Schedule of Investments (unaudited) 
February 28, 2026
BlackRock Balanced Fund, Inc.
(Percentages shown are based on Net Assets)
Security
 

Shares
Value
Common Stocks
Aerospace & Defense — 1.6%
BAE Systems PLC
223,173
$  6,372,828
Curtiss-Wright Corp.
3,895
2,727,786
General Electric Co.
3,747
1,282,448
Lockheed Martin Corp.
5,336
3,511,515
Northrop Grumman Corp.
2,147
1,555,244
Rolls-Royce Holdings PLC
158,196
2,844,693
RTX Corp.
14,144
2,865,857
Safran SA
16,153
6,505,439
Thales SA
3,349
1,016,479
 
28,682,289
Air Freight & Logistics — 0.0%
Hyundai Glovis Co. Ltd.
946
190,477
Automobile Components — 0.2%
Aptiv PLC(a)
691
50,816
BorgWarner, Inc.
45,036
2,592,723
 
2,643,539
Automobiles — 0.7%
Geely Automobile Holdings Ltd.
317,000
654,389
General Motors Co.
4,979
391,897
Mercedes-Benz Group AG, Class N
5,921
409,666
Tesla, Inc.(a)
28,710
11,556,062
 
13,012,014
Banks — 3.5%
Banco Bilbao Vizcaya Argentaria SA
21,770
504,228
Banco Santander SA
94,040
1,186,038
Bank Central Asia Tbk PT
3,000,600
1,281,225
Bank Hapoalim BM
8,026
202,561
Bank Mandiri Persero Tbk PT
423,300
132,862
Bank Negara Indonesia Persero Tbk PT
144,900
37,979
Bank of America Corp.
171,814
8,561,492
Bank of Hangzhou Co. Ltd., Class A
13,700
32,449
Bank of Montreal
11,274
1,622,520
Bank Polska Kasa Opieki SA
5,295
335,496
Bank Rakyat Indonesia Persero Tbk PT
2,372,400
552,104
Barclays PLC
39,452
239,462
BAWAG Group AG(b)
2,699
418,029
BNP Paribas SA
25,545
2,868,236
Canadian Imperial Bank of Commerce
5,327
538,109
China Merchants Bank Co. Ltd., Class A
65,800
371,346
Citigroup, Inc.
30,142
3,321,347
Commonwealth Bank of Australia
3,618
448,891
Credit Agricole SA
89,157
1,969,743
DBS Group Holdings Ltd.
97,000
4,369,385
Grupo Cibest SA
6,422
144,392
Grupo Financiero Banorte SAB de CV, Class O
13,006
147,890
Intesa Sanpaolo SpA
544,493
3,736,065
Israel Discount Bank Ltd., Class A
10,101
122,252
JPMorgan Chase & Co.
23,957
7,194,287
KB Financial Group, Inc.
3,874
427,566
Mitsubishi UFJ Financial Group, Inc.
222,000
4,121,209
NatWest Group PLC
63,426
526,589
Popular, Inc.
746
100,979
Powszechna Kasa Oszczednosci Bank Polski SA
1,852
47,983
Shanghai Commercial & Savings Bank Ltd. (The)
99
127
Societe Generale SA
7,932
687,392
Standard Chartered PLC
19,670
485,208
Sumitomo Mitsui Financial Group, Inc.
116,200
4,384,875
Sumitomo Mitsui Trust Group, Inc.
112,900
3,936,699
U.S. Bancorp
71,477
3,906,933
Security
 
Shares
Value
Banks (continued)
UniCredit SpA
37,140
$  3,162,373
Wells Fargo & Co.
607
49,440
 
62,175,761
Beverages — 0.2%
Ambev SA
317,966
1,009,131
Coca-Cola Femsa SAB de CV
6,013
66,865
PepsiCo, Inc.
16,265
2,760,821
 
3,836,817
Biotechnology — 0.9%
AbbVie, Inc.
17,993
4,175,815
Alkermes PLC(a)
7,473
224,937
Alnylam Pharmaceuticals, Inc.(a)
294
97,878
Amgen, Inc.
6,032
2,341,381
Ascendis Pharma A/S, ADR(a)
369
86,162
BeOne Medicines Ltd., Class H(a)
5,400
133,307
Biogen, Inc.(a)
2,546
488,374
BioMarin Pharmaceutical, Inc.(a)
7,033
434,147
BioNTech SE, ADR(a)
4,028
444,006
CSL Ltd.
945
98,929
Exelixis, Inc.(a)
10,082
444,213
Genmab A/S(a)
1,908
561,766
Gilead Sciences, Inc.
14,138
2,105,855
Hugel, Inc.(a)
1,468
275,583
Incyte Corp.(a)
660
66,838
Innovent Biologics, Inc.(a)(b)
51,000
554,874
Insmed, Inc.(a)
132
19,712
Moderna, Inc.(a)
8,510
455,881
Natera, Inc.(a)
2,979
619,751
Neurocrine Biosciences, Inc.(a)
4,181
552,937
PharmaResearch Co. Ltd.
409
99,334
Regeneron Pharmaceuticals, Inc.
1,514
1,183,448
Seegene, Inc.
2,268
41,376
United Therapeutics Corp.(a)
453
228,267
Vertex Pharmaceuticals, Inc.(a)
1,337
664,262
Zai Lab Ltd.(a)
34,100
64,729
 
16,463,762
Broadline Retail — 1.8%
Alibaba Group Holding Ltd.
122,900
2,224,090
Amazon.com, Inc.(a)
112,935
23,716,350
Dollarama, Inc.
2,110
310,641
eBay, Inc.
26,780
2,433,231
Etsy, Inc.(a)
8,105
444,802
JD.com, Inc., Class A
22,650
300,694
MercadoLibre, Inc.(a)
807
1,418,367
Wesfarmers Ltd.
12,738
721,648
 
31,569,823
Building Products — 0.0%
Johnson Controls International PLC
2,344
338,239
Capital Markets — 1.6%
Ameriprise Financial, Inc.
2,802
1,317,276
B3 SA - Brasil Bolsa Balcao
434,202
1,517,780
Charles Schwab Corp. (The)
69,196
6,587,459
China International Capital Corp. Ltd., Class A
219,200
1,105,463
Coinbase Global, Inc., Class A(a)
1,890
332,357
Deutsche Bank AG, Registered Shares
19,002
673,681
Goldman Sachs Group, Inc. (The)
865
743,528
IG Group Holdings PLC
2,965
52,007
Intercontinental Exchange, Inc.
7,805
1,281,035
Jefferies Financial Group, Inc.
1,722
76,457
London Stock Exchange Group PLC
1,773
211,241
1

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
(Percentages shown are based on Net Assets)
Security
 
Shares
Value
Capital Markets (continued)
Macquarie Group Ltd.
34,399
$  5,220,406
Morgan Stanley
48,562
8,086,059
SEI Investments Co.
871
70,830
TMX Group Ltd.
611
20,609
UBS Group AG, Registered Shares
3,883
161,338
 
27,457,526
Chemicals — 0.5%
Albemarle Corp.
4,940
882,630
Corteva, Inc.
37,122
2,974,215
DSM-Firmenich AG
20,717
1,479,603
KCC Corp.
855
387,058
LG Chem Ltd.
3,615
1,051,163
Nitto Denko Corp.
2,500
57,976
Orica Ltd.
23,740
412,141
Sumitomo Chemical Co. Ltd.
234,500
856,630
 
8,101,416
Commercial Services & Supplies — 0.1%
Republic Services, Inc.
130
29,770
Tetra Tech, Inc.
2,718
97,413
Waste Management, Inc.
4,668
1,124,241
 
1,251,424
Communications Equipment — 0.4%
Accton Technology Corp.
7,000
308,037
Arcadyan Technology Corp.
43,000
269,193
Arista Networks, Inc.(a)
2,893
386,215
Lumentum Holdings, Inc.(a)(c)
407
285,270
Motorola Solutions, Inc.
6,964
3,358,459
Nokia Oyj
289,034
2,218,342
Telefonaktiebolaget LM Ericsson, B Shares
9,607
111,057
Zhongji Innolight Co. Ltd., Class A
4,000
309,617
 
7,246,190
Construction & Engineering — 1.0%
ACS Actividades de Construccion y Servicios SA
3,231
416,912
AECOM
47,913
4,694,516
HDC Hyundai Development Co-Engineering &
Construction, Class E
3,726
59,947
Hyundai Engineering & Construction Co. Ltd.
635
72,726
MasTec, Inc.(a)
13,343
3,976,481
Obayashi Corp.
56,100
1,583,756
Quanta Services, Inc.
91
51,240
Samsung E & A Co. Ltd.
18,588
469,963
Skanska AB, B Shares
15,343
470,368
Stantec, Inc.
30,634
2,836,461
Sunway Construction Group Bhd
128,600
232,925
United Integrated Services Co. Ltd.
19,000
675,333
Worley Ltd.
164,155
1,321,927
WSP Global, Inc.
722
122,307
 
16,984,862
Construction Materials — 0.0%
Holcim AG
8,561
787,024
Consumer Finance — 0.4%
Ally Financial, Inc.
2,883
113,706
American Express Co.
19,418
5,998,220
Gentera SAB de CV
9,291
26,969
 
6,138,895
Consumer Staples Distribution & Retail — 0.8%
Costco Wholesale Corp.
5,211
5,267,227
Dino Polska SA(a)(b)
5,013
56,367
E-MART, Inc.
817
59,609
Security
 
Shares
Value
Consumer Staples Distribution & Retail (continued)
J Sainsbury PLC
14,559
$  68,475
Koninklijke Ahold Delhaize NV
17,078
842,892
Tesco PLC
219,788
1,422,805
Walmart, Inc.
43,229
5,531,151
 
13,248,526
Containers & Packaging — 0.1%
Ball Corp.
7,951
533,751
Crown Holdings, Inc.
12,777
1,464,244
 
1,997,995
Diversified REITs — 0.0%
British Land Co. PLC (The)
11,827
65,021
Mirvac Group
90,044
131,337
 
196,358
Diversified Telecommunication Services — 1.0%
AT&T Inc.
83,603
2,341,720
Comcast Corp., Class A
104,867
3,246,683
Deutsche Telekom AG, Registered Shares
156,829
6,298,277
Telefonica Brasil SA
74,923
632,238
Verizon Communications, Inc.
108,309
5,430,613
 
17,949,531
Electric Utilities — 0.4%
Cia Paranaense de Energia - Copel
88,588
254,368
Duke Energy Corp.
2,284
298,861
Edison International
12,871
961,979
EDP SA
445,753
2,371,651
Eversource Energy
269
20,500
Exelon Corp.
362
17,908
Iberdrola SA
27,197
641,938
Korea Electric Power Corp.
1,003
40,315
NextEra Energy, Inc.
2,070
194,104
NRG Energy, Inc.
12,149
2,174,185
 
6,975,809
Electrical Equipment — 1.4%
ABB Ltd., Registered Shares
88,873
8,277,299
AMETEK, Inc.
28,407
6,795,523
Bizlink Holding, Inc.
28,504
1,259,566
Contemporary Amperex Technology Co. Ltd.,
Class A
52,700
2,620,027
GE Vernova, Inc.
502
438,547
LS Corp.
612
121,249
Siemens Energy AG
25,778
4,992,626
Sungrow Power Supply Co. Ltd., Class A
17,600
369,517
Vestas Wind Systems A/S
14,552
372,012
 
25,246,366
Electronic Equipment, Instruments & Components — 0.8%
Chroma ATE, Inc.
89,000
3,867,403
Delta Electronics, Inc.
23,000
1,037,158
Flex Ltd.(a)
1,374
86,589
Jabil, Inc.
227
60,153
Keysight Technologies, Inc.(a)
4,588
1,410,030
LG Innotek Co. Ltd.
597
132,269
Murata Manufacturing Co. Ltd.
152,800
3,995,710
Primax Electronics Ltd.
147,000
382,247
TDK Corp.
1,800
27,807
TE Connectivity PLC
9,467
2,178,830
Tripod Technology Corp.
6,000
74,114
 
13,252,310
Energy Equipment & Services — 0.0%
Halliburton Co.
3,577
128,772
2

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
(Percentages shown are based on Net Assets)
Security
 
Shares
Value
Entertainment — 0.5%
NCSoft Corp.
327
$  52,447
NetEase, Inc.
12,600
283,818
Netflix, Inc.(a)
50,286
4,839,525
ROBLOX Corp., Class A(a)
13,914
955,335
Roku, Inc., Class A(a)
12,603
1,240,261
Spotify Technology SA(a)
3,589
1,848,120
 
9,219,506
Financial Services — 0.7%
Berkshire Hathaway, Inc., Class B(a)
2,310
1,166,434
Block, Inc., Class A(a)
25,795
1,643,141
Essent Group Ltd.
1,409
85,724
Fidelity National Information Services, Inc.
25,465
1,297,696
FirstRand Ltd.
18,756
116,880
Mastercard, Inc., Class A
8,838
4,571,102
ORIX Corp.
32,600
1,144,231
Visa, Inc., Class A
5,255
1,682,336
 
11,707,544
Food Products — 0.1%
AVI Ltd.
27,839
196,208
China Mengniu Dairy Co. Ltd.
217,000
447,159
Chocoladefabriken Lindt & Spruengli AG, NVS
1
16,510
Conagra Brands, Inc.
44,895
864,229
General Mills, Inc.
1,716
77,615
MBRF Global Foods Co. SA
67,639
273,115
Minerva SA
62,990
64,139
Tingyi Cayman Islands Holding Corp.
66,000
110,217
Tyson Foods, Inc., Class A
302
19,627
Uni-President China Holdings Ltd.
113,000
111,506
WH Group Ltd.(b)
109,500
137,725
 
2,318,050
Gas Utilities — 0.0%
ENN Energy Holdings Ltd.
38,900
341,288
Ground Transportation — 0.2%
Canadian National Railway Co.
5,464
613,155
Canadian Pacific Kansas City Ltd.
2,944
257,785
Uber Technologies, Inc.(a)
33,895
2,556,361
 
3,427,301
Health Care Equipment & Supplies — 0.6%
Abbott Laboratories
35,078
4,081,325
Boston Scientific Corp.(a)
56,260
4,323,581
Koninklijke Philips NV
20,601
660,166
Stryker Corp.
2,971
1,151,144
Sysmex Corp.
5,900
55,701
 
10,271,917
Health Care Providers & Services — 0.7%
Cardinal Health, Inc.
4,931
1,130,333
Centene Corp.(a)
987
44,297
Cigna Group (The)
10,953
3,174,398
HCA Healthcare, Inc.
4,004
2,120,919
KPJ Healthcare Bhd
94,600
71,111
McKesson Corp.
2,195
2,167,277
Tenet Healthcare Corp.(a)
4,324
1,035,122
UnitedHealth Group, Inc.
9,517
2,791,051
 
12,534,508
Health Care REITs — 0.0%
Ventas, Inc.
1,558
134,237
Health Care Technology — 0.1%
Veeva Systems, Inc., Class A(a)
4,938
898,765
Security
 
Shares
Value
Hotel & Resort REITs — 0.0%
RLJ Lodging Trust
17
$  136
Hotels, Restaurants & Leisure — 1.0%
Airbnb, Inc., Class A(a)
24,875
3,360,861
Aristocrat Leisure Ltd.
49,643
1,697,131
Booking Holdings, Inc.
803
3,404,198
MakeMyTrip Ltd.(a)(c)
8,900
502,583
McDonalds Corp.
23,070
7,868,254
Meituan, Class B(a)(b)
65,870
678,264
Trip.com Group Ltd.
581
30,153
 
17,541,444
Household Durables — 0.6%
Haier Smart Home Co. Ltd., Class H
6,400
21,732
NVR, Inc.(a)
221
1,661,432
Sony Group Corp.
359,700
8,268,878
 
9,952,042
Household Products — 0.6%
Colgate-Palmolive Co.
885
87,739
Procter & Gamble Co. (The)
65,247
10,909,298
 
10,997,037
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)
29,683
512,922
Brookfield Renewable Corp.
1,003
42,803
ReNew Energy Global PLC, Class A(a)
80,486
444,283
Vistra Corp.
679
118,071
 
1,118,079
Industrial Conglomerates — 0.8%
3M Co.
2,405
397,594
CJ Corp.
3,085
468,765
Hanwha Corp.(a)
675
64,098
Hitachi Ltd.
43,200
1,414,252
Honeywell International, Inc.
35,015
8,529,304
Samsung C&T Corp.
858
209,089
Siemens AG, Registered Shares
1,923
556,024
Smiths Group PLC
50,248
1,857,687
 
13,496,813
Insurance — 1.9%
AIA Group Ltd.
689,600
7,607,346
Allianz SE, Registered Shares
14,048
6,308,636
ASR Nederland NV
1,986
144,308
AXA SA
161,916
7,918,033
Hartford Insurance Group, Inc. (The)
11,923
1,679,116
MetLife, Inc.
49,486
3,566,456
NN Group NV
20,309
1,665,696
Ping An Insurance Group Co. of China Ltd.,
Class A
39,800
365,545
Ping An Insurance Group Co. of China Ltd., H
Shares
81,500
705,028
Power Corp. of Canada
1,294
65,001
Progressive Corp. (The)
1,278
273,057
Prudential Financial, Inc.
3,806
374,434
Travelers Cos., Inc. (The)
12,055
3,720,655
 
34,393,311
Interactive Media & Services — 2.7%
Alphabet, Inc., Class A
60,034
18,716,200
Alphabet, Inc., Class C, NVS
38,133
11,875,760
Autotrader Group PLC(b)
24,136
159,876
Meta Platforms, Inc., Class A
13,500
8,750,430
NAVER Corp.
2,483
438,633
3

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
(Percentages shown are based on Net Assets)
Security
 
Shares
Value
Interactive Media & Services (continued)
REA Group Ltd.
1,023
$  121,029
Tencent Holdings Ltd.
114,400
7,526,814
 
47,588,742
IT Services — 0.2%
CoreWeave, Inc., Class A(a)
1,606
127,773
Fujitsu Ltd.
42,200
940,761
International Business Machines Corp.
3,839
922,166
NEC Corp.
17,500
485,158
Shopify, Inc., Class A(a)
4,724
570,288
VeriSign, Inc.
1,568
357,410
Wix.com Ltd.(a)
3,180
224,063
 
3,627,619
Leisure Products — 0.0%
Hasbro, Inc.
6,207
618,155
Life Sciences Tools & Services — 0.1%
Illumina, Inc.(a)
149
20,035
IQVIA Holdings, Inc.(a)
2,747
491,191
Lonza Group AG, Registered Shares
106
73,728
Medpace Holdings, Inc.(a)
117
52,856
Mettler-Toledo International, Inc.(a)
19
25,967
QIAGEN NV
1,766
87,804
Thermo Fisher Scientific, Inc.
158
82,335
West Pharmaceutical Services, Inc.
216
54,937
 
888,853
Machinery — 0.2%
Amada Co. Ltd.
73,700
1,225,356
Caterpillar, Inc.
934
693,803
HD Construction Equipment Co. Ltd.
850
82,930
HD Hyundai Heavy Industries Co. Ltd.
328
137,358
HD Korea Shipbuilding & Offshore Engineering Co.
Ltd.
236
73,822
Hyundai Rotem Co. Ltd.
650
103,924
Illinois Tool Works, Inc.
406
117,996
Mitsubishi Heavy Industries Ltd.
2,300
73,319
Techtronic Industries Co. Ltd.
40,000
647,827
Wartsila Oyj Abp
17,028
739,435
 
3,895,770
Marine Transportation — 0.0%
Star Bulk Carriers Corp.
1,551
40,776
Media — 0.1%
CyberAgent, Inc.
4,400
38,796
Fox Corp., Class B
3,780
195,539
Informa PLC
137,280
1,550,478
 
1,784,813
Metals & Mining — 1.3%
Aneka Tambang Tbk
236,800
61,571
Anglo American PLC
6,248
314,122
Baoshan Iron & Steel Co. Ltd., Class A
148,300
155,617
Barrick Mining Corp.
14,118
716,328
BHP Group Ltd.
74,286
3,014,176
Capstone Copper Corp.(a)
7,588
78,492
Cia Brasileira de Aluminio(a)
53,613
106,463
Cleveland-Cliffs, Inc.(a)
35,700
380,562
Endeavour Mining PLC
14,891
1,071,480
First Quantum Minerals Ltd.(a)
34,389
1,029,615
Fortescue Ltd.
85,185
1,279,583
Freeport-McMoRan, Inc.
49,730
3,385,618
Hyundai Steel Co.
15,977
515,262
Kobe Steel Ltd.
2,600
37,835
Security
 
Shares
Value
Metals & Mining (continued)
MP Materials Corp., Class A(a)(c)
2,476
$  145,762
Newmont Corp.
6,033
784,290
Rio Tinto PLC
1,888
187,044
South32 Ltd.
796,565
2,609,454
Vale SA
20,706
357,210
Valterra Platinum Ltd.
1
117
Wheaton Precious Metals Corp.
45,808
7,464,348
 
23,694,949
Multi-Utilities — 0.4%
Consolidated Edison, Inc.
29,080
3,272,082
Engie SA
92,567
3,162,374
Public Service Enterprise Group, Inc.
1,301
111,977
 
6,546,433
Oil, Gas & Consumable Fuels — 2.0%
Aker BP ASA
20,747
630,349
BP PLC
87,161
564,926
Cameco Corp. (CAD)
1,766
208,935
Cheniere Energy, Inc.
1,151
271,325
Chevron Corp.
55,651
10,393,381
Enbridge, Inc.
7,344
390,176
ENEOS Holdings, Inc.
555,500
5,299,832
EOG Resources, Inc.
20,742
2,573,667
Exxon Mobil Corp.
7,471
1,139,328
Repsol SA
150,546
3,406,944
Santos Ltd.
363,438
1,751,467
Shell PLC
192,426
8,059,354
Valero Energy Corp.
194
39,700
Var Energi ASA
218,776
825,953
 
35,555,337
Passenger Airlines — 0.0%
Delta Air Lines, Inc.
669
43,953
International Consolidated Airlines Group SA
120,735
687,684
 
731,637
Personal Care Products — 0.0%
LOreal SA
284
133,067
Pharmaceuticals — 2.2%
Astellas Pharma, Inc.
58,500
973,529
AstraZeneca PLC
14,232
2,994,877
Bristol-Myers Squibb Co.
63,945
3,988,250
Daiichi Sankyo Co. Ltd.
87,900
1,731,192
Eli Lilly & Co.
4,693
4,936,989
GSK PLC
48,296
1,435,032
Ipsen SA
752
146,792
Jiangsu Hengrui Pharmaceuticals Co. Ltd.,
Class A
188,600
1,550,473
Johnson & Johnson
18,199
4,521,178
Novartis AG, Registered Shares
6,869
1,154,966
Ono Pharmaceutical Co. Ltd.
74,200
1,275,622
Pfizer, Inc.
295,664
8,175,110
Sanofi SA
21,408
2,093,731
Sino Biopharmaceutical Ltd.
145,000
111,814
Takeda Pharmaceutical Co. Ltd.
50,600
1,893,817
Zoetis, Inc., Class A
9,794
1,283,993
 
38,267,365
Professional Services — 0.3%
Experian PLC
46,735
1,759,068
Intertek Group PLC
22,370
1,425,418
Jacobs Solutions, Inc.
2,301
317,216
Recruit Holdings Co. Ltd.
4,600
200,170
4

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
(Percentages shown are based on Net Assets)
Security
 
Shares
Value
Professional Services (continued)
Thomson Reuters Corp.
13,930
$  1,341,173
Wolters Kluwer NV, Class C
1,625
131,277
 
5,174,322
Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A(a)
377
55,668
China Vanke Co. Ltd., Class A(a)
293,900
207,242
Daiwa House Industry Co. Ltd.
8,800
317,561
Mitsui Fudosan Co. Ltd.
216,800
2,922,426
Vonovia SE
2,256
76,495
 
3,579,392
Residential REITs — 0.0%
Invitation Homes, Inc.
13,212
348,004
Retail REITs — 0.1%
Kimco Realty Corp.
33,302
784,262
Klepierre SA
2,407
101,295
Link REIT
16,300
80,586
RioCan REIT
62,387
902,383
 
1,868,526
Semiconductors & Semiconductor Equipment — 6.7%
Advanced Micro Devices, Inc.(a)
21,911
4,386,801
Analog Devices, Inc.
2,582
918,650
Applied Materials, Inc.
9,315
3,467,974
ASE Technology Holding Co. Ltd.
85,000
1,024,214
ASM International NV
161
135,785
ASML Holding NV
4,053
5,894,716
ASPEED Technology, Inc.
9,000
2,777,968
Broadcom, Inc.
37,583
12,009,648
Elan Microelectronics Corp.
66,000
255,354
First Solar, Inc.(a)
778
153,422
Intel Corp.(a)
67,376
3,073,019
King Yuan Electronics Co. Ltd.
109,000
1,121,561
Lam Research Corp.
13,183
3,083,372
MediaTek, Inc.
26,000
1,601,589
Microchip Technology, Inc.
952
71,057
Micron Technology, Inc.
12,576
5,185,965
Nanya Technology Corp.(a)
81,000
719,034
NVIDIA Corp.
232,733
41,237,960
NXP Semiconductors NV
164
37,230
Parade Technologies Ltd.
20,000
345,157
Phison Electronics Corp.
40,000
2,363,088
QUALCOMM, Inc.
27,869
3,967,431
Shenzhen Goodix Technology Co. Ltd., Class A
14,200
161,677
SK hynix, Inc.
4,220
3,120,236
Skyworks Solutions, Inc.
40,879
2,435,571
Taiwan Semiconductor Manufacturing Co. Ltd.
223,000
13,914,797
Texas Instruments, Inc.
3,897
826,593
Tokyo Electron Ltd.
16,300
4,586,409
Winbond Electronics Corp.(a)
7,000
26,631
 
118,902,909
Software — 2.6%
Adobe, Inc.(a)
7,172
1,882,005
Autodesk, Inc.(a)
1,332
327,499
Dropbox, Inc., Class A(a)
22,767
568,947
Intuit, Inc.
4,750
1,942,892
Microsoft Corp.
80,412
31,581,009
Nice Ltd.(a)
3,345
383,063
Oracle Corp.
9,570
1,391,478
Palantir Technologies, Inc., Class A(a)
27,585
3,784,386
Salesforce, Inc.
4,903
955,055
SAP SE
6,476
1,300,979
Security
 
Shares
Value
Software (continued)
ServiceNow, Inc.(a)
17,565
$  1,897,196
Trimble, Inc.(a)
1,496
100,038
Zscaler, Inc.(a)
561
82,461
 
46,197,008
Specialized REITs — 0.6%
American Tower Corp.
20,163
3,868,473
Digital Realty Trust, Inc.
27,664
4,902,061
Equinix, Inc.
1,002
976,209
 
9,746,743
Specialty Retail — 0.4%
Home Depot, Inc. (The)
411
156,476
JB Hi-Fi Ltd.
9,236
539,886
Lojas Renner SA
780,361
2,386,825
TJX Cos., Inc. (The)
21,049
3,402,781
Ultrapar Participacoes SA
140,298
706,348
 
7,192,316
Technology Hardware, Storage & Peripherals — 3.1%
Apple Inc.
158,887
41,974,767
Chicony Electronics Co. Ltd.
67,000
267,652
Dell Technologies, Inc., Class C
10,723
1,587,862
Hewlett Packard Enterprise Co.
3,408
73,170
Lenovo Group Ltd.
600,000
740,594
Samsung Electronics Co. Ltd.
61,262
9,169,165
Xiaomi Corp., Class B(a)(b)
296,800
1,312,720
 
55,125,930
Textiles, Apparel & Luxury Goods — 0.2%
Bosideng International Holdings Ltd.
114,000
70,670
Makalot Industrial Co. Ltd.
27,640
281,840
Pandora A/S
1,814
143,397
Tapestry, Inc.
23,035
3,581,251
 
4,077,158
Tobacco — 0.5%
Altria Group, Inc.
88,152
6,086,014
Imperial Brands PLC
14,192
635,644
Japan Tobacco, Inc.
43,100
1,648,980
 
8,370,638
Water Utilities — 0.0%
Guangdong Investment Ltd.
32,000
31,170
United Utilities Group PLC
36,223
678,979
 
710,149
Wireless Telecommunication Services — 0.3%
MTN Group Ltd.
67,407
876,771
SoftBank Corp.
551,800
754,754
SoftBank Group Corp.
1,900
48,651
Tele2 AB, B Shares
2,721
57,424
T-Mobile U.S., Inc.
10,119
2,196,734
Vodafone Group PLC
815,569
1,255,838
 
5,190,172
Total Common Stocks — 49.5%
(Cost: $538,771,205)
874,084,486
 
 
Par
(000)
 
Corporate Bonds
Aerospace & Defense — 0.1%
Boeing Co. (The), 5.93%, 05/01/60
USD  
200
200,584
Bombardier, Inc.
7.25%, 07/01/31(b)
88
93,624
5

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Aerospace & Defense (continued)
Bombardier, Inc.
6.75%, 06/15/33(b)
USD  
241
$  253,952
7.45%, 05/01/34(b)
114
128,429
General Electric Co., 4.90%, 01/29/36
335
343,630
Lockheed Martin Corp., 4.09%, 09/15/52
150
121,639
RTX Corp., 6.40%, 03/15/54
150
167,620
TransDigm, Inc.
7.13%, 12/01/31(b)
166
173,983
6.63%, 03/01/32(b)
59
61,124
6.38%, 05/31/33(b)
81
82,671
6.25%, 01/31/34(b)
15
15,517
6.75%, 01/31/34(b)
40
41,511
 
1,684,284
Automobile Components — 0.1%
Belron UK Finance PLC, 5.75%, 10/15/29(b)
200
204,431
Cooper-Standard Automotive, Inc., 03/01/31(b)(d)
328
328,925
Garrett Motion Holdings, Inc./Garrett LX I S.a.r.l.,
7.75%, 05/31/32(b)
200
211,364
IHO Verwaltungs GmbH
(7.75% Cash or 8.50% PIK), 7.75%,
11/15/30(b)(e)
33
34,684
(8.00% Cash or 8.75% PIK), 8.00%,
11/15/32(b)(e)
25
26,668
Patrick Industries, Inc., 6.38%, 11/01/32(b)
183
187,963
Phinia, Inc., 6.63%, 10/15/32(b)
61
63,328
 
1,057,363
Automobiles — 0.2%
Aston Martin Capital Holdings Ltd., 10.00%,
03/31/29(b)
165
134,062
Honda Motor Co. Ltd.
2.53%, 03/10/27
1,000
987,088
4.69%, 07/08/30
1,275
1,299,661
Mercedes-Benz Finance North America LLC,
8.50%, 01/18/31
200
237,656
New Flyer Holdings, Inc., 9.25%, 07/01/30(b)
147
158,675
Nissan Motor Acceptance Co. LLC
6.95%, 09/15/26(b)
52
52,533
5.63%, 09/29/28(b)
45
45,290
6.13%, 09/30/30(b)
150
150,347
Nissan Motor Co. Ltd.
7.50%, 07/17/30(b)
82
86,491
7.75%, 07/17/32(b)
175
187,139
8.13%, 07/17/35(b)
70
76,440
Rivian Holdings LLC/Rivian LLC/Rivian Automotive
LLC, 10.00%, 01/15/31(b)
62
58,645
 
3,474,027
Banks — 2.6%
Banco Bilbao Vizcaya Argentaria SA, 6.14%,
09/14/28
1,400
1,443,559
Banco Santander SA
4.18%, 03/24/28
600
600,213
5.59%, 08/08/28
1,200
1,243,833
6.61%, 11/07/28
1,000
1,065,802
Bank of America Corp.
2.55%, 02/04/28
1,150
1,135,069
3.19%, 07/23/30
250
243,148
2.50%, 02/13/31
100
93,923
2.69%, 04/22/32
820
759,256
4.57%, 04/27/33
890
893,621
5.51%, 01/24/36
795
834,426
5.74%, 02/12/36
470
491,204
Security
 
Par
(000)
Value
Banks (continued)
Bank of America Corp.
5.88%, 02/07/42
USD  
175
$  187,687
4.08%, 03/20/51
475
385,271
Bank of Montreal, 5.20%, 02/01/28
810
830,334
Barclays PLC, 2.67%, 03/10/32
450
413,893
Citigroup, Inc.
2.67%, 01/29/31
1,060
1,000,101
4.41%, 03/31/31
1,140
1,145,942
2.57%, 06/03/31
1,470
1,374,038
5.88%, 02/22/33
350
376,636
3.79%, 03/17/33
1,080
1,039,255
Fifth Third Bancorp
6.34%, 07/27/29
60
63,093
4.77%, 07/28/30
225
228,770
First Citizens BancShares, Inc., 5.23%, 03/12/31
250
254,591
HSBC Holdings PLC
5.87%, 11/18/35
440
461,910
5.45%, 03/03/36
300
311,987
5.79%, 05/13/36
3,010
3,199,667
6.10%, 01/14/42
350
382,391
Huntington Bancshares, Inc., 5.02%, 05/17/33
100
102,099
ING Groep NV, 4.02%, 03/28/28
1,580
1,581,151
JPMorgan Chase & Co.
2.18%, 06/01/28
2,575
2,518,935
4.85%, 07/25/28
970
981,238
2.52%, 04/22/31
1,370
1,285,523
2.96%, 05/13/31
1,775
1,689,035
1.76%, 11/19/31
345
309,026
2.96%, 01/25/33
540
500,843
5.35%, 06/01/34
602
630,008
M&T Bank Corp., 5.05%, 01/27/34
125
126,990
Mitsubishi UFJ Financial Group, Inc.
2.34%, 01/19/28
1,250
1,232,863
5.48%, 02/22/31
425
445,529
Mizuho Financial Group, Inc.
1.55%, 07/09/27
1,850
1,834,768
2.87%, 09/13/30
375
359,584
Morgan Stanley Bank N.A., 4.45%, 10/15/27
900
903,228
Morgan Stanley Private Bank N.A., 4.47%,
07/06/28
250
251,633
PNC Financial Services Group, Inc. (The)
5.30%, 01/21/28
610
617,315
5.94%, 08/18/34
325
351,146
5.37%, 07/21/36
195
202,172
5.42%, 01/25/41
140
141,534
Royal Bank of Canada
5.20%, 08/01/28
1,000
1,030,118
4.70%, 08/06/31
125
127,717
Santander Holdings U.S.A., Inc.
6.50%, 03/09/29
1,830
1,905,056
6.57%, 06/12/29
610
637,438
7.66%, 11/09/31
25
28,217
Santander UK Group Holdings PLC, 6.53%,
01/10/29
1,660
1,731,901
Sumitomo Mitsui Financial Group, Inc.
1.90%, 09/17/28
900
855,147
5.42%, 07/09/31
550
580,090
Toronto-Dominion Bank. (The), Series FXD, 1.95%,
01/12/27
1,310
1,289,635
Truist Financial Corp., 6.12%, 10/28/33
100
108,526
U.S. Bancorp
2.68%, 01/27/33
250
227,657
6

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
U.S. Bancorp
5.68%, 01/23/35
USD  
90
$  95,542
5.42%, 02/12/36
580
608,584
Wells Fargo & Co.
5.61%, 01/15/44
150
149,517
5.01%, 04/04/51
325
297,325
Westpac Banking Corp., 6.82%, 11/17/33
25
28,206
Zions Bancorp N.A., 4.48%, 02/09/29
430
430,149
 
46,655,065
Beverages — 0.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev
Worldwide, Inc.
4.70%, 02/01/36
75
75,194
4.90%, 02/01/46
300
282,179
Coca-Cola Co. (The)
3.00%, 03/05/51
4,700
3,198,050
2.50%, 03/15/51
700
430,543
5.20%, 01/14/55
273
268,364
Constellation Brands, Inc., 3.60%, 02/15/28
175
173,901
Diageo Capital PLC
2.00%, 04/29/30
1,620
1,492,524
2.13%, 04/29/32
960
846,255
5.50%, 01/24/33
3,570
3,787,998
Keurig Dr Pepper, Inc., 3.43%, 06/15/27
300
297,835
PepsiCo, Inc., 3.00%, 10/15/27
100
99,194
 
10,952,037
Biotechnology — 0.3%
Amgen, Inc.
2.20%, 02/21/27
650
639,583
5.65%, 02/19/56
100
99,808
Genmab A/S/Genmab Finance LLC
6.25%, 12/15/32(b)
37
38,399
7.25%, 12/15/33(b)
238
252,550
Gilead Sciences, Inc.
5.25%, 10/15/33
520
548,761
5.55%, 10/15/53
660
663,035
Regeneron Pharmaceuticals, Inc., 1.75%,
09/15/30
3,706
3,340,450
 
5,582,586
Broadline Retail — 0.1%
Alibaba Group Holding Ltd.
3.40%, 12/06/27
300
297,895
2.13%, 02/09/31
200
183,582
JD.com, Inc., 3.38%, 01/14/30
200
196,334
Kohls Corp., 10.00%, 06/01/30(b)
28
30,481
Macys Retail Holdings LLC, 7.38%, 08/01/33(b)
75
78,572
Nordstrom, Inc.
4.38%, 04/01/30
74
71,250
5.00%, 01/15/44
72
54,841
QVC, Inc., 6.88%, 04/15/29(b)
219
91,980
Rakuten Group, Inc.
11.25%, 02/15/27(b)
200
210,602
9.75%, 04/15/29(b)
300
332,749
 
1,548,286
Building Products — 0.1%
Advanced Drainage Systems, Inc., 5.38%,
03/01/34(b)
50
50,381
Carlisle Cos., Inc., 5.55%, 09/15/40
270
279,516
Owens Corning
3.40%, 08/15/26
350
348,820
Security
 
Par
(000)
Value
Building Products (continued)
Owens Corning
3.88%, 06/01/30
USD  
50
$  49,449
4.30%, 07/15/47
1,430
1,182,126
 
1,910,292
Capital Markets — 1.2%
Apollo Debt Solutions BDC, 6.70%, 07/29/31
150
154,863
Ares Capital Corp.
2.88%, 06/15/27
360
353,350
2.88%, 06/15/28
470
448,259
5.50%, 09/01/30
100
99,009
5.10%, 01/15/31
70
68,315
Bank of New York Mellon Corp. (The)
4.71%, 02/01/34
430
435,352
Series J, 4.97%, 04/26/34
375
384,734
Charles Schwab Corp. (The), 4.91%, 11/14/36
330
330,099
Deutsche Bank AG
5.71%, 02/08/28
260
263,852
6.82%, 11/20/29
190
202,351
5.88%, 07/08/31
200
208,490
5.40%, 09/11/35
421
431,666
FactSet Research Systems, Inc., 2.90%, 03/01/27
1,980
1,954,729
Freedom Mortgage Corp., 12.25%, 10/01/30(b)
76
82,656
Goldman Sachs Group, Inc. (The)
2.60%, 02/07/30
840
794,403
1.99%, 01/27/32
246
220,114
2.62%, 04/22/32
319
292,966
2.38%, 07/21/32
2,775
2,502,921
3.10%, 02/24/33
755
700,531
6.75%, 10/01/37
450
505,480
4.02%, 10/31/38
302
272,867
5.39%, 02/02/41
120
119,095
Intercontinental Exchange, Inc., 2.10%, 06/15/30
150
138,290
Jane Street Group/JSG Finance, Inc., 6.75%,
05/01/33(b)
50
51,309
LPL Holdings, Inc.
5.20%, 03/15/30
100
102,101
5.65%, 03/15/35
570
578,364
Morgan Stanley
2.48%, 01/21/28
950
937,357
2.70%, 01/22/31
145
137,202
1.79%, 02/13/32
2,070
1,832,751
2.51%, 10/20/32
925
838,310
5.25%, 04/21/34
855
885,850
5.42%, 07/21/34
1,775
1,853,861
6.38%, 07/24/42
525
586,913
MSCI, Inc., 5.15%, 03/15/36
645
639,141
Nomura Holdings, Inc., 6.18%, 01/18/33
350
381,493
Osaic Holdings, Inc.
6.75%, 08/01/32(b)
80
80,730
8.00%, 08/01/33(b)
25
24,906
S&P Global, Inc.
2.90%, 03/01/32
175
162,769
4.80%, 12/04/35(b)
285
285,645
StoneX Escrow Issuer LLC, 6.88%, 07/15/32(b)
80
83,018
StoneX Group, Inc., 7.88%, 03/01/31(b)
203
215,257
UBS AG, 1.25%, 08/07/26
430
425,211
UBS Group AG, 3.09%, 05/14/32(b)
200
187,154
VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%,
06/15/31(b)
116
120,735
 
21,374,469
Chemicals — 0.2%
Air Products & Chemicals, Inc., 4.85%, 02/08/34
25
25,665
7

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Chemicals (continued)
CF Industries, Inc., 5.38%, 03/15/44
USD  
100
$  95,858
Dow Chemical Co. (The), 7.38%, 11/01/29
125
137,404
Ecolab, Inc.
5.00%, 09/01/35
50
51,625
2.70%, 12/15/51
760
479,224
Linde, Inc., 3.55%, 11/07/42
25
20,464
NOVA Chemicals Corp., 9.00%, 02/15/30(b)
28
29,746
Perimeter Holdings LLC, 6.25%, 01/15/34(b)
65
65,296
Rain Carbon, Inc., 12.25%, 09/01/29(b)
93
99,034
Sherwin-Williams Co. (The)
5.15%, 08/15/35
1,220
1,255,751
4.50%, 06/01/47
100
86,716
SK Invictus Intermediate II S.a.r.l., 5.00%,
10/30/29(b)
212
208,623
Tronox, Inc.
4.63%, 03/15/29(b)
161
124,482
9.13%, 09/30/30(b)
140
137,467
Westlake Corp., 5.00%, 08/15/46
150
131,939
 
2,949,294
Commercial Services & Supplies — 0.2%
ADT Security Corp. (The), 5.88%, 10/15/33(b)
130
132,128
CompoSecure Holdings LLC, 5.63%, 02/01/33(b)
50
49,750
Deluxe Corp.
8.00%, 06/01/29(b)
28
28,259
8.13%, 09/15/29(b)
94
98,599
Pitney Bowes, Inc.
6.88%, 03/15/27(b)
7
7,001
7.25%, 03/15/29(b)
69
68,812
Republic Services, Inc.
4.75%, 07/15/30
120
123,357
5.20%, 11/15/34
495
518,166
Waste Connections, Inc., 5.25%, 09/01/35
945
989,187
Waste Management, Inc., 5.35%, 10/15/54
544
538,578
 
2,553,837
Communications Equipment — 0.2%
Cisco Systems, Inc.
4.95%, 02/24/32
60
62,489
5.30%, 02/26/54
215
209,166
Motorola Solutions, Inc.
2.30%, 11/15/30
400
368,011
2.75%, 05/24/31
1,320
1,224,010
5.60%, 06/01/32
830
881,483
5.40%, 04/15/34
480
501,707
Viasat, Inc.
6.50%, 07/15/28(b)
65
64,169
7.50%, 05/30/31(b)
195
192,375
 
3,503,410
Construction & Engineering — 0.2%
AECOM, 6.00%, 08/01/33(b)
50
51,088
Great Lakes Dredge & Dock Corp., 5.25%,
06/01/29(b)
48
47,865
HTA Group Ltd., 7.50%, 06/04/29(b)
200
206,678
Quanta Services, Inc.
2.90%, 10/01/30
3,480
3,291,676
4.50%, 01/15/31
125
126,478
Tutor Perini Corp., 11.88%, 04/30/29(b)
127
139,277
 
3,863,062
Security
 
Par
(000)
Value
Construction Materials — 0.1%
CRH America Finance, Inc., 5.50%, 01/09/35
USD  
1,050
$  1,105,933
Martin Marietta Materials, Inc., 5.15%, 12/01/34
530
547,082
 
1,653,015
Consumer Finance — 0.7%
Ally Financial, Inc., 6.65%, 01/17/40
23
22,946
American Express Co.
2.55%, 03/04/27
480
474,617
5.28%, 07/27/29
700
721,190
5.04%, 05/01/34
310
318,689
5.63%, 07/28/34
110
115,263
5.44%, 01/30/36
200
208,439
4.80%, 10/24/36
405
401,106
Atlanticus Holdings Corp., 9.75%, 09/01/30(b)
126
114,484
Bread Financial Holdings, Inc., 6.75%, 05/15/31(b)
85
86,601
Burford Capital Global Finance LLC, 9.25%,
07/01/31(b)
93
94,480
Capital One Financial Corp.
5.25%, 07/26/30
375
387,501
7.62%, 10/30/31
2,230
2,513,543
5.27%, 05/10/33
230
236,175
5.82%, 02/01/34
480
506,497
7.96%, 11/02/34
1,160
1,365,461
Credit Acceptance Corp.
9.25%, 12/15/28(b)
153
159,863
6.63%, 03/15/30(b)
90
89,531
Enova International, Inc., 9.13%, 08/01/29(b)
174
182,777
EZCORP, Inc., 7.38%, 04/01/32(b)
45
48,192
FirstCash, Inc., 6.88%, 03/01/32(b)
231
238,392
Ford Motor Credit Co. LLC
4.00%, 11/13/30
425
407,301
5.75%, 04/06/33
445
453,463
goeasy Ltd.
9.25%, 12/01/28(b)
121
119,715
7.38%, 10/01/30(b)
95
84,220
OneMain Finance Corp.
6.63%, 05/15/29
104
106,171
7.88%, 03/15/30
86
89,952
7.50%, 05/15/31
178
183,788
6.75%, 09/15/33
85
84,364
SLM Corp., 6.50%, 01/31/30
24
24,374
Synchrony Financial
3.95%, 12/01/27
150
149,312
2.88%, 10/28/31
1,490
1,337,853
7.25%, 02/02/33
229
241,490
 
11,567,750
Consumer Staples Distribution & Retail — 0.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons
LP/Albertsons LLC, 5.75%, 03/31/34(b)
73
72,637
Bunge Ltd. Finance Corp., 3.75%, 09/25/27
100
99,750
Kroger Co. (The)
2.20%, 05/01/30
425
395,710
5.00%, 09/15/34
335
340,621
Target Corp., 4.50%, 09/15/32
50
51,161
U.S. Foods, Inc.
7.25%, 01/15/32(b)
177
185,373
5.75%, 04/15/33(b)
123
125,463
Walmart, Inc., 4.90%, 04/28/35
1,490
1,546,079
 
2,816,794
Diversified Consumer Services — 0.0%
Covista, Inc., 5.50%, 03/01/28(b)
42
42,000
8

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Diversified Consumer Services (continued)
Graham Holdings Co., 5.63%, 12/01/33(b)
USD  
47
$  46,999
United Rentals North America, Inc., 5.38%,
11/15/33(b)
38
38,310
 
127,309
Diversified REITs — 0.2%
American Tower Corp.
1.45%, 09/15/26
425
419,243
5.80%, 11/15/28
25
26,127
5.35%, 03/15/35
300
311,512
Crown Castle, Inc., 3.65%, 09/01/27
1,100
1,094,552
Equinix, Inc., 1.45%, 05/15/26
1,000
994,534
GLP Capital LP/GLP Financing II, Inc.
5.75%, 11/01/37
246
244,975
6.25%, 09/15/54
162
162,016
VICI Properties LP, 5.13%, 05/15/32
552
559,911
 
3,812,870
Diversified Telecommunication Services — 0.3%
APLD ComputeCo LLC, 9.25%, 12/15/30(b)
247
259,249
AT&T Inc.
5.70%, 11/01/54
500
485,116
6.00%, 04/30/56
1,300
1,311,219
British Telecommunications PLC, 9.63%, 12/15/30
125
152,930
Comcast Corp., 2.94%, 11/01/56
625
364,482
Connect Finco S.a.r.l./Connect U.S. Finco LLC,
9.00%, 09/15/29(b)
266
282,272
Deutsche Telekom International Finance BV,
9.25%, 06/01/32
100
126,021
Flash Compute LLC, 7.25%, 12/31/30(b)
75
76,771
GCI LLC, 4.75%, 10/15/28(b)
100
98,256
Koninklijke KPN NV, 8.38%, 10/01/30
450
527,602
Level 3 Financing, Inc.
4.25%, 07/01/28(b)
147
141,713
6.88%, 06/30/33(b)
215
222,670
Orange SA, 5.50%, 02/06/44
200
201,845
Telecom Italia Capital SA
6.00%, 09/30/34
62
64,541
7.20%, 07/18/36
81
89,746
7.72%, 06/04/38
152
173,689
Verizon Communications, Inc., 5.88%, 11/30/55
195
196,305
WULF Compute LLC, 7.75%, 10/15/30(b)
183
193,800
 
4,968,227
Electric Utilities — 1.0%
Alpha Generation LLC, 6.25%, 01/15/34(b)
85
86,318
Ameren Illinois Co., 5.90%, 12/01/52
125
130,752
Avangrid, Inc., 3.80%, 06/01/29
500
496,374
Baltimore Gas & Electric Co., 5.40%, 06/01/53
177
172,658
Berkshire Hathaway Energy Co., 6.13%, 04/01/36
50
54,850
CenterPoint Energy Houston Electric LLC, 3.55%,
08/01/42
125
101,259
Commonwealth Edison Co., 4.90%, 02/01/33
1,590
1,636,167
Consolidated Edison Co. of New York, Inc.,
Series 05-A, 5.30%, 03/01/35
225
234,684
Constellation Energy Generation LLC, 5.60%,
06/15/42
100
101,565
Consumers Energy Co., 4.20%, 09/01/52
200
163,881
DTE Electric Co., 5.25%, 05/15/35
225
233,677
Duke Energy Carolinas LLC, 3.20%, 08/15/49
125
87,810
Duke Energy Corp., 4.20%, 06/15/49
150
119,351
Enel Chile SA, 4.88%, 06/12/28
25
25,388
Entergy Louisiana LLC
5.80%, 03/15/55
125
127,121
Security
 
Par
(000)
Value
Electric Utilities (continued)
Entergy Louisiana LLC
5.65%, 04/15/56
USD  
685
$  679,671
Evergy Kansas Central, Inc., 5.25%, 03/15/35
75
77,130
Eversource Energy
2.90%, 03/01/27
1,000
989,179
3.38%, 03/01/32
750
703,230
Series U, 1.40%, 08/15/26
200
197,553
Exelon Corp.
2.75%, 03/15/27
550
543,519
3.35%, 03/15/32
350
330,756
5.45%, 03/15/34
420
441,119
Florida Power & Light Co.
4.95%, 06/01/35
275
281,724
5.60%, 02/15/66
315
313,183
Hawaiian Electric Co., Inc., 6.00%, 10/01/33(b)
13
13,250
Interstate Power & Light Co., 4.95%, 09/30/34
50
50,608
Kentucky Utilities Co., 4.38%, 10/01/45
50
43,171
MidAmerican Energy Co., 5.85%, 09/15/54
125
130,238
NextEra Energy Capital Holdings, Inc., 4.40%,
03/01/31
400
404,621
NRG Energy, Inc.
6.25%, 11/01/34(b)
70
72,392
6.00%, 01/15/36(b)
85
86,510
NSTAR Electric Co.
3.25%, 05/15/29
1,000
980,458
3.95%, 04/01/30
1,000
994,196
Oncor Electric Delivery Co. LLC, 7.50%, 09/01/38
75
91,586
Pacific Gas & Electric Co.
4.65%, 08/01/28
250
252,935
6.00%, 05/01/56
265
261,735
PacifiCorp, 5.45%, 02/15/34
200
205,414
Potomac Electric Power Co., 5.20%, 03/15/34
125
130,465
PPL Electric Utilities Corp., 4.85%, 02/15/34
175
179,103
Public Service Co. of Colorado, 5.15%, 09/15/35
175
178,686
Public Service Co. of New Hampshire, 5.15%,
01/15/53
360
340,185
Public Service Co. of Oklahoma, 5.45%, 01/15/36
75
77,709
Public Service Electric & Gas Co.
5.20%, 08/01/33
2,410
2,519,709
3.80%, 01/01/43
50
41,680
San Diego Gas & Electric Co., 5.35%, 04/01/53
100
95,126
Southern California Edison Co.
5.45%, 03/01/35
200
205,785
Series C, 4.13%, 03/01/48
75
58,700
Southern Co. (The), 4.40%, 07/01/46
125
106,888
Talen Energy Supply LLC
6.25%, 02/01/34(b)
93
94,636
6.50%, 02/01/36(b)
123
126,465
Tampa Electric Co.
5.15%, 03/01/35
670
688,052
5.00%, 07/15/52
25
23,230
Virginia Electric & Power Co.
8.88%, 11/15/38
25
33,446
03/15/56(d)
370
367,440
Series B, 6.00%, 01/15/36
100
108,018
Vistra Operations Co. LLC, 7.75%, 10/15/31(b)
86
90,881
Xcel Energy, Inc., 5.50%, 03/15/34
150
156,607
 
17,538,844
Electrical Equipment — 0.0%
NXP BV/NXP Funding LLC, 5.55%, 12/01/28
560
579,101
9

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electrical Equipment (continued)
NXP BV/NXP Funding LLC/NXP U.S.A., Inc.,
4.85%, 08/19/32
USD  
175
$  178,033
WESCO Distribution, Inc., 6.38%, 03/15/33(b)
19
19,810
 
776,944
Electronic Equipment, Instruments & Components — 0.2%
Allegion U.S. Holding Co., Inc., 3.55%, 10/01/27
45
44,685
Amphenol Corp., 4.63%, 02/15/36
125
124,234
Arrow Electronics, Inc., 5.88%, 04/10/34
477
502,574
Keysight Technologies, Inc.
4.60%, 04/06/27
1,250
1,256,992
3.00%, 10/30/29
760
734,076
4.95%, 10/15/34
65
66,268
TD SYNNEX Corp., 2.38%, 08/09/28
75
71,791
 
2,800,620
Energy Equipment & Services — 0.3%
Archrock Services LP/Archrock Partners Finance
Corp., 6.00%, 02/01/34(b)
35
35,437
Bristow Group, Inc., 6.75%, 02/01/33(b)
191
193,803
Chevron U.S.A., Inc., 4.98%, 04/15/35
1,745
1,811,248
Diamond Foreign Asset Co./Diamond Finance LLC,
8.50%, 10/01/30(b)
25
26,575
Enerflex, Inc., 6.88%, 01/15/31(b)
25
25,910
Kodiak Gas Services LLC
6.50%, 10/01/33(b)
40
41,249
6.75%, 10/01/35(b)
40
41,796
Nabors Industries, Inc.
9.13%, 01/31/30(b)
14
14,721
7.63%, 11/15/32(b)
67
69,022
Noble Finance II LLC, 8.00%, 04/15/30(b)
193
200,878
Pentair Finance S.a.r.l.
4.50%, 07/01/29
1,580
1,595,266
5.90%, 07/15/32
740
794,364
Tidewater, Inc., 9.13%, 07/15/30(b)
234
253,142
Valaris Ltd., 8.38%, 04/30/30(b)
258
270,568
Venture Global LNG, Inc.
9.50%, 02/01/29(b)
100
107,255
9.88%, 02/01/32(b)
61
64,626
Viridien, 10.00%, 10/15/30(b)
97
104,015
Weatherford International Ltd., 6.75%, 10/15/33(b)
50
52,274
 
5,702,149
Entertainment — 0.0%
Resorts World Las Vegas LLC/RWLV Capital, Inc.,
8.45%, 07/27/30(b)
57
58,069
Financial Services — 0.3%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust
5.30%, 01/19/34
150
154,317
4.95%, 09/10/34
780
782,007
Ares Strategic Income Fund, 5.55%, 04/15/31(b)
50
49,099
Coinbase Global, Inc., 3.38%, 10/01/28(b)
188
179,320
Freedom Mortgage Holdings LLC, 9.25%,
02/01/29(b)
125
130,560
Icahn Enterprises LP/Icahn Enterprises Finance
Corp.
9.75%, 01/15/29
185
182,845
10.00%, 11/15/29(b)
136
134,292
9.00%, 06/15/30
65
61,829
MGIC Investment Corp., 5.25%, 08/15/28
2,010
2,007,198
National Rural Utilities Cooperative Finance Corp.,
5.00%, 08/15/34
75
77,408
Security
 
Par
(000)
Value
Financial Services (continued)
PayPal Holdings, Inc.
4.45%, 03/06/28
USD  
50
$  50,566
2.30%, 06/01/30
25
23,353
PennyMac Financial Services, Inc.
7.88%, 12/15/29(b)
28
29,398
7.13%, 11/15/30(b)
81
83,270
6.88%, 05/15/32(b)
180
181,030
6.88%, 02/15/33(b)
3
3,003
6.75%, 02/15/34(b)
28
27,682
RELX Capital, Inc., 5.25%, 03/27/35
70
72,079
Rocket Cos., Inc.
6.50%, 08/01/29(b)
120
123,284
6.13%, 08/01/30(b)
95
97,466
7.13%, 02/01/32(b)
69
72,165
UWM Holdings LLC
6.63%, 02/01/30(b)
50
49,622
6.25%, 03/15/31(b)
19
18,357
Velocity Commercial Capital LLC, 9.38%,
02/15/31(b)
33
33,439
 
4,623,589
Food Products — 0.3%
Campbells Co. (The), 4.15%, 03/15/28
225
225,616
Conagra Brands, Inc., 7.00%, 10/01/28
225
240,637
General Mills, Inc., 4.20%, 04/17/28
125
125,441
HLF Financing S.a.r.l. LLC/Herbalife International,
Inc., 12.25%, 04/15/29(b)
145
154,887
J M Smucker Co. (The), 2.38%, 03/15/30
275
257,437
JBS NV/JBS U.S.A. Foods Group Holdings,
Inc./JBS U.S.A. Food Co. Holdings, 3.00%,
02/02/29
375
364,273
Kellanova
3.40%, 11/15/27
610
606,634
4.30%, 05/15/28
2,720
2,747,308
Kraft Heinz Foods Co.
3.88%, 05/15/27
75
74,865
3.75%, 04/01/30
150
147,705
Pilgrims Pride Corp., 4.25%, 04/15/31
125
122,517
Post Holdings, Inc.
6.38%, 03/01/33(b)
157
159,808
6.50%, 03/15/36(b)
48
48,830
Tyson Foods, Inc., 5.10%, 09/28/48
150
141,121
 
5,417,079
Gas Utilities — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.75%, 05/20/27
30
30,247
9.38%, 06/01/28(b)
107
110,594
9.50%, 06/01/30(b)
85
90,982
Atmos Energy Corp., 5.90%, 11/15/33
75
81,988
National Fuel Gas Co., 5.95%, 03/15/35
1,865
1,986,885
ONE Gas, Inc., 4.25%, 09/01/32
155
155,045
 
2,455,741
Ground Transportation — 0.1%
Burlington Northern Santa Fe LLC, 5.50%,
03/15/55
200
199,749
Canadian National Railway Co., 3.85%, 08/05/32
485
475,149
Canadian Pacific Railway Co.
3.50%, 05/01/50
75
55,446
6.13%, 09/15/15
25
25,865
CSX Corp., 4.90%, 03/15/55
50
45,758
Hertz Corp. (The), 12.63%, 07/15/29(b)
37
34,118
10

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Ground Transportation (continued)
Ryder System, Inc.
5.65%, 03/01/28
USD  
25
$  25,774
6.30%, 12/01/28
940
994,986
Stonepeak Nile Parent LLC, 7.25%, 03/15/32(b)
124
131,592
Union Pacific Corp., 3.84%, 03/20/60
325
240,176
 
2,228,613
Health Care Equipment & Supplies — 0.0%
Abbott Laboratories, 4.90%, 11/30/46
200
189,552
Bausch + Lomb Corp., 8.38%, 10/01/28(b)
82
84,973
Baxter International, Inc., 2.27%, 12/01/28
150
141,827
Insulet Corp., 6.50%, 04/01/33(b)
58
60,324
Zimmer Biomet Holdings, Inc.
4.70%, 02/19/27
40
40,298
5.35%, 12/01/28
130
134,709
 
651,683
Health Care Providers & Services — 1.0%
Cardinal Health, Inc., 5.35%, 11/15/34
670
696,955
Cencora, Inc.
2.70%, 03/15/31
1,870
1,742,612
4.30%, 12/15/47
1,170
1,006,788
Cigna Group (The)
4.38%, 10/15/28
900
909,336
5.25%, 02/15/34
540
560,192
CVS Health Corp.
5.00%, 09/15/32
270
277,015
5.45%, 09/15/35
550
568,066
5.05%, 03/25/48
350
312,096
DaVita, Inc.
6.88%, 09/01/32(b)
102
105,987
6.75%, 07/15/33(b)
75
77,871
Elevance Health, Inc.
4.38%, 12/01/47
125
104,579
5.70%, 02/15/55
175
172,111
Fortrea Holdings, Inc., 7.50%, 07/01/30(b)
56
53,433
HCA, Inc.
5.25%, 06/15/26
850
850,562
3.13%, 03/15/27
400
396,675
5.20%, 06/01/28
540
553,523
5.45%, 04/01/31
710
743,506
3.63%, 03/15/32
1,029
980,504
5.60%, 04/01/34
895
939,827
5.45%, 09/15/34
155
160,938
5.90%, 06/01/53
300
295,416
Humana, Inc., 4.88%, 04/01/30
500
507,026
McKesson Corp., 5.10%, 07/15/33
2,500
2,612,356
MPH Acquisition Holdings LLC, (6.50% Cash and
5.00% PIK), 11.50%, 12/31/30(b)(e)
89
79,010
Quest Diagnostics, Inc.
4.60%, 12/15/27
890
900,922
4.63%, 12/15/29
1,090
1,114,566
Sotera Health Holdings LLC, 7.38%, 06/01/31(b)
92
96,804
Tenet Healthcare Corp., 6.13%, 10/01/28
46
46,106
UnitedHealth Group, Inc.
4.90%, 04/15/31
290
299,819
4.50%, 04/15/33
440
439,454
5.88%, 02/15/53
140
142,380
5.05%, 04/15/53
750
681,803
 
18,428,238
Health Care REITs — 0.1%
Alexandria Real Estate Equities, Inc., 4.70%,
07/01/30
250
253,829
Security
 
Par
(000)
Value
Health Care REITs (continued)
Diversified Healthcare Trust
4.75%, 02/15/28
USD  
124
$  121,254
7.25%, 10/15/30(b)
20
20,798
4.38%, 03/01/31
159
143,819
Healthpeak OP LLC, 3.00%, 01/15/30
175
167,430
MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/27
151
147,950
4.63%, 08/01/29
159
137,375
Ventas Realty LP
5.10%, 07/15/32
620
640,989
5.70%, 09/30/43
25
25,635
Welltower OP LLC, 4.50%, 07/01/30
860
875,833
 
2,534,912
Hotel & Resort REITs — 0.0%
RHP Hotel Properties LP/RHP Finance Corp.,
03/15/34(b)(d)
25
25,182
Hotels, Restaurants & Leisure — 0.2%
Brinker International, Inc., 8.25%, 07/15/30(b)
38
40,029
Darden Restaurants, Inc.
4.35%, 10/15/27
305
307,090
4.55%, 10/15/29
305
309,149
Flutter Treasury DAC, 5.88%, 06/04/31(b)
100
99,713
Genting New York LLC/GENNY Capital, Inc.,
7.25%, 10/01/29(b)
126
130,640
Hilton Domestic Operating Co., Inc., 6.13%,
04/01/32(b)
108
111,656
Hyatt Hotels Corp., 5.38%, 12/15/31
40
41,516
Life Time, Inc., 6.00%, 11/15/31(b)
122
125,661
Light & Wonder International, Inc.
7.50%, 09/01/31(b)
176
183,480
6.25%, 10/01/33(b)
60
60,259
Lindblad Expeditions LLC, 7.00%, 09/15/30(b)
35
36,716
Marriott International, Inc., 5.10%, 05/01/38
1,040
1,028,631
McDonalds Corp.
4.88%, 12/09/45
200
185,583
3.63%, 09/01/49
50
37,696
Royal Caribbean Cruises Ltd., 5.25%, 02/27/38
780
781,227
Viking Cruises Ltd., 5.88%, 10/15/33(b)
68
69,371
 
3,548,417
Household Durables — 0.4%
Century Communities, Inc., 6.63%, 09/15/33(b)
55
55,886
DR Horton, Inc.
1.40%, 10/15/27
75
72,193
5.50%, 10/15/35
898
945,123
Installed Building Products, Inc., 5.63%,
02/01/34(b)
35
35,465
Leggett & Platt, Inc., 3.50%, 11/15/27
25
24,694
NVR, Inc., 3.00%, 05/15/30
1,930
1,846,876
PulteGroup, Inc.
5.00%, 01/15/27
1,630
1,637,926
6.38%, 05/15/33
890
990,888
Sekisui House U.S., Inc., 3.97%, 08/06/61
360
242,281
Somnigroup International, Inc., 4.00%, 04/15/29(b)
80
77,747
Toll Brothers Finance Corp., 5.60%, 06/15/35
491
519,647
Whirlpool Corp.
6.13%, 06/15/30
39
39,175
4.50%, 06/01/46
23
16,878
4.60%, 05/15/50
22
16,110
 
6,520,889
Household Products — 0.1%
Church & Dwight Co., Inc., 3.15%, 08/01/27
200
198,215
11

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Household Products (continued)
Colgate-Palmolive Co., 3.25%, 08/15/32
USD  
50
$  47,894
Unilever Capital Corp., 1.75%, 08/12/31
1,950
1,737,304
 
1,983,413
Industrial Conglomerates — 0.4%
3M Co., 2.38%, 08/26/29
1,330
1,263,172
Honeywell International, Inc.
5.25%, 03/01/54
100
96,214
5.35%, 03/01/64
300
289,974
Trane Technologies Financing Ltd., 3.80%,
03/21/29
4,610
4,609,771
 
6,259,131
Insurance — 0.5%
Acrisure LLC/Acrisure Finance, Inc., 6.75%,
07/01/32(b)
7
6,865
Allstate Corp. (The)
5.35%, 06/01/33
100
104,845
3.85%, 08/10/49
350
268,784
American International Group, Inc.
4.85%, 05/07/30
290
297,545
5.13%, 03/27/33
175
180,367
Assurant, Inc.
4.90%, 03/27/28
150
151,886
5.55%, 02/15/36
185
187,961
7.00%, 03/27/48
84
86,515
Baldwin Insurance Group Holdings LLC/Baldwin
Insurance Group Holdings Finance, 7.13%,
05/15/31(b)
114
114,374
Brighthouse Financial, Inc., 3.70%, 06/22/27
75
74,067
CNA Financial Corp., 5.20%, 08/15/35
270
271,615
Lincoln National Corp., 5.85%, 03/15/34
175
180,510
Markel Group, Inc., 6.00%, 05/16/54
248
252,512
Marsh & McLennan Cos., Inc.
5.15%, 03/15/34
890
918,447
5.45%, 03/15/53
550
529,296
5.70%, 09/15/53
710
709,653
Progressive Corp. (The), 4.95%, 06/15/33
1,410
1,455,056
Prudential Financial, Inc., 4.35%, 02/25/50
300
245,296
Reinsurance Group of America, Inc., 5.75%,
09/15/34
125
130,966
Stewart Information Services Corp., 3.60%,
11/15/31
428
385,726
Travelers Cos., Inc. (The), 5.05%, 07/24/35
150
153,552
Willis North America, Inc.
4.65%, 06/15/27
390
392,559
5.35%, 05/15/33
700
721,002
5.90%, 03/05/54
530
524,592
 
8,343,991
Interactive Media & Services — 0.2%
Alphabet, Inc.
4.50%, 05/15/35
1,190
1,197,808
5.45%, 11/15/55
275
273,346
Baidu, Inc., 3.43%, 04/07/30
200
195,980
Getty Images, Inc., 10.50%, 11/15/30(b)
31
27,440
GrubHub Holdings, Inc., (13.00% Cash or 7.00%
PIK), 13.00%, 07/31/30(b)(e)
97
64,875
Match Group Holdings II LLC, 6.13%, 09/15/33(b)
165
164,548
Meta Platforms, Inc.
4.60%, 11/15/32
155
157,600
5.50%, 11/15/45
175
172,893
5.63%, 11/15/55
550
538,354
Security
 
Par
(000)
Value
Interactive Media & Services (continued)
Meta Platforms, Inc.
5.75%, 11/15/65
USD  
175
$  170,484
Snap, Inc., 6.88%, 03/01/33(b)
177
176,295
 
3,139,623
IT Services — 0.7%
Accenture Capital, Inc., 4.50%, 10/04/34
50
49,461
Automatic Data Processing, Inc.
1.70%, 05/15/28
3,560
3,410,867
4.75%, 05/08/32
390
402,097
CGI, Inc., 2.30%, 09/14/31
1,570
1,398,558
CoreWeave, Inc.
9.25%, 06/01/30(b)
242
237,027
9.00%, 02/01/31(b)
66
63,681
Global Payments, Inc., 4.95%, 08/15/27
450
453,689
IBM International Capital Pte Ltd.
4.90%, 02/05/34
1,690
1,710,447
5.30%, 02/05/54
1,020
948,166
International Business Machines Corp.
2.20%, 02/09/27
750
739,127
5.88%, 11/29/32
200
216,930
Mastercard, Inc.
2.95%, 06/01/29
150
146,210
3.35%, 03/26/30
100
98,274
2.00%, 11/18/31
960
864,070
3.85%, 03/26/50
850
676,134
VeriSign, Inc., 5.25%, 06/01/32
135
138,178
Visa, Inc.
4.30%, 12/14/45
325
287,998
3.65%, 09/15/47
420
332,984
 
12,173,898
Leisure Products — 0.0%
Acushnet Co., 5.63%, 12/01/33(b)
60
61,066
Amer Sports Co., 6.75%, 02/16/31(b)
193
201,497
 
262,563
Machinery — 0.1%
Caterpillar, Inc.
5.20%, 05/15/35
50
52,380
3.80%, 08/15/42
125
106,853
CNH Industrial Capital LLC, 4.50%, 10/08/27
200
201,424
Columbus McKinnon Corp., 7.13%, 02/01/33(b)
133
136,732
Cummins, Inc., 4.90%, 02/20/29
570
587,996
Deere & Co.
5.45%, 01/16/35
225
240,220
3.90%, 06/09/42
25
22,048
Enpro, Inc., 6.13%, 06/01/33(b)
35
36,122
Manitowoc Co., Inc. (The), 9.25%, 10/01/31(b)
123
133,703
Westinghouse Air Brake Technologies Corp.,
5.50%, 05/29/35
452
475,673
 
1,993,151
Marine Transportation — 0.0%
Danaos Corp., 6.88%, 10/15/32(b)
146
150,573
Media — 0.2%
AMC Networks, Inc.
10.25%, 01/15/29(b)
77
82,583
4.25%, 02/15/29
50
44,094
10.50%, 07/15/32(b)
180
184,390
CCO Holdings LLC/CCO Holdings Capital Corp.
6.38%, 09/01/29(b)
30
30,400
7.38%, 03/01/31(b)
226
233,181
4.50%, 05/01/32
69
63,146
12

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Media (continued)
CCO Holdings LLC/CCO Holdings Capital Corp.
7.00%, 02/01/33(b)
USD  
120
$  122,694
7.38%, 02/01/36(b)
51
51,767
Clear Channel Outdoor Holdings, Inc.
7.75%, 04/15/28(b)
60
60,476
7.50%, 06/01/29(b)
64
64,456
7.13%, 02/15/31(b)
54
57,079
CSC Holdings LLC
5.50%, 04/15/27(b)
110
93,262
11.25%, 05/15/28(b)
229
181,430
DirecTV Financing LLC, 8.88%, 02/01/30(b)
30
30,010
DirecTV Financing LLC/DirecTV Financing Co-
Obligor, Inc.
5.88%, 08/15/27(b)
51
51,059
10.00%, 02/15/31(b)
68
69,549
Discovery Communications LLC, 5.00%, 09/20/37
90
71,526
Discovery Global Holdings, Inc.
4.05%, 03/15/29
65
64,309
4.28%, 03/15/32
141
129,544
5.05%, 03/15/42
185
129,962
5.14%, 03/15/52
86
56,330
DISH DBS Corp.
7.38%, 07/01/28
136
131,219
5.75%, 12/01/28(b)
131
126,783
EchoStar Corp.
10.75%, 11/30/29
282
307,928
(6.75% PIK), 6.75%, 11/30/30(e)
72
72,918
Fox Corp., 5.58%, 01/25/49
300
285,071
iHeartCommunications, Inc., 10.88%, 05/01/30(b)
240
178,037
Nexstar Media, Inc., 4.75%, 11/01/28(b)
157
156,231
Omnicom Group, Inc., 4.65%, 10/01/28
500
505,547
Sinclair Television Group, Inc.
5.50%, 03/01/30(b)
37
32,826
4.38%, 12/31/32(b)
63
50,501
8.13%, 02/15/33(b)
46
47,897
Sirius XM Radio LLC, 4.13%, 07/01/30(b)
67
63,153
TEGNA, Inc., 5.00%, 09/15/29
7
6,993
Versant Media Group, Inc., 7.25%, 01/30/31(b)
126
128,946
 
3,965,297
Metals & Mining — 0.2%
Barrick North America Finance LLC, 5.70%,
05/30/41
75
77,960
Century Aluminum Co., 6.88%, 08/01/32(b)
122
126,192
Champion Iron Canada, Inc., 7.88%, 07/15/32(b)
90
95,723
Cleveland-Cliffs, Inc., 7.63%, 01/15/34(b)
30
30,788
Commercial Metals Co.
5.75%, 11/15/33(b)
55
56,116
6.00%, 12/15/35(b)
110
112,667
Eldorado Gold Corp., 6.25%, 09/01/29(b)
123
123,488
Fortescue Treasury Pty Ltd., 6.13%, 04/15/32(b)
121
126,712
Freeport-McMoRan, Inc., 5.45%, 03/15/43
75
74,204
Ivanhoe Mines Ltd., 7.88%, 01/23/30(b)
179
186,356
Kaiser Aluminum Corp., 5.88%, 03/01/34(b)
85
85,947
Mineral Resources Ltd., 7.00%, 04/01/31(b)
190
199,831
New Gold, Inc., 6.88%, 04/01/32(b)
179
190,229
Novelis Corp., 6.88%, 01/30/30(b)
80
82,582
Perenti Finance Pty Ltd., 7.50%, 04/26/29(b)
114
118,399
Reliance, Inc., 2.15%, 08/15/30
50
45,765
Rio Tinto Alcan, Inc., 6.13%, 12/15/33
100
110,359
Rio Tinto Finance U.S.A. PLC
5.25%, 03/14/35
715
746,094
4.75%, 03/22/42
75
71,136
Security
 
Par
(000)
Value
Metals & Mining (continued)
SunCoke Energy, Inc., 4.88%, 06/30/29(b)
USD  
69
$  63,028
Taseko Mines Ltd., 8.25%, 05/01/30(b)
131
138,681
 
2,862,257
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Apollo Commercial Real Estate Finance, Inc.,
4.63%, 06/15/29(b)
93
92,533
Blackstone Mortgage Trust, Inc., 7.75%,
12/01/29(b)
161
171,615
EF Holdco/EF Cayman Hold/Ellington Fin REIT
Cayman/TRS/EF Cayman Non-MTM, 7.38%,
09/30/30(b)
75
75,746
Rithm Capital Corp., 8.00%, 04/01/29(b)
206
207,307
Starwood Property Trust, Inc.
7.25%, 04/01/29(b)
169
177,087
6.50%, 10/15/30(b)
75
78,162
 
802,450
Multi-Utilities — 0.0%
American Water Capital Corp.
5.45%, 03/01/54
75
73,616
5.70%, 09/01/55
95
96,223
 
169,839
Office REITs — 0.0%
Boston Properties LP, 2.90%, 03/15/30
150
141,546
Oil, Gas & Consumable Fuels — 1.2%
Aethon United BR LP/Aethon United Finance
Corp., 7.50%, 10/01/29(b)
42
44,184
Antero Midstream Partners LP/Antero Midstream
Finance Corp.
5.75%, 10/15/33(b)
14
14,212
5.75%, 07/01/34(b)
65
66,016
BKV Upstream Midstream LLC, 7.50%, 10/15/30(b)
192
195,375
BP Capital Markets America, Inc., 5.23%, 11/17/34
425
444,865
California Resources Corp.
8.25%, 06/15/29(b)
214
224,659
7.00%, 01/15/34(b)
74
75,354
Cheniere Corpus Christi Holdings LLC, 3.70%,
11/15/29
610
601,619
Cheniere Energy Partners LP, 5.75%, 08/15/34
75
79,254
Cheniere Energy, Inc., 4.63%, 10/15/28
2,640
2,639,057
Chord Energy Corp.
6.00%, 10/01/30(b)
70
71,505
6.75%, 03/15/33(b)
110
114,245
CNX Midstream Partners LP, 4.75%, 04/15/30(b)
55
53,640
CNX Resources Corp.
7.38%, 01/15/31(b)
99
102,677
7.25%, 03/01/32(b)
124
130,026
5.88%, 03/01/34(b)
45
45,082
ConocoPhillips Co., 5.00%, 01/15/35
1,515
1,559,043
Coterra Energy, Inc., 5.40%, 02/15/35
125
128,904
CVR Energy, Inc.
7.50%, 02/15/31(b)
32
31,892
7.88%, 02/15/34(b)
46
45,080
Delek Logistics Partners LP/Delek Logistics
Finance Corp., 8.63%, 03/15/29(b)
266
277,746
Enbridge, Inc., 6.20%, 11/15/30
65
70,363
Energy Transfer LP, 6.50%, 02/01/42
225
240,768
Enterprise Products Operating LLC
4.85%, 01/31/34
225
230,093
4.85%, 03/15/44
150
139,954
EQT Corp., 5.75%, 02/01/34
350
370,779
13

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Genesis Energy LP/Genesis Energy Finance Corp.
8.25%, 01/15/29
USD  
104
$  108,570
7.88%, 05/15/32
85
88,977
03/15/34(b)(d)
45
45,519
Global Partners LP/GLP Finance Corp., 8.25%,
01/15/32(b)
84
88,744
Golar LNG Ltd., 7.50%, 10/02/30(b)
200
200,264
Gulfport Energy Operating Corp., 6.75%,
09/01/29(b)
168
173,975
Ithaca Energy North Sea PLC, 8.13%, 10/15/29(b)
124
130,533
Karoon U.S.A. Finance, Inc., 10.50%, 05/14/29(b)
33
34,188
Kinder Morgan Energy Partners LP
5.80%, 03/15/35
100
106,723
6.55%, 09/15/40
25
27,762
Kinder Morgan, Inc., 5.95%, 08/01/54
676
690,626
Marathon Petroleum Corp., 5.15%, 03/01/30
75
77,734
MPLX LP, 6.10%, 04/01/56
1,090
1,089,024
Murphy Oil Corp., 6.50%, 02/15/34
46
46,000
NGL Energy Operating LLC/NGL Energy Finance
Corp.
8.13%, 02/15/29(b)
122
126,437
8.38%, 02/15/32(b)
136
142,651
ONEOK, Inc.
5.65%, 11/01/28
1,490
1,550,273
6.35%, 01/15/31
1,530
1,657,565
6.05%, 09/01/33
540
579,814
7.15%, 01/15/51
390
438,611
Phillips 66 Co., 5.25%, 06/15/31
200
209,399
Sabine Pass Liquefaction LLC, 4.20%, 03/15/28
25
25,101
Shell Finance U.S., Inc., 4.38%, 05/11/45
300
262,722
Talos Production, Inc.
9.00%, 02/01/29(b)
118
122,891
9.38%, 02/01/31(b)
114
121,298
Targa Resources Corp.
6.15%, 03/01/29
2,550
2,698,027
5.55%, 08/15/35
520
538,863
6.50%, 02/15/53
690
732,044
TotalEnergies Capital SA, 5.49%, 04/05/54
470
464,555
Vermilion Energy, Inc., 7.25%, 02/15/33(b)
108
105,635
Western Midstream Operating LP
4.50%, 03/01/28
50
50,377
6.35%, 01/15/29
35
36,985
5.50%, 12/15/35
395
398,405
Williams Cos., Inc. (The)
5.10%, 09/15/45
100
93,593
4.85%, 03/01/48
175
155,013
 
21,415,290
Paper & Forest Products — 0.0%
Suzano Austria GmbH, 6.00%, 01/15/29
200
207,116
Passenger Airlines — 0.0%
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%,
09/20/31(b)
235
238,818
Southwest Airlines Co., 2.63%, 02/10/30
175
164,214
 
403,032
Personal Care Products — 0.0%
Estee Lauder Cos., Inc. (The), 2.38%, 12/01/29
125
118,139
Kenvue, Inc., 5.00%, 03/22/30
50
51,810
 
169,949
Pharmaceuticals — 0.5%
1261229 BC Ltd., 10.00%, 04/15/32(b)
240
248,192
Amneal Pharmaceuticals LLC, 6.88%, 08/01/32(b)
181
190,290
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
AstraZeneca PLC, 6.45%, 09/15/37
USD  
350
$  401,457
Bausch Health Cos., Inc., 11.00%, 09/30/28(b)
80
83,649
Eli Lilly & Co.
5.05%, 08/14/54
850
804,154
5.65%, 10/15/65
55
55,678
Merck & Co., Inc., 5.00%, 05/17/53
310
288,445
Novartis Capital Corp., 2.20%, 08/14/30
2,750
2,563,839
Pfizer Investment Enterprises Pte Ltd.
5.11%, 05/19/43
550
535,248
5.30%, 05/19/53
200
191,495
5.34%, 05/19/63
125
117,307
Zoetis, Inc.
3.00%, 09/12/27
580
573,129
2.00%, 05/15/30
2,560
2,364,811
4.70%, 02/01/43
300
279,027
 
8,696,721
Professional Services — 0.0%
CACI International, Inc.
6.38%, 06/15/33(b)
181
186,338
Series MAR, 06/15/33(b)(d)
55
56,622
 
242,960
Real Estate Management & Development — 0.2%
Anywhere Real Estate Group LLC/Realogy Co-
Issuer Corp.
5.75%, 01/15/29(b)
118
116,320
5.25%, 04/15/30(b)
76
71,887
9.75%, 04/15/30(b)
68
73,271
CBRE Services, Inc.
5.50%, 04/01/29
1,130
1,173,684
5.95%, 08/15/34
1,830
1,957,203
Five Point Operating Co. LP, 8.00%, 10/01/30(b)
126
130,481
Howard Hughes Corp. (The), 6.13%, 03/01/34(b)
40
39,917
 
3,562,763
Residential REITs — 0.0%
AvalonBay Communities, Inc., 5.00%, 08/01/35
50
51,284
Invitation Homes Operating Partnership LP, 5.45%,
08/15/30
50
52,091
Mid-America Apartments LP, 4.65%, 01/15/33
75
75,457
UDR, Inc., 2.10%, 06/15/33
125
105,514
 
284,346
Retail REITs — 0.0%
Kimco Realty OP LLC, 6.40%, 03/01/34
75
83,571
NNN REIT, Inc., 5.60%, 10/15/33
100
105,432
Realty Income Corp., 4.90%, 07/15/33
50
51,301
 
240,304
Semiconductors & Semiconductor Equipment — 0.8%
Amkor Technology, Inc., 5.88%, 10/01/33(b)
53
54,083
ams-OSRAM AG, 12.25%, 03/30/29(b)
46
49,005
Broadcom, Inc.
4.15%, 04/15/32(b)
700
693,142
3.75%, 02/15/51
300
231,304
Intel Corp., 4.88%, 02/10/28
1,070
1,086,956
Kioxia Holdings Corp.
6.25%, 07/24/30(b)
70
72,681
6.63%, 07/24/33(b)
138
145,433
Lam Research Corp., 1.90%, 06/15/30
2,520
2,316,387
Micron Technology, Inc., 5.80%, 01/15/35
250
267,727
NVIDIA Corp.
1.55%, 06/15/28
400
382,179
2.00%, 06/15/31
2,970
2,707,418
14

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Semiconductors & Semiconductor Equipment (continued)
NVIDIA Corp.
3.50%, 04/01/50
USD  
275
$  209,906
3.70%, 04/01/60
1,050
788,120
Texas Instruments, Inc.
1.90%, 09/15/31
299
268,637
3.65%, 08/16/32
2,345
2,280,689
4.90%, 03/14/33
520
540,226
TSMC Arizona Corp.
4.25%, 04/22/32
828
838,797
3.25%, 10/25/51
540
424,823
 
13,357,513
Software — 0.9%
Adobe, Inc., 2.30%, 02/01/30
2,360
2,211,262
AppLovin Corp., 5.50%, 12/01/34
890
907,340
Autodesk, Inc., 3.50%, 06/15/27
325
323,047
Cloud Software Group, Inc.
9.00%, 09/30/29(b)
83
81,278
8.25%, 06/30/32(b)
73
73,061
Electronic Arts, Inc., 1.85%, 02/15/31
1,000
944,681
Fair Isaac Corp., 6.00%, 05/15/33(b)
74
74,797
Fiserv, Inc.
2.25%, 06/01/27
200
195,422
4.20%, 10/01/28
275
275,069
Intuit, Inc.
1.35%, 07/15/27
660
638,431
1.65%, 07/15/30
3,100
2,798,595
5.20%, 09/15/33
200
207,415
5.50%, 09/15/53
65
61,518
Microsoft Corp., 2.68%, 06/01/60
525
303,953
NCR Atleos Corp., 9.50%, 04/01/29(b)
169
181,490
Oracle Corp.
5.50%, 08/03/35
1,360
1,344,406
5.95%, 09/26/55
260
228,798
6.70%, 02/04/56
770
746,715
Roper Technologies, Inc., 5.10%, 09/15/35
70
69,878
Salesforce, Inc.
3.70%, 04/11/28
125
124,718
3.05%, 07/15/61
610
355,199
ServiceNow, Inc., 1.40%, 09/01/30
1,980
1,753,960
Workday, Inc., 3.80%, 04/01/32
1,200
1,138,284
 
15,039,317
Specialized REITs — 0.0%
EPR Properties, 4.95%, 04/15/28
225
227,633
Extra Space Storage LP, 5.50%, 07/01/30
150
156,931
Iron Mountain, Inc., 6.25%, 01/15/33(b)
83
84,810
Millrose Properties, Inc.
6.38%, 08/01/30(b)
50
51,295
6.25%, 09/15/32(b)
192
194,408
 
715,077
Specialty Retail — 0.3%
Advance Auto Parts, Inc.
7.00%, 08/01/30(b)
70
71,811
7.38%, 08/01/33(b)
49
50,215
AutoZone, Inc., 4.00%, 04/15/30
225
224,027
Carvana Co.
(9.00% Cash or 13.00% PIK), 9.00%,
06/01/30(b)(e)
105
109,082
(9.00% Cash or 14.00% PIK), 9.00%,
06/01/31(b)(e)
33
36,706
Dicks Sporting Goods, Inc., 4.00%, 10/01/29(b)
70
69,291
Gap, Inc. (The), 3.63%, 10/01/29(b)
69
65,636
Security
 
Par
(000)
Value
Specialty Retail (continued)
Home Depot, Inc. (The)
1.50%, 09/15/28
USD  
1,050
$  996,321
1.88%, 09/15/31
1,420
1,267,400
4.65%, 09/15/35
475
475,533
3.35%, 04/15/50
940
672,140
Lowes Cos., Inc., 1.70%, 09/15/28
1,150
1,089,749
OReilly Automotive, Inc., 3.60%, 09/01/27
25
24,879
Petco Health & Wellness Co., Inc., 8.25%,
02/01/31(b)
11
10,743
Wayfair LLC
7.25%, 10/31/29(b)
181
187,053
7.75%, 09/15/30(b)
103
108,316
 
5,458,902
Technology Hardware, Storage & Peripherals — 0.0%
CDW LLC/CDW Finance Corp., 3.57%, 12/01/31
226
210,381
Diebold Nixdorf, Inc., 7.75%, 03/31/30(b)
35
36,915
HP, Inc., 4.00%, 04/15/29
325
323,181
Seagate Data Storage Technology Pte Ltd.
8.25%, 12/15/29(b)
106
111,847
5.88%, 07/15/30(b)
60
61,749
 
744,073
Textiles, Apparel & Luxury Goods — 0.1%
Ralph Lauren Corp., 5.00%, 06/15/32
1,000
1,040,764
Tobacco — 0.0%
Altria Group, Inc., 3.40%, 05/06/30
250
243,424
BAT Capital Corp., 3.46%, 09/06/29
200
196,351
Turning Point Brands, Inc., 7.63%, 03/15/32(b)
88
94,368
 
534,143
Trading Companies & Distributors — 0.0%
FTAI Aviation Investors LLC
7.88%, 12/01/30(b)
66
69,836
7.00%, 06/15/32(b)
48
50,386
GATX Corp., 5.45%, 09/15/33
75
78,674
QXO Building Products, Inc., 6.75%, 04/30/32(b)
240
248,572
 
447,468
Wireless Telecommunication Services — 0.1%
America Movil SAB de CV, 3.63%, 04/22/29
200
197,073
Millicom International Cellular SA
6.25%, 03/25/29(b)
63
63,420
7.38%, 04/02/32(b)
168
173,386
Rogers Communications, Inc.
4.55%, 03/15/52
225
183,725
7.00%, 04/15/55
58
60,661
7.13%, 04/15/55
56
59,308
T-Mobile U.S.A., Inc.
3.38%, 04/15/29
75
73,640
3.50%, 04/15/31
400
386,426
5.50%, 01/15/55
320
305,198
Vodafone Group PLC, 6.15%, 02/27/37
300
330,777
Zegona Finance PLC, 8.63%, 07/15/29(b)
218
230,198
 
2,063,812
Total Corporate Bonds — 18.2%
(Cost: $316,937,610)
322,236,228
15

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Foreign Government Obligations
Canada — 0.1%
Canada Government International Bond
3.75%, 04/26/28
USD  
1,050
$  1,057,183
4.00%, 03/18/30
75
76,435
 
1,133,618
Chile — 0.0%
Republic of Chile, 3.25%, 09/21/71
1,110
716,283
Hong Kong — 0.0%
Hong Kong Government International Bond,
1.75%, 11/24/31(f)
275
248,911
Indonesia — 0.0%
Republic of Indonesia, 5.25%, 01/15/30
200
207,600
Mexico — 0.1%
United Mexican States
5.85%, 07/02/32
225
234,000
6.13%, 02/09/38
475
481,294
7.38%, 05/13/55
550
602,525
3.77%, 05/24/61
870
544,620
 
1,862,439
Peru — 0.0%
Republic of Peru, 6.20%, 06/30/55
300
315,825
Philippines — 0.1%
Republic of the Philippines
4.63%, 07/17/28
200
203,100
2.46%, 05/05/30
325
305,500
5.90%, 02/04/50
400
422,840
 
931,440
Poland — 0.0%
Republic of Poland, 5.50%, 03/18/54
220
215,301
Total Foreign Government Obligations — 0.3%
(Cost: $5,570,613)
5,631,417
 
 

Shares
 
Investment Companies
Equity Funds — 0.2%
iShares MSCI India ETF(g)
76,701
4,009,161
Total Investment Companies — 0.2%
(Cost: $ 3,492,383)
4,009,161
 
 
Par
(000)
 
Preferred Securities
Capital Trusts — 0.0%
Banks — 0.0%
Canadian Imperial Bank of Commerce, 6.95%,
01/28/85
USD  
136
140,635
Electric Utilities — 0.0%
American Electric Power Co., Inc., Series C,
5.80%, 03/15/56
125
125,608
Electricite de France SA, 9.13%(b)(h)
78
92,772
Entergy Corp., 6.10%, 06/15/56
125
126,036
 
344,416
Financial Services — 0.0%
HA Sustainable Infrastructure Capital, Inc., 7.13%,
11/15/56
295
294,919
Security
 
Par
(000)
Value
Gas Utilities — 0.0%
AltaGas Ltd., 7.20%, 10/15/54(b)
USD  
92
$  96,123
Health Care Providers & Services — 0.0%
CVS Health Corp.
6.75%, 12/10/54
104
108,194
7.00%, 03/10/55
106
111,494
 
219,688
Total Capital Trusts — 0.0%
1,095,781
 
 

Shares
 
Preferred Stocks — 0.1%
Banks — 0.1%
Grupo Cibest SA
24,294
416,339
Itau Unibanco Holding SA
7,012
63,534
 
479,873
Chemicals — 0.0%
Braskem SA, Series A(a)
95,990
179,191
Electric Utilities — 0.0%
Cia Energetica de Minas Gerais
55,598
131,769
Machinery — 0.0%
Marcopolo SA
316,822
427,662
Metals & Mining — 0.0%
Gerdau SA
84,879
344,881
Total Preferred Stocks — 0.1%
1,563,376
Total Preferred Securities — 0.1%
(Cost: $2,561,676)
2,659,157
 
 
Par
(000)
 
U.S. Government Sponsored Agency Securities
Mortgage-Backed Securities — 10.9%
Fannie Mae Mortgage-Backed Securities
1.50%, 02/01/37 - 04/01/52
USD  
1,938
1,576,277
2.00%, 04/01/37 - 12/01/51
22,450
19,078,157
2.50%, 06/01/37 - 12/01/51
6,900
6,052,240
3.00%, 09/01/34 - 06/01/52
3,134
2,902,770
4.00%, 11/01/37 - 08/01/52
965
944,615
4.50%, 09/01/52 - 08/01/53
158
158,099
5.00%, 10/01/52 - 01/01/55
2,612
2,637,515
5.50%, 02/01/53 - 10/01/54
2,902
2,971,222
6.00%, 07/01/53 - 11/01/55
8,039
8,279,875
6.50%, 11/01/53 - 08/01/54
1,372
1,451,163
Freddie Mac Mortgage-Backed Securities
1.50%, 03/01/37
132
120,153
2.00%, 05/01/36 - 04/01/37
728
678,331
2.50%, 05/01/37 - 04/01/52
4,057
3,564,790
3.00%, 07/01/38 - 07/01/50
409
393,853
4.00%, 02/01/38 - 02/01/53
906
889,320
4.50%, 08/01/52 - 08/01/53
52
51,622
5.00%, 04/01/53 - 01/01/56
3,064
3,095,125
5.50%, 01/01/53 - 10/01/55
4,514
4,621,489
6.00%, 08/01/53 - 08/01/55
3,472
3,627,521
6.50%, 10/01/53 - 09/01/55
1,950
2,037,435
Ginnie Mae Mortgage-Backed Securities
2.00%, 10/20/51 - 03/15/56(i)
8,712
7,380,916
2.50%, 07/20/51 - 03/15/56(i)
11,486
10,143,509
3.00%, 11/20/46 - 03/15/56(i)
8,378
7,698,524
3.50%, 03/20/50 - 03/15/56(i)
5,414
5,138,353
16

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Mortgage-Backed Securities (continued)
Ginnie Mae Mortgage-Backed Securities
4.00%, 01/20/50 - 09/20/52
USD  
4,686
$  4,552,732
4.50%, 03/20/49 - 03/15/56(i)
3,807
3,784,553
5.00%, 04/20/53 - 03/15/56(i)
5,472
5,493,118
5.50%, 12/20/52 - 03/15/56(i)
5,786
5,864,454
6.00%, 09/20/53 - 03/15/56(i)
2,475
2,529,935
6.50%, 10/20/53 - 03/15/56(i)
1,061
1,102,818
Uniform Mortgage-Backed Securities
1.50%, 03/01/41 - 03/01/56(i)
2,189
1,840,961
2.00%, 03/01/41 - 03/01/56(i)
16,365
13,641,964
2.50%, 03/01/41 - 03/01/56(i)
7,466
6,613,656
3.00%, 03/01/41 - 03/01/56(i)
5,313
4,849,312
3.50%, 03/01/41 - 03/01/56(i)
9,002
8,548,009
4.00%, 03/01/41 - 03/01/56(i)
4,969
4,863,041
4.50%, 03/01/56(i)
3,336
3,298,561
5.00%, 03/01/56(i)
8,199
8,233,238
5.50%, 03/01/56(i)
15,288
15,530,150
6.00%, 03/01/56(i)
3,705
3,799,892
6.50%, 03/01/56(i)
509
528,672
7.00%, 03/01/56(i)
1,208
1,270,097
 
191,838,037
Total U.S. Government Sponsored Agency Securities — 10.9%
(Cost: $194,287,178)
191,838,037
U.S. Treasury Obligations
U.S. Treasury Bonds
2.25%, 05/15/41 - 02/15/52
49,030
33,206,344
1.75%, 08/15/41
10,280
7,176,725
2.38%, 02/15/42
16,000
12,165,000
2.88%, 05/15/43
10,000
8,019,141
4.13%, 08/15/44
1,000
947,031
3.00%, 02/15/47 - 08/15/48
16,100
12,460,855
3.38%, 11/15/48
2,600
2,131,797
1.88%, 11/15/51
7,510
4,334,971
4.75%, 08/15/55
2,930
2,983,564
U.S. Treasury Notes
2.50%, 03/31/27
5,000
4,947,266
2.75%, 04/30/27
9,350
9,271,109
4.38%, 08/31/28
22,120
22,638,438
1.88%, 02/28/29 - 02/15/32
32,000
29,758,633
2.38%, 05/15/29
16,000
15,501,875
0.63%, 08/15/30
5,000
4,413,086
3.75%, 12/31/30
27,100
27,368,883
3.88%, 08/15/34
15,590
15,613,141
Total U.S. Treasury Obligations — 12.1%
(Cost: $231,195,189)
212,937,859
Total Long-Term Investments — 91.3%
(Cost: $1,292,815,854)
1,613,396,345
Security
 

Shares
Value
Short-Term Securities
Money Market Funds — 11.9%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.84%(g)(j)(k)
950,908
$  951,383
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 3.56%(g)(j)
210,101,136
210,101,136
Total Short-Term Securities — 11.9%
(Cost: $211,052,519)
211,052,519
Total Investments Before TBA Sale Commitments — 103.2%
(Cost: $1,503,868,373)
1,824,448,864
 
 
Par
(000)
 
TBA Sale Commitments(i)
Mortgage-Backed Securities — (1.3)%
Ginnie Mae Mortgage-Backed Securities
3.00%, 03/15/56
USD  
(250
)
(229,270
)
3.50%, 03/15/56
(300
)
(281,527
)
6.50%, 03/15/56
(775
)
(805,717
)
Uniform Mortgage-Backed Securities
2.00%, 03/01/56
(6,200
)
(5,135,050
)
2.50%, 03/01/41
(450
)
(428,984
)
3.00%, 03/01/41
(550
)
(532,458
)
4.00%, 03/01/56
(425
)
(413,021
)
4.50%, 03/01/56
(650
)
(642,752
)
5.00%, 03/01/56
(3,800
)
(3,817,045
)
5.50%, 03/01/56
(10,725
)
(10,896,952
)
6.50%, 03/01/56
(475
)
(493,339
)
Total TBA Sale Commitments — (1.3)%
(Proceeds: $(23,674,367))
(23,676,115
)
Total Investments Net of TBA Sale Commitments — 101.9%
(Cost: $1,480,194,006)
1,800,772,749
Liabilities in Excess of Other Assets — (1.9)%
(33,775,095
)
Net Assets — 100.0%
$  1,766,997,654
(a)
Non-income producing security.
(b)
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.
(c)
All or a portion of this security is on loan.
(d)
When-issued security.
(e)
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.
(f)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(g)
Affiliate of the Fund.
(h)
Perpetual security with no stated maturity date.
(i)
Represents or includes a TBA transaction.
(j)
Annualized 7-day yield as of period end.
(k)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
17

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at
05/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
02/28/26
Shares
Held at
02/28/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash
Funds: Institutional, SL
Agency Shares
$  1,291,050
$  
$  (339,948
)(a)
$  281
$  
$  951,383
950,908
$  9,136
(b)
$  
BlackRock Liquidity Funds,
T-Fund, Institutional Shares
89,404,974
120,696,162
(a)
210,101,136
210,101,136
3,575,419
iShares MSCI India ETF
4,579,582
1,957,297
(2,374,928
)
86,130
(238,920
)
4,009,161
76,701
 
$  86,411
$  (238,920
)
$  215,061,680
$  3,584,555
$  
(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 collateral investment fees, and other payments to and
from borrowers of securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
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
 
 
TOPIX Index
136
03/12/26
$  34,439
$  4,943,398
S&P/Toronto Stock Exchange 60 Index
1
03/19/26
289
16,734
Mini MSCI EAFE Index
119
03/20/26
18,832
1,605,519
Mini MSCI Emerging Markets Index
11
03/20/26
882
126,868
S&P 500 E-Mini Index
49
03/20/26
16,878
(126,316
)
U.S. Ultra Treasury Notes (10 Year)
85
06/18/26
9,922
56,242
U.S. Treasury Notes (2 Year)
179
06/30/26
37,460
59,100
U.S. Treasury Notes (5 Year)
176
06/30/26
19,385
47,681
 
 
 
6,729,226
Short Contracts
 
 
Euro STOXX 50 Index
103
03/20/26
7,488
(406,865
)
NASDAQ 100 E-Mini Index
105
03/20/26
52,510
2,024,736
U.S. Treasury Bonds (30 Year)
66
06/18/26
7,819
(58,115
)
U.S. Treasury Notes (10 Year)
14
06/18/26
1,593
(6,914
)
U.S. Ultra Treasury Bonds
955
06/18/26
116,122
(1,085,604
)
 
 
 
467,238
 
 
 
$  7,196,464
Forward Foreign Currency Exchange Contracts
Currency Purchased
Currency Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
AUD
78,326,836
USD
51,863,566
JPMorgan Chase Bank N.A.
03/18/26
$3,872,890
CAD
47,518,230
USD
34,243,341
Morgan Stanley & Co. International PLC
03/18/26
623,756
EUR
57,939,246
JPY
10,644,487,610
Barclays Bank PLC
03/18/26
253,835
EUR
4,485,000
JPY
818,646,000
Goldman Sachs International
03/18/26
53,839
EUR
58,786,960
USD
68,942,995
BNP Paribas S.A.
03/18/26
599,176
18

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
69,621,397
EUR
58,786,960
Barclays Bank PLC
03/18/26
$79,225
USD
630,079
JPY
96,699,400
Barclays Bank PLC
03/18/26
9,743
 
 
 
 
 
 
$5,492,464
JPY
10,644,487,610
EUR
59,223,726
Barclays Bank PLC
03/18/26
(1,773,314
)
JPY
10,644,487,118
USD
69,357,980
Barclays Bank PLC
03/18/26
(1,072,452
)
JPY
10,836,135,024
USD
69,852,864
Barclays Bank PLC
03/18/26
(337,894
)
USD
491,621
EUR
419,200
BNP Paribas S.A.
03/18/26
(4,273
)
USD
4,805,359
EUR
4,105,000
Wells Fargo Bank N.A.
03/18/26
(50,660
)
USD
472,566
GBP
353,700
Morgan Stanley & Co. International PLC
03/18/26
(4,128
)
 
 
 
 
 
 
$(3,242,721
)
 
$2,249,743
 
 
 
 
 
 
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.HY.45.V2
5.00
%
Quarterly
12/20/30
USD
10,501
$(813,796
)
$(842,832
)
$29,036
OTC Total Return Swaps
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
Reference
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
SOFR plus 0.29%,
3.68%
Quarterly
MSCI All Country
World Index
Quarterly
Merrill Lynch International
04/07/26
USD
170,219
$  3,412,690
$  
$  3,412,690
SOFR plus 0.38%,
3.68%
Quarterly
MSCI All Country
World Index
Quarterly
Merrill Lynch International
11/12/26
USD
8,476
84,386
84,386
 
 
 
 
 
 
 
$  3,497,076
$  
$  3,497,076
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;
Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
Level 3 — Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have 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.
19

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Funds financial instruments categorized in the fair value hierarchy. The breakdown of the Funds financial instruments into major categories is disclosed in the Schedule of Investments above.
 
Level 1
Level 2
Level 3
Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense
$  11,942,850
$  16,739,439
$  
$  28,682,289
Air Freight & Logistics
190,477
190,477
Automobile Components
2,643,539
2,643,539
Automobiles
12,602,348
409,666
13,012,014
Banks
25,667,821
36,507,940
62,175,761
Beverages
3,836,817
3,836,817
Biotechnology
14,633,864
1,829,898
16,463,762
Broadline Retail
28,323,391
3,246,432
31,569,823
Building Products
338,239
338,239
Capital Markets
20,033,390
7,424,136
27,457,526
Chemicals
3,856,845
4,244,571
8,101,416
Commercial Services & Supplies
1,251,424
1,251,424
Communications Equipment
4,029,944
3,216,246
7,246,190
Construction & Engineering
11,681,005
5,303,857
16,984,862
Construction Materials
787,024
787,024
Consumer Finance
6,138,895
6,138,895
Consumer Staples Distribution & Retail
11,709,745
1,538,781
13,248,526
Containers & Packaging
1,997,995
1,997,995
Diversified REITs
196,358
196,358
Diversified Telecommunication Services
11,651,254
6,298,277
17,949,531
Electric Utilities
3,921,905
3,053,904
6,975,809
Electrical Equipment
7,234,070
18,012,296
25,246,366
Electronic Equipment, Instruments & Components
3,735,602
9,516,708
13,252,310
Energy Equipment & Services
128,772
128,772
Entertainment
8,883,241
336,265
9,219,506
Financial Services
10,446,433
1,261,111
11,707,544
Food Products
1,744,164
573,886
2,318,050
Gas Utilities
341,288
341,288
Ground Transportation
3,427,301
3,427,301
Health Care Equipment & Supplies
9,556,050
715,867
10,271,917
Health Care Providers & Services
12,463,397
71,111
12,534,508
Health Care REITs
134,237
134,237
Health Care Technology
898,765
898,765
Hotel & Resort REITs
136
136
Hotels, Restaurants & Leisure
15,135,896
2,405,548
17,541,444
Household Durables
1,661,432
8,290,610
9,952,042
Household Products
10,997,037
10,997,037
Independent Power and Renewable Electricity Producers
1,118,079
1,118,079
Industrial Conglomerates
8,926,898
4,569,915
13,496,813
Insurance
9,678,719
24,714,592
34,393,311
Interactive Media & Services
39,342,390
8,246,352
47,588,742
IT Services
2,201,700
1,425,919
3,627,619
Leisure Products
618,155
618,155
Life Sciences Tools & Services
727,321
161,532
888,853
Machinery
811,799
3,083,971
3,895,770
Marine Transportation
40,776
40,776
Media
195,539
1,589,274
1,784,813
Metals & Mining
15,520,168
8,174,781
23,694,949
Multi-Utilities
3,384,059
3,162,374
6,546,433
Oil, Gas & Consumable Fuels
15,016,512
20,538,825
35,555,337
Passenger Airlines
43,953
687,684
731,637
Personal Care Products
133,067
133,067
Pharmaceuticals
22,905,520
15,361,845
38,267,365
Professional Services
1,658,389
3,515,933
5,174,322
Real Estate Management & Development
55,668
3,523,724
3,579,392
Residential REITs
348,004
348,004
20

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Common Stocks(continued)
Retail REITs
$  1,686,645
$  181,881
$  
$  1,868,526
Semiconductors & Semiconductor Equipment
80,854,693
38,048,216
118,902,909
Software
44,512,966
1,684,042
46,197,008
Specialized REITs
9,746,743
9,746,743
Specialty Retail
6,652,430
539,886
7,192,316
Technology Hardware, Storage & Peripherals
43,635,799
11,490,131
55,125,930
Textiles, Apparel & Luxury Goods
3,581,251
495,907
4,077,158
Tobacco
6,086,014
2,284,624
8,370,638
Water Utilities
710,149
710,149
Wireless Telecommunication Services
2,196,734
2,993,438
5,190,172
Corporate Bonds
322,236,228
322,236,228
Foreign Government Obligations
5,631,417
5,631,417
Investment Companies
4,009,161
4,009,161
Preferred Securities
Capital Trusts
1,095,781
1,095,781
Preferred Stocks
1,563,376
1,563,376
U.S. Government Sponsored Agency Securities
191,838,037
191,838,037
U.S. Treasury Obligations
212,937,859
212,937,859
Short-Term Securities
Money Market Funds
211,052,519
211,052,519
Liabilities
TBA Sale Commitments
(23,676,115
)
(23,676,115
)
 
$  800,879,784
$  999,892,965
$  
$  1,800,772,749
Derivative Financial Instruments(a)
Assets
Credit Contracts
$  
$  29,036
$  
$  29,036
Equity Contracts
3,773,857
8,440,474
12,214,331
Foreign Currency Exchange Contracts
5,492,464
5,492,464
Interest Rate Contracts
163,023
163,023
Liabilities
Equity Contracts
(533,181
)
(533,181
)
Foreign Currency Exchange Contracts
(3,242,721
)
(3,242,721
)
Interest Rate Contracts
(1,150,633
)
(1,150,633
)
 
$  2,253,066
$  10,719,253
$  
$  12,972,319
(a)
Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange
contracts are valued at the unrealized appreciation (depreciation) on the instrument.
Currency Abbreviation
AUD
Australian Dollar
CAD
Canadian Dollar
EUR
Euro
GBP
British Pound
JPY
Japanese Yen
USD
United States Dollar
21

Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Balanced Fund, Inc.
Portfolio Abbreviation
ADR
American Depositary Receipt
DAC
Designated Activity Co.
ETF
Exchange-Traded Fund
LP
Limited Partnership
MTN
Medium-Term Note
NVS
Non-Voting Shares
OTC
Over-the-Counter
PIK
Payment-in-Kind
REIT
Real Estate Investment Trust
SOFR
Secured Overnight Financing Rate
TBA
To-be-Announced
TOPIX
Tokyo Stock Price Index
22