BlackRock Series Fund NPORT-P BlackRock Sustainable Balanced Portfolio (Mar 2024 report)

Schedule

of

Investments

(unaudited)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

1

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2007-HE4,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.26%

Floor

+

0.37%),

5.70%,

05/25/37

(a)

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

USD

43

$

7,079

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.24%

Floor

+

0.59%),

5.92%,

05/25/35

(a)

......

49

38,300

BCMSC

Trust

(a)

Series

2000-A,

Class

A3,

7.83%,

06/15/30

.

49

5,292

Series

2000-A,

Class

A4,

8.29%,

06/15/30

.

35

4,032

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

Series

2004-HE7,

Class

M2,

(1-mo.

CME

Term

SOFR

at

1.73%

Floor

+

1.84%),

7.17%,

08/25/34

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

—

(b)

269

Series

2007-HE2,

Class

22A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.58%,

03/25/37

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

11

9,635

Series

2007-HE2,

Class

23A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.58%,

03/25/37

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

14

13,297

Series

2007-HE3,

Class

1A3,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.36%),

5.69%,

04/25/37

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

25

38,642

Carrington

Mortgage

Loan

Trust,

Series

2006-

NC4,

Class

A3,

(1-mo.

CME

Term

SOFR

at

0.16%

Floor

and

12.50%

Cap

+

0.27%),

5.60%,

10/25/36

(a)

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

24

23,390

Citigroup

Mortgage

Loan

Trust

(a)

Series

2007-AHL2,

Class

A3B,

(1-mo.

CME

Term

SOFR

at

0.20%

Floor

+

0.31%),

5.64%,

05/25/37

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

131

86,949

Series

2007-AHL2,

Class

A3C,

(1-mo.

CME

Term

SOFR

at

0.27%

Floor

+

0.38%),

5.71%,

05/25/37

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

60

39,434

Conseco

Finance

Securitizations

Corp.,

Series

2000-5,

Class

A6,

7.96%,

05/01/31

......

36

9,192

Countrywide

Asset-Backed

Certificates,

Series

2006-SPS1,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.22%

Floor

+

0.33%),

5.66%,

12/25/25

(a)

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

—

(b)

543

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2001-MH29,

Class

B1,

8.10%,

09/25/31

(a)

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

10

10,197

CWHEQ

Home

Equity

Loan

Trust

Series

2006-S3,

Class

A4,

5.50%,

01/25/29

(c)

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

1

3,011

Series

2006-S5,

Class

A5,

6.16%,

06/25/35

2

2,514

CWHEQ

Revolving

Home

Equity

Loan

Trust

(a)

Series

2005-B,

Class

2A,

(1-mo.

CME

Term

SOFR

at

0.18%

Floor

and

16.00%

Cap

+

0.29%),

5.62%,

05/15/35

..........

2

2,038

Series

2006-H,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

and

16.00%

Cap

+

0.26%),

5.59%,

11/15/36

...........

5

4,579

First

Franklin

Mortgage

Loan

Trust,

Series

2006-FFH1,

Class

M2,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

+

0.71%),

6.04%,

01/25/36

(a)

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

41

36,654

GSAMP

Trust

(a)

Series

2007-H1,

Class

A1B,

(1-mo.

CME

Term

SOFR

at

0.20%

Floor

+

0.51%),

5.84%,

01/25/47

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

20

9,882

Series

2007-HS1,

Class

M6,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

3.49%),

8.82%,

02/25/47

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

25

23,794

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Home

Equity

Asset

Trust,

Series

2007-1,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

5.74%,

05/25/37

(a)

......

USD

28

$

22,129

IXIS

Real

Estate

Capital

Trust,

Series

2007-

HE1,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.23%

Floor

+

0.34%),

5.67%,

05/25/37

(a)

.

603

141,214

Lehman

ABS

Manufactured

Housing

Contract

Trust

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(a)

33

33,047

Series

2002-A,

Class

C,

0.00%,

06/15/33

.

3

2,983

Long

Beach

Mortgage

Loan

Trust

(a)

Series

2006-5,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

5.74%,

06/25/36

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

20

9,353

Series

2006-7,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.16%

Floor

+

0.43%),

5.76%,

08/25/36

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

13

5,020

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust,

Series

2007-2,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

5.92%,

05/25/37

(a)

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

17

11,899

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-HE1,

Class

A2MZ,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.71%),

6.04%,

12/25/34

(a)

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

78

70,019

Oakwood

Mortgage

Investors,

Inc.,

Series

2001-D,

Class

A4,

6.93%,

09/15/31

(a)

....

8

3,840

Option

One

Mortgage

Loan

Trust

Series

2007-CP1,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.21%

Floor

+

0.32%),

5.65%,

03/25/37

(a)

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

40

32,133

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(c)

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

29

24,044

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(c)

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

32

27,393

Origen

Manufactured

Housing

Contract

Trust,

Series

2007-B,

Class

A1,

(1-mo.

LIBOR

USD

at

1.20%

Floor

and

18.00%

Cap

+

1.20%),

6.64%,

10/15/37

(a)

(d)

..........

6

5,968

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(c)

.........

24

21,481

SG

Mortgage

Securities

Trust,

Series

2006-

FRE2,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.16%

Floor

+

0.43%),

5.76%,

07/25/36

(a)

15

3,290

Total

Asset-Backed

Securities

—

0

.2

%

(Cost:

$

1,048,035

)

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

782,536

Shares

Shares

Common

Stocks

Aerospace

&

Defense

—

0.6%

BAE

Systems

plc

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

21,553

367,380

Curtiss-Wright

Corp.

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

3,844

983,833

Dassault

Aviation

SA

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

194

42,713

Embraer

SA

(e)

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

9,038

60,117

Hexcel

Corp.

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

427

31,107

Kongsberg

Gruppen

ASA

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

955

65,941

Northrop

Grumman

Corp.

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

488

233,586

Saab

AB

,

Class

B

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

5,288

470,383

Textron,

Inc.

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

4,856

465,836

Thales

SA

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

404

68,874

2,789,770

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Air

Freight

&

Logistics

—

0.1%

CJ

Logistics

Corp.

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

2,997

$

266,543

Expeditors

International

of

Washington,

Inc.

..

151

18,357

Nippon

Express

Holdings,

Inc.

...........

1,100

56,150

341,050

Automobile

Components

—

0.1%

Apollo

Tyres

Ltd.

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

2,766

15,528

Hankook

Tire

&

Technology

Co.

Ltd.

.......

1,543

62,000

HL

Mando

Co.

Ltd.

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

1,832

46,429

Hyundai

Mobis

Co.

Ltd.

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

215

41,740

Koito

Manufacturing

Co.

Ltd.

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

6,300

84,922

Valeo

SE

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

1,631

20,391

271,010

Automobiles

—

0.8%

Bayerische

Motoren

Werke

AG

..........

1,616

186,452

BYD

Co.

Ltd.

,

Class

A

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

45,700

1,312,506

BYD

Co.

Ltd.

,

Class

H

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

2,000

51,210

Honda

Motor

Co.

Ltd.

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

2,400

29,697

Mercedes-Benz

Group

AG

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

19,597

1,560,645

NIO,

Inc.

,

Class

A

(e)

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

2,150

9,896

Tesla,

Inc.

(e)

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

2,000

351,580

3,501,986

Banks

—

3.4%

ABN

AMRO

Bank

NV

,

CVA

(d)

(f)

...........

4,839

82,806

AU

Small

Finance

Bank

Ltd.

(d)

(f)

..........

719

4,892

Banco

Bradesco

SA

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

3,121

7,940

Banco

Santander

SA

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

28,911

141,214

Bancolombia

SA

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

4,068

36,078

Bank

Hapoalim

BM

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

1,195

11,199

Bank

of

America

Corp.

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

58,038

2,200,801

Bank

Polska

Kasa

Opieki

SA

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

4,250

193,136

BAWAG

Group

AG

(d)

(f)

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

5,985

378,799

Canadian

Imperial

Bank

of

Commerce

(g)

....

17,494

886,872

Canara

Bank

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

938

6,561

China

Merchants

Bank

Co.

Ltd.

,

Class

H

....

42,000

166,468

Credit

Agricole

SA

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

11,292

168,453

DBS

Group

Holdings

Ltd.

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

6,000

160,127

DNB

Bank

ASA

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

44,136

877,316

Erste

Group

Bank

AG

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

1,885

84,010

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

17,299

183,828

HDFC

Bank

Ltd.

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

7,735

134,880

ICICI

Bank

Ltd.

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

3,196

42,135

IndusInd

Bank

Ltd.

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

3,861

72,183

ING

Groep

NV

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

93,529

1,539,795

JPMorgan

Chase

&

Co.

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

3,262

653,379

KakaoBank

Corp.

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

564

11,780

Mediobanca

Banca

di

Credito

Finanziario

SpA

11,718

174,615

Mitsubishi

UFJ

Financial

Group,

Inc.

.......

141,700

1,441,670

Mizuho

Financial

Group,

Inc.

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

113,700

2,248,453

Societe

Generale

SA

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

3,048

81,665

Standard

Chartered

plc

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

5,429

46,025

State

Bank

of

India

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

1,666

15,088

Sumitomo

Mitsui

Financial

Group,

Inc.

......

28,700

1,678,167

Swedbank

AB

,

Class

A

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

29,801

591,483

UniCredit

SpA

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

31,277

1,187,879

United

Overseas

Bank

Ltd.

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

4,600

100,004

15,609,701

Beverages

—

1.3%

Ambev

SA

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

98,916

246,925

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

A/S

,

Class

A

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

22,716

106,236

Coca-Cola

Co.

(The)

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

40,120

2,454,542

Coca-Cola

Femsa

SAB

de

CV

...........

9,892

95,299

Coca-Cola

Icecek

A/S

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

598

10,395

Security

Shares

Shares

Value

Beverages

(continued)

Kirin

Holdings

Co.

Ltd.

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

25,400

$

353,220

Molson

Coors

Beverage

Co.

,

Class

B

......

3,598

241,965

PepsiCo,

Inc.

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

13,763

2,408,663

Pernod

Ricard

SA

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

259

41,928

United

Spirits

Ltd.

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

713

9,709

5,968,882

Biotechnology

—

0.9%

AbbVie,

Inc.

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

7,258

1,321,682

Alkermes

plc

(e)

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

283

7,661

Amgen,

Inc.

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

2,444

694,878

BeiGene

Ltd.

(e)

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

1,300

15,640

BioMarin

Pharmaceutical,

Inc.

(e)

..........

231

20,175

Celltrion,

Inc.

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

427

58,310

CSL

Ltd.

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

1,084

203,388

Genmab

A/S

(e)

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

700

209,880

Gilead

Sciences,

Inc.

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

6,317

462,720

Hugel,

Inc.

(e)

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

181

25,947

Incyte

Corp.

(e)

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

2,929

166,865

Innovent

Biologics,

Inc.

(d)

(e)

(f)

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

22,000

106,150

Neurocrine

Biosciences,

Inc.

(e)

...........

1,300

179,296

Regeneron

Pharmaceuticals,

Inc.

(e)

........

248

238,697

Vertex

Pharmaceuticals,

Inc.

(e)

...........

1,265

528,783

4,240,072

Broadline

Retail

—

2.3%

Alibaba

Group

Holding

Ltd.

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

95,700

865,399

Amazon.com,

Inc.

(e)

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

45,402

8,189,613

Coupang,

Inc.

,

Class

A

(e)

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

1,328

23,625

eBay,

Inc.

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

20,091

1,060,403

JD.com,

Inc.

,

Class

A

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

20,300

278,453

Poya

International

Co.

Ltd.

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

1,010

15,708

Shinsegae,

Inc.

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

196

24,793

10,457,994

Building

Products

—

0.1%

Lennox

International,

Inc.

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

154

75,269

Owens

Corning

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

2,983

497,564

572,833

Capital

Markets

—

1.0%

Central

Depository

Services

India

Ltd.

(f)

.....

385

7,923

Franklin

Resources,

Inc.

(g)

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

1,023

28,757

Invesco

Ltd.

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

14,617

242,496

Macquarie

Group

Ltd.

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

9,596

1,248,224

Moody's

Corp.

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

5,293

2,080,308

MSCI,

Inc.

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

452

253,323

Nasdaq,

Inc.

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

627

39,564

S&P

Global,

Inc.

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

1,240

527,558

4,428,153

Chemicals

—

0.5%

Asahi

Kasei

Corp.

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

800

5,867

Asian

Paints

Ltd.

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

2,763

94,294

Hanwha

Solutions

Corp.

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

504

10,349

Johnson

Matthey

plc

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

353

7,977

KCC

Corp.

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

276

54,272

LG

Chem

Ltd.

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

1,985

649,701

Novonesis

(Novozymes)

B

,

Class

B

.......

14,858

873,971

Nutrien

Ltd.

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

2,470

134,190

Orica

Ltd.

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

6,570

78,146

Pidilite

Industries

Ltd.

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

397

14,360

PPG

Industries,

Inc.

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

1,050

152,145

RPM

International,

Inc.

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

1,053

125,254

Supreme

Industries

Ltd.

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

241

12,253

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Chemicals

(continued)

UPL

Ltd.

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

1,756

$

9,620

2,222,399

Commercial

Services

&

Supplies

—

0.1%

Tetra

Tech,

Inc.

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

2,834

523,468

Communications

Equipment

—

0.0%

Accton

Technology

Corp.

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

2,000

28,661

Arcadyan

Technology

Corp.

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

7,000

41,886

BYD

Electronic

International

Co.

Ltd.

.......

5,000

18,457

Motorola

Solutions,

Inc.

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

124

44,018

133,022

Construction

&

Engineering

—

1.0%

AECOM

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

21,746

2,132,848

Daewoo

Engineering

&

Construction

Co.

Ltd.

(e)

10,563

29,280

Eiffage

SA

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

2,833

321,524

EMCOR

Group,

Inc.

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

2,492

872,698

HDC

Hyundai

Development

Co-Engineering

&

Construction

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

629

8,384

JGC

Holdings

Corp.

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

2,800

27,454

Praj

Industries

Ltd.

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

2,643

16,948

Samsung

Engineering

Co.

Ltd.

(e)

..........

1,768

33,117

Stantec,

Inc.

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

9,527

790,969

Worley

Ltd.

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

17,212

187,872

WSP

Global,

Inc.

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

475

79,167

4,500,261

Construction

Materials

—

0.0%

James

Hardie

Industries

plc

,

CDI

(e)

........

3,461

139,109

Consumer

Finance

—

0.6%

American

Express

Co.

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

11,138

2,536,011

Bajaj

Finance

Ltd.

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

175

15,281

Cholamandalam

Investment

and

Finance

Co.

Ltd.

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

724

10,082

Synchrony

Financial

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

9,138

394,030

2,955,404

Consumer

Staples

Distribution

&

Retail

—

0.6%

Aeon

Co.

Ltd.

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

3,700

87,771

Avenue

Supermarts

Ltd.

(d)

(e)

(f)

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

144

7,826

BGF

retail

Co.

Ltd.

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

58

5,038

BIM

Birlesik

Magazalar

A/S

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

3,849

41,817

Cia

Brasileira

de

Distribuicao

(e)

...........

16,800

9,982

Costco

Wholesale

Corp.

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

2,145

1,571,491

Empire

Co.

Ltd.

,

Class

A

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

1,901

46,425

Migros

Ticaret

A/S

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

25,827

326,128

Tesco

plc

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

201,395

754,320

Tsuruha

Holdings,

Inc.

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

1,200

85,631

2,936,429

Containers

&

Packaging

—

0.0%

AptarGroup,

Inc.

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

793

114,105

Diversified

Telecommunication

Services

—

0.2%

Deutsche

Telekom

AG

(Registered)

.......

35,282

856,453

Tata

Communications

Ltd.

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

305

7,371

Telefonica

Brasil

SA

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

18,804

189,375

1,053,199

Electric

Utilities

—

0.7%

Acciona

SA

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

878

106,853

CPFL

Energia

SA

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

26,061

181,139

Edison

International

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

1,754

124,060

Enel

SpA

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

330,243

2,180,099

Energisa

SA

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

9,901

94,758

Iberdrola

SA

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

19,564

242,992

Orsted

A/S

(d)

(e)

(f)

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

2,395

133,830

Security

Shares

Shares

Value

Electric

Utilities

(continued)

Transmissora

Alianca

de

Energia

Eletrica

SA

.

992

$

7,174

Verbund

AG

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

1,005

73,425

3,144,330

Electrical

Equipment

—

0.7%

ABB

Ltd.

(Registered)

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

48,781

2,262,965

Acuity

Brands,

Inc.

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

987

265,237

Bizlink

Holding,

Inc.

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

5,954

47,783

CS

Wind

Corp.

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

147

5,673

Goneo

Group

Co.

Ltd.

,

Class

A

..........

1,000

14,123

Nordex

SE

(e)

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

7,347

96,348

Schneider

Electric

SE

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

31

7,008

Signify

NV

(d)

(f)

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

4,778

147,088

Vestas

Wind

Systems

A/S

(e)

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

5,915

164,991

3,011,216

Electronic

Equipment,

Instruments

&

Components

—

0.7%

Chroma

ATE,

Inc.

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

27,000

213,193

Delta

Electronics,

Inc.

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

38,000

406,709

FLEXium

Interconnect,

Inc.

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

14,000

40,124

Samsung

SDI

Co.

Ltd.

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

276

97,885

Sinbon

Electronics

Co.

Ltd.

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

1,000

8,752

Spectris

plc

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

5,112

212,709

TE

Connectivity

Ltd.

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

14,480

2,103,075

3,082,447

Energy

Equipment

&

Services

—

0.2%

Baker

Hughes

Co.

,

Class

A

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

853

28,575

Schlumberger

NV

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

18,191

997,049

1,025,624

Entertainment

—

0.6%

Bilibili,

Inc.

,

Class

Z

(e)

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

5,380

61,028

NCSoft

Corp.

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

88

13,462

NetEase,

Inc.

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

1,000

20,722

Netflix,

Inc.

(e)

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

2,166

1,315,477

Nintendo

Co.

Ltd.

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

2,500

136,411

Spotify

Technology

SA

(e)

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

3,791

1,000,445

2,547,545

Financial

Services

—

1.8%

Bajaj

Finserv

Ltd.

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

1,240

24,531

Berkshire

Hathaway,

Inc.

,

Class

B

(e)

.......

3,485

1,465,512

Block,

Inc.

,

Class

A

(e)

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

10,163

859,586

FirstRand

Ltd.

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

4,449

14,496

Groupe

Bruxelles

Lambert

NV

...........

5,388

407,323

Investor

AB

,

Class

B

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

44,739

1,122,695

Mastercard,

Inc.

,

Class

A

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

7,340

3,534,724

Sofina

SA

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

240

53,820

Visa,

Inc.

,

Class

A

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

2,013

561,788

Worldline

SA

(d)

(e)

(f)

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

955

11,815

8,056,290

Food

Products

—

1.1%

Bunge

Global

SA

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

4,882

500,503

Danone

SA

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

4,447

287,476

General

Mills,

Inc.

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

21,302

1,490,501

MEIJI

Holdings

Co.

Ltd.

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

1,500

32,749

Nestle

SA

(Registered)

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

24,537

2,607,055

Nisshin

Seifun

Group,

Inc.

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

2,500

34,445

Sao

Martinho

SA

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

10,467

64,800

5,017,529

Gas

Utilities

—

0.1%

ENN

Energy

Holdings

Ltd.

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

1,900

14,784

UGI

Corp.

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

22,945

563,070

577,854

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Ground

Transportation

—

0.1%

Central

Japan

Railway

Co.

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

3,400

$

84,440

Grab

Holdings

Ltd.

,

Class

A

(e)

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

7,609

23,892

Localiza

Rent

a

Car

SA

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

1,315

14,415

Old

Dominion

Freight

Line,

Inc.

..........

42

9,211

Uber

Technologies,

Inc.

(e)

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

3,324

255,915

387,873

Health

Care

Equipment

&

Supplies

—

1.1%

Cochlear

Ltd.

(g)

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

647

142,295

Edwards

Lifesciences

Corp.

(e)

...........

4,719

450,948

Hologic,

Inc.

(e)

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

676

52,701

IDEXX

Laboratories,

Inc.

(e)

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

234

126,344

Intuitive

Surgical,

Inc.

(e)

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

2,947

1,176,118

Medtronic

plc

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

28,660

2,497,719

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.

,

Class

A

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

400

15,426

Stryker

Corp.

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

1,157

414,056

4,875,607

Health

Care

Providers

&

Services

—

1.0%

Cardinal

Health,

Inc.

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

5,280

590,832

Centene

Corp.

(e)

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

500

39,240

Cigna

Group

(The)

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

591

214,646

Dr

Lal

PathLabs

Ltd.

(d)

(f)

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

1,470

39,967

Elevance

Health,

Inc.

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

3,339

1,731,405

HCA

Healthcare,

Inc.

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

42

14,008

UnitedHealth

Group,

Inc.

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

3,711

1,835,832

4,465,930

Health

Care

Technology

—

0.0%

Veeva

Systems,

Inc.

,

Class

A

(e)

..........

230

53,289

Hotels,

Restaurants

&

Leisure

—

1.3%

Aristocrat

Leisure

Ltd.

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

13,441

376,361

Booking

Holdings,

Inc.

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

691

2,506,865

Boyd

Gaming

Corp.

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

226

15,214

MakeMyTrip

Ltd.

(e)

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

5,372

381,681

McDonald's

Corp.

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

4,386

1,236,633

Meituan

,

Class

B

(d)

(e)

(f)

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

72,820

898,897

MGM

Resorts

International

(e)

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

463

21,858

Oriental

Land

Co.

Ltd.

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

2,100

67,275

Trip.com

Group

Ltd.

(e)

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

4,657

206,498

Yum

China

Holdings,

Inc.

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

755

30,041

5,741,323

Household

Durables

—

0.6%

Barratt

Developments

plc

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

34,962

209,845

Dixon

Technologies

India

Ltd.

(f)

...........

417

37,567

DR

Horton,

Inc.

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

1,317

216,712

Gree

Electric

Appliances,

Inc.

of

Zhuhai

,

Class

A

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

50,900

274,855

KB

Home

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

633

44,867

Lennar

Corp.

,

Class

A

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

2,287

393,318

Nikon

Corp.

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

4,900

49,599

Panasonic

Holdings

Corp.

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

128,500

1,226,374

Sekisui

House

Ltd.

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

4,000

91,111

Taylor

Morrison

Home

Corp.

(e)

...........

1,191

74,045

Toll

Brothers,

Inc.

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

227

29,367

2,647,660

Household

Products

—

1.0%

Colgate-Palmolive

Co.

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

25,298

2,278,085

Kimberly-Clark

Corp.

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

6,795

878,933

Procter

&

Gamble

Co.

(The)

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

8,411

1,364,685

4,521,703

Security

Shares

Shares

Value

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Drax

Group

plc

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

17,643

$

111,652

ReNew

Energy

Global

plc

,

Class

A

(e)

.......

6,276

37,656

149,308

Industrial

Conglomerates

—

1.7%

3M

Co.

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

18,834

1,997,722

CJ

Corp.

(e)

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

282

25,582

Doosan

Co.

Ltd.

(e)

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

515

57,914

Honeywell

International,

Inc.

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

12,255

2,515,339

Siemens

AG

(Registered)

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

13,327

2,544,642

Siemens

Ltd.

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

208

13,438

Smiths

Group

plc

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

22,640

469,294

7,623,931

Industrial

REITs

—

0.1%

Prologis,

Inc.

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

969

126,183

Segro

plc

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

39,141

446,267

Tritax

Big

Box

REIT

plc

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

22,643

45,018

617,468

Insurance

—

1.5%

AIA

Group

Ltd.

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

166,000

1,116,611

Aon

plc

,

Class

A

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

792

264,306

Arch

Capital

Group

Ltd.

(e)

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

131

12,110

Aviva

plc

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

1,181

7,411

AXA

SA

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

7,827

293,949

Direct

Line

Insurance

Group

plc

(e)

.........

25,231

62,114

Manulife

Financial

Corp.

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

7,805

194,931

Marsh

&

McLennan

Cos.,

Inc.

...........

1,210

249,236

Max

Financial

Services

Ltd.

(e)

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

662

7,982

MetLife,

Inc.

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

21,636

1,603,444

NN

Group

NV

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

20,953

967,297

Ping

An

Insurance

Group

Co.

of

China

Ltd.

,

Class

H

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

90,500

384,234

Reinsurance

Group

of

America,

Inc.

.......

420

81,010

Travelers

Cos.,

Inc.

(The)

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

7,637

1,757,579

7,002,214

Interactive

Media

&

Services

—

3.0%

Alphabet,

Inc.

,

Class

A

(e)

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

26,500

3,999,645

Alphabet,

Inc.

,

Class

C

(e)

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

23,665

3,603,233

Auto

Trader

Group

plc

(d)

(f)

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

54,231

478,909

Baidu,

Inc.

,

Class

A

(e)

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

19,800

260,660

Kuaishou

Technology

(d)

(e)

(f)

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

11,600

73,017

Meta

Platforms,

Inc.

,

Class

A

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

6,615

3,212,112

NAVER

Corp.

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

911

126,563

Scout24

SE

(d)

(f)

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

584

43,998

Tencent

Holdings

Ltd.

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

45,700

1,780,012

13,578,149

IT

Services

—

0.5%

Accenture

plc

,

Class

A

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

847

293,579

CGI,

Inc.

,

Class

A

(e)

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

427

47,109

Coforge

Ltd.

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

135

8,941

GoDaddy,

Inc.

,

Class

A

(e)

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

1,983

235,342

HCL

Technologies

Ltd.

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

12,564

233,597

Infosys

Ltd.

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

3,725

67,080

Nomura

Research

Institute

Ltd.

..........

1,400

39,548

Otsuka

Corp.

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

800

16,975

Shopify,

Inc.

,

Class

A

(e)

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

7,394

570,428

VeriSign,

Inc.

(e)

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

5,091

964,795

Wix.com

Ltd.

(e)

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

208

28,596

2,505,990

Leisure

Products

—

0.0%

Sega

Sammy

Holdings,

Inc.

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

18,200

224,805

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

—

0.4%

Agilent

Technologies,

Inc.

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

12,930

$

1,881,444

Machinery

—

0.7%

Amada

Co.

Ltd.

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

52,300

598,952

Atlas

Copco

AB

,

Class

A

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

1,146

19,354

Cummins

India

Ltd.

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

4,331

156,352

Flowserve

Corp.

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

477

21,789

Graco,

Inc.

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

3,698

345,615

Komatsu

Ltd.

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

1,600

47,345

Oshkosh

Corp.

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

3,312

413,040

Otis

Worldwide

Corp.

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

13,469

1,337,068

Turk

Traktor

ve

Ziraat

Makineleri

A/S

(e)

......

603

18,288

Wartsila

OYJ

Abp

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

19,396

294,771

Weir

Group

plc

(The)

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

300

7,663

3,260,237

Marine

Transportation

—

0.3%

Kuehne

+

Nagel

International

AG

(Registered)

4,733

1,316,809

Media

—

0.4%

Cheil

Worldwide,

Inc.

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

2,041

28,305

Comcast

Corp.

,

Class

A

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

9,650

418,328

Fox

Corp.

,

Class

A

(g)

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

13,696

428,274

Fox

Corp.

,

Class

B

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

10,635

304,374

Informa

plc

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

36,368

381,573

MultiChoice

Group

(e)

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

1,516

9,093

Paramount

Global

,

Class

B

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

13,942

164,097

Publicis

Groupe

SA

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

361

39,356

1,773,400

Metals

&

Mining

—

0.9%

Anglo

American

plc

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

24,516

603,852

ArcelorMittal

SA

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

47,012

1,292,225

Constellium

SE

,

Class

A

(e)

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

266

5,881

Norsk

Hydro

ASA

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

16,753

92,064

Reliance,

Inc.

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

202

67,505

Rio

Tinto

Ltd.

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

1,520

120,635

Rio

Tinto

plc

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

3,229

204,153

Southern

Copper

Corp.

(g)

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

1,376

146,572

Wheaton

Precious

Metals

Corp.

..........

35,471

1,670,702

4,203,589

Multi-Utilities

—

0.2%

E.ON

SE

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

2,584

35,974

Engie

SA

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

54,647

915,739

951,713

Oil,

Gas

&

Consumable

Fuels

—

3.0%

Ampol

Ltd.

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

591

15,331

BP

plc

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

39,425

247,330

Chevron

Corp.

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

8,124

1,281,480

ConocoPhillips

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

21,060

2,680,517

Cosan

SA

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

14,819

47,777

ENEOS

Holdings,

Inc.

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

106,000

510,692

EOG

Resources,

Inc.

(g)

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

4,631

592,027

Equinor

ASA

(g)

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

8,547

229,183

Exxon

Mobil

Corp.

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

23,166

2,692,816

Keyera

Corp.

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

7,540

194,213

Marathon

Petroleum

Corp.

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

5,857

1,180,185

Petroleo

Brasileiro

SA

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

6,008

45,916

Repsol

SA

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

28,395

473,947

Shell

plc

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

29,281

971,529

Ultrapar

Participacoes

SA

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

18,496

105,288

Valero

Energy

Corp.

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

13,371

2,282,296

13,550,527

Security

Shares

Shares

Value

Paper

&

Forest

Products

—

0.0%

Louisiana-Pacific

Corp.

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

93

$

7,804

Passenger

Airlines

—

0.2%

Alaska

Air

Group,

Inc.

(e)

(g)

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

578

24,848

ANA

Holdings,

Inc.

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

11,100

231,982

Delta

Air

Lines,

Inc.

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

6,828

326,856

Deutsche

Lufthansa

AG

(Registered)

(e)

.....

5,357

42,102

easyJet

plc

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

3,447

24,812

Singapore

Airlines

Ltd.

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

79,200

375,369

1,025,969

Personal

Care

Products

—

0.1%

Amorepacific

Group

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

1,084

21,829

LG

H&H

Co.

Ltd.

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

74

21,258

Natura

&

Co.

Holding

SA

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

20,468

72,601

Unilever

plc

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

8,947

449,156

564,844

Pharmaceuticals

—

3.5%

Alkem

Laboratories

Ltd.

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

570

33,808

Astellas

Pharma,

Inc.

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

75,000

805,706

AstraZeneca

plc

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

2,343

314,768

Bristol-Myers

Squibb

Co.

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

22,966

1,245,446

Daiichi

Sankyo

Co.

Ltd.

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

11,700

372,281

Eli

Lilly

&

Co.

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

2,968

2,308,985

GSK

plc

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

12,457

267,457

Johnson

&

Johnson

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

18,250

2,886,968

Merck

&

Co.,

Inc.

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

20,794

2,743,768

Novartis

AG

(Registered)

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

12,145

1,176,346

Novo

Nordisk

A/S

,

Class

B

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

26,995

3,462,741

Otsuka

Holdings

Co.

Ltd.

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

7,400

307,383

Zydus

Lifesciences

Ltd.

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

9,574

115,926

16,041,583

Professional

Services

—

0.4%

Automatic

Data

Processing,

Inc.

..........

91

22,726

Computer

Age

Management

Services

Ltd.

...

223

7,826

ExlService

Holdings,

Inc.

(e)

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

569

18,094

Experian

plc

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

20,461

891,546

Genpact

Ltd.

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

15,207

501,071

Recruit

Holdings

Co.

Ltd.

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

8,500

376,599

1,817,862

Real

Estate

Management

&

Development

—

0.5%

CBRE

Group,

Inc.

,

Class

A

(e)

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

566

55,038

China

Resources

Land

Ltd.

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

24,000

76,138

FirstService

Corp.

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

497

82,280

Jones

Lang

LaSalle,

Inc.

(e)

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

154

30,044

Mitsubishi

Estate

Co.

Ltd.

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

6,000

109,476

Mitsui

Fudosan

Co.

Ltd.

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

153,000

1,665,131

Nomura

Real

Estate

Holdings,

Inc.

........

9,000

254,262

Tokyo

Tatemono

Co.

Ltd.

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

1,600

27,026

Wharf

Real

Estate

Investment

Co.

Ltd.

.....

10,000

32,559

Zillow

Group,

Inc.

,

Class

C

(e)

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

1,529

74,584

2,406,538

Retail

REITs

—

0.0%

Brixmor

Property

Group,

Inc.

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

521

12,217

Klepierre

SA

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

1,224

31,684

43,901

Semiconductors

&

Semiconductor

Equipment

—

5.2%

Applied

Materials,

Inc.

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

13,079

2,697,282

ASML

Holding

NV

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

171

165,778

ASPEED

Technology,

Inc.

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

1,000

104,220

Broadcom,

Inc.

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

488

646,800

Cirrus

Logic,

Inc.

(e)

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

1,561

144,486

Elan

Microelectronics

Corp.

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

17,000

85,258

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

KLA

Corp.

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

747

$

521,832

Lam

Research

Corp.

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

1,386

1,346,596

MediaTek,

Inc.

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

32,000

1,194,869

NVIDIA

Corp.

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

11,406

10,306,005

Parade

Technologies

Ltd.

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

1,000

28,781

Phison

Electronics

Corp.

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

14,000

301,964

QUALCOMM,

Inc.

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

15,932

2,697,288

Realtek

Semiconductor

Corp.

...........

13,000

226,385

Silergy

Corp.

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

1,000

10,230

Sino-American

Silicon

Products,

Inc.

.......

17,000

114,240

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

91,000

2,215,039

Tokyo

Electron

Ltd.

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

4,100

1,067,842

Win

Semiconductors

Corp.

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

3,000

13,642

23,888,537

Software

—

5.3%

Adobe,

Inc.

(e)

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

3,191

1,610,178

Birlasoft

Ltd.

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

26,411

235,974

Box,

Inc.

,

Class

A

(e)

(g)

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

3,159

89,463

Cadence

Design

Systems,

Inc.

(e)

.........

7,458

2,321,526

Fortinet,

Inc.

(e)

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

422

28,827

Guidewire

Software,

Inc.

(e)

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

507

59,172

KPIT

Technologies

Ltd.

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

863

15,446

Manhattan

Associates,

Inc.

(e)

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

7,380

1,846,697

Microsoft

Corp.

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

30,711

12,920,732

Nice

Ltd.

(e)

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

181

47,104

Nutanix,

Inc.

,

Class

A

(e)

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

6,751

416,672

SAP

SE

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

13,756

2,678,554

ServiceNow,

Inc.

(e)

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

1,893

1,443,223

Teradata

Corp.

(e)

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

2,952

114,154

TOTVS

SA

(e)

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

13,387

76,045

Workday,

Inc.

,

Class

A

(e)

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

1,933

527,226

24,430,993

Specialized

REITs

—

0.1%

American

Tower

Corp.

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

897

177,238

Equinix,

Inc.

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

259

213,760

SBA

Communications

Corp.

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

125

27,088

418,086

Specialty

Retail

—

1.1%

Best

Buy

Co.,

Inc.

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

22,088

1,811,879

Home

Depot,

Inc.

(The)

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

3,806

1,459,982

Industria

de

Diseno

Textil

SA

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

34,578

1,741,220

TJX

Cos.,

Inc.

(The)

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

322

32,657

Trent

Ltd.

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

421

19,983

5,065,721

Technology

Hardware,

Storage

&

Peripherals

—

3.1%

Apple,

Inc.

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

65,528

11,236,741

Chicony

Electronics

Co.

Ltd.

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

1,000

6,916

Dell

Technologies,

Inc.

,

Class

C

..........

4,570

521,483

Hewlett

Packard

Enterprise

Co.

..........

7,524

133,401

HP,

Inc.

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

70,193

2,121,232

NetApp,

Inc.

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

156

16,375

14,036,148

Textiles,

Apparel

&

Luxury

Goods

—

0.6%

ANTA

Sports

Products

Ltd.

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

16,200

172,738

Deckers

Outdoor

Corp.

(e)

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

574

540,283

Hermes

International

SCA

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

532

1,359,676

Lululemon

Athletica,

Inc.

(e)

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

326

127,352

Makalot

Industrial

Co.

Ltd.

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

29,000

331,190

Mavi

Giyim

Sanayi

ve

Ticaret

A/S

,

Class

B

(d)

(f)

.

7,200

15,700

Titan

Co.

Ltd.

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

388

17,736

2,564,675

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

—

0.1%

ITOCHU

Corp.

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

700

$

30,072

Marubeni

Corp.

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

10,200

176,661

Mitsui

&

Co.

Ltd.

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

300

14,025

Sumitomo

Corp.

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

9,900

238,471

Toyota

Tsusho

Corp.

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

400

27,468

486,697

Transportation

Infrastructure

—

0.1%

Flughafen

Zurich

AG

(Registered)

.........

890

202,093

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

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

2,799

27,572

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

,

Class

B

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

2,688

43,324

272,989

Water

Utilities

—

0.1%

United

Utilities

Group

plc

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

24,218

314,680

Wireless

Telecommunication

Services

—

0.2%

MTN

Group

Ltd.

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

22,339

110,529

SK

Telecom

Co.

Ltd.

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

7,156

283,345

SoftBank

Corp.

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

10,200

131,324

SoftBank

Group

Corp.

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

3,700

219,726

Tele2

AB

,

Class

B

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

9,998

82,098

TIM

SA

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

14,507

51,457

878,479

Total

Common

Stocks

—

57

.9

%

(Cost:

$

222,761,320

)

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

264,820,157

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

0.0%

(d)

AAR

Escrow

Issuer

LLC,

6.75%,

03/15/29

...

USD

15

15,115

Rolls-Royce

plc,

5.75%,

10/15/27

........

75

75,205

90,320

Automobile

Components

—

0.0%

Allison

Transmission,

Inc.,

5.88%,

06/01/29

(d)

.

173

171,289

Automobiles

—

0.1%

Honda

Motor

Co.

Ltd.,

2.53%,

03/10/27

....

280

262,461

Banks

—

2.9%

Banco

Bilbao

Vizcaya

Argentaria

SA,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.70%),

6.14%,

09/14/28

(a)

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

600

612,876

Banco

Santander

SA

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.00%),

4.18%

,

03/24/28

(a)

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

400

385,543

5.59%

,

08/08/28

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

400

405,650

6.61%

,

11/07/28

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

400

422,722

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.60%),

3.23%

,

11/22/32

(a)

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

200

166,163

6.92%

,

08/08/33

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

200

209,294

Bank

of

America

Corp.

(a)

(3-mo.

CME

Term

SOFR

+

1.84%),

3.82%

,

01/20/28

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

78

75,126

(1-day

SOFR

+

1.05%),

2.55%

,

02/04/28

.

379

352,288

(3-mo.

CME

Term

SOFR

+

1.77%),

3.71%

,

04/24/28

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

89

85,155

(1-day

SOFR

+

1.58%),

4.38%

,

04/27/28

.

240

234,287

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(3-mo.

CME

Term

SOFR

+

1.63%),

3.59%

,

07/21/28

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

USD

39

$

37,068

(1-day

SOFR

+

1.99%),

6.20%

,

11/10/28

.

210

217,236

(1-day

SOFR

+

1.06%),

2.09%

,

06/14/29

.

315

278,359

Bank

of

Montreal,

5.20%,

02/01/28

.......

360

362,667

BPCE

SA,

2.70%,

10/01/29

(d)

...........

274

242,463

Citigroup,

Inc.

(a)

(1-day

SOFR

+

1.28%),

3.07%

,

02/24/28

.

460

432,686

(3-mo.

CME

Term

SOFR

+

1.65%),

3.67%

,

07/24/28

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

266

252,829

(3-mo.

CME

Term

SOFR

+

1.45%),

4.08%

,

04/23/29

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

16

15,318

(1-day

SOFR

+

1.15%),

2.67%

,

01/29/31

.

510

442,001

(1-day

SOFR

+

1.94%),

3.79%

,

03/17/33

.

310

276,906

(1-day

SOFR

+

2.06%),

5.83%

,

02/13/35

.

230

227,697

Fifth

Third

Bancorp,

(1-day

SOFR

+

2.34%),

6.34%,

07/27/29

(a)

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

30

30,926

HSBC

Holdings

plc

(a)

(1-day

SOFR

+

1.29%),

1.59%

,

05/24/27

.

490

450,884

(1-day

SOFR

+

1.10%),

2.25%

,

11/22/27

.

370

341,005

ING

Groep

NV,

(1-day

SOFR

+

1.83%),

4.02%,

03/28/28

(a)

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

470

452,852

JPMorgan

Chase

&

Co.

(a)

(3-mo.

CME

Term

SOFR

+

1.60%),

3.78%

,

02/01/28

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

127

122,306

(1-day

SOFR

+

1.17%),

2.95%

,

02/24/28

.

266

249,930

(1-day

SOFR

+

1.89%),

2.18%

,

06/01/28

.

6

5,489

(1-day

SOFR

+

1.99%),

4.85%

,

07/25/28

.

590

585,025

(3-mo.

CME

Term

SOFR

+

1.59%),

4.45%

,

12/05/29

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

13

12,673

(1-day

SOFR

+

1.31%),

5.01%

,

01/23/30

.

190

189,222

(1-day

SOFR

+

2.58%),

5.72%

,

09/14/33

.

650

662,975

(1-day

SOFR

+

1.85%),

5.35%

,

06/01/34

.

330

331,273

Mitsubishi

UFJ

Financial

Group,

Inc.,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.83%),

2.34%,

01/19/28

(a)

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

380

352,423

Mizuho

Financial

Group,

Inc.,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.75%),

1.55%,

07/09/27

(a)

....

500

459,694

Royal

Bank

of

Canada,

5.20%,

08/01/28

....

420

424,182

Santander

Holdings

USA,

Inc.

(a)

(1-day

SOFR

+

2.36%),

6.50%

,

03/09/29

.

780

797,786

(1-day

SOFR

+

2.70%),

6.57%

,

06/12/29

.

250

257,401

(1-day

SOFR

+

3.28%),

7.66%

,

11/09/31

.

320

347,821

Santander

UK

Group

Holdings

plc,

(1-day

SOFR

+

2.60%),

6.53%,

01/10/29

(a)

.....

240

248,097

Sumitomo

Mitsui

Financial

Group,

Inc.

5.52%

,

01/13/28

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

200

203,954

5.85%

,

07/13/30

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

400

415,046

Toronto-Dominion

Bank

(The),

Series

FXD,

1.95%,

01/12/27

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

370

342,017

Truist

Financial

Corp.,

(1-day

SOFR

+

2.36%),

5.87%,

06/08/34

(a)

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

65

65,797

UniCredit

SpA,

(5-Year

USD

Swap

Rate

+

4.91%),

7.30%,

04/02/34

(a)

(d)

..........

190

195,270

US

Bancorp,

(1-day

SOFR

+

1.86%),

5.68%,

01/23/35

(a)

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

40

40,389

Washington

Mutual

Escrow

Bonds

(e)(h)(i)

0.00%

,

11/06/09

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

100

1,000

0.00%

,

09/29/17

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

400

—

13,319,771

Security

Par

(000)

Par

(000)

Value

Beverages

—

0.8%

Anheuser-Busch

InBev

Worldwide,

Inc.,

4.00%,

04/13/28

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

USD

343

$

334,561

Coca-Cola

Co.

(The)

3.00%

,

03/05/51

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

1,460

1,038,325

2.50%

,

03/15/51

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

220

139,191

Diageo

Capital

plc

2.00%

,

04/29/30

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

780

663,734

2.13%

,

04/29/32

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

270

220,352

5.50%

,

01/24/33

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

1,030

1,068,325

3,464,488

Biotechnology

—

0.3%

Amgen,

Inc.,

2.20%,

02/21/27

..........

200

185,198

Gilead

Sciences,

Inc.

5.25%

,

10/15/33

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

160

163,275

5.55%

,

10/15/53

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

180

186,314

Regeneron

Pharmaceuticals,

Inc.,

1.75%,

09/15/30

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

1,160

949,353

1,484,140

Broadline

Retail

—

0.0%

(d)

LCM

Investments

Holdings

II

LLC,

8.25%,

08/01/31

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

10

10,462

Macy's

Retail

Holdings

LLC,

5.88%,

04/01/29

.

86

84,367

94,829

Building

Products

—

0.6%

Builders

FirstSource,

Inc.,

6.38%,

03/01/34

(d)

.

45

45,186

Carrier

Global

Corp.,

3.38%,

04/05/40

.....

10

7,829

Fortune

Brands

Innovations,

Inc.

4.00%

,

03/25/32

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

370

338,065

5.88%

,

06/01/33

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

570

581,561

Owens

Corning

3.40%

,

08/15/26

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

110

105,397

4.30%

,

07/15/47

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

410

338,009

Trane

Technologies

Financing

Ltd.,

3.80%,

03/21/29

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

1,280

1,217,842

2,633,889

Capital

Markets

—

1.4%

Ares

Capital

Corp.

7.00%

,

01/15/27

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

260

267,472

2.88%

,

06/15/27

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

145

133,200

Bank

of

New

York

Mellon

Corp.

(The),

(1-day

SOFR

+

1.51%),

4.71%,

02/01/34

(a)

.....

180

173,683

Blackstone

Private

Credit

Fund,

4.00%,

01/15/29

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

129

118,356

Brookfield

Finance,

Inc.,

5.97%,

03/04/54

...

215

222,397

Deutsche

Bank

AG,

(1-day

SOFR

+

1.59%),

5.71%,

02/08/28

(a)

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

150

149,782

FactSet

Research

Systems,

Inc.

2.90%

,

03/01/27

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

790

742,709

3.45%

,

03/01/32

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

37

32,668

FS

KKR

Capital

Corp.

2.63%

,

01/15/27

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

125

113,394

3.13%

,

10/12/28

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

330

288,290

Goldman

Sachs

Group,

Inc.

(The)

(a)

(1-day

SOFR

+

1.11%),

2.64%

,

02/24/28

.

886

825,205

(3-mo.

CME

Term

SOFR

+

1.77%),

3.69%

,

06/05/28

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

206

197,103

(1-day

SOFR

+

1.25%),

2.38%

,

07/21/32

.

440

360,957

Main

Street

Capital

Corp.,

6.95%,

03/01/29

..

75

76,184

Moody's

Corp.,

3.25%,

01/15/28

.........

69

65,603

Morgan

Stanley

3.63%

,

01/20/27

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

281

271,419

(1-day

SOFR

+

1.00%),

2.48%

,

01/21/28

(a)

280

260,463

3.59%

,

07/22/28

(a)

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

35

33,254

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

(3-mo.

CME

Term

SOFR

+

1.40%),

3.77%

,

01/24/29

(a)

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

USD

407

$

387,413

(1-day

SOFR

+

1.59%),

5.16%

,

04/20/29

(a)

410

409,669

(3-mo.

CME

Term

SOFR

+

1.89%),

4.43%

,

01/23/30

(a)

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

357

345,724

(1-day

SOFR

+

1.14%),

2.70%

,

01/22/31

(a)

295

257,737

(1-day

SOFR

+

1.02%),

1.93%

,

04/28/32

(a)

24

19,264

(1-day

SOFR

+

1.20%),

2.51%

,

10/20/32

(a)

56

46,321

(1-day

SOFR

+

2.08%),

4.89%

,

07/20/33

(a)

240

232,771

(1-day

SOFR

+

1.87%),

5.25%

,

04/21/34

(a)

470

466,326

StoneX

Group,

Inc.,

7.88%,

03/01/31

(d)

.....

40

40,582

6,537,946

Chemicals

—

0.1%

Chemours

Co.

(The),

5.75%,

11/15/28

(d)

....

34

31,351

Ecolab,

Inc.,

2.70%,

12/15/51

..........

210

135,785

Nufarm

Australia

Ltd.,

5.00%,

01/27/30

(d)

....

91

83,470

250,606

Commercial

Services

&

Supplies

—

0.1%

APX

Group,

Inc.,

5.75%,

07/15/29

(d)

.......

28

26,922

Prime

Security

Services

Borrower

LLC,

6.25%,

01/15/28

(d)

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

161

157,712

Steelcase,

Inc.,

5.13%,

01/18/29

........

30

28,352

212,986

Communications

Equipment

—

0.2%

Cisco

Systems,

Inc.,

5.30%,

02/26/54

.....

95

97,516

Motorola

Solutions,

Inc.

2.30%

,

11/15/30

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

450

377,738

2.75%

,

05/24/31

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

440

372,872

5.60%

,

06/01/32

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

240

243,273

1,091,399

Construction

&

Engineering

—

0.2%

Brand

Industrial

Services,

Inc.,

10.38%,

08/01/30

(d)

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

20

21,653

Quanta

Services,

Inc.,

2.90%,

10/01/30

....

1,190

1,040,463

1,062,116

Construction

Materials

—

0.0%

(d)

Eco

Material

Technologies,

Inc.,

7.88%,

01/31/27

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

30

30,437

Smyrna

Ready

Mix

Concrete

LLC,

8.88%,

11/15/31

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

50

53,444

83,881

Consumer

Finance

—

0.7%

American

Express

Co.

2.55%

,

03/04/27

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

199

185,858

(SOFR

Index

+

1.28%),

5.28%

,

07/27/29

(a)

290

291,804

(1-day

SOFR

+

1.84%),

5.04%

,

05/01/34

(a)

130

128,467

(1-day

SOFR

+

1.93%),

5.63%

,

07/28/34

(a)

50

50,418

Bread

Financial

Holdings,

Inc.,

9.75%,

03/15/29

(d)

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

63

65,563

Capital

One

Financial

Corp.

(a)

(1-day

SOFR

+

3.07%),

7.62%

,

10/30/31

.

890

983,001

(1-day

SOFR

+

2.60%),

5.82%

,

02/01/34

.

360

359,452

Credit

Acceptance

Corp.,

9.25%,

12/15/28

(d)

.

40

43,023

goeasy

Ltd.

(d)

9.25%

,

12/01/28

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

51

54,376

7.63%

,

07/01/29

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

35

35,051

OneMain

Finance

Corp.

7.13%

,

03/15/26

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

47

47,853

6.63%

,

01/15/28

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

48

48,154

9.00%

,

01/15/29

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

178

188,878

Synchrony

Financial,

2.88%,

10/28/31

.....

620

494,784

2,976,682

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

—

0.0%

Mauser

Packaging

Solutions

Holding

Co.

(d)

7.88%

,

08/15/26

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

USD

62

$

63,162

9.25%

,

04/15/27

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

17

16,865

80,027

Diversified

REITs

—

0.2%

Digital

Realty

Trust

LP,

5.55%,

01/15/28

....

820

825,877

Essential

Properties

LP,

2.95%,

07/15/31

...

100

81,104

906,981

Diversified

Telecommunication

Services

—

0.2%

CCO

Holdings

LLC

(d)

5.13%

,

05/01/27

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

83

79,080

5.38%

,

06/01/29

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

86

78,729

6.38%

,

09/01/29

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

81

76,843

Consolidated

Communications,

Inc.,

6.50%,

10/01/28

(d)

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

8

6,988

Frontier

Communications

Holdings

LLC

(d)

6.75%

,

05/01/29

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

94

83,772

8.63%

,

03/15/31

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

79

80,685

Koninklijke

KPN

NV,

8.38%,

10/01/30

.....

260

304,786

Level

3

Financing,

Inc.

(d)

11.00%

,

11/15/29

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

9

8,898

10.50%

,

05/15/30

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

36

36,810

Uniti

Group

LP

(d)

10.50%

,

02/15/28

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

127

131,665

6.50%

,

02/15/29

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

46

35,651

923,907

Electric

Utilities

—

0.6%

Avangrid,

Inc.

3.20%

,

04/15/25

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

500

487,182

3.80%

,

06/01/29

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

140

131,310

Baltimore

Gas

&

Electric

Co.,

2.25%,

06/15/31

18

15,154

Commonwealth

Edison

Co.,

4.90%,

02/01/33

.

460

455,993

Eversource

Energy

Series

U

,

1.40%

,

08/15/26

...........

60

54,668

2.90%

,

03/01/27

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

270

253,831

3.38%

,

03/01/32

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

220

191,424

Exelon

Corp.

2.75%

,

03/15/27

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

19

17,787

5.10%

,

06/15/45

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

10

9,265

4.10%

,

03/15/52

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

7

5,569

NSTAR

Electric

Co.

3.25%

,

05/15/29

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

280

262,483

3.95%

,

04/01/30

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

250

235,660

Public

Service

Electric

&

Gas

Co.

3.65%

,

09/01/28

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

80

76,492

5.20%

,

08/01/33

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

650

659,595

2.05%

,

08/01/50

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

31

17,563

2,873,976

Electronic

Equipment,

Instruments

&

Components

—

0.3%

Allegion

US

Holding

Co.,

Inc.,

3.55%,

10/01/27

15

14,306

CDW

LLC,

3.57%,

12/01/31

...........

66

58,023

Keysight

Technologies,

Inc.

4.60%

,

04/06/27

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

620

609,777

3.00%

,

10/30/29

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

170

151,447

Vontier

Corp.,

2.95%,

04/01/31

.........

440

367,794

1,201,347

Energy

Equipment

&

Services

—

0.1%

(d)

Helix

Energy

Solutions

Group,

Inc.,

9.75%,

03/01/29

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

31

33,183

Kodiak

Gas

Services

LLC,

7.25%,

02/15/29

..

20

20,372

Valaris

Ltd.,

8.38%,

04/30/30

...........

10

10,315

Venture

Global

LNG,

Inc.

8.13%

,

06/01/28

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

15

15,303

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

&

Services

(continued)

9.50%

,

02/01/29

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

USD

56

$

60,360

8.38%

,

06/01/31

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

15

15,469

9.88%

,

02/01/32

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

153

164,895

319,897

Entertainment

—

0.0%

Electronic

Arts,

Inc.,

1.85%,

02/15/31

......

122

99,958

Financial

Services

—

0.3%

Burford

Capital

Global

Finance

LLC

(d)

6.88%

,

04/15/30

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

10

9,819

9.25%

,

07/01/31

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

5

5,292

Fidelity

National

Information

Services,

Inc.,

1.65%,

03/01/28

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

58

51,125

Fiserv,

Inc.

5.45%

,

03/02/28

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

130

131,520

5.60%

,

03/02/33

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

275

280,367

Freedom

Mortgage

Corp.

(d)

12.00%

,

10/01/28

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

20

21,800

12.25%

,

10/01/30

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

30

32,994

Freedom

Mortgage

Holdings

LLC,

9.25%,

02/01/29

(d)

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

5

5,117

GGAM

Finance

Ltd.,

8.00%,

02/15/27

(d)

....

25

25,813

Mastercard,

Inc.

3.30%

,

03/26/27

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

100

96,229

2.00%

,

11/18/31

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

390

322,336

Nationstar

Mortgage

Holdings,

Inc.

(d)

5.00%

,

02/01/26

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

5

4,893

6.00%

,

01/15/27

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

80

78,865

5.13%

,

12/15/30

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

177

160,589

7.13%

,

02/01/32

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

25

24,829

NCR

Atleos

Corp.,

9.50%,

04/01/29

(d)

......

40

42,784

PennyMac

Financial

Services,

Inc.,

7.88%,

12/15/29

(d)

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

32

32,881

United

Wholesale

Mortgage

LLC,

5.50%,

04/15/29

(d)

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

59

55,802

Visa,

Inc.,

3.65%,

09/15/47

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

180

145,231

1,528,286

Food

Products

—

0.2%

Kellanova

3.40%

,

11/15/27

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

190

179,573

4.30%

,

05/15/28

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

460

448,886

Unilever

Capital

Corp.,

1.75%,

08/12/31

....

600

490,084

1,118,543

Gas

Utilities

—

0.1%

AmeriGas

Partners

LP

5.50%

,

05/20/25

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

50

50,020

5.75%

,

05/20/27

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

175

170,934

9.38%

,

06/01/28

(d)

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

30

31,065

ONE

Gas,

Inc.,

4.25%,

09/01/32

.........

45

43,032

295,051

Ground

Transportation

—

0.3%

Canadian

National

Railway

Co.,

3.85%,

08/05/32

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

160

148,669

GN

Bondco

LLC,

9.50%,

10/15/31

(d)

......

64

63,886

Ryder

System,

Inc.

5.65%

,

03/01/28

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

25

25,478

6.30%

,

12/01/28

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

310

324,466

6.60%

,

12/01/33

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

660

715,867

1,278,366

Health

Care

Equipment

&

Supplies

—

0.2%

Bausch

+

Lomb

Corp.,

8.38%,

10/01/28

(d)

...

35

36,213

DH

Europe

Finance

II

SARL,

2.60%,

11/15/29

1,030

922,007

Security

Par

(000)

Par

(000)

Value

Health

Care

Equipment

&

Supplies

(continued)

Zimmer

Biomet

Holdings,

Inc.,

5.35%,

12/01/28

USD

40

$

40,575

998,795

Health

Care

Providers

&

Services

—

0.9%

Cencora,

Inc.

2.70%

,

03/15/31

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

590

506,351

4.30%

,

12/15/47

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

340

294,569

DaVita,

Inc.,

4.63%,

06/01/30

(d)

.........

283

253,365

Elevance

Health,

Inc.,

3.65%,

12/01/27

....

260

248,735

HCA,

Inc.

3.13%

,

03/15/27

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

160

151,320

5.20%

,

06/01/28

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

170

170,481

5.45%

,

04/01/31

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

130

130,678

3.63%

,

03/15/32

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

338

299,210

5.60%

,

04/01/34

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

105

105,727

4.63%

,

03/15/52

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

100

83,576

Heartland

Dental

LLC,

10.50%,

04/30/28

(d)

..

30

31,875

McKesson

Corp.,

5.10%,

07/15/33

.......

780

787,254

Tenet

Healthcare

Corp.,

6.13%,

10/01/28

...

195

194,301

UnitedHealth

Group,

Inc.

5.30%

,

02/15/30

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

350

358,333

4.50%

,

04/15/33

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

90

87,095

5.88%

,

02/15/53

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

60

64,914

5.05%

,

04/15/53

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

420

407,912

4,175,696

Health

Care

Technology

—

0.3%

IQVIA,

Inc.

5.70%

,

05/15/28

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

800

811,095

6.25%

,

02/01/29

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

395

410,138

1,221,233

Hotels,

Restaurants

&

Leisure

—

0.1%

(d)

Churchill

Downs,

Inc.,

6.75%,

05/01/31

....

161

161,899

Hilton

Grand

Vacations

Borrower

Escrow

LLC

5.00%

,

06/01/29

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

91

84,866

6.63%

,

01/15/32

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

20

20,081

NCL

Corp.

Ltd.,

5.88%,

03/15/26

........

83

81,934

Raising

Cane's

Restaurants

LLC,

9.38%,

05/01/29

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

25

27,018

Viking

Cruises

Ltd.

7.00%

,

02/15/29

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

65

65,281

9.13%

,

07/15/31

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

30

32,809

473,888

Household

Durables

—

0.3%

MDC

Holdings,

Inc.,

3.97%,

08/06/61

......

100

79,736

NVR,

Inc.,

3.00%,

05/15/30

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

620

550,570

PulteGroup,

Inc.

5.00%

,

01/15/27

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

470

468,109

6.38%

,

05/15/33

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

240

254,735

Tempur

Sealy

International,

Inc.,

3.88%,

10/15/31

(d)

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

5

4,246

1,357,396

Industrial

Conglomerates

—

0.2%

3M

Co.,

2.38%,

08/26/29

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

370

324,386

Pentair

Finance

SARL

4.50%

,

07/01/29

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

450

435,530

5.90%

,

07/15/32

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

190

196,155

956,071

Insurance

—

0.4%

Allstate

Corp.

(The),

3.85%,

08/10/49

.....

140

109,878

Ambac

Assurance

Corp.,

5.10%

(d)

(j)

.......

5

6,998

Marsh

&

McLennan

Cos.,

Inc.

5.45%

,

03/15/53

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

270

271,756

5.70%

,

09/15/53

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

290

301,078

Progressive

Corp.

(The),

4.95%,

06/15/33

...

580

579,085

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Stewart

Information

Services

Corp.,

3.60%,

11/15/31

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

USD

170

$

138,707

Willis

North

America,

Inc.,

5.90%,

03/05/54

..

220

222,714

1,630,216

IT

Services

—

0.4%

Booz

Allen

Hamilton,

Inc.,

5.95%,

08/04/33

..

490

506,908

CGI,

Inc.,

2.30%,

09/14/31

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

520

418,617

Cogent

Communications

Group,

Inc.,

7.00%,

06/15/27

(d)

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

250

248,895

IBM

International

Capital

Pte.

Ltd.,

5.30%,

02/05/54

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

420

410,125

International

Business

Machines

Corp.,

2.20%,

02/09/27

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

280

260,161

VT

Topco,

Inc.,

8.50%,

08/15/30

(d)

........

25

26,390

1,871,096

Life

Sciences

Tools

&

Services

—

0.0%

(d)

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

....

6

6,194

Star

Parent,

Inc.,

9.00%,

10/01/30

........

10

10,583

16,777

Machinery

—

0.1%

Cummins,

Inc.,

5.45%,

02/20/54

.........

130

132,907

Hillenbrand,

Inc.,

6.25%,

02/15/29

........

40

40,343

Ingersoll

Rand,

Inc.

5.40%

,

08/14/28

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

75

75,995

5.70%

,

08/14/33

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

30

30,775

Otis

Worldwide

Corp.,

2.57%,

02/15/30

....

23

20,224

Wabash

National

Corp.,

4.50%,

10/15/28

(d)

..

94

86,202

386,446

Media

—

0.1%

Cable

One,

Inc.,

4.00%,

11/15/30

(d)

.......

76

59,313

DirecTV

Financing

LLC

(d)

5.88%

,

08/15/27

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

259

245,023

8.88%

,

02/01/30

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

20

19,952

EquipmentShare.com,

Inc.,

9.00%,

05/15/28

(d)

20

20,600

Interpublic

Group

of

Cos.,

Inc.

(The),

2.40%,

03/01/31

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

32

26,808

Nexstar

Media,

Inc.,

4.75%,

11/01/28

(d)

.....

33

30,068

Paramount

Global,

4.20%,

05/19/32

......

45

37,384

Sirius

XM

Radio,

Inc.,

5.50%,

07/01/29

(d)

....

84

80,007

Univision

Communications,

Inc.,

8.00%,

08/15/28

(d)

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

50

50,938

Ziggo

Bond

Co.

BV,

5.13%,

02/28/30

(d)

.....

75

64,230

634,323

Metals

&

Mining

—

0.3%

FMG

Resources

August

2006

Pty.

Ltd.

(d)

5.88%

,

04/15/30

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

247

242,990

6.13%

,

04/15/32

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

48

47,459

Mineral

Resources

Ltd.

(d)

9.25%

,

10/01/28

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

25

26,330

8.50%

,

05/01/30

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

250

257,509

Reliance,

Inc.,

2.15%,

08/15/30

.........

370

310,567

Steel

Dynamics,

Inc.

2.80%

,

12/15/24

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

35

34,344

2.40%

,

06/15/25

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

330

317,767

Taseko

Mines

Ltd.,

7.00%,

02/15/26

(d)

.....

7

7,029

1,243,995

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

Starwood

Property

Trust,

Inc.,

7.25%,

04/01/29

(d)

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

20

20,159

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

—

0.5%

Cheniere

Corpus

Christi

Holdings

LLC,

5.13%,

06/30/27

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

USD

30

$

29,929

Cheniere

Energy,

Inc.,

4.63%,

10/15/28

....

830

804,228

Enbridge,

Inc.,

6.20%,

11/15/30

.........

25

26,486

Global

Partners

LP,

8.25%,

01/15/32

(d)

.....

78

80,889

Hilcorp

Energy

I

LP

(d)

6.00%

,

04/15/30

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

84

82,245

8.38%

,

11/01/33

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

77

83,483

Kinder

Morgan

Energy

Partners

LP

7.50%

,

11/15/40

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

16

18,196

5.00%

,

08/15/42

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

20

17,826

ONEOK,

Inc.

5.85%

,

01/15/26

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

330

333,134

6.35%

,

01/15/31

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

380

402,336

7.15%

,

01/15/51

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

120

135,114

Prairie

Acquiror

LP,

9.00%,

08/01/29

(d)

.....

35

36,030

Talos

Production,

Inc.

(d)

9.00%

,

02/01/29

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

15

15,930

9.38%

,

02/01/31

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

20

21,321

Targa

Resources

Corp.,

6.50%,

02/15/53

...

170

182,169

Vermilion

Energy,

Inc.,

6.88%,

05/01/30

(d)

...

52

50,773

2,320,089

Passenger

Airlines

—

0.0%

American

Airlines

Pass-Through

Trust

Series

2017-1

,

Class

B

,

4.95%

,

02/15/25

.

11

10,481

Series

2019-1

,

Class

B

,

3.85%

,

02/15/28

.

46

42,895

American

Airlines,

Inc.,

8.50%,

05/15/29

(d)

...

31

32,750

United

Airlines

Pass-Through

Trust,

Series

2019-2,

Class

B,

3.50%,

05/01/28

......

26

24,267

United

Airlines,

Inc.,

4.38%,

04/15/26

(d)

.....

17

16,434

126,827

Pharmaceuticals

—

0.5%

Bausch

Health

Cos.,

Inc.

(d)

6.13%

,

02/01/27

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

136

84,740

11.00%

,

09/30/28

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

73

48,728

Bristol-Myers

Squibb

Co.,

5.55%,

02/22/54

..

75

77,129

Jazz

Securities

DAC,

4.38%,

01/15/29

(d)

....

200

186,307

Merck

&

Co.,

Inc.

2.15%

,

12/10/31

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

370

309,676

2.45%

,

06/24/50

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

30

18,594

2.75%

,

12/10/51

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

19

12,421

5.00%

,

05/17/53

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

85

83,219

Novartis

Capital

Corp.,

2.20%,

08/14/30

....

855

741,875

Zoetis,

Inc.

3.00%

,

09/12/27

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

110

103,069

2.00%

,

05/15/30

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

800

674,097

2,339,855

Professional

Services

—

0.3%

Automatic

Data

Processing,

Inc.,

1.70%,

05/15/28

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

1,510

1,351,520

Real

Estate

Management

&

Development

—

0.2%

Anywhere

Real

Estate

Group

LLC,

7.00%,

04/15/30

(d)

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

54

48,083

CBRE

Services,

Inc.

4.88%

,

03/01/26

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

170

168,206

5.95%

,

08/15/34

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

500

513,140

Howard

Hughes

Corp.

(The),

5.38%,

08/01/28

(d)

90

86,326

815,755

Semiconductors

&

Semiconductor

Equipment

—

1.1%

Broadcom,

Inc.,

3.75%,

02/15/51

(d)

.......

740

560,517

Intel

Corp.,

4.88%,

02/10/28

...........

440

441,086

Lam

Research

Corp.,

1.90%,

06/15/30

.....

1,050

887,593

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

NVIDIA

Corp.

1.55%

,

06/15/28

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

USD

190

$

169,391

2.00%

,

06/15/31

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

870

735,123

3.50%

,

04/01/50

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

50

39,806

3.70%

,

04/01/60

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

480

382,554

NXP

BV

3.88%

,

06/18/26

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

25

24,306

4.30%

,

06/18/29

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

172

165,449

3.40%

,

05/01/30

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

70

63,460

2.50%

,

05/11/31

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

189

158,329

Texas

Instruments,

Inc.

1.90%

,

09/15/31

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

97

80,828

3.65%

,

08/16/32

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

1,020

947,051

4.90%

,

03/14/33

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

220

222,219

TSMC

Arizona

Corp.,

3.25%,

10/25/51

.....

220

167,479

5,045,191

Software

—

0.9%

Adobe,

Inc.,

2.30%,

02/01/30

...........

1,010

888,844

Autodesk,

Inc.

3.50%

,

06/15/27

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

81

77,493

2.40%

,

12/15/31

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

54

45,226

Cloud

Software

Group,

Inc.

(d)

6.50%

,

03/31/29

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

86

81,611

9.00%

,

09/30/29

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

52

49,874

Intuit,

Inc.

1.35%

,

07/15/27

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

860

769,067

1.65%

,

07/15/30

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

1,060

876,143

5.20%

,

09/15/33

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

90

91,663

5.50%

,

09/15/53

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

30

31,142

MicroStrategy,

Inc.,

6.13%,

06/15/28

(d)

.....

33

31,836

Oracle

Corp.,

4.10%,

03/25/61

..........

120

90,112

Roper

Technologies,

Inc.,

1.75%,

02/15/31

..

26

20,932

Sabre

GLBL,

Inc.,

11.25%,

12/15/27

(d)

.....

46

43,171

Salesforce,

Inc.,

3.05%,

07/15/61

........

10

6,522

ServiceNow,

Inc.,

1.40%,

09/01/30

.......

850

687,726

Workday,

Inc.,

3.80%,

04/01/32

.........

500

455,288

4,246,650

Specialized

REITs

—

0.4%

American

Tower

Corp.

1.45%

,

09/15/26

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

120

109,371

5.80%

,

11/15/28

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

10

10,238

5.65%

,

03/15/33

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

440

446,884

Crown

Castle,

Inc.,

5.80%,

03/01/34

......

470

480,789

Equinix,

Inc.

1.00%

,

09/15/25

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

151

141,214

1.45%

,

05/15/26

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

160

147,169

Iron

Mountain,

Inc.

(d)

7.00%

,

02/15/29

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

91

92,734

5.25%

,

07/15/30

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

200

189,196

1,617,595

Specialty

Retail

—

0.3%

Bath

&

Body

Works,

Inc.

6.95%

,

03/01/33

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

50

49,841

6.88%

,

11/01/35

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

83

84,872

Foot

Locker,

Inc.,

4.00%,

10/01/29

(d)

......

45

37,888

Gap,

Inc.

(The),

3.63%,

10/01/29

(d)

.......

15

13,140

Home

Depot,

Inc.

(The)

1.50%

,

09/15/28

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

300

262,911

1.38%

,

03/15/31

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

31

24,780

1.88%

,

09/15/31

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

400

326,629

4.50%

,

12/06/48

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

17

15,134

3.35%

,

04/15/50

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

240

176,172

Lowe's

Cos.,

Inc.

3.35%

,

04/01/27

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

250

238,869

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

3.65%

,

04/05/29

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

USD

93

$

88,193

1,318,429

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

Seagate

HDD

Cayman

8.25%

,

12/15/29

(d)

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

72

77,362

9.63%

,

12/01/32

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

212

241,531

Western

Digital

Corp.,

4.75%,

02/15/26

....

83

81,081

Xerox

Holdings

Corp.

(d)

5.50%

,

08/15/28

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

96

87,405

8.88%

,

11/30/29

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

25

25,469

512,848

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

Tapestry,

Inc.

7.35%

,

11/27/28

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

460

484,704

7.70%

,

11/27/30

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

80

85,313

7.85%

,

11/27/33

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

210

227,910

797,927

Trading

Companies

&

Distributors

—

0.0%

Fortress

Transportation

&

Infrastructure

Investors

LLC,

7.88%,

12/01/30

(d)

......

30

31,503

Wireless

Telecommunication

Services

—

0.0%

Vodafone

Group

plc,

(5-Year

USD

Swap

Semi

+

4.87%),

7.00%,

04/04/79

(a)

...........

100

103,149

Total

Corporate

Bonds

—

17

.5

%

(Cost:

$

80,969,469

)

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

79,976,571

Foreign

Government

Obligations

Chile

—

0.1%

Republic

of

Chile

,

3.25%

,

09/21/71

........

320

202,200

Mexico

—

0.0%

United

Mexican

States

,

3.77%

,

05/24/61

....

250

162,812

Total

Foreign

Government

Obligations

—

0

.1

%

(Cost:

$

364,591

)

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

365,012

Shares

Shares

Investment

Companies

iShares

Russell

1000

Value

ETF

(k)

........

55,212

9,889,021

Total

Investment

Companies

—

2

.2

%

(Cost:

$

8,730,480

)

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

9,889,021

Par

(000)

Par

(000)

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.1%

Alternative

Loan

Trust

Series

2005-22T1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

and

5.42%

Cap

+

0.46%),

5.42%,

06/25/35

(a)

.....

36

30,203

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

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

19

9,076

Series

2006-OC10,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.46%

Floor

+

0.57%),

5.90%,

11/25/36

(a)

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

23

18,463

Series

2007-OA3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.72%,

04/25/47

(a)

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

19

16,569

Series

2007-OA3,

Class

2A2,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.80%,

04/25/47

(a)

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

1

66

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2007-OA8,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.80%,

06/25/47

(a)

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

USD

11

$

8,287

Series

2007-OH2,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

and

10.00%

Cap

+

0.59%),

5.92%,

08/25/47

(a)

.....

5

4,051

American

Home

Mortgage

Assets

Trust,

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.94%

Floor

+

0.94%),

6.03%,

10/25/46

(a)

41

26,996

APS

Resecuritization

Trust

(a)(d)

Series

2016-1,

Class

1MZ,

3.01%,

07/31/57

141

54,411

Series

2016-3,

Class

3A,

(1-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.96%),

8.29%,

09/27/46

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

4

4,210

Banc

of

America

Funding

Trust,

Series

2014-

R2,

Class

1C,

0.00%,

11/26/36

(a)

(d)

......

50

15,444

Bear

Stearns

Mortgage

Funding

Trust,

Series

2006-SL1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

and

11.00%

Cap

+

0.39%),

5.72%,

08/25/36

(a)

...........

10

9,717

Chase

Mortgage

Finance

Trust,

Series

2007-

S6,

Class

1A1,

6.00%,

12/25/37

........

266

109,550

Citicorp

Mortgage

Securities

Trust,

Series

2008-

2,

Class

1A1,

6.50%,

06/25/38

.........

22

17,145

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

(d)

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

109

42,672

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2005-10,

Class

10A1,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

and

6.25%

Cap

+

1.46%),

6.25%,

11/25/35

(a)

..

18

3,927

CSMC

Mortgage-Backed

Trust,

Series

2007-5,

Class

1A11,

6.59%,

08/25/37

(a)

.........

23

11,522

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.17%

Floor

+

0.45%),

5.78%,

08/25/47

(a)

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

77

68,456

GreenPoint

Mortgage

Funding

Trust,

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

2.00%

Floor

and

10.50%

Cap

+

2.00%),

7.09%,

03/25/36

(a)

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

4

3,852

GSR

Mortgage

Loan

Trust,

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

..........

1

896

IndyMac

INDX

Mortgage

Loan

Trust,

Series

2007-AR19,

Class

3A1,

3.75%,

09/25/37

(a)

.

27

17,859

J.P.

Morgan

Alternative

Loan

Trust,

Series

2007-A1,

Class

1A4,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

and

11.50%

Cap

+

0.53%),

5.86%,

03/25/37

(a)

...........

28

26,154

New

Residential

Mortgage

Loan

Trust,

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

(a)

(d)

..

28

27,222

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2007-2,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.95%),

6.28%,

06/25/37

(a)

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

4

3,209

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2006-3,

Class

4A,

3.96%,

04/25/36

(a)

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

7

3,736

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2006-AR4,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.19%

Floor

and

10.50%

Cap

+

0.49%),

5.82%,

06/25/36

(a)

..........

10

8,659

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

USD

31

$

27,796

Series

2006-4,

Class

3A5,

6.85%,

05/25/36

(c)

37

30,995

601,143

Commercial

Mortgage-Backed

Securities

—

0.0%

Bayview

Commercial

Asset

Trust

(a)(d)

Series

2005-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.56%),

5.89%,

01/25/36

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

12

11,306

Series

2005-4A,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.45%

Floor

+

0.79%),

6.12%,

01/25/36

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

9

8,588

Series

2006-1A,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.54%

Floor

+

0.65%),

5.98%,

04/25/36

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

6

5,118

Series

2006-3A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.49%),

5.82%,

10/25/36

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

6

6,116

Series

2006-3A,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.56%),

5.89%,

10/25/36

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

6

6,130

37,258

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

One

Market

Plaza

Trust,

Series

2017-1MKT,

Class

XCP,

0.00%,

02/10/32

(a)

(d)

(i)

.......

831

—

Principal

Only

Collateralized

Mortgage

Obligations

—

0.0%

Seasoned

Credit

Risk

Transfer

Trust,

Series

2017-3,

Class

B,

0.00%,

07/25/56

(d)

(l)

.....

37

4,405

Total

Non-Agency

Mortgage-Backed

Securities

—

0

.1

%

(Cost:

$

827,029

)

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

642,806

Beneficial

Interest

(000)

Other

Interests

(m)

Capital

Markets

—

0.0%

(e)(h)(i)

Lehman

Brothers

Holdings,

Inc.

..........

490

—

Lehman

Brothers

Holdings,

Inc.,

Capital

Trust

VII

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

130

—

Total

Other

Interests

—

0.0

%

(Cost:

$

6

)

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

—

Shares

Shares

Preferred

Securities

Preferred

Stocks

—

0.2%

Automobiles

—

0.0%

Volkswagen

AG

(Preference)

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

151

20,026

Banks

—

0.0%

Banco

Bradesco

SA

(Preference)

.........

25,821

73,621

Bancolombia

SA

(Preference)

...........

10,622

90,308

Itau

Unibanco

Holding

SA

(Preference)

.....

3,276

22,698

186,627

Chemicals

—

0.1%

Braskem

SA

(Preference)

,

Series

A

,

Class

A

(e)

87,123

459,987

Electric

Utilities

—

0.0%

Energisa

SA

(Preference)

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

2

3

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electrical

Equipment

—

0.1%

Sociedad

Quimica

y

Minera

de

Chile

SA

(Preference)

,

Class

B

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

3,286

$

160,325

Metals

&

Mining

—

0.0%

Gerdau

SA

(Preference)

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

9,526

42,166

Passenger

Airlines

—

0.0%

Azul

SA

(Preference)

(e)

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

20,666

53,732

Total

Preferred

Securities

—

0

.2

%

(Cost:

$

1,062,636

)

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

922,866

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

Mortgage-Backed

Securities

—

7.0%

Federal

Home

Loan

Mortgage

Corp.

2.50

%

,

01/01/29

-

04/01/31

...........

USD

120

112,786

3.00

%

,

09/01/27

-

12/01/46

...........

220

201,705

3.50

%

,

04/01/31

-

01/01/48

...........

354

329,846

4.00

%

,

08/01/40

-

12/01/45

...........

57

53,983

4.50

%

,

02/01/39

-

04/01/49

...........

422

411,795

5.00

%

,

10/01/41

-

11/01/48

...........

83

83,139

5.50

%

,

06/01/41

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

38

38,411

6.00

%

,

01/01/34

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

28

28,631

Federal

National

Mortgage

Association

,

4.00

%

,

01/01/41

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

4

3,993

Government

National

Mortgage

Association

2.00

%

,

08/20/50

-

04/20/52

...........

4,495

3,684,576

2.00

%

,

04/15/54

(n)

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

1,163

952,792

2.50

%

,

07/20/51

-

07/20/52

...........

4,869

4,147,086

3.00

%

,

02/15/45

-

09/20/52

...........

3,241

2,860,450

3.50

%

,

01/15/42

-

02/20/52

...........

1,050

968,895

4.00

%

,

04/20/39

-

12/20/47

...........

186

177,792

4.00

%

,

04/15/54

(n)

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

644

602,584

4.50

%

,

12/20/39

-

04/20/50

...........

248

242,590

5.00

%

,

12/15/38

-

07/20/53

...........

208

205,455

5.00

%

,

04/15/54

(n)

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

125

122,845

5.50

%

,

12/20/52

-

07/20/53

...........

217

217,914

5.50

%

,

04/15/54

(n)

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

775

774,272

6.00

%

,

09/20/53

-

01/20/54

...........

135

136,594

6.00

%

,

04/15/54

(n)

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

100

100,874

6.50

%

,

12/20/53

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

20

20,154

6.50

%

,

04/15/54

(n)

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

225

228,751

7.50

%

,

03/15/32

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

1

1,034

Uniform

Mortgage-Backed

Securities

2.00

%

,

10/01/31

-

02/01/52

...........

3,541

2,873,003

2.00

%

,

04/25/39

(n)

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

1,250

1,107,557

2.50

%

,

09/01/27

-

02/01/52

...........

1,758

1,528,238

2.50

%

,

04/25/39

-

04/25/54

(n)

..........

700

607,681

3.00

%

,

04/01/29

-

03/01/52

...........

1,785

1,607,732

3.50

%

,

08/01/30

-

01/01/51

...........

2,390

2,176,868

3.50

%

,

04/25/39

(n)

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

61

57,978

4.00

%

,

10/01/33

-

01/01/51

...........

1,202

1,141,324

4.00

%

,

04/25/39

-

04/25/54

(n)

..........

350

329,411

4.50

%

,

02/01/25

-

08/01/53

...........

1,992

1,944,691

4.50

%

,

04/25/54

(n)

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

50

47,611

5.00

%

,

09/01/35

-

05/01/49

...........

140

140,166

5.00

%

,

04/25/54

(n)

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

675

658,573

5.50

%

,

02/01/35

-

04/01/41

...........

224

228,222

6.00

%

,

12/01/27

-

02/01/54

...........

334

342,863

6.00

%

,

04/25/54

(n)

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

275

277,504

6.50

%

,

05/01/40

-

02/01/54

...........

99

101,828

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

6.50

%

,

04/25/54

(n)

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

USD

275

$

280,945

Total

U.S.

Government

Sponsored

Agency

Securities

—

7

.0

%

(Cost:

$

34,963,781

)

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

32,161,142

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

4.25

%

,

05/15/39

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

66

65,858

4.50

%

,

08/15/39

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

382

391,386

4.38

%

,

11/15/39

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

82

82,724

1.13

%

,

05/15/40

-

08/15/40

...........

694

431,608

1.38

%

,

11/15/40

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

347

223,137

2.25

%

,

05/15/41

-

02/15/52

...........

13,000

8,794,219

2.38

%

,

02/15/42

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

4,000

2,975,156

3.13

%

,

02/15/43

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

332

275,041

2.88

%

,

05/15/43

-

11/15/46

...........

597

468,002

3.63

%

,

08/15/43

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

332

295,312

3.75

%

,

11/15/43

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

332

300,317

4.75

%

,

11/15/43

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

400

414,938

2.50

%

,

02/15/45

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

593

433,608

3.00

%

,

02/15/47

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

1,500

1,180,020

1.63

%

,

11/15/50

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

3

1,695

1.88

%

,

11/15/51

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

1,000

598,945

U.S.

Treasury

Notes

0.25

%

,

09/30/25

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

5,511

5,149,987

5.00

%

,

10/31/25

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

4,500

4,512,656

4.00

%

,

12/15/25

-

01/15/27

...........

700

691,562

0.50

%

,

05/31/27

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

129

114,251

2.25

%

,

08/15/27

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

798

745,101

1.25

%

,

03/31/28

-

09/30/28

...........

1,047

929,163

2.88

%

,

08/15/28

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

188

177,528

3.13

%

,

11/15/28

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

386

367,650

3.75

%

,

12/31/28

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

200

195,734

1.75

%

,

01/31/29

-

11/15/29

...........

1,239

1,090,995

2.63

%

,

02/15/29

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

63

58,524

1.88

%

,

02/28/29

-

02/15/32

...........

12,352

10,856,760

2.38

%

,

05/15/29

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

7,063

6,461,266

1.63

%

,

08/15/29

-

05/15/31

...........

952

827,700

1.50

%

,

02/15/30

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

1,276

1,097,011

1.13

%

,

02/15/31

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

235

192,709

1.38

%

,

11/15/31

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

43

35,122

Total

U.S.

Treasury

Obligations

—

11

.0

%

(Cost:

$

58,918,759

)

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

50,435,685

Total

Long-Term

Investments

—

96.2%

(Cost:

$

409,646,106

)

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

439,995,796

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

3.8%

(k)(o)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(p)

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

1,975,956

1,976,945

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

5.19

%

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

15,200,176

15,200,176

Total

Money

Market

Funds

—

3

.8

%

(Cost:

$

17,177,121

)

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

17,177,121

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

—

1.3%

U.S.

Treasury

Bills

(q)

5.31

%

,

04/02/24

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

USD

500

$

499,927

5.31

%

,

04/16/24

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

700

698,463

5.31

%

,

04/18/24

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

1,600

1,596,023

5.28

%

,

04/23/24

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

900

897,101

5.30

%

,

04/30/24

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

1,490

1,483,689

5.32

%

,

05/21/24

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

900

893,419

Total

U.S.

Treasury

Obligations

—

1

.3

%

(Cost:

$

6,068,628

)

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

6,068,622

Total

Short-Term

Securities

—

5.1%

(Cost:

$

23,245,749

)

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

23,245,743

Total

Investments

Before

Investments

Sold

Short

—

101

.3

%

(Cost:

$

432,891,855

)

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

463,241,539

Security

Par

(000)

Par

(000)

Value

Investments

Sold

Short

U.S.

Treasury

Obligations

U.S.

Treasury

Notes

3.13

%

,

11/15/28

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

USD

(

23

)

$

(

21,907

)

1.63

%

,

08/15/29

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

(

460

)

(

403,740

)

1.50

%

,

02/15/30

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

(

1,253

)

(

1,077,237

)

1.13

%

,

02/15/31

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

(

56

)

(

45,922

)

1.38

%

,

11/15/31

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

(

40

)

(

32,672

)

Total

U.S.

Treasury

Obligations

—

(

0

.3

)

%

(Proceeds:

$

(

1,855,209

)

)

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

(1,581,478)

Total

Investments

Sold

Short

—

(

0

.3

)

%

(Proceeds:

$

(

1,855,209

)

)

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

(

1,581,478

)

Total

Investments

Net

of

Investments

Sold

Short

—

101

.0

%

(Cost:

$

431,036,646

)

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

461,660,061

Liabilities

in

Excess

of

Other

Assets

—

(

1.0

)

%

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

(

4,384,467

)

Net

Assets

—

100.0%

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

$

457,275,594

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Rounds

to

less

than

1,000.

(c)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(d)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(e)

Non-income

producing

security.

(f)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(g)

All

or

a

portion

of

this

security

is

on

loan.

(h)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(i)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(j)

Perpetual

security

with

no

stated

maturity

date.

(k)

Affiliate

of

the

Fund.

(l)

Zero-coupon

bond.

(m)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(n)

Represents

or

includes

a

TBA

transaction.

(o)

Annualized

7-day

yield

as

of

period

end.

(p)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

(q)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

15

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

March

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/24

Shares

Held

at

03/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

—

$

1,977,217

(a)

$

—

$

(

272

)

$

—

$

1,976,945

1,975,956

$

5,982

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

6,692,438

8,507,738

(a)

—

—

—

15,200,176

15,200,176

116,623

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(c)

........

4,494,602

—

(

4,493,667

)

(a)

(

1,161

)

226

—

—

—

—

iShares

Russell

1000

Value

ETF

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

9,123,783

—

—

—

765,238

9,889,021

55,212

42,495

—

$

(

1,433

)

$

765,464

$

27,066,142

$

165,100

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

16

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

U.S.

Treasury

10-Year

Note

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

36

06/18/24

$

3,989

$

11,905

U.S.

Treasury

10-Year

Ultra

Note

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

7

06/18/24

802

2,846

U.S.

Treasury

Long

Bond

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

46

06/18/24

5,540

68,347

EURO

STOXX

50

Index

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

89

06/21/24

4,850

110,387

MSCI

EAFE

E-Mini

Index

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

6

06/21/24

707

6,136

MSCI

Emerging

Markets

E-Mini

Index

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

6

06/21/24

315

(1,774)

S&P

500

E-Mini

Index

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

6

06/21/24

1,593

34,645

U.S.

Treasury

2-Year

Note

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

118

06/28/24

24,129

(

24,076)

208,416

Short

Contracts

U.S.

Treasury

10-Year

Note

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

127

06/18/24

14,071

(6,193)

U.S.

Treasury

Long

Bond

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

81

06/18/24

9,755

(107,935)

U.S.

Treasury

Ultra

Bond

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

133

06/18/24

17,157

(170,078)

S&P/TSX

60

Index

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

2

06/20/24

396

(6,081)

MSCI

EAFE

E-Mini

Index

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

47

06/21/24

5,539

(19,021)

MSCI

Emerging

Markets

E-Mini

Index

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

40

06/21/24

2,098

18,978

S&P

500

E-Mini

Index

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

37

06/21/24

9,821

(153,673)

U.S.

Treasury

5-Year

Note

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

136

06/28/24

14,554

(9,736)

(453,739)

$

(245,323)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

124,326

EUR

113,000

Deutsche

Bank

AG

06/20/24

$

2,019

USD

126,982

GBP

99,100

Toronto

Dominion

Bank

06/20/24

1,851

USD

1,161,312

JPY

168,903,000

Deutsche

Bank

AG

06/20/24

31,776

35,646

AUD

1,081,000

USD

707,059

Bank

of

America

NA

06/20/24

(1,043)

AUD

19,758,575

USD

13,141,926

Nomura

International

plc

06/20/24

(237,337)

CAD

5,860,654

USD

4,359,276

Toronto

Dominion

Bank

06/20/24

(27,644)

EUR

8,224,727

USD

9,048,261

BNP

Paribas

SA

06/20/24

(146,229)

(412,253)

$

(376,607)

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)

Markit

CDX

North

American

High

Yield

Index

Series

41.V2

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

5.00

%

Quarterly

12/20/28

USD

4,297

$

(321,688)

$

(264,595)

$

(57,093)

Markit

CDX

North

American

Investment

Grade

Index

Series

42.V1

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

1.00

Quarterly

06/20/29

USD

23,400

(534,429)

(503,446)

(30,983)

$

(856,117)

$

(768,041)

$

(88,076)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

17

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.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

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)

Markit

CDX

North

American

High

Yield

Index

Series

42.V1

...........

5.00

%

Quarterly

06/20/29

B+

USD

915

$

67,049

$

63,055

$

3,994

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

minus

0.02%

.........

Quarterly

MSCI

ACWI

ESG

Universal

Index

Quarterly

BNP

Paribas

SA

04/03/24

USD

26,509

$

2,494,554

$

—

$

2,494,554

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

SOFR

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

Secured

Overnight

Financing

Rate

5.32

%

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

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

$

—

$

782,536

$

—

$

782,536

Common

Stocks

Aerospace

&

Defense

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

1,774,479

1,015,291

—

2,789,770

Air

Freight

&

Logistics

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

18,357

322,693

—

341,050

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

18

Level

1

Level

2

Level

3

Total

Automobile

Components

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

$

—

$

271,010

$

—

$

271,010

Automobiles

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

351,580

3,150,406

—

3,501,986

Banks

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

3,968,898

11,640,803

—

15,609,701

Beverages

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

5,564,025

404,857

—

5,968,882

Biotechnology

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

3,620,757

619,315

—

4,240,072

Broadline

Retail

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

9,273,641

1,184,353

—

10,457,994

Building

Products

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

572,833

—

—

572,833

Capital

Markets

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

3,172,006

1,256,147

—

4,428,153

Chemicals

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

411,589

1,810,810

—

2,222,399

Commercial

Services

&

Supplies

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

523,468

—

—

523,468

Communications

Equipment

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

44,018

89,004

—

133,022

Construction

&

Engineering

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

3,875,682

624,579

—

4,500,261

Construction

Materials

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

—

139,109

—

139,109

Consumer

Finance

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

2,930,041

25,363

—

2,955,404

Consumer

Staples

Distribution

&

Retail

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

1,954,026

982,403

—

2,936,429

Containers

&

Packaging

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

114,105

—

—

114,105

Diversified

Telecommunication

Services

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

189,375

863,824

—

1,053,199

Electric

Utilities

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

407,131

2,737,199

—

3,144,330

Electrical

Equipment

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

265,237

2,745,979

—

3,011,216

Electronic

Equipment,

Instruments

&

Components

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

2,103,075

979,372

—

3,082,447

Energy

Equipment

&

Services

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

1,025,624

—

—

1,025,624

Entertainment

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

2,315,922

231,623

—

2,547,545

Financial

Services

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

6,421,610

1,634,680

—

8,056,290

Food

Products

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

2,055,804

2,961,725

—

5,017,529

Gas

Utilities

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

563,070

14,784

—

577,854

Ground

Transportation

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

303,433

84,440

—

387,873

Health

Care

Equipment

&

Supplies

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

4,717,886

157,721

—

4,875,607

Health

Care

Providers

&

Services

............................

4,425,963

39,967

—

4,465,930

Health

Care

Technology

..................................

53,289

—

—

53,289

Hotels,

Restaurants

&

Leisure

..............................

4,192,292

1,549,031

—

5,741,323

Household

Durables

.....................................

758,309

1,889,351

—

2,647,660

Household

Products

.....................................

4,521,703

—

—

4,521,703

Independent

Power

and

Renewable

Electricity

Producers

............

149,308

—

—

149,308

Industrial

Conglomerates

..................................

4,513,061

3,110,870

—

7,623,931

Industrial

REITs

........................................

126,183

491,285

—

617,468

Insurance

............................................

4,224,730

2,777,484

—

7,002,214

Interactive

Media

&

Services

...............................

10,814,990

2,763,159

—

13,578,149

IT

Services

...........................................

2,139,849

366,141

—

2,505,990

Leisure

Products

.......................................

—

224,805

—

224,805

Life

Sciences

Tools

&

Services

..............................

1,881,444

—

—

1,881,444

Machinery

............................................

2,135,800

1,124,437

—

3,260,237

Marine

Transportation

....................................

—

1,316,809

—

1,316,809

Media

...............................................

1,324,166

449,234

—

1,773,400

Metals

&

Mining

........................................

1,890,660

2,312,929

—

4,203,589

Multi-Utilities

..........................................

—

951,713

—

951,713

Oil,

Gas

&

Consumable

Fuels

...............................

11,102,515

2,448,012

—

13,550,527

Paper

&

Forest

Products

..................................

7,804

—

—

7,804

Passenger

Airlines

......................................

351,704

674,265

—

1,025,969

Personal

Care

Products

..................................

72,601

492,243

—

564,844

Pharmaceuticals

.......................................

9,185,167

6,856,416

—

16,041,583

Professional

Services

....................................

918,490

899,372

—

1,817,862

Real

Estate

Management

&

Development

.......................

1,907,077

499,461

—

2,406,538

Retail

REITs

..........................................

12,217

31,684

—

43,901

Semiconductors

&

Semiconductor

Equipment

....................

21,770,197

2,118,340

—

23,888,537

Software

.............................................

21,453,915

2,977,078

—

24,430,993

Specialized

REITs

......................................

418,086

—

—

418,086

Specialty

Retail

........................................

3,304,518

1,761,203

—

5,065,721

Technology

Hardware,

Storage

&

Peripherals

....................

14,029,232

6,916

—

14,036,148

Textiles,

Apparel

&

Luxury

Goods

............................

683,335

1,881,340

—

2,564,675

Trading

Companies

&

Distributors

............................

—

486,697

—

486,697

Transportation

Infrastructure

...............................

70,896

202,093

—

272,989

Water

Utilities

.........................................

—

314,680

—

314,680

Wireless

Telecommunication

Services

.........................

51,457

827,022

—

878,479

Corporate

Bonds

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

19

Level

1

Level

2

Level

3

Total

Aerospace

&

Defense

....................................

$

—

$

90,320

$

—

$

90,320

Automobile

Components

..................................

—

171,289

—

171,289

Automobiles

..........................................

—

262,461

—

262,461

Banks

...............................................

—

13,318,771

1,000

13,319,771

Beverages

...........................................

—

3,464,488

—

3,464,488

Biotechnology

.........................................

—

1,484,140

—

1,484,140

Broadline

Retail

........................................

—

94,829

—

94,829

Building

Products

.......................................

—

2,633,889

—

2,633,889

Capital

Markets

........................................

—

6,537,946

—

6,537,946

Chemicals

............................................

—

250,606

—

250,606

Commercial

Services

&

Supplies

.............................

—

212,986

—

212,986

Communications

Equipment

................................

—

1,091,399

—

1,091,399

Construction

&

Engineering

................................

—

1,062,116

—

1,062,116

Construction

Materials

....................................

—

83,881

—

83,881

Consumer

Finance

......................................

—

2,976,682

—

2,976,682

Containers

&

Packaging

..................................

—

80,027

—

80,027

Diversified

REITs

.......................................

—

906,981

—

906,981

Diversified

Telecommunication

Services

........................

—

923,907

—

923,907

Electric

Utilities

........................................

—

2,873,976

—

2,873,976

Electronic

Equipment,

Instruments

&

Components

.................

—

1,201,347

—

1,201,347

Energy

Equipment

&

Services

..............................

—

319,897

—

319,897

Entertainment

.........................................

—

99,958

—

99,958

Financial

Services

......................................

—

1,528,286

—

1,528,286

Food

Products

.........................................

—

1,118,543

—

1,118,543

Gas

Utilities

...........................................

—

295,051

—

295,051

Ground

Transportation

...................................

—

1,278,366

—

1,278,366

Health

Care

Equipment

&

Supplies

...........................

—

998,795

—

998,795

Health

Care

Providers

&

Services

............................

—

4,175,696

—

4,175,696

Health

Care

Technology

..................................

—

1,221,233

—

1,221,233

Hotels,

Restaurants

&

Leisure

..............................

—

473,888

—

473,888

Household

Durables

.....................................

—

1,357,396

—

1,357,396

Industrial

Conglomerates

..................................

—

956,071

—

956,071

Insurance

............................................

—

1,630,216

—

1,630,216

IT

Services

...........................................

—

1,871,096

—

1,871,096

Life

Sciences

Tools

&

Services

..............................

—

16,777

—

16,777

Machinery

............................................

—

386,446

—

386,446

Media

...............................................

—

634,323

—

634,323

Metals

&

Mining

........................................

—

1,243,995

—

1,243,995

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

—

20,159

—

20,159

Oil,

Gas

&

Consumable

Fuels

...............................

—

2,320,089

—

2,320,089

Passenger

Airlines

......................................

—

126,827

—

126,827

Pharmaceuticals

.......................................

—

2,339,855

—

2,339,855

Professional

Services

....................................

—

1,351,520

—

1,351,520

Real

Estate

Management

&

Development

.......................

—

815,755

—

815,755

Semiconductors

&

Semiconductor

Equipment

....................

—

5,045,191

—

5,045,191

Software

.............................................

—

4,246,650

—

4,246,650

Specialized

REITs

......................................

—

1,617,595

—

1,617,595

Specialty

Retail

........................................

—

1,318,429

—

1,318,429

Technology

Hardware,

Storage

&

Peripherals

....................

—

512,848

—

512,848

Textiles,

Apparel

&

Luxury

Goods

............................

—

797,927

—

797,927

Trading

Companies

&

Distributors

............................

—

31,503

—

31,503

Wireless

Telecommunication

Services

.........................

—

103,149

—

103,149

Foreign

Government

Obligations

..............................

—

365,012

—

365,012

Investment

Companies

....................................

9,889,021

—

—

9,889,021

Non-Agency

Mortgage-Backed

Securities

........................

—

642,806

—

642,806

Other

Interests

..........................................

—

—

—

—

Preferred

Securities

Automobiles

..........................................

—

20,026

—

20,026

Banks

...............................................

96,319

90,308

—

186,627

Chemicals

............................................

459,987

—

—

459,987

Electric

Utilities

........................................

3

—

—

3

Electrical

Equipment

.....................................

—

160,325

—

160,325

Metals

&

Mining

........................................

42,166

—

—

42,166

Passenger

Airlines

......................................

53,732

—

—

53,732

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

20

Level

1

Level

2

Level

3

Total

U.S.

Government

Sponsored

Agency

Securities

....................

$

—

$

32,161,142

$

—

$

32,161,142

U.S.

Treasury

Obligations

...................................

—

50,435,685

—

50,435,685

Short-Term

Securities

Money

Market

Funds

......................................

17,177,121

—

—

17,177,121

U.S.

Treasury

Obligations

...................................

—

6,068,622

—

6,068,622

Liabilities

Investment

Sold

Short

U.S.

Treasury

Obligations

...................................

—

(1,581,478)

—

(1,581,478)

$

214,746,979

$

246,912,082

$

1,000

$

461,660,061

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

...........................................

$

—

$

3,994

$

—

$

3,994

Equity

contracts

...........................................

59,759

2,604,941

—

2,664,700

Foreign

currency

exchange

contracts

............................

—

35,646

—

35,646

Interest

rate

contracts

.......................................

83,098

—

—

83,098

Liabilities

Credit

contracts

...........................................

—

(88,076)

—

(88,076)

Equity

contracts

...........................................

(

180,549)

—

—

(180,549)

Foreign

currency

exchange

contracts

............................

—

(412,253)

—

(412,253)

Interest

rate

contracts

.......................................

(318,018)

—

—

(318,018)

$

(355,710)

$

2,144,252

$

—

$

1,788,542

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Currency

Abbreviation

AUD

Australian

Dollar

CAD

Canadian

Dollar

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

USD

United

States

Dollar

Portfolio

Abbreviation

ABS

Asset-Backed

Security

CDI

Crest

Depository

Interests

CMT

Constant

Maturity

Treasury

CSMC

Credit

Suisse

Mortgage

Capital

CVA

Certification

Van

Aandelon

(Dutch

Certificate)

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

OTC

Over-the-counter

REIT

Real

Estate

Investment

Trust

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

TBA

To-be-announced

Fair

Value

Hierarchy

as

of

Period

End

(continued)