BlackRock
Global
Allocation
Portfolio
1
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
March
31,
2021
Security
Par
(000)
Pa
r
(
000)
Value
Asset-Backed
Securities
—
1.0%
Cayman
Islands
—
0.2%
(a)(b)
Elmwood
CLO
II
Ltd.,
Series
2019-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
0.00%,
04/20/34
.......
USD
250
$
250,000
Voya
CLO
Ltd.,
Series
2017-3A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.04%),
1.00%,
04/20/34
(c)
.....
150
150,000
400,000
Ireland
—
0.0%
OCP
Euro
CLO
DAC,
Series
2017-2X,
Class
B,
(EURIBOR
3
Month
+
1.35%),
1.35%,
01/15/32
(b)
.....
EUR
100
116,863
United
States
—
0.8%
Battalion
CLO
18
Ltd.
(a)(b)
:
Series
2020-18A,
Class
A1,
(LIBOR
USD
3
Month
+
1.80%),
2.04%,
10/15/32
...............
USD
250
251,232
Series
2020-18A,
Class
B,
(LIBOR
USD
3
Month
+
2.30%),
2.54%,
10/15/32
...............
250
250,403
Mariner
Finance
Issuance
Trust,
Series
2020-AA,
Class
A,
2.19%,
08/21/34
(a)
................
100
101,491
Mercury
Financial
Credit
Card
Master
Trust,
Series
2021-1A,
Class
A,
1.54%,
03/20/26
(a)
...........
193
193,029
SLM
Private
Credit
Student
Loan
Trust
(b)
:
Series
2005-B,
Class
A4,
(LIBOR
USD
3
Month
+
0.33%),
0.51%,
06/15/39
...............
61
59,854
Series
2006-A,
Class
A5,
(LIBOR
USD
3
Month
+
0.29%),
0.47%,
06/15/39
...............
56
54,502
Series
2007-A,
Class
A4A,
(LIBOR
USD
3
Month
+
0.24%),
0.42%,
12/16/41
...............
65
63,121
SLM
Private
Education
Loan
Trust,
Series
2010-C,
Class
A5,
(LIBOR
USD
1
Month
+
4.75%),
4.86%,
10/15/41
(a)(b)
...............
168
182,035
SMB
Private
Education
Loan
Trust
(a)
:
Series
2021-A,
Class
B,
2.31%,
01/15/53
...............
100
97,205
Series
2021-A,
Class
C,
2.99%,
01/15/53
...............
204
200,404
Series
2021-A,
Class
D1,
3.86%,
01/15/53
...............
100
98,323
1,551,599
Total
Asset-Backed
Securities
—
1.0%
(Cost:
$2,054,909)
..............................
2,068,462
Shares
Shares
Common
Stocks
—
68.8%
Argentina
—
0.0%
(d)
Globant
SA
..................
131
27,197
MercadoLibre
,
Inc.
.............
8
11,777
38,974
Security
Shares
Shares
Value
Australia
—
0.2%
BHP
Group
Ltd.
...............
138
$
4,787
BHP
Group
plc
...............
4,612
132,789
Brambles
Ltd.
................
484
3,904
Fortescue
Metals
Group
Ltd.
......
589
8,977
Goodman
Group
..............
187
2,582
Quintis
HoldCo
Pty.
Ltd.,
(Acquired
10/22/18,
cost
$115,835)
(c)(d)(e)
...
218,994
172,991
Rio
Tinto
plc
.................
1,558
118,857
Telstra
Corp.
Ltd.
..............
679
1,758
Wesfarmers
Ltd.
..............
71
2,851
449,496
Belgium
—
0.0%
KBC
Group
NV
...............
59
4,293
Brazil
—
0.1%
Ambev
SA
..................
1,033
2,812
B3
SA
-
Brasil
Bolsa
Balcao
.......
629
6,109
Banco
do
Brasil
SA
(d)
...........
1,092
5,923
Engie
Brasil
Energia
SA
.........
1,138
8,488
Magazine
Luiza
SA
(d)
...........
7,088
25,286
Petroleo
Brasileiro
SA,
ADR
(f)
......
923
7,827
Seguridade
Participacoes
SA
......
1,007
4,338
Vale
SA,
ADR
(f)
...............
6,278
109,112
WEG
SA
...................
200
2,661
172,556
Canada
—
0.8%
Brookfield
Asset
Management,
Inc.,
Class
A
..................
72
3,203
Enbridge,
Inc.
................
39,954
1,455,474
Franco-Nevada
Corp.
...........
49
6,141
George
Weston
Ltd.
............
42
3,719
Loblaw
Cos.
Ltd.
..............
117
6,536
Nutrien
Ltd.
..................
74
3,986
Royal
Bank
of
Canada
..........
57
5,255
Shopify,
Inc.,
Class
A
(d)
..........
30
33,188
TC
Energy
Corp.
..............
399
18,291
Wheaton
Precious
Metals
Corp.
....
2,577
98,429
1,634,222
Chile
—
0.0%
Sociedad
Quimica
y
Minera
de
Chile
SA,
ADR
.................
356
18,893
China
—
2.4%
AAC
Technologies
Holdings,
Inc.
...
5,500
27,999
Aier
Eye
Hospital
Group
Co.
Ltd.,
Class
A
......................
5,650
51,252
Alibaba
Group
Holding
Ltd.
(d)
......
7,200
204,571
Alibaba
Group
Holding
Ltd.,
ADR
(d)
..
1,658
375,918
Amoy
Diagnostics
Co.
Ltd.,
Class
A
.
2,600
28,368
Anhui
Conch
Cement
Co.
Ltd.,
Class
H
500
3,265
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
B
100
1,407
ANTA
Sports
Products
Ltd.
.......
9,000
147,617
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
...............
1,099
48,598
Autobio
Diagnostics
Co.
Ltd.,
Class
A
1,683
28,230
Brilliance
China
Automotive
Holdings
Ltd.
(c)
....................
2,000
1,892
BYD
Co.
Ltd.,
Class
A
...........
6,000
152,109
China
CITIC
Bank
Corp.
Ltd.,
Class
H
4,000
2,034
China
Construction
Bank
Corp.,
Class
H
......................
3,000
2,529
China
Feihe
Ltd.
(a)
.............
2,000
5,678
China
Galaxy
Securities
Co.
Ltd.,
Class
H
......................
4,000
2,474
BlackRock
Global
Allocation
Portfolio
2
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Shares
Shares
Value
China
(continued)
China
Hongqiao
Group
Ltd.
.......
2,000
$
2,675
China
Life
Insurance
Co.
Ltd.,
Class
H
2,000
4,156
China
Merchants
Bank
Co.
Ltd.,
Class
H
......................
5,000
38,306
China
National
Building
Material
Co.
Ltd.,
Class
H
...............
12,000
17,385
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
H
..................
200
792
China
Petroleum
&
Chemical
Corp.,
Class
H
..................
12,000
6,357
China
Resources
Cement
Holdings
Ltd.
6,000
6,768
China
Resources
Power
Holdings
Co.
Ltd.
.....................
4,000
5,332
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
............
6,100
302,724
Country
Garden
Services
Holdings
Co.
Ltd.
.....................
114
1,162
CSPC
Pharmaceutical
Group
Ltd.
...
2,000
2,432
Dali
Foods
Group
Co.
Ltd.
(a)
.......
4,500
2,558
Dongfeng
Motor
Group
Co.
Ltd.,
Class
H
......................
2,000
1,866
ENN
Energy
Holdings
Ltd.
........
2,100
33,871
Ganfeng
Lithium
Co.
Ltd.,
Class
H
(a)
.
4,000
49,288
Glodon
Co.
Ltd.,
Class
A
.........
4,000
40,711
GoerTek
,
Inc.,
Class
A
..........
2,200
9,159
Guangdong
Marubi
Biotechnology
Co.
Ltd.,
Class
A
...............
2,500
20,519
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
H
..................
2,000
1,688
Guangzhou
Baiyun
International
Airport
Co.
Ltd.,
Class
A
............
39,500
80,416
Haidilao
International
Holding
Ltd.
(a)
.
4,000
27,434
Haier
Smart
Home
Co.
Ltd.,
Class
H
(d)
800
3,224
Haitong
Securities
Co.
Ltd.,
Class
H
.
4,400
4,086
Hangzhou
Robam
Appliances
Co.
Ltd.,
Class
A
..................
4,900
27,314
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
H
(a)(d)
............
1,300
25,889
Han's
Laser
Technology
Industry
Group
Co.
Ltd.,
Class
A
............
8,800
57,028
Hansoh
Pharmaceutical
Group
Co.
Ltd.
(a)(d)
...................
36,000
172,692
Hengan
International
Group
Co.
Ltd.
.
1,000
6,575
Huaneng
Power
International,
Inc.,
Class
H
..................
8,000
2,846
Huazhu
Group
Ltd.,
ADR
(d)
.......
525
28,822
Hundsun
Technologies,
Inc.,
Class
A
.
2,780
35,789
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
...............
35,000
25,176
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.,
Class
A
...............
5,299
32,476
JD
Health
International,
Inc.
(a)(d)
....
19,450
282,937
JD.com,
Inc.,
ADR
(d)
............
220
18,553
KE
Holdings,
Inc.,
ADR
(d)
.........
155
8,832
Kingdee
International
Software
Group
Co.
Ltd.
(d)
.................
54,000
169,343
Kingsoft
Cloud
Holdings
Ltd.,
ADR
(d)
.
73
2,870
Lenovo
Group
Ltd.
.............
4,000
5,709
Li
Auto,
Inc.,
ADR
(d)(f)
............
9,335
233,375
Lufax
Holding
Ltd.,
ADR
(d)
........
633
9,191
Meituan
Dianping
,
Class
B
(d)
......
900
35,122
Ming
Yuan
Cloud
Group
Holdings
Ltd.
(d)
9,000
41,590
NetEase
,
Inc.,
ADR
............
841
86,842
New
Oriental
Education
&
Technology
Group,
Inc.,
ADR
(d)
...........
3,024
42,336
NIO,
Inc.,
ADR
(d)
..............
137
5,340
Security
Shares
Shares
Value
China
(continued)
Nongfu
Spring
Co.
Ltd.,
Class
H
(a)(d)
.
1,200
$
6,050
Offcn
Education
Technology
Co.
Ltd.,
Class
A
..................
300
1,293
Pharmaron
Beijing
Co.
Ltd.,
Class
H
(a)
100
1,901
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
..................
10,000
8,701
Pinduoduo
,
Inc.,
ADR
(d)
..........
311
41,637
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
...............
3,400
40,879
RLX
Technology,
Inc.,
ADR
(d)
......
328
3,398
Shanghai
International
Airport
Co.
Ltd.,
Class
A
(d)
.................
9,200
81,411
Shenzhen
Goodix
Technology
Co.
Ltd.,
Class
A
..................
200
3,429
Shenzhen
Inovance
Technology
Co.
Ltd.,
Class
A
...............
3,100
40,584
Sun
Art
Retail
Group
Ltd.
(d)
.......
4,500
3,692
TAL
Education
Group,
ADR
(d)
......
1,411
75,982
Tencent
Holdings
Ltd.
...........
11,000
877,883
Tingyi
Cayman
Islands
Holding
Corp.
4,000
7,355
Venus
MedTech
Hangzhou,
Inc.,
Class
H
(a)(d)
....................
4,500
36,635
Venustech
Group,
Inc.,
Class
A
....
7,899
40,307
Want
Want
China
Holdings
Ltd.
....
47,000
35,312
Wuhan
Raycus
Fiber
Laser
Technologies
Co.
Ltd.,
Class
A
...
4,139
51,688
Wuhu
Sanqi
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.,
Class
A
..................
1,200
4,024
WuXi
AppTec
Co.
Ltd.,
Class
A
.....
1,820
39,101
Wuxi
Biologics
Cayman,
Inc.
(a)(d)
....
12,834
161,846
Yifeng
Pharmacy
Chain
Co.
Ltd.,
Class
A
......................
3,140
42,540
Yihai
International
Holding
Ltd.
(d)
....
5,000
52,167
Yihai
Kerry
Arawana
Holdings
Co.
Ltd.,
Class
A
(d)
.................
100
1,195
Yonyou
Network
Technology
Co.
Ltd.,
Class
A
..................
4,500
24,605
Yum
China
Holdings,
Inc.
........
1,264
74,841
4,861,953
Denmark
—
0.2%
AP
Moller
-
Maersk
A/S,
Class
A
....
3
6,528
AP
Moller
-
Maersk
A/S,
Class
B
....
3
6,965
DSV
Panalpina
A/S
............
1,123
220,269
Genmab
A/S
(d)
................
239
78,606
Pandora
A/S
.................
967
103,420
415,788
Finland
—
0.2%
Neste
OYJ
..................
6,814
361,862
Nokia
OYJ
(d)
.................
14,763
58,958
420,820
France
—
2.9%
Alstom
SA
(d)
.................
13,366
665,988
Arkema
SA
..................
4,668
565,321
AXA
SA
....................
152
4,080
BNP
Paribas
SA
..............
4,022
245,058
Carrefour
SA
.................
442
8,003
Cie
de
Saint-Gobain
............
173
10,216
Danone
SA
..................
11,596
793,724
EssilorLuxottica
SA
............
3,293
536,453
Faurecia
SE
.................
1
53
Kering
SA
...................
201
138,702
LVMH
Moet
Hennessy
Louis
Vuitton
SE
959
640,566
Orange
SA
..................
491
6,042
BlackRock
Global
Allocation
Portfolio
3
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Shares
Shares
Value
France
(continued)
Pernod
Ricard
SA
.............
50
$
9,359
Safran
SA
...................
7,188
977,766
Sanofi
.....................
11,226
1,110,073
Sartorius
Stedim
Biotech
.........
6
2,469
Schneider
Electric
SE
...........
123
18,737
Societe
Generale
SA
...........
3,979
104,030
TOTAL
SE
..................
399
18,601
Vivendi
SA
..................
152
4,989
5,860,230
Germany
—
3.3%
adidas
AG
(d)
.................
2,475
773,168
Allianz
SE
(Registered)
..........
4,665
1,186,567
Auto1
Group
SE
(a)(d)
............
3,248
184,162
Continental
AG
...............
50
6,619
Daimler
AG
(Registered)
.........
195
17,404
Deutsche
Boerse
AG
...........
66
10,967
Deutsche
Telekom
AG
(Registered)
.
44,235
891,487
E.ON
SE
...................
347
4,044
Evonik
Industries
AG
...........
73
2,583
Fresenius
Medical
Care
AG
&
Co.
KGaA
...................
65
4,788
Fresenius
SE
&
Co.
KGaA
........
259
11,541
Henkel
AG
&
Co.
KGaA
.........
26
2,576
Infineon
Technologies
AG
........
4,621
196,612
Puma
SE
...................
4,303
421,873
Rational
AG
.................
55
42,724
RWE
AG
...................
2,232
87,588
SAP
SE
....................
34
4,170
Siemens
AG
(Registered)
........
10,687
1,755,998
Siemens
Energy
AG
(d)
...........
6,826
245,028
Vantage
Towers
AG
(d)
...........
19,027
535,511
Vonovia
SE
..................
1,784
116,583
6,501,993
Hong
Kong
—
0.6%
AIA
Group
Ltd.
...............
88,600
1,084,178
CLP
Holdings
Ltd.
.............
3,500
34,079
Hang
Lung
Properties
Ltd.
........
25,000
65,256
Hysan
Development
Co.
Ltd.
......
6,000
23,479
Jardine
Matheson
Holdings
Ltd.
....
900
58,965
Nine
Dragons
Paper
Holdings
Ltd.
..
1,000
1,470
1,267,427
India
—
0.3%
HCL
Technologies
Ltd.
..........
521
7,022
Housing
Development
Finance
Corp.
Ltd.
.....................
114
3,917
Indian
Oil
Corp.
Ltd.
............
3,339
4,206
InterGlobe
Aviation
Ltd.
(a)(d)
.......
1,183
26,471
Petronet
LNG
Ltd.
.............
5,780
17,789
Reliance
Industries
Ltd.
.........
14,972
382,260
Tata
Consultancy
Services
Ltd.
....
103
4,488
Think
&
Learn
Private
Limited.
(c)(d)
...
45
146,075
Vedanta
Ltd.
.................
701
2,202
594,430
Indonesia
—
0.0%
Bank
Central
Asia
Tbk
.
PT
........
25,600
54,825
Ireland
—
0.1%
Flutter
Entertainment
plc
.........
948
202,541
Israel
—
0.0%
ION
Acquisition
Corp.
2
Ltd.
(d)
.....
3,068
31,171
Security
Shares
Shares
Value
Italy
—
1.7%
Assicurazioni
Generali
SpA
.......
10,918
$
218,132
Enel
SpA
...................
167,344
1,664,630
Intesa
Sanpaolo
SpA
...........
525,087
1,422,762
3,305,524
Japan
—
1.8%
Aisin
Seiki
Co.
Ltd.
.............
400
15,234
Ajinomoto
Co.,
Inc.
.............
4,300
88,145
Asahi
Kasei
Corp.
.............
400
4,617
Astellas
Pharma,
Inc.
...........
450
6,932
Canon,
Inc.
..................
200
4,547
Daifuku
Co.
Ltd.
...............
800
78,615
Disco
Corp.
..................
400
126,402
Eisai
Co.
Ltd.
................
100
6,721
ENEOS
Holdings,
Inc.
..........
1,700
7,713
FANUC
Corp.
................
700
168,285
GMO
Payment
Gateway,
Inc.
......
500
66,438
Hitachi
Ltd.
..................
200
9,066
Honda
Motor
Co.
Ltd.
...........
200
6,029
Hoya
Corp.
..................
5,901
694,529
Japan
Tobacco,
Inc.
............
200
3,842
Kao
Corp.
...................
100
6,617
KDDI
Corp.
..................
3,600
110,918
Keyence
Corp.
...............
500
227,878
Kirin
Holdings
Co.
Ltd.
..........
200
3,838
Kose
Corp.
..................
1,500
212,594
Maeda
Road
Construction
Co.
Ltd.
..
600
11,632
Marubeni
Corp.
...............
400
3,341
Mitsubishi
Corp.
...............
100
2,835
Mitsubishi
Estate
Co.
Ltd.
........
4,400
77,050
Mizuho
Financial
Group,
Inc.
......
200
2,892
Nippon
Telegraph
&
Telephone
Corp.
3,940
101,660
Nissan
Motor
Co.
Ltd.
(d)
..........
800
4,469
Oriental
Land
Co.
Ltd.
..........
1,100
165,529
Otsuka
Holdings
Co.
Ltd.
........
100
4,241
Panasonic
Corp.
..............
500
6,475
Rakuten
,
Inc.
................
300
3,584
Recruit
Holdings
Co.
Ltd.
........
5,300
260,263
Shin-Etsu
Chemical
Co.
Ltd.
......
5,020
850,390
Sompo
Holdings,
Inc.
...........
100
3,832
Sony
Corp.
..................
1,900
201,084
Sumitomo
Mitsui
Financial
Group,
Inc.
100
3,625
Tokyo
Gas
Co.
Ltd.
............
200
4,456
Toshiba
Corp.
................
100
3,385
Z
Holdings
Corp.
..............
10,100
50,381
3,610,084
Luxembourg
—
0.1%
ArcelorMittal
SA
...............
3,995
114,982
Macau
—
0.0%
SJM
Holdings
Ltd.
.............
14,000
18,372
Mexico
—
0.0%
Grupo
Bimbo
SAB
de
CV
........
2,887
6,059
Netherlands
—
2.7%
Adyen
NV
(a)(d)
................
246
548,926
Akzo
Nobel
NV
...............
9,124
1,018,657
ASML
Holding
NV
.............
2,078
1,274,997
Heineken
Holding
NV
...........
44
3,910
ING
Groep
NV
................
114,676
1,400,663
JDE
Peet's
NV
(d)
..............
135
4,949
Koninklijke
Ahold
Delhaize
NV
.....
358
9,986
Koninklijke
Philips
NV
...........
2,824
161,040
NXP
Semiconductors
NV
........
4,887
983,948
BlackRock
Global
Allocation
Portfolio
4
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Shares
Shares
Value
Netherlands
(continued)
Royal
Dutch
Shell
plc,
Class
A
.....
116
$
2,255
5,409,331
Norway
—
0.0%
LINK
Mobility
Group
Holding
ASA
(d)
..
5,906
28,656
Poland
—
0.1%
Allegro.eu
SA
(a)(d)
..............
525
7,390
InPost
SA
(d)
..................
4,953
81,120
Polski
Koncern
Naftowy
ORLEN
SA
.
256
4,106
92,616
Portugal
—
0.0%
Jeronimo
Martins
SGPS
SA
.......
2,092
35,205
Saudi
Arabia
—
0.0%
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
................
56
1,853
Singapore
—
0.1%
DBS
Group
Holdings
Ltd.
........
3,000
64,324
United
Overseas
Bank
Ltd.
.......
3,400
65,559
129,883
South
Africa
—
0.1%
Anglo
American
Platinum
Ltd.
.....
46
6,709
Anglo
American
plc
............
3,036
118,913
AngloGold
Ashanti
Ltd.
..........
59
1,284
Kumba
Iron
Ore
Ltd.
(f)
...........
148
6,095
MTN
Group
Ltd.
...............
904
5,310
138,311
South
Korea
—
0.5%
Celltrion
,
Inc.
(d)
...............
5
1,441
Hana
Financial
Group,
Inc.
.......
168
6,354
Kakao
Corp.
.................
611
269,683
KB
Financial
Group,
Inc.
.........
155
7,640
LG
Chem
Ltd.
................
478
342,068
LG
Electronics,
Inc.
............
17
2,270
LG
Uplus
Corp.
...............
158
1,715
NCSoft
Corp.
................
110
85,024
POSCO
....................
157
44,487
Samsung
Biologics
Co.
Ltd.
(a)(d)
....
13
8,653
Samsung
Electronics
Co.
Ltd.
.....
73
5,281
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
.....................
30
5,041
Samsung
SDI
Co.
Ltd.
..........
415
244,029
SK
Biopharmaceuticals
Co.
Ltd.
(d)
...
41
3,755
1,027,441
Spain
—
0.3%
Cellnex
Telecom
SA
(a)
...........
9,725
560,629
Endesa
SA
..................
211
5,592
566,221
Sweden
—
1.0%
Atlas
Copco
AB,
Class
A
.........
1,407
85,781
Hexagon
AB,
Class
B
...........
2,113
195,048
Sandvik
AB
..................
73
1,997
Svenska
Handelsbanken
AB,
Class
A
334
3,631
Swedbank
AB,
Class
A
..........
3,850
67,883
Telefonaktiebolaget
LM
Ericsson,
Class
B
......................
11,096
147,080
Volvo
AB,
Class
B
.............
61,332
1,553,234
2,054,654
Switzerland
—
0.4%
ABB
Ltd.
(Registered)
...........
480
14,602
Alcon,
Inc.
(d)(f)
................
1,222
85,760
Security
Shares
Shares
Value
Switzerland
(continued)
Cie
Financiere
Richemont
SA
(Registered)
...............
812
$
77,971
Kuehne
+
Nagel
International
AG
(Registered)
...............
9
2,570
Nestle
SA
(Registered)
..........
1,209
134,775
Novartis
AG
(Registered)
........
66
5,642
Roche
Holding
AG
.............
20
6,479
Sika
AG
(Registered)
...........
721
206,173
Straumann
Holding
AG
(Registered)
.
100
124,852
UBS
Group
AG
(Registered)
......
886
13,708
672,532
Taiwan
—
1.2%
ASE
Technology
Holding
Co.
Ltd.
...
1,000
3,815
Cathay
Financial
Holding
Co.
Ltd.
...
21,000
35,362
Chunghwa
Telecom
Co.
Ltd.
......
11,000
43,037
Formosa
Chemicals
&
Fibre
Corp.
..
9,000
27,711
Formosa
Plastics
Corp.
..........
8,000
28,410
Fubon
Financial
Holding
Co.
Ltd.
...
22,000
43,901
Hon
Hai
Precision
Industry
Co.
Ltd.
..
11,760
51,588
MediaTek
,
Inc.
................
3,000
103,190
Nan
Ya
Plastics
Corp.
...........
11,000
30,909
Nanya
Technology
Corp.
.........
1,000
3,256
Sea
Ltd.,
ADR
(d)(f)
..............
603
134,608
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
84,000
1,768,974
Uni
-President
Enterprises
Corp.
....
17,000
43,655
United
Microelectronics
Corp.
.....
3,000
5,381
Yageo
Corp.
.................
4,000
78,284
2,402,081
Thailand
—
0.0%
Intouch
Holdings
PCL,
Class
F
.....
21,100
39,273
Thai
Beverage
PCL
............
26,400
14,557
53,830
Turkey
—
0.0%
Tupras
Turkiye
Petrol
Rafinerileri
A/S
(d)
544
5,929
United
Arab
Emirates
—
0.0%
NMC
Health
plc
(c)(d)
.............
8,338
—
United
Kingdom
—
2.0%
AstraZeneca
plc
..............
10,670
1,064,958
Barclays
plc
.................
15,655
40,091
Berkeley
Group
Holdings
plc
......
1,877
114,914
BP
plc
.....................
370
1,503
BT
Group
plc
(d)
...............
1,057
2,255
Diageo
plc
..................
375
15,405
Experian
plc
.................
106
3,652
Farfetch
Ltd.,
Class
A
(d)(f)
.........
1,743
92,414
GlaxoSmithKline
plc
............
1,091
19,314
Legal
&
General
Group
plc
.......
1,691
6,493
Lloyds
Banking
Group
plc
........
2,575
1,510
RELX
plc
...................
283
7,098
THG
Holdings
Ltd.
(d)
............
74,619
641,393
Unilever
plc
..................
12,843
716,602
Unilever
plc
..................
8,143
454,378
Vodafone
Group
plc
............
436,147
795,347
3,977,327
United
States
—
45.7%
Abbott
Laboratories
............
6,809
815,991
AbbVie,
Inc.
.................
10,820
1,170,940
ACV
Auctions,
Inc.,
Class
A
(d)
......
2,541
87,944
Adobe,
Inc.
(d)
.................
36
17,113
Advance
Auto
Parts,
Inc.
.........
162
29,725
BlackRock
Global
Allocation
Portfolio
5
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Shares
Shares
Value
United
States
(continued)
Advanced
Micro
Devices,
Inc.
(d)
....
64
$
5,024
Aflac,
Inc.
...................
62
3,173
Air
Products
&
Chemicals,
Inc.
.....
4,185
1,177,408
Airbnb,
Inc.,
Class
A
(d)
...........
7
1,316
Alaska
Air
Group,
Inc.
(d)
..........
734
50,800
Alphabet,
Inc.,
Class
A
(d)
.........
53
109,314
Alphabet,
Inc.,
Class
C
(d)
.........
1,559
3,224,994
Altair
Engineering,
Inc.,
Class
A
(d)
...
2,424
151,670
Amazon.com,
Inc.
(d)(g)
...........
858
2,654,721
American
Express
Co.
..........
21
2,970
American
Tower
Corp.
..........
5,508
1,316,742
American
Water
Works
Co.,
Inc.
....
757
113,489
Amgen,
Inc.
.................
500
124,405
Analog
Devices,
Inc.
............
272
42,182
Anthem,
Inc.
.................
2,713
973,831
Apellis
Pharmaceuticals,
Inc.
(d)
.....
977
41,923
Apple,
Inc.
(g)
.................
30,036
3,668,897
Applied
Materials,
Inc.
..........
7,601
1,015,494
Aptiv
plc
(d)
...................
5,610
773,620
Atlassian
Corp.
plc,
Class
A
(d)
......
511
107,698
Autodesk,
Inc.
(d)
...............
2,237
619,985
Avalara,
Inc.
(d)
................
776
103,542
Bank
of
America
Corp.
..........
68,107
2,635,060
Bank
of
New
York
Mellon
Corp.
(The)
238
11,255
Baxter
International,
Inc.
.........
1,572
132,582
Becton
Dickinson
and
Co.
........
1,559
379,071
Berkshire
Hathaway,
Inc.,
Class
B
(d)
.
1,035
264,411
Boston
Scientific
Corp.
(d)
.........
35,474
1,371,070
Bristol-Myers
Squibb
Co.
.........
13,051
823,910
Broadcom,
Inc.
...............
290
134,461
Brown-Forman
Corp.,
Class
B
.....
130
8,966
C3.ai,
Inc.,
Class
A
(d)
...........
463
30,516
Cadence
Design
Systems,
Inc.
(d)
...
653
89,454
California
Resources
Corp.
(d)(f)
.....
1,796
43,212
Capital
One
Financial
Corp.
.......
11,572
1,472,306
Capri
Holdings
Ltd.
(d)
...........
3,499
178,450
Cerner
Corp.
.................
210
15,095
CH
Robinson
Worldwide,
Inc.
.....
995
94,953
Charles
Schwab
Corp.
(The)
......
18,805
1,225,710
Charter
Communications,
Inc.,
Class
A
(d)
.....................
1,357
837,296
Chubb
Ltd.
..................
2,537
400,770
Cigna
Corp.
.................
39
9,428
Citigroup,
Inc.
................
4,566
332,177
Cloudera,
Inc.
(d)
...............
1,094
13,314
Cognizant
Technology
Solutions
Corp.,
Class
A
..................
6,463
504,890
Colgate-Palmolive
Co.
..........
1,879
148,122
Comcast
Corp.,
Class
A
(g)
........
27,759
1,502,040
ConocoPhillips
...............
14,732
780,354
Consolidated
Edison,
Inc.
........
49
3,665
Constellation
Brands,
Inc.,
Class
A
..
17
3,876
Corteva
,
Inc.
.................
317
14,779
Costco
Wholesale
Corp.
.........
2,048
721,879
Coupa
Software,
Inc.
(d)
..........
319
81,179
Crowdstrike
Holdings,
Inc.,
Class
A
(d)
.
1,864
340,199
Crown
PropTech
Acquisitions
(c)(d)
...
1,220
5
Crown
PropTech
Acquisitions
(d)
.....
3,804
37,812
Cummins,
Inc.
................
27
6,996
Danimer
Scientific,
Inc.
(d)
.........
1,119
42,242
Datadog
,
Inc.,
Class
A
(d)
.........
595
49,587
Deere
&
Co.
.................
151
56,495
Dell
Technologies,
Inc.,
Class
C
(d)
...
7,588
668,882
Delta
Air
Lines,
Inc.
(d)
...........
119
5,745
Devon
Energy
Corp.
............
2,857
62,425
Security
Shares
Shares
Value
United
States
(continued)
DexCom
,
Inc.
(d)
...............
26
$
9,344
Diversey
Holdings
Ltd.
(d)(f)
........
27,340
402,171
DocuSign,
Inc.
(d)
..............
22
4,454
Dow,
Inc.
...................
2,972
190,030
DR
Horton,
Inc.
...............
11,019
982,013
Driven
Brands
Holdings,
Inc.
(d)
.....
1,368
34,775
Dynatrace
,
Inc.
(d)
..............
2,820
136,037
Eaton
Corp.
plc
...............
124
17,147
eBay,
Inc.
...................
186
11,391
Ecolab,
Inc.
.................
30
6,422
Edwards
Lifesciences
Corp.
(d)
.....
3,701
309,552
Electronic
Arts,
Inc.
............
76
10,288
Emerson
Electric
Co.
...........
102
9,202
EPAM
Systems,
Inc.
(d)
...........
115
45,619
Epic
Games,
Inc.,
(Acquired
07/02/20,
cost
$189,750)
(c)(d)(e)
..........
330
292,050
EQT
Corp.
(d)
.................
21,674
402,703
Equinix
,
Inc.
.................
3
2,039
Expedia
Group,
Inc.
(d)
...........
575
98,969
Exxon
Mobil
Corp.
.............
1,333
74,421
Facebook,
Inc.,
Class
A
(d)
........
2,715
799,649
FedEx
Corp.
.................
50
14,202
Ferguson
plc
.................
944
112,766
Fifth
Wall
Acquisition
Corp.
I,
Class
A
(d)
7,678
76,782
Ford
Motor
Co.
(d)
..............
254
3,112
Fortinet,
Inc.
(d)
................
840
154,913
Fortive
Corp.
.................
14,585
1,030,284
Fortune
Brands
Home
&
Security,
Inc.
1,025
98,216
Fox
Corp.,
Class
A
.............
171
6,175
Fox
Corp.,
Class
B
.............
139
4,855
Freeport-McMoRan,
Inc.
(d)(g)
.......
35,426
1,166,578
Generac
Holdings,
Inc.
(d)
.........
90
29,471
Gilead
Sciences,
Inc.
...........
65
4,201
Global
Payments,
Inc.
..........
6,437
1,297,570
Goldman
Sachs
Group,
Inc.
(The)
..
245
80,115
Green
Plains,
Inc.
(d)
............
1,184
32,051
HCA
Healthcare,
Inc.
...........
742
139,748
Healthcare
Merger
Corp.
(Acquired
10/30/20,
cost
$69,510)
(d)(e)
.....
6,951
43,722
Highland
Transcend
Partners
I
Corp.
(d)
6,368
64,062
Hilton
Worldwide
Holdings,
Inc.
(d)
...
2,137
258,406
Home
Depot,
Inc.
(The)
.........
4,186
1,277,777
HP,
Inc.
....................
286
9,081
Humana,
Inc.
................
75
31,444
IDEXX
Laboratories,
Inc.
(d)
........
9
4,404
iHeartMedia
,
Inc.,
Class
A
(d)
.......
74
1,343
Illinois
Tool
Works,
Inc.
..........
54
11,962
Illumina,
Inc.
(d)
................
85
32,645
Incyte
Corp.
(d)
................
28
2,276
Insulet
Corp.
(d)
................
122
31,832
Intel
Corp.
..................
1,119
71,616
International
Flavors
&
Fragrances,
Inc.
4,854
677,667
International
Paper
Co.
..........
245
13,247
Intuit,
Inc.
...................
32
12,258
Intuitive
Surgical,
Inc.
(d)
..........
513
379,076
Iovance
Biotherapeutics
,
Inc.
(d)
.....
696
22,035
IQVIA
Holdings,
Inc.
(d)
...........
13
2,511
Jawbone
Health
Hub,
Inc.
(Acquired
01/24/17,
cost
$0)
(c)(d)(e)
........
6,968
—
Johnson
&
Johnson
............
12,905
2,120,937
JPMorgan
Chase
&
Co.
(g)
........
15,258
2,322,725
Khosla
Ventures
Acquisition
Co.
(d)
...
5,294
53,469
KLA
Corp.
...................
4
1,322
L3Harris
Technologies,
Inc.
.......
4,978
1,008,941
Lam
Research
Corp.
...........
9
5,357
BlackRock
Global
Allocation
Portfolio
6
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Shares
Shares
Value
United
States
(continued)
Las
Vegas
Sands
Corp.
(d)(f)
.......
2,149
$
130,573
Liberty
Media
Acquisition
Corp.
(d)
...
12,377
132,558
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
A
(d)
.................
7,202
317,464
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
C
(d)
.................
9,065
399,857
Lions
Gate
Entertainment
Corp.,
Class
A
(d)
.....................
691
10,330
Live
Nation
Entertainment,
Inc.
(d)
...
600
50,790
Lookout,
Inc.
(Acquired
03/04/15,
cost
$16,643)
(c)(e)
...............
1,457
8,523
Lowe's
Cos.,
Inc.
..............
5,156
980,568
Lululemon
Athletica
,
Inc.
(d)
........
12
3,681
Lyft,
Inc.,
Class
A
(d)
.............
5,229
330,368
Marathon
Oil
Corp.
.............
1,708
18,241
Marsh
&
McLennan
Cos.,
Inc.
.....
7,912
963,682
Masco
Corp.
.................
2,622
157,058
Mastercard
,
Inc.,
Class
A
.........
5,009
1,783,454
McDonald's
Corp.
.............
4,322
968,733
McKesson
Corp.
..............
16
3,121
Medtronic
plc
................
140
16,538
Merck
&
Co.,
Inc.
..............
5,139
396,166
Micron
Technology,
Inc.
(d)
........
10,016
883,511
Microsoft
Corp.
...............
18,472
4,355,143
MongoDB,
Inc.
(d)
..............
346
92,531
Monster
Beverage
Corp.
(d)
........
1,068
97,284
Morgan
Stanley
...............
16,806
1,305,154
Netflix,
Inc.
(d)
.................
28
14,606
Nevro
Corp.
(d)
................
185
25,808
New
Relic,
Inc.
(d)
..............
826
50,782
NextEra
Energy,
Inc.
...........
21,172
1,600,815
Northern
Genesis
Acquisition
Corp.
II
(d)
2,980
30,515
Northern
Trust
Corp.
............
50
5,256
Northrop
Grumman
Corp.
........
78
25,244
NVIDIA
Corp.
................
1,692
903,410
Okta
,
Inc.
(d)
..................
660
145,484
Opendoor
Technologies,
Inc.
(d)
.....
15,017
318,210
Otis
Worldwide
Corp.
...........
265
18,139
Palo
Alto
Networks,
Inc.
(d)
........
521
167,793
Parker-Hannifin
Corp.
...........
14
4,416
PayPal
Holdings,
Inc.
(d)
..........
4,087
992,487
Peloton
Interactive,
Inc.,
Class
A
(d)
..
5,106
574,119
Penn
National
Gaming,
Inc.
(d)
......
951
99,703
PepsiCo,
Inc.
................
952
134,660
Pioneer
Natural
Resources
Co.
....
143
22,711
Playtika
Holding
Corp.
(d)
.........
16,342
444,666
PNC
Financial
Services
Group,
Inc.
(The)
....................
65
11,402
PPG
Industries,
Inc.
............
7,128
1,071,053
Procter
&
Gamble
Co.
(The)
......
35
4,740
Prologis,
Inc.
.................
113
11,978
Proofpoint
,
Inc.
(d)
..............
384
48,303
Prudential
Financial,
Inc.
.........
60
5,466
PTC,
Inc.
(d)
..................
6,918
952,263
PubMatic,
Inc.,
Class
A
(d)(f)
........
1,439
70,971
PVH
Corp.
(d)
.................
761
80,438
QUALCOMM,
Inc.
.............
1,695
224,740
Quest
Diagnostics,
Inc.
..........
795
102,030
Raytheon
Technologies
Corp.
.....
7,220
557,889
Regeneron
Pharmaceuticals,
Inc.
(d)
..
7
3,312
Reinvent
Technology
Partners
Z
(d)
...
4,896
50,208
RingCentral,
Inc.,
Class
A
(d)
.......
308
91,747
Rockwell
Automation,
Inc.
........
23
6,105
Rotor
Acquisition
Corp.
(d)
.........
1,371
13,723
Rotor
Acquisition
Corp.
(c)(d)
........
740
818
Security
Shares
Shares
Value
United
States
(continued)
Sabre
Corp.
(d)(f)
...............
245
$
3,628
salesforce.com,
Inc.
(d)
...........
4,867
1,031,171
SBA
Communications
Corp.
......
22
6,106
Schlumberger
Ltd.
.............
244
6,634
Seagen
,
Inc.
(d)
................
444
61,654
Sempra
Energy
...............
7,571
1,003,763
Sensata
Technologies
Holding
plc
(d)
.
624
36,161
ServiceNow
,
Inc.
(d)
.............
904
452,099
Silk
Road
Medical,
Inc.
(d)
.........
1,227
62,148
Sonos
,
Inc.
(d)
.................
7,855
294,327
Southern
Co.
(The)
............
91
5,657
Southwest
Airlines
Co.
(d)
.........
6,862
418,994
Splunk
,
Inc.
(d)
................
771
104,455
Stanley
Black
&
Decker,
Inc.
......
27
5,391
Starbucks
Corp.
...............
3,831
418,613
Starwood
Property
Trust,
Inc.
......
5,840
144,482
Stryker
Corp.
................
361
87,932
Sun
Country
Airlines
Holdings
Inc.,
(Acquired
03/17/21,
cost
$168,478)
(d)
(e)
......................
7,468
244,198
Sysco
Corp.
.................
33
2,598
Target
Corp.
.................
48
9,508
Tesla,
Inc.
(d)
..................
15
10,019
Thermo
Fisher
Scientific,
Inc.
(g)
.....
1,716
783,148
Thoma
Bravo
Advantage,
Class
A
(d)
.
3,351
35,018
TJX
Cos.,
Inc.
(The)
............
12,443
823,104
T-Mobile
US,
Inc.
(d)
.............
1,596
199,963
Toll
Brothers,
Inc.
..............
9,324
528,951
TransDigm
Group,
Inc.
(d)
.........
337
198,129
Travelers
Cos.,
Inc.
(The)
........
585
87,984
Twilio
,
Inc.,
Class
A
(d)
...........
538
183,329
Ulta
Beauty,
Inc.
(d)
.............
534
165,097
Union
Pacific
Corp.
............
5,807
1,279,921
United
Parcel
Service,
Inc.,
Class
B
.
6,947
1,180,921
United
States
Steel
Corp.
........
5,986
156,654
UnitedHealth
Group,
Inc.
.........
5,130
1,908,719
US
Bancorp
.................
3,216
177,877
Uwm
Holdings
Corp.
(Acquired
01/20/21,
cost
$
182,088)
(d)(e)
....
10,475
83,067
Vail
Resorts,
Inc.
(d)
.............
53
15,458
Valero
Energy
Corp.
............
6,668
477,429
Verizon
Communications,
Inc.
.....
265
15,410
Vertex
Pharmaceuticals,
Inc.
(d)
.....
1,294
278,068
Vertiv
Holdings
Co.
............
2,886
57,720
Vertiv
Holdings
Co.
(Acquired
02/04/20,
cost
$391,550)
(d)(e)
...........
39,155
783,100
VF
Corp.
...................
79
6,314
Visa,
Inc.,
Class
A
.............
1,088
230,362
VMware,
Inc.,
Class
A
(d)(f)
.........
5,789
870,955
Vulcan
Materials
Co.
...........
5,377
907,369
Walmart,
Inc.
.................
4,953
672,766
Walt
Disney
Co.
(The)
(d)
.........
6,391
1,179,267
Wayfair,
Inc.,
Class
A
(d)
..........
117
36,826
Western
Digital
Corp.
...........
1,580
105,465
Weyerhaeuser
Co.
.............
2,227
79,281
Workday,
Inc.,
Class
A
(d)
.........
298
74,032
Wynn
Resorts
Ltd.
(d)
............
1,519
190,437
Xilinx,
Inc.
...................
721
89,332
Yum!
Brands,
Inc.
.............
31
3,354
Zoetis,
Inc.
..................
712
112,126
Zoom
Video
Communications,
Inc.,
Class
A
(d)
.................
53
17,028
BlackRock
Global
Allocation
Portfolio
7
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Shares
Shares
Value
United
States
(continued)
Zscaler
,
Inc.
(d)
................
1,097
$
188,322
91,372,159
Total
Common
Stocks
—
68.8%
(Cost:
$103,959,666)
.............................
137,552,662
Par
(000)
Pa
r
(
000)
Corporate
Bonds
—
4.6%
Australia
—
0.4%
Quintis
Australia
Pty.
Ltd.
(a)(c)(h)
:
0.00%,
(0.00%
Cash
or
8.00%
PIK),
10/01/26
...............
USD
411
394,744
0.00%,
(0.00%
Cash
or
12.00%
PIK),
10/01/28
...........
414
414,143
Westpac
Banking
Corp.,
2.96%
,
11/16/40
..................
14
13,024
821,911
Belgium
—
0.0%
Anheuser-Busch
InBev
Worldwide,
Inc.,
4.50%
,
06/01/50
............
19
21,558
Brazil
—
0.0%
Petrobras
Global
Finance
BV,
5.60%
,
01/03/31
.................
44
46,376
Canada
—
0.0%
(a)
1011778
BC
ULC:
4.38%,
01/15/28
............
3
3,014
4.00%,
10/15/30
............
21
20,265
Bombardier,
Inc.,
6.13%
,
01/15/23
..
5
5,207
Brookfield
Residential
Properties,
Inc.,
6.25%
,
09/15/27
............
3
3,131
Mattamy
Group
Corp.,
4.63%
,
03/01/30
36
35,758
67,375
China
—
0.0%
China
Milk
Products
Group
Ltd.,
0.00%
,
01/05/12
(d)(
i
)(j)(k)
..............
300
300
Germany
—
0.1%
(a)
Douglas
GmbH,
6.00%
,
04/08/26
...
EUR
127
145,791
Kirk
Beauty
SUN
GmbH,
8.25%
,
10/01/26
(b)
................
100
111,419
257,210
Greece
—
0.1%
Ellaktor
Value
plc,
6.38%
,
12/15/24
(a)
.
135
146,441
India
—
0.0%
REI
Agro
Ltd.
(d)(
i
)(j)
:
5.50%,
11/13/14
(a)
...........
USD
220
2,115
5.50%,
11/13/14
(c)
...........
152
—
2,115
Italy
—
0.2%
Forno
d'Asolo
SpA
,
(EURIBOR
3
Month
+
5.50%),
5.50%
,
04/30/27
(a)(b)
...
EUR
178
194,888
KME
SE,
6.75%
,
02/01/23
........
100
99,401
294,289
Security
Par
(000)
Par
(000)
Value
Luxembourg
—
0.2%
(a)
Garfunkelux
Holdco
3
SA,
7.75%
,
11/01/25
..................
GBP
100
$
142,446
Intelsat
Jackson
Holdings
SA,
8.00%
,
02/15/24
(l)
.................
USD
179
185,265
327,711
Peru
—
0.0%
Hudbay
Minerals,
Inc.,
6.13%
,
04/01/29
(a)
................
3
3,202
South
Korea
—
0.0%
Clark
Equipment
Co.,
5.88%
,
06/01/25
(a)
................
6
6,349
Turkey
—
0.0%
Bio
City
Development
Co.
BV,
8.00%
,
07/06/21
(a)(c)(d)(
i
)(j)
.............
800
75,040
United
Arab
Emirates
—
0.0%
Shelf
Drilling
Holdings
Ltd.,
8.88%
,
11/15/24
(a)
................
4
4,082
United
Kingdom
—
0.4%
BAT
Capital
Corp.,
3.98%
,
09/25/50
.
26
24,366
British
Airways
Pass-Through
Trust
(a)
:
Series
2020-1,
Class
B,
8.38%,
11/15/28
...............
28
31,332
Series
2020-1,
Class
A,
4.25%,
11/15/32
...............
13
13,502
Lloyds
Banking
Group
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
2.40%),
2.71%
,
12/03/35
(b)
................
GBP
221
303,959
Modulaire
Global
Finance
plc,
6.50%
,
02/15/23
.................
EUR
273
325,126
Vodafone
Group
plc:
4.25%,
09/17/50
............
USD
15
16,525
(USD
Swap
Semi
5
Year
+
4.87%),
7.00%,
04/04/79
(b)
.........
3
3,618
718,428
United
States
—
3.2%
7-Eleven,
Inc.,
2.80%
,
02/10/51
(a)
...
18
16,121
AbbVie,
Inc.,
4.25%
,
11/21/49
.....
5
5,658
Acadia
Healthcare
Co.,
Inc.
(a)
:
5.50%,
07/01/28
............
15
15,791
5.00%,
04/15/29
............
6
6,227
Affinity
Gaming,
6.88%
,
12/15/27
(a)
..
22
23,182
Air
Lease
Corp.,
3.13%
,
12/01/30
...
39
38,884
Albertsons
Cos.,
Inc.:
5.75%,
03/15/25
............
3
3,098
3.50%,
03/15/29
(a)
...........
95
90,406
Allegiant
Travel
Co.,
8.50%
,
02/05/24
(a)
154
166,320
Altria
Group,
Inc.:
3.40%,
02/04/41
............
9
8,350
3.70%,
02/04/51
............
18
16,399
Amazon.com,
Inc.,
2.50%
,
06/03/50
.
18
16,100
AMC
Networks,
Inc.:
5.00%,
04/01/24
............
2
2,025
4.75%,
08/01/25
............
3
3,077
American
Tower
Corp.:
3.10%,
06/15/50
............
9
8,274
2.95%,
01/15/51
............
18
15,913
AMN
Healthcare,
Inc.,
4.00%
,
04/15/29
(a)
................
7
6,965
Anthem,
Inc.,
3.13%
,
05/15/50
.....
9
8,588
BlackRock
Global
Allocation
Portfolio
8
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Apple,
Inc.,
2.65%
,
02/08/51
......
USD
18
$
16,448
Aramark
Services,
Inc.:
4.75%,
06/01/26
............
4
4,112
5.00%,
02/01/28
(a)
...........
9
9,340
AT&T,
Inc.,
3.30%
,
02/01/52
......
18
16,212
Avantor
Funding,
Inc.,
4.63%
,
07/15/28
(a)
................
22
22,976
Ball
Corp.,
2.88%
,
08/15/30
.......
7
6,743
Bank
of
America
Corp.
(b)
:
(LIBOR
USD
3
Month
+
3.15%),
4.08%,
03/20/51
..........
8
8,882
Series
N,
(SOFR
+
1.65%),
3.48%,
03/13/52
...............
16
16,304
Bausch
Health
Americas,
Inc.,
9.25%
,
04/01/26
(a)
................
5
5,540
Bausch
Health
Cos.,
Inc.
(a)
:
9.00%,
12/15/25
............
5
5,432
7.00%,
01/15/28
............
3
3,257
6.25%,
02/15/29
............
10
10,630
Blue
Racer
Midstream
LLC,
7.63%
,
12/15/25
(a)
................
9
9,699
Boise
Cascade
Co.,
4.88%
,
07/01/30
(a)
4
4,190
Bristow
Group,
Inc.,
6.88%
,
03/01/28
(a)
35
34,887
Broadcom,
Inc.
(a)
:
1.95%,
02/15/28
............
10
9,775
3.75%,
02/15/51
............
26
24,862
Buckeye
Partners
LP:
4.15%,
07/01/23
............
1
1,026
4.35%,
10/15/24
............
9
9,247
4.13%,
03/01/25
(a)
...........
47
47,954
Builders
FirstSource
,
Inc.,
6.75%
,
06/01/27
(a)
................
3
3,229
BY
Crown
Parent
LLC,
4.25%
,
01/31/26
(a)
................
4
4,154
Caesars
Entertainment,
Inc.
(a)
:
6.25%,
07/01/25
............
119
126,856
8.13%,
07/01/27
............
65
71,678
Caesars
Resort
Collection
LLC,
5.75%
,
07/01/25
(a)
................
24
25,327
Calpine
Corp.
(a)
:
4.50%,
02/15/28
............
4
4,033
5.13%,
03/15/28
............
12
12,056
Carrier
Global
Corp.,
3.58%
,
04/05/50
35
34,370
CCO
Holdings
LLC,
4.75%
,
03/01/30
(a)
12
12,435
Cedar
Fair
LP:
5.50%,
05/01/25
(a)
...........
4
4,210
5.38%,
04/15/27
............
2
2,050
5.25%,
07/15/29
............
2
2,056
Centene
Corp.,
4.25%
,
12/15/27
...
11
11,571
Charter
Communications
Operating
LLC:
2.80%,
04/01/31
............
122
120,400
3.50%,
06/01/41
............
17
16,123
3.70%,
04/01/51
............
6
5,612
Cheniere
Energy
Partners
LP:
5.63%,
10/01/26
............
5
5,229
4.50%,
10/01/29
............
5
5,185
Cheniere
Energy,
Inc.,
4.63%
,
10/15/28
(a)
................
33
34,272
Chesapeake
Energy
Corp.
(a)
:
5.50%,
02/01/26
............
39
40,595
5.88%,
02/01/29
............
8
8,480
Chobani
LLC,
4.63%
,
11/15/28
(a)
...
4
4,080
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Churchill
Downs,
Inc.,
5.50%
,
04/01/27
(a)
................
USD
3
$
3,136
Citigroup,
Inc.
(b)
:
(SOFR
+
3.91%),
4.41%,
03/31/31
51
58,202
(SOFR
+
4.55%),
5.32%,
03/26/41
12
15,450
Clean
Harbors,
Inc.,
4.88%
,
07/15/27
(a)
2
2,110
CommScope
,
Inc.,
7.13%
,
07/01/28
(a)
14
14,869
Community
Health
Systems,
Inc.,
8.00%
,
03/15/26
(a)
...........
15
16,219
Crown
Castle
International
Corp.,
3.25%
,
01/15/51
............
6
5,523
CrownRock
LP,
5.63%
,
10/15/25
(a)
..
6
6,121
CSC
Holdings
LLC,
4.63%
,
12/01/30
(a)
200
196,723
CVS
Health
Corp.,
5.05%
,
03/25/48
.
5
6,138
Darling
Ingredients,
Inc.,
5.25%
,
04/15/27
(a)
................
2
2,103
DaVita,
Inc.
(a)
:
4.63%,
06/01/30
............
73
74,377
3.75%,
02/15/31
............
117
111,586
DCP
Midstream
Operating
LP,
5.38%
,
07/15/25
.................
2
2,167
Dell
International
LLC,
8.35%
,
07/15/46
(a)
................
11
16,735
DISH
DBS
Corp.,
7.75%
,
07/01/26
..
5
5,519
Elanco
Animal
Health,
Inc.
(l)
:
4.91%,
08/27/21
............
2
2,018
5.90%,
08/28/28
............
3
3,401
Emergent
BioSolutions
,
Inc.,
3.88%
,
08/15/28
(a)
................
4
3,910
Encompass
Health
Corp.,
4.50%
,
02/01/28
.................
3
3,072
Endeavor
Energy
Resources
LP
(a)
:
6.63%,
07/15/25
............
2
2,137
5.50%,
01/30/26
............
2
2,076
5.75%,
01/30/28
............
8
8,451
Endo
Luxembourg
Finance
Co.
I
Sarl
,
6.13%
,
04/01/29
(a)
...........
18
18,158
Energizer
Holdings,
Inc.
(a)
:
4.75%,
06/15/28
............
9
9,281
4.38%,
03/31/29
............
5
5,018
Energy
Transfer
Operating
LP,
5.00%
,
05/15/50
.................
16
16,548
Enterprise
Products
Operating
LLC,
3.20%
,
02/15/52
............
27
24,629
Equinix
,
Inc.,
2.95%
,
09/15/51
.....
18
15,847
Ford
Motor
Co.:
9.00%,
04/22/25
............
8
9,689
9.63%,
04/22/30
............
2
2,791
Forestar
Group,
Inc.
(a)
:
8.00%,
04/15/24
............
24
25,050
5.00%,
03/01/28
............
97
100,668
Freeport-McMoRan,
Inc.:
5.00%,
09/01/27
............
6
6,376
4.63%,
08/01/30
............
11
11,970
Fresh
Market,
Inc.
(The),
9.75%
,
05/01/23
(a)
................
26
26,748
Frontier
Communications
Corp.:
10.50%,
09/15/22
(d)(j)
.........
87
59,486
6.75%,
05/01/29
(a)
...........
18
18,985
Full
House
Resorts,
Inc.,
8.25%
,
02/15/28
(a)
................
7
7,457
GCI
LLC,
4.75%
,
10/15/28
(a)
......
12
12,285
General
Electric
Co.,
4.35%
,
05/01/50
20
22,199
General
Motors
Co.,
5.95%
,
04/01/49
17
21,572
BlackRock
Global
Allocation
Portfolio
9
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
General
Motors
Financial
Co.,
Inc.,
2.70%
,
08/20/27
............
USD
69
$
70,295
Genesis
Energy
LP,
8.00%
,
01/15/27
10
10,125
Gilead
Sciences,
Inc.,
2.80%
,
10/01/50
18
15,998
Graham
Packaging
Co.,
Inc.,
7.13%
,
08/15/28
(a)
................
3
3,191
Gray
Television,
Inc.,
7.00%
,
05/15/27
(a)
4
4,350
Great
Western
Petroleum
LLC,
12.00%
,
09/01/25
(a)
................
9
8,010
Herc
Holdings,
Inc.,
5.50%
,
07/15/27
(a)
2
2,128
Hess
Corp.:
4.30%,
04/01/27
............
36
39,234
5.60%,
02/15/41
............
14
16,151
Hilton
Domestic
Operating
Co.,
Inc.:
4.88%,
01/15/30
............
4
4,243
4.00%,
05/01/31
(a)
...........
7
7,000
3.63%,
02/15/32
(a)
...........
113
109,678
Hilton
Worldwide
Finance
LLC,
4.88%
,
04/01/27
.................
3
3,131
Hologic
,
Inc.,
3.25%
,
02/15/29
(a)
....
69
68,138
Howard
Hughes
Corp.
(The)
(a)
:
5.38%,
08/01/28
............
54
56,767
4.13%,
02/01/29
............
29
28,354
4.38%,
02/01/31
............
32
31,340
Hughes
Satellite
Systems
Corp.,
7.63%
,
06/15/21
............
19
19,219
iHeartCommunications
,
Inc.:
6.38%,
05/01/26
............
6
6,182
5.25%,
08/15/27
(a)
...........
3
3,086
4.75%,
01/15/28
(a)
...........
2
2,015
Iron
Mountain,
Inc.
(a)
:
4.88%,
09/15/27
............
3
3,069
5.25%,
03/15/28
............
2
2,077
5.25%,
07/15/30
............
72
74,290
4.50%,
02/15/31
............
83
82,054
Jaguar
Holding
Co.
II/PPD
Development
LP,
5.00%
,
06/15/28
(a)
6
6,249
JBS
USA
LUX
SA
(a)
:
6.75%,
02/15/28
............
4
4,370
6.50%,
04/15/29
............
6
6,777
Joseph
T
Ryerson
&
Son,
Inc.,
8.50%
,
08/01/28
(a)
................
6
6,720
JPMorgan
Chase
&
Co.,
(SOFR
+
2.44%),
3.11%
,
04/22/51
(b)
.....
16
15,670
Kinder
Morgan,
Inc.,
3.60%
,
02/15/51
26
24,226
Kraft
Heinz
Foods
Co.,
5.00%
,
07/15/35
.................
2
2,302
Kroger
Co.
(The),
3.95%
,
01/15/50
..
8
8,644
L
Brands,
Inc.:
5.25%,
02/01/28
............
3
3,218
6.63%,
10/01/30
(a)
...........
3
3,425
Lamar
Media
Corp.,
4.88%
,
01/15/29
3
3,127
Lamb
Weston
Holdings,
Inc.,
4.88%
,
11/01/26
(a)
................
4
4,137
Legends
Hospitality
Holding
Co.
LLC,
5.00%
,
02/01/26
(a)
...........
4
4,070
Level
3
Financing,
Inc.
(a)
:
4.25%,
07/01/28
............
144
145,628
3.63%,
01/15/29
............
77
74,594
Lions
Gate
Capital
Holdings
LLC,
5.50%
,
04/15/29
(a)
...........
37
37,004
Lowe's
Cos.,
Inc.,
3.00%
,
10/15/50
..
9
8,394
Lumen
Technologies,
Inc.
(a)
:
5.13%,
12/15/26
............
4
4,213
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
4.00%,
02/15/27
............
USD
4
$
4,086
LYB
International
Finance
III
LLC,
3.63%
,
04/01/51
............
6
5,910
Marriott
Ownership
Resorts,
Inc.:
6.13%,
09/15/25
(a)
...........
56
59,479
6.50%,
09/15/26
............
3
3,133
Masonite
International
Corp.,
5.38%
,
02/01/28
(a)
................
3
3,184
Mauser
Packaging
Solutions
Holding
Co.,
7.25%
,
04/15/25
(a)
........
10
10,000
McDonald's
Corp.,
4.45%
,
09/01/48
.
44
51,310
Meritor,
Inc.,
6.25%
,
06/01/25
(a)
....
15
15,975
MGM
Growth
Properties
Operating
Partnership
LP:
5.63%,
05/01/24
............
5
5,367
4.63%,
06/15/25
(a)
...........
8
8,438
5.75%,
02/01/27
............
2
2,205
3.88%,
02/15/29
(a)
...........
28
27,891
MGM
Resorts
International:
6.75%,
05/01/25
............
3
3,232
5.50%,
04/15/27
............
4
4,300
Michaels
Stores,
Inc.,
8.00%
,
07/15/27
(a)
................
18
19,890
Molina
Healthcare,
Inc.,
3.88%
,
11/15/30
(a)
................
10
10,288
Morgan
Stanley,
(SOFR
+
1.43%),
2.80%
,
01/25/52
(b)
...........
9
8,284
Motorola
Solutions,
Inc.,
5.50%
,
09/01/44
.................
13
15,761
MPT
Operating
Partnership
LP:
5.00%,
10/15/27
............
6
6,312
4.63%,
08/01/29
............
3
3,156
Nationstar
Mortgage
Holdings,
Inc.
(a)
:
5.50%,
08/15/28
............
17
17,069
5.13%,
12/15/30
............
10
9,862
New
Home
Co.,
Inc.
(The),
7.25%
,
10/15/25
(a)
................
21
21,739
Nexstar
Broadcasting,
Inc.
(a)
:
5.63%,
07/15/27
............
5
5,241
4.75%,
11/01/28
............
26
26,274
NRG
Energy,
Inc.:
5.75%,
01/15/28
............
4
4,250
5.25%,
06/15/29
(a)
...........
6
6,420
NuStar
Logistics
LP,
5.75%
,
10/01/25
67
71,725
ONEOK
Partners
LP,
4.90%
,
03/15/25
79
87,752
Oracle
Corp.,
3.95%
,
03/25/51
.....
54
55,667
Outfront
Media
Capital
LLC
(a)
:
6.25%,
06/15/25
............
3
3,172
5.00%,
08/15/27
............
3
3,030
Park
Intermediate
Holdings
LLC,
5.88%
,
10/01/28
(a)
...........
9
9,542
Parsley
Energy
LLC,
5.63%
,
10/15/27
(a)
3
3,251
PBF
Holding
Co.
LLC,
9.25%
,
05/15/25
(a)
................
26
26,545
Peninsula
Pacific
Entertainment
LLC,
8.50%
,
11/15/27
(a)
...........
10
10,750
PG&E
Corp.:
5.00%,
07/01/28
............
47
49,654
5.25%,
07/01/30
............
9
9,540
Picasso
Finance
Sub,
Inc.,
6.13%
,
06/15/25
(a)
................
9
9,563
Pilgrim's
Pride
Corp.,
5.88%
,
09/30/27
(a)
................
4
4,287
BlackRock
Global
Allocation
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Pioneer
Natural
Resources
Co.,
1.90%
,
08/15/30
.................
USD
57
$
52,900
Pitney
Bowes,
Inc.
(a)
:
6.88%,
03/15/27
............
33
32,711
7.25%,
03/15/29
............
30
29,668
Playtika
Holding
Corp.,
4.25%
,
03/15/29
(a)
................
17
16,748
Post
Holdings,
Inc.,
4.63%
,
04/15/30
(a)
13
13,033
Prime
Security
Services
Borrower
LLC
(a)
:
3.38%,
08/31/27
............
9
8,730
6.25%,
01/15/28
............
4
4,164
Quicken
Loans
LLC
(a)
:
3.63%,
03/01/29
............
88
84,700
3.88%,
03/01/31
............
95
91,438
Quicken
Loans,
Inc.,
5.25%
,
01/15/28
(a)
14
14,700
Radiate
Holdco
LLC,
4.50%
,
09/15/26
(a)
21
21,236
Reynolds
Group
Issuer,
Inc.,
4.00%
,
10/15/27
(a)
................
4
3,920
Royalty
Pharma
plc,
3.55%
,
09/02/50
(a)
17
16,200
Scientific
Games
International,
Inc.,
5.00%
,
10/15/25
(a)
...........
2
2,071
SeaWorld
Parks
&
Entertainment,
Inc.,
9.50%
,
08/01/25
(a)
...........
9
9,781
Select
Medical
Corp.,
6.25%
,
08/15/26
(a)
................
152
161,540
Service
Properties
Trust:
5.00%,
08/15/22
............
95
96,419
4.50%,
06/15/23
............
70
71,110
7.50%,
09/15/25
............
10
11,364
Shea
Homes
LP,
4.75%
,
04/01/29
(a)
.
21
21,241
Shift4
Payments
LLC,
4.63%
,
11/01/26
(a)
................
2
2,075
Sirius
XM
Radio,
Inc.
(a)
:
5.00%,
08/01/27
............
7
7,343
5.50%,
07/01/29
............
5
5,406
4.13%,
07/01/30
............
69
69,080
Six
Flags
Entertainment
Corp.,
4.88%
,
07/31/24
(a)
................
4
4,038
SM
Energy
Co.:
1.50%,
07/01/21
(
i
)
...........
49
48,515
10.00%,
01/15/25
(a)
..........
44
49,500
Spirit
Loyalty
Cayman
Ltd.,
8.00%
,
09/20/25
(a)
................
9
10,694
Standard
Industries,
Inc.
(a)
:
5.00%,
02/15/27
............
2
2,085
4.38%,
07/15/30
............
12
12,108
3.38%,
01/15/31
............
5
4,738
Steel
Dynamics,
Inc.,
3.25%
,
10/15/50
17
15,864
Stericycle,
Inc.,
3.88%
,
01/15/29
(a)
..
4
3,950
Summit
Materials
LLC,
5.25%
,
01/15/29
(a)
................
6
6,263
Sunoco
LP:
6.00%,
04/15/27
............
3
3,139
4.50%,
05/15/29
(a)
...........
10
9,962
Talen
Energy
Supply
LLC,
7.63%
,
06/01/28
(a)
................
63
63,787
Targa
Resources
Partners
LP:
5.88%,
04/15/26
............
4
4,187
5.38%,
02/01/27
............
2
2,074
6.50%,
07/15/27
............
4
4,347
6.88%,
01/15/29
............
4
4,407
4.00%,
01/15/32
(a)
...........
84
79,004
TEGNA,
Inc.,
4.75%
,
03/15/26
(a)
....
16
16,980
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Teleflex,
Inc.,
4.63%
,
11/15/27
.....
USD
2
$
2,117
Tenet
Healthcare
Corp.:
4.63%,
07/15/24
............
6
6,124
4.63%,
09/01/24
(a)
...........
3
3,086
5.13%,
05/01/25
............
6
6,084
4.88%,
01/01/26
(a)
...........
9
9,358
6.25%,
02/01/27
(a)
...........
7
7,391
4.63%,
06/15/28
(a)
...........
8
8,200
Terex
Corp.,
5.63%
,
02/01/25
(a)
....
3
3,084
T-Mobile
USA,
Inc.
(a)
:
4.50%,
04/15/50
............
8
8,983
3.30%,
02/15/51
............
17
15,888
TransDigm
,
Inc.:
6.25%,
03/15/26
(a)
...........
299
317,000
6.38%,
06/15/26
............
4
4,135
Travel
+
Leisure
Co.,
6.63%
,
07/31/26
(a)
28
31,790
Uber
Technologies,
Inc.,
6.25%
,
01/15/28
(a)
................
5
5,446
United
Airlines
Pass-Through
Trust:
Series
2020-1,
Class
B,
4.88%,
01/15/26
...............
5
5,187
Series
2020-1,
Class
A,
5.88%,
10/15/27
...............
164
181,758
United
Rentals
North
America,
Inc.:
5.50%,
05/15/27
............
4
4,266
4.88%,
01/15/28
............
7
7,374
3.88%,
02/15/31
............
20
20,100
United
Wholesale
Mortgage
LLC,
5.50%
,
11/15/25
(a)
...........
82
85,485
UnitedHealth
Group,
Inc.:
2.90%,
05/15/50
............
9
8,618
3.13%,
05/15/60
............
17
16,689
US
Concrete,
Inc.,
5.13%
,
03/01/29
(a)
16
16,480
Verizon
Communications,
Inc.:
2.88%,
11/20/50
............
21
18,664
3.55%,
03/22/51
............
36
35,950
3.70%,
03/22/61
............
25
24,703
ViacomCBS
,
Inc.,
4.95%
,
05/19/50
..
14
16,410
VICI
Properties
LP,
3.50%
,
02/15/25
(a)
29
29,526
Vistra
Operations
Co.
LLC
(a)
:
5.63%,
02/15/27
............
93
96,662
5.00%,
07/31/27
............
6
6,180
Weekley
Homes
LLC,
4.88%
,
09/15/28
(a)
................
25
25,625
William
Carter
Co.
(The),
5.63%
,
03/15/27
(a)
................
2
2,112
Williams
Scotsman
International,
Inc.,
4.63%
,
08/15/28
(a)
...........
4
4,075
WPX
Energy,
Inc.:
5.25%,
10/15/27
............
3
3,197
4.50%,
01/15/30
............
3
3,230
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%
,
08/15/28
(a)
...........
10
10,115
Wynn
Las
Vegas
LLC,
5.25%
,
05/15/27
(a)
................
3
3,141
Wynn
Resorts
Finance
LLC
(a)
:
7.75%,
04/15/25
............
2
2,168
5.13%,
10/01/29
............
3
3,071
Xerox
Holdings
Corp.,
5.00%
,
08/15/25
(a)
................
20
20,873
XHR
LP,
6.38%
,
08/15/25
(a)
.......
65
68,656
Yum!
Brands,
Inc.:
4.75%,
01/15/30
(a)
...........
3
3,172
3.63%,
03/15/31
............
25
24,031
BlackRock
Global
Allocation
Portfolio
11
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Zayo
Group
Holdings,
Inc.,
4.00%
,
03/01/27
(a)
................
USD
3
$
2,948
6,358,494
Total
Corporate
Bonds
—
4.6%
(Cost:
$10,495,282)
..............................
9,150,881
Floating
Rate
Loan
Interests
—
2.1%
Canada
—
0.1%
Knowlton
Development
Corp.,
Inc.,
Term
Loan,
(EURIBOR
3
Month
+
5.00%),
5.00%
,
12/22/25
(b)
.....
EUR
190
222,257
France
—
0.1%
Babar
Bidco
,
Facility
Term
Loan
B,
(EURIBOR
3
Month
+
5.00%),
5.00%
,
11/17/27
(b)
...........
214
251,063
Germany
—
0.1%
HSE24,
Term
Loan,
(EURIBOR
3
Month
+
0.00%),
0.00%
,
01/01/28
(b)
(c)
......................
218
254,052
Netherlands
—
0.4%
(b)
Boels
Topholding
BV,
Facility
Term
Loan
B,
(EURIBOR
3
Month
+
4.00%),
4.00%
,
02/06/27
......
250
293,574
Cypher
Bidco
BV,
Term
Loan,
01/01/28
(m)
................
154
164,278
Ziggo
BV,
Facility
Term
Loan
H,
(EURIBOR
6
Month
+
3.00%),
3.00%
,
01/31/29
............
311
362,344
820,196
United
States
—
1.4%
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.00%),
6.75%
,
02/02/26
(b)(c)
....
USD
75
74,625
Applied
Systems,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.50%
-
5.25%
,
09/19/24
(b)
14
13,937
athenahealth
,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.25%),
4.45%
,
02/11/26
(b)
...........
21
21,017
Avantor
Funding,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.25%),
3.25%
,
11/08/27
(b)
...........
15
14,536
Avaya,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.25%),
4.36%
,
12/15/27
(b)
...........
22
21,977
Avaya,
Inc.,
Term
Loan
B2,
12/15/27
(b)
(m)
......................
15
14,989
BCA
Central
Ltd.,
Facility
Term
Loan
A,
(EUR002M
+
0.00%),
5.50%
,
04/29/23
(b)
...........
EUR
167
197,860
Cablevision
Lightpath
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
11/30/27
(b)
...........
USD
20
19,900
Caesars
Resort
Collection
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.50%),
4.61%
,
07/21/25
(b)
.....
36
35,865
City
Brewing
Co.,
LLC,
Term
Loan,
0.00%
,
03/01/26
(b)(c)
..........
32
31,920
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Douglas
Dynamics
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
4.75%
,
06/08/26
(b)
...........
USD
10
$
9,994
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.36%
,
02/06/26
(b)
.....
22
21,808
Ecl
Entertainment,
LLC,
Term
Loan,
0.00%
,
01/01/28
(b)(c)
..........
50
50,000
Flexera
Software
LLC,
1st
Lien
Term
Loan
B1,
03/03/28
(b)(m)
........
22
21,957
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%, 01/31/28
(b)
.........
20
19,362
Galaxy
Universal
LLC,
Term
Loan,
0.00%
,
01/01/28
(b)
...........
63
61,875
Gentiva
Health
Services,
Inc.,
1st
Lien
Term
Loan
B1,
07/02/25
(b)(m)
.....
57
56,112
Herschend
Entertainment
Co.,
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.75%),
6.75%
,
08/25/25
(b)(c)
....
91
91,903
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
1.75%),
1.86%
,
06/22/26
(b)
.....
151
149,406
Informatica
LLC,
Term
Loan,
02/25/27
(b)
(m)
......................
59
58,153
IRB
Holding
Corp.,
Term
Loan,
12/15/27
(b)(m)
...............
84
83,973
LATAM,
Facility
Term
Loan:
(LIBOR
USD
3
Month
+
0.00%),
0.00%, 01/01/28
(b)(c)
........
259
260,312
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Week
+
3.75%),
4.50%
,
12/17/27
(b)
.....
25
24,804
LBM
Acquisition
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
12/17/27
(b)(m)
....
6
5,512
Leslie's
Poolmart
,
Inc.,Term
Loan,
03/09/28
(b)(m)
...............
62
61,586
LogMeIn,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
4.85%
,
08/31/27
(b)
...........
75
74,555
Luxembourg
Life
Fund,
Term
Loan
G,
0.00%
-
10.00%
,
01/01/28
(c)(n)
...
93
95,888
McAfee
LLC,
Term
Loan
B,
09/30/24
(b)
(m)
......................
22
21,932
Opendoor
,
Term
Loan,
01/23/26
(c)(m)(n)
60
60,467
Park
River
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
4.00%
,
12/28/27
(b)
.....
48
47,670
Peraton
Corp.,
1st
Lien
Term
Loan
B,
02/01/28
(b)(m)
...............
17
17,324
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
02/26/29
(b)(c)(m)
..............
14
14,210
Peraton
Corp.,
Term
Loan,
02/01/28
(b)(m)
31
30,489
PG&E
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.50%
,
06/23/25
(b)
...........
49
48,526
Playtika
Holding
Corp.,
Term
Loan
B1,
03/13/28
(b)(m)
...............
125
124,219
Project
Ruby
Ultimate
Parent
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.00%
,
03/10/28
(b)
90
89,588
Realpage
,
Inc.,
Term
Loan,
02/18/28
(b)
(m)
......................
53
52,728
BlackRock
Global
Allocation
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Select
Medical
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
2.36%
,
03/06/25
(b)
...........
USD
15
$
14,478
Shearer's
Foods
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.25%
,
06/30/21
(b)
...........
31
30,449
Signal
Parent,
Inc.,
Term
Loan
B,
03/24/28
(b)(c)(m)
..............
50
49,625
Surf
Holdings
SARL,
1st
Lien
Term
Loan,
03/05/27
(b)(m)
...........
66
65,319
The
Enterprise
Development
Authority,
Term
Loan
B,
02/18/28
(b)(c)(m)
....
111
111,278
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan,
03/31/28
(b)(m)
.......
45
44,789
UKG,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
4.00%
,
05/04/26
(b)
...........
35
34,913
VS
Buyer
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.11%
,
02/28/27
(b)
...........
22
21,844
Western
Digital
Corp.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
1.86%
,
04/29/23
(b)
...........
22
21,963
White
Cap
Buyer
LLC,
Term
Loan,
(LIBOR
USD
6
Month
+
4.00%),
4.50%
,
10/19/27
(b)
...........
134
133,331
WIN
Waste
Innovations
Holdings
Inc.,
Term
Loan,
03/24/28
(b)(m)
.......
16
15,940
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan,
12/21/27
(b)(m)
...........
15
14,507
2,659,415
Total
Floating
Rate
Loan
Interests
—
2.1%
(Cost:
$4,116,787)
..............................
4,206,983
Foreign
Government
Obligations
—
6.0%
Argentina
—
0.1%
Argentine
Republic
(The):
1.00%,
07/09/29
............
30
10,573
0.12%,
07/09/30
(l)
...........
295
98,159
0.12%,
07/09/35
(l)
...........
331
97,553
0.12%,
01/09/38
(l)
...........
119
43,284
249,569
Australia
—
0.6%
Commonwealth
of
Australia,
3.00%
,
03/21/47
.................
AUD
1,405
1,134,886
Brazil
—
0.2%
Federative
Republic
of
Brazil,
10.00%
,
01/01/27
.................
BRL
2
312,310
China
—
2.5%
People's
Republic
of
China:
3.29%,
05/23/29
............
CNY
16,170
2,469,503
2.68%,
05/21/30
............
17,290
2,514,205
4,983,708
Germany
—
0.1%
Federal
Republic
of
Germany,
0.00%
,
08/15/50
.................
EUR
191
207,761
Greece
—
0.2%
Hellenic
Republic,
2.00%
,
04/22/27
(a)
343
441,494
Security
Par
(000)
Par
(000)
Value
Italy
—
1.6%
Republic
of
Italy:
1.35%,
04/01/30
............
EUR
1,009
$
1,266,624
0.95%,
08/01/30
............
823
997,114
3.85%,
09/01/49
(a)
...........
494
874,370
3,138,108
Japan
—
0.7%
Japan
Government
Bond,
0.40%
,
09/20/49
.................
JPY
171,150
1,444,399
Total
Foreign
Government
Obligations
—
6.0%
(Cost:
$11,643,107)
..............................
11,912,235
Shares
Shares
Investment
Companies
—
8.7%
Consumer
Discretionary
Select
Sector
SPDR
Fund
(f)
..............
1,006
169,078
Energy
Select
Sector
SPDR
Fund
..
3,186
156,305
Financial
Select
Sector
SPDR
Fund
.
1,731
58,941
Health
Care
Select
Sector
SPDR
Fund
1,533
178,962
Industrial
Select
Sector
SPDR
Fund
.
3,689
363,182
Invesco
QQQ
Trust,
Series
1
......
3,300
1,053,129
iShares
China
Large-Cap
ETF
*
.....
3,630
169,376
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(f)*
...............
12,380
1,079,288
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
*
.........
293
38,105
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(f)*
.........
18,201
1,981,725
iShares
Latin
America
40
ETF
(f)*
....
2,948
81,394
iShares
MSCI
Brazil
ETF
*
........
1,750
58,538
iShares
MSCI
Emerging
Markets
ETF
(f)*
429
22,883
iShares
Nasdaq
Biotechnology
ETF
(f)*
153
23,036
iShares
Russell
2000
ETF
(f)*
......
6,077
1,342,652
iShares
S&P
500
Value
ETF
(f)*
.....
1,761
248,724
KraneShares
Bosera
MSCI
China
A
ETF
(f)
....................
1,371
60,653
KraneShares
CSI
China
Internet
ETF
(f)
1,005
76,732
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
.................
168
18,278
SPDR
EURO
STOXX
50
ETF
.....
671
29,866
SPDR
Gold
Shares
(o)
...........
5,446
871,142
SPDR
S&P
500
ETF
Trust
........
23,300
9,234,489
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF
.............
1,528
124,288
United
States
Oil
Fund
LP
(o)
.......
458
18,563
Total
Investment
Companies
—
8.7%
(Cost:
$17,231,632)
..............................
17,459,329
Par
(000)
Pa
r
(
000)
Municipal
Bonds
—
0.2%
Ohio
-
0.1%
Buckeye
Tobacco
Settlement
Financing
Authority,
Series
2020B-2,
RB,
5.00%, 06/01/55
............
USD
100
112,604
Puerto
Rico
-
0.1%
Puerto
Rico
Sales
Tax
Financing
Corp.:
Series
2018A-1,
RB,
4.75%, 07/01/53
..........
12
13,001
BlackRock
Global
Allocation
Portfolio
13
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Par
(000)
Par
(000)
Value
Puerto
Rico
(continued)
Series
2018A-1,
RB,
5.00%, 07/01/58
..........
USD
175
$
192,388
205,389
Total
Municipal
Bonds
—
0.2%
(Cost:
$314,034)
................................
317,993
Non-Agency
Mortgage-Backed
Securities
—
0.6%
Collateralized
Mortgage
Obligations
—
0.1%
United
States
—
0.1%
(a)(b)
Federal
Home
Loan
Mortgage
Corp.
STACR
REMIC
Trust
Variable
Rate
Notes:
Series
2020-DNA6,
Class
B1,
(SOFR30A
+
3.00%),
3.02%,
12/25/50
...............
17
17,080
Series
2021-HQA1,
Class
B1,
(SOFR30A
+
3.00%),
3.02%,
08/25/33
...............
32
31,922
Series
2021-HQA1,
Class
B2,
(SOFR30A
+
5.00%),
5.02%,
08/25/33
...............
20
18,805
Federal
Home
Loan
Mortgage
Corp.
Structured
Agency
Credit
Risk
Debt
Variable
Rate
Notes:
Series
2021-DNA2,
Class
B1,
(SOFR30A
+
3.40%),
3.42%,
08/25/33
...............
18
17,820
Series
2021-DNA2,
Class
B2,
(SOFR30A
+
6.00%),
6.02%,
08/25/33
...............
17
16,491
102,118
Commercial
Mortgage-Backed
Securities
—
0.5%
United
States
—
0.5%
BANK:
Series
2017-BNK8,
Class
B,
3.93%,
11/15/50
(b)
..............
13
13,623
Series
2017-BNK9,
Class
A4,
3.54%,
11/15/54
..........
17
19,026
BBCMS
Trust,
Series
2019-CLP,
Class
E,
(LIBOR
USD
1
Month
+
2.11%),
2.22%,
12/15/31
(a)(b)
..........
17
17,000
BX
Commercial
Mortgage
Trust,
Series
2019-XL,
Class
J,
(LIBOR
USD
1
Month
+
2.65%),
2.76%,
10/15/36
(a)
(b)
......................
94
93,992
BX
Trust
(a)(b)
:
Series
2019-OC11,
Class
D,
4.08%,
12/09/41
...............
64
66,475
Series
2019-OC11,
Class
E,
4.08%,
12/09/41
...............
89
88,512
Series
2021-MFM1,
Class
E,
(LIBOR
USD
1
Month
+
2.25%),
2.36%,
01/15/34
..........
20
19,976
Series
2021-MFM1,
Class
F,
(LIBOR
USD
1
Month
+
3.00%),
3.11%,
01/15/34
...............
40
39,976
CD
Mortgage
Trust,
Series
2017-CD6,
Class
B,
3.91%,
11/13/50
(b)
.....
10
10,611
Citigroup
Commercial
Mortgage
Trust:
Series
2014-GC19,
Class
D,
5.09%,
03/10/47
(a)(b)
.............
10
10,550
Series
2014-GC23,
Class
AS,
3.86%,
07/10/47
..........
45
48,454
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2018-C6,
Class
A4,
4.41%,
11/10/51
...............
USD
16
$
18,427
Commercial
Mortgage
Trust:
Series
2014-CR17,
Class
C,
4.78%,
05/10/47
(b)
..............
15
16,195
Series
2014-CR21,
Class
A3,
3.53%,
12/10/47
..........
32
34,114
CORE
Mortgage
Trust,
Series
2019-
CORE,
Class
F,
(LIBOR
USD
1
Month
+
2.35%),
2.46%,
12/15/31
(a)
(b)
......................
15
15,254
CSAIL
Commercial
Mortgage
Trust:
Series
2016-C5,
Class
C,
4.63%,
11/15/48
(b)
..............
10
10,685
Series
2020-C19,
Class
A3,
2.56%,
03/15/53
...............
94
94,993
GS
Mortgage
Securities
Trust,
Series
2020-GC47,
Class
AS,
2.73%,
05/12/53
.................
36
36,258
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2019-COR4,
Class
A5,
4.03%,
03/10/52
.....
35
39,223
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2018-WPT,
Class
DFX,
5.35%,
07/05/33
(a)
................
18
18,471
Life
Mortgage
Trust,
Series
2021-BMR,
Class
F,
(LIBOR
USD
1
Month
+
2.35%),
2.46%,
03/15/38
(a)(b)
....
117
117,187
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust:
Series
2015-C24,
Class
C,
(LIBOR
USD
1
Month
+
0.00%),
4.34%,
05/15/48
(b)
..............
10
10,265
Series
2016-C32,
Class
A4,
3.72%,
12/15/49
...............
27
29,769
Morgan
Stanley
Capital
I
Trust:
Series
2018-MP,
Class
A,
4.28%,
07/11/40
(a)(b)
.............
17
18,287
Series
2020-L4,
Class
A3,
2.70%,
02/15/53
...............
29
29,347
UBS
Commercial
Mortgage
Trust,
Series
2019-C17,
Class
A4,
2.92%,
10/15/52
.................
10
10,366
UBS-Barclays
Commercial
Mortgage
Trust,
Series
2012-C3,
Class
D,
5.03%,
08/10/49
(a)(b)
..........
14
14,276
Wells
Fargo
Commercial
Mortgage
Trust
(b)
:
Series
2015-C28,
Class
AS,
3.87%,
05/15/48
...............
30
32,554
Series
2017-C38,
Class
C,
3.90%,
07/15/50
...............
10
10,829
Series
2017-C41,
Class
B,
4.19%,
11/15/50
...............
25
26,525
1,011,220
Total
Non-Agency
Mortgage-Backed
Securities
—
0.6%
(Cost:
$1,112,981)
..............................
1,113,338
BlackRock
Global
Allocation
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Beneficial
Interest
(000)
Beneficial
Interest
(000)
Value
Other
Interests
-
0.1%
Capital
Markets
-
0.1%
Sprott
Private
Resource
Streaming
&
Royalty
LP
(c)(d)(p)
.............
USD
166
$
198,529
Total
Other
Interests
-
0.1%
(Cost:
$167,154)
..................................
198,529
Preferred
Securities
—
2.6%
Par
(000)
Pa
r
(
000)
Capital
Trusts
—
0.3%
United
States
—
0.3%
(b)
American
Express
Co.,
Series
C
,
(LIBOR
USD
3
Month
+
3.29%),
3.47%
(q)
..................
73
72,340
Charles
Schwab
Corp.
(The),
Series
H
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
(q)
............
39
38,337
Citigroup,
Inc.,
Series
Q
,
(LIBOR
USD
3
Month
+
4.10%),
4.29%
(q)
.....
101
101,030
General
Motors
Financial
Co.,
Inc.,
Series
C
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.00%),
5.70%
(q)
.......
12
12,960
Morgan
Stanley,
Series
H
,
(LIBOR
USD
3
Month
+
3.61%),
3.85%
(q)
.....
84
84,126
Prudential
Financial,
Inc.:
(LIBOR
USD
3
Month
+
3.92%),
5.63%, 06/15/43
..........
44
47,152
(LIBOR
USD
3
Month
+
4.18%),
5.87%, 09/15/42
..........
64
67,583
USB
Capital
IX
,
(LIBOR
USD
3
Month
+
1.02%),
3.50%
(q)
...........
31
29,760
Wells
Fargo
&
Co.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%),
3.90%
(q)
41
41,406
494,694
Total
Capital
Trusts
—
0.3%
(Cost:
$489,690)
................................
494,694
Shares
Shares
Preferred
Stocks
—
2.2%
Brazil
—
0.0%
Centrais
Eletricas
Brasileiras
SA
(Preference)
...............
330
2,029
Itau
Unibanco
Holding
SA
(Preference)
7,480
37,143
39,172
China
—
0.2%
ByteDance
Ltd.,
Series
E-1
(Acquired
11/11/20,
cost
$272,511)
(c)(e)
.....
2,487
326,984
Germany
—
0.1%
Volocopter
Gmbh
(Acquired
03/03/21,
cost
$159,412)
(c)(d)(e)
..........
30
154,999
Security
Shares
Shares
Value
India
—
0.0%
Think
&
Learn
Pvt
Ltd.,
Series
F
(Acquired
12/11/20,
cost
$103,122)
(c)
(d)(e)
.....................
32
$
103,876
Jersey
—
0.0%
Loadsmart
,
Inc.,
Series
C
(Acquired
10/05/20,
cost
$85,987)
(c)(d)(e)
....
10,057
102,783
United
Kingdom
—
0.3%
(d)(e)
Arrival
Ltd.,
Series
A
(Acquired
10/8/20,
cost
$252,641)
.............
35,173
537,576
Exscientia
Ltd.,
C-1
(Acquired
02/24/21,
cost
$
80,550)
(c)
.............
46
80,655
618,231
United
States
—
1.6%
2020
Cash
Mandatory
Exchangeable
Trust,
5.25%
(a)(
i
)
.............
277
311,528
Aptiv
plc,
Series
A,
5.50%
(
i
)
.......
1,083
170,995
Becton
Dickinson
and
Co.,
Series
B,
6.00%
(f)
..................
4,094
219,930
Boston
Scientific
Corp.,
Series
A,
5.50%
...................
713
76,476
C3
ai
,
Inc.,
(Acquired
12/6/2020,
cost
$175,999)
(d)(e)
..............
5,293
342,250
Cruise,
Series
G
(Acquired
03/25/21,
cost
$76,178)
(c)(d)(e)
...........
2,891
76,178
Databricks
,
Inc
,
Series
G
(Acquired
02/01/21,
cost
$102,873)
(c)(d)(e)
...
580
92,249
Databricks
,
Inc.,
Series
F
(Acquired
10/22/19,
cost
$88,431)
(c)(d)(e)
....
2,059
327,484
Deep
Instinct
Ltd.,
Series
D-2
(Acquired
03/19/21,
cost
$89,710)
(c)(d)(e)
....
14,760
89,710
DoubleVerify
Holdings,
Inc.,
Series
A
(Acquired
11/18/20,
cost
$55,816)
(c)
(d)(e)
.....................
9,729
72,968
Farmer’s
Business
Network,
Inc.,
Series
F
(Acquired
07/31/20,
cost
$69,518)
(c)(d)(e)
..............
2,103
80,587
Grand
Rounds,
Inc.,
Series
C
(Acquired
03/31/15,
cost
$127,944)
(c)(e)
....
46,081
170,500
Grand
Rounds,
Inc.,
Series
D
(Acquired
05/01/18,
cost
$51,112)
(c)(e)
.....
21,089
77,397
Jumpcloud
,
Inc.,
Series
E-1
(Acquired
10/30/20,
cost
$93,611)
(c)(d)(e)
....
51,330
96,500
Lookout,
Inc.,
Series
F
(Acquired
09/19/14-10/22/14,
cost
$243,061)
(c)
(e)
......................
21,278
250,016
Mount
Sinai
Genomics,
Inc.,
Sema
4
Series
C
(Acquired
07/17/20,
cost
$82,846)
(c)(e)
...............
135
202,817
Mythic
AI
Inc.,
Series
C
(Acquired
01/26/21,
cost
$48,256)
(c)(d)(e)
....
7,024
48,114
Neon
Parent,
Inc.
(c)(d)
...........
217
76,304
Nuvia
,
Inc.,
Series
B
(Acquired
09/17/20,
cost
$40,480)
(c)(d)(e)
....
12,621
103,997
SambaNova
Systems,
Inc.
Series
C
(Acquired
02/19/20,
cost
$91,575)
(c)
(d)(e)
.....................
1,720
133,764
Wells
Fargo
&
Co.,
Series
L,
7.50%
(
i
)(q)
46
65,201
BlackRock
Global
Allocation
Portfolio
15
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Shares
Shares
Value
United
States
(continued)
Zero
Mass
Water,
Inc.,
Series
C-1
(Acquired
05/07/20,
cost
$70,353)
(c)
(d)(e)
.....................
4,463
$
74,175
3,159,140
Total
Preferred
Stocks
—
2.2%
(Cost:
$3,264,840)
..............................
4,505,185
Trust
Preferreds
—
0.1%
United
States
—
0.1%
(b)
Citigroup
Capital
XIII
,
(LIBOR
USD
3
Month
+
6.37%),
6.58%, 10/30/40
5,096
137,082
GMAC
Capital
Trust
I,
Series
2
,
(LIBOR
USD
3
Month
+
5.79%),
5.98%, 02/15/40
............
5,598
142,637
279,719
Total
Trust
Preferreds
—
0.1%
(Cost:
$280,385)
................................
279,719
Total
Preferred
Securities
—
2.6%
(Cost:
$4,034,915)
..............................
5,279,598
Rights
—
0.0%
Chile
—
0.0%
Sociedad
Quimica
y
Minera
de
Chile
SA
(Expires
04/19/21)
(d)(r)
......
66
205
Total
Rights
—
0.0%
(Cost:
$–)
....................................
205
Par
(000)
Pa
r
(
000)
U.S.
Government
Sponsored
Agency
Securities
—
0.1%
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes,
Series
2018-M13,
Class
A2,
3.70%, 09/25/30
(b)
...........
USD
17
19,495
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates,
Series
KL06,
Class
XFX,
1.36%, 12/25/29
........
100
9,315
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
(b)
:
Series
K105,
Class
X1,
1.52%
,
01/25/30
........
279
32,222
Series
K109,
Class
X1,
1.58%
,
04/25/30
........
118
14,416
Series
K116,
Class
X1,
1.43%
,
07/25/30
........
100
11,105
Series
K120,
Class
X1,
1.04%
,
10/25/30
........
396
32,984
Series
KW09,
Class
X1,
0.80%
,
05/25/29
........
465
25,071
125,113
Total
U.S.
Government
Sponsored
Agency
Securities
—
0.1%
(Cost:
$147,253)
................................
144,608
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
—
2.5%
U.S.
Treasury
Bonds:
1.13%, 05/15/40
-
08/15/40
(o)
....
USD
1,262
$
1,026,874
2.38%, 11/15/49
(o)
...........
1,135
1,127,099
1.63%, 11/15/50
............
157
130,742
U.S.
Treasury
Inflation
Linked
Notes:
0.13%, 01/15/30
-
01/15/31
.....
741
800,346
U.S.
Treasury
Notes:
2.00%, 11/15/21
(g)(o)
..........
1,750
1,771,192
1.13%, 02/15/31
............
198
187,457
Total
U.S.
Treasury
Obligations
—
2.5%
(Cost:
$5,226,492)
..............................
5,043,710
Shares
Shares
Warrants
—
0.0%
Brazil
—
0.0%
(c)(d)
Neon
Payments
Ltd.
(Issued/
exercisable
06/19/20,
1
share
for
1
warrant,
Expires
04/08/21,
Strike
Price
USD
1.00)
............
22
126
Neon
Payments
Ltd.
(Issued/
exercisable
06/25/20,
1
share
for
1
warrant,
Expires
10/08/21,
Strike
Price
USD
1.00)
............
80
457
Switzerland
—
0.0%
Cie
Financiere
Richemont
SA
(Issued/
exercisable
11/27/20,
1
share
for
1
warrant,
Expires
11/22/23,
Strike
Price
CHF
67.00)
(d)
..........
36
14
United
States
—
0.0%
(d)
Climate
Change
Crisis
Real
Impact
I
Acquisition
Corp.
(Issued/
exercisable
11/10/20,
1
share
for
1
warrant,
Expires
09/15/25,
Strike
Price
USD
11.50)
............
1,130
3,684
Crown
Proptech
Acquisitions
(Issued/
exercisable
02/05/21,
1
share
for
1
warrant,
Expires
02/01/26,
Strike
Price
USD
11.50)
(c)
...........
2,120
3,180
Jaws
Acquisition
Corp.
(Issued/
exercisable
07/06/20,
1
share
for
1
warrant,
Expires
07/06/25,
Strike
Price
USD
11.50)
............
950
3,021
Rotor
Acquisition
Corp.
(Issued/
exercisable
01/15/21,
1
share
for
1
warrant,
Expires
01/31/26,
Strike
Price
USD
11.50)
(c)
...........
780
780
Tortoise
Acquisition
Corp.
II
(Issued/
exercisable
10/22/20,
1
share
for
1
warrant,
Expires
06/14/27,
Strike
Price
USD
11.50)
............
1,160
3,793
TPG
Pace
Beneficial
Finance
Corp.
(Issued/exercisable
11/17/20,
1
share
for
1
warrant,
Expires
10/09/27,
Strike
Price
USD
11.50)
510
3,810
BlackRock
Global
Allocation
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Shares
Shares
Value
United
States
(continued)
Zero
Mass
Water,
Inc.,
Series
C-1
(Acquired
05/08/20,
cost
$0)
(Issued/exercisable
05/08/20,
1
share
for
1
warrant,
Expires
11/08/21,
Strike
Price
USD
18.92)
(c)
(e)
......................
4,463
$
5,802
Total
Warrants
—
0.0%
............................
24,667
Total
Long-Term
Investments
—
97.3%
(Cost:
$160,522,996)
.............................
194,473,200
Short-Term
Securities
—
8.3%
Money
Market
Funds
—
4.4%
(s)
*
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
......
2,441,011
2,441,011
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.16%
(t)
.............
6,272,248
6,274,130
Total
Money
Market
Funds
—
4.4%
(Cost:
$8,715,407)
..............................
8,715,141
Par
(000)
Pa
r
(
000)
Time
Deposits
—
0.0%
Australia
—
0.0%
Brown
Brothers
Harriman
&
Co.,
(0.54)%, 04/01/21
...........
AUD
—
(u)
80
Canada
—
0.0%
Royal
Bank
of
Canada,
0.01%, 04/01/21
............
CAD
49
38,873
Denmark
—
0.0%
Brown
Brothers
Harriman
&
Co.,
(0.47)%, 04/06/21
...........
DKK
1
228
Hong
Kong
—
0.0%
Brown
Brothers
Harriman
&
Co.,
(0.06)%, 04/01/21
...........
HKD
7
903
Japan
—
0.0%
Sumitomo
Mitsui
Financial
Group,
Inc.,
(0.31)%, 04/01/21
...........
JPY
18
165
South
Africa
—
0.0%
Brown
Brothers
Harriman
&
Co.,
5.40%, 04/01/21
............
ZAR
2
134
Sweden
—
0.0%
Brown
Brothers
Harriman
&
Co.,
(0.26)%, 04/01/21
...........
SEK
1
107
Switzerland
—
0.0%
Brown
Brothers
Harriman
&
Co.,
(1.85)%, 04/01/21
...........
CHF
—
(u)
129
United
Kingdom
—
0.0%
Citibank
NA,
0.01%, 04/01/21
.....
GBP
15
21,158
Total
Time
Deposits
—
0.0%
(Cost:
$61,777)
................................
61,777
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
—
3.9%
U.S.
Treasury
Bills
(v)
:
0.00%, 04/27/21
............
USD
1,400
$
1,399,985
0.01%, 04/06/21
............
2,250
2,249,998
0.02%, 04/13/21
............
1,800
1,799,997
0.02%, 06/10/21
............
1,500
1,499,949
0.03%, 06/17/21
............
500
499,984
0.07%, 04/15/21
............
300
299,998
Total
U.S.
Treasury
Obligations
—
3.9%
(Cost:
$7,749,878)
..............................
7,749,911
Total
Short-Term
Securities
—
8.3%
(Cost:
$16,527,062)
..............................
16,526,829
Total
Options
Purchased
—
0.8%
(Cost:
$1,355,761)
..............................
1,626,146
Total
Investments
Before
Options
Written
and
Investments
Sold
Short
—
106.4%
(Cost:
$178,405,819)
.............................
212,626,175
Total
Options
Written
—
(0.5)%
(Premiums
Received
—
$792,896)
...................
(969,134)
Shares
Shares
Investments
Sold
Short
—
(0.9)%
Common
Stocks
—
(0.9)%
United
States
—
(0.9)%
Appian
Corp.
(d)
...............
3,012
(400,445)
DoorDash
,
Inc.,
Class
A
(d)
........
2,498
(327,563)
Hershey
Co.
(The)
.............
388
(61,366)
JM
Smucker
Co.
(The)
..........
412
(52,130)
Nordstrom,
Inc.
(d)
..............
620
(23,479)
Opendoor
Technologies,
Inc.
(d)
.....
9,297
(197,004)
Seagate
Technology
plc
.........
875
(67,156)
Snowflake,
Inc.,
Class
A
(d)
........
1,217
(279,034)
Walgreens
Boots
Alliance,
Inc.
.....
6,011
(330,004)
(1,738,181)
Total
Common
Stocks
—
(0.9)%
(Proceeds:
$1,900,167)
...........................
(1,738,181)
Total
Investments
Sold
Short
—
(0.9)%
(Proceeds:
$1,900,167
)
...........................
(1,738,181)
Total
Investments
Net
of
Options
Written
and
Investments
Sold
Short
—
105.0%
(Cost:
$175,712,756)
.............................
209,918,860
Liabilities
in
Excess
of
Other
Assets
—
(5.0)%
............
(9,992,141)
Net
Assets
—
100.0%
..............................
$
199,926,719
(a)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
BlackRock
Global
Allocation
Portfolio
17
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
(d)
Non-income
producing
security.
(e)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$5,179,032,
representing
2.59%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$3,595,840.
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
All
or
a
portion
of
the
security
has
been
pledged
and/or
segregated
as
collateral
in
connection
with
outstanding
exchange-traded
options
written.
(h)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(i)
Convertible
security.
(j)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(k)
Zero-coupon
bond.
(l)
Step-up
bond
that
pays
an
initial
coupon
rate
for
the
first
period
and
then
a
higher
coupon
rate
for
the
following
periods.
Rate
as
of
period
end.
(m)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(n)
Fixed
rate.
(o)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
(p)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(q)
Perpetual
security
with
no
stated
maturity
date.
(r)
When-issued
security.
(s)
Annualized
7-day
yield
as
of
period
end.
(t)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(u)
Amount
is
less
than
500.
(v)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
*
*
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
March
31,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/21
Shares
Held
at
03/31/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
110,670
$
2,330,341
$
—
$
—
$
—
$
2,441,011
2,441,011
$
43
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
6,400,603
—
(125,875)
(332)
(266)
6,274,130
6,272,248
11,081
(b)
—
iShares
China
Large-Cap
ETF
..
252,719
—
(83,907)
3,224
(2,660)
169,376
3,630
—
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
......
2,408,432
—
(1,308,400)
28,884
(49,628)
1,079,288
12,380
17,245
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
......
1,062,634
—
(987,480)
(13,468)
(23,581)
38,105
293
4,127
—
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
.
2,370,707
690,664
(908,682)
(49,153)
(121,811)
1,981,725
18,201
18,311
—
iShares
Latin
America
40
ETF
..
129,140
—
(39,044)
2,741
(11,443)
81,394
2,948
—
—
iShares
MSCI
Brazil
ETF
.....
97,012
—
(27,827)
1,238
(11,885)
58,538
1,750
—
—
iShares
MSCI
Emerging
Markets
ETF
..................
33,120
—
(11,200)
1,737
(774)
22,883
429
—
—
iShares
Nasdaq
Biotechnology
ETF
..................
34,691
—
(11,293)
2,660
(3,022)
23,036
153
30
—
iShares
Russell
2000
ETF
.....
2,452,907
311,303
(1,658,948)
329,886
(92,496)
1,342,652
6,077
2,419
—
iShares
S&P
500
Value
ETF
...
225,443
—
—
—
23,281
248,724
1,761
1,210
—
$
307,417
$
(294,285)
$
13,760,862
$
54,466
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
BlackRock
Global
Allocation
Portfolio
18
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Euro-BTP
...............................................................
1
06/08/21
$
175
$
1,363
Euro-OAT
...............................................................
4
06/08/21
760
1,261
Australia
10
Year
Bond
......................................................
5
06/15/21
525
(2,086)
DAX
Index
..............................................................
2
06/18/21
881
26,886
EURO
STOXX
50
Index
.....................................................
24
06/18/21
1,088
17,538
MSCI
Emerging
Markets
E-Mini
Index
............................................
4
06/18/21
265
(5,511)
Russell
2000
E-mini
Index
....................................................
7
06/18/21
778
(46,492)
U.S.
Treasury
10
Year
Note
...................................................
10
06/21/21
1,310
(965)
(8,006)
Short
Contracts
Euro-Bund
..............................................................
7
06/08/21
1,406
(2,735)
FTSE
100
Index
..........................................................
1
06/18/21
92
651
NASDAQ
100
E-Mini
Index
...................................................
19
06/18/21
4,974
(11,265)
S&P
500
E-Mini
Index
......................................................
122
06/18/21
24,201
(71,733)
U.S.
Treasury
10
Year
Ultra
Note
...............................................
30
06/21/21
4,316
12,788
U.S.
Treasury
Long
Bond
....................................................
1
06/21/21
155
6,694
U.S.
Treasury
Ultra
Bond
....................................................
16
06/21/21
2,910
12,456
Long
Gilt
...............................................................
8
06/28/21
1,407
3,952
U.S.
Treasury
2
Year
Note
....................................................
53
06/30/21
11,699
7,692
U.S.
Treasury
5
Year
Note
....................................................
136
06/30/21
16,790
115,935
74,435
$
66,429
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
CNY
40,000
USD
6,082
BNP
Paribas
SA
04/01/21
$
11
CNY
5,306,000
USD
806,980
HSBC
Bank
plc
04/01/21
1,245
GBP
132,000
USD
178,951
Deutsche
Bank
AG
04/01/21
3,022
USD
775,829
JPY
85,553,000
BNP
Paribas
SA
04/01/21
3,167
USD
9,195
JPY
1,014,000
JPMorgan
Chase
Bank
NA
04/01/21
37
USD
800,078
JPY
88,507,791
Bank
of
America
NA
04/02/21
730
USD
205,990
EUR
170,000
HSBC
Bank
plc
04/08/21
6,619
USD
202,779
EUR
169,000
JPMorgan
Chase
Bank
NA
04/09/21
4,576
USD
186,652
EUR
153,985
UBS
AG
04/09/21
6,059
CAD
309,000
USD
241,943
Bank
of
America
NA
04/15/21
3,948
GBP
361,000
USD
492,885
Morgan
Stanley
&
Co.
International
plc
04/15/21
4,806
USD
489,599
EUR
403,555
Goldman
Sachs
International
04/15/21
16,251
GBP
360,000
USD
491,585
Citibank
NA
04/16/21
4,729
USD
295,316
EUR
244,871
Deutsche
Bank
AG
04/16/21
8,091
GBP
536,000
USD
731,752
Barclays
Bank
plc
04/22/21
7,219
USD
504,402
BRL
2,664,000
BNP
Paribas
SA
04/22/21
31,595
USD
830,902
CNY
5,399,000
Barclays
Bank
plc
04/22/21
9,577
USD
505,595
NOK
4,315,000
JPMorgan
Chase
Bank
NA
04/22/21
1,096
GBP
536,000
USD
731,756
Barclays
Bank
plc
04/23/21
7,218
USD
753,283
AUD
973,000
Morgan
Stanley
&
Co.
International
plc
04/23/21
14,160
USD
1,365,802
CNY
8,923,365
HSBC
Bank
plc
04/29/21
9,051
GBP
427,842
USD
584,698
Deutsche
Bank
AG
05/06/21
5,187
USD
602,529
CNY
3,919,000
Barclays
Bank
plc
05/06/21
6,982
USD
841,892
HKD
6,525,000
Citibank
NA
05/06/21
2,491
USD
343,787
CNY
2,235,000
JPMorgan
Chase
Bank
NA
05/07/21
4,173
USD
842,236
HKD
6,528,000
Citibank
NA
05/13/21
2,435
USD
503,610
EUR
414,610
JPMorgan
Chase
Bank
NA
05/20/21
16,931
USD
596,946
SEK
5,067,000
Bank
of
America
NA
06/03/21
16,445
BlackRock
Global
Allocation
Portfolio
19
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
394,756
CNY
2,588,000
Morgan
Stanley
&
Co.
International
plc
06/09/21
$
2,496
USD
816,641
CNY
5,357,000
HSBC
Bank
plc
06/10/21
4,748
USD
401,035
EUR
337,000
Bank
of
America
NA
06/10/21
5,272
USD
339,638
EUR
284,493
Citibank
NA
06/10/21
5,537
USD
403,828
CNY
2,637,000
Morgan
Stanley
&
Co.
International
plc
06/17/21
4,385
GBP
320,472
EUR
373,000
BNP
Paribas
SA
06/24/21
3,742
GBP
859
EUR
1,000
Citibank
NA
06/24/21
10
USD
404,389
CNY
2,650,000
Morgan
Stanley
&
Co.
International
plc
06/24/21
3,190
JPY
33,195,798
EUR
255,000
Citibank
NA
06/25/21
477
USD
505,964
CNY
3,313,000
Morgan
Stanley
&
Co.
International
plc
06/25/21
4,428
232,136
JPY
86,567,000
USD
834,546
Citibank
NA
04/01/21
(52,726)
USD
812,956
CNY
5,346,000
HSBC
Bank
plc
04/01/21
(1,362)
JPY
88,507,791
USD
853,268
Citibank
NA
04/02/21
(53,920)
EUR
327,000
USD
402,393
Citibank
NA
04/08/21
(18,896)
JPY
56,345,499
EUR
446,000
UBS
AG
04/08/21
(14,162)
JPY
87,372,000
USD
851,811
UBS
AG
04/08/21
(62,695)
EUR
222,865
USD
274,254
Citibank
NA
04/09/21
(12,879)
EUR
5,135
USD
6,319
JPMorgan
Chase
Bank
NA
04/09/21
(297)
EUR
126,947
USD
152,983
Morgan
Stanley
&
Co.
International
plc
04/09/21
(4,099)
USD
345,212
INR
25,525,000
JPMorgan
Chase
Bank
NA
04/09/21
(3,354)
EUR
657,476
USD
802,534
JPMorgan
Chase
Bank
NA
04/15/21
(31,351)
JPY
59,174,000
USD
570,373
UBS
AG
04/15/21
(35,891)
EUR
250,000
USD
304,597
HSBC
Bank
plc
04/16/21
(11,356)
JPY
59,112,000
USD
569,776
Morgan
Stanley
&
Co.
International
plc
04/16/21
(35,849)
AUD
1,311,000
USD
1,006,376
Morgan
Stanley
&
Co.
International
plc
04/23/21
(10,497)
JPY
63,218,000
USD
607,880
BNP
Paribas
SA
04/23/21
(36,822)
EUR
140,085
USD
167,039
Morgan
Stanley
&
Co.
International
plc
04/29/21
(2,679)
MXN
203,707
USD
10,052
BNP
Paribas
SA
04/29/21
(111)
MXN
9,156,293
USD
451,776
JPMorgan
Chase
Bank
NA
04/29/21
(4,972)
JPY
92,661,817
EUR
735,000
Citibank
NA
04/30/21
(25,290)
JPY
62,796,000
USD
606,409
JPMorgan
Chase
Bank
NA
04/30/21
(39,120)
JPY
65,156,000
USD
620,420
Barclays
Bank
plc
05/06/21
(31,775)
MXN
6,218,000
USD
304,986
BNP
Paribas
SA
05/06/21
(1,795)
USD
300,721
MXN
6,218,000
Citibank
NA
05/06/21
(2,471)
JPY
65,816,000
USD
627,126
Barclays
Bank
plc
05/07/21
(32,513)
JPY
80,346,000
USD
759,658
BNP
Paribas
SA
05/13/21
(33,741)
CHF
367,000
USD
413,594
JPMorgan
Chase
Bank
NA
05/14/21
(24,879)
JPY
81,795,000
USD
781,975
JPMorgan
Chase
Bank
NA
05/14/21
(42,961)
EUR
414,610
USD
500,014
JPMorgan
Chase
Bank
NA
05/20/21
(13,335)
JPY
72,039,593
USD
680,982
Citibank
NA
05/21/21
(30,072)
JPY
45,503,000
USD
426,785
UBS
AG
06/03/21
(15,603)
EUR
707,000
USD
846,768
Citibank
NA
06/10/21
(16,488)
JPY
101,337,000
USD
935,374
Morgan
Stanley
&
Co.
International
plc
06/10/21
(19,590)
EUR
270,000
USD
324,016
Citibank
NA
06/11/21
(6,928)
USD
135,187
INR
10,067,000
BNP
Paribas
SA
06/11/21
(882)
EUR
423,000
USD
505,731
Deutsche
Bank
AG
06/17/21
(8,897)
EUR
415,292
USD
496,245
JPMorgan
Chase
Bank
NA
06/18/21
(8,453)
HUF
123,669,000
USD
400,788
Bank
of
America
NA
06/18/21
(781)
GBP
277,000
USD
384,175
Citibank
NA
06/24/21
(2,206)
CAD
1,085,000
USD
869,208
Goldman
Sachs
International
06/25/21
(5,741)
JPY
85,553,000
USD
776,600
BNP
Paribas
SA
07/08/21
(3,225)
USD
801,023
CNY
5,306,000
HSBC
Bank
plc
07/08/21
(1,423)
JPY
85,985,000
USD
778,008
Bank
of
America
NA
07/09/21
(719)
(762,806)
$
(530,670)
BlackRock
Global
Allocation
Portfolio
20
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
Advanced
Micro
Devices,
Inc.
...................
7
04/01/21
USD
84.50
USD
55
$
18
Advanced
Micro
Devices,
Inc.
...................
6
04/16/21
USD
84.00
USD
47
357
Alibaba
Group
Holding
Ltd.
.....................
13
04/16/21
USD
280.00
USD
295
189
Allianz
SE
................................
4
04/16/21
EUR
205.00
EUR
87
5,981
Alphabet,
Inc.
..............................
1
04/16/21
USD
2,200.00
USD
207
305
BNP
Paribas
SA
............................
35
04/16/21
EUR
48.00
EUR
182
17,649
Farfetch
Ltd.
...............................
10
04/16/21
USD
75.00
USD
53
135
Home
Depot,
Inc.
(The)
.......................
2
04/16/21
USD
270.00
USD
61
7,265
Invesco
QQQ
Trust
1
.........................
15
04/16/21
USD
340.00
USD
479
548
iShares
MSCI
Emerging
Markets
ETF
..............
26
04/16/21
USD
59.00
USD
139
78
Lowe's
Cos.,
Inc.
............................
3
04/16/21
USD
170.00
USD
57
6,173
Mastercard,
Inc.
............................
6
04/16/21
USD
365.00
USD
214
2,175
Micron
Technology,
Inc.
.......................
7
04/16/21
USD
85.00
USD
62
3,710
Microsoft
Corp.
.............................
10
04/16/21
USD
255.00
USD
236
365
Sabre
Corp.
...............................
1
04/16/21
USD
18.00
USD
1
8
SPDR
S&P
500
ETF
Trust
......................
93
04/16/21
USD
407.00
USD
3,686
7,859
SPDR
S&P
500
ETF
Trust
......................
129
04/16/21
USD
409.00
USD
5,113
7,676
SPDR
S&P
500
ETF
Trust
......................
141
04/16/21
USD
410.00
USD
5,588
7,121
Visa,
Inc.
.................................
9
04/16/21
USD
220.00
USD
191
1,130
Walt
Disney
Co.
(The)
........................
4
04/16/21
USD
200.00
USD
74
340
Western
Digital
Corp.
.........................
6
04/16/21
USD
85.00
USD
40
93
Western
Digital
Corp.
.........................
6
04/16/21
USD
70.00
USD
40
996
U.S.
Treasury
10
Year
Note
.....................
46
04/23/21
USD
135.50
USD
4,600
719
SPDR
S&P
500
ETF
Trust
......................
52
04/30/21
USD
405.00
USD
2,061
14,196
Advance
Auto
Parts,
Inc.
.......................
2
05/21/21
USD
190.00
USD
37
1,160
Alphabet,
Inc.
..............................
1
05/21/21
USD
2,200.00
USD
207
3,695
Amazon.com,
Inc.
...........................
1
05/21/21
USD
3,300.00
USD
309
5,513
Apple,
Inc.
................................
16
05/21/21
USD
130.00
USD
195
4,312
ConocoPhillips
.............................
28
05/21/21
USD
55.00
USD
148
6,580
DR
Horton,
Inc.
.............................
15
05/21/21
USD
85.00
USD
134
11,025
Edwards
Lifesciences
Corp.
....................
6
05/21/21
USD
85.00
USD
50
1,755
Facebook,
Inc.
.............................
7
05/21/21
USD
290.00
USD
206
13,073
Global
Payment,
Inc.
.........................
11
05/21/21
USD
205.00
USD
222
8,665
Home
Depot,
Inc.
(The)
.......................
6
05/21/21
USD
280.00
USD
183
17,100
Las
Vegas
Sands
Corp.
.......................
26
05/21/21
USD
72.50
USD
158
1,833
Mastercard,
Inc.
............................
3
05/21/21
USD
395.00
USD
107
1,150
Microsoft
Corp.
.............................
8
05/21/21
USD
250.00
USD
189
2,820
Raytheon
Technologies
Corp.
...................
29
05/21/21
USD
75.00
USD
224
13,703
salesforce.com,
Inc.
..........................
3
05/21/21
USD
260.00
USD
64
192
SPDR
S&P
500
ETF
Trust
......................
23
05/21/21
USD
395.00
USD
912
22,931
U.S.
Treasury
10
Year
Note
.....................
35
05/21/21
USD
134.50
USD
3,500
3,828
VanEck
Vectors
Semiconductor
ETF
...............
34
05/21/21
USD
240.00
USD
828
43,520
Deere
&
Co.
...............................
1
06/18/21
USD
380.00
USD
37
1,720
Deere
&
Co.
...............................
3
06/18/21
USD
400.00
USD
112
3,293
Intel
Corp.
................................
49
06/18/21
USD
65.00
USD
314
15,558
Mastercard,
Inc.
............................
5
06/18/21
USD
420.00
USD
178
1,083
Mastercard,
Inc.
............................
12
06/18/21
USD
350.00
USD
427
25,500
Monster
Beverage
Corp.
.......................
2
06/18/21
USD
90.00
USD
18
990
Monster
Beverage
Corp.
.......................
10
06/18/21
USD
95.00
USD
91
2,675
PVH
Corp.
................................
9
06/18/21
USD
95.00
USD
95
14,625
Ulta
Beauty,
Inc.
............................
2
06/18/21
USD
315.00
USD
62
3,810
SPDR
S&P
500
ETF
Trust
......................
10
12/17/21
USD
360.00
USD
396
48,945
366,140
Put
Invesco
QQQ
Trust
1
.........................
26
04/01/21
USD
307.00
USD
830
65
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
5
04/01/21
USD
85.50
USD
44
15
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
10
04/01/21
USD
85.00
USD
87
70
U.S.
Treasury
10
Year
Note
.....................
45
04/02/21
USD
131.00
USD
4,500
12,656
Industrial
Select
Sector
SPDR
Fund
...............
3
04/16/21
USD
90.00
USD
30
227
Invesco
QQQ
Trust
1
.........................
66
04/16/21
USD
305.00
USD
2,106
12,936
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
5
04/16/21
USD
85.50
USD
44
90
BlackRock
Global
Allocation
Portfolio
21
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
iShares
Russell
2000
ETF
......................
4
04/16/21
USD
205.00
USD
88
$
588
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
......
6
04/16/21
USD
105.00
USD
65
105
SPDR
S&P
500
ETF
Trust
......................
106
04/16/21
USD
380.00
USD
4,201
15,423
SPDR
S&P
500
ETF
Trust
......................
122
04/30/21
USD
380.00
USD
4,835
37,088
Bank
of
America
Corp.
........................
54
05/21/21
USD
38.00
USD
209
7,722
Invesco
QQQ
Trust
1
.........................
22
05/21/21
USD
300.00
USD
702
10,868
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
52
05/21/21
USD
85.00
USD
453
3,016
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
202
05/21/21
USD
84.00
USD
1,761
8,686
JPMorgan
Chase
&
Co.
.......................
14
05/21/21
USD
150.00
USD
213
7,630
Morgan
Stanley
.............................
26
05/21/21
USD
82.50
USD
202
17,225
SPDR
S&P
500
ETF
Trust
......................
18
05/21/21
USD
380.00
USD
713
8,964
SPDR
S&P
500
ETF
Trust
......................
132
05/21/21
USD
385.00
USD
5,232
79,002
Anthem,
Inc.
...............................
3
06/18/21
USD
350.00
USD
108
4,455
Anthem,
Inc.
...............................
5
06/18/21
USD
340.00
USD
179
5,600
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
101
06/18/21
USD
84.00
USD
881
7,676
Pitney
Bowes,
Inc.
...........................
2
07/16/21
USD
7.00
USD
2
135
240,242
$
606,382
OTC
Options
Purchased
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
EUR
Currency
...........
Citibank
NA
—
04/01/21
USD
1.23
EUR
1,262
$
–
SPDR
Gold
Shares
(a)
......
JPMorgan
Chase
Bank
NA
1,185
04/16/21
USD
176.00
USD
190
163
adidas
AG
.............
Barclays
Bank
plc
331
05/21/21
EUR
310.00
EUR
88
418
Alibaba
Group
Holding
Ltd.
..
Nomura
International
plc
503
05/21/21
USD
255.00
USD
114
1,610
EURO
STOXX
50
Index
....
Credit
Suisse
International
67
05/21/21
EUR
3,875.00
EUR
263
6,380
SPDR
Gold
Shares
(a)
......
Morgan
Stanley
&
Co.
International
plc
332
05/21/21
USD
166.00
USD
53
416
Starbucks
Corp.
.........
Citibank
NA
980
05/21/21
USD
115.00
USD
107
1,756
Autodesk,
Inc.
...........
Nomura
International
plc
1,125
06/18/21
USD
280.00
USD
312
19,575
LVMH
Moet
Hennessy
Louis
Vuitton
SE
...........
Barclays
Bank
plc
197
06/18/21
EUR
560.00
EUR
112
6,073
Raytheon
Technologies
Corp.
Goldman
Sachs
International
2,847
06/18/21
USD
77.50
USD
220
10,628
SPDR
Gold
Shares
(a)
......
Societe
Generale
SA
663
06/18/21
USD
168.00
USD
106
1,127
SPDR
S&P
500
ETF
Trust
...
Morgan
Stanley
&
Co.
International
plc
4,400
06/18/21
USD
360.00
USD
1,744
176,441
EURO
STOXX
50
Index
....
Credit
Suisse
International
67
07/16/21
EUR
3,900.00
EUR
263
8,439
EURO
STOXX
50
Index
....
Credit
Suisse
International
67
09/17/21
EUR
3,925.00
EUR
263
10,086
243,112
Put
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
04/12/21
JPY
103.00
USD
1,367
3
USD
Currency
...........
Goldman
Sachs
International
—
04/22/21
JPY
101.00
USD
1,272
9
EUR
Currency
...........
Bank
of
America
NA
—
04/28/21
NOK
10.29
EUR
384
12,773
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
04/28/21
NOK
8.48
USD
384
3,444
EUR
Currency
...........
BNP
Paribas
SA
—
08/02/21
USD
1.19
EUR
1,492
37,352
iShares
National
Muni
Bond
ETF
...............
Credit
Suisse
International
27
08/20/21
USD
113.00
USD
3
11
iShares
National
Muni
Bond
ETF
...............
Credit
Suisse
International
27
08/20/21
USD
114.00
USD
3
42
53,634
$
296,746
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
BlackRock
Global
Allocation
Portfolio
22
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.52%
Semi-Annual
Goldman
Sachs
International
04/01/21
1.52
%
USD
770
$
—
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.53%
Semi-Annual
Goldman
Sachs
International
04/06/21
1.53
USD
804
—
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.48%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
04/21/21
1.48
USD
552
5
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.80%
Semi-Annual
Deutsche
Bank
AG
05/28/21
1.80
USD
461
2,049
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.00%
Semi-Annual
JPMorgan
Chase
Bank
NA
06/04/21
1.00
USD
798
106
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.00%
Semi-Annual
BNP
Paribas
SA
06/11/21
1.00
USD
260
54
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.75%
Semi-Annual
Goldman
Sachs
International
08/23/21
1.75
USD
455
5,727
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.77%
Semi-Annual
Goldman
Sachs
International
08/23/21
1.77
USD
450
6,004
1-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.80%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
03/16/23
0.80
USD
10,341
23,686
37,631
Put
5-Year
Interest
Rate
Swap
(a)
.
0.60%
Semi-Annual
3
month
LIBOR
Quarterly
Bank
of
America
NA
04/06/21
0.60
USD
5,900
130,183
5-Year
Interest
Rate
Swap
(a)
.
0.62%
Semi-Annual
3
month
LIBOR
Quarterly
Bank
of
America
NA
04/06/21
0.62
USD
2,429
51,209
5-Year
Interest
Rate
Swap
(a)
.
0.63%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
05/24/21
0.63
USD
5,690
133,079
5-Year
Interest
Rate
Swap
(a)
.
0.64%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
05/25/21
0.64
USD
5,748
131,985
5-Year
Interest
Rate
Swap
(a)
.
0.85%
Semi-Annual
3
month
LIBOR
Quarterly
Goldman
Sachs
International
05/25/21
0.85
USD
2,874
38,227
5-Year
Interest
Rate
Swap
(a)
.
0.64%
Semi-Annual
3
month
LIBOR
Quarterly
Nomura
International
plc
05/25/21
0.64
USD
2,874
65,992
30-Year
Interest
Rate
Swap
(a)
0.48%
Annual
6
month
EURIBOR
Semi-Annual
JPMorgan
Chase
Bank
NA
11/16/21
0.48
EUR
760
47,656
30-Year
Interest
Rate
Swap
(a)
0.49%
Annual
6
month
EURIBOR
Semi-Annual
Goldman
Sachs
International
11/24/21
0.49
EUR
742
46,174
30-Year
Interest
Rate
Swap
(a)
0.52%
Annual
6
month
EURIBOR
Semi-Annual
Goldman
Sachs
International
12/09/21
0.52
EUR
687
40,882
685,387
$
723,018
(a)
Forward
settling
swaption.
OTC
Barrier
Options
Written
Description
Type
of
Option
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Put
EURO
STOXX
50
Index
.
Down
and
In
Credit
Suisse
International
233
12/17/21
EUR
3,100.00
EUR
2,700.00
EUR
—
$
(16,433)
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
Advanced
Micro
Devices,
Inc.
....................
7
04/01/21
USD
90.00
USD
55
$
(7)
Advanced
Micro
Devices,
Inc.
....................
6
04/16/21
USD
90.00
USD
47
(114)
Alphabet,
Inc.
...............................
1
04/16/21
USD
2,300.00
USD
207
(220)
Bank
of
America
Corp.
.........................
17
04/16/21
USD
39.00
USD
66
(1,590)
BlackRock
Global
Allocation
Portfolio
23
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Capital
One
Financial
Corp.
......................
11
04/16/21
USD
135.00
USD
140
$
(891)
Capital
One
Financial
Corp.
......................
11
04/16/21
USD
130.00
USD
140
(2,321)
Citigroup,
Inc.
...............................
14
04/16/21
USD
72.50
USD
102
(3,290)
Johnson
&
Johnson
...........................
6
04/16/21
USD
180.00
USD
99
(30)
JPMorgan
Chase
&
Co.
........................
8
04/16/21
USD
165.00
USD
122
(424)
Mastercard,
Inc.
.............................
6
04/16/21
USD
395.00
USD
214
(198)
Morgan
Stanley
..............................
19
04/16/21
USD
95.00
USD
148
(67)
Morgan
Stanley
..............................
19
04/16/21
USD
90.00
USD
148
(219)
UWM
Holdings
Corp.
..........................
9
04/16/21
USD
12.50
USD
7
(45)
Visa,
Inc.
..................................
17
04/16/21
USD
235.00
USD
360
(315)
Walt
Disney
Co.
(The)
.........................
12
04/16/21
USD
210.00
USD
221
(408)
Western
Digital
Corp.
..........................
6
04/16/21
USD
76.00
USD
40
(369)
Alphabet,
Inc.
...............................
2
05/21/21
USD
2,400.00
USD
414
(1,330)
Amazon.com,
Inc.
............................
1
05/21/21
USD
3,500.00
USD
309
(2,030)
Apple,
Inc.
.................................
33
05/21/21
USD
140.00
USD
403
(3,168)
Bank
of
America
Corp.
.........................
54
05/21/21
USD
44.00
USD
209
(1,863)
ConocoPhillips
..............................
11
05/21/21
USD
70.00
USD
58
(226)
ConocoPhillips
..............................
25
05/21/21
USD
60.00
USD
132
(2,613)
Facebook,
Inc.
..............................
15
05/21/21
USD
320.00
USD
442
(9,788)
Global
Payment,
Inc.
..........................
11
05/21/21
USD
225.00
USD
222
(1,469)
Home
Depot,
Inc.
(The)
........................
3
05/21/21
USD
310.00
USD
92
(2,438)
Invesco
QQQ
Trust
1
..........................
6
05/21/21
USD
350.00
USD
191
(666)
JPMorgan
Chase
&
Co.
........................
14
05/21/21
USD
175.00
USD
213
(1,078)
Mastercard,
Inc.
.............................
3
05/21/21
USD
425.00
USD
107
(194)
Micron
Technology,
Inc.
........................
14
05/21/21
USD
100.00
USD
123
(2,695)
Microsoft
Corp.
..............................
17
05/21/21
USD
275.00
USD
401
(1,131)
Morgan
Stanley
..............................
26
05/21/21
USD
95.00
USD
202
(598)
NVIDIA
Corp.
...............................
2
05/21/21
USD
600.00
USD
107
(1,440)
NXP
Semiconductors
NV
.......................
6
05/21/21
USD
220.00
USD
121
(3,015)
Raytheon
Technologies
Corp.
....................
29
05/21/21
USD
85.00
USD
224
(2,378)
ServiceNow,
Inc.
.............................
2
05/21/21
USD
660.00
USD
100
(205)
Toll
Brothers,
Inc.
.............................
17
05/21/21
USD
60.00
USD
96
(2,975)
VanEck
Vectors
Semiconductor
ETF
................
34
05/21/21
USD
265.00
USD
828
(10,183)
Anthem,
Inc.
................................
3
06/18/21
USD
410.00
USD
108
(743)
Anthem,
Inc.
................................
5
06/18/21
USD
390.00
USD
179
(3,325)
HCA
Healthcare,
Inc.
..........................
12
06/18/21
USD
210.00
USD
226
(4,320)
Intel
Corp.
.................................
43
06/18/21
USD
75.00
USD
275
(3,075)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
101
06/18/21
USD
87.00
USD
881
(5,555)
Mastercard,
Inc.
.............................
10
06/18/21
USD
450.00
USD
356
(675)
Mastercard,
Inc.
.............................
12
06/18/21
USD
390.00
USD
427
(7,110)
SPDR
S&P
500
ETF
Trust
.......................
87
06/18/21
USD
430.00
USD
3,448
(9,614)
SPDR
S&P
500
ETF
Trust
.......................
91
06/18/21
USD
400.00
USD
3,607
(87,315)
(183,723)
Put
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
15
04/01/21
USD
82.00
USD
131
(30)
Alibaba
Group
Holding
Ltd.
......................
6
04/16/21
USD
220.00
USD
136
(1,950)
Alphabet,
Inc.
...............................
1
04/16/21
USD
1,750.00
USD
207
(173)
BNP
Paribas
SA
.............................
35
04/16/21
EUR
41.00
EUR
182
(308)
Farfetch
Ltd.
................................
10
04/16/21
USD
55.00
USD
53
(4,000)
Invesco
QQQ
Trust
1
..........................
66
04/16/21
USD
285.00
USD
2,106
(3,036)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
5
04/16/21
USD
83.00
USD
44
(40)
iShares
Russell
2000
ETF
.......................
4
04/16/21
USD
190.00
USD
88
(136)
Mastercard,
Inc.
.............................
6
04/16/21
USD
315.00
USD
214
(255)
Micron
Technology,
Inc.
........................
7
04/16/21
USD
70.00
USD
62
(88)
Microsoft
Corp.
..............................
10
04/16/21
USD
220.00
USD
236
(735)
Microsoft
Corp.
..............................
14
04/16/21
USD
210.00
USD
330
(455)
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
.......
6
04/16/21
USD
100.00
USD
65
(150)
SPDR
S&P
500
ETF
Trust
.......................
106
04/16/21
USD
365.00
USD
4,201
(6,042)
U.S.
Treasury
10
Year
Note
......................
46
04/23/21
USD
129.50
USD
4,600
(10,063)
SPDR
S&P
500
ETF
Trust
.......................
122
04/30/21
USD
370.00
USD
4,835
(23,241)
Advance
Auto
Parts,
Inc.
........................
2
05/21/21
USD
160.00
USD
37
(355)
Bank
of
America
Corp.
.........................
54
05/21/21
USD
34.00
USD
209
(2,079)
DR
Horton,
Inc.
..............................
13
05/21/21
USD
72.50
USD
116
(969)
BlackRock
Global
Allocation
Portfolio
24
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Edwards
Lifesciences
.....................
6
05/21/21
USD
70.00
USD
50
$
(255)
Generac
Holdings,
Inc.
.........................
4
05/21/21
USD
270.00
USD
131
(1,820)
Global
Payments,
Inc.
.........................
11
05/21/21
USD
170.00
USD
222
(1,375)
Invesco
QQQ
Trust
1
..........................
22
05/21/21
USD
270.00
USD
702
(2,970)
Invesco
QQQ
Trust
1
..........................
25
05/21/21
USD
265.00
USD
798
(2,750)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
52
05/21/21
USD
75.00
USD
453
(494)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
202
05/21/21
USD
81.00
USD
1,761
(4,545)
JPMorgan
Chase
&
Co.
........................
14
05/21/21
USD
135.00
USD
213
(2,121)
Las
Vegas
Sands
Corp.
........................
10
05/21/21
USD
60.00
USD
61
(3,325)
Mastercard,
Inc.
.............................
2
05/21/21
USD
340.00
USD
71
(1,590)
Morgan
Stanley
..............................
26
05/21/21
USD
72.50
USD
202
(4,472)
Raytheon
Technologies
Corp.
....................
29
05/21/21
USD
60.00
USD
224
(609)
salesforce.com,
Inc.
...........................
3
05/21/21
USD
210.00
USD
64
(2,235)
SPDR
S&P
500
ETF
Trust
.......................
18
05/21/21
USD
350.00
USD
713
(3,150)
SPDR
S&P
500
ETF
Trust
.......................
132
05/21/21
USD
360.00
USD
5,232
(32,274)
U.S.
Treasury
10
Year
Note
......................
35
05/21/21
USD
129.50
USD
3,500
(17,500)
Anthem,
Inc.
................................
3
06/18/21
USD
310.00
USD
108
(1,440)
Anthem,
Inc.
................................
5
06/18/21
USD
300.00
USD
179
(1,775)
Deere
&
Co.
................................
1
06/18/21
USD
330.00
USD
37
(633)
Deere
&
Co.
................................
3
06/18/21
USD
350.00
USD
112
(3,248)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
101
06/18/21
USD
75.00
USD
881
(1,768)
Mastercard,
Inc.
.............................
10
06/18/21
USD
310.00
USD
356
(4,050)
Monster
Beverage
Corp.
........................
2
06/18/21
USD
80.00
USD
18
(470)
Monster
Beverage
Corp.
........................
10
06/18/21
USD
85.00
USD
91
(2,275)
PVH
Corp.
.................................
9
06/18/21
USD
75.00
USD
95
(563)
salesforce.com,
Inc.
...........................
12
06/18/21
USD
200.00
USD
254
(7,800)
SPDR
S&P
500
ETF
Trust
.......................
28
06/18/21
USD
250.00
USD
1,110
(1,204)
Ulta
Beauty,
Inc.
.............................
2
06/18/21
USD
255.00
USD
62
(800)
SPDR
S&P
500
ETF
Trust
.......................
5
12/17/21
USD
270.00
USD
198
(1,848)
(163,464)
$
(347,187)
OTC
Options
Written
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
EUR
Currency
..............
Citibank
NA
—
04/01/21
USD
1.25
EUR
1,262
$
–
Disco
Corp.
...............
Morgan
Stanley
&
Co.
International
plc
50
04/09/21
JPY
38,390.00
JPY
1,738
(8)
Hoya
Corp.
................
Morgan
Stanley
&
Co.
International
plc
643
04/09/21
JPY
14,393.50
JPY
8,362
(14)
Recruit
Holdings
Co.
Ltd.
......
BNP
Paribas
SA
459
04/09/21
JPY
5,606.07
JPY
2,479
(77)
Shin-Etsu
Chemical
Co.
Ltd.
....
Morgan
Stanley
&
Co.
International
plc
637
04/09/21
JPY
19,866.00
JPY
11,855
(131)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
04/12/21
JPY
108.00
USD
1,367
(33,756)
Alphabet,
Inc.
..............
Morgan
Stanley
&
Co.
International
plc
145
04/16/21
USD
2,275.00
USD
300
(579)
DR
Horton,
Inc.
.............
BNP
Paribas
SA
1,260
04/16/21
USD
85.00
USD
112
(6,309)
SPDR
Gold
Shares
(a)
.........
JPMorgan
Chase
Bank
NA
1,912
04/16/21
USD
188.00
USD
306
(48)
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......
JPMorgan
Chase
Bank
NA
7,620
04/21/21
USD
671.64
USD
4,473
(87)
Tencent
Holdings
Ltd.
.........
Morgan
Stanley
&
Co.
International
plc
1,107
04/29/21
HKD
807.59
HKD
675
(3)
Disco
Corp.
...............
Goldman
Sachs
International
50
05/14/21
JPY
36,736.80
JPY
1,738
(373)
FANUC
Corp.
..............
Goldman
Sachs
International
88
05/14/21
JPY
29,255.10
JPY
2,304
(116)
Hoya
Corp.
................
Morgan
Stanley
&
Co.
International
plc
641
05/14/21
JPY
13,620.00
JPY
8,336
(1,378)
Keyence
Corp.
.............
UBS
AG
76
05/14/21
JPY
56,618.50
JPY
3,821
(75)
Kose
Corp.
................
Goldman
Sachs
International
143
05/14/21
JPY
20,558.44
JPY
2,239
(3)
Recruit
Holdings
Co.
Ltd.
......
BNP
Paribas
SA
462
05/14/21
JPY
5,602.10
JPY
2,495
(459)
Shin-Etsu
Chemical
Co.
Ltd.
....
Morgan
Stanley
&
Co.
International
plc
640
05/14/21
JPY
19,965.00
JPY
11,910
(1,198)
Sony
Group
Corp.
...........
Goldman
Sachs
International
262
05/14/21
JPY
12,358.21
JPY
3,038
(487)
adidas
AG
................
Barclays
Bank
plc
331
05/21/21
EUR
340.00
EUR
88
(76)
DR
Horton,
Inc.
.............
BNP
Paribas
SA
1,260
05/21/21
USD
87.50
USD
112
(7,214)
SPDR
Gold
Shares
(a)
.........
Morgan
Stanley
&
Co.
International
plc
664
05/21/21
USD
176.00
USD
106
(214)
Starbucks
Corp.
............
Citibank
NA
980
05/21/21
USD
130.00
USD
107
(292)
BlackRock
Global
Allocation
Portfolio
25
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
OTC
Options
Written
(continued)
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Walt
Disney
Co.
(The)
........
Morgan
Stanley
&
Co.
International
plc
1,639
05/21/21
USD
215.00
USD
302
$
(2,611)
FANUC
Corp.
..............
Goldman
Sachs
International
91
06/11/21
JPY
30,232.09
JPY
2,383
(242)
Keyence
Corp.
.............
Goldman
Sachs
International
69
06/11/21
JPY
58,269.78
JPY
3,469
(347)
Kose
Corp.
................
Goldman
Sachs
International
142
06/11/21
JPY
17,944.64
JPY
2,224
(192)
Sony
Group
Corp.
...........
Goldman
Sachs
International
253
06/11/21
JPY
13,593.55
JPY
2,934
(281)
Autodesk,
Inc.
..............
Nomura
International
plc
1,613
06/18/21
USD
330.00
USD
447
(4,403)
LVMH
Moet
Hennessy
Louis
Vuitton
SE
...................
Barclays
Bank
plc
197
06/18/21
EUR
620.00
EUR
112
(1,436)
Raytheon
Technologies
Corp.
...
Goldman
Sachs
International
2,847
06/18/21
USD
90.00
USD
220
(1,950)
SPDR
Gold
Shares
(a)
.........
Societe
Generale
SA
1,326
06/18/21
USD
178.00
USD
212
(769)
(65,128)
Put
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
04/12/21
JPY
100.00
USD
1,367
–
SPDR
Gold
Shares
(a)
.........
JPMorgan
Chase
Bank
NA
356
04/16/21
USD
162.00
USD
57
(1,036)
EUR
Currency
..............
Bank
of
America
NA
—
04/28/21
NOK
10.08
EUR
384
(5,573)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
04/28/21
NOK
8.31
USD
384
(1,150)
Alibaba
Group
Holding
Ltd.
.....
Nomura
International
plc
336
04/30/21
USD
215.00
USD
76
(1,429)
adidas
AG
................
Barclays
Bank
plc
246
05/21/21
EUR
260.00
EUR
65
(3,161)
SPDR
Gold
Shares
(a)
.........
Morgan
Stanley
&
Co.
International
plc
678
05/21/21
USD
158.00
USD
108
(1,718)
Autodesk,
Inc.
..............
Nomura
International
plc
1,125
06/18/21
USD
240.00
USD
312
(6,272)
LVMH
Moet
Hennessy
Louis
Vuitton
SE
...................
Barclays
Bank
plc
164
06/18/21
EUR
480.00
EUR
93
(706)
Raytheon
Technologies
Corp.
...
Goldman
Sachs
International
2,847
06/18/21
USD
62.50
USD
220
(1,169)
SPDR
Gold
Shares
(a)
.........
Societe
Generale
SA
1,017
06/18/21
USD
154.00
USD
163
(2,201)
EUR
Currency
..............
BNP
Paribas
SA
—
08/02/21
USD
1.15
EUR
2,239
(16,150)
(40,565)
$
(105,693)
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
0.55%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
09/20/21
0.55
%
USD
430
$
(179)
1-Year
Interest
Rate
Swap
(a)
.
0.40%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
03/16/23
0.40
USD
10,341
(8,998)
1-Year
Interest
Rate
Swap
(a)
.
0.60%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
03/16/23
0.60
USD
10,341
(14,871)
(24,048)
Put
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.40%
Semi-Annual
Goldman
Sachs
International
04/01/21
1.40
USD
1,860
(65,464)
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.87%
Semi-Annual
Bank
of
America
NA
04/06/21
0.87
USD
2,429
(21,286)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.42%
Semi-Annual
Goldman
Sachs
International
04/06/21
1.42
USD
1,072
(35,756)
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.85%
Semi-Annual
Bank
of
America
NA
04/06/21
0.85
USD
5,900
(57,474)
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
1.00%
Semi-Annual
Deutsche
Bank
AG
05/25/21
1.00
USD
2,874
(22,322)
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
1.00%
Semi-Annual
Goldman
Sachs
International
05/25/21
1.00
USD
2,874
(22,322)
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
2.25%
Semi-Annual
Goldman
Sachs
International
08/23/21
2.25
USD
455
(19,549)
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
2.27%
Semi-Annual
Goldman
Sachs
International
08/23/21
2.27
USD
450
(18,387)
BlackRock
Global
Allocation
Portfolio
26
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
OTC
Interest
Rate
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.40%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
09/20/21
1.40
%
USD
859
$
(43,647)
30-Year
Interest
Rate
Swap
(a)
6
month
EURIBOR
Semi-Annual
0.78%
Annual
JPMorgan
Chase
Bank
NA
11/16/21
0.78
EUR
760
(19,946)
30-Year
Interest
Rate
Swap
(a)
6
month
EURIBOR
Semi-Annual
0.79%
Annual
Goldman
Sachs
International
11/24/21
0.79
EUR
742
(19,611)
30-Year
Interest
Rate
Swap
(a)
6
month
EURIBOR
Semi-Annual
0.82%
Annual
Goldman
Sachs
International
12/09/21
0.82
EUR
687
(17,787)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.76%
Semi-Annual
Goldman
Sachs
International
01/26/22
1.76
USD
2,974
(112,222)
(475,773)
$
(499,821)
(a)
Forward
settling
swaption.
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.IG.33.V1
...................
1.00
%
Quarterly
12/20/24
USD
6,863
$
(127,250)
$
(112,436)
$
(14,814)
CDX.NA.HY.34.V9
...................
5.00
Quarterly
06/20/25
USD
337
(31,267)
4,823
(36,090)
CDX.NA.IG.36.V1
...................
1.00
Quarterly
06/20/26
USD
944
(22,386)
(20,033)
(2,353)
$
(180,903)
$
(127,646)
$
(53,257)
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
ITRAXX.EUR.
CROSSOVER.34.V2
.
5.00
%
Quarterly
12/20/25
B-
EUR
558
$
80,925
$
47,182
$
33,743
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3
month
BA
Semi-Annual
1.91%
Semi-Annual
N/A
07/09/21
CAD
5,597
$
31,937
$
—
$
31,937
1.06%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
03/27/22
USD
8,345
(70,775)
(714)
(70,061)
0.88%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/17/22
USD
4,668
(46,365)
—
(46,365)
28
day
MXIBTIIE
Monthly
4.42%
Monthly
N/A
02/28/23
MXN
7,323
(4,220)
—
(4,220)
28
day
MXIBTIIE
Monthly
4.50%
Monthly
N/A
03/03/23
MXN
7,321
(3,677)
—
(3,677)
28
day
MXIBTIIE
Monthly
4.68%
Monthly
N/A
02/27/24
MXN
5,196
(5,502)
—
(5,502)
28
day
MXIBTIIE
Monthly
4.86%
Monthly
N/A
03/01/24
MXN
5,196
(4,216)
—
(4,216)
0.40%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
03/08/24
USD
6,570
17,509
—
17,509
0.53%
Semi-Annual
3
month
LIBOR
Quarterly
06/06/22
(a)
06/06/24
USD
1,612
7,826
—
7,826
1.60%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
01/24/25
USD
3,339
(117,116)
35
(117,151)
BlackRock
Global
Allocation
Portfolio
27
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.35%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/27/25
USD
1,240
$
29,473
$
—
$
29,473
3
month
LIBOR
Quarterly
0.37%
Semi-Annual
N/A
10/29/25
USD
3,586
(89,084)
—
(89,084)
3
month
LIBOR
Quarterly
0.46%
Semi-Annual
N/A
11/23/25
USD
996
(21,841)
—
(21,841)
3
month
LIBOR
Quarterly
0.39%
Semi-Annual
N/A
02/10/26
USD
2,506
(75,508)
—
(75,508)
0.68%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/19/26
USD
1,232
19,591
—
19,591
0.70%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/22/26
USD
337
5,125
—
5,125
3
month
LIBOR
Quarterly
0.83%
Semi-Annual
N/A
03/08/26
USD
4,030
(37,672)
—
(37,672)
0.69%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
06/23/30
USD
392
34,852
—
34,852
3
month
LIBOR
Quarterly
1.08%
Semi-Annual
N/A
08/17/30
USD
936
(53,847)
—
(53,847)
3
month
LIBOR
Quarterly
0.64%
Semi-Annual
N/A
08/21/30
USD
427
(41,667)
—
(41,667)
3
month
LIBOR
Quarterly
0.68%
Semi-Annual
N/A
09/14/30
USD
154
(14,769)
—
(14,769)
3
month
LIBOR
Quarterly
0.66%
Semi-Annual
N/A
09/25/30
USD
234
(22,903)
—
(22,903)
0.71%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
09/25/30
USD
234
21,858
—
21,858
3
month
LIBOR
Quarterly
0.69%
Semi-Annual
N/A
09/29/30
USD
187
(17,796)
—
(17,796)
0.76%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
09/29/30
USD
187
16,598
—
16,598
0.81%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
11/23/30
USD
656
55,432
—
55,432
1.17%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/04/31
USD
426
23,469
—
23,469
1.20%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/05/31
USD
251
13,318
—
13,318
0.89%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
07/02/50
USD
291
87,416
—
87,416
0.88%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
07/21/50
USD
192
58,325
—
58,325
3
month
LIBOR
Quarterly
1.08%
Semi-Annual
N/A
09/28/50
USD
416
(108,368)
—
(108,368)
3
month
LIBOR
Quarterly
1.08%
Semi-Annual
N/A
09/28/50
USD
98
(25,387)
—
(25,387)
3
month
LIBOR
Quarterly
1.07%
Semi-Annual
N/A
10/21/50
USD
288
(74,272)
—
(74,272)
1.27%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/23/50
USD
615
129,712
—
129,712
3
month
LIBOR
Quarterly
0.97%
Semi-Annual
N/A
10/28/50
USD
234
(65,771)
—
(65,771)
1.17%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/28/50
USD
243
56,958
—
56,958
0.98%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/29/50
USD
709
197,467
—
197,467
1.30%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
11/19/50
USD
538
110,270
—
110,270
1.22%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
11/27/50
USD
243
54,425
—
54,425
1.45%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
12/11/50
USD
179
30,557
—
30,557
3
month
LIBOR
Quarterly
1.20%
Semi-Annual
N/A
12/22/50
USD
943
(216,624)
—
(216,624)
1.27%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
12/30/50
USD
243
51,923
—
51,923
1.45%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
01/07/51
USD
583
101,471
—
101,471
1.52%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
01/08/51
USD
199
31,241
—
31,241
1.63%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
01/25/51
USD
424
56,480
—
56,480
1.48%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
01/28/51
USD
754
125,809
—
125,809
1.58%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/01/51
USD
435
63,009
—
63,009
1.66%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/04/51
USD
243
30,408
—
30,408
1.68%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/05/51
USD
251
30,340
—
30,340
3
month
LIBOR
Quarterly
1.24%
Semi-Annual
N/A
02/10/51
USD
683
(152,840)
—
(152,840)
0.89%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/10/51
USD
456
138,868
—
138,868
1.91%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/22/51
USD
98
6,676
—
6,676
$
368,123
$
(679)
$
368,802
(a)
Forward
swap.
OTC
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Bombardier,
Inc.
..........
5.00
%
Quarterly
Barclays
Bank
plc
06/20/23
USD
69
$
(1,866)
$
8,614
$
(10,480)
$
–
$
–
$
–
BlackRock
Global
Allocation
Portfolio
28
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying
the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
(c)
Amount
includes
$(252)
of
net
dividends
and
financing
fees.
(e)
Amount
includes
$(594)
of
net
dividends
and
financing
fees.
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Bombardier,
Inc.
......
5.00
%
Quarterly
Barclays
Bank
plc
12/20/21
CCC
USD
100
$
2,079
$
(3,330)
$
5,409
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Total
Return
Swap
s
Reference
Entity
Fixed
Amount
Paid
/
(Received)
by
the
Fund
(a)
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
..
USD
126,220
Goldman
Sachs
International
06/20/21
USD
126
$
(152)
$
(1)
$
(151)
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
..
USD
116,416
Goldman
Sachs
International
06/20/21
USD
116
(396)
(55)
(341)
S&P
500
Annual
Dividend
Index
Futures
December
2021
...
USD
48,550
BNP
Paribas
SA
12/17/21
USD
49
10,200
—
10,200
GSCBBL8X
Index
.........
USD
46,003
Goldman
Sachs
International
02/22/22
USD
46
(8,291)
—
(8,291)
$
1,361
$
(56)
$
1,417
(a)
At
termination,
the
fixed
amount
paid
(received)
will
be
exchanged
for
the
total
return
of
the
reference
entity.
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long/Short
...
Monthly
Citibank
NA
(b)
01/25/21-05/31/23
$
230,801
$
(40,439)
(c)
$
190,614
0.4
%
Monthly
JPMorgan
Chase
Bank
NA
(d)
02/08/23
(225,980)
(139)
(e)
(225,525)
0.1
$
(40,578)
$
(34,911)
(b)
(d)
Range:
18-175
basis
points
18-150
basis
points
Benchmarks:
Intercontinental
Exchange
LIBOR:
Intercontinental
Exchange
LIBOR:
USD
1
Week
USD
1
Month
USD
1
Month
USD
Overnight
Bank
Funding
Rate
BlackRock
Global
Allocation
Portfolio
29
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Citibank
NA,
as
of
March
31,
2021,
expiration
dates
01/25/21-05/31/23:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Italy
Leonardo
SpA
...........
54,099
$
437,643
229.6
%
Total
Reference
Entity
—
Long
............
437,643
Reference
Entity
—
Short
China
BeiGene
Ltd.,
ADR
........
(9)
(3,133)
(1.6)
China
Conch
Venture
Holdings
Ltd.
................
(3,500)
(16,490)
(8.7)
China
Evergrande
Group
....
(1,000)
(1,909)
(1.0)
China
Literature
Ltd.
.......
(400)
(3,980)
(2.1)
China
Longyuan
Power
Group
Corp.
Ltd.,
Class
H
......
(3,000)
(4,097)
(2.1)
China
Molybdenum
Co.
Ltd.,
Class
H
..............
(6,000)
(3,663)
(1.9)
China
Vanke
Co.
Ltd.,
Class
H
(1,800)
(7,073)
(3.7)
Cosco
Shipping
Holdings
Co.
Ltd.,
Class
H
..........
(2,000)
(2,589)
(1.4)
GSX
Techedu,
Inc.,
ADR
....
(63)
(2,134)
(1.1)
Longfor
Group
Holdings
Ltd.
..
(2,000)
(13,265)
(7.0)
Microport
Scientific
Corp.
....
(1,000)
(5,677)
(3.0)
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
H
...
(1,500)
(6,421)
(3.4)
Sunny
Optical
Technology
Group
Co.
Ltd.
..............
(200)
(4,595)
(2.4)
TravelSky
Technology
Ltd.,
Class
H
..................
(1,000)
(2,346)
(1.2)
Zai
Lab
Ltd.,
ADR
.........
(6)
(801)
(0.4)
Zijin
Mining
Group
Co.
Ltd.,
Class
H
..............
(4,000)
(4,947)
(2.6)
(83,120)
Denmark
Vestas
Wind
Systems
A/S
...
(27)
(5,570)
(2.9)
Finland
Sampo
OYJ,
Class
A
.......
(123)
(5,546)
(2.9)
France
Air
Liquide
SA
...........
(61)
(9,960)
(5.2)
Airbus
SE
..............
(79)
(8,960)
(4.7)
Bouygues
SA
............
(122)
(4,886)
(2.6)
Engie
SA
...............
(238)
(3,381)
(1.8)
Vinci
SA
...............
(50)
(5,121)
(2.7)
(32,308)
Germany
Porsche
Automobil
Holding
SE
(Preference)
..........
(90)
(9,549)
(5.0)
Hong
Kong
Sino
Biopharmaceutical
Ltd.
..
(5,000)
(5,019)
(2.6)
Italy
Atlantia
SpA
.............
(322)
(6,026)
(3.2)
Poland
Polskie
Gornictwo
Naftowe
i
Gazownictwo
SA
.......
(1,259)
(1,915)
(1.0)
Shares
Value
%
of
Basket
Value
South
Korea
Celltrion
Healthcare
Co.
Ltd.
..
(60)
$
(7,242)
(3.8)
%
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
.....
(47)
(5,575)
(2.9)
(12,817)
Spain
Grifols
SA
..............
(99)
(2,591)
(1.4)
Sweden
Telia
Co.
AB
.............
(1,704)
(7,388)
(3.9)
Taiwan
E.Sun
Financial
Holding
Co.
Ltd.
(2,000)
(1,831)
(1.0)
United
Kingdom
HSBC
Holdings
plc
........
(673)
(3,923)
(2.0)
Prudential
plc
............
(543)
(11,567)
(6.1)
SSE
plc
................
(153)
(3,068)
(1.6)
(18,558)
United
States
AmerisourceBergen
Corp.
...
(35)
(4,132)
(2.2)
Archer-Daniels-Midland
Co.
..
(51)
(2,907)
(1.5)
Boeing
Co.
(The)
.........
(49)
(12,481)
(6.5)
Booking
Holdings,
Inc.
......
(2)
(4,660)
(2.4)
Honeywell
International,
Inc.
..
(18)
(3,907)
(2.1)
Keurig
Dr
Pepper,
Inc.
......
(264)
(9,074)
(4.8)
Moderna,
Inc.
............
(27)
(3,536)
(1.9)
Paychex,
Inc.
............
(102)
(9,998)
(5.2)
Simon
Property
Group,
Inc.
..
(36)
(4,096)
(2.1)
(54,791)
Total
Reference
Entity
—
Short
............
(247,029)
Net
Value
of
Reference
Entity
—
Citibank
NA
..
$
190,614
The
following
table
represents
the
individual
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
JPMorgan
Chase
Bank
NA,
as
of
March
31,
2021,
expiration
date
02/08/23:
Reference
Entity
—
Short
Australia
Afterpay
Ltd.
............
(69)
(5,389)
2.4
National
Australia
Bank
Ltd.
..
(199)
(3,942)
1.7
Scentre
Group
...........
(1,050)
(2,261)
1.0
Westpac
Banking
Corp.
.....
(240)
(4,452)
2.0
(16,044)
Belgium
UCB
SA
...............
(36)
(3,422)
1.5
Brazil
Hapvida
Participacoes
e
Investimentos
SA
.......
(3,929)
(10,366)
4.6
Raia
Drogasil
SA
.........
(1,163)
(5,199)
2.3
(15,565)
Canada
Pembina
Pipeline
Corp.
.....
(149)
(4,304)
1.9
Shaw
Communications,
Inc.,
Class
B
..............
(427)
(11,104)
4.9
(15,408)
China
Bilibili,
Inc.,
ADR
..........
(54)
(5,781)
2.6
BYD
Electronic
International
Co.
Ltd.
................
(500)
(2,947)
1.3
China
Gas
Holdings
Ltd.
....
(400)
(1,642)
0.7
BlackRock
Global
Allocation
Portfolio
30
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Shares
Value
%
of
Basket
Value
China
(continued)
China
Southern
Airlines
Co.
Ltd.,
Class
H
..............
(10,000)
$
(7,424)
3.3
%
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
..........
(400)
(2,386)
1.1
GDS
Holdings
Ltd.,
ADR
....
(22)
(1,784)
0.8
Geely
Automobile
Holdings
Ltd.
(2,000)
(5,144)
2.3
Great
Wall
Motor
Co.
Ltd.,
Class
H
..................
(2,500)
(6,990)
3.1
iQIYI,
Inc.,
ADR
..........
(328)
(5,451)
2.4
Kunlun
Energy
Co.
Ltd.
.....
(2,000)
(2,110)
0.9
Shandong
Gold
Mining
Co.
Ltd.,
Class
H
..............
(2,500)
(4,716)
2.1
Shenzhou
International
Group
Holdings
Ltd.
..........
(200)
(4,183)
1.8
Tencent
Music
Entertainment
Group,
ADR
...........
(175)
(3,586)
1.6
Weibo
Corp.,
ADR
.........
(41)
(2,069)
0.9
(56,213)
Hong
Kong
Jardine
Strategic
Holdings
Ltd.
(100)
(3,304)
1.5
Link
REIT
..............
(510)
(4,653)
2.0
(7,957)
Japan
Chugai
Pharmaceutical
Co.
Ltd.
(100)
(4,063)
1.8
ORIX
Corp.
.............
(300)
(5,074)
2.3
Secom
Co.
Ltd.
...........
(100)
(8,430)
3.7
SoftBank
Group
Corp.
......
(100)
(8,514)
3.8
(26,081)
Mexico
Wal-Mart
de
Mexico
SAB
de
CV
(1,324)
(4,181)
1.9
Peru
Credicorp
Ltd.
...........
(17)
(2,322)
1.0
Shares
Value
%
of
Basket
Value
South
Africa
Capitec
Bank
Holdings
Ltd.
...
(89)
$
(8,556)
3.8
%
Shoprite
Holdings
Ltd.
......
(194)
(2,064)
0.9
Vodacom
Group
Ltd.
.......
(237)
(2,026)
0.9
(12,646)
South
Korea
AMOREPACIFIC
Group
(Preference)
..........
(7)
(251)
0.1
Samsung
C&T
Corp.
.......
(19)
(2,102)
1.0
(2,353)
Spain
Aena
SME
SA
...........
(21)
(3,407)
1.5
Amadeus
IT
Group
SA
......
(27)
(1,923)
0.9
(5,330)
Switzerland
Chocoladefabriken
Lindt
&
Spruengli
AG
..........
(2)
(17,423)
7.7
Schindler
Holding
AG
......
(19)
(5,582)
2.5
(23,005)
United
Kingdom
Compass
Group
plc
........
(211)
(4,263)
1.9
United
States
AvalonBay
Communities,
Inc.
.
(29)
(5,351)
2.4
Centene
Corp.
...........
(56)
(3,579)
1.6
General
Dynamics
Corp.
....
(41)
(7,444)
3.3
Liberty
Broadband
Corp.,
Class
C
..................
(16)
(2,402)
1.1
Norfolk
Southern
Corp.
.....
(19)
(5,102)
2.2
Roper
Technologies,
Inc.
....
(17)
(6,857)
3.0
(30,735)
Total
Reference
Entity
—
Short
............
(225,525)
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
(225,525)
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
28
day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
4.29
%
3
month
BA
..........................................
Canadian
Bankers
Acceptances
0.44
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.19
6
month
EURIBOR
.....................................
Euro
Interbank
Offered
Rate
(0.51)
BlackRock
Global
Allocation
Portfolio
31
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviations
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNY
Chinese
Yuan
DKK
Danish
Krone
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
HUF
Hungarian
Forint
INR
Indian
Rupee
JPY
Japanese
Yen
MXN
Mexican
Peso
NOK
Norwegian
Krone
SEK
Swedish
Krona
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviations
ADR
American
Depositary
Receipts
BA
Canadian
Bankers
Acceptances
CLO
Collateralized
Loan
Obligation
DAC
Designated
Activity
Company
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
LIBOR
London
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
NASDAQ
National
Association
of
Securities
Dealers
Automated
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
RB
Revenue
Bonds
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
S&P
Standard
&
Poor's
SOFR
Secured
Overnight
Financing
Rate
SPDR
Standard
&
Poor’s
Depositary
Receipts
BlackRock
Global
Allocation
Portfolio
32
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
•
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
•
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
•
Level
3
—
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
BlackRock
Global
Valuation
Methodologies
Committee's
(the
"Global
Valuation
Committee's")
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Global
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds.
There
may
not
be
a
secondary
market,
and/or
there
are
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
Certain
investments
of
the
Fund
were
fair
valued
using
net
asset
value
("NAV")
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
The
following
table
summarizes
the
Fund’s
investments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
investments
into
major
categories
is
disclosed
in
the
Consolidated
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Long-Term
Investments:
Asset-Backed
Securities:
Cayman
Islands
........................................
$
—
$
250,000
$
150,000
$
400,000
Ireland
..............................................
—
116,863
—
116,863
United
States
..........................................
—
1,551,599
—
1,551,599
Common
Stocks:
Argentina
............................................
38,974
—
—
38,974
Australia
.............................................
—
276,505
172,991
449,496
Belgium
.............................................
—
4,293
—
4,293
Brazil
...............................................
172,556
—
—
172,556
Canada
.............................................
1,634,222
—
—
1,634,222
Chile
...............................................
18,893
—
—
18,893
China
...............................................
1,007,937
3,852,124
1,892
4,861,953
Denmark
.............................................
—
415,788
—
415,788
Finland
..............................................
—
420,820
—
420,820
France
..............................................
—
5,860,230
—
5,860,230
Germany
............................................
964,701
5,537,292
—
6,501,993
Hong
Kong
...........................................
—
1,267,427
—
1,267,427
India
...............................................
—
448,355
146,075
594,430
Indonesia
............................................
—
54,825
—
54,825
Ireland
..............................................
—
202,541
—
202,541
Israel
...............................................
31,171
—
—
31,171
Italy
................................................
—
3,305,524
—
3,305,524
Japan
...............................................
—
3,610,084
—
3,610,084
Luxembourg
..........................................
—
114,982
—
114,982
Macau
..............................................
—
18,372
—
18,372
Mexico
..............................................
6,059
—
—
6,059
Netherlands
...........................................
983,948
4,425,383
—
5,409,331
BlackRock
Global
Allocation
Portfolio
33
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Level
1
Level
2
Level
3
Total
Norway
..............................................
$
28,656
$
—
$
—
$
28,656
Poland
..............................................
81,120
11,496
—
92,616
Portugal
.............................................
35,205
—
—
35,205
Saudi
Arabia
..........................................
—
1,853
—
1,853
Singapore
............................................
—
129,883
—
129,883
South
Africa
...........................................
—
138,311
—
138,311
South
Korea
..........................................
—
1,027,441
—
1,027,441
Spain
...............................................
—
566,221
—
566,221
Sweden
.............................................
—
2,054,654
—
2,054,654
Switzerland
...........................................
85,760
586,772
—
672,532
Taiwan
..............................................
134,608
2,267,473
—
2,402,081
Thailand
.............................................
—
53,830
—
53,830
Turkey
..............................................
5,929
—
—
5,929
United
Kingdom
........................................
1,450,409
2,526,918
—
3,977,327
United
States
..........................................
89,803,910
1,266,853
301,396
91,372,159
Corporate
Bonds
Australia
.............................................
—
13,024
808,887
821,911
Belgium
.............................................
—
21,558
—
21,558
Brazil
...............................................
—
46,376
—
46,376
Canada
.............................................
—
67,375
—
67,375
China
...............................................
—
300
—
300
Germany
............................................
—
257,210
—
257,210
Greece
..............................................
—
146,441
—
146,441
India
...............................................
—
2,115
—
2,115
Italy
................................................
—
294,289
—
294,289
Luxembourg
..........................................
—
327,711
—
327,711
Peru
................................................
—
3,202
—
3,202
South
Korea
..........................................
—
6,349
—
6,349
Turkey
..............................................
—
—
75,040
75,040
United
Arab
Emirates
....................................
—
4,082
—
4,082
United
Kingdom
........................................
—
718,428
—
718,428
United
States
..........................................
—
6,358,494
—
6,358,494
Floating
Rate
Loan
Interests:
Canada
.............................................
—
222,257
—
222,257
France
..............................................
—
251,063
—
251,063
Germany
............................................
—
—
254,052
254,052
Netherlands
...........................................
—
820,196
—
820,196
United
States
..........................................
—
1,819,187
840,228
2,659,415
Foreign
Government
Obligations
..............................
—
11,912,235
—
11,912,235
Investment
Companies
....................................
17,459,329
—
—
17,459,329
Municipal
Bonds
.........................................
—
317,993
—
317,993
Non-Agency
Mortgage-Backed
Securities
........................
—
1,113,338
—
1,113,338
Other
Interests
..........................................
—
—
198,529
198,529
Preferred
Securities:
Brazil
...............................................
39,172
—
—
39,172
China
...............................................
—
—
326,984
326,984
Germany
............................................
—
—
154,999
154,999
India
...............................................
—
—
103,876
103,876
Jersey
..............................................
—
—
102,783
102,783
United
Kingdom
........................................
—
537,576
80,655
618,231
United
States
..........................................
1,123,849
836,944
1,972,760
3,933,553
Rights
................................................
205
—
—
205
U.S.
Government
Sponsored
Agency
Securities
....................
—
144,608
—
144,608
U.S.
Treasury
Obligations
...................................
—
5,043,710
—
5,043,710
Warrants
..............................................
14,322
—
10,345
24,667
Short-Term
Securities:
Money
Market
Funds
......................................
2,441,011
—
—
2,441,011
Time
Deposits
..........................................
—
61,777
—
61,777
U.S.
Treasury
Obligations
...................................
—
7,749,911
—
7,749,911
Options
Purchased:
Equity
contracts
..........................................
589,179
243,165
—
832,344
Foreign
currency
exchange
contracts
...........................
—
53,581
—
53,581
Interest
rate
contracts
......................................
17,203
723,018
—
740,221
BlackRock
Global
Allocation
Portfolio
34
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Level
1
Level
2
Level
3
Total
Liabilities:
Investments
Sold
Short
....................................
$
(1,738,181)
$
—
$
—
$
(1,738,181)
Subtotal
....................................................
$
116,430,147
$
82,482,225
$
5,701,492
$
204,613,864
Investments
Valued
at
NAV
(a)
......................................
6,274,130
$
—
Total
Investments
..............................................
$
210,887,994
$
—
Derivative
Financial
Instruments
(b)
Assets:
Credit
contracts
...........................................
$
—
$
39,152
$
—
$
39,152
Equity
contracts
...........................................
45,075
10,200
—
55,275
Foreign
currency
exchange
contracts
............................
—
232,136
—
232,136
Interest
rate
contracts
.......................................
162,141
1,638,343
—
1,800,484
Liabilities:
Credit
contracts
...........................................
—
(63,737)
—
(63,737)
Equity
contracts
...........................................
(454,625)
(114,366)
—
(568,991)
Foreign
currency
exchange
contracts
............................
—
(819,435)
—
(819,435)
Interest
rate
contracts
.......................................
(33,349)
(1,769,854)
—
(1,803,203)
$
(280,758)
$
(847,561)
$
—
$
(1,128,319)
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Asset-
Backed
Securities
Common
Stocks
Corporate
Bonds
Floating
Rate
Loan
Interests
Options
Purchased
Other
Interests
Preferred
Securities
Warrants
Total
Investments:
Assets:
Opening
balance,
as
of
December
31,
2020
.........
$
—
$
371,145
$
899,115
$
982,823
$
1,862
$
—
$
2,517,063
$
8,398
$
4,780,406
Transfers
into
level
3
.......................
—
5,477
—
91,226
—
—
—
—
96,703
Transfers
out
of
level
3
......................
—
—
—
(208,991)
—
—
—
—
(208,991)
Accrued
discounts/premiums
...................
—
—
(251)
573
—
—
—
—
322
Net
realized
gain
(loss)
......................
—
74
—
730
(1,862)
—
5
—
(1,053)
Net
change
in
unrealized
appreciation
(depreciation)
(a)
..
—
181,146
(14,937)
(1,180)
—
31,375
(79,504)
(2,013)
114,887
Purchases
...............................
150,000
69,991
—
255,700
—
167,154
809,620
3,960
1,456,425
Sales
..................................
—
(5,479)
—
(26,601)
—
—
(505,127)
—
(537,207)
Closing
balance,
as
of
March
31,
2021
............
$
150,000
$
622,354
$
883,927
$
1,094,280
$
—
$
198,529
$
2,742,057
$
10,345
$
5,701,492
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
March
31,
2021
(a)
........
$
—
$
181,147
$
(14,937)
$
(1,180)
$
—
$
31,375
$
523,925
$
(2,013)
$
718,317
(a)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
March
31,
2021
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
BlackRock
Global
Allocation
Portfolio
35
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
The
following
table
summarizes
the
valuation
approaches
used
and
unobservable
inputs
utilized
by
the
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
to
determine
the
value
of
certain
of
the
Fund’s
Level
3
investments
as
of
period
end.
The
table
does
not
include
Level
3
investments
with
values
based
upon
unadjusted
third
party
pricing
information
in
the
amount
of
$575,452.
A
significant
change
in
the
third
party
information
could
result
in
a
significantly
lower
or
higher
value
of
such
Level
3
investments.
Value
Valuation
Approach
Unobservable
Inputs
Range
of
Unobservable
Inputs
Utilized
(a)
Weighted
Average
of
Unobservable
Inputs
Based
on
Fair
Value
Common
Stocks
(b)
..........................
$
620,462
Income
Discount
Rate
16%
—
Market
Revenue
Multiple
15.50x
—
Volatility
66%
—
Time
to
Exit
1.2
—
Recent
Transactions
—
—
Corporate
Bonds
...........................
883,927
Income
Discount
Rate
16%
–
29%
17%
Floating
Rate
Loan
Interests
(c)
670,720
Income
Discount
Rate
4%
-
11%
6%
Market
Recent
Transactions
—
—
Other
Interests
............................
198,529
Market
Recent
Transactions
—
—
Preferred
Stocks
(d)
..........................
2,742,057
Income
Discount
Rate
27%
—
Market
Revenue
Multiple
2.70x
–
42.00x
16.85x
Time
to
Exit
0.5
–
2.8
1.7
Volatility
42%
–
66%
58%
Recent
Transactions
—
—
Warrants
................................
10,345
Market
Revenue
Multiple
7.25x
-
9.50x
7.91x
Time
to
Exit
0.5
–
2.1
2.0
Volatility
42%
-
46%
46%
Recent
Transactions
—
—
$
5,126,040
(a)
A
significant
change
in
unobservable
input
would
have
resulted
in
a
correlated
(inverse)
significant
change
to
value.
(b)
For
the
period
end
March
31,
2021,
the
valuation
technique
for
investments
classified
as
Common
Stocks
amounting
to
$292,050
changed
to
Current
Value
approach.
The
investments
were
previously
valued
utilizing
Transaction
Price
approach.
The
change
was
due
to
consideration
of
the
information
that
was
available
at
the
time
the
investments
were
valued.
(c)
For
the
period
end
March
31,
2021,
the
valuation
technique
for
investments
classified
as
Floating
Rate
Loan
Interests
amounting
to
$95,888
changed
to
Transaction
Price
approach.
The
investments
were
previously
valued
utilizing
Discounted
Cash
Flow.
The
change
was
due
to
consideration
of
the
information
that
was
available
at
the
time
the
investments
were
valued.
(d)
For
the
period
end
March
31,
2021,
the
valuation
technique
for
investments
classified
as
Preferred
Stocks
amounting
to
$502,735
changed
to
Current
Value
approach.
The
investments
were
previously
valued
utilizing
Transaction
Price
approach.
The
change
was
due
to
consideration
of
the
information
that
was
available
at
the
time
the
investments
were
valued.