Consolidated

Schedule

Investments

(unaudited)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

(

000)

Value

Asset-Backed

Securities

Cayman

Islands

—

0.4%

(a)(b)

AREIT

Ltd.,

Series

2025-CRE10,

Class

(1-mo.

CME

Term

SOFR

1.39%

Floor

1.39%),

5.54%,

12/17/29

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

USD

100

100,062

CIFC

Funding

Ltd.,

Series

2025-2A,

Class

(3-mo.

CME

Term

SOFR

1.13%

Floor

1.13%),

5.41%,

04/15/38

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

250

250,272

Elmwood

CLO

Ltd.,

Series

2019-2A,

Class

BRR,

(3-mo.

CME

Term

SOFR

1.70%

Floor

1.70%),

6.03%,

10/20/37

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

250

251,097

601,431

Ireland

—

1.4%

(b)(c)

Carval

Euro

CLO

II-C

DAC,

Series

2X,

Class

(3-mo.

EURIBOR

3.75%

Floor

3.75%),

5.79%,

02/15/37

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

EUR

100

118,828

Arbour

CLO

DAC,

Series

6X,

Class

DR,

(3-mo.

EURIBOR

3.20%

Floor

3.20%),

5.24%,

11/15/37

100

118,065

Arcano

Euro

CLO

DAC,

Series

1X,

Class

(3-mo.

EURIBOR

3.40%

Floor

3.40%),

5.59%,

04/25/39

100

119,270

Arcano

Euro

CLO

DAC,

Series

2X,

Class

(3-mo.

EURIBOR

3.30%

Floor

3.30%),

5.28%,

07/25/39

100

118,468

Arini

European

CLO

DAC,

Series

5X,

Class

(3-mo.

EURIBOR

2.80%

Floor

2.80%),

5.17%,

01/15/39

100

117,379

Aurium

CLO

VII

DAC,

Series

7X,

Class

DR,

(3-mo.

EURIBOR

3.15%

Floor

3.15%),

5.28%,

10/15/38

100

118,770

Capital

Four

CLO

VIII

DAC,

Series

8X,

Class

(3-mo.

EURIBOR

3.25%

Floor

3.25%),

5.19%,

10/25/37

100

118,601

Contego

CLO

DAC,

Series

5X,

Class

DR,

(3-mo.

EURIBOR

3.10%

Floor

3.10%),

5.13%,

10/15/37

100

118,187

CVC

Cordatus

Opportunity

Loan

Fund-R

DAC,

Series

1X,

Class

DR,

(3-mo.

EURIBOR

2.80%

Floor

2.80%),

4.84%,

08/15/33

.......

100

117,572

Hambridge

Euro

CLO

DAC,

Series

1X,

Class

(3-mo.

EURIBOR

3.30%

Floor

3.30%),

0.00%,

10/20/38

100

117,405

Palmer

Square

European

Loan

Funding

DAC,

Series

2024-2X,

Class

(3-mo.

EURIBOR

3.15%

Floor

3.15%),

5.19%,

05/15/34

.......

100

117,712

Penta

CLO

DAC,

Series

2024-17X,

Class

(3-mo.

EURIBOR

3.25%

Floor

3.25%),

5.29%,

08/15/38

100

118,198

Providus

CLO

DAC,

Series

2X,

Class

DRR,

(3-mo.

EURIBOR

3.20%

Floor

3.20%),

5.23%,

10/15/38

100

118,435

Rockford

Tower

Europe

CLO

DAC,

Series

2025-1X,

Class

(3-mo.

EURIBOR

3.00%

Floor

3.00%),

5.21%,

10/25/37

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

100

118,088

Signal

Harmonic

CLO

DAC,

Series

1X,

Class

DR,

(3-mo.

EURIBOR

3.50%

Floor

3.50%),

5.42%,

07/15/38

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

100

118,755

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Sona

Fios

CLO

III

DAC,

Series

3X,

Class

(3-mo.

EURIBOR

3.25%

Floor

3.25%),

5.27%,

04/20/37

EUR

110

130,522

Sona

Fios

CLO

DAC,

Series

5X,

Class

(3-mo.

EURIBOR

3.30%

Floor

3.30%),

5.33%,

08/25/38

100

118,741

Texas

Debt

Capital

Euro

CLO

DAC,

Series

2025-1X,

Class

(3-mo.

EURIBOR

3.00%

Floor

3.00%),

5.20%,

04/16/39

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

100

118,806

Tikehau

CLO

XII

DAC,

Series

12X,

Class

(3-mo.

EURIBOR

3.25%

Floor

3.25%),

5.27%,

10/20/38

100

117,999

2,259,801

United

Kingdom

—

0.0%

Unique

Pub

Finance

Co.

plc

(The),

Series

6.46%,

03/30/32

(c)

....

GBP

33,043

United

States

—

1.6%

(a)

Ajax

Mortgage

Loan

Trust,

Series

2021-

Class

A1,

1.74%,

12/25/60

(b)

USD

135

118,503

FNA

LLC,

Series

2025-1,

Class

5.62%,

03/15/45

(b)

...........

84,958

Rialto

Issuer

LLC,

Series

2025-

FL10,

Class

(1-mo.

CME

Term

SOFR

1.39%

Floor

1.39%),

5.52%,

08/19/42

(b)

...........

100

100,076

GoodLeap

Home

Improvement

Solutions

Trust,

Series

2024-1A,

Class

5.35%,

10/20/46

......

89,023

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-3CS,

Class

2.10%,

05/20/48

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

14,685

GreenSky

Home

Improvement

Trust,

Series

2024-1,

Class

A4,

5.67%,

06/25/59

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

50,722

MF1

LLC,

Series

2025-FL20,

Class

(1-mo.

CME

Term

SOFR

1.45%

Floor

1.45%),

5.59%,

02/18/43

(b)

100

100,084

Navient

Private

Education

Refi

Loan

Trust

Series

2021-DA,

Class

(US

Prime

Rate

0.00%

Floor

1.99%),

5.51%,

04/15/60

(b)

.........

47,957

Series

2024-A,

Class

5.66%,

10/15/72

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

104

106,724

Navient

Refinance

Loan

Trust,

Series

2025-B,

Class

4.72%,

09/15/55

100

99,777

Nelnet

Student

Loan

Trust

Series

2021-A,

Class

B1,

2.85%,

04/20/62

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

100

90,300

Series

2021-A,

Class

4.93%,

04/20/62

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

100

90,961

Series

2021-BA,

Class

3.57%,

04/20/62

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

100

88,463

Series

2025-AA,

Class

A1B,

(SOFR

day

Average

0.00%

Floor

1.10%),

5.47%,

03/15/57

(b)

...

138

137,855

Series

2025-CA,

Class

A1B,

(SOFR

day

Average

1.35%

Floor

1.35%),

5.71%,

06/22/65

(b)

...

100

99,999

Series

2025-CA,

Class

5.82%,

06/22/65

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

100

99,644

Pagaya

Debt

Selection

Trust,

Series

2021-2,

Class

NOTE,

3.00%,

01/25/29

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

1,615

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

QTS

Issuer

ABS

LLC,

Series

2025-

1A,

Class

A2,

5.04%,

10/05/55

...

USD

54,768

Republic

Finance

Issuance

Trust,

Series

2025-A,

Class

4.59%,

11/20/34

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

159

158,965

Retained

Vantage

Data

Centers

Issuer

LLC,

Series

2025-1A,

Class

A2A,

5.09%,

08/15/50

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

60,175

RMIT

Cash

Management

LLC,

Series

2021-3,

Class

3.88%,

10/17/33

(d)

200

193,760

SLM

Private

Education

Loan

Trust,

Series

2010-C,

Class

A5,

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.86%),

9.01%,

10/15/41

(b)

.....

95,226

SMB

Private

Education

Loan

Trust

Series

2021-A,

Class

2.99%,

01/15/53

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

115

101,672

Series

2024-D,

Class

A1B,

(SOFR

day

Average

1.10%

Floor

1.10%),

5.47%,

07/15/53

(b)

...

120

119,633

SoFi

Personal

Loan

Trust,

Series

2024-

1A,

Class

6.06%,

02/12/31

...

40,138

Subway

Funding

LLC,

Series

2024-1A,

Class

A2II,

6.27%,

07/30/54

....

45,811

Taco

Bell

Funding

LLC,

Series

2025-

1A,

Class

A2I,

4.82%,

08/25/55

75,157

UPX

HIL

Issuer

Trust,

Series

2025-1,

Class

5.16%,

01/25/47

......

154

154,519

2,521,170

Total

Asset-Backed

Securities

—

3.4%

(Cost:

$5,314,857)

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

5,415,445

Common

Stocks

Australia

—

0.3%

BHP

Group

Ltd.

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

5,819

162,555

Fortescue

Ltd.

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

1,261

15,617

Macquarie

Group

Ltd.

...........

465

67,495

Quintis

HoldCo

Pty.

Ltd.

(d)(e)(f)

......

218,994

Rio

Tinto

Ltd.

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

4,598

Santos

Ltd.

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

890

3,952

Telix

Pharmaceuticals

Ltd.

(f)

.......

2,050

19,818

Transurban

Group

(g)

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

8,471

77,288

Woolworths

Group

Ltd.

..........

2,775

48,973

Worley

Ltd.

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

2,080

19,323

419,620

Austria

—

0.0%

Raiffeisen

Bank

International

...

2,182

Belgium

—

0.0%

Elia

Group

SA/NV

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

204

23,568

UCB

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

10,328

33,896

Brazil

—

0.2%

Brasil

Bolsa

Balcao

.......

27,889

69,955

Banco

Brasil

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

5,519

22,813

Eneva

(f)

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

5,425

16,931

Localiza

Rent

Car

(f)

.........

362

2,683

Lojas

Renner

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

14,939

42,047

MercadoLibre,

Inc.

(f)

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

63,097

Rede

D'Or

Sao

Luiz

(a)(c)(f)

......

802

6,356

Security

Value

Brazil

(continued)

Rumo

(f)

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

1,609

4,804

Seguridade

Participacoes

......

6,626

41,383

Vale

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

459

4,966

XP,

Inc.

Class

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

231

4,341

279,376

Canada

—

1.1%

Algoma

Steel

Group,

Inc.

........

4,547

16,165

Alimentation

Couche-Tard,

Inc.

.....

2,175

116,041

Barrick

Mining

Corp.

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

2,183

71,700

CAE,

Inc.

(f)

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

517

15,309

Cameco

Corp.

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

5,510

462,069

Canadian

National

Railway

Co.

....

968

91,284

Canadian

Natural

Resources

Ltd.

...

2,679

85,662

Cenovus

Energy,

Inc.

...........

2,964

50,326

FirstService

Corp.

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

125

23,816

Fortis,

Inc.

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

300

15,217

Gildan

Activewear,

Inc.

(f)

.........

489

28,250

Kinross

Gold

Corp.

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

3,708

92,027

Nutrien

Ltd.

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

343

20,143

Power

Corp.

Canada

.........

184

7,962

Global,

Inc.

(f)

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

445

48,200

Sun

Life

Financial,

Inc.

..........

2,486

149,281

Suncor

Energy,

Inc.

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

7,258

303,733

Energy

Corp.

(h)

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

1,166

63,398

Teck

Resources

Ltd.

Class

.....

1,675

73,478

Thomson

Reuters

Corp.

.........

204

31,677

1,765,738

Cayman

Islands

—

0.1%

(f)

Accelerant

Holdings

Class

......

412

6,135

Bullish

(h)

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

1,563

99,422

Teya

Services

Ltd.,

Series

(Acquired

11/16/21,

cost

$73,809)

(d)(i)

......

12,432

117,989

China

—

1.3%

Airtac

International

Group

(f)

.......

1,000

24,838

Alibaba

Group

Holding

Ltd.

ADR

...

655

117,068

BYD

Co.

Ltd.

Class

..........

19,000

268,559

Eastroc

Beverage

Group

Co.

Ltd.

Class

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

350

14,936

Geely

Automobile

Holdings

Ltd.

....

12,000

30,147

Great

Wall

Motor

Co.

Ltd.

Class

25,157

86,990

JD.com,

Inc.

Class

...........

4,500

78,842

Lenovo

Group

Ltd.

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

30,000

44,454

NetEase,

Inc.

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

1,800

54,670

Nongfu

Spring

Co.

Ltd.

Class

(a)(c)

366

NXP

Semiconductors

........

684

155,767

Pop

Mart

International

Group

Ltd.

(a)(c)

3,400

116,456

Prosus

Class

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

1,814

128,277

SAIC

Motor

Corp.

Ltd.

Class

(f)

....

26,996

64,978

Seres

Group

Co.

Ltd.

Class

.....

200

4,828

Shenzhou

International

Group

Holdings

Ltd.

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

3,400

26,917

Sungrow

Power

Supply

Co.

Ltd.

Class

(f)

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

800

18,237

Tencent

Holdings

Ltd.

...........

7,803

664,891

Trip.com

Group

Ltd.

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

350

26,543

Weichai

Power

Co.

Ltd.

Class

...

18,000

32,201

Xiaomi

Corp.

Class

(a)(c)(f)

........

4,400

30,580

Yum

China

Holdings,

Inc.

........

1,830

78,544

2,069,089

Colombia

—

0.0%

Grupo

Cibest

ADR

(h)

.........

136

7,064

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Value

Czech

Republic

—

0.0%

Komercni

Banka

A/S

...........

130

6,524

Moneta

Money

Bank

A/S

(a)(c)

......

441

3,520

10,044

Denmark

—

0.4%

Coloplast

A/S

Class

..........

333

28,701

DSV

A/S

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

1,447

289,068

Genmab

A/S

(f)

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

116

35,792

Novo

Nordisk

A/S

Class

.......

3,214

178,961

Pandora

A/S

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

209

27,326

Vestas

Wind

Systems

A/S

........

1,937

36,848

596,696

Finland

—

0.1%

Elisa

OYJ

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

513

26,927

Kone

OYJ

Class

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

566

38,606

Sampo

OYJ

Class

...........

2,979

34,249

99,782

France

—

1.8%

Air

Liquide

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

10,418

Airbus

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

1,029

240,298

AXA

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

506

24,265

Bouygues

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

963

43,435

Carrefour

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

2,312

35,038

Cie

Saint-Gobain

.........

3,900

422,571

Dassault

Systemes

..........

2,236

75,221

Eiffage

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

456

58,422

Engie

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

4,195

90,178

EssilorLuxottica

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

2,175

708,514

Hermes

International

SCA

........

193

474,595

L'Oreal

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

19,552

LVMH

Moet

Hennessy

Louis

Vuitton

356

219,076

Orange

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

4,392

71,242

Renault

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

692

28,454

Safran

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

154

54,650

Societe

Generale

...........

1,183

78,760

Sodexo

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

444

28,014

Thales

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

257

81,241

2,763,944

Georgia

—

0.0%

Lion

Finance

Group

plc

..........

6,497

TBC

Bank

Group

plc

(f)

...........

4,958

11,455

Germany

—

0.5%

Allianz

(Registered)

..........

251

105,603

Bayer

(Registered)

..........

1,794

59,724

Caresyntax,

Inc.

(d)(f)

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

640

211

Deutsche

Bank

(Registered)

....

1,306

46,253

Deutsche

Telekom

(Registered)

1,096

37,340

E.ON

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

3,015

56,789

Fresenius

Medical

Care

.......

542

28,638

Merck

KGaA

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

6,098

Northern

Data

(f)

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

384

7,943

SAP

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

814

217,963

Siemens

Energy

(f)

...........

960

112,876

Symrise

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

566

49,225

728,663

Greece

—

0.0%

Athens

International

Airport

.....

888

10,822

Hellenic

Telecommunications

Organization

Class

......

393

7,438

National

Bank

Greece

......

503

7,324

Security

Value

Greece

(continued)

OPAP

Class

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

278

6,485

32,069

Hong

Kong

—

0.1%

AIA

Group

Ltd.

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

200

1,917

Prudential

plc

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

4,564

63,895

Techtronic

Industries

Co.

Ltd.

......

5,000

63,916

129,728

Hungary

—

0.0%

OTP

Bank

Nyrt.

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

212

18,339

India

—

0.1%

Axis

Bank

Ltd.

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

202

2,573

Bajaj

Finance

Ltd.

(f)

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

210

2,363

Eicher

Motors

Ltd.

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

7,264

GAIL

India

Ltd.

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

1,872

3,717

Hindustan

Aeronautics

Ltd.

(c)

......

387

20,681

ICICI

Bank

Ltd.

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

190

2,880

Infosys

Ltd.

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

1,518

24,689

ITC

Ltd.

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

5,668

25,622

Think

Learn

Pvt

Ltd.,

(Acquired

12/11/20,

cost

$67,547)

(d)(f)(i)

.....

—

89,789

Indonesia

—

0.0%

Astra

International

Tbk.

.......

32,700

11,341

Bank

Mandiri

Persero

Tbk

.....

70,700

18,685

Bank

Syariah

Indonesia

Tbk.

....

23,892

3,720

Ciputra

Development

Tbk.

.....

156,900

8,768

Mitra

Adiperkasa

Tbk.

........

61,700

4,167

Telkom

Indonesia

Persero

Tbk

16,800

3,093

49,774

Ireland

—

0.1%

Accenture

plc

Class

..........

601

148,207

Israel

—

0.0%

(f)

Deep

Instinct

Ltd.

(d)

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

2,674

160

Teva

Pharmaceutical

Industries

Ltd.

ADR

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

2,725

55,045

55,205

Italy

—

1.3%

Banca

Monte

dei

Paschi

Siena

SpA

(f)

12,394

110,284

FinecoBank

Banca

Fineco

SpA

....

1,554

33,728

Intesa

Sanpaolo

SpA

...........

123,707

818,838

Leonardo

SpA

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

2,223

142,242

Mediobanca

Banca

Credito

Finanziario

SpA

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

1,819

36,864

UniCredit

SpA

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

10,809

822,512

Wizz

Air

Holdings

plc

(a)(c)(f)

........

446

6,951

1,971,419

Japan

—

1.7%

Advantest

Corp.

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

700

69,260

Asahi

Intecc

Co.

Ltd.

...........

1,400

22,750

Asahi

Kasei

Corp.

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

4,400

34,583

Bridgestone

Corp.

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

300

13,865

Canon,

Inc.

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

2,400

70,039

Dai-ichi

Life

Holdings,

Inc.

........

7,600

59,783

Daiichi

Sankyo

Co.

Ltd.

..........

1,449

32,603

Daikin

Industries

Ltd.

...........

4,495

Daiwa

Securities

Group,

Inc.

......

4,900

39,818

Ebara

Corp.

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

500

11,397

ENEOS

Holdings,

Inc.

..........

17,000

107,665

Fast

Retailing

Co.

Ltd.

..........

100

30,371

FUJIFILM

Holdings

Corp.

........

1,543

38,372

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Value

Japan

(continued)

Furukawa

Electric

Co.

Ltd.

(f)

.......

500

30,818

GMO

Payment

Gateway,

Inc.

(f)

.....

300

16,828

Idemitsu

Kosan

Co.

Ltd.

.........

5,600

38,313

Isetan

Mitsukoshi

Holdings

Ltd.

....

1,200

22,131

Japan

Exchange

Group,

Inc.

......

4,200

46,901

Japan

Post

Bank

Co.

Ltd.

........

10,900

133,470

Japan

Post

Holdings

Co.

Ltd.

......

4,400

43,671

Japan

Tobacco,

Inc.

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

5,000

163,985

Kakaku.com,

Inc.

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

1,300

22,327

Kansai

Paint

Co.

Ltd.

(h)

..........

1,272

20,732

Kawasaki

Kisen

Kaisha

Ltd.

(h)

.....

3,100

44,079

KDDI

Corp.

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

2,300

36,682

Keyence

Corp.

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

300

111,768

Komatsu

Ltd.

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

1,600

55,740

Kuraray

Co.

Ltd.

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

2,100

24,138

Corp.

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

17,700

56,817

Mazda

Motor

Corp.

(h)

...........

3,200

23,301

MISUMI

Group,

Inc.

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

1,700

26,477

Mitsubishi

Corp.

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

800

19,072

Mitsubishi

UFJ

Financial

Group,

Inc.

2,406

38,812

Murata

Manufacturing

Co.

Ltd.

.....

8,800

167,060

Nexon

Co.

Ltd.

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

2,600

57,059

Nidec

Corp.

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

1,900

33,772

Nikon

Corp.

(h)

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

1,600

18,605

Nintendo

Co.

Ltd.

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

300

25,956

Nippon

Paint

Holdings

Co.

Ltd.

.....

368

Nippon

Steel

Corp.

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

1,500

6,178

Nippon

Yusen

(h)

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

800

27,300

Nissan

Chemical

Corp.

..........

800

28,979

Nissan

Motor

Co.

Ltd.

(f)

..........

9,400

22,861

Nomura

Holdings,

Inc.

..........

6,200

45,438

Obayashi

Corp.

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

2,000

32,827

Olympus

Corp.

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

5,500

69,537

Rakus

Co.

Ltd.

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

2,346

21,563

Rakuten

Group,

Inc.

(f)

...........

4,300

27,884

Santen

Pharmaceutical

Co.

Ltd.

....

1,763

19,572

Shimizu

Corp.

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

4,100

57,596

Socionext,

Inc.

(h)

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

1,300

24,432

SoftBank

Group

Corp.

..........

600

75,708

Sumitomo

Mitsui

Financial

Group,

Inc.

1,300

36,573

Suzuki

Motor

Corp.

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

5,300

77,162

TOTO

Ltd.

(f)(h)

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

1,400

36,819

Toyota

Motor

Corp.

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

6,700

128,683

Toyota

Tsusho

Corp.

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

1,900

52,596

Trend

Micro,

Inc.

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

800

43,786

Yaskawa

Electric

Corp.

..........

1,000

21,287

2,670,664

Jersey,

Channel

Islands

—

0.0%

Aptiv

plc

(f)

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

651

56,129

Kazakhstan

—

0.0%

(c)

Halyk

Savings

Bank

Kazakhstan

JSC

GDR

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

246

6,194

Kaspi.KZ

JSC

ADR

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

122

9,965

16,159

Macau

—

0.0%

Wynn

Macau

Ltd.

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

40,737

37,778

Malaysia

—

0.0%

CIMB

Group

Holdings

Bhd.

.......

2,100

3,669

Frontken

Corp.

Bhd.

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

8,600

8,504

12,173

Security

Value

Mexico

—

0.1%

Cemex

SAB

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

15,835

14,181

Fomento

Economico

Mexicano

SAB

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

443

4,368

Fresnillo

plc

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

2,595

82,777

Grupo

Aeroportuario

del

Sureste

SAB

Class

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

455

14,694

Grupo

Financiero

Banorte

SAB

Class

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

7,834

78,915

Grupo

Mexico

SAB

CV,

Series

1,240

10,815

Promotora

Operadora

Infraestructura

SAB

(f)

....

431

5,880

211,630

Netherlands

—

1.3%

Argenx

(f)

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

121

89,401

Argenx

ADR

(f)

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

28,765

ASML

Holding

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

964

940,080

ING

Groep

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

10,417

273,089

Koninklijke

Ahold

Delhaize

.....

350

14,163

Koninklijke

Vopak

...........

266

12,209

Shell

plc

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

17,958

644,107

Wolters

Kluwer

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

618

84,357

2,086,171

Norway

—

0.1%

DNB

Bank

ASA

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

679

18,507

Kongsberg

Gruppen

ASA

(f)

.......

1,455

46,498

Telenor

ASA

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

2,215

36,754

101,759

Philippines

—

0.0%

Ayala

Land,

Inc.

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

11,400

4,774

Bloomberry

Resorts

Corp.

........

25,600

1,821

DigiPlus

Interactive

Corp.

........

4,900

2,126

International

Container

Terminal

Services,

Inc.

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

590

4,785

Metropolitan

Bank

Trust

Co.

.....

3,510

4,102

17,608

Poland

—

0.1%

LPP

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

14,608

Powszechna

Kasa

Oszczednosci

Bank

Polski

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

489

9,502

Powszechny

Zaklad

Ubezpieczen

(f)

3,783

56,651

80,761

Portugal

—

0.0%

Jeronimo

Martins

SGPS

.......

354

8,618

Republic

Turkiye

—

0.0%

Akbank

TAS

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

9,637

14,563

Eldorado

Gold

Corp.

(f)

...........

683

19,732

Turkiye

Bankasi

A/S

Class

....

41,889

14,289

48,584

Romania

—

0.0%

Banca

Transilvania

..........

1,148

7,447

Saudi

Arabia

—

0.0%

Rajhi

Bank

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

786

22,460

Elm

Co.

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

5,253

Etihad

Etisalat

Co.

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

964

17,364

Rasan

Information

Technology

Co.

(f)

304

8,302

Saudi

Basic

Industries

Corp.

......

256

4,202

Saudi

National

Bank

(The)

........

359

3,751

Yanbu

National

Petrochemical

Co.

655

6,104

67,436

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Value

Singapore

—

0.0%

STMicroelectronics

..........

1,402

39,627

UOL

Group

Ltd.

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

1,610

9,753

49,380

South

Africa

—

0.1%

FirstRand

Ltd.

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

11,267

50,659

Harmony

Gold

Mining

Co.

Ltd.

.....

3,642

65,804

Kumba

Iron

Ore

Ltd.

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

510

9,593

Price

Group

Ltd.

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

1,705

20,106

Valterra

Platinum

Ltd.

...........

1,130

80,642

Vodacom

Group

Ltd.

(f)

...........

470

3,627

230,431

South

Korea

—

0.3%

Engineering

Construction

Corp.

711

9,334

Hyundai

Heavy

Industries

Co.

Ltd.

31,221

Hyundai

Marine

Solution

Co.

Ltd.

(f)

129

19,345

Hyundai

Mipo

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

246

35,721

Korea

Shipbuilding

Offshore

Engineering

Co.

Ltd.

.........

107

31,353

Financial

Group,

Inc.

.........

173

14,279

Krafton,

Inc.

(f)

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

196

40,925

KT&G

Corp.

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

407

38,770

Misto

Holdings

Corp.

...........

164

4,508

NAVER

Corp.

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

549

105,346

Samsung

Electronics

Co.

Ltd.

.....

1,923

115,284

Hynix,

Inc.

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

249

61,727

507,813

Spain

—

0.6%

Banco

Bilbao

Vizcaya

Argentaria

11,262

217,015

Banco

Sabadell

..........

13,462

52,545

Bankinter

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

4,408

69,683

CaixaBank

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

15,124

159,739

Cellnex

Telecom

(a)(c)

..........

8,535

295,630

Industria

Diseno

Textil

......

955

52,853

Repsol

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

3,048

54,200

901,665

Sweden

—

0.2%

Assa

Abloy

Class

.........

396

13,784

Atlas

Copco

Class

.........

3,668

62,202

EQT

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

395

13,699

Evolution

(a)(c)

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

596

49,065

Investor

Class

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

1,301

40,727

SSAB

Class

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

1,697

10,196

SSAB

Class

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

2,929

17,081

Volvo

Class

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

1,841

52,943

259,697

Switzerland

—

0.4%

ABB

Ltd.

(Registered)

...........

537

38,859

Alcon

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

647

48,664

Belimo

Holding

(Registered)

....

51,534

Geberit

(Registered)

.........

69,478

Logitech

International

(Registered)

111

12,210

Partners

Group

Holding

.......

128

167,476

SGS

(Registered)

...........

189

19,641

Connectivity

plc

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

371

81,446

UBS

Group

(Registered)

......

535

21,996

Zurich

Insurance

Group

.......

105

75,052

586,356

Taiwan

—

1.1%

Accton

Technology

Corp.

........

1,000

34,581

Genius

Electronic

Optical

Co.

Ltd.

1,779

25,083

International

Games

System

Co.

Ltd.

1,000

25,893

Security

Value

Taiwan

(continued)

MediaTek,

Inc.

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

940

40,768

Realtek

Semiconductor

Corp.

(f)

.....

3,796

68,721

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

34,000

1,476,886

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

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

205

57,254

Financial

Holding

Co.

Ltd.

(f)

.....

18,000

10,647

1,739,833

Thailand

—

0.0%

ALL

PCL

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

9,100

13,264

Krungthai

Card

PCL

(f)

...........

9,200

8,509

True

Corp.

PCL

NVDR

(f)

.........

16,800

5,394

27,167

United

Arab

Emirates

—

0.0%

NMC

Health

plc

(d)(f)

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

8,338

—

United

Kingdom

—

2.3%

Admiral

Group

plc

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

1,285

57,996

AstraZeneca

plc

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

135

20,682

B&M

European

Value

Retail

(f)

...

6,343

22,376

BAE

Systems

plc

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

31,190

868,218

plc

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

5,552

31,878

British

American

Tobacco

plc

......

979

52,071

Bunzl

plc

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

1,464

46,273

Compass

Group

plc

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

13,758

468,952

Flutter

Entertainment

plc

(f)

........

652

165,608

Genius

Sports

Ltd.

(f)

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

3,881

48,047

Imperial

Brands

plc

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

1,006

42,736

Sainsbury

plc

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

15,679

70,496

Lloyds

Banking

Group

plc

........

34,456

38,990

Marks

Spencer

Group

plc

.......

8,170

40,083

National

Grid

plc

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

44,847

644,392

NatWest

Group

plc

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

10,201

72,053

RELX

plc

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

10,790

515,534

Rolls-Royce

Holdings

plc

........

20,658

332,062

Schroders

plc

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

3,450

17,507

St.

James's

Place

plc

...........

1,310

22,421

3,578,375

United

States

—

46.2%

Abbott

Laboratories

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

299

40,048

AbbVie,

Inc.

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

228

52,791

Adobe,

Inc.

(f)

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

721

254,333

Advanced

Micro

Devices,

Inc.

(f)

....

1,579

255,466

Air

Products

Chemicals,

Inc.

.....

929

253,357

Airbnb,

Inc.

Class

(f)

...........

849

103,086

ALL

Health

Services

Corp.,

(Acquired

01/24/17,

cost

$0)

(d)(f)(i)

........

—

Alphabet,

Inc.

Class

..........

11,413

2,779,636

Altria

Group,

Inc.

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

2,402

158,676

Amazon.com,

Inc.

(f)(j)

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

13,728

3,014,257

AMC

Networks,

Inc.

Class

(f)

.....

748

6,164

Amentum

Holdings,

Inc.

(f)

........

908

21,747

Ameren

Corp.

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

132

13,778

Amgen,

Inc.

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

190

53,618

Amphenol

Corp.

Class

........

1,056

130,680

Analog

Devices,

Inc.

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

593

145,700

Apollo

Global

Management,

Inc.

....

3,659

487,635

Apple,

Inc.

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

14,144

3,601,487

Applied

Materials,

Inc.

..........

407

83,329

Archer-Daniels-Midland

Co.

(h)

......

1,387

82,859

AT&T,

Inc.

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

5,014

141,595

Autodesk,

Inc.

(f)

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

1,154

366,591

AutoNation,

Inc.

(f)

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

16,189

Avaya,

Inc.

(f)

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

104

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Value

United

States

(continued)

Ball

Corp.

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

811

40,891

Bank

America

Corp.

..........

21,346

1,101,240

Best

Buy

Co.,

Inc.

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

418

31,609

Boeing

Co.

(The)

(f)

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

3,959

854,471

Booking

Holdings,

Inc.

..........

253,766

Boston

Scientific

Corp.

(f)(j)

........

8,481

828,000

Bristol-Myers

Squibb

Co.

.........

2,782

125,468

Broadcom,

Inc.

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

5,928

1,955,706

Cadence

Design

Systems,

Inc.

(f)

....

638

224,104

Caesars

Entertainment,

Inc.

(f)

......

683

18,458

Capital

One

Financial

Corp.

.......

3,510

746,156

CarMax,

Inc.

(f)

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

2,190

98,265

Carrier

Global

Corp.

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

1,032

61,610

Centene

Corp.

(f)

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

1,012

36,108

Century

Communities,

Inc.

.......

509

32,255

Industries

Holdings,

Inc.

.......

624

55,973

Charles

River

Laboratories

International,

Inc.

(f)

...........

178

27,850

Charter

Communications,

Inc.

Class

(f)

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

202

55,571

Cheniere

Energy,

Inc.

...........

271

63,680

Chevron

Corp.

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

3,311

514,165

Chipotle

Mexican

Grill,

Inc.

(f)

......

1,288

50,477

Cisco

Systems,

Inc.

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

8,351

571,375

Citigroup,

Inc.

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

11,785

1,196,177

Coca-Cola

Co.

(The)

...........

2,242

148,689

Cognizant

Technology

Solutions

Corp.

Class

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

800

53,656

Coinbase

Global,

Inc.

Class

(f)

....

24,974

Comerica,

Inc.

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

100

6,852

Confluent,

Inc.

Class

(f)

.........

9,952

197,050

Core

Scientific,

Inc.

(f)

...........

3,332

59,776

CoreWeave,

Inc.

Class

(f)

.......

543

74,310

Costco

Wholesale

Corp.

.........

1,243

1,150,558

CRH

plc

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

4,596

551,060

Crowdstrike

Holdings,

Inc.

Class

(f)

278

136,326

Crown

PropTech

Acquisitions

(d)(f)

....

1,992

1,991

Crown

PropTech

Acquisitions

Class

(f)

845

9,616

CSL

Ltd.

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

239

31,440

CVS

Health

Corp.

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

533

40,183

Danaher

Corp.

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

778

154,246

Davidson

Kempner

Merchant

Co.-

Invest

Fund

LP,

(Acquired

04/07/21,

cost

$0)

(f)(i)(k)

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

—

(l)

179,592

DaVita,

Inc.

(f)

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

125

16,609

Dayforce,

Inc.

(f)

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

377

25,972

Deckers

Outdoor

Corp.

(f)

.........

186

18,855

Dell

Technologies,

Inc.

Class

....

1,116

158,215

Delta

Air

Lines,

Inc.

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

5,461

309,912

Devon

Energy

Corp.

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

224

7,853

Dexcom,

Inc.

(f)

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

402

27,051

Residential

III

(d)(f)

..........

43,440

45,612

Digital

Realty

Trust,

Inc.

.........

147

25,413

Dillard's,

Inc.

Class

...........

15,362

Dollar

General

Corp.

...........

1,511

156,162

Horton,

Inc.

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

2,590

438,927

DraftKings,

Inc.

Class

(f)

........

3,209

120,017

Duke

Energy

Corp.

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

1,000

123,750

DuPont

Nemours,

Inc.

........

622

48,454

Eaton

Corp.

plc

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

185

69,236

eBay,

Inc.

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

828

75,307

EchoStar

Corp.

Class

(f)

........

1,817

138,746

Edwards

Lifesciences

Corp.

(f)

......

598

46,506

Eli

Lilly

Co.

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

1,716

1,309,308

EMCOR

Group,

Inc.

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

37,024

Security

Value

United

States

(continued)

EOG

Resources,

Inc.

...........

1,843

206,637

EPAM

Systems,

Inc.

(f)

...........

6,936

Epic

Games,

Inc.,

(Acquired

07/02/20,

cost

$274,275)

(d)(f)(i)

...........

504

352,508

EQT

Corp.

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

5,766

313,843

Eversource

Energy

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

539

38,344

EXO

Capital

Technologies,

Inc.,

(Acquired

06/24/21,

cost

$62,470)

(d)

(f)(i)

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

107

Experian

plc

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

681

34,205

FactSet

Research

Systems,

Inc.

....

23,206

Fair

Isaac

Corp.

(f)

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

58,365

Fanatics

Holdings,

Inc.

Class

(Acquired

08/17/22,

cost

$301,006)

(d)

(f)(i)

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

4,437

271,411

Farmers

Business

Network,

Inc.

(d)(f)

2,421

2,566

Fidelity

National

Information

Services,

Inc.

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

500

32,970

Figma,

Inc.

Class

(f)(h)

..........

219

11,360

First

Citizens

BancShares,

Inc.

Class

32,205

First

Horizon

Corp.

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

557

12,594

Fiserv,

Inc.

(f)

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

1,044

134,603

Flagstar

Financial,

Inc.

..........

7,471

86,290

Flowco

Holdings,

Inc.

Class

.....

1,582

23,493

FLYR,

Inc.,

Series

D-X

(d)(f)

........

18,750

—

Ford

Motor

Co.

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

7,556

90,370

Fortive

Corp.

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

829

40,613

Fox

Corp.

Class

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

2,645

166,794

Freeport-McMoRan,

Inc.

.........

12,217

479,151

FreeWire

Technologies,

Inc.

(d)(f)

.....

—

Aerospace

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

1,792

539,069

HealthCare

Technologies,

Inc.

330

24,783

Vernova,

Inc.

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

233

143,272

Gen

Digital,

Inc.

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

1,418

40,257

General

Dynamics

Corp.

.........

182

62,062

General

Mills,

Inc.

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

837

42,202

GFL

Environmental,

Inc.

.........

544

25,783

Gilead

Sciences,

Inc.

...........

462

51,282

Goldman

Sachs

Group,

Inc.

(The)

185

147,325

Graco,

Inc.

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

350

29,736

Grand

Rounds,

Inc.,

(Acquired

02/11/22,

cost

$179,056)

(d)(f)(i)

....

67,553

59,447

GSK

plc

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

4,104

88,121

Hewlett

Packard

Enterprise

Co.

....

3,254

79,918

Hilton

Worldwide

Holdings,

Inc.

....

1,207

313,144

Holcim

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

957

81,656

Home

Depot,

Inc.

(The)

.........

1,867

756,490

Honeywell

International,

Inc.

......

303

63,781

Howmet

Aerospace,

Inc.

.........

935

183,475

HP,

Inc.

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

1,130

30,770

HubSpot,

Inc.

(f)

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

6,549

Huntington

Ingalls

Industries,

Inc.

...

264

76,008

iHeartMedia,

Inc.

Class

(f)

.......

172

Incyte

Corp.

(f)

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

488

41,387

Insmed,

Inc.

(f)

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

204

29,378

Intel

Corp.

(f)

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

2,800

93,940

Interactive

Brokers

Group,

Inc.

Class

261

17,959

Interpublic

Group

Cos.,

Inc.

(The)

1,815

50,657

Intuit,

Inc.

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

635

433,648

Intuitive

Surgical,

Inc.

(f)

..........

1,176

525,942

Invesco

Ltd.

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

3,157

72,422

Jabil,

Inc.

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

681

147,893

JPMorgan

Chase

Co.

.........

4,434

1,398,617

Keurig

Pepper,

Inc.

..........

2,320

59,183

Lam

Research

Corp.

...........

1,958

262,176

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Value

United

States

(continued)

Las

Vegas

Sands

Corp.

.........

4,030

216,774

Latch,

Inc.

(f)

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

4,082

404

Lionsgate

Studios

Corp.

(f)

........

5,532

38,171

Live

Nation

Entertainment,

Inc.

(f)

....

2,919

476,965

Lockheed

Martin

Corp.

..........

268

133,788

Louisiana-Pacific

Corp.

..........

334

29,673

Lumen

Technologies,

Inc.

(f)

.......

9,724

59,511

M/I

Homes,

Inc.

(f)

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

129

18,633

MarketAxess

Holdings,

Inc.

.......

9,235

Marsh

McLennan

Cos.,

Inc.

.....

2,742

552,595

Masimo

Corp.

(f)(h)

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

885

130,582

Mastercard,

Inc.

Class

.........

1,455

827,619

Match

Group,

Inc.

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

5,301

187,231

McDonald's

Corp.

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

699

212,419

McKesson

Corp.

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

1,030

795,716

Medtronic

plc

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

6,563

625,060

Meritage

Homes

Corp.

..........

404

29,262

Meta

Platforms,

Inc.

Class

......

3,542

2,601,174

MGM

Resorts

International

(f)

......

3,212

111,328

Microchip

Technology,

Inc.

(h)

......

918

58,954

Micron

Technology,

Inc.

..........

4,344

726,838

Microsoft

Corp.

(j)

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

8,678

4,494,770

MongoDB,

Inc.

Class

(f)

........

287

89,079

Mosaic

Co.

(The)

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

1,829

63,430

MSCI,

Inc.

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

152

86,246

Nestle

(Registered)

..........

1,422

130,590

Netflix,

Inc.

(f)

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

701

840,443

NextEra

Energy,

Inc.

...........

7,235

546,170

Novartis

(Registered)

........

2,276

292,644

NRG

Energy,

Inc.

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

756

122,434

Nucor

Corp.

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

206

27,899

NVIDIA

Corp.

(j)

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

25,579

4,772,530

Omnicom

Group,

Inc.

(h)

..........

1,066

86,911

OneMain

Holdings,

Inc.

..........

462

26,085

Oracle

Corp.

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

2,251

633,071

Otis

Worldwide

Corp.

...........

1,108

101,304

Palantir

Technologies,

Inc.

Class

(f)

2,050

373,961

Palladyne

Corp.

(f)

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

4,710

40,462

Palladyne

Corp.

(f)

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

228

1,958

Paramount

Skydance

Corp.

Class

1,457

PayPal

Holdings,

Inc.

(f)

..........

1,759

117,959

Pfizer,

Inc.

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

5,437

138,535

Philip

Morris

International,

Inc.

.....

3,311

537,044

Phillips

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

462

62,841

Playstudios,

Inc.

Class

(f)

.......

6,121

5,892

PNC

Financial

Services

Group,

Inc.

(The)

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

235

47,219

Principal

Financial

Group,

Inc.

.....

1,567

129,920

Progressive

Corp.

(The)

.........

3,421

844,816

Pure

Storage,

Inc.

Class

(f)

......

6,034

QUALCOMM,

Inc.

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

560

93,162

Raymond

James

Financial,

Inc.

....

7,767

Regeneron

Pharmaceuticals,

Inc.

...

22,491

Relspace

(d)(f)

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

Robinhood

Markets,

Inc.

Class

(f)

270

38,659

ROBLOX

Corp.

Class

(f)

........

353

48,898

Roche

Holding

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

129

42,955

Royalty

Pharma

plc

Class

......

327

11,537

RTX

Corp.

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

150

25,099

S&P

Global,

Inc.

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

123

59,865

Salesforce,

Inc.

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

2,805

664,785

Sanofi

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

4,614

436,918

Schneider

Electric

...........

144

40,532

Screaming

Eagle

Acquistion

Corp.,

(Acquired

05/14/24,

cost

$21,956)

(f)(i)

2,160

14,749

Security

Value

United

States

(continued)

ServiceNow,

Inc.

(f)

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

285

262,280

ServiceTitan,

Inc.

Class

(f)(h)

......

431

43,458

Six

Flags

Entertainment

Corp.

(f)

....

1,401

31,831

Skyworks

Solutions,

Inc.

.........

1,247

95,994

SLM

Corp.

(h)

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

557

15,418

Snorkel

AI,

Inc.,

(Acquired

06/30/21,

cost

$7,945)

(d)(f)(i)

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

529

3,237

Snowflake,

Inc.

Class

(f)

........

439

99,016

Solaris

Energy

Infrastructure,

Inc.

Class

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

2,625

104,921

Sonder

Holdings,

Inc.

Class

(f)

....

778

988

SOURCE

Global

PBC

(d)(f)

.........

1,116

Space

Exploration

Technologies

Corp.

Class

(Acquired

08/21/23,

cost

$65,367)

(d)(f)(i)

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

807

165,144

Space

Exploration

Technologies

Corp.

Class

(Acquired

08/21/23,

cost

$70,227)

(d)(f)(i)

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

867

177,423

Spotify

Technology

(f)

.........

65,612

Starz

Entertainment

Corp.

........

227

3,344

State

Street

Corp.

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

361

41,880

Stryker

Corp.

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

1,871

691,653

Synchrony

Financial

(h)

...........

1,145

81,352

Rowe

Price

Group,

Inc.

........

1,095

112,391

Take-Two

Interactive

Software,

Inc.

(f)

203

52,447

Tapestry,

Inc.

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

947

107,219

Targa

Resources

Corp.

..........

16,084

SYNNEX

Corp.

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

207

33,896

Tesla,

Inc.

(f)

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

2,738

1,217,643

Textron,

Inc.

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

1,772

149,716

Thermo

Fisher

Scientific,

Inc.

......

332

161,027

TJX

Cos.,

Inc.

(The)

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

4,264

616,319

T-Mobile

US,

Inc.

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

227

54,339

Toll

Brothers,

Inc.

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

649

89,653

Trane

Technologies

plc

..........

2,077

876,411

TransDigm

Group,

Inc.

..........

399

525,890

TRI

Pointe

Homes,

Inc.

(f)

.........

885

30,063

Uber

Technologies,

Inc.

(f)

.........

4,076

399,326

Union

Pacific

Corp.

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

1,333

315,081

United

Airlines

Holdings,

Inc.

(f)

.....

2,111

203,712

UnitedHealth

Group,

Inc.

.........

255

88,052

Universal

Health

Services,

Inc.

Class

201

41,092

Valero

Energy

Corp.

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

2,074

353,119

VeriSign,

Inc.

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

160

44,731

Verizon

Communications,

Inc.

.....

5,637

247,746

Vertex

Pharmaceuticals,

Inc.

(f)

.....

541

211,877

Vertiv

Holdings

Co.

Class

......

5,719

862,768

Viatris,

Inc.

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

6,136

60,746

VICI

Properties,

Inc.

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

2,365

77,123

Visa,

Inc.

Class

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

458

156,352

Vistra

Corp.

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

3,489

683,565

Walmart,

Inc.

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

12,816

1,320,817

Walt

Disney

Co.

(The)

..........

4,104

469,908

Warner

Bros

Discovery,

Inc.

(f)

......

2,520

49,216

Waste

Management,

Inc.

.........

268

59,182

Waters

Corp.

(f)

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

271

81,249

Wells

Fargo

Co.

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

11,926

999,637

Welltower,

Inc.

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

15,676

West

Pharmaceutical

Services,

Inc.

5,771

Western

Digital

Corp.

...........

587

70,475

Williams

Cos.,

Inc.

(The)

.........

7,503

475,315

Wolfspeed,

Inc.

(f)

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

2,259

Workday,

Inc.

Class

(f)

.........

394

94,848

Wynn

Resorts

Ltd.

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

116

14,879

XPO,

Inc.

(f)

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

268

34,644

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Value

United

States

(continued)

Zimmer

Biomet

Holdings,

Inc.

.....

878

86,483

Zoetis,

Inc.

Class

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

464

67,892

Zoom

Communications,

Inc.

Class

(f)

6,683

72,936,175

Total

Common

Stocks

—

61.9%

(Cost:

$84,710,641)

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

97,639,877

Par

(000)

(

000)

Corporate

Bonds

Australia

—

0.1%

Mineral

Resources

Ltd.

(a)

9.25%,

10/01/28

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

USD

7,334

8.50%,

05/01/30

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

20,803

Oceana

Australian

Fixed

Income

Trust

(d)

12.50%,

07/31/26

...........

AUD

31,762

12.50%,

07/31/27

...........

54,627

Quintis

Australia

Pty.

Ltd.

(a)(d)(e)(f)(m)(n)

7.50%,

(7.50%

Cash

8.00%

PIK),

10/01/26

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

USD

463

47,432

12.00%,

(12.00%

Cash

12.00%

PIK),

10/01/28

...........

414

—

161,958

Austria

—

0.1%

ams

-OSRAM

AG,

2.13%,

11/03/27

(c)(o)

EUR

100

112,269

Canada

—

0.4%

1011778

ULC,

4.00%,

10/15/30

(a)

USD

100

94,242

Air

Canada

Pass-Through

Trust,

Series

2020-1,

Class

10.50%,

07/15/26

(a)

54,234

Alexandrite

Lake

Lux

Holdings

SARL,

6.75%,

07/30/30

(c)

...........

EUR

100

120,108

Ottawa

LP,

11.00%,

03/31/31

(a)

USD

384

422,765

691,349

China

—

0.0%

Alibaba

Group

Holding

Ltd.,

0.50%,

06/01/31

(o)

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

71,643

France

—

1.2%

(c)

Afflelou

SAS,

6.00%,

07/25/29

.....

EUR

100

122,466

Air

France-KLM,

(5-Year

EURIBOR

ICE

Swap

Rate

3.58%),

5.75%

(b)(p)

100

119,803

Atos

(q)

9.00%,

12/18/29

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

76,292

5.00%,

12/18/30

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

64,248

1.00%,

12/18/32

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

31,138

Credit

Agricole

(5-Year

EURIBOR

ICE

Swap

Rate

3.64%),

5.88%

(b)(p)

100

119,277

Iliad

SA,

4.25%,

01/09/32

........

100

118,042

IPD

BV,

5.50%,

06/15/31

.......

100

119,228

Lion/Polaris

Lux

SA,

(3-mo.

EURIBOR

0.00%

Floor

3.63%),

5.56%,

07/01/29

(b)

...........

100

118,712

Lune

Holdings

SARL,

5.63%,

11/15/28

100

36,264

Maya

SAS,

5.63%,

10/15/28

......

100

119,076

New

Immo

Holding

SA,

4.88%,

12/08/28

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

100

118,803

RCI

Banque

(b)

(5-Year

EURIBOR

ICE

Swap

Rate

3.84%),

6.13%

(p)

.........

200

234,693

(5-Year

EURIBOR

ICE

Swap

Rate

2.75%),

5.50%,

10/09/34

...

100

123,496

Security

Par

(000)

Par

(000)

Value

France

(continued)

(5-Year

EURIBOR

ICE

Swap

Rate

2.20%),

4.75%,

03/24/37

...

EUR

100

119,454

Unibail-Rodamco-Westfield

SE,

(5-Year

EURIBOR

ICE

Swap

Rate

2.43%),

4.75%

(b)(p)

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

100

119,255

Veolia

Environnement

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

1.84%),

4.32%

(b)(p)

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

100

117,638

1,877,885

Germany

—

1.8%

APCOA

Group

GmbH,

(3-mo.

EURIBOR

0.00%

Floor

4.13%),

6.15%,

04/15/31

(b)(c)

..........

100

118,162

Aroundtown

Finance

SARL,

(5-Year

EURIBOR

ICE

Swap

Rate

4.51%),

7.13%

(b)(c)(p)

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

100

123,805

Bayer

(5-Year

EUR

Swap

Annual

4.46%),

5.38%,

03/25/82

(b)(c)

....

100

120,639

Commerzbank

AG,

(5-Year

EUR

Swap

Annual

6.74%),

6.50%

(b)(c)(p)

....

200

251,427

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

5.00%,

12/31/27

(c)(q)

97,265

Deutsche

Bank

(b)(c)(p)

(5-Year

EURIBOR

ICE

Swap

Rate

4.75%),

4.63%

..........

200

231,335

(5-Year

EURIBOR

ICE

Swap

Rate

4.60%),

7.13%

..........

200

247,724

Deutsche

Lufthansa

(5-Year

EURIBOR

ICE

Swap

Rate

2.86%),

5.25%,

01/15/55

(b)(c)

..........

100

121,147

Fressnapf

Holding

SE,

5.25%,

10/31/31

(c)

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

100

118,984

Gruenenthal

GmbH,

4.63%,

11/15/31

(c)

100

119,871

IHO

Verwaltungs

GmbH,

7.00%,

(7.00

Cash

7.75%

PIK),

11/15/31

(c)(n)

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

100

127,085

Mahle

GmbH,

6.50%,

05/02/31

(a)

...

100

121,532

Nidda

Healthcare

Holding

GmbH,

7.00%,

02/21/30

(c)

...........

100

122,390

PrestigeBidCo

GmbH

(3-mo.

EURIBOR

0.00%

Floor

3.75%),

5.78%,

07/01/29

(b)(c)

..........

100

118,071

Schaeffler

(c)

4.25%,

04/01/28

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

100

119,329

5.38%,

04/01/31

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

100

122,936

Elevator

Midco

GmbH,

4.38%,

07/15/27

(c)

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

100

117,537

Vonovia

SE,

Series

0.88%,

05/20/32

(c)(o)

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

100

117,764

Wintershall

Dea

Finance

BV,

(5-Year

EURIBOR

ICE

Swap

Rate

3.94%),

6.12%

(b)(c)(p)

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

100

122,688

Europe

Finance

BV,

7.00%,

06/12/30

(c)

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

100

121,870

2,761,561

Greece

—

0.1%

Eurobank

SA,

(1-Year

EURIBOR

ICE

Swap

Rate

1.70%),

4.00%,

02/07/36

(b)(c)

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

100

117,995

India

—

0.0%

REI

Agro

Ltd.

(d)(f)(m)(o)

5.50%,

11/13/14

(a)

...........

USD

220

—

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

India

(continued)

5.50%,

11/13/14

(c)

...........

USD

152

—

Ireland

—

0.2%

eircom

Finance

DAC,

5.00%,

04/30/31

(c)

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

EUR

100

120,255

Helios

Software

Holdings,

Inc.,

7.88%,

05/01/29

(a)

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

100

122,850

243,105

Israel

—

0.1%

Teva

Pharmaceutical

Finance

Netherlands

BV,

4.13%,

06/01/31

100

118,432

Italy

—

1.2%

Almaviva-The

Italian

Innovation

Co.

SpA,

5.00%,

10/30/30

(c)

.......

100

119,264

Bubbles

Bidco

SpA

(3-mo.

EURIBOR

0.00%

Floor

4.25%),

6.25%,

09/30/31

(b)(c)

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

100

118,308

Dolcetto

Holdco

SpA,

5.63%,

07/14/32

(c)

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

100

120,369

Eni

SpA,

(5-Year

EUR

Swap

Annual

2.40%),

4.88%

(b)(c)(p)

..........

100

119,333

Fibercop

SpA

(c)

4.75%,

06/30/30

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

100

119,253

5.13%,

06/30/32

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

100

119,332

FIS

Fabbrica

Italiana

Sintetici

SpA

5.63%,

08/01/27

(c)

...........

100

118,293

IMA

Industria

Macchine

Automatiche

SpA

(3-mo.

EURIBOR

0.00%

Floor

3.75%),

5.78%,

04/15/29

(b)(c)

100

118,492

Irca

SpA,

(3-mo.

EURIBOR

0.00%

Floor

3.75%),

5.76%,

12/15/29

(b)(c)

100

118,251

Itelyum

Regeneration

SpA,

5.75%,

04/15/30

(c)

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

100

119,447

Marcolin

SpA,

6.13%,

11/15/26

(a)

...

100

117,481

Nexi

SpA,

0.00%,

02/24/28

(c)(o)(r)

....

100

107,502

Pachelbel

Bidco

SpA

(c)

(3-mo.

EURIBOR

0.00%

Floor

4.25%),

6.27%,

05/17/31

(b)

...

100

118,281

7.13%,

05/17/31

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

100

126,494

Prysmian

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

3.01%),

5.25%

(b)(c)(p)

100

122,470

Rossini

SARL,

(3-mo.

EURIBOR

0.00%

Floor

3.88%),

5.87%,

12/31/29

(b)(c)

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

50,456

TeamSystem

SpA

(3-mo.

EURIBOR

0.00%

Floor

3.25%),

5.19%,

07/01/32

(b)(c)

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

100

117,535

Telecom

Italia

Capital

SA,

7.72%,

06/04/38

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

USD

13,293

1,963,854

Japan

—

0.3%

(c)

Nissan

Motor

Co.

Ltd.,

5.25%,

07/17/29

EUR

100

119,651

SoftBank

Group

Corp.

5.38%,

01/08/29

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

100

121,620

5.25%,

10/10/29

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

100

121,057

5.88%,

07/10/31

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

100

123,682

486,010

Security

Par

(000)

Par

(000)

Value

Jersey,

Channel

Islands

—

0.2%

Aston

Martin

Capital

Holdings

Ltd.,

10.38%,

03/31/29

(c)

..........

GBP

100

130,770

TER

Finance

Jersey

Ltd.,

Series

22,

0.00%,

10/02/25

(a)(r)

..........

USD

150

149,974

280,744

Luxembourg

—

0.5%

ADLER

Financing

SARL,

8.25%,

(8.25

Cash

8.25%

PIK),

12/31/28

(n)

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

EUR

82,921

Albion

Financing

SARL,

5.38%,

05/21/30

(c)

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

100

121,792

Garfunkelux

Holdco

SA,

9.00%,

09/01/28

(c)

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

31,032

Herens

Midco

SARL,

5.25%,

05/15/29

(a)

100

67,483

ION

Platform

Finance

SARL,

6.50%,

09/30/30

(c)

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

100

117,405

Luna

1.5

SARL,

10.50%,

(10.50%

Cash

11.25%

PIK),

07/01/32

(c)(n)

....

100

120,157

Matterhorn

Telecom

SA,

3.13%,

09/15/26

(c)

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

65,279

Maxam

Prill

SARL,

6.00%,

07/15/30

(c)

100

119,192

Vivion

Investments

SARL,

6.50%,

(6.50%

Cash

8.25%

PIK),

08/31/28

(c)(n)

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

102

118,706

843,967

Mauritius

—

0.2%

Flourishing

Trade

Investment

Ltd.,

11.04%,

04/02/28

(a)(d)

.........

USD

241

252,331

Mexico

—

0.2%

Fomento

Economico

Mexicano

SAB

CV,

2.63%,

02/24/26

(c)(o)

.......

EUR

100

117,213

Petroleos

Mexicanos,

7.50%,

03/20/26

(a)

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

USD

208

206,752

323,965

Netherlands

—

0.3%

(c)

Group

NV,

(5-Year

EURIBOR

ICE

Swap

Rate

3.45%),

5.75%

(b)(p)

EUR

200

237,914

Q-Park

Holding

BV,

5.13%,

02/15/30

100

121,267

Secured

Financing

BV,

5.25%,

01/15/33

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

100

117,400

476,581

Spain

—

0.4%

(c)

Arena

Luxembourg

Finance

SARL,

(3-mo.

EURIBOR

0.00%

Floor

2.50%),

4.52%,

05/01/30

(b)

.....

100

118,132

Cirsa

Finance

International

SARL,

6.50%,

03/15/29

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

100

122,268

Grifols

SA,

7.13%,

05/01/30

.......

100

123,672

Iberdrola

Finanzas

SA,

Series

IBE,

1.50%,

03/27/30

(o)

...........

100

120,530

Kaixo

Bondco

Telecom

SA,

5.13%,

09/30/29

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

100

118,836

603,438

Sweden

—

0.2%

(c)

Preem

Holdings

AB,

12.00%,

06/30/27

97,116

Stena

International

SA,

7.25%,

01/15/31

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

USD

200

203,904

301,020

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Switzerland

—

0.2%

gategroup

Finance

Luxembourg

SA,

3.00%,

02/28/27

(c)

...........

CHF

43,493

UBS

Group

AG,

(USISSO05

3.63%),

6.85%

(a)(b)(p)

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

USD

200

206,237

249,730

Thailand

—

0.1%

Kasikornbank

PCL,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

4.94%),

5.28%

(b)

(c)(p)

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

200

199,813

United

Kingdom

—

1.7%

10x

Future

Technologies

Services

Ltd.,

(Acquired

12/19/23,

cost

$69,404),

15.00%,

(15.00%

Cash

15.00%

PIK),

06/19/26

(d)(i)(n)

...........

GBP

71,283

Ardonagh

Finco

Ltd.,

6.88%,

02/15/31

(a)

EUR

114

138,342

BCP

Modular

Services

Finance

plc

(c)

6.13%,

11/30/28

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

GBP

100

125,557

6.50%,

07/10/31

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

EUR

100

109,762

Bellis

Acquisition

Co.

plc

8.00%,

07/01/31

(c)

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

100

119,151

California

Buyer

Ltd.,

5.63%,

02/15/32

(c)

100

122,183

Centrica

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

2.51%),

6.50%,

05/21/55

(b)(c)

....

GBP

100

137,684

Deuce

Finco

plc,

5.50%,

06/15/27

(c)

100

134,239

Edge

Finco

plc,

8.13%,

08/15/31

(c)

100

143,400

Heathrow

Finance

plc,

6.63%,

03/01/31

(c)

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

100

135,134

INEOS

Quattro

Finance

plc,

6.75%,

04/15/30

(c)

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

EUR

100

110,030

Mobico

Group

plc

(c)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

4.14%),

4.25%

(b)(p)

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

GBP

100

82,111

4.88%,

09/26/31

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

EUR

100

92,421

Motion

Finco

SARL,

7.38%,

06/15/30

(c)

100

105,762

National

Grid

plc,

0.16%,

01/20/28

(c)

100

111,186

NatWest

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

3.29%),

7.50%

(b)(p)

...

GBP

200

273,686

Ocado

Group

plc,

11.00%,

06/15/30

(c)

100

135,122

OEG

Finance

plc,

7.25%,

09/27/29

(c)

EUR

100

122,709

Virgin

Media

Secured

Finance

plc,

4.13%,

08/15/30

(c)

...........

GBP

100

122,763

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%,

07/15/28

(c)

.......

100

130,994

Vmed

Financing

plc,

5.63%,

04/15/32

(c)

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

EUR

100

120,407

Vodafone

Group

plc,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.77%),

4.13%,

06/04/81

(b)

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

USD

3,742

Zegona

Finance

plc,

6.75%,

07/15/29

(c)

EUR

111,864

2,759,532

United

States

—

5.0%

Allegiant

Travel

Co.,

7.25%,

08/15/27

(a)

USD

18,224

Alliant

Holdings

Intermediate

LLC,

6.75%,

04/15/28

(a)

...........

100

101,773

Allied

Universal

Holdco

LLC,

4.88%,

06/01/28

(c)

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

GBP

100

131,479

AMC

Networks,

Inc.

10.25%,

01/15/29

(a)

..........

USD

45,311

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

4.25%,

02/15/29

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

USD

36,540

Amentum

Holdings,

Inc.,

7.25%,

08/01/32

(a)

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

8,307

American

Tower

Corp.,

0.45%,

01/15/27

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

EUR

100

114,432

Amkor

Technology,

Inc.,

6.63%,

09/15/27

(a)

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

USD

11,003

Ardagh

Metal

Packaging

Finance

USA

LLC,

2.00%,

09/01/28

(c)

........

EUR

100

112,028

Ardagh

Packaging

Finance

plc,

2.13%,

08/15/26

(c)

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

100

115,032

Ashton

Woods

USA

LLC,

6.88%,

08/01/33

(a)

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

USD

11,094

Ball

Corp.,

4.25%,

07/01/32

.......

EUR

100

120,084

Bank

America

Corp.,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.35%),

6.25%

(b)

(p)

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

USD

4,051

Bank

New

York

Mellon

Corp.

(The),

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.30%),

6.30%

(b)(p)

...........

4,115

Bausch

Lomb

Corp.,

8.38%,

10/01/28

(a)

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

5,211

BCPE

Flavor

Debt

Merger

Sub

LLC

BCPE

Flavor

Issuer,

Inc.,

9.50%,

07/01/32

(a)

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

12,559

Becton

Dickinson

Euro

Finance

SARL,

3.55%,

09/13/29

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

EUR

100

120,225

Bracelet

Holdings,

Inc.,

9.25%,

07/02/28

(a)

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

USD

89,495

Breeze

Aviation

Group,

Inc.

(Acquired

01/26/24,

cost

$98,378)

20.00%,

(20.00%

Cash

20.00%

PIK),

01/30/28

(d)(i)(n)

...

102,313

Caesars

Entertainment,

Inc.,

4.63%,

10/15/29

(a)

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

135

129,092

California

Resources

Corp.

(a)

8.25%,

06/15/29

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

19,814

7.00%,

01/15/34

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

21,849

Carnival

Corp.,

5.75%,

08/01/32

(a)

...

10,177

CCO

Holdings

LLC,

4.75%,

02/01/32

(a)

10,172

Centene

Corp.,

4.25%,

12/15/27

...

100

98,202

Churchill

Downs,

Inc.,

4.75%,

01/15/28

(a)

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

100

98,667

Citigroup,

Inc.

(b)(p)

Series

FF,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.73%),

6.95%

....

4,108

Series

GG,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.89%),

6.88%

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

4,122

Civitas

Resources,

Inc.

(a)

5.00%,

10/15/26

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

25,875

8.38%,

07/01/28

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

22,804

8.63%,

11/01/30

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

20,713

Clarios

Global

LP,

6.75%,

02/15/30

(a)

125

129,126

Clear

Channel

Outdoor

Holdings,

Inc.,

7.13%,

02/15/31

(a)

...........

4,135

Cloud

Software

Group,

Inc.

(a)

6.50%,

03/31/29

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

30,271

9.00%,

09/30/29

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

12,446

8.25%,

06/30/32

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

26,519

Clydesdale

Acquisition

Holdings,

Inc.,

8.75%,

04/15/30

(a)

...........

14,381

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

CommScope

LLC,

9.50%,

12/15/31

(a)

USD

10,351

Core

Scientific,

Inc.,

0.00%,

06/15/31

(a)

(o)(r)

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

8,940

CoreWeave,

Inc.,

9.25%,

06/01/30

(a)

5,164

Crescent

Energy

Finance

LLC,

7.38%,

01/15/33

(a)

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

19,473

CSC

Holdings

LLC,

11.25%,

05/15/28

(a)

200

185,152

Darling

Global

Finance

BV,

4.50%,

07/15/32

(c)

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

EUR

100

118,535

DISH

Network

Corp.

(o)

0.00%,

12/15/25

(r)

...........

USD

45,327

3.38%,

08/15/26

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

13,454

EQT

Corp.,

7.50%,

06/01/30

......

11,031

Figeac

Aero

North

America,

Inc.,

(Acquired

08/19/25,

cost

$69,813),

7.79%,

07/23/30

(c)(d)(i)

.........

EUR

70,267

First

Citizens

BancShares,

Inc.,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

1.97%),

6.25%,

03/12/40

(b)

...........

USD

126

127,647

Five

Point

Operating

Co.

LP,

8.00%,

10/01/30

(a)

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

5,074

FLYR

Secured

Note,

10.00%,

05/10/27

(d)

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

16,066

Ford

Motor

Credit

Co.

LLC,

4.27%,

01/09/27

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

250

247,955

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

(a)

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

4,735

Frontier

Communications

Holdings

LLC

(a)

6.75%,

05/01/29

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

45,449

6.00%,

01/15/30

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

5,059

8.75%,

05/15/30

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

59,545

8.63%,

03/15/31

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

52,713

Frontier

Florida

LLC,

Series

6.86%,

02/01/28

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

63,641

Frontier

North,

Inc.,

Series

6.73%,

02/15/28

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

41,050

Global

Partners

LP,

8.25%,

01/15/32

(a)

100

105,466

Goldman

Sachs

Group,

Inc.

(The),

0.25%,

01/26/28

(c)

...........

EUR

35,696

GoTo

Group,

Inc.

(a)

5.50%,

05/01/28

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

USD

3,480

5.50%,

05/01/28

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

8,100

Finance

Corp.,

(10-Year

USD

Constant

Maturity

0.00%

Floor

and

5.00%

Cap

0.00%),

8.75%,

02/14/30

(b)

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

240

242,395

Homes

West

Bay

LLC,

11.00%,

02/06/30

(d)

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

317

321,375

Iron

Mountain,

Inc.,

4.75%,

01/15/34

(c)

EUR

100

117,664

JPMorgan

Chase

Co.,

Series

OO,

(5-

Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.15%),

6.50%

(b)(p)

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

USD

4,141

Lessen

LLC,

(3-mo.

CME

Term

SOFR

8.50%),

12.76%,

01/05/28

(a)(b)(d)

164

152,067

Level

Financing,

Inc.

(a)

6.88%,

06/30/33

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

6,115

7.00%,

03/31/34

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

6,104

LGI

Homes,

Inc.,

7.00%,

11/15/32

(a)

32,222

Mauser

Packaging

Solutions

Holding

Co.,

7.88%,

04/15/27

(a)

........

18,176

Medline

Borrower

LP,

5.25%,

10/01/29

(a)

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

100

99,135

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

MGM

Resorts

International,

6.50%,

04/15/32

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

USD

3,056

Morgan

Stanley,

(3-mo.

EURIBOR

0.83%),

1.34%,

10/23/26

(b)

.....

EUR

100

117,346

NCR

Atleos

Corp.,

9.50%,

04/01/29

(a)

USD

32,476

New

Generation

Co.,

10.34%,

09/30/29

(a)(d)

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

146

145,676

Nexstar

Media,

Inc.,

4.75%,

11/01/28

(a)

110

107,365

Northern

Oil

Gas,

Inc.,

7.88%,

10/15/33

(a)

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

10,956

NRG

Energy,

Inc.,

7.00%,

03/15/33

(a)

5,528

Occidental

Petroleum

Corp.,

5.20%,

08/01/29

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

20,294

Olympus

Water

Holding

Corp.,

9.75%,

11/15/28

(a)

...........

200

209,900

OneMain

Finance

Corp.,

7.13%,

11/15/31

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

5,185

Permian

Resources

Operating

LLC,

8.00%,

04/15/27

(a)

...........

16,249

Pitney

Bowes,

Inc.,

6.88%,

03/15/27

(a)

30,975

Prestige

Brands,

Inc.,

3.75%,

04/01/31

(a)

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

100

92,111

Resort

Communities

LoanCo.

LP,

12.50%,

11/21/28

(a)(b)(d)

........

447

457,638

RingCentral,

Inc.,

8.50%,

08/15/30

(a)

69,162

Rocket

Cos.,

Inc.

(a)

6.13%,

08/01/30

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

4,105

6.38%,

08/01/33

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

4,129

Sabre

GLBL,

Inc.

(a)

10.75%,

11/15/29

...........

73,446

11.13%,

07/15/30

...........

26,148

Schneider

Electric

SE,

1.25%,

09/23/33

(c)

(o)

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

EUR

100

118,571

Seagate

Data

Storage

Technology

Pte.

Ltd.

(a)

8.25%,

12/15/29

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

USD

64,575

8.50%,

07/15/31

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

30,701

9.63%,

12/01/32

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

50,970

Select

Medical

Corp.,

6.25%,

12/01/32

(a)

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

12,005

Service

Properties

Trust

0.00%,

09/30/27

(a)(r)

..........

31,735

8.38%,

06/15/29

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

85,291

8.63%,

11/15/31

(a)

...........

15,970

8.88%,

06/15/32

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

72,405

Shift4

Payments

LLC,

5.50%,

05/15/33

(c)

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

EUR

100

122,248

Energy

Co.,

6.75%,

08/01/29

(a)

USD

5,024

Solaris

Energy

Infrastructure,

Inc.,

4.75%,

05/01/30

(a)(o)

..........

123,503

Sonder

Holdings,

Inc.,

7.00%,

(7.00%

Cash

7.00%

PIK),

12/10/27

(d)(n)

191

143,525

Spirit

AeroSystems,

Inc.

(a)

9.38%,

11/30/29

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

47,395

9.75%,

11/15/30

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

218

239,755

Spirit

Airlines

Pass-Through

Trust

Series

2015-1,Class

4.10%,

04/01/28

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

931

Series

2017-1,Class

AA,

3.38%,

02/15/30

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

12,857

Series

2017-1A,Class

3.65%,

08/15/31

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

32,829

Starz

Capital

Holdings

Inc.,

6.00%,

04/15/30

(a)

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

147

139,406

Starz

Capital

Holdings

LLC,

5.50%,

04/15/29

(a)

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

12,300

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Stem,

Inc.,

0.50%,

12/01/28

(a)(o)

....

USD

1,710

STL

Holding

Co.

LLC,

8.75%,

02/15/29

(a)

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

9,431

Sunoco

LP,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

4.23%),

7.88%

(a)(b)(p)

...

22,346

Talen

Energy

Supply

LLC,

8.63%,

06/01/30

(a)

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

31,846

Tallgrass

Energy

Partners

LP,

6.00%,

12/31/30

(a)

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

100

98,753

Tenneco,

Inc.,

8.00%,

11/17/28

(a)

...

43,079

Texas

Capital

Bancshares,

Inc.

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.15%),

4.00%,

05/06/31

(b)

...........

63,074

TransDigm,

Inc.,

4.63%,

01/15/29

...

100

97,997

Transocean

International

Ltd.,

8.25%,

05/15/29

(a)

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

24,647

United

Airlines

Pass-Through

Trust,

Series

2019-2,

Class

2.90%,

05/01/28

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

5,701

Uniti

Group

LP,

10.50%,

02/15/28

(a)

56,873

USA

Compression

Partners

LP,

7.13%,

03/15/29

(a)

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

100

103,132

UWM

Holdings

LLC,

6.63%,

02/01/30

(a)

21,363

Venture

Global

LNG,

Inc.

(a)

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

5.44%),

9.00%

(b)(p)

.........

24,777

7.00%,

01/15/30

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

14,487

Venture

Global

Plaquemines

LNG

LLC

(a)

6.50%,

01/15/34

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

2,105

6.75%,

01/15/36

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

2,125

Viking

Cruises

Ltd.,

7.00%,

02/15/29

(a)

100

100,505

Vistra

Operations

Co.

LLC,

5.63%,

02/15/27

(a)

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

79,047

Warnermedia

Holdings,

Inc.,

3.76%,

03/15/27

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

82,845

Windstream

Services

LLC,

7.50%,

10/15/33

(a)

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

4,999

Wolfspeed,

Inc.,

7.00%,

(7.00%

Cash

12.00%

PIK),

06/15/31

(d)(n)

....

913

Xerox

Corp.

(a)

10.25%,

10/15/30

...........

40,633

13.50%,

04/15/31

...........

30,980

Zayo

Group

Holdings,

Inc.,

6.25%,

03/09/30

(a)(b)

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

5,009

7,916,631

Total

Corporate

Bonds

—

14.5%

(Cost:

$22,947,955)

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

22,813,813

Fixed

Rate

Loan

Interests

United

States

—

0.0%

Corp.,

1st

Lien

Term

Loan

B3,

9.50%

10/26/29

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

15,035

Total

Fixed

Rate

Loan

Interests

—

0.0%

(Cost:

$15,000)

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

15,035

Security

Par

(000)

(

000)

Value

Floating

Rate

Loan

Interests

France

—

0.1%

Parts

Europe

SA,

Facility

1st

Lien

Term

Loan,

(1-mo.

EURIBOR

0.00%

Floor

3.00%),

4.92%

02/03/31

(b)

EUR

112

132,396

Germany

—

0.0%

Elevator

Midco

GmbH,

1st

Lien

Term

Loan

B1,

(6-mo.

EURIBOR

0.00%

Floor

3.25%),

5.33%

04/30/30

(b)

...........

63,351

Jersey,

Channel

Islands

—

0.1%

Vita

Global

FinCo

Ltd.,

1st

Lien

Term

Loan

(b)(d)(n)

(6-mo.

EURIBOR

0.00%

Floor

8.00%),

10.05%

(9.66%

Cash

10.05%

PIK)

, 07/06/27

......

65,563

(Daily

SONIA

0.00%

Floor

8.00%),

11.97%

(11.55%

Cash

11.97%

PIK)

, 07/06/27

......

GBP

46,289

111,852

Netherlands

—

0.5%

(b)

Bock

Capital

Bidco

BV,

1st

Lien

Term

Loan

(3-mo.

EURIBOR

0.00%

Floor

3.50%),

5.50%

06/29/28

EUR

56,641

Cypher

Bidco

BV,

1st

Lien

Term

Loan

(3-mo.

EURIBOR

0.00%

Floor

4.25%),

6.20%

12/30/28

(d)

....

154

176,215

Upfield

BV,

1st

Lien

Term

Loan

B11,

(Daily

SONIA

0.00%

Floor

5.25%),

9.51%

01/03/28

......

GBP

109

143,255

Ziggo

BV,

Facility

1st

Lien

Term

Loan

(1-mo.

EURIBOR

0.00%

Floor

3.00%),

4.88%

01/31/29

.....

EUR

311

359,828

735,939

Spain

—

0.1%

PAX

HoldCo

Spain

SL,

Facility

1st

Lien

Term

Loan

B3,

(6-mo.

EURIBOR

0.00%

Floor

4.00%),

6.04%

12/31/29

(b)

...........

102,692

United

Kingdom

—

0.2%

(b)

Bellis

Acquisition

Co.

plc,

Facility

1st

Lien

Term

Loan

(6-mo.

EURIBOR

0.00%

Floor

4.00%),

6.31%

05/12/31

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

99,600

CD&R

Firefly

Bidco

plc,

Facility

1st

Lien

Term

Loan

B10,

(Daily

SONIA

0.00%

Floor

4.75%),

4.75%

04/30/29

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

GBP

46,020

Entain

Holdings

(Gibraltar)

Ltd.,

Facility

1st

Lien

Term

Loan

B4,

(6-mo.

EURIBOR

0.00%

Floor

3.25%),

5.29%

06/30/28

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

EUR

60,443

INEOS

Quattro

Holdings

Ltd.,

Facility

1st

Lien

Term

Loan

(1-mo.

EURIBOR

0.00%

Floor

4.50%),

6.41%

04/03/29

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

68,982

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Masorange

Holdco

Ltd.,

Facility

1st

Lien

Term

Loan

B5,

(6-mo.

EURIBOR

0.00%

Floor

2.50%),

4.56%

03/25/31

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

EUR

110,231

385,276

United

States

—

0.8%

(b)

Altar

Bidco,

Inc.,

2nd

Lien

Term

Loan,

(12-mo.

CME

Term

SOFR

0.50%

Floor

5.60%),

9.58%

02/01/30

USD

120

113,979

Avaya,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

1.00%

Floor

7.50%),

11.66%

08/01/28

......

—

(s)

298

ConnectWise

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

7.76%

09/29/28

32,612

CSC

Holdings

LLC,

1st

Lien

Term

Loan

B5,

(US

Prime

Rate

0.00%

Floor

1.50%),

8.75%

04/15/27

.....

14,665

CVR

CHC

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

8.00%

12/30/27

(d)

39,357

Digital

Room

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.00%

Floor

5.25%),

9.67%

12/21/28

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

26,480

DirecTV

Financing

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.75%

Floor

5.00%),

9.57%

08/02/27

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

1,888

DirecTV

Financing

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

5.50%),

9.81%

02/17/31

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

56,857

ECL

Entertainment

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

3.00%),

7.16%

08/30/30

......

90,535

Emerald

Technologies

AcquisitionCo,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

6.25%),

10.60%

12/29/27

(d)

..........

20,778

Galaxy

Universal

LLC,

Term

Loan,

(6-mo.

CME

Term

SOFR

1.00%

Floor

6.25%),

10.75%

11/12/26

(d)

193

192,225

GoTo

Group,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.75%),

9.22%

04/30/28

15,829

Hydrofarm

Holdings

Group,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

1.00%

Floor

5.50%),

10.07%

10/25/28

(d)

..........

15,767

ITG

Communications

LLC,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

0.00%

Floor

4.75%),

8.95%

07/09/31

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

78,950

J&J

Ventures

Gaming

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.75%

Floor

3.50%),

7.66%

04/26/30

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

33,812

Jack

Ohio

Finance

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.75%

Floor

4.00%),

8.16%

01/28/32

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

12,819

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Maverick

Gaming

LLC,

1st

Lien

Term

Loan

(d)

(US

Prime

Rate

0.00%

Floor

7.50%),

14.75%, 06/05/28

....

USD

14,224

(US

Prime

Rate

0.00%

Floor

7.50%),

14.75%, 06/05/28

....

13,253

Peninsula

Pacific

Entertainment

LLC,

1st

Lien

Term

Loan

08/16/32

(d)(t)

57,951

Pitney

Bowes,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.75%),

7.91%

03/19/32

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

44,707

Redstone

Holdco

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.75%),

9.06%

04/27/28

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

34,062

Redstone

HoldCo

LP,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.00%

Floor

7.75%),

12.32%

04/27/29

...........

10,050

Runitonetime

LLC,

1st

Lien

Term

Loan

(12-mo.

CME

Term

SOFR

2.00%

Floor

12.50%),

16.28%, 04/16/26

(d)

........

1,626

(1-mo.

CME

Term

SOFR

2.00%

Floor

12.50%),

16.66%, 05/06/26

.........

5,108

(12-mo.

CME

Term

SOFR

12.50%),

16.38%, 07/07/26

(d)

1,970

Solaris

Energy

Infrastructure

LLC,

1st

Lien

Term

Loan,

09/11/29

(d)(t)

....

158

159,135

Stakeholder

Midstream

LLC,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

4.00%),

8.04%

01/02/31

.....

79,900

Vaco

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.60%

Floor

5.00%),

9.15%

01/22/29

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

27,236

VeriFone

Systems,

Inc.,

1st

Lien

Term

Loan,

08/18/28

(t)

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

91,918

Veritas

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

2.50%

Floor

8.00%),

12.30% 06/30/31

16,049

West

Deptford

Energy

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

8.32%

07/26/32

......

31,704

Corp.,

1st

Lien

Term

Loan

B1,

10/26/29

(t)

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

4,813

Xerox

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.50%

Floor

4.00%),

8.00%

8.16%

11/19/29

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

9,262

1,349,819

Total

Floating

Rate

Loan

Interests

—

1.8%

(Cost:

$2,913,153)

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

2,881,325

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

(

000)

Value

Foreign

Agency

Obligations

France

—

0.2%

Electricite

France

(b)(c)(p)

(5-Year

EURIBOR

ICE

Swap

Rate

2.07%),

4.38%

..........

EUR

100

116,525

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

3.78%),

7.38%

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

GBP

100

137,165

253,690

Total

Foreign

Agency

Obligations

—

0.2%

(Cost:

$247,452)

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

253,690

Foreign

Government

Obligations

Brazil

—

0.1%

Federative

Republic

Brazil,

10.00%,

01/01/27

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

BRL

153,604

Canada

—

0.2%

Canadian

Government

Bond,

2.75%,

03/01/30

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

CAD

371

267,255

Colombia

—

0.1%

Republic

Colombia

5.75%,

11/03/27

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

COP

492,300

117,213

7.75%,

09/18/30

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

349,700

78,718

195,931

Czech

Republic

—

0.1%

Czech

Republic

5.00%,

09/30/30

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

CZK

2,060

103,371

4.50%,

11/11/32

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

1,090

53,114

156,485

Egypt

—

0.0%

Arab

Republic

Egypt

24.46%,

10/01/27

...........

EGP

394

8,409

24.14%,

12/03/27

...........

951

21.38%,

02/04/28

...........

572

11,618

23.44%,

07/01/28

...........

407

8,525

29,503

France

—

0.1%

French

Republic,

3.20%,

05/25/35

(a)(c)

EUR

81,564

Hungary

—

0.0%

Hungary

Government

Bond,

7.00%,

10/24/35

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

HUF

12,070

36,692

Indonesia

—

0.1%

Republic

Indonesia

7.00%,

05/15/27

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

IDR

1,235,000

76,365

6.75%,

07/15/35

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

949,000

58,367

8.25%,

05/15/36

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

602,000

41,075

7.13%,

06/15/38

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

873,000

54,166

229,973

Ireland

—

0.6%

Republic

Ireland,

2.60%,

10/18/34

(c)

EUR

799

912,157

Italy

—

0.2%

Buoni

Poliennali

del

Tesoro,

2.95%,

07/01/30

(c)

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

232

274,885

Malaysia

—

0.1%

Malaysia

Government

Bond

4.64%,

11/07/33

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

MYR

327

84,032

3.83%,

07/05/34

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

21,205

Security

Par

(000)

Par

(000)

Value

Malaysia

(continued)

4.46%,

03/31/53

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

MYR

10,497

115,734

Mexico

—

0.3%

Mex

Bonos

Desarr

Fix

7.00%,

09/03/26

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

MXN

143,603

8.50%,

03/01/29

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

67,561

7.50%,

05/26/33

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

167,692

8.00%,

02/21/36

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

30,897

7.75%,

11/13/42

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

18,289

428,042

Peru

—

0.0%

Republic

Peru,

6.85%,

08/12/35

(a)

PEN

135

41,074

Philippines

—

0.1%

Republic

Philippines

6.25%,

02/28/29

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

PHP

1,830

31,879

6.38%,

04/28/35

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

3,040

53,554

85,433

Poland

—

0.2%

Republic

Poland

5.75%,

04/25/29

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

PLN

576

164,314

4.75%,

07/25/29

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

331

91,347

5.00%,

10/25/34

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

187

50,093

5.00%,

10/25/35

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

161

42,649

2.00%,

08/25/36

(b)

...........

15,056

363,459

Republic

Turkiye

—

0.0%

Republic

Turkiye

(The)

31.08%,

11/08/28

...........

TRY

423

9,569

30.00%,

09/12/29

...........

260

5,763

15,332

South

Africa

—

0.2%

Republic

South

Africa

8.00%,

01/31/30

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

ZAR

3,093

179,692

7.00%,

02/28/31

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

2,589

142,180

8.50%,

01/31/37

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

1,224

65,251

387,123

Spain

—

0.2%

Bonos

Obligaciones

del

Estado

2.70%,

01/31/30

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

EUR

261

308,869

3.15%,

04/30/35

(a)(c)

..........

73,679

382,548

Thailand

—

0.1%

Kingdom

Thailand

2.50%,

11/17/29

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

THB

4,731

153,281

4.00%,

06/17/55

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

1,484

154,765

United

Kingdom

—

0.4%

U.K.

Treasury

Bonds,

4.38%,

03/07/30

(c)

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

GBP

422

572,875

Uruguay

—

0.0%

Oriental

Republic

Uruguay,

9.75%,

07/20/33

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

UYU

350

9,605

Total

Foreign

Government

Obligations

—

3.1%

(Cost:

$4,706,150)

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

4,894,039

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Value

Investment

Companies

Invesco

Senior

Loan

ETF

(h)

.......

10,731

224,599

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

(e)(h)

.......

4,187

158,185

iShares

China

Large-Cap

ETF

(e)(h)

...

9,152

376,513

iShares

Core

S&P

Small-Cap

ETF

(e)

637

75,695

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(e)(h)(j)

........

12,152

1,156,749

iShares

MSCI

Brazil

ETF

(e)

.......

1,992

61,752

KraneShares

CSI

China

Internet

ETF

4,482

188,289

SPDR

Blackstone

Senior

Loan

ETF

(h)

8,948

372,058

SPDR

Gold

(

)

(k)

..........

7,163

2,546,232

SPDR

S&P

Homebuilders

ETF

(h)

...

635

70,358

SPDR

S&P

Regional

Banking

ETF

(h)

3,830

242,439

VanEck

JPMorgan

Local

Currency

Bond

ETF

(h)

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

4,113

104,923

VanEck

Semiconductor

ETF

......

296

96,602

Total

Investment

Companies

—

3.6%

(Cost:

$5,095,948)

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

5,674,394

Par

(000)

(

000)

Municipal

Bonds

Arizona

0.1%

Maricopa

County

Industrial

Development

Authority

Series

2024,

RB,

7.38%, 10/01/29

(a)

........

USD

100

104,713

Total

Municipal

Bonds

—

0.1%

(Cost:

$100,000)

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

104,713

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.2%

United

States

—

0.2%

J.P.

Morgan

Mortgage

Trust

(a)(b)

Series

2021-INV5,

Class

A2A,

2.50%,

12/25/51

..........

111

92,783

Series

2021-INV7,

Class

A3A,

2.50%,

02/25/52

..........

157

141,505

Series

2021-INV7,

Class

A4A,

2.50%,

02/25/52

..........

53,574

287,862

Commercial

Mortgage-Backed

Securities

—

1.6%

Cayman

Islands

—

0.1%

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-W10,

Class

(1-mo.

CME

Term

SOFR

3.37%

Floor

3.37%),

7.52%,

12/15/34

(a)(b)

100

99,555

United

States

—

1.5%

1301

Trust,

Series

2025-1301,

Class

5.06%,

08/11/42

(a)(b)

..........

30,386

BAMLL

Trust,

Series

2025-ASHF,

Class

(1-mo.

CME

Term

SOFR

5.25%

Floor

5.25%),

9.40%,

02/15/42

(a)(b)

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

71,266

BFLD

Commercial

Mortgage

Trust,

Series

2025-5MW,

Class

7.91%,

10/10/42

(a)(b)

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

100

99,878

BMP,

Series

2024-MF23,

Class

(1-mo.

CME

Term

SOFR

3.39%

Floor

3.39%),

7.54%,

06/15/41

(a)(b)

20,000

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Commercial

Mortgage

Trust

(a)(b)

Series

2021-SOAR,

Class

(1-mo.

CME

Term

SOFR

2.80%

Floor

2.91%),

7.07%,

06/15/38

...

USD

93,605

Series

2021-XL2,

Class

(1-mo.

CME

Term

SOFR

2.24%

Floor

2.36%),

6.51%,

10/15/38

...

85,293

Series

2024-GPA3,

Class

(1-mo.

CME

Term

SOFR

1.64%

Floor

1.64%),

5.79%,

12/15/39

...

96,248

Series

2024-XL5,

Class

(1-mo.

CME

Term

SOFR

1.39%

Floor

1.39%),

5.54%,

03/15/41

...

70,495

Trust

(a)(b)

Series

2019-OC11,

Class

4.08%,

12/09/41

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

60,528

Series

2019-OC11,

Class

4.08%,

12/09/41

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

81,993

Series

2024-CNYN,

Class

(1-mo.

CME

Term

SOFR

1.44%

Floor

1.44%),

5.59%,

04/15/41

...

77,087

Series

2024-VLT4,

Class

(1-mo.

CME

Term

SOFR

2.89%

Floor

2.89%),

7.04%,

06/15/41

...

22,027

Series

2024-VLT4,

Class

(1-mo.

CME

Term

SOFR

3.94%

Floor

3.94%),

8.09%,

06/15/41

...

55,068

Series

2025-ROIC,

Class

(1-mo.

CME

Term

SOFR

2.94%

Floor

2.94%),

7.09%,

03/15/30

...

42,901

Mortgage

Trust,

Series

2017-CD6,

Class

3.91%,

11/13/50

(b)

.....

9,541

Commercial

Mortgage

Trust,

Series

2024-WCL1,

Class

(1-mo.

CME

Term

SOFR

4.49%

Floor

4.49%),

8.64%,

06/15/41

(a)(b)

....

29,890

CONE

Trust,

Series

2024-DFW1,

Class

(1-mo.

CME

Term

SOFR

3.89%

Floor

3.89%),

8.04%,

08/15/41

(a)(b)

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

29,983

DGWD

Trust,

Series

2025-INFL,

Class

(1-mo.

CME

Term

SOFR

1.60%

Floor

1.60%),

5.75%,

08/15/35

(a)(b)

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

48,090

Trust,

Series

2025-LXP,

Class

(1-mo.

CME

Term

SOFR

1.59%

Floor

1.59%),

5.74%,

08/15/37

(a)(b)

10,000

ELM

Trust,

Series

2024-ELM,

Class

E10,

8.05%,

06/10/39

(a)(b)

......

45,294

Extended

Stay

America

Trust

(a)(b)

Series

2021-ESH,

Class

(1-mo.

CME

Term

SOFR

2.25%

Floor

2.36%),

6.51%,

07/15/38

...

172

172,028

Series

2021-ESH,

Class

(1-mo.

CME

Term

SOFR

2.85%

Floor

2.96%),

7.11%,

07/15/38

...

86,014

Mortgage

Securities

Corp.

Trust

(a)(b)

Series

2021-DM,

Class

(1-mo.

CME

Term

SOFR

2.94%

Floor

3.05%),

7.20%,

11/15/36

...

59,569

Series

2025-800D,

Class

(1-mo.

CME

Term

SOFR

2.65%

Floor

2.65%),

6.79%,

11/25/41

...

140

140,198

Mortgage

Securities

Trust,

Series

2020-GC47,

Class

AS,

2.73%,

05/12/53

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

32,264

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

HILT

Commercial

Mortgage

Trust,

Series

2024-ORL,

Class

(1-mo.

CME

Term

SOFR

3.19%

Floor

3.19%),

7.34%,

05/15/37

(a)(b)

....

USD

100

99,938

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2021-MHC,

Class

(1-mo.

CME

Term

SOFR

2.45%

Floor

2.81%),

6.97%,

04/15/38

...

60,075

Series

2021-MHC,

Class

(1-mo.

CME

Term

SOFR

2.95%

Floor

3.31%),

7.47%,

04/15/38

...

20,038

Commercial

Mortgage

Trust,

Series

2024-MRCO,

Class

(1-mo.

CME

Term

SOFR

3.19%

Floor

3.19%),

7.34%,

06/15/39

(a)(b)

....

20,134

LBA

Trust

(a)(b)

Series

2024-BOLT,

Class

(1-mo.

CME

Term

SOFR

1.59%

Floor

1.59%),

5.74%,

06/15/39

...

40,050

Series

2024-BOLT,

Class

(1-mo.

CME

Term

SOFR

4.44%

Floor

4.44%),

8.59%,

06/15/39

...

9,973

LoanCore

2025

Issuer

LLC,

Series

2025-CRE8,

Class

(1-mo.

CME

Term

SOFR

1.39%

Floor

1.39%),

5.53%,

08/17/42

(a)(b)

....

100

100,185

MCR

Mortgage

Trust,

Series

2024-

TWA,

Class

8.73%,

06/12/39

(a)

13,219

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

(1-mo.

CME

Term

SOFR

2.10%

Floor

2.22%),

6.37%,

04/15/38

(a)(b)

....

125

124,907

Morgan

Stanley

Capital

Trust,

Series

2018-MP,

Class

4.42%,

07/11/40

(a)(b)

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

16,126

PRM5

Trust,

Series

2025-PRM5,

Class

5.81%,

03/10/33

(a)(b)

........

49,836

SREIT

Trust,

Series

2021-MFP,

Class

(1-mo.

CME

Term

SOFR

2.63%

Floor

2.74%),

6.89%,

11/15/38

(a)(b)

83,806

UBS

Commercial

Mortgage

Trust,

Series

2019-C17,

Class

A4,

2.92%,

10/15/52

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

9,417

VEGAS,

Series

2024-GCS,

Class

6.42%,

07/10/36

(a)(b)

..........

50,326

VEGAS

Trust,

Series

2024-GCS,

Class

6.42%,

07/10/36

(a)(b)

........

63,311

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2024-1CHI,

Class

5.48%,

07/15/35

(a)(b)

..........

100

100,916

2,431,903

Total

Non-Agency

Mortgage-Backed

Securities

—

1.8%

(Cost:

$2,883,437)

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

2,819,320

Security

Par

(000)

(

000)

Value

Preferred

Securities

Preferred

Stocks

—

2.5%

Brazil

—

0.2%

Banco

Bradesco

(Preference)

...

34,503

114,875

Gerdau

(Preference)

.........

8,424

26,353

Neon

Payments

Ltd.

(d)(f)

..........

319

126,959

268,187

China

—

0.4%

ByteDance

Ltd.,

Series

E-1,

(Acquired

11/11/20,

cost

$269,333)

(d)(f)(i)

....

2,458

621,555

Finland

—

0.0%

Aiven

OY,

Series

(d)(f)

...........

647

35,986

Germany

—

0.0%

Volocopter

GmbH,

(Acquired

03/03/21,

cost

$159,572)

(d)(f)(i)

...........

—

India

—

0.0%

Think

Learn

Pvt

Ltd.,

Series

(Acquired

12/11/20,

cost

$103,322)

(d)

(f)(i)

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

—

Sweden

—

0.0%

Volta

Greentech

AB,

Series

(Acquired

02/22/22,

cost

$26,894)

(d)

(f)(i)

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

228

—

United

Kingdom

—

0.0%

10x

Future

Technologies

Services

Ltd.,

Series

(Acquired

12/19/23,

cost

$183,387)

(d)(f)(i)

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

4,842

61,343

United

States

—

1.9%

Anduril

Investors

LLC,

Series

(d)(f)

1,197

48,933

Anthropic

PBC,

Series

(Acquired

08/18/25,

cost

$65,127)

(d)(f)(i)

.....

462

65,128

Breeze

Aviation

Group,

Inc.,

Series

(Acquired

01/26/24,

cost

$75,615)

(d)

(f)(i)

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

140

21,860

CoreWeave,

Inc.,

10.00%

(d)

.......

83,000

227,420

Databricks,

Inc.,

Series

(Acquired

10/22/19,

cost

$88,431)

(d)(f)(i)

.....

6,177

926,550

Databricks,

Inc.,

Series

(Acquired

02/01/21,

cost

102,873)

(d)(f)(i)

....

1,740

261,000

Davidson

Homes,

Inc.,

12.00%

(d)

...

139

150,854

Dream

Finders

Homes,

Inc.

(Preference),

9.00%

(d)(p)

.......

285

282,863

EXO

Capital

Technologies,

Inc.,

Series

(Acquired

08/14/24,

cost

$3,025)

(d)(f)(i)

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

4,957

3,668

HawkEye

360,

Inc.,

Series

(d)(f)

...

4,447

67,283

Insightful

Corp.,

Series

(d)(f)

.......

51,259

10,318

JumpCloud,

Inc.,

Series

E-1,

(Acquired

10/30/20,

cost

$93,611)

(d)(f)(i)

.....

51,330

121,139

JumpCloud,

Inc.,

Series

(Acquired

09/03/21,

cost

$20,218)

(d)(f)(i)

.....

3,376

7,967

Lessen

Holdings,

Inc.,

Series

(d)(f)

2,050

1,025

Lessen

Holdings,

Inc.,

Series

(d)(f)

6,246

2,311

Loadsmart,

Inc.,

Series

(Acquired

10/05/20,

cost

$85,987)

(d)(f)(i)

.....

10,057

59,035

Loadsmart,

Inc.,

Series

(Acquired

10/05/20,

cost

$19,100)

(d)(f)(i)

.....

955

8,757

MNTN,

Inc.,

Series

(Acquired

11/05/21,

cost

$54,841)

(f)(i)

......

2,388

44,297

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Value

United

States

(continued)

Mythic

AI,

Inc.,

Series

(Acquired

01/26/21,

cost

$48,256)

(d)(f)(i)

.....

—

Noodle,

Inc.,

Series

(Acquired

08/26/21,

cost

$73,361)

(d)(f)(i)

.....

8,220

12,412

PsiQuantum

Corp.,

Series

(Acquired

05/21/21,

cost

$40,179)

(d)(f)(i)

.....

1,532

62,889

SambaNova

Systems,

Inc.,

Series

(Acquired

02/19/20,

cost

$91,575)

(d)

(f)(i)

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

1,720

38,270

SambaNova

Systems,

Inc.,

Series

(Acquired

04/09/21,

cost

$52,640)

(d)

(f)(i)

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

554

16,786

Snorkel

AI,

Inc.,

Series

(Acquired

06/30/21,

cost

$28,447)

(d)(f)(i)

.....

1,894

14,470

Ursa

Major

Technologies,

Inc.,

Series

(Acquired

09/13/21,

cost

$72,377)

(d)(f)(i)

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

12,134

53,754

Ursa

Major

Technologies,

Inc.,

Series

(Acquired

10/14/22,

cost

$9,855)

(d)(f)(i)

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

1,487

6,840

Verge

Genomics

(d)(f)

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

13,831

2,628

Veritas

Newco

(d)(f)

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

294

6,683

Veritas

Newco,

Series

G-1

(d)(f)

......

203

4,614

Versa

Networks,

Inc.,

Series

(Acquired

10/14/22,

cost

$43,198),

12.00%

(d)(i)

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

14,803

88,078

Wells

Fargo

Co.,

Series

7.50%

(o)(p)

56,777

x.AI,

Inc.,

Series

(d)(f)

...........

10,195

372,729

3,047,338

Total

Preferred

Stocks

—

2.5%

(Cost:

$3,173,390)

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

4,034,409

Trust

Preferreds

—

0.1%

United

States

—

0.1%

Citigroup

Capital

XIII

(3-mo.

CME

Term

SOFR

6.63%),

10.94%, 10/30/40

(b)

3,609

108,884

Total

Trust

Preferreds

—

0.1%

(Cost:

$98,904)

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

108,884

Total

Preferred

Securities

—

2.6%

(Cost:

$3,272,294)

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

4,143,293

Rights

United

States

—

0.0%

Walgreens

Boots

Alliance,

Inc.,

CVR

(d)

(f)

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

2,251

1,193

Total

Rights

—

0.0%

(Cost:

$1,193)

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

1,193

Par

(000)

(

000)

U.S.

Government

Meta

Platforms,

Inc.

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

10/17/25

USD

820.00

USD

147

221

Microsoft

Corp.

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

10/17/25

USD

560.00

USD

155

Paramount

Skydance

Corp.

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

10/17/25

USD

22.00

USD

220

Sabre

Corp.

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

10/17/25

USD

4.00

USD

Sabre

Corp.

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

10/17/25

USD

2.50

USD

SPDR

S&P

Regional

Banking

ETF

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

10/17/25

USD

67.00

USD

323

1,887

Tesla,

Inc.

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

10/17/25

USD

360.00

USD

178

34,839

Warner

Bros

Discovery,

Inc.

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

10/17/25

USD

22.00

USD

168

Warner

Bros

Discovery,

Inc.

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

10/17/25

USD

17.00

USD

2,023

Wells

Fargo

Co.

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

10/17/25

USD

85.00

USD

168

3,990

CBOE

Volatility

Index

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

10/22/25

USD

40.00

USD

152

Alphabet,

Inc.

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

11/21/25

USD

250.00

USD

122

5,413

Alphabet,

Inc.

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

11/21/25

USD

240.00

USD

292

18,960

Amazon.com,

Inc.

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

11/21/25

USD

240.00

USD

285

6,110

Apple,

Inc.

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

11/21/25

USD

250.00

USD

229

11,678

Apple,

Inc.

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

11/21/25

USD

235.00

USD

229

21,488

Citigroup,

Inc.

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

11/21/25

USD

105.00

USD

254

8,063

Horton,

Inc.

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

11/21/25

USD

175.00

USD

102

4,470

Horton,

Inc.

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

11/21/25

USD

185.00

USD

102

2,460

EURO

STOXX

Bank

Index

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

11/21/25

EUR

240.00

EUR

420

10,461

Informatica,

Inc.

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

11/21/25

USD

35.00

USD

120

Intuit,

Inc.

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

11/21/25

USD

700.00

USD

205

7,485

McDonald's

Corp.

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

11/21/25

USD

330.00

USD

152

850

Meta

Platforms,

Inc.

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

11/21/25

USD

830.00

USD

1,215

MongoDB,

Inc.

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

11/21/25

USD

360.00

USD

186

3,420

NVIDIA

Corp.

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

11/21/25

USD

185.00

USD

5,360

SPDR

Gold

(a)

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

149

11/21/25

USD

360.00

USD

5,297

123,298

Walt

Disney

Co.

(The)

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

11/21/25

USD

120.00

USD

137

3,900

Broadcom,

Inc.

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

12/19/25

USD

350.00

USD

264

17,060

Delta

Air

Lines,

Inc.

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

12/19/25

USD

62.50

USD

306

13,689

NVIDIA

Corp.

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

12/19/25

USD

185.00

USD

355

30,353

SPDR

Gold

(a)

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

12/19/25

USD

345.00

USD

2,488

131,600

Uber

Technologies,

Inc.

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

12/19/25

USD

100.00

USD

167

11,220

United

Airlines

Holdings,

Inc.

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

12/19/25

USD

105.00

USD

203

11,970

Valero

Energy

Corp.

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

12/19/25

USD

170.00

USD

238

15,085

660,948

Put

SPDR

S&P

500

ETF

Trust

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

10/10/25

USD

655.00

USD

2,265

7,378

American

Airlines

Group,

Inc.

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

10/17/25

USD

11.00

USD

324

EURO

STOXX

Bank

Index

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

10/17/25

EUR

180.00

EUR

EURO

STOXX

Bank

Index

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

10/17/25

EUR

210.00

EUR

105

238

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

.......

10/17/25

USD

80.00

USD

122

188

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

.......

10/17/25

USD

79.00

USD

187

207

iShares

Russell

2000

ETF

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

10/17/25

USD

230.00

USD

386

iShares

Russell

2000

ETF

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

10/17/25

USD

235.00

USD

748

Rheinmetall

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

10/17/25

EUR

1,600.00

EUR

198

217

SPDR

S&P

500

ETF

Trust

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

10/17/25

USD

642.00

USD

133

395

SPDR

S&P

500

ETF

Trust

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

10/17/25

USD

645.00

USD

133

454

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

Exchange-Traded

Options

Purchased

(continued)

Description

Number

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Alphabet,

Inc.

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

11/21/25

USD

245.00

USD

122

6,513

17,070

678,018

(a)

All

portion

the

security

held

wholly-owned

subsidiary.

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

EUR

Currency

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

Goldman

Sachs

International

10/02/25

USD

1.17

EUR

226

EUR

Currency

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

Bank

America

10/08/25

USD

1.20

EUR

1,183

475

USD

Currency

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

Morgan

Stanley

Co.

International

plc

10/16/25

MXN

19.00

USD

EUR

Currency

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

BNP

Paribas

10/29/25

USD

1.17

EUR

699

EUR

Currency

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

JPMorgan

Chase

Bank

10/29/25

USD

1.19

EUR

167

USD

Currency

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

Barclays

Bank

plc

10/29/25

MXN

19.20

USD

1,660

Put

EUR

Currency

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

JPMorgan

Chase

Bank

10/01/25

USD

1.18

EUR

1,589

3,413

EUR

Currency

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

BNP

Paribas

10/07/25

USD

1.17

EUR

USD

Currency

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

Deutsche

Bank

10/08/25

JPY

142.00

USD

1,364

EUR

Currency

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

Credit

Agricole

Corporate

Investment

Bank

10/10/25

USD

1.18

EUR

178

USD

Currency

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

Morgan

Stanley

Co.

International

plc

10/16/25

SGD

1.27

USD

Currency

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

Standard

Chartered

Bank

10/16/25

TWD

29.70

USD

GBP

Currency

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

Citibank

12/04/25

JPY

196.00

GBP

141

2,097

5,893

7,553

OTC

Credit

Default

Swaptions

Purchased

Paid

the

Fund

Received

the

Fund

Description

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Put

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

Markit

CDX

North

American

High

Yield

Index

Series

44.V1

Quarterly

Royal

Bank

Canada

10/15/25

USD

105.50

USD

225

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

Markit

CDX

North

American

High

Yield

Index

Series

44.V1

Quarterly

Bank

America

10/15/25

USD

107.00

USD

155

144

200

(a)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

OTC

Interest

Rate

Swaptions

Purchased

Paid

the

Fund

Received

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.80%

Annual

JPMorgan

Chase

Bank

10/30/25

.80

USD

729

4,999

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.65%

Annual

Goldman

Sachs

International

11/26/25

.65

USD

1,080

6,110

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.80%

Annual

Morgan

Stanley

Co.

International

plc

01/14/26

.80

USD

317

6,028

17,137

(a)

Forward

settling

swaption.

Exchange-Traded

Options

Written

Description

Number

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Alphabet,

Inc.

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

10/17/25

USD

260.00

USD

(

313

)

Apollo

Global

Management,

Inc.

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

10/17/25

USD

145.00

USD

(

)

Apple,

Inc.

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

10/17/25

USD

255.00

USD

(

980

)

Autodesk,

Inc.

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

10/17/25

USD

330.00

USD

(

255

)

Bank

America

Corp.

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

10/17/25

USD

55.00

USD

(

111

)

Bank

America

Corp.

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

10/17/25

USD

52.50

USD

(

1,170

)

Broadcom,

Inc.

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

10/17/25

USD

410.00

USD

(

)

Cameco

Corp.

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

10/17/25

USD

90.00

USD

(

151

)

Capital

One

Financial

Corp.

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

10/17/25

USD

240.00

USD

(

)

Citigroup,

Inc.

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

10/17/25

USD

110.00

USD

(

400

)

EchoStar

Corp.

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

10/17/25

USD

80.00

USD

(

1,162

)

EQT

Corp.

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

10/17/25

USD

60.00

USD

(

)

Hilton

Worldwide

Holdings,

Inc.

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

10/17/25

USD

300.00

USD

(

)

Intel

Corp.

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

10/17/25

USD

35.00

USD

(

3,738

)

iShares

China

Large-Cap

ETF

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

322

10/17/25

USD

45.00

USD

1,325

(

2,415

)

JPMorgan

Chase

Co.

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

10/17/25

USD

325.00

USD

(

1,126

)

JPMorgan

Chase

Co.

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

10/17/25

USD

315.00

USD

221

(

5,513

)

Live

Nation

Entertainment,

Inc.

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

10/17/25

USD

185.00

USD

(

165

)

McKesson

Corp.

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

10/17/25

USD

780.00

USD

(

1,221

)

Micron

Technology,

Inc.

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

10/17/25

USD

160.00

USD

(

1,132

)

Tesla,

Inc.

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

10/17/25

USD

420.00

USD

(

7,166

)

TJX

Cos.,

Inc.

(The)

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

10/17/25

USD

150.00

USD

(

112

)

Warner

Bros

Discovery,

Inc.

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

10/17/25

USD

25.00

USD

(

)

Warner

Bros

Discovery,

Inc.

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

10/17/25

USD

20.00

USD

(

595

)

Wells

Fargo

Co.

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

10/17/25

USD

90.00

USD

(

357

)

Williams

Cos.,

Inc.

(The)

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

10/17/25

USD

65.00

USD

(

281

)

Alphabet,

Inc.

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

11/21/25

USD

280.00

USD

122

(

1,525

)

Apple,

Inc.

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

11/21/25

USD

255.00

USD

229

(

9,067

)

Meta

Platforms,

Inc.

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

11/21/25

USD

900.00

USD

147

(

855

)

NVIDIA

Corp.

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

11/21/25

USD

210.00

USD

(

1,700

)

NVIDIA

Corp.

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

11/21/25

USD

200.00

USD

149

(

5,560

)

SPDR

Gold

(a)

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

224

11/21/25

USD

380.00

USD

7,963

(

62,049

)

Alphabet,

Inc.

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

12/19/25

USD

210.00

USD

(

15,720

)

Alphabet,

Inc.

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

12/19/25

USD

220.00

USD

244

(

30,975

)

Amazon.com,

Inc.

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

12/19/25

USD

260.00

USD

132

(

1,656

)

Apple,

Inc.

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

12/19/25

USD

250.00

USD

102

(

6,170

)

Apple,

Inc.

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

12/19/25

USD

240.00

USD

458

(

39,915

)

Bank

America

Corp.

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

12/19/25

USD

52.50

USD

(

1,095

)

Boeing

Co.

(The)

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

12/19/25

USD

260.00

USD

(

300

)

Boeing

Co.

(The)

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

12/19/25

USD

265.00

USD

(

257

)

Broadcom,

Inc.

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

12/19/25

USD

370.00

USD

(

1,477

)

Broadcom,

Inc.

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

12/19/25

USD

380.00

USD

165

(

6,112

)

Broadcom,

Inc.

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

12/19/25

USD

410.00

USD

297

(

6,165

)

Cameco

Corp.

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

12/19/25

USD

100.00

USD

(

569

)

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

Exchange-Traded

Options

Written

(continued)

Description

Number

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Capital

One

Financial

Corp.

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

12/19/25

USD

250.00

USD

(

510

)

Citigroup,

Inc.

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

12/19/25

USD

100.00

USD

(

2,701

)

CRH

plc

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

12/19/25

USD

110.00

USD

(

5,521

)

Delta

Air

Lines,

Inc.

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

12/19/25

USD

70.00

USD

(

103

)

Delta

Air

Lines,

Inc.

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

108

12/19/25

USD

72.50

USD

613

(

8,640

)

JPMorgan

Chase

Co.

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

12/19/25

USD

325.00

USD

(

2,136

)

Mastercard,

Inc.

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

12/19/25

USD

650.00

USD

(

333

)

Meta

Platforms,

Inc.

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

12/19/25

USD

860.00

USD

147

(

2,385

)

Micron

Technology,

Inc.

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

12/19/25

USD

150.00

USD

(

2,677

)

Microsoft

Corp.

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

12/19/25

USD

580.00

USD

518

(

5,025

)

NVIDIA

Corp.

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

12/19/25

USD

210.00

USD

355

(

11,875

)

NVIDIA

Corp.

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

12/19/25

USD

220.00

USD

429

(

9,430

)

Oracle

Corp.

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

12/19/25

USD

280.00

USD

(

2,940

)

Oracle

Corp.

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

12/19/25

USD

330.00

USD

534

(

23,751

)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.........

12/19/25

USD

270.00

USD

(

5,095

)

Tesla,

Inc.

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

12/19/25

USD

460.00

USD

(

4,432

)

Uber

Technologies,

Inc.

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

12/19/25

USD

110.00

USD

333

(

10,880

)

United

Airlines

Holdings,

Inc.

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

12/19/25

USD

125.00

USD

405

(

6,405

)

Alphabet,

Inc.

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

01/16/26

USD

250.00

USD

122

(

7,812

)

Amazon.com,

Inc.

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

01/16/26

USD

270.00

USD

132

(

1,596

)

Apollo

Global

Management,

Inc.

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

01/16/26

USD

170.00

USD

(

125

)

Apple,

Inc.

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

01/16/26

USD

270.00

USD

127

(

3,962

)

Autodesk,

Inc.

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

01/16/26

USD

350.00

USD

(

790

)

Bank

America

Corp.

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

01/16/26

USD

60.00

USD

(

630

)

Boeing

Co.

(The)

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

01/16/26

USD

270.00

USD

(

602

)

Broadcom,

Inc.

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

01/16/26

USD

380.00

USD

(

4,605

)

Cameco

Corp.

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

01/16/26

USD

95.00

USD

(

1,522

)

Capital

One

Financial

Corp.

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

01/16/26

USD

260.00

USD

(

455

)

CRH

plc

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

01/16/26

USD

135.00

USD

(

585

)

Horton,

Inc.

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

01/16/26

USD

210.00

USD

(

245

)

Eli

Lilly

Co.

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

01/16/26

USD

900.00

USD

(

1,807

)

EQT

Corp.

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

01/16/26

USD

65.00

USD

(

384

)

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

........

01/16/26

USD

82.00

USD

511

(

1,134

)

JPMorgan

Chase

Co.

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

01/16/26

USD

350.00

USD

(

1,050

)

Live

Nation

Entertainment,

Inc.

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

01/16/26

USD

195.00

USD

(

395

)

McKesson

Corp.

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

01/16/26

USD

840.00

USD

(

1,785

)

Meta

Platforms,

Inc.

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

01/16/26

USD

920.00

USD

(

835

)

Micron

Technology,

Inc.

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

01/16/26

USD

155.00

USD

(

5,115

)

Microsoft

Corp.

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

01/16/26

USD

605.00

USD

155

(

1,148

)

NVIDIA

Corp.

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

01/16/26

USD

230.00

USD

187

(

3,975

)

Salesforce,

Inc.

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

01/16/26

USD

310.00

USD

(

278

)

Tesla,

Inc.

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

01/16/26

USD

480.00

USD

(

4,462

)

Valero

Energy

Corp.

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

01/16/26

USD

170.00

USD

(

1,260

)

Walt

Disney

Co.

(The)

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

01/16/26

USD

140.00

USD

(

160

)

(

371,453

)

Put

SPDR

S&P

500

ETF

Trust

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

10/10/25

USD

645.00

USD

3,398

(

5,712

)

Boeing

Co.

(The)

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

10/17/25

USD

200.00

USD

(

241

)

Circle

Internet

Group,

Inc.

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

10/17/25

USD

110.00

USD

(

897

)

Costco

Wholesale

Corp.

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

10/17/25

USD

850.00

USD

(

)

Freeport-McMoRan,

Inc.

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

10/17/25

USD

40.00

USD

(

3,885

)

Hilton

Worldwide

Holdings,

Inc.

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

10/17/25

USD

230.00

USD

(

)

iShares

Russell

2000

ETF

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

10/17/25

USD

200.00

USD

(

)

iShares

Russell

2000

ETF

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

10/17/25

USD

210.00

USD

(

)

Live

Nation

Entertainment,

Inc.

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

10/17/25

USD

135.00

USD

(

245

)

McKesson

Corp.

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

10/17/25

USD

590.00

USD

(

500

)

Meta

Platforms,

Inc.

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

10/17/25

USD

700.00

USD

294

(

2,390

)

Rheinmetall

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

10/17/25

EUR

1,400.00

EUR

198

(

1,244

)

SPDR

S&P

500

ETF

Trust

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

10/17/25

USD

600.00

USD

266

(

190

)

SPDR

S&P

Regional

Banking

ETF

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

10/17/25

USD

59.00

USD

323

(

1,581

)

Walt

Disney

Co.

(The)

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

10/17/25

USD

105.00

USD

(

)

Alphabet,

Inc.

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

11/21/25

USD

210.00

USD

122

(

1,292

)

Amazon.com,

Inc.

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

11/21/25

USD

200.00

USD

285

(

5,005

)

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

Exchange-Traded

Options

Written

(continued)

Description

Number

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Apple,

Inc.

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

11/21/25

USD

230.00

USD

229

(

1,984

)

Citigroup,

Inc.

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

11/21/25

USD

90.00

USD

254

(

3,025

)

Horton,

Inc.

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

11/21/25

USD

155.00

USD

102

(

2,280

)

Horton,

Inc.

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

11/21/25

USD

145.00

USD

102

(

1,110

)

EURO

STOXX

Bank

Index

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

11/21/25

EUR

205.00

EUR

210

(

1,664

)

Intel

Corp.

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

11/21/25

USD

25.00

USD

235

(

1,995

)

Intuit,

Inc.

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

11/21/25

USD

630.00

USD

205

(

3,510

)

McDonald's

Corp.

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

11/21/25

USD

285.00

USD

152

(

1,255

)

MongoDB,

Inc.

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

11/21/25

USD

260.00

USD

186

(

2,325

)

NVIDIA

Corp.

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

11/21/25

USD

160.00

USD

(

922

)

SPDR

Gold

(a)

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

149

11/21/25

USD

335.00

USD

5,297

(

33,003

)

Walt

Disney

Co.

(The)

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

11/21/25

USD

100.00

USD

137

(

1,218

)

Alphabet,

Inc.

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

12/19/25

USD

200.00

USD

219

(

2,232

)

Broadcom,

Inc.

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

12/19/25

USD

300.00

USD

297

(

13,230

)

EQT

Corp.

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

12/19/25

USD

42.00

USD

256

(

1,762

)

EQT

Corp.

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

12/19/25

USD

45.00

USD

256

(

3,525

)

NVIDIA

Corp.

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

12/19/25

USD

160.00

USD

355

(

8,455

)

SPDR

Gold

(a)

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

12/19/25

USD

310.00

USD

1,671

(

3,290

)

Valero

Energy

Corp.

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

12/19/25

USD

135.00

USD

238

(

1,673

)

Amazon.com,

Inc.

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

01/16/26

USD

180.00

USD

132

(

1,590

)

Apollo

Global

Management,

Inc.

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

01/16/26

USD

110.00

USD

(

275

)

Boeing

Co.

(The)

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

01/16/26

USD

180.00

USD

(

625

)

Boston

Scientific

Corp.

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

01/16/26

USD

90.00

USD

(

870

)

Costco

Wholesale

Corp.

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

01/16/26

USD

840.00

USD

(

1,205

)

CRH

plc

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

01/16/26

USD

90.00

USD

(

210

)

EQT

Corp.

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

01/16/26

USD

40.00

USD

(

123

)

Live

Nation

Entertainment,

Inc.

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

01/16/26

USD

130.00

USD

(

350

)

McKesson

Corp.

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

01/16/26

USD

580.00

USD

(

220

)

Meta

Platforms,

Inc.

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

01/16/26

USD

600.00

USD

(

990

)

Microsoft

Corp.

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

01/16/26

USD

420.00

USD

155

(

823

)

NextEra

Energy,

Inc.

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

01/16/26

USD

60.00

USD

(

230

)

NVIDIA

Corp.

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

01/16/26

USD

140.00

USD

187

(

2,445

)

Salesforce,

Inc.

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

01/16/26

USD

195.00

USD

(

407

)

Walt

Disney

Co.

(The)

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

01/16/26

USD

95.00

USD

(

218

)

(

122,526

)

(

493,979

)

(a)

All

portion

the

security

held

wholly-owned

subsidiary.

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

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

Deutsche

Bank

10/08/25

JPY

151.00

USD

1,364

(

758

)

USD

Currency

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

Standard

Chartered

Bank

10/16/25

TWD

30.50

USD

(

162

)

EUR

Currency

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

BNP

Paribas

10/29/25

USD

1.19

EUR

(

334

)

–

(

1,254

)

–

Put

EUR

Currency

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

JPMorgan

Chase

Bank

10/01/25

USD

1.17

EUR

1,589

(

)

USD

Currency

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

HSBC

Bank

plc

10/01/25

JPY

146.50

USD

354

(

)

EUR

Currency

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

Bank

America

10/08/25

USD

1.14

EUR

1,183

(

)

GBP

Currency

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

Citibank

12/04/25

JPY

192.00

GBP

211

(

1,569

)

USD

Currency

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

Bank

America

12/12/25

IDR

16,000.00

USD

451

(

609

)

USD

Currency

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

Citibank

12/12/25

BRL

5.25

USD

451

(

3,120

)

USD

Currency

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

HSBC

Bank

plc

12/12/25

ZAR

16.80

USD

446

(

2,254

)

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

OTC

Currency

Options

Written

(continued)

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

USD

Currency

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

Citibank

12/15/25

MXN

18.00

USD

451

(

2,573

)

–

(

10,223

)

–

(

11,477

)

OTC

Credit

Default

Swaptions

Written

Paid

the

Fund

Received

the

Fund

Description

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Put

Sold

Protection

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

44.V1

.00

Quarterly

Royal

Bank

Canada

10/15/25

USD

100.00

USD

225

(

)

Sold

Protection

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

44.V1

.00

Quarterly

Bank

America

10/15/25

USD

104.50

USD

155

(

)

(

)

(a)

Using

the

rating

the

issuer

the

underlying

securities

the

index,

applicable,

provided

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

OTC

Interest

Rate

Swaptions

Written

Paid

the

Fund

Received

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

5-Year

Interest

Rate

Swap

(a)

3.70%

Annual

6-mo.

PRIBOR

Semi-Annual

JPMorgan

Chase

Bank

10/27/25

.70

CZK

1,022

(

)

5-Year

Interest

Rate

Swap

(a)

3.70%

Annual

6-mo.

PRIBOR

Semi-Annual

Morgan

Stanley

Co.

International

plc

10/27/25

.70

CZK

681

(

)

30-Year

Interest

Rate

Swap

(a)

3.50%

Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

10/30/25

.50

USD

729

(

496

)

5-Year

Interest

Rate

Swap

(a)

3.10%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

11/14/25

.10

USD

1,815

(

2,481

)

5-Year

Interest

Rate

Swap

(a)

3.10%

Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

11/18/25

.10

USD

2,305

(

3,516

)

5-Year

Interest

Rate

Swap

(a)

3.05%

Annual

1-day

SOFR

Annual

Morgan

Stanley

Co.

International

plc

11/20/25

.05

USD

2,275

(

2,875

)

5-Year

Interest

Rate

Swap

(a)

3.07%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

11/21/25

.07

USD

2,304

(

3,293

)

30-Year

Interest

Rate

Swap

(a)

3.15%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

11/26/25

.15

USD

1,080

(

428

)

2-Year

Interest

Rate

Swap

(a)

2.75%

Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

12/09/25

.75

USD

353

(

127

)

2-Year

Interest

Rate

Swap

(a)

2.85%

Annual

1-day

SOFR

Annual

Morgan

Stanley

Co.

International

plc

12/22/25

.85

USD

10,557

(

7,059

)

10-Year

Interest

Rate

Swap

(a)

3.30%

Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

12/30/25

.30

USD

882

(

3,313

)

30-Year

Interest

Rate

Swap

(a)

3.25%

Annual

1-day

SOFR

Annual

Morgan

Stanley

Co.

International

plc

01/14/26

.25

USD

159

(

362

)

30-Year

Interest

Rate

Swap

(a)

3.50%

Annual

1-day

SOFR

Annual

Morgan

Stanley

Co.

International

plc

01/14/26

.50

USD

317

(

1,966

)

(

25,934

)

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

OTC

Interest

Rate

Swaptions

Written

(continued)

Paid

the

Fund

Received

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Put

5-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.90%

Annual

Barclays

Bank

plc

10/15/25

.90

USD

395

(

)

5-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.55%

Annual

Goldman

Sachs

International

12/12/25

.55

USD

2,459

(

7,620

)

2-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.45%

Annual

JPMorgan

Chase

Bank

12/17/25

.45

USD

537

(

764

)

2-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.55%

Annual

Deutsche

Bank

12/26/25

.55

USD

1,020

(

927

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.00%

Annual

JPMorgan

Chase

Bank

12/30/25

.00

USD

882

(

3,148

)

2-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.30%

Annual

Goldman

Sachs

International

09/20/27

.30

USD

7,038

(

19,566

)

(

32,026

)

(

57,960

)

(a)

Forward

settling

swaption.

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Avis

Budget

Car

Rental

LLC

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

.00

Quarterly

12/20/26

USD

(

4,317

)

(

3,171

)

(

1,146

)

Markit

CDX

North

American

Investment

Grade

Index

Series

39.V1

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

.00

Quarterly

12/20/27

USD

(

799

)

(

)

(

768

)

Markit

CDX

North

American

High

Yield

Index

Series

44.V1

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

.00

Quarterly

06/20/30

USD

456

(

36,992

)

(

31,007

)

(

5,985

)

Markit

CDX

North

American

Investment

Grade

Index

Series

44.V1

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

.00

Quarterly

06/20/30

USD

839

(

19,293

)

(

17,907

)

(

1,386

)

(

61,401

)

(

52,116

)

(

9,285

)

Centrally

Cleared

Credit

Defa

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

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

39.V4

...........

.00

Quarterly

12/20/27

BB-

USD

149

9,912

9,908

Markit

CDX

North

American

High

Yield

Index

Series

41.V2

...........

.00

Quarterly

12/20/28

BB-

USD

257

20,434

6,205

14,229

iTraxx

Europe

Crossover

Index

Series

42.V3

.00

Quarterly

12/20/29

BB-

EUR

845

101,746

68,625

33,121

iTraxx

Europe

Crossover

Index

Series

43.V2

.00

Quarterly

06/20/30

BB-

EUR

1,753

1,292

461

133,845

76,126

57,719

(a)

Using

the

rating

the

issuer

the

underlying

securities

the

index,

applicable,

provided

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

Centrally

Cleared

Interest

Rate

Swap

Paid

the

Fund

Received

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

9.31%

Monthly

1-day

MXIBTIIE

Monthly

N/A

01/09/26

MXN

2,975

(

952

)

—

(

952

)

1-day

MXIBTIIE

Monthly

8.47%

Monthly

N/A

02/25/26

MXN

5,365

1,541

—

1,541

0.28%

Annual

1-day

TONAR

Annual

N/A

03/09/26

JPY

221,465

3,996

—

3,996

8.02%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

03/26/26

ZAR

2,033

(

607

)

—

(

607

)

1-day

SOFR

Annual

4.93%

Annual

N/A

04/26/26

USD

8,960

75,169

473

74,696

8.15%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

05/07/26

ZAR

2,826

(

1,435

)

—

(

1,435

)

1-day

SOFR

Annual

4.50%

Annual

N/A

05/08/26

USD

1,923

8,386

—

8,386

1-day

MXIBTIIE

Monthly

7.73%

Monthly

N/A

05/11/26

MXN

1,322

247

—

247

7.73%

Monthly

1-day

MXIBTIIE

Monthly

N/A

06/19/26

MXN

2,687

(

632

)

—

(

632

)

1-day

SOFR

Annual

4.35%

Annual

N/A

07/22/26

USD

844

4,042

—

4,042

6.94%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

09/17/26

ZAR

1,873

(

105

)

—

(

105

)

4.21%

Termination

3-mo.

WIBOR

Quarterly

N/A

09/17/26

PLN

170

—

5.24%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

09/19/26

PLN

477

(

1,155

)

—

(

1,155

)

6.92%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

09/23/26

ZAR

385

(

)

—

(

)

1-day

SOFR

Annual

4.00%

Annual

N/A

10/28/26

USD

2,972

(

1,158

)

—

(

1,158

)

1-day

MXIBTIIE

Monthly

9.26%

Monthly

N/A

11/18/26

MXN

20,983

28,315

—

28,315

1-day

SOFR

Annual

4.07%

Annual

N/A

01/14/27

USD

2,905

12,007

—

12,007

6-mo.

BUBOR

Semi-Annual

6.50%

Annual

N/A

03/19/27

HUF

13,529

1,410

—

1,410

7.25%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

03/19/27

ZAR

1,149

(

454

)

—

(

454

)

5.13%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

03/19/27

PLN

239

(

2,571

)

—

(

2,571

)

5.14%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

03/19/27

PLN

398

(

4,312

)

—

(

4,312

)

1-day

MIBOR

Semi-Annual

6.34%

Semi-Annual

N/A

03/20/27

INR

15,554

2,299

—

2,299

3.88%

Annual

1-day

SOFR

Annual

N/A

03/20/27

USD

(

213

)

(

220

)

1-day

SOFR

Annual

4.73%

Annual

N/A

04/26/27

USD

10,332

212,006

2,939

209,067

1-day

SOFR

Annual

4.10%

Annual

N/A

05/30/27

USD

2,318

21,610

—

21,610

1-day

SOFR

Annual

4.15%

Annual

N/A

05/30/27

USD

2,318

23,859

—

23,859

6-mo.

BUBOR

Semi-Annual

5.68%

Annual

N/A

09/17/27

HUF

13,407

(

420

)

—

(

420

)

6-mo.

BUBOR

Semi-Annual

5.76%

Annual

N/A

09/17/27

HUF

24,000

(

645

)

—

(

645

)

6.99%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

09/17/27

ZAR

410

(

122

)

—

(

122

)

3.97%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

09/17/27

PLN

227

142

—

142

1-day

SOFR

Annual

4.20%

Annual

10/23/25

(a)

10/23/27

USD

767

12,344

—

12,344

1-day

SOFR

Annual

4.00%

Annual

01/26/26

(a)

01/26/28

USD

1,832

25,511

—

25,511

3.45%

Annual

1-day

SOFR

Annual

01/26/26

(a)

01/26/28

USD

1,832

(

6,308

)

—

(

6,308

)

3.27%

Annual

1-day

SOFR

Annual

02/05/26

(a)

02/05/28

USD

1,845

(

434

)

—

(

434

)

1-day

SONIA

Termination

3.18%

Termination

02/10/27

(a)

02/10/28

GBP

6,479

(

41,522

)

—

(

41,522

)

1-day

SONIA

Annual

4.86%

Annual

N/A

06/20/28

GBP

490

19,632

—

19,632

1-day

SOFR

Annual

3.50%

Annual

N/A

08/20/28

USD

2,094

6,720

—

6,720

3-mo.

CD_KSDA

Quarterly

2.40%

Quarterly

N/A

09/17/28

KRW

193,173

(

506

)

—

(

506

)

3-mo.

CD_KSDA

Quarterly

2.40%

Quarterly

N/A

09/17/28

KRW

152,896

(

412

)

—

(

412

)

1-day

MIBOR

Semi-Annual

5.54%

Semi-Annual

N/A

09/17/28

INR

12,751

(

)

—

(

)

1-day

SONIA

Annual

4.12%

Annual

N/A

11/17/28

GBP

463

4,545

—

4,545

1-day

SONIA

Annual

4.12%

Annual

N/A

11/21/28

GBP

464

4,621

—

4,621

1-day

BZDIOVER

Termination

13.01%

Termination

N/A

01/02/29

BRL

351

(

303

)

—

(

303

)

1-day

BZDIOVER

Termination

13.14%

Termination

N/A

01/02/29

BRL

173

(

)

—

(

)

6-mo.

EURIBOR

Semi-Annual

3.00%

Annual

N/A

03/05/29

EUR

1,180

54,861

—

54,861

1-day

MIBOR

Semi-Annual

6.26%

Semi-Annual

N/A

03/20/29

INR

4,813

1,121

—

1,121

1-day

MIBOR

Semi-Annual

6.30%

Semi-Annual

N/A

03/20/29

INR

5,883

1,448

—

1,448

1-day

SOFR

Annual

4.50%

Annual

N/A

04/26/29

USD

13,424

526,174

10,754

515,420

6-mo.

EURIBOR

Semi-Annual

2.90%

Annual

N/A

04/30/29

EUR

1,358

38,581

—

38,581

1-day

SOFR

Annual

4.00%

Annual

N/A

05/06/29

USD

1,931

39,474

—

39,474

6-mo.

EURIBOR

Semi-Annual

2.87%

Annual

N/A

06/11/29

EUR

985

26,483

—

26,483

1-day

SOFR

Annual

3.66%

Annual

N/A

10/10/29

USD

959

3,056

—

3,056

1-day

MXIBTIIE

Monthly

9.04%

Monthly

N/A

11/14/29

MXN

6,646

23,707

—

23,707

8.97%

Monthly

1-day

MXIBTIIE

Monthly

N/A

12/14/29

MXN

623

(

2,154

)

—

(

2,154

)

1-day

SONIA

Annual

4.00%

Annual

N/A

01/16/30

GBP

1,099

7,030

—

7,030

1-day

SOFR

Annual

4.00%

Annual

N/A

01/23/30

USD

1,099

24,804

—

24,804

6-mo.

EURIBOR

Semi-Annual

2.42%

Annual

N/A

01/31/30

EUR

465

458

6-mo.

EURIBOR

Semi-Annual

2.63%

Annual

N/A

01/31/30

EUR

575

550

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

the

Fund

Received

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

6-mo.

EURIBOR

Semi-Annual

2.43%

Annual

N/A

02/03/30

EUR

958

107

851

8.65%

Monthly

1-day

MXIBTIIE

Monthly

N/A

02/07/30

MXN

687

(

1,980

)

—

(

1,980

)

1-day

SOFR

Annual

3.23%

Annual

N/A

02/19/30

USD

1,074

(

14,031

)

—

(

14,031

)

1-day

SOFR

Annual

3.90%

Annual

N/A

02/24/30

USD

935

17,443

—

17,443

6-mo.

PRIBOR

Semi-Annual

3.46%

Annual

N/A

03/19/30

CZK

1,268

(

)

—

(

)

6-mo.

WIBOR

Semi-Annual

4.94%

Annual

N/A

03/19/30

PLN

155

2,465

—

2,465

6-mo.

BUBOR

Semi-Annual

6.55%

Annual

N/A

03/19/30

HUF

5,425

725

—

725

7.94%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

03/19/30

ZAR

2,197

(

5,001

)

—

(

5,001

)

7.73%

Monthly

1-day

MXIBTIIE

Monthly

N/A

05/06/30

MXN

245

(

239

)

—

(

239

)

6-mo.

EURIBOR

Semi-Annual

2.20%

Annual

N/A

06/04/30

EUR

276

(

2,166

)

—

(

2,166

)

1-day

MXIBTIIE

Monthly

7.82%

Monthly

N/A

06/07/30

MXN

513

608

—

608

6-mo.

PRIBOR

Semi-Annual

3.56%

Annual

N/A

06/18/30

CZK

323

(

234

)

—

(

234

)

6-mo.

PRIBOR

Semi-Annual

3.66%

Annual

N/A

06/18/30

CZK

502

(

250

)

(

305

)

1-day

MXIBTIIE

Monthly

7.72%

Monthly

N/A

06/24/30

MXN

360

345

—

345

1-day

MXIBTIIE

Monthly

7.69%

Monthly

N/A

07/30/30

MXN

1,926

1,699

—

1,699

1-week

CNREPOFIX_

CFXS

Quarterly

1.45%

Quarterly

N/A

09/17/30

CNY

614

(

843

)

—

(

843

)

6-mo.

PRIBOR

Semi-Annual

3.41%

Annual

N/A

09/17/30

CZK

748

(

841

)

—

(

841

)

6-mo.

PRIBOR

Semi-Annual

3.55%

Annual

N/A

09/17/30

CZK

1,028

(

828

)

—

(

828

)

6-mo.

WIBOR

Semi-Annual

4.04%

Annual

N/A

09/17/30

PLN

128

(

178

)

—

(

178

)

6-mo.

BUBOR

Semi-Annual

5.96%

Annual

N/A

09/17/30

HUF

1,938

(

)

—

(

)

7.60%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

09/17/30

ZAR

785

(

1,129

)

—

(

1,129

)

4.08%

Annual

6-mo.

WIBOR

Semi-Annual

12/17/25

(a)

12/17/30

PLN

—

4.08%

Annual

6-mo.

WIBOR

Semi-Annual

12/17/25

(a)

12/17/30

PLN

—

4.10%

Annual

6-mo.

WIBOR

Semi-Annual

12/17/25

(a)

12/17/30

PLN

—

0.02%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

08/26/31

EUR

762

120,592

—

120,592

1-day

ESTR

Annual

2.34%

Annual

01/19/28

(a)

01/19/33

EUR

576

(

5,445

)

—

(

5,445

)

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

N/A

09/20/33

ZAR

1,080

8,651

—

8,651

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

N/A

09/20/33

ZAR

2,161

17,294

—

17,294

3-mo.

JIBAR

Quarterly

9.92%

Quarterly

N/A

09/20/33

ZAR

1,080

8,733

—

8,733

1-day

MIBOR

Semi-Annual

6.34%

Semi-Annual

N/A

03/20/34

INR

1,978

635

—

635

1-day

MIBOR

Semi-Annual

6.35%

Semi-Annual

N/A

03/20/34

INR

1,978

649

—

649

1-day

SOFR

Annual

4.35%

Annual

N/A

04/26/34

USD

10,109

575,746

16,038

559,708

1-day

SOFR

Annual

3.66%

Annual

N/A

10/10/34

USD

646

(

2,634

)

—

(

2,634

)

1-day

SOFR

Annual

3.67%

Annual

N/A

12/26/34

USD

1,129

(

1,847

)

—

(

1,847

)

1-day

SOFR

Annual

3.70%

Annual

N/A

01/06/35

USD

885

949

—

949

1-day

SOFR

Annual

3.75%

Annual

N/A

03/27/35

USD

875

5,396

—

5,396

1-day

SOFR

Annual

3.75%

Annual

N/A

07/09/35

USD

472

3,339

—

3,339

1-day

THOR

Quarterly

1.35%

Quarterly

N/A

09/17/35

THB

574

(

172

)

—

(

172

)

1-day

THOR

Quarterly

1.38%

Quarterly

N/A

09/17/35

THB

574

(

130

)

—

(

130

)

1-day

THOR

Quarterly

1.61%

Quarterly

N/A

09/17/35

THB

289

129

—

129

3.46%

Annual

1-day

SOFR

Annual

12/15/26

(a)

12/15/36

USD

374

8,541

—

8,541

4.25%

Annual

1-day

SOFR

Annual

N/A

09/29/43

USD

118

(

4,345

)

(

4,416

)

3.65%

Annual

1-day

SOFR

Annual

N/A

11/03/53

USD

397

23,077

—

23,077

1-day

TONAR

Annual

1.45%

Annual

N/A

03/06/54

JPY

22,475

(

30,869

)

—

(

30,869

)

1-day

TONAR

Annual

1.45%

Annual

N/A

03/11/54

JPY

22,475

(

30,841

)

—

(

30,841

)

1-day

SOFR

Annual

4.07%

Annual

N/A

04/26/54

USD

396

8,141

1,625

6,516

3.65%

Annual

1-day

SOFR

Annual

N/A

11/02/54

USD

3,526

202,870

979

201,891

1-day

SONIA

Annual

4.10%

Annual

N/A

11/07/54

GBP

350

(

42,617

)

1,600

(

44,217

)

2,012,165

35,205

1,976,960

(a)

Forward

swap.

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

Centrally

Cleared

Inflation

Swap

Paid

the

Fund

Received

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Harmonised

Index

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

Termination

2.69%

Termination

08/15/32

EUR

110

4,536

—

4,536

OTC

Credit

Default

Swap

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Hertz

Corp.

(The)

..........

.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

USD

(

)

(

)

Community

Health

Systems,

Inc.

.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

(

)

168

(

174

)

BorgWarner,

Inc.

..........

.00

Quarterly

BNP

Paribas

12/20/27

USD

(

167

)

(

229

)

Pitney

Bowes,

Inc.

.........

.00

Quarterly

Bank

America

12/20/27

USD

1,186

(

1,172

)

Pitney

Bowes,

Inc.

.........

.00

Quarterly

Barclays

Bank

plc

12/20/27

USD

1,155

(

1,141

)

Xerox

Corp.

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

.00

Quarterly

JPMorgan

Chase

Bank

12/20/27

USD

3,374

520

2,854

Simon

Property

Group

....

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

USD

(

542

)

375

(

917

)

UBS

Group

...........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

EUR

(

919

)

744

(

1,663

)

Boeing

Co.

(The)

..........

.00

Quarterly

Deutsche

Bank

12/20/28

USD

100

(

1,696

)

(

315

)

(

1,381

)

Boeing

Co.

(The)

..........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/29

USD

100

(

1,785

)

893

(

2,678

)

DXC

Technology

Co.

.......

.00

Quarterly

JPMorgan

Chase

Bank

06/20/29

USD

(

1,450

)

(

944

)

(

506

)

DXC

Technology

Co.

.......

.00

Quarterly

JPMorgan

Chase

Bank

06/20/29

USD

(

725

)

(

417

)

(

308

)

Deutsche

Bank

.........

.00

Quarterly

BNP

Paribas

12/20/29

EUR

(

545

)

(

192

)

(

353

)

Intesa

Sanpaolo

SpA

.......

.00

Quarterly

JPMorgan

Chase

Bank

12/20/29

EUR

(

431

)

—

(

431

)

Telecom

Italia

SpA

.........

.00

Quarterly

Goldman

Sachs

International

12/20/29

EUR

(

)

623

(

636

)

Ally

Financial,

Inc.

.........

.00

Quarterly

Goldman

Sachs

International

06/20/30

USD

(

3,184

)

(

2,756

)

(

428

)

Intesa

Sanpaolo

SpA

.......

.00

Quarterly

BNP

Paribas

06/20/30

EUR

(

1,324

)

(

763

)

(

561

)

Occidental

Petroleum

Corp.

...

.00

Quarterly

Deutsche

Bank

06/20/30

USD

(

223

)

(

)

(

173

)

Simon

Property

Group

....

.00

Quarterly

BNP

Paribas

06/20/30

USD

(

207

)

(

)

(

157

)

Republic

Panama

........

.00

Quarterly

JPMorgan

Chase

Bank

12/20/30

USD

104

(

)

Southwest

Airlines

Co.

......

.00

Quarterly

Goldman

Sachs

International

12/20/30

USD

208

—

–

(

9,521

)

627

(

10,148

)

–

OTC

Credit

Default

Swap

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Europe

Finance

.00

Quarterly

Deutsche

Bank

12/20/28

BB-

EUR

1,786

1,784

Eutelsat

..........

.00

Quarterly

Deutsche

Bank

12/20/29

EUR

1,423

(

909

)

2,332

Forvia

...........

.00

Quarterly

Goldman

Sachs

International

12/20/29

BB-

EUR

1,007

485

522

Hannover

Rueck

....

.00

Quarterly

BNP

Paribas

12/20/29

EUR

299

206

iTraxx

Europe

Crossover

Index

Series

42.V2

.00

Quarterly

BNP

Paribas

12/20/29

BB-

EUR

11,651

7,898

3,753

iTraxx

Europe

Crossover

Index

Series

42.V3

.00

Quarterly

BNP

Paribas

12/20/29

BB-

EUR

3,407

2,953

454

iTraxx

Europe

Crossover

Index

Series

42.V3

.00

Quarterly

BNP

Paribas

12/20/29

BB-

EUR

3,407

3,502

(

)

Muenchener

Rueckversicherungs-

Gesellschaft

....

.00

Quarterly

BNP

Paribas

12/20/29

A+

EUR

306

209

Swedbank

........

.00

Quarterly

JPMorgan

Chase

Bank

12/20/29

EUR

300

(

)

386

AXA

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

.00

Quarterly

BNP

Paribas

06/20/30

A+

EUR

1,189

744

445

Eutelsat

..........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/30

EUR

1,753

396

1,357

Eutelsat

..........

.00

Quarterly

BNP

Paribas

12/20/30

EUR

3,115

3,103

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

OTC

Credit

Default

Swaps

—

Sell

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Received

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Vistra

Operations

Co.

LLC

.00

Quarterly

JPMorgan

Chase

Bank

12/20/30

BB+

USD

954

—

Vistra

Operations

Co.

LLC

.00

Quarterly

JPMorgan

Chase

Bank

12/20/30

BB+

USD

954

—

31,551

21,968

9,583

(a)

Using

the

rating

the

issuer

the

underlying

securities

the

index,

applicable,

provided

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

OTC

Interest

Rate

Swaps

Paid

the

Fund

Received

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

14.18%

Termination

1-day

BZDIOVER

Termination

Barclays

Bank

plc

01/02/26

BRL

370

(

)

—

(

)

14.79%

Termination

1-day

BZDIOVER

Termination

Barclays

Bank

plc

01/02/26

BRL

132

—

8.07%

Termination

1-day

IBR

Termination

Barclays

Bank

plc

09/17/26

COP

7,397

—

7.25%

Quarterly

1-day

IBR

Quarterly

Barclays

Bank

plc

09/25/26

COP

20,705

—

1-day

BZDIOVER

Termination

10.00%

Termination

Bank

America

01/04/27

BRL

1,081

(

22,193

)

—

(

22,193

)

1-day

BZDIOVER

Termination

10.07%

Termination

BNP

Paribas

01/04/27

BRL

677

(

13,956

)

—

(

13,956

)

1-day

BZDIOVER

Termination

10.16%

Termination

Bank

America

01/04/27

BRL

1,370

(

27,472

)

—

(

27,472

)

1-day

BZDIOVER

Termination

10.16%

Termination

BNP

Paribas

01/04/27

BRL

(

147

)

—

(

147

)

1-day

BZDIOVER

Termination

10.16%

Termination

BNP

Paribas

01/04/27

BRL

1,314

(

26,335

)

—

(

26,335

)

1-day

BZDIOVER

Termination

9.79%

Termination

BNP

Paribas

01/04/27

BRL

298

(

5,582

)

—

(

5,582

)

1-day

BZDIOVER

Termination

12.95%

Termination

Bank

America

01/02/29

BRL

591

(

1,238

)

—

(

1,238

)

1-day

BZDIOVER

Termination

13.00%

Termination

Bank

America

01/02/29

BRL

688

(

1,208

)

—

(

1,208

)

1-day

BZDIOVER

Termination

13.00%

Termination

Barclays

Bank

plc

01/02/29

BRL

1,058

(

1,859

)

—

(

1,859

)

1-day

BZDIOVER

Termination

13.12%

Termination

Bank

America

01/02/29

BRL

2,763

(

2,897

)

—

(

2,897

)

1-day

BZDIOVER

Termination

13.33%

Termination

Barclays

Bank

plc

01/02/29

BRL

(

)

—

(

)

1-day

BZDIOVER

Termination

13.34%

Termination

Barclays

Bank

plc

01/02/29

BRL

266

—

1-day

BZDIOVER

Termination

14.03%

Termination

Barclays

Bank

plc

01/02/29

BRL

153

843

—

843

8.64%

Quarterly

1-day

IBR

Quarterly

Morgan

Stanley

Co.

International

plc

04/04/30

COP

269,522

—

8.23%

Quarterly

1-day

IBR

Quarterly

Barclays

Bank

plc

09/17/30

COP

172,073

839

—

839

1-day

BZDIOVER

Termination

13.04%

Termination

Barclays

Bank

plc

01/02/31

BRL

173

(

508

)

—

(

508

)

(

101,544

)

—

(

101,544

)

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

OTC

Total

Return

Swaps

Paid

the

Fund

Received

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.00%

...........

Quarterly

Citi

Equity

Volatility

Carry

Index

Quarterly

Citibank

12/19/25

USD

—

0.00%

...........

Quarterly

Variable

Notional

Long-

Short

Cross-

Currency

Carry

Index

Quarterly

Deutsche

Bank

12/19/25

USD

—

0.00%

...........

Quarterly

Goldman

Sachs

Systematic

Skew

Series

I1D

Excess

Return

Index

Quarterly

Goldman

Sachs

International

12/19/25

USD

—

0.00%

...........

Quarterly

Goldman

Sachs

Weekly

Volatility

Carry

Index

Quarterly

Goldman

Sachs

International

12/19/25

USD

—

0.00%

...........

Quarterly

J.P.

Morgan

Volatility

Carry

Index

Quarterly

JPMorgan

Chase

Bank

12/19/25

USD

—

1-day

SOFR

minus

0.10%

.........

Termination

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

Termination

Goldman

Sachs

International

12/19/25

USD

(

327

)

—

(

327

)

1-day

SOFR

minus

0.15%

.........

Termination

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

Termination

JPMorgan

Chase

Bank

12/19/25

USD

822

—

822

1-day

SOFR

minus

0.20%

.........

Termination

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

Termination

JPMorgan

Chase

Bank

12/19/25

USD

(

571

)

—

(

571

)

1-day

SOFR

minus

0.25%

.........

Termination

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

Termination

BNP

Paribas

12/19/25

USD

(

717

)

—

(

717

)

1-day

SOFR

plus

0.20%

Termination

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

Termination

JPMorgan

Chase

Bank

12/19/25

USD

(

272

)

—

(

272

)

1-day

SOFR

plus

0.25%

Termination

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

Termination

BNP

Paribas

12/19/25

USD

(

)

—

(

)

iShares

iBoxx

Investment

Grade

Corporate

Bond

ETF

Termination

1-day

SOFR

minus

0.50%

Termination

JPMorgan

Chase

Bank

12/19/25

USD

1,191

—

1,191

iShares

iBoxx

Investment

Grade

Corporate

Bond

ETF

Termination

1-day

SOFR

minus

0.69%

Termination

Goldman

Sachs

International

12/19/25

USD

1,944

—

1,944

2,137

—

2,137

Equity

Swap

Contracts

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depreciation)

Long

contracts

(a)

Adyen

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

JPMorgan

Chase

Bank

USD

135,561

02/11/26

0.26%

OBFR01

Monthly

(

2,007

)

AMC

Networks,

Inc.

..........

Barclays

Bank

plc

5,374

08/23/26

0.20%

OBFR01

Monthly

246

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

Equity

Swap

Contracts

(continued)

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depreciation)

AMC

Networks,

Inc.

..........

JPMorgan

Chase

Bank

USD

26,633

02/09/26

0.20%

OBFR01

Monthly

1,111

Cirsa

Enterprises

.........

JPMorgan

Chase

Bank

13,720

02/10/26

0.26%

ESTR

Monthly

Derayah

Financial

Co.

........

JPMorgan

Chase

Bank

5,113

02/11/26

0.75%

OBFR01

Monthly

1,200

Eagle

Bancorp,

Inc.

..........

JPMorgan

Chase

Bank

5,190

02/09/26

0.20%

OBFR01

Monthly

108

Emirates

Integrated

Telecommunications

Co.

PJSC

JPMorgan

Chase

Bank

19,742

02/11/26

0.75%

OBFR01

Monthly

(

)

Flagstar

Financial,

Inc.

........

JPMorgan

Chase

Bank

37,236

02/09/26

0.20%

OBFR01

Monthly

(

3,845

)

flynas

Co.

SJSC

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

JPMorgan

Chase

Bank

10,555

02/11/26

0.75%

OBFR01

Monthly

258

Iberdrola

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

JPMorgan

Chase

Bank

31,317

02/11/26

0.26%

OBFR01

Monthly

863

Rasan

Information

Technology

Co.

JPMorgan

Chase

Bank

8,111

02/11/26

0.75%

OBFR01

Monthly

656

SMG

Swiss

Marketplace

Group

JPMorgan

Chase

Bank

1,504

02/11/26

0.26%

OBFR01

Monthly

(

)

Total

long

positions

equity

swaps

(

1,443

)

Short

contracts

(b)

ABN

AMRO

Bank

NV,

CVA

.....

Citibank

(

23,731

)

02/26/26

(0.26)%

OBFR01

Monthly

(

553

)

Accelerant

Holdings

..........

Citibank

(

6,617

)

02/24/28

(0.15)%

OBFR01

Monthly

482

Alexandria

Real

Estate

Equities,

Inc.

Citibank

(

57,203

)

02/24/28

(0.15)%

OBFR01

Monthly

1,699

Alfa

SAB

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

Citibank

(

3,994

)

02/24/28

(0.86)%

OBFR01

Monthly

(

)

Alfa

SAB

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

JPMorgan

Chase

Bank

(

10,235

)

02/10/26

(0.50)%

OBFR01

Monthly

(

599

)

Align

Technology,

Inc.

.........

Citibank

(

34,615

)

02/24/28

(0.15)%

OBFR01

Monthly

1,306

Alstom

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

Citibank

(

37,296

)

02/26/26

(0.26)%

OBFR01

Monthly

(

1,352

)

Amcor

plc

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

Citibank

(

72,022

)

02/24/28

(0.15)%

OBFR01

Monthly

103

Atlantic

Union

Bankshares

Corp.

JPMorgan

Chase

Bank

(

4,260

)

02/09/26

(0.15)%

OBFR01

Monthly

Axon

Enterprise,

Inc.

.........

Citibank

(

50,782

)

02/24/28

(0.15)%

OBFR01

Monthly

3,418

Bachem

Holding

..........

JPMorgan

Chase

Bank

(

6,059

)

02/11/26

(0.26)%

OBFR01

Monthly

402

Bank

Montreal

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

Citibank

(

136,444

)

02/24/28

(0.20)%

OBFR01

Monthly

(

641

)

Barratt

Redrow

plc

...........

Citibank

(

57,987

)

02/26/26

(0.25)%

OBFR01

Monthly

(

3,011

)

Barry

Callebaut

(Registered)

JPMorgan

Chase

Bank

(

51,244

)

02/11/26

(0.51)%

OBFR01

Monthly

1,664

BASF

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

Citibank

(

91,088

)

02/26/26

(0.26)%

OBFR01

Monthly

(

546

)

Baxter

International,

Inc.

.......

Citibank

(

82,306

)

02/24/28

(0.15)%

OBFR01

Monthly

(

)

Semiconductor

Industries

Citibank

(

53,198

)

02/26/26

(0.26)%

OBFR01

Monthly

(

1,903

)

Beijer

Ref

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

Citibank

(

2,863

)

02/26/26

(0.26)%

OBFR01

Monthly

143

Beijer

Ref

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

JPMorgan

Chase

Bank

(

14,109

)

02/11/26

(0.26)%

OBFR01

Monthly

1,588

BeOne

Medicines

Ltd.

........

Citibank

(

41,572

)

02/25/26

(0.05)%

OBFR01

Monthly

(

1,121

)

Block,

Inc.

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

Citibank

(

118,087

)

02/24/28

(0.15)%

OBFR01

Monthly

7,513

Brandywine

Realty

Trust

.......

JPMorgan

Chase

Bank

(

181

)

02/09/26

(0.15)%

OBFR01

Monthly

Brookfield

Asset

Management

Ltd.

Citibank

(

104,995

)

02/24/28

(0.20)%

OBFR01

Monthly

7,852

Brown-Forman

Corp.

.........

Citibank

(

36,624

)

02/24/28

(0.15)%

OBFR01

Monthly

(

286

)

Builders

FirstSource,

Inc.

......

Citibank

(

36,522

)

02/24/28

(0.15)%

OBFR01

Monthly

147

Bullish

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

Barclays

Bank

plc

(

31,850

)

08/23/26

(1.75)%

OBFR01

Monthly

2,526

Robinson

Worldwide,

Inc.

...

Citibank

(

136,789

)

02/24/28

(0.15)%

OBFR01

Monthly

1,608

Chailease

Holding

Co.

Ltd.

.....

Citibank

(

26,626

)

02/25/26

(0.35)%

OBFR01

Monthly

1,830

China

Construction

Bank

Corp.

Citibank

(

55,612

)

02/25/26

(0.05)%

OBFR01

Monthly

(

)

China

Railway

Group

Ltd.

......

Citibank

(

19,893

)

02/25/26

(0.19)%

OBFR01

Monthly

(

800

)

China

Resources

Power

Holdings

Co.

Ltd.

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

Citibank

(

57,437

)

02/25/26

(0.30)%

OBFR01

Monthly

330

Clariant

(Registered)

.......

Citibank

(

10,209

)

02/26/26

(0.26)%

OBFR01

Monthly

Community

Financial

System,

Inc.

JPMorgan

Chase

Bank

(

6,686

)

02/09/26

(0.15)%

OBFR01

Monthly

177

Continental

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

Citibank

(

21,410

)

02/26/26

(0.26)%

OBFR01

Monthly

(

)

Convatec

Group

plc

..........

Citibank

(

24,706

)

02/26/26

(0.25)%

OBFR01

Monthly

Cosan

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

Citibank

(

4,149

)

02/24/28

(1.82)%

OBFR01

Monthly

(

)

Cosan

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

JPMorgan

Chase

Bank

(

5,510

)

02/10/26

(0.40)%

OBFR01

Monthly

853

CoStar

Group,

Inc.

...........

Citibank

(

48,593

)

02/24/28

(0.15)%

OBFR01

Monthly

1,093

CRRC

Corp.

Ltd.

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

Citibank

(

23,436

)

02/25/26

(0.30)%

OBFR01

Monthly

320

CVB

Financial

Corp.

..........

JPMorgan

Chase

Bank

(

5,818

)

02/09/26

(0.15)%

OBFR01

Monthly

372

Davide

Campari-Milano

.....

Citibank

(

40,343

)

02/26/26

(0.27)%

OBFR01

Monthly

1,592

Dentsu

Group,

Inc.

...........

Citibank

(

40,423

)

02/26/26

(0.10)%

OBFR01

Monthly

1,130

DiaSorin

SpA

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

Citibank

(

15,462

)

02/26/26

(0.26)%

OBFR01

Monthly

537

Disco

Corp.

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

Citibank

(

32,187

)

02/26/26

(0.10)%

OBFR01

Monthly

833

DMG

Mori

Co.

Ltd.

...........

Citibank

(

40,970

)

02/26/26

(0.18)%

OBFR01

Monthly

(

)

Dollar

Tree,

Inc.

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

Citibank

(

6,519

)

02/24/28

(0.15)%

OBFR01

Monthly

Dow,

Inc.

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

Citibank

(

15,640

)

02/24/28

(0.15)%

OBFR01

Monthly

162

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

Equity

Swap

Contracts

(continued)

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depreciation)

Elevance

Health,

Inc.

.........

Citibank

USD

(

45,140

)

02/24/28

(0.15)%

OBFR01

Monthly

(

743

)

Enphase

Energy,

Inc.

.........

JPMorgan

Chase

Bank

(

582

)

02/09/26

(0.15)%

OBFR01

Monthly

Entain

plc

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

Citibank

(

10,602

)

02/26/26

(0.25)%

OBFR01

Monthly

(

176

)

Expand

Energy

Corp.

.........

Citibank

(

168,930

)

02/24/28

(0.15)%

OBFR01

Monthly

(

13,485

)

FedEx

Corp.

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

Citibank

(

63,283

)

02/24/28

(0.15)%

OBFR01

Monthly

(

1,565

)

First

Solar,

Inc.

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

Citibank

(

56,115

)

02/24/28

(0.15)%

OBFR01

Monthly

(

341

)

Food

Life

Cos.

Ltd.

.........

Citibank

(

66,245

)

02/26/26

(0.14)%

OBFR01

Monthly

3,598

Formosa

Chemicals

Fibre

Corp.

Citibank

(

14,435

)

02/25/26

(0.66)%

OBFR01

Monthly

(

253

)

Formosa

Chemicals

Fibre

Corp.

JPMorgan

Chase

Bank

(

941

)

02/23/26

(0.35)%

OBFR01

Monthly

(

)

Formosa

Plastics

Corp.

........

Citibank

(

21,728

)

02/25/26

(2.30)%

OBFR01

Monthly

178

Fujitsu

Ltd.

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

Citibank

(

87,060

)

02/26/26

(0.14)%

OBFR01

Monthly

4,956

Genuine

Parts

Co.

...........

Citibank

(

57,700

)

02/24/28

(0.15)%

OBFR01

Monthly

(

235

)

Georg

Fischer

(Registered)

Citibank

(

16,728

)

02/26/26

(0.26)%

OBFR01

Monthly

(

168

)

Georg

Fischer

(Registered)

JPMorgan

Chase

Bank

(

9,062

)

02/11/26

(0.26)%

OBFR01

Monthly

417

Grifols

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

Citibank

(

33,733

)

02/26/26

(0.26)%

OBFR01

Monthly

(

1,296

)

Halliburton

Co.

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

Citibank

(

27,222

)

02/24/28

(0.15)%

OBFR01

Monthly

(

2,396

)

Hapvida

Participacoes

Investimentos

..........

Citibank

(

12,782

)

02/24/28

(0.30)%

OBFR01

Monthly

509

Harmonic

Drive

Systems,

Inc.

...

Citibank

(

26,991

)

02/26/26

(0.12)%

OBFR01

Monthly

3,771

HUTCHMED

China

Ltd.

.......

Citibank

(

3,403

)

02/25/26

(0.65)%

OBFR01

Monthly

171

HUTCHMED

China

Ltd.

.......

JPMorgan

Chase

Bank

(

3,253

)

02/10/26

(0.30)%

OBFR01

Monthly

Ibiden

Co.

Ltd.

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

Citibank

(

12,189

)

02/26/26

(0.10)%

OBFR01

Monthly

IHI

Corp.

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

Citibank

(

32,703

)

02/26/26

(0.10)%

OBFR01

Monthly

(

6,408

)

Iluka

Resources

Ltd.

..........

JPMorgan

Chase

Bank

(

22,749

)

02/10/26

(0.25)%

OBFR01

Monthly

(

120

)

IMCD

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

Citibank

(

25,043

)

02/26/26

(0.26)%

OBFR01

Monthly

997

Innolux

Corp.

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

Citibank

(

36,241

)

02/25/26

(0.35)%

OBFR01

Monthly

(

752

)

International

Paper

Co.

........

Citibank

(

204,763

)

02/24/28

(0.15)%

OBFR01

Monthly

(

1,068

)

International

Paper

Co.

........

JPMorgan

Chase

Bank

(

38,934

)

02/11/26

(0.50)%

OBFR01

Monthly

1,082

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

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

Citibank

(

139,708

)

02/24/28

(0.38)%

OBFR01

Monthly

223

iShares

iBoxx

Investment

Grade

Corporate

Bond

ETF

.......

JPMorgan

Chase

Bank

(

185,859

)

02/09/26

(0.59)%

OBFR01

Monthly

150

Japan

Steel

Works

Ltd.

(The)

....

Citibank

(

40,259

)

02/26/26

(0.14)%

OBFR01

Monthly

(

2,206

)

Health

International,

Inc.

.....

Citibank

(

48,250

)

02/25/26

(0.30)%

OBFR01

Monthly

992

Sports

Fashion

plc

.........

Citibank

(

35,427

)

02/26/26

(0.25)%

OBFR01

Monthly

(

3,345

)

Sports

Fashion

plc

.........

JPMorgan

Chase

Bank

(

4,197

)

02/11/26

(0.25)%

OBFR01

Monthly

JFE

Holdings,

Inc.

...........

Citibank

(

15,257

)

02/26/26

(0.10)%

OBFR01

Monthly

532

Kadokawa

Corp.

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

Citibank

(

28,869

)

02/26/26

(0.12)%

OBFR01

Monthly

(

384

)

Kering

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

Citibank

(

140,381

)

02/26/26

0.00%

OBFR01

Monthly

(

10,414

)

KeyCorp

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

Citibank

(

64,401

)

02/24/28

(0.15)%

OBFR01

Monthly

107

Kobayashi

Pharmaceutical

Co.

Ltd.

Citibank

(

14,646

)

02/26/26

(0.10)%

OBFR01

Monthly

140

Kuaishou

Technology

.........

Citibank

(

42,857

)

02/25/26

(0.14)%

OBFR01

Monthly

(

5,814

)

Lamb

Weston

Holdings,

Inc.

....

Citibank

(

11,240

)

02/24/28

(0.15)%

OBFR01

Monthly

(

550

)

Lamb

Weston

Holdings,

Inc.

....

JPMorgan

Chase

Bank

(

4,433

)

02/09/26

(0.15)%

OBFR01

Monthly

(

)

Energy

Solution

Ltd.

.......

Citibank

(

18,043

)

02/25/26

(8.50)%

OBFR01

Monthly

177

Auto,

Inc.

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

Citibank

(

92,277

)

02/25/26

(0.24)%

OBFR01

Monthly

Lululemon

Athletica,

Inc.

.......

Citibank

(

46,195

)

02/24/28

(0.15)%

OBFR01

Monthly

(

956

)

Lynas

Rare

Earths

Ltd.

........

JPMorgan

Chase

Bank

(

16,989

)

02/10/26

(0.25)%

OBFR01

Monthly

(

2,987

)

M3,

Inc.

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

Citibank

(

36,254

)

02/26/26

(0.10)%

OBFR01

Monthly

(

979

)

Marvell

Technology,

Inc.

.......

Citibank

(

35,398

)

02/24/28

(0.15)%

OBFR01

Monthly

(

2,097

)

MatsukiyoCocokara

Co.

......

Citibank

(

32,658

)

02/26/26

(0.25)%

OBFR01

Monthly

157

MBRF

Global

Foods

Co.

....

Citibank

(

5,081

)

02/24/28

(0.41)%

OBFR01

Monthly

386

MBRF

Global

Foods

Co.

....

JPMorgan

Chase

Bank

(

3,741

)

02/10/26

(12.00)%

OBFR01

Monthly

479

Meituan

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

Citibank

(

19,615

)

02/25/26

(0.05)%

OBFR01

Monthly

(

423

)

Mercari,

Inc.

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

Citibank

(

37,730

)

02/26/26

(0.10)%

OBFR01

Monthly

Mercari,

Inc.

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

JPMorgan

Chase

Bank

(

174

)

02/10/26

(0.25)%

OBFR01

Monthly

Mineral

Resources

Ltd.

........

JPMorgan

Chase

Bank

(

70,044

)

02/10/26

(0.25)%

OBFR01

Monthly

(

7,039

)

MMG

Ltd.

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

Citibank

(

42,379

)

02/25/26

(0.30)%

OBFR01

Monthly

(

6,123

)

Molina

Healthcare,

Inc.

........

Citibank

(

60,017

)

02/24/28

(0.15)%

OBFR01

Monthly

(

3,132

)

Molson

Coors

Beverage

Co.

....

Citibank

(

112,793

)

02/24/28

(0.15)%

OBFR01

Monthly

(

468

)

Natura

Cosmeticos

........

Citibank

(

4,505

)

02/24/28

(0.41)%

OBFR01

Monthly

(

)

Natura

Cosmeticos

........

JPMorgan

Chase

Bank

(

318

)

02/10/26

(5.05)%

OBFR01

Monthly

(

)

NEC

Corp.

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

Citibank

(

66,287

)

02/26/26

(0.12)%

OBFR01

Monthly

(

932

)

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

Equity

Swap

Contracts

(continued)

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depreciation)

Neste

OYJ

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

Citibank

USD

(

35,592

)

02/26/26

(0.26)%

OBFR01

Monthly

1,013

NEXTDC

Ltd.

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

JPMorgan

Chase

Bank

(

9,393

)

02/10/26

(0.25)%

OBFR01

Monthly

(

300

)

NIKE,

Inc.

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

Citibank

(

27,862

)

02/24/28

(0.15)%

OBFR01

Monthly

528

Nippon

Express

Holdings,

Inc.

...

Citibank

(

4,581

)

02/26/26

(0.15)%

OBFR01

Monthly

Norfolk

Southern

Corp.

........

Citibank

(

70,159

)

02/24/28

(0.15)%

OBFR01

Monthly

(

2,240

)

Northern

Star

Resources

Ltd.

....

JPMorgan

Chase

Bank

(

72,494

)

02/10/26

(0.25)%

OBFR01

Monthly

(

11,844

)

Norwegian

Cruise

Line

Holdings

Ltd.

Citibank

(

109,177

)

02/24/28

(0.15)%

OBFR01

Monthly

3,268

Novonesis

Novozymes

......

Citibank

(

60,712

)

02/26/26

(0.26)%

OBFR01

Monthly

(

1,386

)

Holdings

Ltd.

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

Citibank

(

55,890

)

02/24/28

(0.15)%

OBFR01

Monthly

960

Occidental

Petroleum

Corp.

.....

Citibank

(

32,032

)

02/24/28

(0.15)%

OBFR01

Monthly

(

1,043

)

Oji

Holdings

Corp.

...........

Citibank

(

16,776

)

02/26/26

(0.10)%

OBFR01

Monthly

362

Ono

Pharmaceutical

Co.

Ltd.

....

Citibank

(

39,462

)

02/26/26

(0.13)%

OBFR01

Monthly

ORLEN

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

Citibank

(

31,482

)

02/26/26

(0.50)%

OBFR01

Monthly

(

1,494

)

Packaging

Corp.

America

....

Citibank

(

75,356

)

02/24/28

(0.15)%

OBFR01

Monthly

(

1,791

)

Pernod

Ricard

...........

Citibank

(

71,048

)

02/26/26

(0.26)%

OBFR01

Monthly

2,625

Pool

Corp.

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

Citibank

(

56,493

)

02/24/28

(0.15)%

OBFR01

Monthly

370

POSCO

Future

Co.

Ltd.

......

Citibank

(

9,443

)

02/25/26

(11.00)%

OBFR01

Monthly

(

)

POSCO

Future

Co.

Ltd.

......

JPMorgan

Chase

Bank

(

11,937

)

02/10/26

(18.00)%

OBFR01

Monthly

(

866

)

Postal

Savings

Bank

China

Co.

Ltd.

...................

Citibank

(

62,518

)

02/25/26

(0.30)%

OBFR01

Monthly

869

Power

Corp.

Canada

.......

JPMorgan

Chase

Bank

(

7,694

)

02/09/26

(0.25)%

OBFR01

Monthly

(

268

)

PRIO

.................

Citibank

(

27,997

)

02/24/28

(0.30)%

OBFR01

Monthly

(

100

)

Provident

Financial

Services,

Inc.

JPMorgan

Chase

Bank

(

8,159

)

02/09/26

(0.15)%

OBFR01

Monthly

254

Puma

.................

Citibank

(

23,741

)

02/26/26

(0.26)%

OBFR01

Monthly

356

Quanta

Services,

Inc.

.........

Citibank

(

32,978

)

02/24/28

(0.15)%

OBFR01

Monthly

(

1,419

)

Rakuten

Group,

Inc.

..........

JPMorgan

Chase

Bank

(

550

)

02/10/26

(0.25)%

OBFR01

Monthly

(

)

Restaurant

Brands

International,

Inc.

Citibank

(

145,857

)

02/24/28

(0.20)%

OBFR01

Monthly

1,194

Revvity,

Inc.

...............

Citibank

(

41,523

)

02/24/28

(0.15)%

OBFR01

Monthly

(

812

)

Ryohin

Keikaku

Co.

Ltd.

.......

Citibank

(

42,326

)

02/26/26

(0.12)%

OBFR01

Monthly

542

Sandoz

Group

...........

Citibank

(

51,558

)

02/26/26

(0.26)%

OBFR01

Monthly

862

Sapporo

Holdings

Ltd.

........

JPMorgan

Chase

Bank

(

20,066

)

02/10/26

(0.25)%

OBFR01

Monthly

Sartorius

Stedim

Biotech

.......

JPMorgan

Chase

Bank

(

19,636

)

02/11/26

(0.26)%

OBFR01

Monthly

Sasol

Ltd.

.................

JPMorgan

Chase

Bank

(

38,765

)

02/11/26

(0.40)%

OBFR01

Monthly

5,025

SATS

Ltd.

.................

JPMorgan

Chase

Bank

(

11,512

)

02/10/26

(0.30)%

OBFR01

Monthly

(

324

)

SBI

Holdings,

Inc.

...........

Citibank

(

26,384

)

02/26/26

(0.15)%

OBFR01

Monthly

262

Seatrium

Ltd.

..............

Citibank

(

29,323

)

02/25/26

(1.11)%

OBFR01

Monthly

(

314

)

Seatrium

Ltd.

..............

JPMorgan

Chase

Bank

(

16,129

)

02/10/26

(1.13)%

OBFR01

Monthly

(

)

Sembcorp

Industries

Ltd.

......

Citibank

(

11,238

)

02/25/26

(0.30)%

OBFR01

Monthly

Sembcorp

Industries

Ltd.

......

JPMorgan

Chase

Bank

(

10,509

)

02/10/26

(0.30)%

OBFR01

Monthly

230

ServisFirst

Bancshares,

Inc.

....

JPMorgan

Chase

Bank

(

8,474

)

02/09/26

(0.15)%

OBFR01

Monthly

582

SGH

Ltd.

.................

JPMorgan

Chase

Bank

(

26,864

)

02/10/26

(0.25)%

OBFR01

Monthly

(

435

)

Sharp

Corp.

...............

Citibank

(

2,895

)

02/26/26

(1.24)%

OBFR01

Monthly

Sharp

Corp.

...............

JPMorgan

Chase

Bank

(

16,008

)

02/10/26

(0.64)%

OBFR01

Monthly

881

Sigma

Healthcare

Ltd.

........

JPMorgan

Chase

Bank

(

15,795

)

02/10/26

(0.25)%

OBFR01

Monthly

110

Smurfit

WestRock

plc

.........

Citibank

(

97,366

)

02/24/28

(0.15)%

OBFR01

Monthly

1,881

Solventum

Corp.

............

Citibank

(

17,260

)

02/24/28

(0.15)%

OBFR01

Monthly

178

Starbucks

Corp.

.............

Citibank

(

27,122

)

02/24/28

(0.15)%

OBFR01

Monthly

219

SUMCO

Corp.

..............

Citibank

(

30,947

)

02/26/26

(0.10)%

OBFR01

Monthly

112

Super

Micro

Computer,

Inc.

.....

Citibank

(

78,882

)

02/24/28

(0.15)%

OBFR01

Monthly

(

1,801

)

Swatch

Group

(The)

.......

Citibank

(

34,665

)

02/26/26

(0.26)%

OBFR01

Monthly

456

Swatch

Group

(The)

.......

JPMorgan

Chase

Bank

(

7,965

)

02/11/26

(0.26)%

OBFR01

Monthly

(

162

)

Synopsys,

Inc.

..............

Citibank

(

126,903

)

02/24/28

(0.15)%

OBFR01

Monthly

4,541

Target

Corp.

...............

Citibank

(

89,191

)

02/24/28

(0.15)%

OBFR01

Monthly

(

3,021

)

Teledyne

Technologies,

Inc.

.....

Citibank

(

79,534

)

02/24/28

(0.15)%

OBFR01

Monthly

(

2,512

)

Teleperformance

..........

Citibank

(

18,987

)

02/26/26

(0.26)%

OBFR01

Monthly

(

209

)

Temenos

(Registered)

......

Citibank

(

44,629

)

02/26/26

(0.26)%

OBFR01

Monthly

(

)

Toyota

Industries

Corp.

........

Citibank

(

33,767

)

02/26/26

(0.13)%

OBFR01

Monthly

Treasury

Wine

Estates

Ltd.

.....

JPMorgan

Chase

Bank

(

4,103

)

02/10/26

(0.25)%

OBFR01

Monthly

273

Truist

Financial

Corp.

.........

Citibank

(

17,521

)

02/24/28

(0.15)%

OBFR01

Monthly

(

127

)

Vanguard

Intermediate-Term

Corporate

Bond

ETF

.......

JPMorgan

Chase

Bank

(

111,751

)

02/09/26

(1.34)%

OBFR01

Monthly

Wise

plc

..................

Citibank

(

14,558

)

02/26/26

(0.25)%

OBFR01

Monthly

464

Xinyi

Glass

Holdings

Ltd.

......

Citibank

(

15,651

)

02/25/26

(0.74)%

OBFR01

Monthly

(

1,040

)

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

Level

—

Unadjusted

price

quotations

active

markets/exchanges

that

the

Fund

has

the

ability

access

for

identical

assets

liabilities;

Level

—

Inputs

other

than

quoted

prices

included

within

Level

that

are

observable

for

the

asset

liability,

either

directly

indirectly;

and

Level

—

Inputs

that

are

unobservable

and

significant

to the

entire

fair

value

measurement

for

the asset

liability (including

the

Valuation

Committee's

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds

that

may

not

have

secondary

market

and/

or may

have

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

its

most

recent

financial

statements.

Certain

investments

the

Fund

were

fair

valued

using

net

asset

value

("NAV")

practical

expedient

quoted

market

value

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

Equity

Swap

Contracts

(continued)

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depreciation)

Xinyi

Glass

Holdings

Ltd.

......

JPMorgan

Chase

Bank

USD

(

2,257

)

02/10/26

(0.75)%

OBFR01

Monthly

(

111

)

Yakult

Honsha

Co.

Ltd.

........

Citibank

(

30,019

)

02/26/26

(0.10)%

OBFR01

Monthly

667

Zealand

Pharma

A/S

.........

Citibank

(

20,775

)

02/26/26

(0.28)%

OBFR01

Monthly

(

980

)

Zensho

Holdings

Co.

Ltd.

......

Citibank

(

19,973

)

02/26/26

(0.13)%

OBFR01

Monthly

375

Total

short

positions

equity

swaps

(

33,858

)

Total

long

and

short

position

equity

swaps

(

35,301

)

Net

dividends

and

financing

fees

(

12,124

)

Total

equity

swap

contracts

including

dividends

and

financing

fees

(

47,425

)

(a)

The

Fund

receives

the

total

return

reference

entity

and

pays

variable

rate

interest,

based

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

the

individual

underlying

position.

(b)

The

Fund

pays

the

total

return

reference

entity

and

receives

variable

rate

interest,

based

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

the

individual

underlying

position.

The

following

reference

rates,

and

their

values

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

BZDIOVER

.....................................

Overnight

Brazil

CETIP

—

Interbank

Rate

.06

1-day

ESTR

.........................................

Euro

Short-Term

Rate

.92

1-day

IBR

...........................................

Colombian

Reference

Banking

Indicator

.73

1-day

MIBOR

........................................

Mumbai

Interbank

Offered

Rate

.74

1-day

MXIBTIIE

.......................................

Mexico

Interbank

TIIE

1-day

.85

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

.31

1-day

SONIA

.........................................

Sterling

Overnight

Index

Average

.97

1-day

THOR

.........................................

Thailand

Overnight

Repo

Rate

.49

1-day

TONAR

........................................

Tokyo

Overnight

Average

Rate

.48

1-week

CNREPOFIX_CFXS

..............................

China

Fixing

Repo

Rates

.65

3-mo.

CD_KSDA

......................................

Certificates

Deposit

the

Korean

Securities

Dealers

Association

.57

3-mo.

JIBAR

.........................................

Johannesburg

Interbank

Average

Rate

.00

3-mo.

WIBOR

........................................

Warsaw

Interbank

Offered

Rate

.62

6-mo.

BUBOR

........................................

Budapest

Interbank

Offered

Rate

.48

6-mo.

EURIBOR

......................................

Euro

Interbank

Offered

Rate

.10

6-mo.

PRIBOR

.......................................

Prague

Interbank

Offered

Rate

.50

6-mo.

WIBOR

........................................

Warsaw

Interbank

Offered

Rate

.48

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

Portfolio

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major