400.00
EUR
259
1,698
Freeport-McMoRan,
Inc.
.......................
33
04/21/23
USD
45.00
USD
135
1,139
Intuit,
Inc.
.................................
4
04/21/23
USD
430.00
USD
178
9,100
Invesco
QQQ
Trust
1
.........................
21
04/21/23
USD
320.00
USD
674
15,540
Lowe's
Cos.,
Inc.
............................
4
04/21/23
USD
230.00
USD
80
30
Mastercard
,
Inc.
............................
2
04/21/23
USD
370.00
USD
73
795
Microsoft
Corp.
.............................
3
04/21/23
USD
260.00
USD
86
8,678
Microsoft
Corp.
.............................
7
04/21/23
USD
280.00
USD
202
8,470
Morgan
Stanley
.............................
2
04/21/23
USD
100.00
USD
18
19
NextEra
Energy,
Inc.
.........................
9
04/21/23
USD
75.00
USD
69
3,060
Nice
Ltd.
.................................
2
04/21/23
USD
220.00
USD
46
2,350
Northrop
Grumman
Corp.
......................
1
04/21/23
USD
490.00
USD
46
73
Rockwell
Automation,
Inc.
......................
3
04/21/23
USD
290.00
USD
88
2,880
Shell
plc
..................................
17
04/21/23
USD
62.50
USD
98
255
Shell
plc
..................................
26
04/21/23
USD
60.00
USD
150
1,300
SPDR
S&P
500
ETF
Trust
......................
18
04/21/23
USD
405.00
USD
737
17,685
Starbucks
Corp.
............................
3
04/21/23
USD
105.00
USD
31
551
Tesla,
Inc.
.................................
6
04/21/23
USD
175.00
USD
124
21,240
Union
Pacific
Corp.
..........................
4
04/21/23
USD
220.00
USD
81
130
Walmart,
Inc.
..............................
2
04/21/23
USD
145.00
USD
29
845
BlackRock
Global
Allocation
Portfolio
23
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Walt
Disney
Co.
(The)
........................
6
04/21/23
USD
105.00
USD
60
$
510
Wells
Fargo
&
Co.
...........................
8
04/21/23
USD
50.00
USD
30
12
Xtrackers
Harvest
CSI
300
China
A-Shares
ETF
.......
90
04/21/23
USD
32.00
USD
265
495
Xtrackers
Harvest
CSI
300
China
A-Shares
ETF
.......
139
04/21/23
USD
33.00
USD
410
626
Invesco
QQQ
Trust
1
.........................
22
04/28/23
USD
310.00
USD
706
34,661
3-mo.
SOFR
Interest
Futures
....................
19
05/12/23
USD
96.00
USD
4,750
26,125
Advanced
Micro
Devices,
Inc.
...................
14
05/19/23
USD
105.00
USD
137
6,055
Alphabet,
Inc.
..............................
8
05/19/23
USD
100.00
USD
83
6,340
Amazon.com,
Inc.
...........................
8
05/19/23
USD
100.00
USD
83
6,620
Apple,
Inc.
................................
7
05/19/23
USD
160.00
USD
115
6,808
Apple,
Inc.
................................
8
05/19/23
USD
170.00
USD
132
3,240
Charles
Schwab
Corp.
(The)
....................
17
05/19/23
USD
70.00
USD
89
349
ConocoPhillips
.............................
12
05/19/23
USD
110.00
USD
119
1,692
ConocoPhillips
.............................
31
05/19/23
USD
120.00
USD
308
930
Delta
Air
Lines,
Inc.
..........................
39
05/19/23
USD
35.00
USD
136
7,469
EURO
STOXX
50
Index
.......................
4
05/19/23
EUR
4,100.00
EUR
173
9,643
EURO
STOXX
Banks
Price
Index
.................
23
05/19/23
EUR
102.00
EUR
120
4,661
General
Dynamics
Corp.
.......................
5
05/19/23
USD
230.00
USD
114
2,975
Invesco
QQQ
Trust
1
.........................
18
05/19/23
USD
325.00
USD
578
17,001
Lockheed
Martin
Corp.
........................
3
05/19/23
USD
500.00
USD
142
1,290
Mercedes-Benz
Group
AG
.....................
21
05/19/23
EUR
76.00
EUR
149
1,537
Microsoft
Corp.
.............................
4
05/19/23
USD
270.00
USD
115
9,780
Nestle
SA
.................................
23
05/19/23
CHF
110.00
CHF
256
5,857
NIKE,
Inc.
.................................
10
05/19/23
USD
125.00
USD
123
3,775
Northrop
Grumman
Corp.
......................
1
05/19/23
USD
500.00
USD
46
338
NVIDIA
Corp.
..............................
5
05/19/23
USD
295.00
USD
139
5,463
Salesforce,
Inc.
.............................
5
05/19/23
USD
200.00
USD
100
4,650
SPDR
Gold
Shares
(a)
.........................
159
05/19/23
USD
195.00
USD
2,913
22,101
Tesla,
Inc.
.................................
12
05/19/23
USD
180.00
USD
249
42,840
United
Airlines
Holdings,
Inc.
....................
19
05/19/23
USD
45.00
USD
84
4,912
Alphabet,
Inc.
..............................
12
06/16/23
USD
110.00
USD
125
4,800
Charles
Schwab
Corp.
(The)
....................
20
06/16/23
USD
65.00
USD
105
1,660
CVS
Health
Corp.
...........................
4
06/16/23
USD
85.00
USD
30
146
Delta
Air
Lines,
Inc.
..........................
25
06/16/23
USD
35.00
USD
87
6,075
Health
Care
Select
Sector
SPDR
Fund
.............
12
06/16/23
USD
138.00
USD
155
804
Intel
Corp.
................................
3
06/16/23
USD
42.50
USD
10
54
Intel
Corp.
................................
5
06/16/23
USD
40.00
USD
16
175
Intuit,
Inc.
.................................
5
06/16/23
USD
440.00
USD
223
16,725
JPMorgan
Chase
&
Co.
.......................
16
06/16/23
USD
135.00
USD
208
6,640
Lions
Gate
Entertainment
Corp.
..................
2
06/16/23
USD
12.50
USD
2
100
Lions
Gate
Entertainment
Corp.
..................
3
06/16/23
USD
10.00
USD
3
420
Salesforce,
Inc.
.............................
5
06/16/23
USD
200.00
USD
100
6,800
Uber
Technologies,
Inc.
.......................
42
06/16/23
USD
40.00
USD
133
1,785
United
Airlines
Holdings,
Inc.
....................
25
06/16/23
USD
46.00
USD
111
7,013
Walt
Disney
Co.
(The)
........................
12
06/16/23
USD
105.00
USD
120
4,740
Waste
Management,
Inc.
......................
12
06/16/23
USD
165.00
USD
196
6,180
Kroger
Co.
(The)
............................
23
07/21/23
USD
50.00
USD
114
5,670
Tesla,
Inc.
.................................
7
08/18/23
USD
210.00
USD
145
20,825
527,367
Put
SPDR
S&P
500
ETF
Trust
......................
5
04/06/23
USD
380.00
USD
205
28
3-mo.
SOFR
Interest
Futures
....................
22
04/14/23
USD
95.00
USD
5,500
2,750
3-mo.
SOFR
Interest
Futures
....................
25
04/14/23
USD
95.81
USD
6,250
625
Ally
Financial,
Inc.
...........................
2
04/21/23
USD
13.00
USD
5
25
Carnival
Corp.
..............................
8
04/21/23
USD
7.50
USD
8
36
Caterpillar,
Inc.
.............................
3
04/21/23
USD
200.00
USD
69
125
FedEx
Corp.
...............................
2
04/21/23
USD
175.00
USD
46
16
Ford
Motor
Co.
.............................
10
04/21/23
USD
11.00
USD
13
55
Frontier
Communications
Parent,
Inc.
..............
4
04/21/23
USD
20.00
USD
9
70
Invesco
Senior
Loan
ETF
......................
13
04/21/23
USD
19.00
USD
27
130
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
73
04/21/23
USD
73.00
USD
552
1,606
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
204
04/21/23
USD
72.00
USD
1,541
2,448
BlackRock
Global
Allocation
Portfolio
24
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
..
91
04/21/23
USD
105.00
USD
997
$
1,229
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
..
142
04/21/23
USD
104.00
USD
1,556
1,420
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
..
6
04/21/23
USD
81.00
USD
52
48
iShares
Preferred
&
Income
Securities
ETF
..........
7
04/21/23
USD
30.00
USD
22
123
iShares
Russell
2000
ETF
......................
3
04/21/23
USD
165.00
USD
54
191
iShares
Russell
2000
ETF
......................
40
04/21/23
USD
155.00
USD
714
740
Lloyds
Banking
Group
plc
......................
123
04/21/23
GBP
0.50
GBP
59
5,880
Owl
Rock
Capital
Corp.
.......................
8
04/21/23
USD
10.00
USD
10
60
Prologis,
Inc.
...............................
5
04/21/23
USD
105.00
USD
62
100
PulteGroup,
Inc.
............................
17
04/21/23
USD
50.00
USD
99
255
Sabre
Corp.
...............................
10
04/21/23
USD
4.00
USD
4
150
SPDR
EURO
STOXX
50
ETF
...................
5
04/21/23
USD
40.00
USD
22
48
SPDR
S&P
500
ETF
Trust
......................
33
04/21/23
USD
363.00
USD
1,351
1,040
SPDR
S&P
Regional
Banking
ETF
................
62
04/21/23
USD
45.00
USD
272
16,089
Boston
Properties,
Inc.
........................
5
05/19/23
USD
35.00
USD
27
188
Caterpillar,
Inc.
.............................
5
05/19/23
USD
175.00
USD
114
295
ConocoPhillips
.............................
16
05/19/23
USD
100.00
USD
159
8,680
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
55
05/19/23
USD
72.00
USD
416
2,338
iShares
Preferred
&
Income
Securities
ETF
..........
14
05/19/23
USD
26.00
USD
44
175
iShares
Russell
2000
ETF
......................
41
05/19/23
USD
168.00
USD
731
9,615
U.S.
Treasury
5
Year
Note
......................
1
05/26/23
USD
106.50
USD
100
133
Ally
Financial,
Inc.
...........................
4
06/16/23
USD
15.00
USD
10
180
American
Airlines
Group,
Inc.
....................
7
06/16/23
USD
11.00
USD
10
151
FedEx
Corp.
...............................
1
06/16/23
USD
165.00
USD
23
64
Ford
Motor
Co.
.............................
6
06/16/23
USD
10.00
USD
8
117
Invesco
Senior
Loan
ETF
......................
19
06/16/23
USD
19.00
USD
40
333
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
5
06/16/23
USD
70.00
USD
38
203
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
9
06/16/23
USD
66.00
USD
68
131
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
17
06/16/23
USD
67.00
USD
128
306
Sabre
Corp.
...............................
4
06/16/23
USD
3.00
USD
2
56
Uniti
Group,
Inc.
............................
1
06/16/23
USD
4.00
USD
—
88
Pitney
Bowes,
Inc.
...........................
4
07/21/23
USD
3.00
USD
2
60
Frontier
Communications
Parent,
Inc.
..............
3
08/18/23
USD
20.00
USD
7
315
Air
Transport
Services
Group,
Inc.
................
1
09/15/23
USD
15.00
USD
2
35
3-mo.
SOFR
Interest
Futures
....................
15
03/15/24
USD
95.75
USD
3,750
17,625
76,375
$
603,742
(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
ING
Groep
NV
..........
Goldman
Sachs
International
487
05/19/23
EUR
11.50
EUR
5
$
1,310
USD
Currency
...........
Bank
of
America
NA
—
07/13/23
CNH
7.40
USD
721
646
TOPIX
Bank
Index
........
BNP
Paribas
SA
29,064
07/14/23
JPY
218.87
JPY
5,464
674
TOPIX
Bank
Index
........
Goldman
Sachs
International
48,422
07/14/23
JPY
226.71
JPY
9,103
776
TOPIX
Bank
Index
........
JPMorgan
Chase
Bank
NA
19,396
07/14/23
JPY
227.60
JPY
3,646
298
3,704
Put
Financial
Select
Sector
SPDR
Fund
...............
Citibank
NA
197
04/21/23
USD
29.00
USD
6
513
USD
Currency
...........
Deutsche
Bank
AG
—
05/04/23
MXN
18.00
USD
294
2,922
USD
Currency
...........
Bank
of
America
NA
—
05/25/23
MXN
18.25
USD
1,094
21,392
USD
Currency
...........
Bank
of
America
NA
—
05/29/23
JPY
130.00
USD
742
10,494
35,321
$
39,025
BlackRock
Global
Allocation
Portfolio
25
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
OTC
Dual
Binary
Options
Purchased
Description
(a)
Counterparty
Units
Expiration
Date
Notional
Amount
(000)
Value
Put
Dual
Binary
Option
payout
at
expiry
if
S&P
500
<=
3,687.14
and
10
year
swap
<=
3.342
............
Citibank
NA
30,361
04/21/23
USD
111,945
$
694
Dual
Binary
Option
payout
at
expiry
if
S&P
500
<=
3,687.14
and
10
year
swap
<=
3.330
............
Citibank
NA
30,361
05/19/23
USD
111,945
1,743
Dual
Binary
Option
payout
at
expiry
if
S&P
500
<=
3,848.02
and
2
year
swap
<=
4.987
............
Citibank
NA
29,901
05/19/23
USD
115,060
414
Dual
Binary
Option
payout
at
expiry
if
S&P
500
<=
3,848.02
and
2
year
swap
<=
5.087
............
Citibank
NA
29,901
05/19/23
USD
115,060
273
Dual
Binary
Option
payout
at
expiry
if
S&P
500
<=
3,848.02
and
2
year
swap
<=
4.921
............
Citibank
NA
29,901
06/16/23
USD
115,060
789
Dual
Binary
Option
payout
at
expiry
if
S&P
500
<=
3,848.02
and
2
year
swap
<=
5.021
............
Citibank
NA
29,901
06/16/23
USD
115,060
613
$
4,526
(a)
Option
only
pays
if
both
terms
are
met
on
the
expiration
date.
OTC
Credit
Default
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
(a)
Value
Put
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
%
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
Quarterly
BNP
Paribas
SA
04/19/23
USD
94.00
USD
110
$
34
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
Quarterly
Deutsche
Bank
AG
06/21/23
USD
94.00
USD
75
357
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
37.V2
Quarterly
Morgan
Stanley
&
Co.
International
plc
04/19/23
USD
94.00
USD
110
8
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
Quarterly
Barclays
Bank
plc
05/17/23
USD
95.00
USD
115
377
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
Quarterly
Barclays
Bank
plc
04/19/23
USD
97.00
USD
115
134
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
Quarterly
Barclays
Bank
plc
04/19/23
USD
99.00
USD
115
365
$
1,275
(a)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.85%
Semi-Annual
Goldman
Sachs
International
08/07/23
2.85
%
USD
749
$
10,048
2Yx2Y
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.10%
Annual
Goldman
Sachs
International
08/22/23
3.10
USD
2,193
23,098
2Yx2Y
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.25%
Annual
Goldman
Sachs
International
09/05/23
3.25
USD
4,325
54,184
BlackRock
Global
Allocation
Portfolio
26
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
OTC
Interest
Rate
Swaptions
Purchased
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.81%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
09/21/23
2.81
%
USD
546
$
8,570
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.80%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
09/22/23
2.80
USD
234
3,623
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.05%
Semi-Annual
Citibank
NA
10/24/23
3.05
USD
853
22,370
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.90%
Semi-Annual
JPMorgan
Chase
Bank
NA
10/30/23
2.90
USD
853
18,039
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.82%
Semi-Annual
Goldman
Sachs
International
11/07/23
2.82
USD
354
6,763
30-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.85%
Semi-Annual
Citibank
NA
11/14/23
2.85
USD
274
13,547
160,242
Put
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
91,379
10-Year
Interest
Rate
Swap
(a)
3.80%
Semi-Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
04/03/23
3.80
USD
737
—
1-Year
Interest
Rate
Swap
(a)
.
1.00%
Annual
6-mo.
EURIBOR
Semi-Annual
Goldman
Sachs
International
05/02/23
1.00
EUR
5,265
144,508
10-Year
Interest
Rate
Swap
(a)
4.55%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
10/24/23
4.55
USD
853
2,036
10-Year
Interest
Rate
Swap
(a)
4.40%
Semi-Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
10/30/23
4.40
USD
853
2,774
10-Year
Interest
Rate
Swap
(a)
4.82%
Semi-Annual
1-day
SOFR
Annual
Goldman
Sachs
International
11/07/23
4.82
USD
354
611
241,308
$
401,550
(a)
Forward
settling
swaption.
Interest
Rate
Caps
Sold
Description
Exercise
Rate
Counterparty
Expiration
Date
Notional
Amount
(000)
Value
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
5Y-30Y
CMS
Index
Cap
....
0.57
%
Goldman
Sachs
International
09/27/23
USD
9,146
$
(3,461)
$
(4,697)
$
1,236
5Y-30Y
CMS
Index
Cap
....
(0.68)
Goldman
Sachs
International
09/27/23
USD
9,146
(7,890)
(9,146)
1,256
$
(11,351)
$
(13,843)
$
2,492
Exchange-Traded
Options
Written
Description
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
SPDR
S&P
500
ETF
Trust
.......................
59
04/06/23
USD
414.00
USD
2,415
$
(6,638)
CBOE
Volatility
Index
..........................
8
04/19/23
USD
45.00
USD
15
(68)
CBOE
Volatility
Index
..........................
12
04/19/23
USD
50.00
USD
22
(78)
Advanced
Micro
Devices,
Inc.
....................
19
04/21/23
USD
110.00
USD
186
(1,159)
Advanced
Micro
Devices,
Inc.
....................
24
04/21/23
USD
105.00
USD
235
(3,528)
Alphabet,
Inc.
...............................
19
04/21/23
USD
105.00
USD
198
(4,579)
Bank
of
America
Corp.
.........................
12
04/21/23
USD
40.00
USD
34
(12)
Charles
Schwab
Corp.
(The)
.....................
9
04/21/23
USD
90.00
USD
47
(23)
Chubb
Ltd.
.................................
2
04/21/23
USD
240.00
USD
39
(960)
Constellation
Brands,
Inc.
.......................
3
04/21/23
USD
260.00
USD
68
(165)
EOG
Resources,
Inc.
..........................
12
04/21/23
USD
177.50
USD
138
(120)
Freeport-McMoRan,
Inc.
........................
33
04/21/23
USD
50.00
USD
135
(116)
Invesco
QQQ
Trust
1
..........................
21
04/21/23
USD
335.00
USD
674
(3,066)
Lloyds
Banking
Group
plc
.......................
123
04/21/23
GBP
0.58
GBP
59
(379)
BlackRock
Global
Allocation
Portfolio
27
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Mastercard
,
Inc.
.............................
2
04/21/23
USD
400.00
USD
73
$
(24)
Morgan
Stanley
..............................
2
04/21/23
USD
110.00
USD
18
(5)
NextEra
Energy,
Inc.
..........................
9
04/21/23
USD
80.00
USD
69
(675)
Nice
Ltd.
..................................
2
04/21/23
USD
240.00
USD
46
(375)
Northrop
Grumman
Corp.
.......................
1
04/21/23
USD
540.00
USD
46
(430)
NVIDIA
Corp.
...............................
2
04/21/23
USD
260.00
USD
56
(4,550)
Schlumberger
NV
............................
12
04/21/23
USD
57.50
USD
59
(144)
SPDR
S&P
500
ETF
Trust
.......................
18
04/21/23
USD
415.00
USD
737
(7,272)
Starbucks
Corp.
.............................
3
04/21/23
USD
115.00
USD
31
(32)
Tesla,
Inc.
..................................
6
04/21/23
USD
208.33
USD
124
(7,380)
Wells
Fargo
&
Co.
............................
8
04/21/23
USD
55.00
USD
30
(8)
Xtrackers
Harvest
CSI
300
China
A-Shares
ETF
........
90
04/21/23
USD
35.00
USD
265
(270)
Xtrackers
Harvest
CSI
300
China
A-Shares
ETF
........
139
04/21/23
USD
37.00
USD
410
(834)
3-mo.
SOFR
Interest
Futures
.....................
19
05/12/23
USD
96.50
USD
4,750
(12,944)
Advanced
Micro
Devices,
Inc.
....................
14
05/19/23
USD
120.00
USD
137
(1,540)
Alphabet,
Inc.
...............................
8
05/19/23
USD
110.00
USD
83
(2,348)
Alphabet,
Inc.
...............................
16
05/19/23
USD
115.00
USD
166
(2,496)
Amazon.com,
Inc.
............................
8
05/19/23
USD
110.00
USD
83
(2,720)
Apple,
Inc.
.................................
7
05/19/23
USD
175.00
USD
115
(1,565)
Bank
of
America
Corp.
.........................
25
05/19/23
USD
31.00
USD
72
(1,213)
CF
Industries
Holdings,
Inc.
......................
11
05/19/23
USD
80.00
USD
80
(1,568)
Charles
Schwab
Corp.
(The)
.....................
33
05/19/23
USD
80.00
USD
173
(182)
ConocoPhillips
..............................
10
05/19/23
USD
140.00
USD
99
(40)
ConocoPhillips
..............................
12
05/19/23
USD
125.00
USD
119
(198)
Dexcom
,
Inc.
...............................
6
05/19/23
USD
130.00
USD
70
(1,545)
EQT
Corp.
.................................
21
05/19/23
USD
35.00
USD
67
(2,541)
Freeport-McMoRan,
Inc.
........................
16
05/19/23
USD
42.00
USD
65
(3,376)
Invesco
QQQ
Trust
1
..........................
18
05/19/23
USD
340.00
USD
578
(6,156)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
55
05/19/23
USD
76.00
USD
416
(3,603)
Marathon
Oil
Corp.
...........................
25
05/19/23
USD
26.00
USD
60
(1,788)
Mercedes-Benz
Group
AG
......................
21
05/19/23
EUR
82.00
EUR
149
(182)
Microsoft
Corp.
..............................
4
05/19/23
USD
290.00
USD
115
(4,590)
Microsoft
Corp.
..............................
8
05/19/23
USD
305.00
USD
231
(4,000)
Nestle
SA
..................................
23
05/19/23
CHF
116.00
CHF
256
(943)
NVIDIA
Corp.
...............................
5
05/19/23
USD
330.00
USD
139
(1,425)
SPDR
Gold
Shares
(a)
..........................
159
05/19/23
USD
205.00
USD
2,913
(7,791)
Starbucks
Corp.
.............................
7
05/19/23
USD
105.00
USD
73
(2,765)
Tesla,
Inc.
..................................
12
05/19/23
USD
210.00
USD
249
(20,700)
Alphabet,
Inc.
...............................
12
06/16/23
USD
125.00
USD
125
(1,242)
Charles
Schwab
Corp.
(The)
.....................
20
06/16/23
USD
75.00
USD
105
(420)
CVS
Health
Corp.
............................
4
06/16/23
USD
95.00
USD
30
(34)
Delta
Air
Lines,
Inc.
...........................
25
06/16/23
USD
40.00
USD
87
(1,563)
Dexcom
,
Inc.
...............................
6
06/16/23
USD
130.00
USD
70
(2,280)
Hilton
Worldwide
Holdings,
Inc.
...................
4
06/16/23
USD
155.00
USD
56
(920)
Intuit,
Inc.
..................................
5
06/16/23
USD
470.00
USD
223
(9,400)
JPMorgan
Chase
&
Co.
........................
16
06/16/23
USD
150.00
USD
208
(1,072)
Salesforce,
Inc.
..............................
5
06/16/23
USD
230.00
USD
100
(1,550)
United
Airlines
Holdings,
Inc.
.....................
25
06/16/23
USD
52.50
USD
111
(2,225)
United
Parcel
Service,
Inc.
......................
5
06/16/23
USD
210.00
USD
97
(1,408)
Walt
Disney
Co.
(The)
.........................
12
06/16/23
USD
115.00
USD
120
(1,464)
Tesla,
Inc.
..................................
7
08/18/23
USD
260.00
USD
145
(8,943)
SPDR
S&P
500
ETF
Trust
.......................
5
12/15/23
USD
420.00
USD
205
(12,770)
(176,400)
Put
SPDR
S&P
500
ETF
Trust
.......................
5
04/06/23
USD
365.00
USD
205
(15)
3-mo.
SOFR
Interest
Futures
.....................
33
04/14/23
USD
94.50
USD
8,250
(206)
3-mo.
SOFR
Interest
Futures
.....................
33
04/14/23
USD
95.13
USD
8,250
(206)
Apple,
Inc.
.................................
7
04/21/23
USD
140.00
USD
115
(102)
Apple,
Inc.
.................................
12
04/21/23
USD
135.00
USD
198
(114)
BNP
Paribas
SA
.............................
8
04/21/23
EUR
60.00
EUR
44
(4,247)
Caterpillar,
Inc.
..............................
3
04/21/23
USD
175.00
USD
69
(108)
Constellation
Brands,
Inc.
.......................
12
04/21/23
USD
200.00
USD
271
(930)
EOG
Resources,
Inc.
..........................
8
04/21/23
USD
112.50
USD
92
(2,160)
BlackRock
Global
Allocation
Portfolio
28
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
EURO
STOXX
50
Index
........................
6
04/21/23
EUR
3,900.00
EUR
259
$
(452)
FedEx
Corp.
................................
2
04/21/23
USD
150.00
USD
46
(20)
Freeport-McMoRan,
Inc.
........................
25
04/21/23
USD
38.00
USD
102
(1,575)
Intuit,
Inc.
..................................
3
04/21/23
USD
360.00
USD
134
(158)
Invesco
QQQ
Trust
1
..........................
63
04/21/23
USD
280.00
USD
2,022
(2,016)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
68
04/21/23
USD
69.00
USD
514
(476)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
...
91
04/21/23
USD
101.00
USD
997
(455)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
...
142
04/21/23
USD
100.00
USD
1,556
(568)
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
...
6
04/21/23
USD
76.00
USD
52
(198)
iShares
Russell
2000
ETF
.......................
3
04/21/23
USD
145.00
USD
54
(23)
Lloyds
Banking
Group
plc
.......................
123
04/21/23
GBP
0.44
GBP
59
(759)
Lowe's
Cos.,
Inc.
.............................
3
04/21/23
USD
190.00
USD
60
(402)
Microsoft
Corp.
..............................
5
04/21/23
USD
230.00
USD
144
(95)
Prologis,
Inc.
................................
5
04/21/23
USD
90.00
USD
62
(100)
PulteGroup,
Inc.
.............................
17
04/21/23
USD
40.00
USD
99
(85)
SPDR
EURO
STOXX
50
ETF
....................
5
04/21/23
USD
35.00
USD
22
(60)
SPDR
S&P
500
ETF
Trust
.......................
9
04/21/23
USD
365.00
USD
368
(311)
SPDR
S&P
500
ETF
Trust
.......................
19
04/21/23
USD
372.00
USD
778
(922)
SPDR
S&P
500
ETF
Trust
.......................
33
04/21/23
USD
345.00
USD
1,351
(512)
SPDR
S&P
Regional
Banking
ETF
.................
62
04/21/23
USD
40.00
USD
272
(4,588)
Union
Pacific
Corp.
...........................
3
04/21/23
USD
195.00
USD
60
(765)
Invesco
QQQ
Trust
1
..........................
11
04/28/23
USD
280.00
USD
353
(627)
3-mo.
SOFR
Interest
Futures
.....................
9
05/12/23
USD
95.25
USD
2,250
(225)
Advanced
Micro
Devices,
Inc.
....................
14
05/19/23
USD
85.00
USD
137
(3,234)
Alphabet,
Inc.
...............................
3
05/19/23
USD
85.00
USD
31
(201)
Amazon.com,
Inc.
............................
3
05/19/23
USD
85.00
USD
31
(299)
Apple,
Inc.
.................................
2
05/19/23
USD
140.00
USD
33
(183)
Apple,
Inc.
.................................
8
05/19/23
USD
145.00
USD
132
(1,080)
Caterpillar,
Inc.
..............................
5
05/19/23
USD
140.00
USD
114
(150)
ConocoPhillips
..............................
14
05/19/23
USD
85.00
USD
139
(1,512)
ConocoPhillips
..............................
38
05/19/23
USD
90.00
USD
377
(7,182)
Delta
Air
Lines,
Inc.
...........................
39
05/19/23
USD
27.00
USD
136
(702)
EURO
STOXX
Banks
Price
Index
..................
23
05/19/23
EUR
90.00
EUR
120
(1,827)
Invesco
QQQ
Trust
1
..........................
18
05/19/23
USD
275.00
USD
578
(2,286)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
55
05/19/23
USD
68.00
USD
416
(605)
iShares
Russell
2000
ETF
.......................
21
05/19/23
USD
152.00
USD
375
(1,323)
iShares
Russell
2000
ETF
.......................
41
05/19/23
USD
160.00
USD
731
(4,982)
Lockheed
Martin
Corp.
.........................
3
05/19/23
USD
420.00
USD
142
(630)
Microsoft
Corp.
..............................
2
05/19/23
USD
240.00
USD
58
(262)
Nice
Ltd.
..................................
3
05/19/23
USD
175.00
USD
69
(1,440)
NIKE,
Inc.
..................................
10
05/19/23
USD
105.00
USD
123
(620)
Northrop
Grumman
Corp.
.......................
1
05/19/23
USD
400.00
USD
46
(270)
NVIDIA
Corp.
...............................
5
05/19/23
USD
220.00
USD
139
(1,268)
Starbucks
Corp.
.............................
7
05/19/23
USD
90.00
USD
73
(536)
Tesla,
Inc.
..................................
8
05/19/23
USD
120.00
USD
166
(508)
United
Airlines
Holdings,
Inc.
.....................
19
05/19/23
USD
38.00
USD
84
(1,587)
Alphabet,
Inc.
...............................
12
06/16/23
USD
90.00
USD
125
(2,028)
Charles
Schwab
Corp.
(The)
.....................
10
06/16/23
USD
40.00
USD
52
(1,215)
Delta
Air
Lines,
Inc.
...........................
25
06/16/23
USD
27.00
USD
87
(825)
FedEx
Corp.
................................
1
06/16/23
USD
140.00
USD
23
(14)
Health
Care
Select
Sector
SPDR
Fund
..............
12
06/16/23
USD
120.00
USD
155
(1,224)
JPMorgan
Chase
&
Co.
........................
8
06/16/23
USD
100.00
USD
104
(540)
Salesforce,
Inc.
..............................
5
06/16/23
USD
160.00
USD
100
(960)
Uber
Technologies,
Inc.
........................
42
06/16/23
USD
30.00
USD
133
(7,602)
United
Airlines
Holdings,
Inc.
.....................
25
06/16/23
USD
36.00
USD
111
(2,200)
Walt
Disney
Co.
(The)
.........................
12
06/16/23
USD
80.00
USD
120
(936)
Waste
Management,
Inc.
.......................
12
06/16/23
USD
150.00
USD
196
(2,010)
Kroger
Co.
(The)
.............................
23
07/21/23
USD
40.00
USD
114
(771)
Tesla,
Inc.
..................................
3
08/18/23
USD
135.00
USD
62
(1,455)
3-mo.
SOFR
Interest
Futures
.....................
23
03/15/24
USD
94.75
USD
5,750
(8,625)
(86,572)
$
(262,972)
BlackRock
Global
Allocation
Portfolio
29
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
OTC
Options
Written
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
ING
Groep
NV
.............
Goldman
Sachs
International
448
05/19/23
EUR
12.50
EUR
5
$
(307)
USD
Currency
..............
HSBC
Bank
plc
—
06/14/23
TWD
30.58
USD
183
(1,763)
USD
Currency
..............
Goldman
Sachs
International
—
06/19/23
CNH
6.88
USD
181
(1,587)
(3,657)
Put
ING
Groep
NV
.............
Goldman
Sachs
International
622
05/19/23
EUR
9.00
EUR
7
(1,061)
USD
Currency
..............
Bank
of
America
NA
—
05/25/23
MXN
17.75
USD
1,458
(10,165)
USD
Currency
..............
Bank
of
America
NA
—
05/29/23
JPY
124.00
USD
1,114
(4,606)
USD
Currency
..............
HSBC
Bank
plc
—
06/14/23
BRL
5.24
USD
177
(7,620)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
06/14/23
COP
4,815.00
USD
177
(7,619)
EUR
Currency
..............
UBS
AG
—
06/19/23
USD
1.08
EUR
166
(1,855)
GBP
Currency
..............
JPMorgan
Chase
Bank
NA
—
06/19/23
USD
1.22
GBP
147
(2,140)
USD
Currency
..............
Bank
of
America
NA
—
06/19/23
HUF
362.05
USD
175
(6,625)
USD
Currency
..............
Citibank
NA
—
06/19/23
MXN
18.67
USD
177
(6,368)
TOPIX
Bank
Index
...........
BNP
Paribas
SA
29,064
07/14/23
JPY
175.10
JPY
5,464
(1,486)
TOPIX
Bank
Index
...........
Goldman
Sachs
International
48,422
07/14/23
JPY
181.37
JPY
9,103
(3,346)
TOPIX
Bank
Index
...........
JPMorgan
Chase
Bank
NA
19,396
07/14/23
JPY
182.08
JPY
3,646
(1,384)
(54,275)
$
(57,932)
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
High
Yield
Index
Series
39.V1
5.00
%
Quarterly
BNP
Paribas
SA
04/19/23
B+
USD
88.00
USD
110
$
(8)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
High
Yield
Index
Series
37.V2
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
04/19/23
B+
USD
88.00
USD
110
(4)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
5.00
Quarterly
Barclays
Bank
plc
05/17/23
B+
USD
89.00
USD
115
(109)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
5.00
Quarterly
Barclays
Bank
plc
04/19/23
B+
USD
94.00
USD
115
(36)
$
(157)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
5-Year
Interest
Rate
Swap
(a)
.
2.80%
Semi-Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
05/30/23
2.80
%
USD
1,448
$
(5,027)
2-Year
Interest
Rate
Swap
(a)
.
3.30%
Semi-Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
05/30/23
3.30
USD
3,573
(6,846)
BlackRock
Global
Allocation
Portfolio
30
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
OTC
Interest
Rate
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
5-Year
Interest
Rate
Swap
(a)
.
2.50%
Semi-Annual
1-day
SOFR
Annual
Goldman
Sachs
International
06/14/23
2.50
%
USD
1,716
$
(3,923)
10-Year
Interest
Rate
Swap
(a)
2.41%
Semi-Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
07/19/23
2.41
USD
1,894
(8,114)
2Yx2Y
Interest
Rate
Swap
(a)
.
2.70%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
08/22/23
2.70
USD
2,193
(14,567)
2Yx2Y
Interest
Rate
Swap
(a)
.
2.95%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
09/05/23
2.95
USD
4,325
(39,794)
2-Year
Interest
Rate
Swap
(a)
.
3.09%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
10/24/23
3.09
USD
3,412
(19,588)
2-Year
Interest
Rate
Swap
(a)
.
2.95%
Semi-Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
10/30/23
2.95
USD
3,412
(17,474)
2-Year
Interest
Rate
Swap
(a)
.
3.26%
Semi-Annual
1-day
SOFR
Annual
Goldman
Sachs
International
11/07/23
3.26
USD
1,417
(10,328)
2-Year
Interest
Rate
Swap
(a)
.
2.75%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
11/14/23
2.75
USD
2,743
(12,250)
10-Year
Interest
Rate
Swap
(a)
2.40%
Semi-Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
12/14/23
2.40
USD
473
(5,131)
(143,042)
Put
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
(116,775)
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
(703)
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
(2,201)
1-Year
Interest
Rate
Swap
(a)
.
6-mo.
EURIBOR
Semi-Annual
1.75%
Annual
Goldman
Sachs
International
05/02/23
1.75
EUR
10,529
(206,022)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.00%
Semi-Annual
JPMorgan
Chase
Bank
NA
06/08/23
4.00
USD
1,445
(2,777)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.90%
Semi-Annual
Goldman
Sachs
International
06/14/23
3.90
USD
1,716
(4,811)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.85%
Semi-Annual
JPMorgan
Chase
Bank
NA
07/03/23
3.85
USD
737
(2,531)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.61%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
07/19/23
3.61
USD
1,894
(14,714)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.75%
Semi-Annual
Goldman
Sachs
International
08/07/23
3.75
USD
937
(6,040)
2Yx2Y
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.75%
Annual
Goldman
Sachs
International
08/22/23
3.75
USD
1,096
(2,655)
2Yx2Y
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.85%
Annual
Goldman
Sachs
International
09/05/23
3.85
USD
2,162
(4,929)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.73%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
09/21/23
4.73
USD
5,390
(7,998)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.50%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
09/22/23
4.50
USD
2,696
(6,084)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.93%
Semi-Annual
Goldman
Sachs
International
10/02/23
3.93
USD
926
(5,832)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.75%
Semi-Annual
Citibank
NA
11/14/23
4.75
USD
2,195
(3,549)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.60%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
12/14/23
3.60
USD
473
(6,884)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.79%
Semi-Annual
JPMorgan
Chase
Bank
NA
03/27/24
3.79
USD
2,691
(24,416)
(418,921)
$
(561,963)
(a)
Forward
settling
swaption.
BlackRock
Global
Allocation
Portfolio
31
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
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
$
(5,428)
$
(9,684)
$
4,256
Markit
CDX
North
American
High
Yield
Index
Series
37.V2
.....................
5.00
Quarterly
12/20/26
USD
7
(215)
(192)
(23)
Markit
CDX
North
American
Investment
Grade
Index
Series
39.V1
................
1.00
Quarterly
12/20/27
USD
162
(1,938)
(220)
(1,718)
$
(7,581)
$
(10,096)
$
2,515
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
Index
Series
38.V1
..
5.00
%
Quarterly
12/20/27
BB-
EUR
332
$
13,508
$
(10,761)
$
24,269
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
...........
5.00
Quarterly
12/20/27
B+
USD
89
1,193
(957)
2,150
$
14,701
$
(11,718)
$
26,419
(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)
1-day
SOFR
At
Termination
4.40%
At
Termination
N/A
02/13/24
USD
14,221
$
(53,660)
$
—
$
(53,660)
3.75%
At
Termination
1-day
SOFR
At
Termination
N/A
02/13/24
USD
7,110
71,772
—
71,772
28-day
MXIBTIIE
Monthly
4.68%
Monthly
N/A
02/27/24
MXN
5,196
(17,071)
—
(17,071)
28-day
MXIBTIIE
Monthly
4.86%
Monthly
N/A
03/01/24
MXN
5,196
(16,599)
—
(16,599)
1-day
SOFR
At
Termination
4.50%
At
Termination
N/A
03/09/24
USD
6,974
(17,469)
—
(17,469)
1-day
SOFR
Annual
2.65%
Annual
N/A
05/02/24
USD
10,966
(268,361)
1,538
(269,899)
1-day
SOFR
At
Termination
4.46%
At
Termination
07/12/23
(a)
07/12/24
USD
7,486
4,415
—
4,415
1-day
SONIA
At
Termination
4.26%
At
Termination
09/06/23
(a)
09/06/24
GBP
1,943
(3,751)
—
(3,751)
28-day
MXIBTIIE
Monthly
9.78%
Monthly
N/A
02/04/25
MXN
21,943
(9,667)
—
(9,667)
28-day
MXIBTIIE
Monthly
9.79%
Monthly
N/A
02/04/25
MXN
10,972
(4,727)
—
(4,727)
28-day
MXIBTIIE
Monthly
9.80%
Monthly
N/A
02/04/25
MXN
10,972
(4,565)
—
(4,565)
1-day
SOFR
Annual
2.60%
Annual
N/A
02/17/25
USD
3,793
(114,481)
—
(114,481)
1-day
SOFR
Annual
2.70%
Annual
N/A
02/17/25
USD
3,793
(107,217)
—
(107,217)
2.00%
Annual
1-day
SOFR
Annual
N/A
02/17/25
USD
1,067
44,464
—
44,464
1-day
SOFR
Annual
4.03%
Annual
N/A
03/10/25
USD
7,053
(13,651)
—
(13,651)
2.72%
Annual
1-day
SOFR
Annual
N/A
05/02/25
USD
13,742
394,758
(2,776)
397,534
1-day
SOFR
Annual
3.75%
Annual
N/A
12/15/25
USD
929
(2,975)
—
(2,975)
1-day
SOFR
Annual
3.81%
Annual
N/A
12/19/25
USD
991
(1,452)
—
(1,452)
28-day
MXIBTIIE
Monthly
6.48%
Monthly
N/A
08/12/26
MXN
4,339
(17,667)
—
(17,667)
28-day
MXIBTIIE
Monthly
6.47%
Monthly
N/A
08/13/26
MXN
5,959
(24,336)
—
(24,336)
28-day
MXIBTIIE
Monthly
6.42%
Monthly
N/A
08/14/26
MXN
4,857
(20,199)
—
(20,199)
28-day
MXIBTIIE
Monthly
6.44%
Monthly
N/A
08/14/26
MXN
2,947
(12,136)
—
(12,136)
28-day
MXIBTIIE
Monthly
6.42%
Monthly
N/A
08/17/26
MXN
4,376
(19,006)
—
(19,006)
1-day
SOFR
Annual
3.47%
Annual
03/10/25
(a)
03/10/27
USD
742
8,129
—
8,129
1-day
SOFR
Annual
2.67%
Annual
N/A
05/02/27
USD
988
(32,857)
(612)
(32,245)
1-day
SOFR
Annual
2.91%
Annual
N/A
10/06/27
USD
1,885
(50,360)
—
(50,360)
1-day
SONIA
At
Termination
3.18%
At
Termination
02/10/27
(a)
02/10/28
GBP
6,479
(1,876)
—
(1,876)
BlackRock
Global
Allocation
Portfolio
32
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.02%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
08/26/31
EUR
762
$
180,893
$
—
$
180,893
1-day
SOFR
Annual
2.65%
Annual
N/A
05/02/32
USD
6,318
(290,514)
5,274
(295,788)
2.58%
Annual
1-day
SOFR
Annual
N/A
05/24/32
USD
1,169
62,536
(1,071)
63,607
2.60%
Annual
1-day
SOFR
Annual
N/A
05/26/32
USD
190
9,873
—
9,873
1-day
SOFR
Annual
3.47%
Annual
N/A
10/04/32
USD
810
15,401
—
15,401
1-day
SOFR
Annual
3.42%
Annual
N/A
10/05/32
USD
388
5,638
—
5,638
1-day
SOFR
Annual
3.05%
Annual
N/A
10/28/32
USD
884
(15,215)
—
(15,215)
1-day
SOFR
Annual
2.88%
Annual
N/A
11/02/32
USD
899
(28,603)
—
(28,603)
1-day
SOFR
Annual
2.92%
Annual
N/A
11/04/32
USD
904
(25,651)
—
(25,651)
1-day
SOFR
Annual
2.90%
Annual
N/A
11/15/32
USD
1,447
(43,180)
—
(43,180)
1-day
SOFR
Annual
3.20%
Annual
N/A
11/28/32
USD
846
(3,229)
—
(3,229)
1-day
ESTR
Annual
2.34%
Annual
01/19/28
(a)
01/19/33
EUR
576
(8,388)
—
(8,388)
3.24%
Annual
1-day
SOFR
Annual
08/09/23
(a)
08/09/33
USD
458
(4,762)
—
(4,762)
2.61%
Annual
1-day
SOFR
Annual
N/A
05/02/42
USD
143
11,589
333
11,256
2.43%
Annual
1-day
SOFR
Annual
N/A
05/02/52
USD
4,377
473,650
(9,482)
483,132
$
49,493
$
(6,796)
$
56,289
(a)
Forward
swap.
Centrally
Cleared
Inflation
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
2.69%
At
Termination
08/15/32
EUR
110
$
(1,239)
$
—
$
(1,239)
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
$
(729)
$
854
$
(1,583)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Barclays
Bank
plc
06/20/24
USD
5
283
410
(127)
Staples,
Inc.
.............
5.00
Quarterly
Barclays
Bank
plc
06/20/24
USD
5
209
359
(150)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
5
694
1,164
(470)
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
7
(83)
133
(216)
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
7
(83)
133
(216)
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
10
(111)
167
(278)
BorgWarner,
Inc.
..........
1.00
Quarterly
BNP
Paribas
SA
12/20/27
USD
10
(176)
131
(307)
Ford
Motor
Co.
...........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
USD
10
(791)
(246)
(545)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Bank
of
America
NA
12/20/27
USD
10
3,141
2,525
616
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Barclays
Bank
plc
12/20/27
USD
10
3,141
2,457
684
Xerox
Corp.
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
10
1,109
1,107
2
Ford
Motor
Co.
...........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/28
USD
5
(387)
(258)
(129)
Paramount
Global
.........
1.00
Quarterly
Barclays
Bank
plc
06/20/28
USD
3
125
144
(19)
Paramount
Global
.........
1.00
Quarterly
Barclays
Bank
plc
06/20/28
USD
3
137
156
(19)
Paramount
Global
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
USD
15
578
695
(117)
Simon
Property
Group
LP
....
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
USD
30
450
721
(271)
Southwest
Airlines
Co.
......
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
USD
30
160
472
(312)
$
–
$
–
$
–
$
7,667
$
11,124
$
(3,457)
$
–
$
–
$
–
BlackRock
Global
Allocation
Portfolio
33
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
NRG
Energy,
Inc.
......
5.00
%
Quarterly
Barclays
Bank
plc
12/20/27
BB
USD
5
$
381
$
304
$
77
NRG
Energy,
Inc.
......
5.00
Quarterly
Citibank
NA
12/20/27
BB
USD
5
381
314
67
$
762
$
618
$
144
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
BZDIOVER
At
Termination
12.48%
At
Termination
Barclays
Bank
plc
07/01/24
BRL
627
$
(48)
$
—
$
(48)
1-day
BZDIOVER
At
Termination
12.00%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
508
13
—
13
1-day
BZDIOVER
At
Termination
12.36%
At
Termination
Morgan
Stanley
&
Co.
International
plc
01/02/25
BRL
197
218
—
218
1-day
BZDIOVER
At
Termination
12.76%
At
Termination
Morgan
Stanley
&
Co.
International
plc
01/02/25
BRL
731
1,686
—
1,686
1-day
BZDIOVER
At
Termination
13.15%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
3,325
12,183
—
12,183
1-day
BZDIOVER
At
Termination
13.18%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
3,323
12,524
—
12,524
1-day
BZDIOVER
At
Termination
13.22%
At
Termination
Citibank
NA
01/02/25
BRL
1,748
6,832
—
6,832
1-day
BZDIOVER
At
Termination
9.39%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
2,166
(34,125)
—
(34,125)
1-day
BZDIOVER
At
Termination
9.42%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
2,362
(36,738)
—
(36,738)
$
(37,455)
$
—
$
(37,455)
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Pitney
Bowes,
Inc.
...
Quarterly
1-day
SOFR
minus
0.25%
Quarterly
Citibank
NA
06/13/23
USD
—
$
(44)
$
—
$
(44)
1-day
SOFR
minus
1.20%
.........
At
Termination
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
At
Termination
Merrill
Lynch
International
&
Co.
06/16/23
USD
3
6,392
—
6,392
1-day
SOFR
minus
1.60%
.........
At
Termination
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
At
Termination
BNP
Paribas
SA
06/16/23
USD
1
2,378
—
2,378
1-day
SOFR
minus
1.70%
.........
At
Termination
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
At
Termination
JPMorgan
Chase
Bank
NA
06/16/23
USD
2
3,777
—
3,777
1-day
SOFR
minus
1.75%
.........
At
Termination
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
At
Termination
BNP
Paribas
SA
06/16/23
USD
2
4,440
—
4,440
BlackRock
Global
Allocation
Portfolio
34
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
OTC
Total
Return
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
At
Termination
1-day
SOFR
minus
0.35%
At
Termination
JPMorgan
Chase
Bank
NA
06/16/23
USD
2
$
(2,629)
$
—
$
(2,629)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
At
Termination
1-day
SOFR
minus
0.35%
At
Termination
JPMorgan
Chase
Bank
NA
06/16/23
USD
2
(2,542)
—
(2,542)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
At
Termination
1-day
SOFR
minus
0.35%
At
Termination
JPMorgan
Chase
Bank
NA
06/16/23
USD
2
(2,632)
—
(2,632)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
At
Termination
1-day
SOFR
minus
0.40%
At
Termination
BNP
Paribas
SA
06/16/23
USD
3
(4,682)
—
(4,682)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
At
Termination
1-day
SOFR
minus
0.40%
At
Termination
BNP
Paribas
SA
06/16/23
USD
2
(2,545)
—
(2,545)
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
At
Termination
1-day
SOFR
minus
2.20%
At
Termination
BNP
Paribas
SA
06/16/23
USD
2
(3,422)
—
(3,422)
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
At
Termination
1-day
SOFR
minus
2.50%
At
Termination
Goldman
Sachs
International
06/16/23
USD
3
(6,750)
—
(6,750)
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
Quarterly
1-day
SOFR
minus
2.50%
Quarterly
Goldman
Sachs
International
06/16/23
USD
1
(2,108)
—
(2,108)
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
Quarterly
1-day
SOFR
minus
2.50%
Quarterly
Goldman
Sachs
International
06/16/23
USD
2
(4,217)
—
(4,217)
1-day
SOFR
minus
1.75%
.........
At
Termination
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
At
Termination
BNP
Paribas
SA
06/21/23
USD
1
2,208
—
2,208
0.00%
...........
Quarterly
Citi
Equity
US
1W
Volatility
Carry
Index
Quarterly
Citibank
NA
09/15/23
USD
63
(32)
—
(32)
$
(12,408)
$
—
$
(12,408)
BlackRock
Global
Allocation
Portfolio
35
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
(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:
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)
02/26/24
$
(1,067,604)
$
(43,396)
(c)
$
(1,109,960)
0.7
%
Monthly
JPMorgan
Chase
Bank
NA
(d)
05/10/23
(1,211,252)
(11,588)
(e)
(1,225,962)
0.8
$
(54,984)
$
(2,335,922)
(b)
(d)
Range:
15-50
basis
points
15-124
basis
points
Benchmarks:
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
(c)
Amount
includes
$(1,040)
of
net
dividends
and
financing
fees.
(e)
Amount
includes
$3,122
of
net
dividends
and
financing
fees.
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
date
February
26,
2024:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Short
Common
Stocks
Brazil
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
.............
(1,000)
$
(9,975)
0.9
%
Canada
Shopify,
Inc.,
Class
A
.......
(58)
(2,781)
0.3
China
China
Overseas
Land
&
Investment
Ltd.
........
(3,500)
(8,444)
0.8
China
Vanke
Co.
Ltd.,
Class
H
(4,335)
(6,840)
0.6
Li
Ning
Co.
Ltd.
...........
(1,000)
(7,864)
0.7
Longfor
Group
Holdings
Ltd.
..
(4,000)
(11,282)
1.0
Prosus
NV
..............
(137)
(10,728)
1.0
Xiaomi
Corp.,
Class
B
......
(3,800)
(5,848)
0.5
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.
..............
(1,700)
(7,396)
0.7
(58,402)
Denmark
Vestas
Wind
Systems
A/S
...
(427)
(12,445)
1.1
Finland
Nordea
Bank
Abp
.........
(911)
(9,728)
0.9
Germany
Covestro
AG
............
(652)
(27,001)
2.4
LEG
Immobilien
SE
........
(131)
(7,199)
0.6
Siemens
Healthineers
AG
....
(898)
(51,772)
4.7
(85,972)
Shares
Value
%
of
Basket
Value
Italy
Nexi
SpA
...............
(1,123)
$
(9,127)
0.8
%
Telecom
Italia
SpA
........
(48,620)
(16,034)
1.5
(25,161)
Japan
Canon,
Inc.
.............
(1,000)
(22,270)
2.0
Daiichi
Sankyo
Co.
Ltd.
.....
(100)
(3,648)
0.3
ENEOS
Holdings,
Inc.
......
(2,400)
(8,421)
0.7
Hitachi
Ltd.
.............
(500)
(27,480)
2.5
Lasertec
Corp.
...........
(100)
(17,768)
1.6
MatsukiyoCocokara
&
Co.
...
(400)
(21,189)
1.9
Open
House
Group
Co.
Ltd.
..
(200)
(7,500)
0.7
Renesas
Electronics
Corp.
...
(400)
(5,792)
0.5
Tokyo
Electric
Power
Co.
Holdings,
Inc.
..........
(600)
(2,143)
0.2
Z
Holdings
Corp.
..........
(2,600)
(7,372)
0.7
(123,583)
Mexico
America
Movil
SAB
de
CV
...
(11,512)
(12,138)
1.1
Norway
Aker
ASA,
Class
A
.........
(49)
(3,151)
0.3
Aker
BP
ASA
............
(2,046)
(50,178)
4.5
Salmar
ASA
.............
(70)
(3,049)
0.3
(56,378)
Poland
KGHM
Polska
Miedz
SA
.....
(113)
(3,210)
0.3
South
Korea
Kakao
Corp.
.............
(677)
(32,062)
2.9
NCSoft
Corp.
............
(32)
(9,170)
0.8
(41,232)
Sweden
Evolution
AB
............
(21)
(2,814)
0.3
Fastighets
AB
Balder,
Class
B
.
(6,717)
(27,597)
2.5
Getinge
AB,
Class
B
.......
(123)
(3,000)
0.3
Saab
AB,
Class
B
.........
(256)
(15,552)
1.4
BlackRock
Global
Allocation
Portfolio
36
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Shares
Value
%
of
Basket
Value
Sweden
(continued)
Sandvik
AB
.............
(442)
$
(9,382)
0.8
%
Trelleborg
AB,
Class
B
......
(407)
(11,584)
1.0
(69,929)
Switzerland
Adecco
Group
AG
(Registered)
(173)
(6,301)
0.6
SIG
Group
AG
...........
(393)
(10,125)
0.9
Straumann
Holding
AG
(Registered)
...........
(68)
(10,199)
0.9
(26,625)
United
Kingdom
Just
Eat
Takeaway.com
NV
...
(1,757)
(33,529)
3.0
United
States
Apollo
Global
Management,
Inc.
(103)
(6,505)
0.6
Block,
Inc.
..............
(470)
(32,266)
2.9
Caesars
Entertainment,
Inc.
..
(764)
(37,291)
3.4
Charles
River
Laboratories
International,
Inc.
.......
(26)
(5,247)
0.5
Church
&
Dwight
Co.,
Inc.
...
(253)
(22,368)
2.0
Constellation
Energy
Corp.
...
(150)
(11,775)
1.1
CoStar
Group,
Inc.
........
(261)
(17,970)
1.6
Digital
Realty
Trust,
Inc.
.....
(94)
(9,241)
0.8
Discover
Financial
Services
..
(74)
(7,314)
0.7
Dominion
Energy,
Inc.
......
(181)
(10,120)
0.9
DoorDash
,
Inc.,
Class
A
.....
(106)
(6,737)
0.6
Ford
Motor
Co.
...........
(2,991)
(37,687)
3.4
Illumina,
Inc.
............
(46)
(10,697)
1.0
Insulet
Corp.
............
(11)
(3,509)
0.3
Iron
Mountain,
Inc.
........
(176)
(9,312)
0.8
Lamb
Weston
Holdings,
Inc.
..
(260)
(27,175)
2.5
Monolithic
Power
Systems,
Inc.
(52)
(26,028)
2.3
Norwegian
Cruise
Line
Holdings
Ltd.
................
(731)
(9,832)
0.9
Oracle
Corp.
............
(312)
(28,991)
2.6
Paramount
Global,
Class
B
...
(1,292)
(28,825)
2.6
PPG
Industries,
Inc.
.......
(70)
(9,351)
0.8
Quanta
Services,
Inc.
......
(228)
(37,994)
3.4
Realty
Income
Corp.
.......
(154)
(9,751)
0.9
Stryker
Corp.
............
(56)
(15,986)
1.4
Take-Two
Interactive
Software,
Inc.
.................
(390)
(46,527)
4.2
Teledyne
Technologies,
Inc.
..
(78)
(34,894)
3.1
Ventas,
Inc.
.............
(360)
(15,606)
1.4
Welltower
,
Inc.
...........
(132)
(9,463)
0.9
Zimmer
Biomet
Holdings,
Inc.
.
(60)
(7,752)
0.7
Zoom
Video
Communications,
Inc.,
Class
A
...........
(36)
(2,658)
0.2
(538,872)
Total
Reference
Entity
—
Short
............
(1,109,960)
Net
Value
of
Reference
Entity
—
Citibank
NA
..
$
(1,109,960)
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
date
May
10,
2023:
Reference
Entity
—
Short
Common
Stocks
Australia
AMP
Ltd.
...............
(14,497)
(10,228)
0.8
Brambles
Ltd.
............
(1,056)
(9,521)
0.8
Commonwealth
Bank
of
Australia
.............
(90)
(5,942)
0.5
IDP
Education
Ltd.
........
(442)
(8,145)
0.7
Shares
Value
%
of
Basket
Value
Australia
(continued)
IGO
Ltd.
...............
(438)
$
(3,756)
0.3
%
Macquarie
Group
Ltd.
......
(108)
(12,787)
1.0
Mineral
Resources
Ltd.
.....
(36)
(1,946)
0.2
OZ
Minerals
Ltd.
..........
(336)
(6,328)
0.5
Santos
Ltd.
.............
(1,597)
(7,350)
0.6
Westpac
Banking
Corp.
.....
(548)
(7,979)
0.6
(73,982)
Brazil
Cia
Siderurgica
Nacional
SA
..
(551)
(1,679)
0.1
Equatorial
Energia
SA
......
(2,712)
(14,420)
1.2
Hapvida
Participacoes
e
Investimentos
S/A
.......
(39,428)
(20,459)
1.7
Localiza
Rent
a
Car
SA
.....
(1,667)
(17,514)
1.4
MercadoLibre
,
Inc.
........
(2)
(2,636)
0.2
(56,708)
Canada
Canadian
Pacific
Railway
Ltd.
.
(525)
(40,427)
3.3
Power
Corp.
of
Canada
.....
(873)
(22,311)
1.8
Restaurant
Brands
International,
Inc.
.................
(79)
(5,303)
0.4
Shaw
Communications,
Inc.,
Class
B
..............
(2,254)
(67,445)
5.5
(135,486)
China
China
Southern
Airlines
Co.
Ltd.,
Class
H
..............
(16,000)
(11,415)
0.9
Country
Garden
Holdings
Co.
Ltd.
................
(681)
(191)
(0.0)
(a)
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
..........
(800)
(3,488)
0.3
Li
Ning
Co.
Ltd.
...........
(2,500)
(19,660)
1.6
Shandong
Gold
Mining
Co.
Ltd.,
Class
H
..............
(7,500)
(15,238)
1.2
Xiaomi
Corp.,
Class
B
......
(34,600)
(53,248)
4.4
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.
..............
(2,800)
(12,183)
1.0
(115,423)
Finland
Fortum
OYJ
.............
(1,080)
(16,544)
1.4
Orion
OYJ,
Class
B
........
(278)
(12,426)
1.0
(28,970)
Germany
LEG
Immobilien
SE
........
(86)
(4,726)
0.4
Japan
Asics
Corp.
.............
(600)
(17,091)
1.4
Canon,
Inc.
.............
(500)
(11,135)
0.9
Fujitsu
General
Ltd.
........
(200)
(5,648)
0.5
Fujitsu
Ltd.
..............
(200)
(27,026)
2.2
Lasertec
Corp.
...........
(100)
(17,768)
1.4
Nippon
Steel
Corp.
........
(200)
(4,716)
0.4
Park24
Co.
Ltd.
..........
(400)
(5,851)
0.5
Rakuten
Group,
Inc.
.......
(4,100)
(19,121)
1.6
RENOVA,
Inc.
...........
(100)
(1,508)
0.1
SBI
Holdings,
Inc.
.........
(300)
(5,958)
0.5
Square
Enix
Holdings
Co.
Ltd.
.
(200)
(9,611)
0.8
Tokyo
Electric
Power
Co.
Holdings,
Inc.
..........
(1,200)
(4,287)
0.3
(129,720)
Macau
Sands
China
Ltd.
.........
(2,000)
(6,948)
0.6
BlackRock
Global
Allocation
Portfolio
37
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Shares
Value
%
of
Basket
Value
Netherlands
Aegon
NV
..............
(1,439)
$
(6,178)
0.5
%
ASM
International
NV
......
(43)
(17,454)
1.4
(23,632)
Poland
Allegro.eu
SA
............
(920)
(6,282)
0.5
Bank
Polska
Kasa
Opieki
SA
.
(703)
(13,985)
1.1
InPost
SA
..............
(2,074)
(18,967)
1.6
(39,234)
South
Korea
Delivery
Hero
SE
.........
(373)
(12,725)
1.0
Kakao
Corp.
.............
(177)
(8,382)
0.7
LG
Electronics,
Inc.
........
(22)
(1,963)
0.2
Lotte
Energy
Materials
Corp.
..
(159)
(8,459)
0.7
POSCO
Future
M
Co.
Ltd.
...
(117)
(24,660)
2.0
SK
Innovation
Co.
Ltd.
......
(3)
(416)
(0.0)
(a)
SK,
Inc.
................
(4)
(533)
0.1
(57,138)
Spain
CaixaBank
SA
...........
(3,167)
(12,357)
1.0
Switzerland
Bachem
Holding
AG
.......
(236)
(23,733)
2.0
SGS
SA
(Registered)
.......
(6)
(13,235)
1.1
Tecan
Group
AG
(Registered)
.
(37)
(16,207)
1.3
UBS
Group
AG
(Registered)
..
(590)
(12,485)
1.0
(65,660)
United
Kingdom
Just
Eat
Takeaway.com
NV
...
(264)
(5,038)
0.4
Ocado
Group
plc
.........
(4,611)
(30,531)
2.5
(35,569)
United
States
Align
Technology,
Inc.
......
(81)
(27,065)
2.2
Ameriprise
Financial,
Inc.
....
(27)
(8,275)
0.7
Analog
Devices,
Inc.
.......
(26)
(5,128)
0.4
Block,
Inc.
..............
(156)
(10,709)
0.9
Boeing
Co.
(The)
.........
(23)
(4,886)
0.4
Brandywine
Realty
Trust
....
(41)
(194)
(0.0)
(a)
Charles
River
Laboratories
International,
Inc.
.......
(111)
(22,402)
1.8
Shares
Value
%
of
Basket
Value
United
States
(continued)
Church
&
Dwight
Co.,
Inc.
...
(461)
$
(40,757)
3.3
%
CoStar
Group,
Inc.
........
(124)
(8,537)
0.7
Darden
Restaurants,
Inc.
....
(50)
(7,758)
0.6
Digital
Realty
Trust,
Inc.
.....
(266)
(26,150)
2.1
DISH
Network
Corp.,
Class
A
.
(2,848)
(26,572)
2.2
DoorDash
,
Inc.,
Class
A
.....
(45)
(2,860)
0.2
DR
Horton,
Inc.
...........
(336)
(32,824)
2.7
Enphase
Energy,
Inc.
.......
(10)
(2,103)
0.2
Frontier
Communications
Parent,
Inc.
.................
(28)
(638)
0.1
Iron
Mountain,
Inc.
........
(513)
(27,143)
2.2
James
Hardie
Industries
plc,
CDI
................
(301)
(6,479)
0.5
KKR
&
Co.,
Inc.
..........
(205)
(10,767)
0.9
Lamb
Weston
Holdings,
Inc.
..
(82)
(8,571)
0.7
Oracle
Corp.
............
(64)
(5,947)
0.5
PayPal
Holdings,
Inc.
......
(80)
(6,075)
0.5
PerkinElmer,
Inc.
.........
(206)
(27,452)
2.2
PTC,
Inc.
...............
(84)
(10,771)
0.9
Sabre
Corp.
.............
(82)
(352)
(0.0)
(a)
Simon
Property
Group,
Inc.
..
(66)
(7,390)
0.6
STERIS
plc
.............
(203)
(38,830)
3.2
Stryker
Corp.
............
(99)
(28,262)
2.3
T-Mobile
US,
Inc.
.........
(54)
(7,821)
0.6
Ventas,
Inc.
.............
(384)
(16,646)
1.4
Waste
Connections,
Inc.
.....
(33)
(4,589)
0.4
(433,953)
Rights
Brazil
Localiza
Rent
a
Car
SA
.....
(7)
(18)
(0.0)
(a)
Preferred
Securities
Brazil
Alpargatas
SA
(Preference)
..
(1,592)
(2,560)
0.2
Petroleo
Brasileiro
SA
(Preference)
..........
(840)
(3,878)
0.3
(6,438)
Total
Reference
Entity
—
Short
............
(1,225,962)
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
(1,225,962)
(a)
Amount
is
greater
than
(0.1)%.
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
ESTR
.........................................
Euro
Short-Term
Rate
993.30
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
4.87
1-day
SONIA
.........................................
Sterling
Overnight
Index
Average
4.18
28-day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
11.53
6-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
3.49
BlackRock
Global
Allocation
Portfolio
38
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
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")
as
a
practical
expedient
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
Consolidated
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
Cayman
Islands
........................................
$
—
$
487,429
$
—
$
487,429
Ireland
..............................................
—
103,922
—
103,922
United
States
..........................................
—
1,027,088
173,760
1,200,848
Common
Stocks
Australia
.............................................
—
681,693
1
681,694
Belgium
.............................................
—
25,354
—
25,354
Brazil
...............................................
108,974
—
—
108,974
Canada
.............................................
1,879,131
—
—
1,879,131
Cayman
Islands
........................................
62,964
—
27,836
90,800
China
...............................................
13,053
2,151,954
—
2,165,007
Denmark
.............................................
—
284,464
—
284,464
Finland
..............................................
—
38,180
51,792
89,972
France
..............................................
—
4,830,697
—
4,830,697
Germany
............................................
63,275
3,525,190
—
3,588,465
Hong
Kong
...........................................
3,015
441,132
—
444,147
India
...............................................
—
48,196
79,840
128,036
Ireland
..............................................
—
52,490
—
52,490
Israel
...............................................
406,738
13,586
—
420,324
Italy
................................................
—
543,537
—
543,537
Japan
...............................................
—
3,041,767
—
3,041,767
Jordan
..............................................
—
5,244
—
5,244
Mexico
..............................................
147,999
—
—
147,999
Netherlands
...........................................
307,666
2,862,365
—
3,170,031
Norway
..............................................
—
61,860
—
61,860
Peru
................................................
8,208
—
—
8,208
Poland
..............................................
—
5,764
—
5,764
Saudi
Arabia
..........................................
—
18,500
—
18,500
Singapore
............................................
—
87,972
—
87,972
South
Africa
...........................................
—
100,058
—
100,058
South
Korea
..........................................
—
686,937
—
686,937
Spain
...............................................
—
780,904
—
780,904
Sweden
.............................................
—
294,707
—
294,707
Switzerland
...........................................
397,385
2,162,407
—
2,559,792
BlackRock
Global
Allocation
Portfolio
39
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Level
1
Level
2
Level
3
Total
Taiwan
..............................................
$
—
$
708,570
$
—
$
708,570
United
Arab
Emirates
....................................
—
—
—
—
United
Kingdom
........................................
367,229
3,276,251
—
3,643,480
United
States
..........................................
47,012,256
425,636
664,981
48,102,873
Corporate
Bonds
Australia
.............................................
—
—
476,705
476,705
Belgium
.............................................
—
74,662
—
74,662
Canada
.............................................
—
410,674
—
410,674
China
...............................................
—
210,559
—
210,559
Germany
............................................
—
332,331
8,982
341,313
India
...............................................
—
181,987
—
181,987
Israel
...............................................
—
109,498
—
109,498
Italy
................................................
—
362,314
—
362,314
Luxembourg
..........................................
—
172,110
—
172,110
Switzerland
...........................................
—
132,316
—
132,316
Thailand
.............................................
—
183,100
—
183,100
Turkey
..............................................
—
—
79,040
79,040
United
Arab
Emirates
....................................
—
36,810
—
36,810
United
Kingdom
........................................
—
794,380
—
794,380
United
States
..........................................
—
4,311,172
598,913
4,910,085
Floating
Rate
Loan
Interests
Belgium
.............................................
—
—
92,592
92,592
Canada
.............................................
—
198,216
—
198,216
France
..............................................
—
224,292
—
224,292
Germany
............................................
—
86,216
—
86,216
Jersey,
Channel
Islands
...................................
—
—
110,901
110,901
Luxembourg
..........................................
—
—
108,058
108,058
Netherlands
...........................................
—
410,398
154,844
565,242
Sweden
.............................................
—
71,408
—
71,408
United
States
..........................................
—
1,267,135
683,224
1,950,359
Foreign
Government
Obligations
..............................
—
7,761,095
—
7,761,095
Investment
Companies
....................................
4,643,523
—
—
4,643,523
Non-Agency
Mortgage-Backed
Securities
........................
—
3,341,114
—
3,341,114
Other
Interests
..........................................
—
—
212,693
212,693
Preferred
Securities
Brazil
...............................................
—
—
162,154
162,154
China
...............................................
—
—
388,769
388,769
Germany
............................................
—
222,696
190,592
413,288
India
...............................................
—
—
56,776
56,776
Israel
...............................................
—
—
188,552
188,552
Sweden
.............................................
—
—
23,876
23,876
United
Kingdom
........................................
—
—
61,941
61,941
United
States
..........................................
418,777
346,582
2,148,002
2,913,361
U.S.
Government
Sponsored
Agency
Securities
....................
—
13,688,585
—
13,688,585
U.S.
Treasury
Obligations
...................................
—
11,274,159
—
11,274,159
Warrants
..............................................
2,856
203
17,702
20,761
Short-Term
Securities
Certificates
of
Deposit
.....................................
—
219,504
—
219,504
Commercial
Paper
.......................................
—
1,554,577
—
1,554,577
Foreign
Gov
ernment
Obligations
..............................
—
4,537,920
—
4,537,920
Money
Market
Funds
......................................
12,746,584
—
—
12,746,584
Time
Deposits
..........................................
—
279,952
—
279,952
Options
Purchased
Credit
contracts
..........................................
—
1,275
—
1,275
Equity
contracts
..........................................
534,764
25,414
—
560,178
Foreign
currency
exchange
contracts
...........................
—
36,687
—
36,687
Interest
rate
contracts
......................................
47,258
413,382
—
460,640
Other
contracts
..........................................
—
4,526
—
4,526
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(4,836,883)
—
(4,836,883)
Investment
Sold
Short
Common
Stocks
France
..............................................
—
(54,343)
—
(54,343)
Fair
Value
Hierarchy
as
of
Period
End
(continued)
BlackRock
Global
Allocation
Portfolio
40
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Level
1
Level
2
Level
3
Total
United
Kingdom
........................................
$
—
$
(21,690)
$
—
$
(21,690)
United
States
..........................................
(64,837)
—
—
(64,837)
$
69,106,818
$
77,138,187
$
6,762,526
$
153,007,531
Investments
Valued
at
NAV
(a)
.....................................
5,077,457
$
—
$
158,084,988
$
—
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
32,121
$
—
$
32,121
Equity
contracts
...........................................
10,531
19,195
—
29,726
Foreign
currency
exchange
contracts
............................
—
339,985
—
339,985
Interest
rate
contracts
.......................................
470,077
1,329,570
—
1,799,647
Liabilities
Credit
contracts
...........................................
—
(6,657)
—
(6,657)
Equity
contracts
...........................................
(517,385)
(100,396)
—
(617,781)
Foreign
currency
exchange
contracts
............................
—
(303,011)
—
(303,011)
Interest
rate
contracts
.......................................
(607,481)
(1,884,050)
—
(2,491,531)
Other
contracts
...........................................
—
(1,239)
—
(1,239)
$
(644,258)
$
(574,482)
$
—
$
(1,218,740)
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
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
Options
Purchased
Other
Interests
Preferred
Securities
Warrants
Total
Investments
Assets
Opening
balance,
as
of
December
31,
2022
..................
$
—
$
893,762
$
1,227,700
$
1,367,048
$
12,408
$
216,702
$
3,228,781
$
18,896
$
6,965,297
Transfers
into
Level
3
................................
—
—
8,336
—
—
—
—
—
8,336
Transfers
out
of
Level
3
...............................
—
—
—
(59,871)
(7,368)
—
—
—
(67,239)
Other
(a)
.........................................
170,699
—
(170,699)
—
—
—
—
Accrued
discounts/premiums
............................
—
—
(4,597)
1,982
—
—
—
—
(2,615)
Net
realized
loss
....................................
—
—
(100)
(8,512)
(7,229)
—
—
—
(15,841)
Net
change
in
unrealized
appreciation
(depreciation)
(b)
...........
3,061
(69,312)
(42,031)
(85,204)
2,189
(4,009)
(34,659)
(1,194)
(231,159)
Purchases
........................................
—
16,643
144,931
5,124
—
—
187,633
—
354,331
Sales
...........................................
—
(16,643)
100
(70,948)
—
—
(161,093)
—
(248,584)
Closing
balance,
as
of
March
31,
2023
.....................
$
173,760
$
824,450
$
1,163,640
$
1,149,619
$
—
$
212,693
$
3,220,662
$
17,702
$
6,762,526
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
March
31,
2023
(b)
............................
$
3,061
$
(80,637)
$
(42,031)
$
(85,204)
$
—
$
(4,009)
$
11,472
$
(1,194)
$
(198,542)
(a)
Certain
Level
3
investments
were
re-classified
between
Asset-Backed
Securities
and
Corporate
Bonds.
(b)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
March
31,
2023
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
Fair
Value
Hierarchy
as
of
Period
End
(continued)
BlackRock
Global
Allocation
Portfolio
41
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
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
$186,366.
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
Asset-Backed
Securities
........................
$
173,760
Income
Discount
Rate
8%
-
9%
8%
Common
Stocks
.............................
824,451
Market
Revenue
Multiple
2.00x
-
20.00x
5.51x
Volatility
52%
-
68%
62%
Time
to
Exit
1.2
-
1.9
years
1.6
years
Market
Adjustment
Multiple
0.55x
—
Gross
Profit
Multiple
18.50x
—
Corporate
Bonds
.............................
1,163,639
Market
Revenue
Multiple
5.00x
—
Volatility
65%
—
Time
to
Exit
2.8
years
—
Income
Discount
Rate
12%
-
35%
17%
Floating
Rate
Loan
Interests
......................
987,129
Income
Discount
Rate
9%
-
16%
12%
Other
Interests
..............................
212,693
Income
Discount
Rate
6%
-
7%
7%
Preferred
Stocks
.............................
3,196,786
Market
Revenue
Multiple
2.05x
-
28.00x
12.23x
EBIDTAR
Multiple
6.75x
—
Volatility
46%
-
80%
61%
Time
to
Exit
1.5
-
5.0
years
3.3
years
Market
Adjustment
Multiple
0.55x
-
0.95x
0.84x
Gross
Profit
Multiple
5.76x
-
31.50x
20.95x
Recent
Transactions
(b)
—
Income
Discount
Rate
13%
—
Warrants
..................................
17,702
Market
Revenue
Multiple
9.25x
-
26.05x
16.01x
Volatility
49%
-
65%
62%
Time
to
Exit
0.3
-
4.5
years
4.3
years
$
6,576,160
(a)
A
significant
change
in
unobservable
input
would
have
resulted
in
a
correlated
(inverse)
significant
change
to
value.
(b)
For
the
period
end
March
31,
2023,
the
valuation
technique
for
certain
investments
classified
as
Preferred
Stocks
used
recent
prior
transaction
prices
as
inputs
within
the
model
used
for
the
approximation
of
fair
value.
BlackRock
Global
Allocation
Portfolio
42
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNH
Chinese
Yuan
Offshore
CNY
Chinese
Yuan
COP
Colombian
Peso
CZK
Czech
Koruna
DKK
Danish
Krone
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
HUF
Hungarian
Forint
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
THB
Thai
Baht
TWD
Taiwan
New
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
EM
Emerging
Markets
ESTR
Euro
Short-Term
Rate
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
S&P
Standard
&
Poor's
SCA
Svenska
Cellulosa
Aktiebolaget
SONIA
Sterling
Overnight
Interbank
Average
Rate
SOFR
Secured
Overnight
Financing
Rate
SPDR
Standard
&
Poor’s
Depositary
Receipts
TBA
To-be-announced