Schedule

Investments

(unaudited)

September

30,

2025

BlackRock

Balanced

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2007-HE4,

Class

A2A,

(1-mo.

CME

Term

SOFR

0.26%

Floor

0.37%),

4.53%,

05/25/37

(a)

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

USD

6,451

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(1-mo.

CME

Term

SOFR

0.48%

Floor

0.59%),

4.75%,

05/25/35

(a)

.......

35,789

BCMSC

Trust

(a)

Series

2000-A,

Class

A3,

7.83%,

06/15/30

3,246

Series

2000-A,

Class

A4,

8.29%,

06/15/30

2,473

Bear

Stearns

Asset-Backed

Securities

Trust

(a)

Series

2004-HE7,

Class

M2,

(1-mo.

CME

Term

SOFR

1.73%

Floor

1.84%),

6.00%,

08/25/34

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

—

(b)

Series

2007-HE2,

Class

22A,

(1-mo.

CME

Term

SOFR

0.28%

Floor

0.39%),

4.55%,

03/25/37

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

8,042

Series

2007-HE2,

Class

23A,

(1-mo.

CME

Term

SOFR

0.28%

Floor

0.39%),

4.55%,

03/25/37

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

10,715

Carrington

Mortgage

Loan

Trust,

Series

2006-

NC4,

Class

A3,

(1-mo.

CME

Term

SOFR

0.16%

Floor

and

12.50%

Cap

0.27%),

4.43%,

10/25/36

(a)

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

14,048

Citigroup

Mortgage

Loan

Trust

(a)

Series

2007-AHL2,

Class

A3B,

(1-mo.

CME

Term

SOFR

0.20%

Floor

0.31%),

4.47%,

05/25/37

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

122

82,467

Series

2007-AHL2,

Class

A3C,

(1-mo.

CME

Term

SOFR

0.27%

Floor

0.38%),

4.54%,

05/25/37

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

37,422

Conseco

Finance

Securitizations

Corp.,

Series

2000-5,

Class

A6,

7.96%,

05/01/31

.......

6,876

Countrywide

Asset-Backed

Certificates,

Series

2006-SPS1,

Class

(1-mo.

CME

Term

SOFR

0.22%

Floor

0.33%),

4.49%,

12/25/25

(a)

—

(b)

380

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2001-MH29,

Class

B1,

8.10%,

09/25/31

(a)

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

7,546

CWHEQ

Home

Equity

Loan

Trust

Series

2006-S3,

Class

A4,

5.30%,

01/25/29

(c)

2,441

Series

2006-S5,

Class

A5,

6.16%,

06/25/35

1,741

CWHEQ

Revolving

Home

Equity

Loan

Trust

(a)

Series

2005-B,

Class

2A,

(1-mo.

CME

Term

SOFR

0.18%

Floor

and

16.00%

Cap

0.29%),

4.44%,

05/15/35

...........

647

Series

2006-H,

Class

1A,

(1-mo.

CME

Term

SOFR

0.15%

Floor

and

16.00%

Cap

0.26%),

4.41%,

11/15/36

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

2,368

First

Franklin

Mortgage

Loan

Trust,

Series

2006-

FFH1,

Class

M2,

(1-mo.

CME

Term

SOFR

0.60%

Floor

0.71%),

4.87%,

01/25/36

(a)

37,978

GSAMP

Trust

(a)

Series

2007-H1,

Class

A1B,

(1-mo.

CME

Term

SOFR

0.40%

Floor

0.51%),

4.67%,

01/25/47

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

8,756

Series

2007-HS1,

Class

M6,

(1-mo.

CME

Term

SOFR

3.38%

Floor

3.49%),

7.65%,

02/25/47

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

24,680

Home

Equity

Asset

Trust,

Series

2007-1,

Class

2A3,

(1-mo.

CME

Term

SOFR

0.30%

Floor

0.41%),

4.57%,

05/25/37

(a)

...........

22,075

IXIS

Real

Estate

Capital

Trust,

Series

2007-HE1,

Class

A4,

(1-mo.

CME

Term

SOFR

0.23%

Floor

0.34%),

4.50%,

05/25/37

(a)

.......

580

117,710

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Lehman

ABS

Manufactured

Housing

Contract

Trust

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(a)

USD

13,676

Series

2002-A,

Class

0.00%,

06/15/33

2,485

Long

Beach

Mortgage

Loan

Trust

(a)

Series

2006-5,

Class

2A3,

(1-mo.

CME

Term

SOFR

0.30%

Floor

0.41%),

4.57%,

06/25/36

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

9,137

Series

2006-7,

Class

2A3,

(1-mo.

CME

Term

SOFR

0.32%

Floor

0.43%),

4.59%,

08/25/36

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

4,820

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust,

Series

2007-2,

Class

A2C,

(1-mo.

CME

Term

SOFR

0.48%

Floor

0.59%),

4.75%,

05/25/37

(a)

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

6,405

Morgan

Stanley

ABS

Capital

Inc.

Trust,

Series

2005-HE1,

Class

A2MZ,

(1-mo.

CME

Term

SOFR

0.60%

Floor

0.71%),

4.87%,

12/25/34

(a)

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

74,584

Oakwood

Mortgage

Investors,

Inc.,

Series

2001-

Class

A4,

6.93%,

09/15/31

(a)

.........

2,818

Option

One

Mortgage

Loan

Trust

Series

2007-CP1,

Class

2A3,

(1-mo.

CME

Term

SOFR

0.21%

Floor

0.32%),

4.48%,

03/25/37

(a)

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

35,082

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(c)

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

22,350

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(c)

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

24,688

Origen

Manufactured

Housing

Contract

Trust,

Series

2007-B,

Class

A1,

(1-mo.

CME

Term

SOFR

1.20%

Floor

and

18.00%

Cap

1.31%),

5.46%,

10/15/37

(a)

(d)

...........

1,650

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(c)

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

20,766

Mortgage

Securities

Trust,

Series

2006-

FRE2,

Class

A2C,

(1-mo.

CME

Term

SOFR

0.32%

Floor

0.43%),

4.59%,

07/25/36

(a)

3,118

Total

Asset-Backed

Securities

—

(Cost:

969,902

)

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

655,491

Common

Stocks

Aerospace

Defense

—

1.7%

Aselsan

Elektronik

Sanayi

Ticaret

A/S

(e)

....

9,190

47,620

BAE

Systems

plc

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

70,476

1,961,800

Bharat

Electronics

Ltd.

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

43,764

199,207

Curtiss-Wright

Corp.

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

1,129

612,979

Elbit

Systems

Ltd.

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

8,649

Embraer

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

4,101

61,597

General

Dynamics

Corp.

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

651

221,991

Hindustan

Aeronautics

Ltd.

(f)

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

127

6,786

Kongsberg

Gruppen

ASA

(e)

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

379

12,112

Leonardo

SpA

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

1,250

79,983

Lockheed

Martin

Corp.

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

1,370

683,918

Northrop

Grumman

Corp.

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

728

443,585

Rolls-Royce

Holdings

plc

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

53,890

866,242

RTX

Corp.

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

4,546

760,682

Safran

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

4,728

1,677,821

Thales

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

963

304,418

7,949,390

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Balanced

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Value

Air

Freight

Logistics

—

0.5%

Logistics

Corp.

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

2,028

121,757

FedEx

Corp.

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

9,684

2,283,584

United

Parcel

Service,

Inc.

Class

........

1,148

95,892

2,501,233

Automobile

Components

—

0.5%

Apollo

Tyres

Ltd.

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

2,766

14,738

BorgWarner,

Inc.

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

50,082

2,201,605

Mando

Co.

Ltd.

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

1,541

36,935

2,253,278

Automobiles

—

1.0%

BYD

Co.

Ltd.

Class

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

8,900

137,073

BYD

Co.

Ltd.

Class

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

3,500

49,471

Mercedes-Benz

Group

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

7,984

503,231

Tesla,

Inc.

(e)

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

7,418

3,298,933

Toyota

Motor

Corp.

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

36,900

708,719

XPeng,

Inc.

Class

(e)

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

3,500

41,125

4,738,552

Banks

—

4.3%

Banca

Monte

dei

Paschi

Siena

SpA

(e)

......

23,916

212,809

Banco

Bilbao

Vizcaya

Argentaria

........

15,774

303,959

Banco

Santander

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

39,871

418,419

Bank

Hapoalim

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

3,896

79,195

Bank

America

Corp.

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

60,863

3,139,922

Bank

Polska

Kasa

Opieki

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

2,805

135,182

Barclays

plc

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

13,811

71,062

BAWAG

Group

(d)

(f)

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

1,312

172,965

BNP

Paribas

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

5,213

476,796

BOC

Hong

Kong

Holdings

Ltd.

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

1,000

4,685

BPER

Banca

SpA

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

3,852

42,843

Citigroup,

Inc.

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

11,120

1,128,680

Commonwealth

Bank

Australia

..........

10,542

1,164,191

Credit

Agricole

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

37,053

730,169

DBS

Group

Holdings

Ltd.

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

45,500

1,804,430

DNB

Bank

ASA

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

2,419

65,932

Grupo

Cibest

(e)

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

4,068

62,777

Grupo

Financiero

Banorte

SAB

Class

14,769

148,775

ICICI

Bank

Ltd.

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

2,046

31,008

Intesa

Sanpaolo

SpA

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

181,054

1,198,428

Israel

Discount

Bank

Ltd.

Class

.........

3,745

37,000

Japan

Post

Bank

Co.

Ltd.

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

31,500

385,715

JPMorgan

Chase

Co.

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

7,052

2,224,412

Mizuho

Financial

Group,

Inc.

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

48,700

1,637,093

NatWest

Group

plc

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

16,450

116,192

Nordea

Bank

Abp

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

16,247

267,487

PNC

Financial

Services

Group,

Inc.

(The)

....

10,327

2,075,004

Societe

Generale

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

277

18,442

Standard

Chartered

plc

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

9,358

181,616

State

Bank

India

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

4,480

43,979

Sumitomo

Mitsui

Financial

Group,

Inc.

.......

41,300

1,161,888

Sumitomo

Mitsui

Trust

Group,

Inc.

.........

300

8,707

UniCredit

SpA

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

1,936

147,320

Bancorp

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

21,833

1,055,189

20,752,271

Beverages

—

0.5%

Ambev

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

73,244

166,105

Coca-Cola

Femsa

SAB

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

6,543

54,288

Heineken

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

116

9,084

Monster

Beverage

Corp.

(e)

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

5,358

360,647

PepsiCo,

Inc.

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

10,936

1,535,852

Radico

Khaitan

Ltd.

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

828

26,922

United

Spirits

Ltd.

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

1,787

26,650

2,179,548

Security

Value

Biotechnology

—

0.8%

AbbVie,

Inc.

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

5,885

1,362,613

Alkermes

plc

(e)

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

1,973

59,190

Alnylam

Pharmaceuticals,

Inc.

(e)

...........

40,128

Amgen,

Inc.

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

1,164

328,481

BeOne

Medicines

Ltd.

Class

(e)

..........

3,000

80,050

BioMarin

Pharmaceutical,

Inc.

(e)

...........

1,350

73,116

CSL

Ltd.

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

562

73,929

Genmab

A/S

(e)

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

669

206,419

Gilead

Sciences,

Inc.

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

4,107

455,877

Hugel,

Inc.

(e)

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

449

96,479

Incyte

Corp.

(e)

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

561

47,578

Innovent

Biologics,

Inc.

(d)

(e)

(f)

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

15,000

186,767

Moderna,

Inc.

(e)

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

5,422

140,050

Natera,

Inc.

(e)

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

1,229

197,832

Neurocrine

Biosciences,

Inc.

(e)

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

880

123,534

PharmaResearch

Co.

Ltd.

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

12,035

Regeneron

Pharmaceuticals,

Inc.

..........

555

312,060

Seegene,

Inc.

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

693

12,249

United

Therapeutics

Corp.

(e)

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

32,279

Vertex

Pharmaceuticals,

Inc.

(e)

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

428

167,622

4,008,288

Broadline

Retail

—

2.3%

Alibaba

Group

Holding

Ltd.

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

50,700

1,133,861

Amazon.com,

Inc.

(e)

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

33,569

7,370,745

Coupang,

Inc.

Class

(e)

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

5,354

172,399

eBay,

Inc.

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

5,969

542,880

JD.com,

Inc.

Class

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

18,450

323,253

MercadoLibre,

Inc.

(e)

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

416

972,167

Poya

International

Co.

Ltd.

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

1,010

15,561

Sea

Ltd.

ADR,

Class

(e)

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

368

65,773

Wesfarmers

Ltd.

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

4,238

257,812

10,854,451

Capital

Markets

—

2.3%

Ameriprise

Financial,

Inc.

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

1,025

503,531

Charles

Schwab

Corp.

(The)

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

22,811

2,177,766

China

International

Capital

Corp.

Ltd.

Class

177,900

924,023

CME

Group,

Inc.

Class

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

761

205,615

East

Money

Information

Co.

Ltd.

Class

.....

4,200

16,032

Hithink

RoyalFlush

Information

Network

Co.

Ltd.

Class

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

200

10,482

Group

Holdings

plc

(e)

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

647

9,384

Interactive

Brokers

Group,

Inc.

Class

......

612

42,112

Intercontinental

Exchange,

Inc.

...........

2,465

415,303

London

Stock

Exchange

Group

plc

.........

1,883

215,948

Macquarie

Group

Ltd.

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

1,170

169,826

Moody's

Corp.

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

3,719

1,772,029

Morgan

Stanley

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

17,060

2,711,858

Multi

Commodity

Exchange

India

Ltd.

.....

222

19,472

Nasdaq,

Inc.

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

250

22,113

Nippon

Life

India

Asset

Management

Ltd.

(d)

(f)

2,667

26,103

S&P

Global,

Inc.

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

3,747

1,823,702

11,065,299

Chemicals

—

0.6%

Asahi

Kasei

Corp.

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

5,200

40,871

Chambal

Fertilisers

Chemicals

Ltd.

.......

1,888

10,860

Coromandel

International

Ltd.

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

2,945

74,607

Corteva,

Inc.

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

8,742

591,222

DSM-Firmenich

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

1,574

134,291

DuPont

Nemours,

Inc.

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

7,333

571,241

Givaudan

(Registered)

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

231

942,259

KCC

Corp.

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

251

68,759

Chem

Ltd.

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

1,556

308,895

Orica

Ltd.

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

697

9,734

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Balanced

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Value

Chemicals

(continued)

Pidilite

Industries

Ltd.

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

794

13,124

Solar

Industries

India

Ltd.

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

1,239

186,108

SRF

Ltd.

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

863

27,437

Sumitomo

Chemical

Co.

Ltd.

(e)

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

4,600

14,480

UPL

Ltd.

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

1,756

12,964

Zhejiang

NHU

Co.

Ltd.

Class

...........

28,200

94,367

3,101,219

Commercial

Services

Supplies

—

0.1%

Cintas

Corp.

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

681

139,782

GFL

Environmental,

Inc.

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

2,368

112,232

Waste

Management,

Inc.

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

1,148

253,513

505,527

Communications

Equipment

—

0.4%

Accton

Technology

Corp.

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

2,000

69,162

Arcadyan

Technology

Corp.

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

13,000

93,951

Arista

Networks,

Inc.

(e)

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

476

69,358

Nokia

OYJ

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

125,712

604,524

Suzhou

TFC

Optical

Communication

Co.

Ltd.

Class

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

1,700

40,226

Telefonaktiebolaget

Ericsson

Class

....

93,121

771,601

WNC

Corp.

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

1,000

3,843

Zhongji

Innolight

Co.

Ltd.

Class

.........

2,400

136,796

1,789,461

Construction

Engineering

—

0.9%

ACS

Actividades

Construccion

Servicios

(e)

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

1,416

113,504

AECOM

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

5,869

765,728

Budimex

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

6,028

Cemindia

Projects

Ltd.

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

2,928

26,715

Eiffage

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

3,089

395,756

HDC

Hyundai

Development

Co-Engineering

Construction

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

1,475

21,409

Hyundai

Engineering

Construction

Co.

Ltd.

(e)

850

32,974

KEC

International

Ltd.

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

6,721

66,179

MasTec,

Inc.

(e)

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

4,581

974,883

NCC

Ltd.

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

1,559

3,643

Obayashi

Corp.

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

17,300

283,954

Samsung

E&A

Co.

Ltd.

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

5,776

110,417

Skanska

Class

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

2,519

65,383

Stantec,

Inc.

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

8,016

864,498

Worley

Ltd.

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

36,083

335,210

4,066,281

Construction

Materials

—

0.0%

Shree

Cement

Ltd.

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

13,188

UltraTech

Cement

Ltd.

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

12,943

26,131

Consumer

Finance

—

0.6%

American

Express

Co.

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

8,106

2,692,489

Consumer

Staples

Distribution

Retail

—

1.3%

Costco

Wholesale

Corp.

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

1,759

1,628,183

Dino

Polska

(d)

(e)

(f)

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

1,548

18,659

E-MART,

Inc.

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

357

19,221

Sainsbury

plc

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

8,298

37,310

Koninklijke

Ahold

Delhaize

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

3,814

154,332

Loblaw

Cos.

Ltd.

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

2,524

97,626

Migros

Ticaret

A/S

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

11,894

127,301

Sprouts

Farmers

Market,

Inc.

(e)

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

552

60,058

Tesco

plc

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

83,315

499,364

Walmart,

Inc.

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

33,155

3,416,954

6,059,008

Security

Value

Diversified

REITs

—

0.0%

British

Land

Co.

plc

(The)

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

3,656

17,190

Diversified

Telecommunication

Services

—

1.1%

AT&T,

Inc.

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

26,531

749,235

Deutsche

Telekom

(Registered)

........

59,474

2,026,248

Koninklijke

KPN

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

11,573

55,545

Telefonica

Brasil

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

50,727

324,153

Verizon

Communications,

Inc.

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

43,710

1,921,055

5,076,236

Electric

Utilities

—

0.3%

CPFL

Energia

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

15,815

116,631

Edison

International

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

8,598

475,297

EDP

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

1,229

5,833

Energisa

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

7,197

68,843

Entergy

Corp.

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

6,199

577,685

Tenaga

Nasional

Bhd.

(e)

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

2,700

8,488

1,252,777

Electrical

Equipment

—

1.5%

ABB

Ltd.

(Registered)

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

34,304

2,482,352

AMETEK,

Inc.

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

10,935

2,055,780

Bizlink

Holding,

Inc.

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

16,121

549,697

Wind

Corp.

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

1,993

59,618

Vernova

T&D

India

Ltd.

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

9,532

317,827

Hitachi

Energy

India

Ltd.

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

1,329

269,440

Corp.

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

118

14,082

Siemens

Energy

(e)

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

13,699

1,610,716

7,359,512

Electronic

Equipment,

Instruments

Components

—

0.5%

Chroma

ATE,

Inc.

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

41,000

782,443

Delta

Electronics,

Inc.

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

24,000

676,083

Keysight

Technologies,

Inc.

(e)

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

2,831

495,199

Innotek

Co.

Ltd.

(e)

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

155

20,801

Lotes

Co.

Ltd.

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

1,000

51,116

Murata

Manufacturing

Co.

Ltd.

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

11,200

212,621

Primax

Electronics

Ltd.

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

1,000

2,587

Sinbon

Electronics

Co.

Ltd.

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

1,000

7,579

Zebra

Technologies

Corp.

Class

(e)

........

300

89,148

2,337,577

Energy

Equipment

Services

—

0.2%

Schlumberger

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

9,608

330,227

TechnipFMC

plc

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

13,161

519,201

849,428

Entertainment

—

0.5%

NetEase,

Inc.

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

2,400

72,894

Netflix,

Inc.

(e)

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

1,612

1,932,659

PVR

Inox

Ltd.

(e)

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

1,304

15,792

ROBLOX

Corp.

Class

(e)

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

1,799

249,197

Spotify

Technology

(e)

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

418

291,764

2,562,306

Financial

Services

—

1.4%

Bajaj

Finserv

Ltd.

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

1,240

28,016

Berkshire

Hathaway,

Inc.

Class

(e)

........

1,004

504,751

Block,

Inc.

Class

(e)

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

1,511

109,200

Essent

Group

Ltd.

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

849

53,962

Fidelity

National

Information

Services,

Inc.

....

1,200

79,128

Fiserv,

Inc.

(e)

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

610

78,647

Industrivarden

Class

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

308

12,236

Klarna

Group

plc

(e)

(g)

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

1,589

58,237

Mastercard,

Inc.

Class

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

2,960

1,683,678

MGIC

Investment

Corp.

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

918

26,044

One

Communications

Ltd.

(e)

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

21,623

273,888

ORIX

Corp.

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

20,300

532,793

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Balanced

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Value

Financial

Services

(continued)

Pagseguro

Digital

Ltd.

Class

...........

7,008

70,080

Visa,

Inc.

Class

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

8,999

3,072,079

6,582,739

Food

Products

—

0.4%

AVI

Ltd.

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

7,425

42,529

Danone

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

18,814

1,639,325

MBRF

Global

Foods

Co.

(e)

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

19,714

71,859

Tyson

Foods,

Inc.

Class

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

801

43,495

1,797,208

Gas

Utilities

—

0.0%

ENN

Energy

Holdings

Ltd.

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

11,400

94,002

Ground

Transportation

—

0.2%

Uber

Technologies,

Inc.

(e)

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

8,384

821,380

Health

Care

Equipment

Supplies

—

0.4%

Boston

Scientific

Corp.

(e)

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

11,152

1,088,770

Intuitive

Surgical,

Inc.

(e)

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

749

334,975

Medtronic

plc

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

6,578

626,489

Stryker

Corp.

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

10,351

2,060,585

Health

Care

Providers

Services

—

0.6%

Apollo

Hospitals

Enterprise

Ltd.

...........

658

54,947

Cardinal

Health,

Inc.

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

1,802

282,842

Cigna

Group

(The)

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

2,203

635,015

Lal

PathLabs

Ltd.

(d)

(f)

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

2,215

77,987

Elevance

Health,

Inc.

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

1,501

485,003

Fortis

Healthcare

Ltd.

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

41,280

451,350

McKesson

Corp.

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

358

276,569

Sonic

Healthcare

Ltd.

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

6,200

87,816

UnitedHealth

Group,

Inc.

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

1,790

618,087

2,969,616

Health

Care

Technology

—

0.0%

Pro

Medicus

Ltd.

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

133

27,078

Veeva

Systems,

Inc.

Class

(e)

...........

668

199,004

226,082

Hotels,

Restaurants

Leisure

—

1.1%

Airbnb,

Inc.

Class

(e)

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

11,760

1,427,899

Aristocrat

Leisure

Ltd.

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

8,521

394,467

Booking

Holdings,

Inc.

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

434

2,343,283

Chipotle

Mexican

Grill,

Inc.

(e)

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

2,523

98,876

McDonald's

Corp.

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

1,544

469,206

Meituan

Class

(d)

(e)

(f)

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

32,020

427,748

Trip.com

Group

Ltd.

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

1,257

95,328

5,256,807

Household

Durables

—

0.6%

Amber

Enterprises

India

Ltd.

(e)

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

6,295

Crompton

Greaves

Consumer

Electricals

Ltd.

33,385

109,546

Dixon

Technologies

India

Ltd.

(e)

(f)

...........

2,219

407,849

Garmin

Ltd.

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

882

217,166

NVR,

Inc.

(e)

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

241,040

Panasonic

Holdings

Corp.

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

27,400

297,402

Sony

Group

Corp.

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

57,500

1,652,935

2,932,233

Household

Products

—

0.4%

Procter

Gamble

Co.

(The)

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

12,479

1,917,398

Unicharm

Corp.

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

5,100

33,086

1,950,484

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

ReNew

Energy

Global

plc

Class

(e)

........

6,735

51,860

Security

Value

Industrial

Conglomerates

—

0.7%

Corp.

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

1,004

131,416

Hitachi

Ltd.

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

1,400

37,090

Honeywell

International,

Inc.

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

11,692

2,461,166

KOC

Holding

A/S

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

7,105

29,600

Samsung

C&T

Corp.

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

360

47,408

Smiths

Group

plc

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

18,355

581,948

3,288,628

Industrial

REITs

—

0.0%

Prologis,

Inc.

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

605

69,285

Insurance

—

1.8%

AIA

Group

Ltd.

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

248,200

2,378,740

Allianz

(Registered)

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

337

141,785

Allstate

Corp.

(The)

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

1,409

302,442

AXA

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

10,616

509,091

Fairfax

Financial

Holdings

Ltd.

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

204

356,901

Hartford

Insurance

Group,

Inc.

(The)

........

9,173

1,223,587

Max

Financial

Services

Ltd.

(e)

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

1,866

33,121

MetLife,

Inc.

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

14,382

1,184,645

Group

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

5,653

398,636

Ping

Insurance

Group

Co.

China

Ltd.

Class

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

59,000

401,382

Sampo

OYJ

Class

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

19,257

221,397

Sony

Financial

Group,

Inc.

(e)

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

59,100

65,540

Travelers

Cos.,

Inc.

(The)

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

4,433

1,237,782

8,455,049

Interactive

Media

Services

—

3.0%

Alphabet,

Inc.

Class

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

14,033

3,411,422

Alphabet,

Inc.

Class

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

11,205

2,728,978

Auto

Trader

Group

plc

(d)

(f)

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

29,792

316,489

Meta

Platforms,

Inc.

Class

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

5,214

3,829,057

NAVER

Corp.

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

1,426

273,631

REA

Group

Ltd.

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

1,781

272,347

Tencent

Holdings

Ltd.

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

43,500

3,706,618

14,538,542

Services

—

0.5%

Accenture

plc

Class

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

4,781

1,178,994

Cognizant

Technology

Solutions

Corp.

Class

841

56,406

GoDaddy,

Inc.

Class

(e)

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

1,213

165,975

HCL

Technologies

Ltd.

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

7,544

117,773

Infosys

Ltd.

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

52,272

850,177

Tata

Consultancy

Services

Ltd.

...........

2,882

93,807

VeriSign,

Inc.

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

391

109,312

Wix.com

Ltd.

(e)

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

127

22,559

2,595,003

Life

Sciences

Tools

Services

—

0.0%

QIAGEN

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

202

9,010

Machinery

—

0.4%

Amada

Co.

Ltd.

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

30,200

371,138

Caterpillar,

Inc.

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

1,364

650,833

Cummins

India

Ltd.

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

3,163

139,971

GEA

Group

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

1,515

112,007

Hyundai

Heavy

Industries

Co.

Ltd.

.......

34,526

Korea

Shipbuilding

Offshore

Engineering

Co.

Ltd.

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

7,325

Hyundai

Rotem

Co.

Ltd.

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

259

40,487

Shenzhen

Inovance

Technology

Co.

Ltd.

Class

(e)

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

500

5,899

Techtronic

Industries

Co.

Ltd.

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

16,000

204,532

Wartsila

OYJ

Abp

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

6,968

209,003

1,775,721

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Balanced

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Value

Marine

Transportation

—

0.0%

Kuehne

Nagel

International

(Registered)

426

79,721

Media

—

0.5%

Comcast

Corp.

Class

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

48,922

1,537,129

Fox

Corp.

Class

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

447

28,188

Fox

Corp.

Class

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

4,233

242,508

Informa

plc

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

61,275

758,971

2,566,796

Metals

Mining

—

1.0%

Anglo

American

plc

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

5,614

210,949

BHP

Group

Ltd.

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

2,846

79,504

Boliden

(e)

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

1,402

57,227

Endeavour

Mining

plc

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

6,751

283,584

First

Quantum

Minerals

Ltd.

(e)

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

299

6,763

Freeport-McMoRan,

Inc.

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

23,083

905,315

Hindustan

Zinc

Ltd.

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

21,337

115,955

Hudbay

Minerals,

Inc.

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

1,047

15,859

Hyundai

Steel

Co.

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

4,905

118,688

Newmont

Corp.

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

4,382

369,446

OceanaGold

Corp.

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

1,235

26,365

Rio

Tinto

plc

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

1,452

95,690

Teck

Resources

Ltd.

Class

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

226

9,914

Vale

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

1,543

16,693

Wheaton

Precious

Metals

Corp.

...........

20,610

2,306,389

4,618,341

Multi-Utilities

—

0.5%

Consolidated

Edison,

Inc.

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

8,896

894,226

E.ON

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

44,196

832,452

Engie

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

41,322

888,280

2,614,958

Oil,

Gas

Consumable

Fuels

—

1.8%

Aker

ASA

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

4,862

123,394

plc

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

30,415

174,632

Canadian

Natural

Resources

Ltd.

..........

19,933

637,363

Chevron

Corp.

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

14,230

2,209,777

Devon

Energy

Corp.

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

1,379

48,348

ENEOS

Holdings,

Inc.

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

155,600

985,447

Expand

Energy

Corp.

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

294

31,235

Petronet

LNG

Ltd.

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

2,532

7,953

Repsol

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

35,984

639,875

Santos

Ltd.

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

71,133

315,892

Shell

plc

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

66,240

2,360,862

Suncor

Energy,

Inc.

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

15,625

653,877

TotalEnergies

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

779

47,448

Var

Energi

ASA

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

74,109

247,413

8,483,516

Passenger

Airlines

—

0.2%

Delta

Air

Lines,

Inc.

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

15,615

886,152

International

Consolidated

Airlines

Group

44,840

233,542

1,119,694

Pharmaceuticals

—

2.3%

Alkem

Laboratories

Ltd.

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

5,928

Astellas

Pharma,

Inc.

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

8,300

90,470

AstraZeneca

plc

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

5,063

775,657

Bristol-Myers

Squibb

Co.

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

24,571

1,108,152

Daiichi

Sankyo

Co.

Ltd.

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

12,600

283,503

Eli

Lilly

Co.

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

1,318

1,005,634

GSK

plc

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

9,308

199,861

Johnson

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

3,899

722,953

Novartis

(Registered)

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

16,860

2,167,832

Pfizer,

Inc.

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

96,269

2,452,934

Sanofi

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

6,738

638,048

Security

Value

Pharmaceuticals

(continued)

Strides

Pharma

Science

Ltd.

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

2,221

20,583

Sun

Pharmaceutical

Industries

Ltd.

.........

646

11,629

Takeda

Pharmaceutical

Co.

Ltd.

...........

41,100

1,207,123

Zydus

Lifesciences

Ltd.

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

10,080

111,744

10,802,051

Professional

Services

—

0.6%

Booz

Allen

Hamilton

Holding

Corp.

.........

6,097

Bureau

Veritas

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

976

30,613

Computer

Age

Management

Services

Ltd.

....

317

13,421

ExlService

Holdings,

Inc.

(e)

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

418

18,405

Experian

plc

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

19,516

980,233

Intertek

Group

plc

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

7,229

460,154

Recruit

Holdings

Co.

Ltd.

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

19,500

1,048,396

SGS

(Registered)

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

9,872

Verisk

Analytics,

Inc.

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

1,366

343,563

Wolters

Kluwer

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

739

100,873

3,011,627

Real

Estate

Management

Development

—

0.3%

Allos

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

41,346

200,894

FirstService

Corp.

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

2,040

388,680

Mitsui

Fudosan

Co.

Ltd.

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

71,100

774,002

1,363,576

Residential

REITs

—

0.0%

Invitation

Homes,

Inc.

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

291

8,535

Retail

REITs

—

0.2%

Kimco

Realty

Corp.

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

18,924

413,490

Klepierre

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

1,224

47,785

Link

REIT

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

2,500

12,845

RioCan

REIT

(g)

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

16,790

228,620

Simon

Property

Group,

Inc.

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

2,414

453,035

1,155,775

Semiconductors

Semiconductor

Equipment

—

6.4%

Advanced

Micro

Devices,

Inc.

(e)

...........

1,862

301,253

Analog

Devices,

Inc.

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

2,490

611,793

ASPEED

Technology,

Inc.

(e)

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

1,000

166,323

Bestechnic

Shanghai

Co.

Ltd.

Class

......

6,240

261,006

Broadcom,

Inc.

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

11,098

3,661,341

Elan

Microelectronics

Corp.

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

17,000

72,810

Intel

Corp.

(e)

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

18,825

631,579

King

Yuan

Electronics

Co.

Ltd.

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

44,000

238,055

KLA

Corp.

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

38,830

Lam

Research

Corp.

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

12,671

1,696,647

Marvell

Technology,

Inc.

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

2,814

236,573

MediaTek,

Inc.

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

20,000

867,395

Micron

Technology,

Inc.

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

603

100,894

NVIDIA

Corp.

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

81,911

15,282,954

OmniVision

Integrated

Circuits

Group,

Inc.

Class

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

9,600

204,425

Parade

Technologies

Ltd.

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

7,000

171,193

Phison

Electronics

Corp.

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

11,000

255,706

QUALCOMM,

Inc.

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

3,120

519,043

Rambus,

Inc.

(e)

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

1,168

121,706

Realtek

Semiconductor

Corp.

(e)

...........

12,000

217,242

Rockchip

Electronics

Co.

Ltd.

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

11,500

366,058

Skyworks

Solutions,

Inc.

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

176

13,548

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

80,000

3,475,026

Tokyo

Electron

Ltd.

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

6,200

1,099,055

30,610,455

Software

—

5.2%

Adobe,

Inc.

(e)

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

3,583

1,263,903

Birlasoft

Ltd.

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

10,292

40,961

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Balanced

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Value

Software

(continued)

Dropbox,

Inc.

Class

(e)

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

7,300

220,533

Elastic

(e)

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

3,111

262,848

Figma,

Inc.

Class

(e)

(g)

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

1,085

56,279

Intuit,

Inc.

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

3,908

2,668,812

Microsoft

Corp.

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

25,385

13,148,161

Nice

Ltd.

(e)

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

990

143,416

Oracle

Corp.

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

4,238

1,191,895

Palantir

Technologies,

Inc.

Class

(e)

.......

8,137

1,484,352

Salesforce,

Inc.

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

7,410

1,756,170

SAP

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

1,765

472,609

ServiceNow,

Inc.

(e)

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

1,808

1,663,866

TOTVS

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

5,712

48,993

Xero

Ltd.

(e)

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

3,158

329,522

24,752,320

Specialized

REITs

—

0.2%

American

Tower

Corp.

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

10,578

Digital

Realty

Trust,

Inc.

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

6,569

Equinix,

Inc.

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

1,351

1,058,157

1,075,304

Specialty

Retail

—

0.4%

Best

Buy

Co.,

Inc.

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

1,097

82,955

CarMax,

Inc.

(e)

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

485

21,762

Home

Depot,

Inc.

(The)

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

19,854

Hi-Fi

Ltd.

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

1,504

115,429

Lojas

Renner

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

213,706

601,497

Pop

Mart

International

Group

Ltd.

(d)

(f)

........

6,200

212,362

TJX

Cos.,

Inc.

(The)

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

6,282

908,000

Ultrapar

Participacoes

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

27,583

113,913

2,075,772

Technology

Hardware,

Storage

Peripherals

—

3.2%

Apple,

Inc.

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

53,799

13,698,839

Chicony

Electronics

Co.

Ltd.

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

12,000

54,505

Dell

Technologies,

Inc.

Class

...........

378

53,589

Samsung

Electronics

Co.

Ltd.

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

14,148

848,177

Xiaomi

Corp.

Class

(d)

(e)

(f)

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

105,600

733,915

15,389,025

Textiles,

Apparel

Luxury

Goods

—

0.3%

Hermes

International

SCA

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

118

290,167

Makalot

Industrial

Co.

Ltd.

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

20,460

195,337

Tapestry,

Inc.

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

7,558

855,717

1,341,221

Tobacco

—

0.1%

Japan

Tobacco,

Inc.

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

9,600

314,852

Philip

Morris

International,

Inc.

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

814

132,031

446,883

Trading

Companies

Distributors

—

0.0%

Applied

Industrial

Technologies,

Inc.

........

14,619

Sumitomo

Corp.

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

6,400

185,171

199,790

Water

Utilities

—

0.1%

United

Utilities

Group

plc

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

18,175

280,780

Tech

Wabag

Ltd.

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

904

14,614

295,394

Wireless

Telecommunication

Services

—

0.3%

Bharti

Airtel

Ltd.

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

7,122

150,627

MTN

Group

Ltd.

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

21,884

184,154

Telecom

Co.

Ltd.

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

6,783

262,945

SoftBank

Corp.

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

82,700

121,635

SoftBank

Group

Corp.

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

800

100,944

Tele2

Class

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

3,412

58,204

Security

Value

Wireless

Telecommunication

Services

(continued)

TIM

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

14,500

63,969

T-Mobile

US,

Inc.

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

2,113

505,810

1,448,288

Total

Common

Stocks

—

(Cost:

217,245,285

)

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

272,930,728

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

Defense

—

0.1%

Bombardier,

Inc.,

6.75%,

06/15/33

(d)

.......

USD

15,654

General

Electric

Co.,

4.90%,

01/29/36

......

145

147,020

TransDigm,

Inc.

(d)

7.13%

12/01/31

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

49,025

6.63%

03/01/32

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

13,384

6.38%

05/31/33

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

87,978

6.25%

01/31/34

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

5,142

6.75%

01/31/34

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

10,340

328,543

Automobile

Components

—

0.1%

Garrett

Motion

Holdings,

Inc.,

7.75%,

05/31/32

(d)

51,401

Icahn

Enterprises

9.75%

01/15/29

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

52,481

10.00%

11/15/29

(d)

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

65,287

9.00%

06/15/30

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

17,356

IHO

Verwaltungs

GmbH

(d)(h)

7.75%

(

7.75

Cash

8.50

PIK),

11/15/30

12,556

8.00%

(

8.00

Cash

8.75

PIK),

11/15/32

9,445

Patrick

Industries,

Inc.,

6.38%,

11/01/32

(d)

....

20,292

Phinia,

Inc.,

6.63%,

10/15/32

(d)

...........

17,521

246,339

Automobiles

—

0.1%

Aston

Martin

Capital

Holdings

Ltd.,

10.00%,

03/31/29

(d)

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

74,408

Honda

Motor

Co.

Ltd.,

2.53%,

03/10/27

.....

280

273,883

Nissan

Motor

Acceptance

Co.

LLC

(d)

6.95%

09/15/26

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

16,208

5.63%

09/29/28

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

15,010

6.13%

09/30/30

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

45,015

Nissan

Motor

Co.

Ltd.

(d)

7.50%

07/17/30

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

94,455

7.75%

07/17/32

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

47,622

8.13%

07/17/35

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

16,102

582,703

Banks

—

3.1%

Banco

Bilbao

Vizcaya

Argentaria

SA,

(1-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.70%),

6.14%,

09/14/28

(a)

.....

600

620,435

Banco

Santander

(1-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.00%),

4.18%

03/24/28

(a)

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

400

399,402

5.59%

08/08/28

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

400

415,522

6.61%

11/07/28

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

400

427,676

Bank

America

Corp.

(a)

(1-day

SOFR

1.05%),

2.55%

02/04/28

379

371,185

(3-mo.

CME

Term

SOFR

1.77%),

3.71%

04/24/28

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

88,426

(3-mo.

CME

Term

SOFR

1.63%),

3.59%

07/21/28

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

38,643

(1-day

SOFR

1.99%),

6.20%

11/10/28

210

218,841

(1-day

SOFR

1.32%),

2.69%

04/22/32

393

358,015

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Balanced

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(1-day

SOFR

1.83%),

4.57%

04/27/33

USD

250

249,948

(1-day

SOFR

1.31%),

5.51%

01/24/36

330

344,953

(1-day

SOFR

1.70%),

5.74%

02/12/36

195

202,599

Bank

Montreal,

5.20%,

02/01/28

........

360

368,799

BPCE

SA,

2.70%,

10/01/29

(d)

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

274

257,502

Citigroup,

Inc.

(a)

(1-day

SOFR

1.15%),

2.67%

01/29/31

800

743,661

(1-day

SOFR

3.91%),

4.41%

03/31/31

465

464,216

(1-day

SOFR

2.11%),

2.57%

06/03/31

350

322,031

(1-day

SOFR

1.17%),

2.56%

05/01/32

18,026

(1-day

SOFR

1.94%),

3.79%

03/17/33

310

294,495

Fifth

Third

Bancorp,

(1-day

SOFR

2.34%),

6.34%,

07/27/29

(a)

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

31,610

HSBC

Holdings

plc

(a)

(1-day

SOFR

1.90%),

5.87%

11/18/35

200

206,677

(1-day

SOFR

1.56%),

5.45%

03/03/36

200

206,392

(1-day

SOFR

1.88%),

5.79%

05/13/36

380

400,908

ING

Groep

NV,

(1-day

SOFR

1.83%),

4.02%,

03/28/28

(a)

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

670

668,003

JPMorgan

Chase

Co.

(a)

(3-mo.

CME

Term

SOFR

1.60%),

3.78%

02/01/28

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

127

126,438

(1-day

SOFR

1.17%),

2.95%

02/24/28

266

261,825

(1-day

SOFR

1.89%),

2.18%

06/01/28

5,816

(1-day

SOFR

1.99%),

4.85%

07/25/28

445

450,884

(3-mo.

CME

Term

SOFR

1.59%),

4.45%

12/05/29

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

13,107

(3-mo.

CME

Term

SOFR

2.52%),

2.96%

05/13/31

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

725

679,958

(3-mo.

CME

Term

SOFR

1.11%),

1.76%

11/19/31

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

175

154,504

(1-day

SOFR

1.26%),

2.96%

01/25/33

220

201,266

(1-day

SOFR

1.85%),

5.35%

06/01/34

232

241,734

(1-day

SOFR

1.46%),

5.29%

07/22/35

101,222

Mitsubishi

UFJ

Financial

Group,

Inc.,

(1-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

0.83%),

2.34%,

01/19/28

(a)

.....

380

371,200

Mizuho

Financial

Group,

Inc.,

(1-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

0.75%),

1.55%,

07/09/27

(a)

.....

500

489,851

Morgan

Stanley

Bank

NA,

(1-day

SOFR

0.68%),

4.45%,

10/15/27

(a)

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

281

281,672

PNC

Financial

Services

Group,

Inc.

(The)

(a)

(1-day

SOFR

1.34%),

5.30%

01/21/28

170

172,520

(1-day

SOFR

1.42%),

5.37%

07/21/36

77,180

Royal

Bank

Canada,

5.20%,

08/01/28

.....

420

433,115

Santander

Holdings

USA,

Inc.

(a)

(1-day

SOFR

2.36%),

6.50%

03/09/29

780

813,814

(1-day

SOFR

2.70%),

6.57%

06/12/29

250

262,045

(1-day

SOFR

2.14%),

6.34%

05/31/35

150

159,865

Santander

Group

Holdings

plc,

(1-day

SOFR

2.60%),

6.53%,

01/10/29

(a)

..........

680

711,702

Sumitomo

Mitsui

Financial

Group,

Inc.

5.52%

01/13/28

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

200

206,338

1.90%

09/17/28

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

200

187,763

Toronto-Dominion

Bank

(The),

Series

FXD,

1.95%,

01/12/27

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

370

360,963

Bancorp

(a)

(1-day

SOFR

1.86%),

5.68%

01/23/35

42,116

(1-day

SOFR

1.41%),

5.42%

02/12/36

235

243,329

Washington

Mutual

Escrow

Bonds

(e)(i)(j)

0.00%

11/06/09

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

100

1,400

0.00%

09/29/17

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

400

—

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Wells

Fargo

Co.,

(3-mo.

CME

Term

SOFR

4.03%),

4.48%,

04/04/31

(a)

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

USD

135

135,739

14,905,331

Beverages

—

0.7%

Coca-Cola

Co.

(The)

3.00%

03/05/51

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

1,460

997,436

2.50%

03/15/51

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

220

134,524

Diageo

Capital

plc

2.00%

04/29/30

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

780

709,368

2.13%

04/29/32

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

270

233,567

5.50%

01/24/33

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

1,030

1,085,172

3,160,067

Biotechnology

—

0.3%

Amgen,

Inc.,

2.20%,

02/21/27

...........

200

195,137

Gilead

Sciences,

Inc.

5.25%

10/15/33

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

160

167,794

5.55%

10/15/53

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

180

181,696

Regeneron

Pharmaceuticals,

Inc.,

1.75%,

09/15/30

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

1,160

1,023,111

1,567,738

Broadline

Retail

—

0.1%

GrubHub

Holdings,

Inc.,

13.00%,

07/31/30

(d)

28,982

Kohl's

Corp.,

10.00%,

06/01/30

(d)

.........

42,406

Macy's

Retail

Holdings

LLC,

7.38%,

08/01/33

(d)

26,068

Match

Group

Holdings

LLC,

6.13%,

09/15/33

(d)

50,439

Nordstrom,

Inc.

4.38%

04/01/30

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

52,693

5.00%

01/15/44

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

35,261

QVC,

Inc.,

6.88%,

04/15/29

(d)

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

33,510

Rakuten

Group,

Inc.

(d)

11.25%

02/15/27

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

65,031

9.75%

04/15/29

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

84,335

Wayfair

LLC

(d)

7.25%

10/31/29

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

35,056

7.75%

09/15/30

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

84,948

538,729

Building

Products

—

0.4%

Carlisle

Cos.,

Inc.,

5.55%,

09/15/40

........

75,919

CRH

America

Finance,

Inc.,

5.50%,

01/09/35

295

307,883

Owens

Corning

3.40%

08/15/26

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

110

109,151

4.30%

07/15/47

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

410

337,884

Trane

Technologies

Financing

Ltd.,

3.80%,

03/21/29

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

1,280

1,265,123

2,095,960

Capital

Markets

—

1.6%

Ares

Capital

Corp.

2.88%

06/15/27

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

145

141,506

2.88%

06/15/28

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

190

181,401

5.10%

01/15/31

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

49,639

Bank

New

York

Mellon

Corp.

(The),

(1-day

SOFR

1.51%),

4.71%,

02/01/34

(a)

......

180

180,893

Blackstone

Private

Credit

Fund,

4.00%,

01/15/29

129

125,950

Coinbase

Global,

Inc.,

3.38%,

10/01/28

(d)

....

49,353

Deutsche

Bank

(a)

(1-day

SOFR

1.59%),

5.71%

02/08/28

150

152,725

(1-day

SOFR

2.05%),

5.40%

09/11/35

173

176,409

FactSet

Research

Systems,

Inc.

2.90%

03/01/27

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

790

775,545

3.45%

03/01/32

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

34,184

KKR

Capital

Corp.

2.63%

01/15/27

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

125

121,454

3.13%

10/12/28

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

330

305,872

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Balanced

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

6.13%

01/15/30

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

USD

98,558

Goldman

Sachs

Group,

Inc.

(The)

(a)

(3-mo.

CME

Term

SOFR

1.77%),

3.69%

06/05/28

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

206

204,518

(1-day

SOFR

1.09%),

1.99%

01/27/32

102

90,008

(1-day

SOFR

1.28%),

2.62%

04/22/32

133

120,660

(1-day

SOFR

1.25%),

2.38%

07/21/32

1,455

1,298,586

(1-day

SOFR

1.41%),

3.10%

02/24/33

305

279,801

(3-mo.

CME

Term

SOFR

1.63%),

4.02%

10/31/38

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

123

110,250

Jane

Street

Group,

6.75%,

05/01/33

(d)

......

41,545

LPL

Holdings,

Inc.,

5.65%,

03/15/35

.......

230

234,338

Moody's

Corp.,

3.25%,

01/15/28

..........

67,855

Morgan

Stanley

(a)

(1-day

SOFR

1.00%),

2.48%

01/21/28

280

274,056

3.59%

07/22/28

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

34,632

(1-day

SOFR

1.14%),

2.70%

01/22/31

380

355,085

(1-day

SOFR

1.03%),

1.79%

02/13/32

762

664,600

(1-day

SOFR

1.02%),

1.93%

04/28/32

20,945

(1-day

SOFR

1.20%),

2.51%

10/20/32

516

460,353

(1-day

SOFR

1.87%),

5.25%

04/21/34

470

484,675

(1-day

SOFR

1.88%),

5.42%

07/21/34

240

250,056

Osaic

Holdings,

Inc.

(d)

6.75%

08/01/32

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

10,328

8.00%

08/01/33

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

5,182

Stonex

Escrow

Issuer

LLC,

6.88%,

07/15/32

(d)

25,733

StoneX

Group,

Inc.,

7.88%,

03/01/31

(d)

......

58,890

VFH

Parent

LLC,

7.50%,

06/15/31

(d)

.......

36,200

7,521,785

Chemicals

—

0.1%

Ecolab,

Inc.,

2.70%,

12/15/51

...........

210

132,425

NOVA

Chemicals

Corp.,

9.00%,

02/15/30

(d)

...

8,577

Rain

Carbon,

Inc.,

12.25%,

09/01/29

(d)

......

28,914

Sherwin-Williams

Co.

(The),

5.15%,

08/15/35

340

345,951

Invictus

Intermediate

SARL,

5.00%,

10/30/29

(d)

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

29,363

545,230

Commercial

Services

Supplies

—

0.1%

ADT

Security

Corp.

(The),

5.88%,

10/15/33

(d)

35,000

Deluxe

Corp.

(d)

8.00%

06/01/29

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

9,977

8.13%

09/15/29

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

29,238

Pitney

Bowes,

Inc.

(d)

6.88%

03/15/27

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

1,998

7.25%

03/15/29

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

20,240

RELX

Capital,

Inc.,

5.25%,

03/27/35

.......

30,961

Republic

Services,

Inc.

4.75%

07/15/30

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

30,731

5.20%

11/15/34

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

140

145,161

Waste

Connections,

Inc.,

5.25%,

09/01/35

....

280

288,504

591,810

Communications

Equipment

—

0.3%

Cisco

Systems,

Inc.

4.95%

02/24/32

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

10,339

5.30%

02/26/54

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

93,774

CommScope

LLC

(d)

8.25%

03/01/27

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

28,306

9.50%

12/15/31

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

42,439

Motorola

Solutions,

Inc.

2.30%

11/15/30

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

450

406,764

2.75%

05/24/31

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

440

401,657

5.60%

06/01/32

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

240

252,644

5.40%

04/15/34

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

220

228,041

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

(continued)

Viasat,

Inc.

(d)

6.50%

07/15/28

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

USD

52,779

7.50%

05/30/31

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

76,949

1,593,692

Construction

Engineering

—

0.3%

AECOM,

6.00%,

08/01/33

(d)

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

46,008

Great

Lakes

Dredge

Dock

Corp.,

5.25%,

06/01/29

(d)

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

13,565

HTA

Group

Ltd.,

7.50%,

06/04/29

(d)

........

52,015

Quanta

Services,

Inc.,

2.90%,

10/01/30

.....

1,190

1,110,919

Tutor

Perini

Corp.,

11.88%,

04/30/29

(d)

......

34,719

1,257,226

Construction

Materials

—

0.0%

Martin

Marietta

Materials,

Inc.,

5.15%,

12/01/34

150

153,082

Consumer

Finance

—

0.9%

AerCap

Ireland

Capital

DAC,

4.95%,

09/10/34

165

164,242

Ally

Financial,

Inc.,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.45%),

6.65%,

01/17/40

(a)

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

58,980

American

Express

Co.

2.55%

03/04/27

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

199

195,111

(SOFR

Index

1.28%),

5.28%

07/27/29

(a)

290

299,098

(1-day

SOFR

1.84%),

5.04%

05/01/34

(a)

130

133,474

(1-day

SOFR

1.93%),

5.63%

07/28/34

(a)

52,220

(SOFR

Index

1.32%),

5.44%

01/30/36

(a)

275

286,021

Atlanticus

Holdings

Corp.,

9.75%,

09/01/30

(d)

74,522

Bread

Financial

Holdings,

Inc.,

9.75%,

03/15/29

(d)

11,741

Capital

One

Financial

Corp.

(a)

(1-day

SOFR

3.07%),

7.62%

10/30/31

890

1,006,583

(1-day

SOFR

2.37%),

5.27%

05/10/33

100

102,263

(1-day

SOFR

2.60%),

5.82%

02/01/34

360

377,535

(SOFR

Index

3.37%),

7.96%

11/02/34

480

567,519

Credit

Acceptance

Corp.

(d)

9.25%

12/15/28

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

44,126

6.63%

03/15/30

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

30,050

Enova

International,

Inc.,

9.13%,

08/01/29

(d)

...

51,458

EZCORP,

Inc.,

7.38%,

04/01/32

(d)

.........

15,982

goeasy

Ltd.

(d)

9.25%

12/01/28

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

36,532

7.63%

07/01/29

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

29,389

7.38%

10/01/30

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

25,125

OneMain

Finance

Corp.

6.63%

01/15/28

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

44,034

6.63%

05/15/29

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

30,836

7.88%

03/15/30

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

51,850

7.50%

05/15/31

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

52,268

SLM

Corp.,

6.50%,

01/31/30

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

31,262

Synchrony

Financial

2.88%

10/28/31

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

620

549,081

7.25%

02/02/33

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

43,751

4,365,053

Consumer

Staples

Distribution

Retail

—

0.1%

Kroger

Co.

(The),

5.00%,

09/15/34

........

105

105,891

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(d)

59,995

Foods,

Inc.

(d)

7.25%

01/15/32

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

51,300

5.75%

04/15/33

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

36,189

Walmart,

Inc.,

4.90%,

04/28/35

..........

415

426,895

680,270

Diversified

Consumer

Services

—

0.0%

(d)

Adtalem

Global

Education,

Inc.,

5.50%,

03/01/28

11,958

Belron

Finance

plc,

5.75%,

10/15/29

.....

32,417

44,375

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Balanced

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

REITs

—

0.0%

Uniti

Group

LP,

10.50%,

02/15/28

(d)

........

USD

67,405

Diversified

Telecommunication

Services

—

0.2%

CCO

Holdings

LLC

6.38%

09/01/29

(d)

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

6,083

7.38%

03/01/31

(d)

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

106

109,369

4.50%

05/01/32

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

18,201

Koninklijke

KPN

NV,

8.38%,

10/01/30

......

260

304,965

Level

Financing,

Inc.

(d)

4.25%

07/01/28

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

42,074

6.88%

06/30/33

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

81,535

7.00%

03/31/34

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

40,692

Telecom

Italia

Capital

6.00%

09/30/34

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

17,257

7.20%

07/18/36

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

24,823

7.72%

06/04/38

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

25,479

Windstream

Services

LLC,

8.25%,

10/01/31

(d)

36,256

706,734

Electric

Utilities

—

0.6%

Avangrid,

Inc.,

3.80%,

06/01/29

..........

140

137,439

Baltimore

Gas

Electric

Co.,

2.25%,

06/15/31

16,114

Commonwealth

Edison

Co.,

4.90%,

02/01/33

460

469,160

Eversource

Energy

Series

1.40%

08/15/26

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

58,553

2.90%

03/01/27

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

270

265,167

3.38%

03/01/32

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

220

203,448

Exelon

Corp.

2.75%

03/15/27

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

18,626

5.45%

03/15/34

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

130

134,927

5.10%

06/15/45

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

9,320

4.10%

03/15/52

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

5,473

Hawaiian

Electric

Co.,

Inc.,

6.00%,

10/01/33

(d)

20,174

NRG

Energy,

Inc.

(d)

6.25%

11/01/34

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

17,426

6.00%

01/15/36

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

25,004

NSTAR

Electric

Co.

3.25%

05/15/29

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

280

271,236

3.95%

04/01/30

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

250

247,824

Public

Service

Co.

New

Hampshire,

5.15%,

01/15/53

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

110

104,448

Public

Service

Electric

Gas

Co.

3.65%

09/01/28

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

79,226

5.20%

08/01/33

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

650

674,990

2.05%

08/01/50

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

16,811

Tampa

Electric

Co.,

5.15%,

03/01/35

.......

185

187,555

Vistra

Operations

Co.

LLC,

7.75%,

10/15/31

(d)

26,455

2,989,376

Electronic

Equipment,

Instruments

Components

—

0.3%

Allegion

Holding

Co.,

Inc.,

3.55%,

10/01/27

14,812

Arrow

Electronics,

Inc.,

5.88%,

04/10/34

.....

205

214,851

CDW

LLC

3.57%

12/01/31

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

61,617

5.55%

08/22/34

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

250

256,339

Keysight

Technologies,

Inc.

4.60%

04/06/27

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

620

622,869

3.00%

10/30/29

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

170

161,653

4.95%

10/15/34

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

35,221

1,367,362

Energy

Equipment

Services

—

0.1%

(d)

Kodiak

Gas

Services

LLC

6.50%

10/01/33

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

15,273

6.75%

10/01/35

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

15,401

Tidewater,

Inc.,

9.13%,

07/15/30

..........

69,709

USA

Compression

Partners

LP,

6.25%,

10/01/33

20,077

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

Services

(continued)

Valaris

Ltd.,

8.38%,

04/30/30

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

USD

40,476

Viridien,

10.00%,

10/15/30

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

30,840

Weatherford

International

Ltd.,

6.75%,

10/15/33

45,031

236,807

Entertainment

—

0.0%

Electronic

Arts,

Inc.,

1.85%,

02/15/31

.......

122

115,840

Warnermedia

Holdings,

Inc.

4.05%

03/15/29

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

19,300

4.28%

03/15/32

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

18,325

5.05%

03/15/42

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

39,916

193,381

Financial

Services

—

0.6%

Burford

Capital

Global

Finance

LLC

(d)

6.88%

04/15/30

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

10,053

9.25%

07/01/31

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

47,815

Fidelity

National

Information

Services,

Inc.,

1.65%,

03/01/28

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

54,662

Fiserv,

Inc.

5.45%

03/02/28

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

130

133,651

5.60%

03/02/33

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

275

288,142

Freedom

Mortgage

Corp.

(d)

12.00%

10/01/28

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

14,840

12.25%

10/01/30

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

24,542

Freedom

Mortgage

Holdings

LLC

(d)

9.25%

02/01/29

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

32,617

9.13%

05/15/31

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

38,288

8.38%

04/01/32

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

10,482

Mastercard,

Inc.

3.30%

03/26/27

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

100

99,223

2.00%

11/18/31

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

390

344,287

3.85%

03/26/50

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

370

296,484

MGIC

Investment

Corp.,

5.25%,

08/15/28

....

830

828,395

Nationstar

Mortgage

Holdings,

Inc.

(d)

6.50%

08/01/29

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

29,751

5.13%

12/15/30

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

89,783

7.13%

02/01/32

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

20,876

NCR

Atleos

Corp.,

9.50%,

04/01/29

(d)

.......

43,301

PennyMac

Financial

Services,

Inc.

(d)

7.88%

12/15/29

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

8,490

7.13%

11/15/30

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

28,114

6.88%

05/15/32

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

25,905

6.88%

02/15/33

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

36,159

6.75%

02/15/34

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

10,201

Rocket

Cos.,

Inc.

(d)

6.13%

08/01/30

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

25,658

6.38%

08/01/33

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

30,963

UWM

Holdings

LLC

(d)

6.63%

02/01/30

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

70,192

6.25%

03/15/31

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

29,857

Visa,

Inc.,

3.65%,

09/15/47

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

180

141,997

2,814,728

Food

Products

—

0.3%

Kellanova

3.40%

11/15/27

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

190

187,668

4.30%

05/15/28

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

460

463,335

Post

Holdings,

Inc.

(d)

6.38%

03/01/33

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

46,428

6.25%

10/15/34

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

26,217

Unilever

Capital

Corp.,

1.75%,

08/12/31

.....

600

526,203

1,249,851

Gas

Utilities

—

0.1%

AmeriGas

Partners

5.75%

05/20/27

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

39,991

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Balanced

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Gas

Utilities

(continued)

9.38%

06/01/28

(d)

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

USD

31,848

9.50%

06/01/30

(d)

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

26,172

National

Fuel

Gas

Co.,

5.95%,

03/15/35

.....

260

271,144

ONE

Gas,

Inc.,

4.25%,

09/01/32

..........

44,502

413,657

Ground

Transportation

—

0.1%

Avis

Budget

Car

Rental

LLC,

8.38%,

06/15/32

(d)

14,643

Canadian

National

Railway

Co.,

3.85%,

08/05/32

160

153,922

Hertz

Corp.

(The),

12.63%,

07/15/29

(d)

......

24,383

Ryder

System,

Inc.

5.65%

03/01/28

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

25,888

6.30%

12/01/28

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

310

329,542

548,378

Health

Care

Equipment

Supplies

—

0.0%

Bausch

Lomb

Corp.,

8.38%,

10/01/28

(d)

....

56,278

Insulet

Corp.,

6.50%,

04/01/33

(d)

..........

53,021

Zimmer

Biomet

Holdings,

Inc.

4.70%

02/19/27

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

10,072

5.35%

12/01/28

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

41,427

160,798

Health

Care

Providers

Services

—

1.4%

Cardinal

Health,

Inc.,

5.35%,

11/15/34

......

210

215,859

Cencora,

Inc.

2.70%

03/15/31

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

590

541,054

4.30%

12/15/47

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

340

283,105

Cigna

Group

(The)

4.38%

10/15/28

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

280

281,473

5.25%

02/15/34

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

170

174,989

CVS

Health

Corp.,

5.45%,

09/15/35

........

200

203,520

DaVita,

Inc.

(d)

4.63%

06/01/30

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

31,627

6.88%

09/01/32

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

63,015

6.75%

07/15/33

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

25,780

HCA,

Inc.

5.25%

06/15/26

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

230

230,456

3.13%

03/15/27

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

160

157,750

5.20%

06/01/28

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

170

174,104

5.45%

04/01/31

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

265

275,462

3.63%

03/15/32

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

338

317,095

5.60%

04/01/34

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

245

254,331

5.45%

09/15/34

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

46,161

4.63%

03/15/52

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

100

82,575

5.90%

06/01/53

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

78,988

Icon

Investments

Six

DAC,

6.00%,

05/08/34

930

976,223

McKesson

Corp.,

5.10%,

07/15/33

........

780

808,200

MPH

Acquisition

Holdings

LLC

(d)

5.75%

12/31/30

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

39,612

6.75%

(

6.75

Cash

0.75

PIK),

03/31/31

(h)

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

29,879

Quest

Diagnostics,

Inc.

4.60%

12/15/27

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

280

283,483

4.63%

12/15/29

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

340

345,194

Tenet

Healthcare

Corp.,

6.13%,

10/01/28

....

49,028

UnitedHealth

Group,

Inc.

4.90%

04/15/31

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

350

358,864

4.50%

04/15/33

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

89,050

5.88%

02/15/53

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

61,685

5.05%

04/15/53

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

420

384,840

6,863,402

Health

Care

REITs

—

0.2%

Diversified

Healthcare

Trust

7.25%

10/15/30

(d)

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

10,163

4.38%

03/01/31

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

39,753

Security

Par

(000)

Par

(000)

Value

Health

Care

REITs

(continued)

MPT

Operating

Partnership

LP,

5.00%,

10/15/27

USD

44,561

Ventas

Realty

LP,

5.10%,

07/15/32

........

260

266,067

Welltower

LLC,

4.50%,

07/01/30

.......

350

353,265

713,809

Hotels,

Restaurants

Leisure

—

0.2%

Brinker

International,

Inc.,

8.25%,

07/15/30

(d)

11,637

Darden

Restaurants,

Inc.

4.35%

10/15/27

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

85,326

4.55%

10/15/29

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

85,446

Genting

New

York

LLC,

7.25%,

10/01/29

(d)

...

19,626

Hyatt

Hotels

Corp.,

5.38%,

12/15/31

.......

390

398,782

Life

Time,

Inc.,

6.00%,

11/15/31

(d)

.........

32,511

Light

Wonder

International,

Inc.

(d)

7.25%

11/15/29

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

34,896

7.50%

09/01/31

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

50,958

6.25%

10/01/33

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

20,034

Lindblad

Expeditions

LLC,

7.00%,

09/15/30

(d)

10,193

Raising

Cane's

Restaurants

LLC,

9.38%,

05/01/29

(d)

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

20,995

Resorts

World

Las

Vegas

LLC,

8.45%,

07/27/30

(d)

25,412

Sabre

GLBL,

Inc.,

11.25%,

12/15/27

(d)

......

19,813

Viking

Cruises

Ltd.

(d)

7.00%

02/15/29

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

25,126

9.13%

07/15/31

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

28,980

5.88%

10/15/33

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

45,032

914,767

Household

Durables

—

0.3%

Century

Communities,

Inc.,

6.63%,

09/15/33

(d)

15,131

MDC

Holdings,

Inc.,

3.97%,

08/06/61

.......

100

66,607

NVR,

Inc.,

3.00%,

05/15/30

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

620

586,000

PulteGroup,

Inc.

5.00%

01/15/27

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

470

474,100

6.38%

05/15/33

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

240

261,863

Whirlpool

Corp.,

6.13%,

06/15/30

.........

20,157

1,423,858

Industrial

Conglomerates

—

0.2%

Co.,

2.38%,

08/26/29

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

370

346,508

Honeywell

International,

Inc.,

5.35%,

03/01/64

86,576

Pentair

Finance

SARL

4.50%

07/01/29

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

450

452,101

5.90%

07/15/32

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

190

201,465

1,086,650

Insurance

—

0.6%

Acrisure

LLC,

6.75%,

07/01/32

(d)

..........

15,445

Allstate

Corp.

(The),

3.85%,

08/10/49

......

140

109,583

Ambac

Assurance

Corp.,

5.10%

(d)

(k)

........

6,043

American

International

Group,

Inc.,

4.85%,

05/07/30

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

125

127,864

Assurant,

Inc.,

5.55%,

02/15/36

..........

76,009

Baldwin

Insurance

Group

Holdings

LLC,

7.13%,

05/15/31

(d)

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

39,446

CNA

Financial

Corp.,

5.20%,

08/15/35

......

100

100,191

Fairfax

Financial

Holdings

Ltd.,

6.35%,

03/22/54

110

116,255

Markel

Group,

Inc.,

6.00%,

05/16/54

.......

102

104,077

Marsh

McLennan

Cos.,

Inc.

5.15%

03/15/34

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

280

289,911

5.45%

03/15/53

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

270

267,182

5.70%

09/15/53

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

290

296,886

Progressive

Corp.

(The),

4.95%,

06/15/33

....

580

596,699

Stewart

Information

Services

Corp.,

3.60%,

11/15/31

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

170

152,286

Willis

North

America,

Inc.

4.65%

06/15/27

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

160

161,227

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Balanced

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

5.90%

03/05/54

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

USD

220

224,116

2,683,220

Interactive

Media

Services

—

0.1%

Alphabet,

Inc.,

4.50%,

05/15/35

..........

500

500,429

Snap,

Inc.,

6.88%,

03/01/33

(d)

...........

65,414

565,843

Services

—

0.5%

Accenture

Capital,

Inc.,

4.50%,

10/04/34

.....

24,656

CGI,

Inc.,

2.30%,

09/14/31

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

520

457,178

Cogent

Communications

Group

LLC,

7.00%,

06/15/27

(d)

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

52,859

CoreWeave,

Inc.

(d)

9.25%

06/01/30

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

127

131,165

9.00%

02/01/31

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

53,294

IBM

International

Capital

Pte.

Ltd.

4.90%

02/05/34

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

720

729,346

5.30%

02/05/54

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

420

401,946

International

Business

Machines

Corp.,

2.20%,

02/09/27

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

280

273,290

VeriSign,

Inc.,

5.25%,

06/01/32

..........

61,633

2,185,367

Leisure

Products

—

0.0%

Amer

Sports

Co.,

6.75%,

02/16/31

(d)

.......

51,030

Machinery

—

0.1%

Cummins,

Inc.,

4.90%,

02/20/29

..........

160

164,642

Enpro,

Inc.,

6.13%,

06/01/33

(d)

...........

10,220

Manitowoc

Co.,

Inc.

(The),

9.25%,

10/01/31

(d)

7,345

New

Flyer

Holdings,

Inc.,

9.25%,

07/01/30

(d)

70,644

252,851

Media

—

0.2%

AMC

Networks,

Inc.

10.25%

01/15/29

(d)

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

70,601

4.25%

02/15/29

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

36,540

10.50%

07/15/32

(d)

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

52,872

CSC

Holdings

LLC

(d)

5.50%

04/15/27

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

28,474

11.25%

05/15/28

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

27,773

DirecTV

Financing

LLC

(d)

5.88%

08/15/27

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

13,984

8.88%

02/01/30

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

29,632

10.00%

02/15/31

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

84,875

Discovery

Communications

LLC,

5.00%,

09/20/37

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

21,451

DISH

DBS

Corp.

7.38%

07/01/28

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

35,015

5.75%

12/01/28

(d)

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

34,511

EchoStar

Corp.

10.75%

11/30/29

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

86,913

6.75%

(

6.75

Cash

6.75

PIK),

11/30/30

(h)

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

87,670

Fox

Corp.,

5.58%,

01/25/49

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

77,888

GCI

LLC,

4.75%,

10/15/28

(d)

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

28,182

Gray

Media,

Inc.,

9.63%,

07/15/32

(d)

.......

5,108

iHeartCommunications,

Inc.

(d)

9.13%

05/01/29

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

70,152

10.88%

05/01/30

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

41,450

Interpublic

Group

Cos.,

Inc.

(The),

2.40%,

03/01/31

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

28,559

Nexstar

Media,

Inc.,

4.75%,

11/01/28

(d)

......

71,251

Paramount

Global,

4.20%,

05/19/32

.......

41,921

Sinclair

Television

Group,

Inc.

(d)

5.50%

03/01/30

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

9,350

4.38%

12/31/32

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

24,850

Security

Par

(000)

Par

(000)

Value

Media

(continued)

8.13%

02/15/33

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

USD

25,657

Sirius

Radio

LLC,

4.13%,

07/01/30

(d)

.....

16,882

TEGNA,

Inc.,

5.00%,

09/15/29

...........

1,990

1,053,551

Metals

Mining

—

0.2%

Algoma

Steel,

Inc.,

9.13%,

04/15/29

(d)

......

13,633

Century

Aluminum

Co.,

6.88%,

08/01/32

(d)

....

35,238

Champion

Iron

Canada,

Inc.,

7.88%,

07/15/32

(d)

26,138

Cleveland-Cliffs,

Inc.,

7.63%,

01/15/34

(d)

.....

41,216

Eldorado

Gold

Corp.,

6.25%,

09/01/29

(d)

.....

34,128

First

Quantum

Minerals

Ltd.,

9.38%,

03/01/29

(d)

69,815

Fortescue

Treasury

Pty.

Ltd.,

6.13%,

04/15/32

(d)

42,367

Ivanhoe

Mines

Ltd.,

7.88%,

01/23/30

(d)

......

52,696

Mineral

Resources

Ltd.,

7.00%,

04/01/31

(d)

...

42,543

New

Gold,

Inc.,

6.88%,

04/01/32

(d)

........

52,371

Novelis

Corp.,

6.88%,

01/30/30

(d)

.........

25,924

Reliance,

Inc.,

2.15%,

08/15/30

..........

370

332,092

Rio

Tinto

Finance

USA

plc,

5.25%,

03/14/35

200

206,096

SunCoke

Energy,

Inc.,

4.88%,

06/30/29

(d)

....

18,693

Taseko

Mines

Ltd.,

8.25%,

05/01/30

(d)

......

40,248

1,033,198

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

(d)

Blackstone

Mortgage

Trust,

Inc.,

7.75%,

12/01/29

15,826

Holdco,

7.38%,

09/30/30

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

20,000

Starwood

Property

Trust,

Inc.

3.63%

07/15/26

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

38,553

7.25%

04/01/29

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

44,102

6.50%

10/15/30

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

25,824

144,305

Oil,

Gas

Consumable

Fuels

—

1.2%

Aethon

United

LP,

7.50%,

10/01/29

(d)

.....

12,515

Antero

Midstream

Partners

LP,

5.75%,

10/15/33

(d)

29,867

BKV

Upstream

Midstream

LLC,

7.50%,

10/15/30

(d)

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

52,975

California

Resources

Corp.

(d)

8.25%

06/15/29

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

103,242

7.00%

01/15/34

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

52,635

Cheniere

Corpus

Christi

Holdings

LLC

5.13%

06/30/27

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

30,327

3.70%

11/15/29

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

170

165,213

2.74%

12/31/39

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

246

206,332

Cheniere

Energy,

Inc.,

4.63%,

10/15/28

.....

830

827,405

Chevron

USA,

Inc.,

4.98%,

04/15/35

.......

530

543,507

Chord

Energy

Corp.

(d)

6.00%

10/01/30

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

19,861

6.75%

03/15/33

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

30,395

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(d)

15,343

ConocoPhillips

Co.,

5.00%,

01/15/35

.......

465

471,068

CVR

Energy,

Inc.,

8.50%,

01/15/29

(d)

.......

11,243

Enbridge,

Inc.,

6.20%,

11/15/30

..........

26,978

Global

Partners

6.88%

01/15/29

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

6,052

8.25%

01/15/32

(d)

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

50,624

Greenfire

Resources

Ltd.,

12.00%,

10/01/28

(d)

15,944

Karoon

USA

Finance,

Inc.,

10.50%,

05/14/29

(d)

10,463

Kinder

Morgan

Energy

Partners

7.50%

11/15/40

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

18,759

5.00%

08/15/42

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

18,327

Kinder

Morgan,

Inc.,

5.95%,

08/01/54

......

130

130,923

ONEOK,

Inc.

5.85%

01/15/26

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

330

330,886

5.65%

11/01/28

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

460

477,022

6.35%

01/15/31

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

380

408,050

6.05%

09/01/33

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

170

180,266

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Balanced

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

Consumable

Fuels

(continued)

7.15%

01/15/51

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

USD

120

134,451

Talos

Production,

Inc.

(d)

9.00%

02/01/29

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

35,157

9.38%

02/01/31

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

35,412

Targa

Resources

Corp.

6.15%

03/01/29

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

810

853,346

5.55%

08/15/35

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

160

163,187

6.50%

02/15/53

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

210

221,081

TotalEnergies

Capital

SA,

5.49%,

04/05/54

...

150

148,361

Venture

Global

LNG,

Inc.

(d)

9.50%

02/01/29

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

27,551

9.88%

02/01/32

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

66,412

Venture

Global

Plaquemines

LNG

LLC,

6.75%,

01/15/36

(d)

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

31,865

5,963,045

Passenger

Airlines

—

0.1%

American

Airlines

Pass-Through

Trust,

Series

2019-1,

Class

3.85%,

02/15/28

.......

34,669

American

Airlines,

Inc.

(d)

7.25%

02/15/28

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

55,321

8.50%

05/15/29

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

89,711

JetBlue

Airways

Corp.,

9.88%,

09/20/31

(d)

....

55,785

United

Airlines

Pass-Through

Trust,

Series

2019-

Class

3.50%,

05/01/28

...........

17,854

253,340

Pharmaceuticals

—

0.5%

1261229

Ltd.,

10.00%,

04/15/32

(d)

......

61,503

Amneal

Pharmaceuticals

LLC,

6.88%,

08/01/32

(d)

20,684

Bausch

Health

Cos.,

Inc.,

11.00%,

09/30/28

(d)

83,201

Eli

Lilly

Co.,

5.05%,

08/14/54

..........

260

248,031

HLF

Financing

SARL

LLC,

12.25%,

04/15/29

(d)

43,392

Merck

Co.,

Inc.

2.45%

06/24/50

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

18,006

2.75%

12/10/51

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

11,997

5.00%

05/17/53

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

79,871

Novartis

Capital

Corp.,

2.20%,

08/14/30

.....

855

786,039

Zoetis,

Inc.

3.00%

09/12/27

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

110

108,067

2.00%

05/15/30

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

800

727,465

2,188,256

Professional

Services

—

0.3%

Automatic

Data

Processing,

Inc.

1.70%

05/15/28

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

1,510

1,429,959

4.75%

05/08/32

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

175

179,192

CACI

International,

Inc.,

6.38%,

06/15/33

(d)

...

52,609

1,661,760

Real

Estate

Management

Development

—

0.2%

CBRE

Services,

Inc.

5.50%

04/01/29

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

320

332,095

5.95%

08/15/34

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

500

533,318

Five

Point

Operating

Co.

LP,

8.00%,

10/01/30

(d)

10,148

Howard

Hughes

Corp.

(The),

5.38%,

08/01/28

(d)

36,854

912,415

Semiconductors

Semiconductor

Equipment

—

1.1%

Amkor

Technology,

Inc.,

5.88%,

10/01/33

(d)

...

40,407

ams-OSRAM

AG,

12.25%,

03/30/29

(d)

......

53,604

Broadcom,

Inc.,

3.75%,

02/15/51

(d)

........

130

101,739

Intel

Corp.,

4.88%,

02/10/28

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

440

446,674

Lam

Research

Corp.,

1.90%,

06/15/30

......

1,050

948,362

NVIDIA

Corp.

1.55%

06/15/28

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

190

179,310

2.00%

06/15/31

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

870

781,776

3.50%

04/01/50

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

38,370

Security

Par

(000)

Par

(000)

Value

Semiconductors

Semiconductor

Equipment

(continued)

3.70%

04/01/60

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

USD

480

363,996

NXP

3.88%

06/18/26

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

24,947

4.30%

06/18/29

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

172

171,694

3.40%

05/01/30

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

67,200

2.50%

05/11/31

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

189

169,552

Texas

Instruments,

Inc.

1.90%

09/15/31

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

85,618

3.65%

08/16/32

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

1,020

980,237

4.90%

03/14/33

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

220

226,588

TSMC

Arizona

Corp.

4.25%

04/22/32

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

350

350,460

3.25%

10/25/51

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

220

168,389

5,198,923

Software

—

1.2%

Adobe,

Inc.,

2.30%,

02/01/30

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

1,010

940,017

AppLovin

Corp.,

5.50%,

12/01/34

.........

250

258,061

Autodesk,

Inc.

3.50%

06/15/27

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

80,308

2.40%

12/15/31

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

47,843

Cloud

Software

Group,

Inc.

(d)

6.50%

03/31/29

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

40,361

9.00%

09/30/29

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

50,823

Intuit,

Inc.

1.35%

07/15/27

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

860

822,657

1.65%

07/15/30

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

1,060

946,456

5.20%

09/15/33

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

94,089

5.50%

09/15/53

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

30,219

Oracle

Corp.

5.50%

08/03/35

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

580

596,649

5.38%

09/27/54

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

50,524

5.95%

09/26/55

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

69,785

4.10%

03/25/61

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

120

86,401

Pagaya

Holdings

Co.

LLC,

8.88%,

08/01/30

(d)

69,835

Roper

Technologies,

Inc.

1.75%

02/15/31

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

22,659

5.10%

09/15/35

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

20,162

Salesforce,

Inc.,

3.05%,

07/15/61

.........

260

163,878

ServiceNow,

Inc.,

1.40%,

09/01/30

........

850

744,336

Workday,

Inc.,

3.80%,

04/01/32

..........

500

477,437

5,612,500

Specialized

REITs

—

0.1%

American

Tower

Corp.

1.45%

09/15/26

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

120

117,092

5.80%

11/15/28

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

10,442

Crown

Castle,

Inc.,

3.65%,

09/01/27

.......

260

257,298

Equinix,

Inc.,

1.45%,

05/15/26

...........

160

157,246

Iron

Mountain,

Inc.,

7.00%,

02/15/29

(d)

......

28,855

Millrose

Properties,

Inc.

(d)

6.38%

08/01/30

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

15,255

6.25%

09/15/32

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

53,139

639,327

Specialty

Retail

—

0.3%

Advance

Auto

Parts,

Inc.

(d)

7.00%

08/01/30

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

20,577

7.38%

08/01/33

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

25,781

Bath

Body

Works,

Inc.

6.95%

03/01/33

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

34,454

6.88%

11/01/35

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

69,682

Carvana

Co.

(d)(h)

9.00%

(

9.00

Cash

13.00

PIK),

06/01/30

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

61,313

9.00%

(

9.00

Cash

14.00

PIK),

06/01/31

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

123

138,858

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Balanced

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

Dick's

Sporting

Goods,

Inc.,

4.00%,

10/01/29

(d)

USD

19,607

Gap,

Inc.

(The),

3.63%,

10/01/29

(d)

........

18,710

Home

Depot,

Inc.

(The)

1.50%

09/15/28

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

300

280,674

1.38%

03/15/31

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

26,719

1.88%

09/15/31

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

400

349,454

4.50%

12/06/48

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

14,941

3.35%

04/15/50

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

240

173,331

Lowe's

Cos.,

Inc.

3.35%

04/01/27

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

250

247,557

3.65%

04/05/29

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

91,394

1,573,052

Technology

Hardware,

Storage

Peripherals

—

0.0%

Diebold

Nixdorf,

Inc.,

7.75%,

03/31/30

(d)

.....

10,549

NetApp,

Inc.,

5.70%,

03/17/35

...........

181

189,205

Seagate

Data

Storage

Technology

Pte.

Ltd.,

5.88%,

07/15/30

(d)

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

20,348

220,102

Textiles,

Apparel

Luxury

Goods

—

0.1%

Ralph

Lauren

Corp.,

5.00%,

06/15/32

......

300

307,355

Wolverine

World

Wide,

Inc.,

4.00%,

08/15/29

(d)

44,829

352,184

Trading

Companies

Distributors

—

0.0%

(d)

Alta

Equipment

Group,

Inc.,

9.00%,

06/01/29

16,800

FTAI

Aviation

Investors

LLC

7.88%

12/01/30

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

52,070

7.00%

06/15/32

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

14,651

QXO

Building

Products,

Inc.,

6.75%,

04/30/32

71,442

WESCO

Distribution,

Inc.,

6.38%,

03/15/33

...

31,099

186,062

Wireless

Telecommunication

Services

—

0.1%

Connect

Finco

SARL,

9.00%,

09/15/29

(d)

.....

52,570

Millicom

International

Cellular

(d)

6.25%

03/25/29

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

9,099

7.38%

04/02/32

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

49,009

T-Mobile

USA,

Inc.,

5.50%,

01/15/55

.......

87,020

Zegona

Finance

plc,

8.63%,

07/15/29

(d)

.....

68,128

265,826

Total

Corporate

Bonds

—

(Cost:

93,457,020

)

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

94,925,053

Foreign

Government

Obligations

Chile

—

0.0%

Republic

Chile

3.25

09/21/71

.........

320

200,000

Mexico

—

0.1%

United

Mexican

States

7.38

05/13/55

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

200

220,100

3.77

05/24/61

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

250

158,250

378,350

Peru

—

0.0%

Republic

Peru

6.20

06/30/55

.........

83,402

Philippines

—

0.1%

Republic

Philippines

5.90

02/04/50

.....

200

213,305

Poland

—

0.0%

Republic

Poland

5.50

03/18/54

........

57,978

Total

Foreign

Government

Obligations

—

(Cost:

911,841

)

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

933,035

Security

Par

(000)

Par

(000)

Value

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.1%

Alternative

Loan

Trust

Series

2005-22T1,

Class

A1,

(1-mo.

CME

Term

SOFR

0.35%

Floor

and

5.42%

Cap

0.46%),

4.62%,

06/25/35

(a)

......

USD

31,727

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

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

8,332

Series

2006-OC10,

Class

2A3,

(1-mo.

CME

Term

SOFR

0.46%

Floor

0.57%),

4.73%,

11/25/36

(a)

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

20,351

Series

2007-OA3,

Class

1A1,

(1-mo.

CME

Term

SOFR

0.28%

Floor

0.39%),

4.55%,

04/25/47

(a)

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

15,978

Series

2007-OA8,

Class

2A1,

(1-mo.

CME

Term

SOFR

0.36%

Floor

0.47%),

4.63%,

06/25/47

(a)

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

8,083

Series

2007-OH2,

Class

A2A,

(1-mo.

CME

Term

SOFR

0.48%

Floor

and

10.00%

Cap

0.59%),

4.75%,

08/25/47

(a)

......

3,669

American

Home

Mortgage

Assets

Trust,

Series

2006-3,

Class

2A11,

(Federal

Reserve

Month

Cumulative

Average

Year

CMT

0.94%

Floor

0.94%),

5.09%,

10/25/46

(a)

25,871

APS

Resecuritization

Trust,

Series

2016-1,

Class

1MZ,

2.98%,

07/31/57

(a)

(d)

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

138

52,219

Banc

America

Funding

Trust,

Series

2014-R2,

Class

1C,

0.00%,

11/26/36

(a)

(d)

..........

16,488

Bear

Stearns

Mortgage

Funding

Trust,

Series

2006-SL1,

Class

A1,

(1-mo.

CME

Term

SOFR

0.28%

Floor

and

11.00%

Cap

0.39%),

4.55%,

08/25/36

(a)

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

6,946

Chase

Mortgage

Finance

Trust,

Series

2007-S6,

Class

1A1,

6.00%,

12/25/37

...........

266

104,092

Citicorp

Mortgage

Securities

Trust,

Series

2008-

Class

1A1,

6.50%,

06/25/38

..........

15,286

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

(d)

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

109

40,518

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2005-10,

Class

10A1,

(1-mo.

CME

Term

SOFR

1.35%

Floor

and

6.25%

Cap

1.46%),

5.62%,

11/25/35

(a)

...

3,666

CSMC

Mortgage-Backed

Trust,

Series

2007-5,

Class

1A11,

7.00%,

08/25/37

(a)

..........

10,772

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(1-mo.

CME

Term

SOFR

0.34%

Floor

0.45%),

4.61%,

08/25/47

(a)

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

65,589

GreenPoint

Mortgage

Funding

Trust,

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

Month

Cumulative

Average

Year

CMT

2.00%

Floor

and

10.50%

Cap

2.00%),

6.15%,

03/25/36

(a)

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

3,657

GSR

Mortgage

Loan

Trust,

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

...........

—

(b)

593

IndyMac

INDX

Mortgage

Loan

Trust,

Series

2007-AR19,

Class

3A1,

3.83%,

09/25/37

(a)

16,847

J.P.

Morgan

Alternative

Loan

Trust,

Series

2007-A1,

Class

1A4,

(1-mo.

CME

Term

SOFR

0.42%

Floor

and

11.50%

Cap

0.53%),

4.69%,

03/25/37

(a)

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

14,508

New

Residential

Mortgage

Loan

Trust,

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

(a)

(d)

...

21,495

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Balanced

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2007-2,

Class

A4,

(1-mo.

CME

Term

SOFR

0.84%

Floor

0.95%),

5.11%,

06/25/37

(a)

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

USD

2,826

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2006-3,

Class

4A,

4.06%,

04/25/36

(a)

3,432

Structured

Asset

Mortgage

Investments

Trust,

Series

2006-AR4,

Class

3A1,

(1-mo.

CME

Term

SOFR

0.38%

Floor

and

10.50%

Cap

0.49%),

4.65%,

06/25/36

(a)

...........

8,325

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

25,409

Series

2006-4,

Class

3A5,

6.85%,

05/25/36

(c)

29,189

555,868

Commercial

Mortgage-Backed

Securities

—

0.0%

Bayview

Commercial

Asset

Trust

(a)(d)

Series

2005-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

0.00%

Floor

0.56%),

4.72%,

01/25/36

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

8,900

Series

2005-4A,

Class

M1,

(1-mo.

CME

Term

SOFR

0.00%

Floor

0.79%),

4.95%,

01/25/36

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

6,723

Series

2006-1A,

Class

A2,

(1-mo.

CME

Term

SOFR

0.00%

Floor

0.65%),

4.81%,

04/25/36

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

3,950

Series

2006-3A,

Class

A1,

(1-mo.

CME

Term

SOFR

0.00%

Floor

0.49%),

4.65%,

10/25/36

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

4,132

Series

2006-3A,

Class

A2,

(1-mo.

CME

Term

SOFR

0.00%

Floor

0.56%),

4.72%,

10/25/36

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

4,129

27,834

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

One

Market

Plaza

Trust,

Series

2017-1MKT,

Class

XCP,

0.00%,

02/10/32

(a)

(d)

.........

831

2,608

Total

Non-Agency

Mortgage-Backed

Securities

—

(Cost:

775,590

)

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

586,310

Beneficial

Interest

(000)

Other

Interests

(l)

Capital

Markets

—

0.0%

(e)(i)(j)

Lehman

Brothers

Holdings,

Inc.

...........

490

—

Lehman

Brothers

Holdings,

Inc.,

Capital

Trust

VII

130

—

Total

Other

Interests

—

0.0

(Cost:

)

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

—

Preferred

Securities

Preferred

Stocks

—

0.1%

Banks

—

0.1%

Banco

Bradesco

(Preference)

..........

15,259

50,804

Grupo

Cibest

(Preference)

(e)

...........

9,851

128,299

179,103

Chemicals

—

0.0%

Braskem

(Preference)

Class

(e)

........

44,736

55,392

Security

Value

Electric

Utilities

—

0.0%

Energisa

(Preference)

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

ISA

Energia

Brasil

(Preference)

.........

1,991

9,214

9,217

Metals

Mining

—

0.0%

Gerdau

(Preference)

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

36,427

113,957

Total

Preferred

Securities

—

(Cost:

494,160

)

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

357,669

Par

(000)

Par

(000)

U.S.

Government