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AUGUST 31, 2026
2026 Quarterly Report
(Unaudited)
BlackRock Balanced Fund, Inc.
Not FDIC Insured • May Lose Value • No Bank Guarantee
BNM1026U-6041638-19232822
Page 2
Security
Par (000) Value Asset-Backed Securities Affirm Asset Securitization Trust, Series 2026X1, Class C, 4.82%, 04/15/31 (a) .............. USD 925 $ 921,609 Affirm Master Trust, Series 2026-3A, Class C, 5.18%, 08/15/34 (a) .......................... 925 921,549 PRET LLC, Series 2026-RN2, Class A1, 5.77%, 07/25/56 (a)(b) ................................ 2,730 2,720,088 Total Asset-Backed Securities — 0.2% (Cost: $4,579,740) ................................................ 4,563,246
Shares Common Stocks
Aerospace & Defense — 1.0% BAE Systems PLC .................................. 171,825 4,714,138 Curtiss-Wright Corp. ................................. 719 418,839 General Dynamics Corp. ............................ 317 117,718 HEICO Corp., Class A ............................... 208 50,787 Lockheed Martin Corp. .............................. 6,732 3,778,200 Mercury Systems, Inc. (c) ............................. 648 56,590 Northrop Grumman Corp. ............................ 2,012 1,085,877 Rolls-Royce Holdings PLC ........................... 85,318 1,734,017 RTX Corp. .......................................... 16,991 3,529,541 Safran SA .......................................... 6,625 2,589,316 Thales SA .......................................... 2,708 768,058 18,843,081 Air Freight & Logistics — 0.3% DHL AG, Registered Shares ......................... 26,421 1,716,161 Expeditors International of Washington, Inc. .......... 375 71,119 FedEx Corp. ........................................ 5,400 1,767,960 United Parcel Service, Inc., Class B .................. 15,635 1,629,636 5,184,876 Automobile Components — 0.3% BorgWarner, Inc. .................................... 35,882 2,302,189 Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A ..................................... 1,600 18,668 Denso Corp. ........................................ 125,100 1,501,831 Lear Corp. .......................................... 2,033 254,105 Sumitomo Electric Industries Ltd. .................... 45,200 625,929 4,702,722 Automobiles — 0.5% BYD Co. Ltd., Class A ............................... 1,500 19,695 BYD Co. Ltd., Class H ............................... 11,300 124,728 Geely Automobile Holdings Ltd. ...................... 304,000 680,730 General Motors Co. ................................. 2,104 181,617 Mercedes-Benz Group AG, Class N .................. 493 26,980 Porsche Automobil Holding SE, Preference Shares, NVS ............................................. 2,052 67,545 Tesla, Inc. (c) ......................................... 23,395 8,608,190 9,709,485 Banks — 3.7% Banco Bilbao Vizcaya Argentaria SA ................. 16,732 484,098 Banco Santander SA ................................ 151,495 2,216,949 Bank Central Asia Tbk PT ........................... 4,202,100 1,533,965 Bank Hapoalim BM .................................. 8,026 207,234 Bank Leumi Le-Israel BM ............................ 969 24,704 Bank Mandiri Persero Tbk PT ........................ 1,383,200 330,057 Bank Negara Indonesia Persero Tbk PT .............. 144,900 31,541 Bank of America Corp. .............................. 141,707 8,777,332 Bank of Nova Scotia (The) ........................... 25,246 2,311,021 Bank Polska Kasa Opieki SA ........................ 5,295 368,510
Security Shares Value
Banks (continued) Bank Rakyat Indonesia Persero Tbk PT .............. 3,870,000 $ 709,831 Barclays PLC ....................................... 94,647 627,699 BNP Paribas SA .................................... 24,081 2,867,025 Canadian Imperial Bank of Commerce ............... 7,761 880,900 Citigroup, Inc. ....................................... 25,701 3,382,766 Citizens Financial Group, Inc. ........................ 15,453 1,064,248 Credit Agricole SA ................................... 83,215 1,788,415 Danske Bank A/S ................................... 30,729 1,776,278 DBS Group Holdings Ltd. ............................ 84,900 5,162,894 First Horizon Corp. .................................. 37,965 923,309 FNB Corp. .......................................... 14,491 264,171 Grupo Cibest SA .................................... 6,422 169,301 Grupo Financiero Banorte SAB de CV, Class O ....... 15,681 177,795 Huntington Bancshares, Inc. ......................... 6,845 114,209 Intesa Sanpaolo SpA ................................ 509,573 4,014,517 Israel Discount Bank Ltd., Class A ................... 13,299 151,990 JPMorgan Chase & Co. ............................. 20,966 7,464,315 KB Financial Group, Inc. ............................. 4,839 607,023 Mitsubishi UFJ Financial Group, Inc. ................. 197,100 4,493,612 National Australia Bank Ltd. ......................... 15,304 422,381 NatWest Group PLC ................................ 64,768 588,907 Popular, Inc. ........................................ 589 99,064 Powszechna Kasa Oszczednosci Bank Polski SA ..... 4,736 144,815 Societe Generale SA ................................ 11,869 999,800 Standard Chartered PLC ............................ 19,670 571,260 Sumitomo Mitsui Trust Group, Inc. ................... 246,500 2,728,822 U.S. Bancorp ....................................... 72,493 4,464,119 UniCredit SpA ...................................... 19,878 1,940,095 Wells Fargo & Co. ................................... 14,570 1,258,702 66,143,674 Beverages — 0.2% Ambev SA .......................................... 305,004 887,661 Anheuser-Busch InBev SA/NV ....................... 4,121 326,112 Coca-Cola Femsa SAB de CV ....................... 6,013 66,854 PepsiCo, Inc. ....................................... 15,251 2,140,325 Pernod Ricard SA ................................... 337 25,201 Tsingtao Brewery Co. Ltd., Class A ................... 3,800 28,675 Tsingtao Brewery Co. Ltd., Class H .................. 6,000 31,134 3,505,962 Biotechnology — 0.9% AbbVie, Inc. ......................................... 16,679 4,276,829 Amgen, Inc. ......................................... 5,526 2,375,517 Argenx SE (c) ........................................ 101 103,680 Biogen, Inc. (c) ....................................... 1,360 294,644 BioMarin Pharmaceutical, Inc. (c) ..................... 6,539 426,539 BioNTech SE, ADR (c) ................................ 4,023 408,777 Chongqing Zhifei Biological Products Co. Ltd., Class A (c) ........................................ 65,000 132,044 CSL Ltd. ............................................ 8,092 991,189 Exelixis, Inc. (c) ...................................... 7,818 427,176 Genmab A/S (c) ...................................... 1,891 624,920 Gilead Sciences, Inc. ................................ 14,159 2,072,028 Hugel, Inc. (c) ........................................ 1,468 270,099 Innovent Biologics, Inc. (a)(c) .......................... 45,500 600,139 Neurocrine Biosciences, Inc. (c) ....................... 2,560 394,317 PharmaResearch Co. Ltd. ........................... 409 127,180 Regeneron Pharmaceuticals, Inc. .................... 1,452 1,160,264 United Therapeutics Corp. (c) ......................... 453 231,202 Vertex Pharmaceuticals, Inc. (c) ....................... 1,409 767,229 15,683,773
Schedule of Investments (unaudited) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
2 BNM1026U-6041638-19232822
Page 3
Security Shares Value
Broadline Retail — 1.3% Alibaba Group Holding Ltd. .......................... 113,200 $ 1,618,168 Amazon.com, Inc. (c) ................................. 83,674 21,735,995 Etsy, Inc. (c) .......................................... 1,147 93,285 Global-e Online Ltd. (c) ............................... 9,566 357,290 JD.com, Inc., Class A ................................ 20,500 289,864 24,094,602 Building Products — 0.1% Assa Abloy AB, Class B ............................. 3,279 122,019 Johnson Controls International PLC .................. 12,107 1,673,672 1,795,691 Capital Markets — 1.7% B3 SA - Brasil Bolsa Balcao ......................... 409,058 1,286,805 Brookfield Corp., Class A ............................ 884 36,407 Charles Schwab Corp. (The) ......................... 52,833 5,802,120 China International Capital Corp. Ltd., Class A ........ 218,000 1,126,171 Coinbase Global, Inc., Class A (c) ..................... 1,855 348,963 Goldman Sachs Group, Inc. (The) .................... 4,552 4,669,897 Hithink RoyalFlush Information Network Co. Ltd., Class A .......................................... 4,420 150,622 IG Group Holdings PLC ............................. 2,965 56,246 Intercontinental Exchange, Inc. ...................... 9,411 1,512,348 Jefferies Financial Group, Inc. ....................... 6,242 328,579 London Stock Exchange Group PLC ................. 1,436 174,055 Macquarie Group Ltd. ............................... 33,284 5,968,751 Morgan Stanley ..................................... 41,338 8,818,222 Nasdaq, Inc. ........................................ 863 85,101 TMX Group Ltd. ..................................... 10,288 401,068 XP, Inc., Class A .................................... 4,305 78,480 30,843,835 Chemicals — 0.5% Air Products & Chemicals, Inc. ....................... 10,056 3,111,930 Albemarle Corp. ..................................... 8,900 1,201,233 Ganfeng Lithium Group Co. Ltd., Class A ............. 40,500 324,325 Ganfeng Lithium Group Co. Ltd., Class H (a) .......... 12,000 62,366 KCC Corp. .......................................... 855 293,881 LG Chem Ltd. ....................................... 3,484 710,392 Nitto Denko Corp. ................................... 38,200 834,246 Orica Ltd. ........................................... 36,230 576,143 Shanghai Putailai New Energy Technology Group Co. Ltd., Class A ..................................... 11,800 41,260 Shin-Etsu Chemical Co. Ltd. ......................... 22,500 842,415 SKC Co. Ltd. (c) ...................................... 295 19,295 Sumitomo Chemical Co. Ltd. ......................... 226,600 806,540 Tokyo Ohka Kogyo Co. Ltd. .......................... 800 42,597 Wanhua Chemical Group Co. Ltd., Class A ........... 5,300 60,134 Yunnan Energy New Material Group Co. Ltd., Class A (c) ........................................ 7,200 57,072 Zhejiang NHU Co. Ltd., Class A ...................... 13,100 52,687 9,036,516 Commercial Services & Supplies — 0.1% Brambles Ltd. ....................................... 13,592 190,235 Element Fleet Management Corp. .................... 13,185 250,676 Republic Services, Inc. .............................. 1,823 402,737 Tetra Tech, Inc. ...................................... 2,718 98,229 Waste Management, Inc. ............................ 255 55,825 997,702 Communications Equipment — 0.6% Accton Technology Corp. ............................ 4,000 256,090 Arcadyan Technology Corp. .......................... 43,000 214,033 Ciena Corp. (c) ....................................... 505 193,314
Security Shares Value
Communications Equipment (continued) Cisco Systems, Inc. ................................. 33,029 $ 3,649,374 Lumentum Holdings, Inc. (c) .......................... 3,050 2,790,018 Motorola Solutions, Inc. ............................. 5,839 2,833,667 Nokia Oyj ........................................... 100,012 1,017,175 Telefonaktiebolaget LM Ericsson, B Shares ........... 1,679 17,005 10,970,676 Construction & Engineering — 0.9% ACS Actividades de Construccion y Servicios SA ..... 3,277 387,736 AECOM ............................................ 41,391 2,790,995 EMCOR Group, Inc. ................................. 465 341,561 Kajima Corp. ........................................ 800 24,117 MasTec, Inc. (c) ...................................... 12,331 2,956,727 Obayashi Corp. ..................................... 58,300 1,087,437 Quanta Services, Inc. ............................... 5,172 3,139,870 Samsung E & A Co. Ltd. ............................. 19,917 682,745 Skanska AB, B Shares .............................. 12,502 354,705 Stantec, Inc. ........................................ 32,340 2,357,918 Sunway Construction Group Bhd .................... 128,600 261,327 United Integrated Services Co. Ltd. .................. 16,000 534,535 Vinci SA ............................................ 698 91,514 WSP Global, Inc. .................................... 2,698 366,462 15,377,649 Construction Materials — 0.1% Holcim AG .......................................... 12,004 1,052,667 Consumer Finance — 0.5% Ally Financial, Inc. ................................... 4,572 192,984 American Express Co. ............................... 25,255 8,338,443 Gentera SAB de CV ................................. 9,291 22,227 8,553,654 Consumer Staples Distribution & Retail — 0.7% Alimentation Couche-Tard, Inc. ...................... 2,765 166,524 Costco Wholesale Corp. ............................. 10,000 9,438,900 Dino Polska SA (a)(c) ................................. 5,013 48,376 Dollar General Corp. ................................ 1,784 226,122 E-MART, Inc. ....................................... 817 44,260 Empire Co. Ltd., Class A, NVS ....................... 1,399 48,321 George Weston Ltd. ................................. 2,330 163,476 Kobe Bussan Co. Ltd. ............................... 2,200 38,976 Koninklijke Ahold Delhaize NV ....................... 4,654 165,689 Tesco PLC .......................................... 207,038 1,281,754 Walmart, Inc. ........................................ 14,669 1,538,338 13,160,736 Containers & Packaging — 0.1% Ball Corp. ........................................... 8,685 546,894 Crown Holdings, Inc. ................................ 14,556 1,694,173 2,241,067 Diversified REITs — 0.0% Mirvac Group ....................................... 193,326 251,924 Diversified Telecommunication Services — 1.1% AT&T Inc. ........................................... 31,170 806,991 Cellnex Telecom SA (a) ............................... 1,070 32,816 Deutsche Telekom AG, Registered Shares ........... 102,519 3,369,158 Koninklijke KPN NV ................................. 212,994 1,022,585 Orange SA .......................................... 14,769 264,272 Singapore Telecommunications Ltd. .................. 23,300 83,083 Space Exploration Technologies Corp., Class A (c) ..... 39,754 5,712,252 Sunrise Communications AG, Class A ................ 1,730 91,186 Telefonica Brasil SA ................................. 74,923 433,498 Telia Co. AB ........................................ 15,270 69,432
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
3 BNM1026U-6041638-19232822
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Security Shares Value
Diversified Telecommunication Services (continued) Telstra Group Ltd. ................................... 10,239 $ 34,235 Verizon Communications, Inc. ....................... 156,485 7,827,380 19,746,888 Electric Utilities — 0.4% Cia Paranaense de Energia - Copel .................. 88,588 254,059 Duke Energy Corp. .................................. 3,121 374,239 EDP SA ............................................ 499,056 2,710,084 Enel SpA ........................................... 36,072 394,461 Exelon Corp. ........................................ 853 37,293 NextEra Energy, Inc. ................................ 24,058 1,980,936 NRG Energy, Inc. ................................... 8,988 989,758 Terna - Rete Elettrica Nazionale ..................... 26,588 300,691 7,041,521 Electrical Equipment — 1.2% ABB Ltd., Registered Shares ........................ 82,301 8,059,368 AMETEK, Inc. ....................................... 19,132 4,499,272 Bloom Energy Corp., Class A (c) ...................... 361 74,474 Contemporary Amperex Technology Co. Ltd., Class A . 45,200 2,443,148 Dajin Heavy Industry Co. Ltd., Class A ............... 4,900 25,686 Emerson Electric Co. ................................ 6,229 949,549 EnerSys ............................................ 606 111,419 GE Vernova, Inc. .................................... 896 805,083 Generac Holdings, Inc. (c) ............................ 102 18,909 Goldwind Science & Technology Co. Ltd., Class H .... 13,800 16,729 LS Corp. ............................................ 612 138,470 Prysmian SpA ...................................... 2,762 386,064 Siemens Energy AG ................................. 24,009 3,954,465 Suzhou Maxwell Technologies Co. Ltd., Class A ...... 1,900 62,892 Vestas Wind Systems A/S ........................... 26,247 870,370 22,415,898 Electronic Equipment, Instruments & Components — 0.8% Chroma ATE, Inc. ................................... 43,000 2,657,906 Delta Electronics, Inc. ............................... 21,000 1,218,311 Elite Material Co. Ltd. ............................... 1,000 172,760 Flex Ltd. (c) .......................................... 11,620 1,269,485 Hamamatsu Photonics KK ........................... 6,000 88,430 Hon Hai Precision Industry Co. Ltd. .................. 40,000 315,072 Horiba Ltd. .......................................... 200 29,136 Jabil, Inc. ........................................... 3,304 1,008,579 Keysight Technologies, Inc. (c) ........................ 6,101 1,968,793 LG Innotek Co. Ltd. ................................. 497 231,227 Murata Manufacturing Co. Ltd. ....................... 22,400 995,459 Primax Electronics Ltd. .............................. 87,000 162,883 Samsung Electro-Mechanics Co. Ltd. ................ 438 461,926 TDK Corp. .......................................... 1,000 19,149 TE Connectivity PLC ................................ 19,259 3,952,910 Tripod Technology Corp. ............................. 7,000 109,509 Unimicron Technology Corp. ......................... 10,000 314,692 Yageo Corp. ........................................ 8,000 137,354 15,113,581 Energy Equipment & Services — 0.1% Halliburton Co. ...................................... 70,110 2,583,554 Entertainment — 0.3% NC Corp. ........................................... 327 53,557 Netflix, Inc. (c) ........................................ 48,600 3,939,030 Spotify Technology SA (c) ............................. 136 73,932 Walt Disney Co. (The) ............................... 4,452 478,813 4,545,332 Financial Services — 0.4% Berkshire Hathaway, Inc., Class B (c) .................. 3,799 1,914,810
Security Shares Value
Financial Services (continued) Fidelity National Information Services, Inc. ............ 1,340 $ 54,632 FirstRand Ltd. ....................................... 18,756 111,024 Mastercard, Inc., Class A ............................ 6,727 3,964,288 Visa, Inc., Class A ................................... 2,743 1,040,612 7,085,366 Food Products — 0.4% AVI Ltd. ............................................. 27,839 147,201 China Mengniu Dairy Co. Ltd. ........................ 217,000 500,722 Chocoladefabriken Lindt & Spruengli AG, NVS ....... 5 54,103 Conagra Brands, Inc. ................................ 65,634 1,051,457 Darling Ingredients, Inc. (c) ........................... 7,750 513,592 General Mills, Inc. ................................... 5,574 229,649 Inner Mongolia Yili Industrial Group Co. Ltd., Class A . 30,200 119,080 MBRF Global Foods Co. SA ......................... 23,543 82,376 Minerva SA ......................................... 40,563 29,983 Nestle SA, Registered Shares ....................... 24,186 2,352,680 Tyson Foods, Inc., Class A .......................... 34,156 1,883,362 Uni-President China Holdings Ltd. ................... 113,000 106,968 WH Group Ltd. (a) .................................... 74,000 69,853 7,141,026 Gas Utilities — 0.1% Brookfield Infrastructure Corp., Class A ............... 5,761 220,597 ENN Energy Holdings Ltd. ........................... 226,500 1,432,964 1,653,561 Ground Transportation — 0.1% Canadian National Railway Co. ...................... 17,312 2,161,580 TFI International, Inc. ................................ 199 26,738 2,188,318 Health Care Equipment & Supplies — 0.4% Abbott Laboratories ................................. 32,588 3,596,412 Boston Scientific Corp. (c) ............................ 44,763 2,162,053 EssilorLuxottica SA ................................. 552 102,439 Hoya Corp. ......................................... 6,100 934,069 Koninklijke Philips NV ............................... 16,221 431,906 Shanghai United Imaging Healthcare Co. Ltd., Class A .......................................... 12,108 188,196 7,415,075 Health Care Providers & Services — 0.8% Cardinal Health, Inc. ................................. 4,759 1,116,557 Cigna Group (The) .................................. 9,102 2,512,880 CVS Health Corp. ................................... 782 73,438 Elevance Health, Inc. ................................ 2,969 1,165,451 HCA Healthcare, Inc. ................................ 3,851 1,596,047 KPJ Healthcare Bhd ................................. 94,600 63,443 McKesson Corp. .................................... 3,573 3,163,248 Tenet Healthcare Corp. (c) ............................ 1,779 473,054 UnitedHealth Group, Inc. ............................ 11,177 4,352,435 14,516,553 Health Care REITs — 0.0% Alexandria Real Estate Equities, Inc. ................. 405 20,772 Healthpeak Properties, Inc. .......................... 18,362 382,297 403,069 Hotels, Restaurants & Leisure — 0.7% Airbnb, Inc., Class A (c) ............................... 24,952 4,571,705 Aramark ............................................ 307 17,287 Aristocrat Leisure Ltd. ............................... 57,861 2,515,823 Booking Holdings, Inc. ............................... 18,473 3,677,790 Chipotle Mexican Grill, Inc. (c) ........................ 11,923 453,432 MakeMyTrip Ltd. (c) .................................. 3,737 217,718
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
4 BNM1026U-6041638-19232822
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Security Shares Value
Hotels, Restaurants & Leisure (continued) McDonald’s Corp. ................................... 1,485 $ 391,357 Meituan, Class B (a)(c) ................................ 85,870 859,070 12,704,182 Household Durables — 0.6% DR Horton, Inc. ..................................... 5,063 731,907 Haier Smart Home Co. Ltd., Class H ................. 6,400 17,466 NVR, Inc. (c) ......................................... 233 1,471,449 Panasonic Holdings Corp. ........................... 2,000 55,768 Sony Group Corp. ................................... 343,900 8,498,103 10,774,693 Household Products — 0.6% Colgate-Palmolive Co. ............................... 1,170 105,089 Procter & Gamble Co. (The) ......................... 68,100 9,882,672 9,987,761 Independent Power and Renewable Electricity Producers — 0.3% Brookfield Renewable Corp. ......................... 2,704 87,054 China Yangtze Power Co. Ltd., Class A .............. 13,000 54,355 Northland Power, Inc. ............................... 28,796 430,917 Orsted AS (a)(c) ...................................... 1,641 34,562 ReNew Energy Global PLC, Class A (c) ............... 30,997 210,779 RWE AG ............................................ 54,931 3,736,250 Vistra Corp. ......................................... 2,605 357,849 4,911,766 Industrial Conglomerates — 0.8% 3M Co. ............................................. 15,070 2,589,478 CJ Corp. ............................................ 3,085 291,915 Hanwha Corp. ...................................... 511 50,298 Hanwha Machinery & Service Holdings Co. Ltd. (c) .... 822 4,398 Hitachi Ltd. ......................................... 84,600 2,872,066 Honeywell International, Inc. ......................... 6,844 1,461,399 Samsung C&T Corp. ................................ 384 104,484 Siemens AG, Registered Shares ..................... 16,169 5,360,161 Smiths Group PLC .................................. 47,362 1,655,287 14,389,486 Industrial REITs — 0.0% Prologis, Inc. ........................................ 314 43,935 Insurance — 1.6% AIA Group Ltd. ...................................... 638,000 6,167,929 Allianz SE, Registered Shares ....................... 13,151 6,858,450 American Financial Group, Inc. ...................... 126 17,961 AXA SA ............................................. 147,383 7,358,958 Fairfax Financial Holdings Ltd. ....................... 11 17,936 MetLife, Inc. ........................................ 59,740 5,685,456 Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares ................................ 120 72,131 NN Group NV ....................................... 18,581 1,679,877 Ping An Insurance Group Co. of China Ltd., H Shares . 78,000 559,459 Travelers Cos., Inc. (The) ............................ 1,403 513,400 Zurich Insurance Group AG, Class N ................. 641 469,075 29,400,632 Interactive Media & Services — 2.8% Alphabet, Inc., Class A .............................. 55,220 18,738,907 Alphabet, Inc., Class C, NVS ........................ 41,605 13,954,733 Kunlun Tech Co. Ltd., Class A (c) ...................... 19,100 124,781 Meta Platforms, Inc., Class A ........................ 16,318 9,339,444 NAVER Corp. ....................................... 2,483 392,478 Nebius Group NV, Class A (c) ......................... 1,783 367,869 Tencent Holdings Ltd. ............................... 130,600 7,501,035 50,419,247
Security Shares Value
IT Services — 0.6% Accenture PLC, Class A ............................. 21,125 $ 4,008,680 Capgemini SE ...................................... 689 85,706 CGI, Inc., Class A ................................... 8,945 673,545 Cognizant Technology Solutions Corp., Class A ....... 326 21,053 CoreWeave, Inc., Class A (c) .......................... 2,402 203,906 Fujitsu Ltd. .......................................... 77,700 1,865,301 NEC Corp. .......................................... 97,900 2,985,193 Otsuka Corp. ....................................... 1,200 27,102 Quantinuum, Inc., Class A (c) ......................... 3,478 174,248 Shopify, Inc., Class A (c) .............................. 5,479 807,529 Twilio, Inc., Class A (c) ................................ 615 144,912 10,997,175 Leisure Products — 0.0% Hasbro, Inc. ......................................... 1,980 186,318 Life Sciences Tools & Services — 0.4% Agilent Technologies, Inc. ............................ 4,029 618,693 Danaher Corp. ...................................... 4,190 894,816 Hangzhou Tigermed Consulting Co. Ltd., Class A ..... 3,000 23,565 Illumina, Inc. (c) ...................................... 434 92,716 IQVIA Holdings, Inc. (c) ............................... 5,046 1,317,965 Lonza Group AG, Registered Shares ................. 371 264,395 Mettler-Toledo International, Inc. (c) ................... 259 363,931 QIAGEN NV ........................................ 4,161 179,654 QIAGEN NV ........................................ 6,905 298,918 Thermo Fisher Scientific, Inc. ........................ 5,069 3,128,080 West Pharmaceutical Services, Inc. .................. 185 63,105 7,245,838 Machinery — 0.5% Caterpillar, Inc. ...................................... 6,882 5,488,189 Cummins, Inc. ...................................... 31 17,496 HD Construction Equipment Co. Ltd. ................. 850 82,487 HD Korea Shipbuilding & Offshore Engineering Co. Ltd. .............................................. 236 59,880 Illinois Tool Works, Inc. .............................. 406 111,800 Mitsubishi Heavy Industries Ltd. ..................... 68,400 1,657,503 Parker-Hannifin Corp. ............................... 43 42,116 Sumitomo Heavy Industries Ltd. ..................... 500 17,915 VAT Group AG (a) .................................... 89 66,099 Wartsila Oyj Abp .................................... 23,235 750,547 Weichai Power Co. Ltd., Class A ..................... 175,000 705,913 8,999,945 Marine Transportation — 0.0% COSCO SHIPPING Holdings Co. Ltd., Class A ....... 30,700 77,670 Kuehne + Nagel International AG, Registered Shares . 367 97,831 Star Bulk Carriers Corp. ............................. 9,960 307,465 482,966 Media — 0.1% CyberAgent, Inc. .................................... 8,800 74,605 Focus Media Information Technology Co. Ltd., Class A .......................................... 486,300 359,565 Fox Corp., Class B .................................. 6,646 400,222 Informa PLC ........................................ 129,369 1,560,109 Publicis Groupe SA ................................. 958 112,379 2,506,880 Metals & Mining — 0.9% Aluminum Corp. of China Ltd., H Shares ............. 18,000 19,643 Anglo American PLC ................................ 5,454 310,033 Antofagasta PLC .................................... 540 28,812 Barrick Mining Corp. ................................. 19,453 872,469 BlueScope Steel Ltd. ................................ 23,771 528,071
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
5 BNM1026U-6041638-19232822
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Security Shares Value
Metals & Mining (continued) Capstone Copper Corp. (c) ........................... 28,861 $ 334,850 Cleveland-Cliffs, Inc. (c) .............................. 1,985 22,927 First Quantum Minerals Ltd. (c) ....................... 6,373 211,981 Fortescue Ltd. ...................................... 43,488 550,490 Freeport-McMoRan, Inc. ............................. 36,909 2,795,488 Hyundai Steel Co. ................................... 15,977 353,495 Newmont Corp. ..................................... 28,552 3,599,265 POSCO Holdings, Inc. ............................... 351 86,536 Rio Tinto PLC ....................................... 1,888 193,511 Sinomine Resource Group Co. Ltd., Class A .......... 8,000 64,107 South32 Ltd. ........................................ 407,942 1,500,914 Vale SA ............................................. 14,441 218,139 Valterra Platinum Ltd. ............................... 1 85 Western Superconducting Technologies Co. Ltd., Class A .......................................... 8,993 66,764 Wheaton Precious Metals Corp. ..................... 25,647 3,865,509 15,623,089 Multi-Utilities — 0.3% Algonquin Power & Utilities Corp. .................... 3,122 17,683 Atco Ltd., Class I, NVS .............................. 10,362 556,249 Consolidated Edison, Inc. ............................ 6,409 685,891 DTE Energy Co. .................................... 556 75,410 Engie SA ........................................... 75,177 2,147,508 Public Service Enterprise Group, Inc. ................ 12,787 937,671 4,420,412 Oil, Gas & Consumable Fuels — 2.1% Aker BP ASA ....................................... 19,990 767,007 BP PLC ............................................. 87,214 623,824 Canadian Natural Resources Ltd. .................... 2,435 122,088 Cheniere Energy, Inc. ............................... 2,349 685,180 Chevron Corp. ...................................... 52,242 10,769,166 Enbridge, Inc. ....................................... 29,896 1,514,699 ENEOS Holdings, Inc. ............................... 308,500 2,572,255 EOG Resources, Inc. ................................ 14,388 2,085,684 ExxonMobil Holdings Corp. .......................... 29,787 4,794,218 ORLEN SA ......................................... 602 24,892 Phillips 66 .......................................... 169 41,672 Repsol SA .......................................... 67,406 2,149,887 Santos Ltd. ......................................... 326,927 1,906,614 Shell PLC ........................................... 195,085 8,938,058 Suncor Energy, Inc. ................................. 4,594 307,371 Valero Energy Corp. ................................. 2,959 1,062,044 38,364,659 Passenger Airlines — 0.0% Delta Air Lines, Inc. ................................. 910 70,980 Pharmaceuticals — 1.7% Astellas Pharma, Inc. ................................ 14,900 220,911 AstraZeneca PLC ................................... 13,404 2,160,965 Bristol-Myers Squibb Co. ............................ 52,287 3,493,295 Daiichi Sankyo Co. Ltd. .............................. 94,200 1,686,966 Eli Lilly & Co. ....................................... 4,699 5,435,474 GSK PLC ........................................... 41,475 1,043,079 Ipsen SA ........................................... 752 142,422 Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A ... 49,600 340,068 Johnson & Johnson ................................. 16,016 4,257,854 Merck & Co., Inc. .................................... 2,090 308,818 Novartis AG, Registered Shares ..................... 1,498 227,848 Ono Pharmaceutical Co. Ltd. ........................ 103,100 1,582,377 Pfizer, Inc. .......................................... 279,151 7,944,637 Sanofi SA ........................................... 21,182 1,883,271 Sino Biopharmaceutical Ltd. ......................... 145,000 100,532
Security Shares Value
Pharmaceuticals (continued) Takeda Pharmaceutical Co. Ltd. ..................... 4,100 $ 148,225 UCB SA ............................................ 496 124,161 31,100,903 Professional Services — 0.5% ALS Ltd. ............................................ 1,193 18,956 Computershare Ltd. ................................. 4,629 131,793 Equifax, Inc. ........................................ 108 20,429 Intertek Group PLC ................................. 21,159 1,662,555 Jacobs Solutions, Inc. ............................... 9,058 1,350,095 Recruit Holdings Co. Ltd. ............................ 8,900 1,007,958 SGS SA, Registered Shares ......................... 938 107,511 Thomson Reuters Corp. ............................. 33,553 3,597,031 Wolters Kluwer NV, Class C ......................... 13,470 1,108,123 9,004,451 Real Estate Management & Development — 0.1% CBRE Group, Inc., Class A (c) ........................ 1,096 159,808 Mitsui Fudosan Co. Ltd. ............................. 235,000 2,222,921 Tokyu Fudosan Holdings Corp. ...................... 10,400 86,312 2,469,041 Residential REITs — 0.0% Canadian Apartment Properties REIT ................ 1,349 31,731 Retail REITs — 0.0% Link REIT ........................................... 16,300 80,334 RioCan REIT ....................................... 32,359 486,570 566,904 Semiconductors & Semiconductor Equipment — 7.9% Advanced Micro Devices, Inc. (c) ...................... 13,759 6,476,637 Advantest Corp. ..................................... 2,900 606,934 Analog Devices, Inc. ................................ 6,375 2,308,643 Applied Materials, Inc. ............................... 11,305 5,182,099 ASE Technology Holding Co. Ltd. .................... 43,000 792,093 ASM International NV ............................... 761 715,695 ASML Holding NV ................................... 4,538 7,696,600 ASPEED Technology, Inc. ........................... 9,900 5,009,349 BE Semiconductor Industries NV ..................... 330 75,135 Broadcom, Inc. ...................................... 36,885 13,659,991 Cirrus Logic, Inc. (c) .................................. 400 43,804 Disco Corp. ......................................... 500 179,497 Elan Microelectronics Corp. .......................... 66,000 281,949 Hangzhou First Applied Material Co. Ltd., Class A .... 182,300 414,757 Hanmi Semiconductor Co. Ltd. ....................... 152 24,254 Ingenic Semiconductor Co. Ltd., Class A ............. 4,900 101,847 Intel Corp. (c) ........................................ 35,751 3,200,072 King Yuan Electronics Co. Ltd. ....................... 25,200 203,945 Kioxia Holdings Corp. (c) ............................. 2,800 865,743 KLA Corp. .......................................... 4,743 832,159 Lam Research Corp. ................................ 18,059 5,444,608 LEENO Industrial, Inc. ............................... 565 27,378 Loongson Technology Corp. Ltd., Class A (c) .......... 9,545 153,209 MediaTek, Inc. ...................................... 11,000 1,360,964 Microchip Technology, Inc. ........................... 676 49,652 Micron Technology, Inc. .............................. 8,827 8,462,710 Nanya Technology Corp. ............................ 46,000 786,874 NVIDIA Corp. ....................................... 216,392 47,775,026 NXP Semiconductors NV ............................ 5,525 1,241,136 Phison Electronics Corp. ............................ 31,000 2,115,058 QUALCOMM, Inc. ................................... 2,105 358,860 Rohm Co. Ltd. ...................................... 600 18,156 SK hynix, Inc. ....................................... 5,207 6,301,969 Skyworks Solutions, Inc. ............................. 3,803 254,839
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
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Security Shares Value
Semiconductors & Semiconductor Equipment (continued) Taiwan Semiconductor Manufacturing Co. Ltd. ........ 215,000 $ 16,157,653 Texas Instruments, Inc. .............................. 4,020 1,048,858 Tokyo Electron Ltd. .................................. 7,800 2,730,012 United Microelectronics Corp. ........................ 6,000 24,408 142,982,573 Software — 3.1% 360 Security Technology, Inc., Class A ............... 62,400 85,529 Adobe, Inc. (c) ....................................... 12,689 3,715,212 Autodesk, Inc. (c) ..................................... 709 183,298 Check Point Software Technologies Ltd. (c) ............ 14 1,945 Descartes Systems Group, Inc. (The) (c) .............. 427 34,362 Dropbox, Inc., Class A (c) ............................. 20,868 734,345 Fortinet, Inc. (c) ...................................... 9,600 1,640,928 Intuit, Inc. ........................................... 8,654 3,109,382 Kingdee International Software Group Co. Ltd. (c) ...... 28,000 30,814 Microsoft Corp. ...................................... 75,442 38,270,972 Monday.com Ltd. (c) .................................. 3,028 306,252 Nutanix, Inc., Class A (c) .............................. 1,384 94,901 Oracle Corp. ........................................ 11,043 1,646,732 Palantir Technologies, Inc., Class A (c) ................ 25,935 4,833,765 Salesforce, Inc. ..................................... 2,234 575,344 SAP SE ............................................ 635 139,757 Trimble, Inc. (c) ...................................... 6,501 389,670 Zscaler, Inc. (c) ....................................... 196 36,924 55,830,132 Specialized REITs — 0.6% American Tower Corp. ............................... 30,495 5,357,972 Digital Realty Trust, Inc. ............................. 24,309 4,511,507 Equinix, Inc. ........................................ 878 919,020 10,788,499 Specialty Retail — 0.5% Best Buy Co., Inc. ................................... 1,246 99,867 Home Depot, Inc. (The) ............................. 11,150 3,655,304 JB Hi-Fi Ltd. ........................................ 13,222 632,699 Lojas Renner SA .................................... 453,914 955,738 Lowe’s Cos., Inc. .................................... 504 103,169 TJX Cos., Inc. (The) ................................. 20,287 2,716,632 Ultrapar Participacoes SA ........................... 135,214 901,853 9,065,262 Technology Hardware, Storage & Peripherals — 3.3% Apple Inc. ........................................... 131,947 41,807,407 Asustek Computer, Inc. .............................. 1,000 31,480 Dell Technologies, Inc., Class C ...................... 9,514 4,338,479 Hewlett Packard Enterprise Co. ...................... 24,314 1,270,163 Lenovo Group Ltd. .................................. 582,000 2,229,818 Quanta Computer, Inc. .............................. 23,000 245,489 Samsung Electronics Co. Ltd. ........................ 43,581 8,227,347 Seagate Technology Holdings PLC ................... 576 477,147 Western Digital Corp. ................................ 2,659 1,198,013 59,825,343 Textiles, Apparel & Luxury Goods — 0.1% ANTA Sports Products Ltd. .......................... 2,200 21,744 Bosideng International Holdings Ltd. ................. 114,000 62,013 Pandora A/S ........................................ 3 396 Tapestry, Inc. ....................................... 17,363 2,142,420 2,226,573 Tobacco — 0.1% Imperial Brands PLC ................................ 14,192 484,899 Japan Tobacco, Inc. ................................. 28,600 1,236,928 1,721,827
Security Shares Value
Trading Companies & Distributors — 0.0% AddTech AB, B Shares .............................. 1,625 $ 57,234 Applied Industrial Technologies, Inc. ................. 55 17,819 ITOCHU Corp. ...................................... 8,800 116,068 Mitsubishi Corp. ..................................... 3,100 92,895 Mitsui & Co. Ltd. .................................... 3,900 121,766 405,782 Water Utilities — 0.0% United Utilities Group PLC ........................... 34,704 668,611 Wireless Telecommunication Services — 0.2% MTN Group Ltd. ..................................... 54,732 641,908 SoftBank Group Corp. ............................... 4,200 135,302 Tele2 AB, B Shares ................................. 49,071 869,268 Vodafone Group PLC ................................ 766,434 1,228,449 2,874,927 Total Common Stocks — 50.0% (Cost: $540,942,439) ............................................... 905,092,557 Par (000) Corporate Bonds
Aerospace & Defense — 0.1% ATI, Inc., 5.88%, 06/15/33 ....................... USD 15 15,138 Axon Enterprise, Inc., 6.13%, 03/15/30 (a) ......... 70 71,140 Boeing Co. (The) 5.81%, 05/01/50 ............................. 56 52,788 5.93%, 05/01/60 ............................. 200 186,805 Bombardier, Inc. 7.25%, 07/01/31 (a) ........................... 126 131,708 6.75%, 06/15/33 (a) ........................... 157 162,106 7.45%, 05/01/34 (a) ........................... 27 29,604 Embraer Netherlands Finance BV, 5.40%, 01/09/38 ..................................... 10 9,542 General Electric Co., 4.90%, 01/29/36 ........... 335 325,778 Lockheed Martin Corp., 4.09%, 09/15/52 ......... 150 112,897 Moog, Inc., 5.50%, 10/15/34 (a) ................... 5 4,875 Northrop Grumman Corp. 4.03%, 10/15/47 ............................. 2 1,525 5.20%, 06/01/54 ............................. 540 480,464 RTX Corp., 6.40%, 03/15/54 ..................... 150 157,098 TransDigm, Inc. 6.38%, 03/01/29 (a) ........................... 49 49,726 6.88%, 12/15/30 (a) ........................... 118 120,965 7.13%, 12/01/31 (a) ........................... 166 171,551 6.63%, 03/01/32 (a) ........................... 59 60,252 6.38%, 05/31/33 (a) ........................... 100 100,272 6.25%, 01/31/34 (a) ........................... 15 15,167 6.75%, 01/31/34 (a) ........................... 40 40,636 2,300,037 Air Freight & Logistics — 0.0% United Parcel Service, Inc., 3.40%, 11/15/46 ..... 15 10,501 Automobile Components — 0.1% Belron UK Finance PLC, 5.75%, 10/15/29 (a) ...... 119 119,456 Cooper-Standard Automotive, Inc., 9.25%, 03/01/31 (a) ................................... 75 75,881 Cyprium Corp./Cyprium Holdings Luxembourg S.a.r.l. 6.13%, 04/15/31 (a) ........................... 45 44,876 6.38%, 04/15/34 (a) ........................... 50 49,395 Dorman Products, Inc., 6.25%, 06/15/34 (a) ....... 117 118,132
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
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Security
Par (000) Value
Automobile Components (continued) Garrett Motion Holdings, Inc./Garrett LX I S.a.r.l., 7.75%, 05/31/32 (a) ........................... USD 254 $ 264,102 IHO Verwaltungs GmbH (7.75% Cash or 8.50% PIK), 7.75%, 11/15/30 (a)(d) .............................. 33 34,225 (8.00% Cash or 8.75% PIK), 8.00%, 11/15/32 (a)(d) .............................. 83 87,730 Phinia, Inc. 6.75%, 04/15/29 (a) ........................... 53 54,098 6.63%, 10/15/32 (a) ........................... 27 27,433 875,328 Automobiles — 0.2% American Honda Finance Corp. 4.50%, 09/04/30 ............................. 2 1,955 4.85%, 10/23/31 ............................. 8 7,857 Honda Motor Co. Ltd. 2.53%, 03/10/27 ............................. 1,000 990,811 4.69%, 07/08/30 ............................. 1,275 1,257,669 Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31 ............................. 202 227,775 New Flyer Holdings, Inc., 9.25%, 07/01/30 (a) ..... 147 157,775 Nissan Motor Acceptance Co. LLC 7.05%, 09/15/28 (a) ........................... 37 37,785 6.13%, 09/30/30 (a) ........................... 86 84,620 Nissan Motor Co. Ltd. 7.50%, 07/17/30 (a) ........................... 122 125,359 7.75%, 07/17/32 (a) ........................... 175 181,573 8.13%, 07/17/35 (a) ........................... 162 172,070 Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, 10.00%, 01/15/31 (a) ......... 72 73,571 3,318,820 Banks — 1.7% Banco Bilbao Vizcaya Argentaria SA, 6.14%, 09/14/28 ..................................... 1,400 1,419,989 Bank of America Corp. 2.55%, 02/04/28 ............................. 620 614,942 3.19%, 07/23/30 ............................. 250 238,192 2.50%, 02/13/31 ............................. 100 91,934 2.69%, 04/22/32 ............................. 820 734,763 4.57%, 04/27/33 ............................. 890 858,892 5.51%, 01/24/36 ............................. 795 793,959 5.74%, 02/12/36 ............................. 470 468,186 5.88%, 02/07/42 ............................. 175 176,034 4.08%, 03/20/51 ............................. 481 363,217 Barclays PLC, 2.67%, 03/10/32 .................. 450 401,553 Citigroup, Inc. 2.67%, 01/29/31 ............................. 1,060 978,796 4.41%, 03/31/31 ............................. 1,140 1,114,647 5.88%, 02/22/33 ............................. 350 357,081 3.79%, 03/17/33 ............................. 1,080 1,001,519 Fifth Third Bancorp 6.34%, 07/27/29 ............................. 60 61,662 4.77%, 07/28/30 ............................. 227 225,347 First Citizens BancShares, Inc., 5.23%, 03/12/31 . 250 246,292 HSBC Holdings PLC 5.87%, 11/18/35 .............................. 440 438,728 5.45%, 03/03/36 ............................. 300 295,023 5.79%, 05/13/36 ............................. 3,010 3,024,936 6.10%, 01/14/42 ............................. 358 365,563 Huntington Bancshares, Inc., 5.02%, 05/17/33 ... 102 99,829 ING Groep NV, 4.02%, 03/28/28 ................. 1,580 1,575,738
Security
Par (000) Value
Banks (continued) JPMorgan Chase & Co. 2.18%, 06/01/28 ............................. USD 2,575 $ 2,528,481 4.01%, 04/23/29 ............................. 28 27,673 2.96%, 05/13/31 ............................. 685 635,199 1.76%, 11/19/31 .............................. 345 301,313 2.96%, 01/25/33 ............................. 540 482,124 5.35%, 06/01/34 ............................. 602 602,432 5.80%, 07/23/41 ............................. 140 138,467 M&T Bank Corp., 5.05%, 01/27/34 ............... 125 121,521 Mitsubishi UFJ Financial Group, Inc., 5.48%, 02/22/31 ..................................... 425 429,115 Mizuho Financial Group, Inc., 2.87%, 09/13/30 ... 375 352,737 Morgan Stanley Bank N.A., 4.45%, 10/15/27 ..... 900 900,080 Morgan Stanley Private Bank N.A., 4.47%, 07/06/28 ..................................... 250 249,792 PNC Financial Services Group, Inc. (The) 5.30%, 01/21/28 ............................. 610 612,412 5.94%, 08/18/34 ............................. 333 343,270 5.37%, 07/21/36 ............................. 195 192,192 5.42%, 01/25/41 ............................. 140 133,951 Royal Bank of Canada, 4.70%, 08/06/31 ......... 125 123,155 Santander Holdings U.S.A., Inc. 6.50%, 03/09/29 ............................. 1,830 1,869,164 7.66%, 11/09/31 .............................. 25 27,027 Santander UK Group Holdings PLC, 6.53%, 01/10/29 ..................................... 1,660 1,694,264 Sumitomo Mitsui Financial Group, Inc., 5.42%, 07/09/31 ..................................... 550 555,387 Truist Financial Corp. 6.12%, 10/28/33 ............................. 100 103,533 Series I, 4.96%, 07/23/30 ..................... 605 603,174 U.S. Bancorp 2.68%, 01/27/33 ............................. 258 226,927 5.68%, 01/23/35 ............................. 90 90,946 5.42%, 02/12/36 ............................. 580 576,373 Wells Fargo & Co. 5.61%, 01/15/44 ............................. 150 139,858 5.01%, 04/04/51 ............................. 333 285,794 Westpac Banking Corp., 6.82%, 11/17/33 ........ 25 26,695 Zions Bancorp N.A., 4.48%, 02/09/29 ............ 430 425,808 30,745,686 Beverages — 0.1% Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. 4.70%, 02/01/36 ............................. 75 71,047 4.90%, 02/01/46 ............................. 302 264,411 Coca-Cola Co. (The) 3.00%, 03/05/51 ............................. 870 549,941 2.50%, 03/15/51 ............................. 1,962 1,111,856 Constellation Brands, Inc., 3.60%, 02/15/28 ...... 175 172,264 Keurig Dr Pepper, Inc., 3.43%, 06/15/27 ......... 302 299,386 PepsiCo, Inc. 3.00%, 10/15/27 ............................. 100 98,557 1.63%, 05/01/30 ............................. 2 1,792 2,569,254 Biotechnology — 0.2% AbbVie, Inc. 4.25%, 11/21/49 .............................. 6 4,675 6.00%, 09/15/56 ............................. 60 59,624 Amgen, Inc. 4.95%, 10/01/41 ............................. 8 7,246 5.65%, 02/19/56 ............................. 100 93,250
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
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Security
Par (000) Value
Biotechnology (continued) Genmab A/S/Genmab Finance LLC 6.25%, 12/15/32 (a) ........................... USD 37 $ 37,547 7.25%, 12/15/33 (a) ........................... 281 292,763 Gilead Sciences, Inc. 5.25%, 10/15/33 ............................. 520 524,363 5.55%, 10/15/53 ............................. 660 621,443 Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30 ..................................... 1,206 1,059,931 2,700,842 Broadline Retail — 0.1% Alibaba Group Holding Ltd. 3.40%, 12/06/27 ............................. 300 295,506 2.13%, 02/09/31 ............................. 200 178,870 Amazon.com, Inc. 3.88%, 08/22/37 ............................. 110 95,548 5.65%, 03/13/46 ............................. 40 37,503 5.80%, 03/13/56 ............................. 430 396,637 5.55%, 11/20/65 .............................. 120 103,981 6.05%, 03/13/76 ............................. 15 13,846 JD.com, Inc., 3.38%, 01/14/30 ................... 200 191,548 Kohl’s Corp. 10.00%, 06/01/30 (a) .......................... 28 30,205 5.13%, 05/01/31 ............................. 24 21,678 Macy’s Retail Holdings LLC, 7.38%, 08/01/33 (a) .. 136 141,662 Nordstrom, Inc. 4.38%, 04/01/30 ............................. 74 70,411 4.25%, 08/01/31 ............................. 15 13,870 5.00%, 01/15/44 ............................. 78 55,707 Rakuten Group, Inc. 11.25%, 02/15/27 (a) .......................... 142 145,781 9.75%, 04/15/29 (a) ........................... 173 188,572 1,981,325 Building Products — 0.0% Advanced Drainage Systems, Inc., 5.38%, 03/01/34 (a) ................................... 15 14,557 Carlisle Cos., Inc., 5.55%, 09/15/40 .............. 270 258,863 Fortune Brands Innovations, Inc., 3.25%, 09/15/29 ..................................... 2 1,900 Griffon Corp., 6.25%, 10/01/34 (a) ................ 211 211,690 Masco Corp., 4.50%, 05/15/47 .................. 15 12,105 Owens Corning, 3.88%, 06/01/30 ................ 50 47,978 547,093 Capital Markets — 1.0% Apollo Debt Solutions BDC, 6.70%, 07/29/31 ..... 150 151,834 Ares Capital Corp. 2.88%, 06/15/27 ............................. 360 354,369 2.88%, 06/15/28 ............................. 470 451,384 5.50%, 09/01/30 ............................. 100 98,265 5.10%, 01/15/31 ............................. 70 67,417 Ares Strategic Income Fund, 5.55%, 04/15/31 .... 50 48,270 Bank of New York Mellon Corp. (The) 4.71%, 02/01/34 ............................. 430 416,487 Series J, 4.97%, 04/26/34 .................... 375 367,883 Blackstone Private Credit Fund, 6.20%, 11/15/31 . 70 69,282 Charles Schwab Corp. (The), 4.91%, 11/14/36 ... 330 313,919 Deutsche Bank AG 5.71%, 02/08/28 ............................. 260 261,147 6.82%, 11/20/29 .............................. 190 197,267 5.88%, 07/08/31 ............................. 200 201,487 Freedom Mortgage Corp., 12.25%, 10/01/30 (a) ... 23 24,529 FS KKR Capital Corp., 7.50%, 08/01/31 .......... 122 124,242
Security
Par (000) Value
Capital Markets (continued) Goldman Sachs Group, Inc. (The) 2.60%, 02/07/30 ............................. USD 840 $ 775,766 1.99%, 01/27/32 ............................. 246 214,290 2.62%, 04/22/32 ............................. 319 282,851 2.38%, 07/21/32 ............................. 2,775 2,421,391 3.10%, 02/24/33 ............................. 755 674,121 5.43%, 06/03/37 ............................. 560 545,370 6.75%, 10/01/37 ............................. 458 483,362 4.02%, 10/31/38 ............................. 302 256,052 5.39%, 02/02/41 ............................. 120 113,749 Intercontinental Exchange, Inc., 2.10%, 06/15/30 . 150 135,371 LPL Holdings, Inc. 5.70%, 05/20/27 ............................. 2 2,015 5.20%, 03/15/30 ............................. 100 99,788 5.65%, 03/15/35 ............................. 470 460,342 Morgan Stanley 2.48%, 01/21/28 ............................. 950 942,424 2.70%, 01/22/31 ............................. 145 133,997 1.79%, 02/13/32 ............................. 2,070 1,785,668 2.51%, 10/20/32 ............................. 925 809,110 5.25%, 04/21/34 ............................. 855 844,455 5.42%, 07/21/34 ............................. 1,775 1,766,611 6.38%, 07/24/42 ............................. 533 559,054 MSCI, Inc., 5.15%, 03/15/36 ..................... 425 403,343 Nomura Holdings, Inc., 6.18%, 01/18/33 ......... 350 363,341 Osaic Holdings, Inc. 6.75%, 08/01/32 (a) ........................... 43 43,259 8.00%, 08/01/33 (a) ........................... 25 25,602 Raymond James Financial, Inc., 5.65%, 09/11/55 . 440 407,590 S&P Global, Inc., 2.90%, 03/01/32 ............... 177 158,917 StoneX Escrow Issuer LLC, 6.88%, 07/15/32 (a) ... 30 30,501 StoneX Group, Inc., 7.88%, 03/01/31 (a) .......... 203 211,117 UBS Group AG, 3.09%, 05/14/32 (a) .............. 200 181,537 VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, 06/15/31 (a) ................................... 166 171,811 18,450,587 Chemicals — 0.2% Air Products & Chemicals, Inc., 4.85%, 02/08/34 . 25 24,422 Celanese U.S. Holdings LLC 7.33%, 07/15/29 ............................. 37 38,596 7.55%, 11/15/30 .............................. 61 64,570 7.00%, 02/15/31 ............................. 39 40,087 7.38%, 07/15/32 ............................. 60 62,838 7.70%, 11/15/33 .............................. 35 37,372 7.38%, 02/15/34 ............................. 44 45,581 CF Industries, Inc., 5.38%, 03/15/44 ............. 100 92,193 CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28 (a) ........................... 166 166,198 Dow Chemical Co. (The), 7.38%, 11/01/29 ....... 125 134,820 Ecolab, Inc. 5.00%, 09/01/35 ............................. 52 50,732 2.70%, 12/15/51 ............................. 760 440,399 FMC Corp. 5.65%, 05/18/33 ............................. 58 53,210 6.38%, 05/18/53 ............................. 33 26,115 Linde, Inc., 3.55%, 11/07/42 ..................... 25 19,167 Perimeter Holdings LLC 5.00%, 10/30/29 (a) ........................... 212 207,208 6.25%, 01/15/34 (a) ........................... 93 91,964 Rain Carbon, Inc., 12.25%, 09/01/29 (a) ........... 93 98,843 RPM International, Inc., 2.95%, 01/15/32 ......... 488 435,398
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
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Security
Par (000) Value
Chemicals (continued) Sherwin-Williams Co. (The) 5.15%, 08/15/35 ............................. USD 1,220 $ 1,194,665 4.50%, 06/01/47 ............................. 102 82,847 Westlake Corp., 5.00%, 08/15/46 ................ 150 126,526 3,533,751 Commercial Services & Supplies — 0.2% ADT Security Corp. (The), 5.88%, 10/15/33 (a) .... 50 48,910 AMN Healthcare, Inc., 6.50%, 01/15/31 (a) ........ 56 56,614 Cimpress PLC, 7.38%, 09/15/32 (a) ............... 206 208,290 CompoSecure Holdings LLC, 5.63%, 02/01/33 (a) . 30 29,063 Deluxe Corp. 8.00%, 06/01/29 (a) ........................... 28 28,284 8.13%, 09/15/29 (a) ........................... 40 41,569 Duke University, Series 2020, 2.83%, 10/01/55 ... 18 10,763 GFL Environmental, Inc., 6.75%, 01/15/31 (a) ..... 126 128,048 Howard University, Series 22A, 5.21%, 10/01/52 . 110 89,138 Massachusetts Institute of Technology, Series G, 2.29%, 07/01/51 ............................. 104 56,688 Pitney Bowes, Inc., 7.25%, 03/15/29 (a) ........... 69 69,580 President & Fellows of Harvard College, 3.15%, 07/15/46 ..................................... 505 349,661 Republic Services, Inc. 4.75%, 07/15/30 ............................. 120 119,416 5.20%, 11/15/34 .............................. 495 493,112 Waste Connections, Inc., 5.25%, 09/01/35 ....... 945 938,708 Waste Management, Inc., 5.35%, 10/15/54 ....... 544 502,143 Wrangler Holdco Corp., 6.63%, 04/01/32 (a) ....... 78 78,713 Yale University, Series 2020, 2.40%, 04/15/50 .... 290 165,131 3,413,831 Communications Equipment — 0.1% Cisco Systems, Inc., 4.95%, 02/24/32 ............ 60 59,829 Motorola Solutions, Inc. 4.60%, 05/23/29 ............................. 2 1,985 2.30%, 11/15/30 .............................. 400 357,444 5.60%, 06/01/32 ............................. 830 842,611 5.40%, 04/15/34 ............................. 480 475,031 Viasat, Inc. 6.50%, 07/15/28 (a) ........................... 65 64,875 7.50%, 05/30/31 (a) ........................... 231 231,898 2,033,673 Construction & Engineering — 0.1% Granite Construction, Inc., 6.38%, 06/15/34 (a) .... 173 174,303 HTA Group Ltd., 7.50%, 06/04/29 (a) .............. 200 204,910 Quanta Services, Inc. 2.90%, 10/01/30 ............................. 560 513,673 4.50%, 01/15/31 ............................. 125 121,669 Tutor Perini Corp., 6.63%, 07/15/33 (a) ............ 126 127,081 1,141,636 Construction Materials — 0.1% CRH America Finance, Inc., 5.50%, 01/09/35 .... 1,050 1,048,926 Martin Marietta Materials, Inc., 5.15%, 12/01/34 .. 530 518,544 1,567,470 Consumer Finance — 0.5% Ally Financial, Inc., 6.65%, 01/17/40 ............. 23 22,542 American Express Co. 5.28%, 07/27/29 ............................. 700 707,183 5.04%, 05/01/34 ............................. 310 305,465 5.63%, 07/28/34 ............................. 110 110,419 5.44%, 01/30/36 ............................. 200 199,370 4.80%, 10/24/36 ............................. 405 382,894
Security
Par (000) Value
Consumer Finance (continued) Atlanticus Holdings Corp., 9.75%, 09/01/30 (a) .... USD 130 $ 132,469 Bread Financial Holdings, Inc. 6.75%, 05/15/31 (a) ........................... 50 51,066 8.38%, 06/15/35 (a) ........................... 55 57,359 Capital One Financial Corp. 5.25%, 07/26/30 ............................. 383 384,818 7.62%, 10/30/31 ............................. 2,230 2,417,183 Credit Acceptance Corp. 9.25%, 12/15/28 (a) ........................... 74 76,559 6.63%, 03/15/30 (a) ........................... 29 29,127 Encore Capital Group, Inc. 8.50%, 05/15/30 (a) ........................... 125 132,547 6.63%, 04/15/31 (a) ........................... 132 132,547 6.63%, 06/01/32 (a) ........................... 75 75,220 Enova International, Inc. 11.25%, 12/15/28 (a) .......................... 103 107,697 9.13%, 08/01/29 (a) ........................... 132 138,024 EZCORP, Inc., 7.38%, 04/01/32 (a) ............... 68 70,702 Figure Technology Solutions, Inc., 8.50%, 07/31/31 (a) ................................... 158 159,867 FirstCash, Inc. 6.88%, 03/01/32 (a) ........................... 231 235,544 6.13%, 05/01/34 (a) ........................... 102 100,880 Ford Motor Credit Co. LLC 4.00%, 11/13/30 .............................. 425 397,617 5.75%, 04/06/33 ............................. 445 437,922 OneMain Finance Corp. 6.63%, 05/15/29 ............................. 75 76,086 7.88%, 03/15/30 ............................. 86 89,170 7.50%, 05/15/31 ............................. 201 206,429 7.13%, 11/15/31 .............................. 51 51,753 7.13%, 09/15/32 ............................. 51 51,702 6.75%, 09/15/33 ............................. 30 29,532 SLM Corp., 6.50%, 01/31/30 .................... 24 24,437 Synchrony Financial 3.95%, 12/01/27 ............................. 150 148,342 2.88%, 10/28/31 ............................. 1,490 1,308,211 7.25%, 02/02/33 ............................. 242 250,608 9,101,291 Consumer Staples Distribution & Retail — 0.1% Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.75%, 03/31/34 (a) ................................... 42 39,484 Bunge Ltd. Finance Corp., 3.75%, 09/25/27 ...... 100 99,199 Kroger Co. (The) 2.20%, 05/01/30 ............................. 427 387,841 5.00%, 09/15/34 ............................. 41 39,618 Sysco Corp., 2.40%, 02/15/30 ................... 2 1,830 Target Corp., 4.50%, 09/15/32 ................... 52 51,102 U.S. Foods, Inc. 7.25%, 01/15/32 (a) ........................... 95 98,096 5.75%, 04/15/33 (a) ........................... 123 122,416 Walmart, Inc., 4.50%, 04/15/53 .................. 4 3,304 842,890 Containers & Packaging — 0.0% Ardagh Group SA 9.50%, 12/01/30 (a) ........................... 57 59,556 (5.00% Cash and 6.00% PIK), 11.00%, 12/01/30 (a)(d) .............................. 119 114,029 173,585
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
10 BNM1026U-6041638-19232822
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Security
Par (000) Value
Diversified Consumer Services — 0.0% Graham Holdings Co., 5.63%, 12/01/33 (a) ........ USD 47 $ 45,994 Match Group Holdings II LLC 5.63%, 02/15/29 (a) ........................... 61 60,924 6.13%, 09/15/33 (a) ........................... 214 210,733 United Rentals North America, Inc., 5.38%, 11/15/33 (a) ................................... 38 37,007 354,658 Diversified REITs — 0.2% American Tower Corp. 1.45%, 09/15/26 ............................. 425 424,516 3.60%, 01/15/28 ............................. 2 1,970 5.80%, 11/15/28 .............................. 25 25,472 5.35%, 03/15/35 ............................. 300 295,630 Crown Castle, Inc. 3.65%, 09/01/27 ............................. 1,100 1,090,475 4.80%, 09/01/28 ............................. 2 1,998 GLP Capital LP/GLP Financing II, Inc. 5.75%, 11/01/37 .............................. 706 672,104 6.25%, 09/15/54 ............................. 162 153,529 VICI Properties LP 5.13%, 05/15/32 ............................. 554 538,706 6.13%, 04/01/54 ............................. 700 656,969 3,861,369 Diversified Telecommunication Services — 0.6% APLD ComputeCo 2 LLC, 6.75%, 03/15/31 (a) .... 105 100,876 APLD ComputeCo 3 LLC, 7.00%, 06/15/31 (a) .... 55 52,954 APLD ComputeCo LLC, 9.25%, 12/15/30 (a) ...... 292 307,992 AT&T Inc. 5.70%, 11/01/54 .............................. 500 437,366 6.00%, 04/30/56 ............................. 1,300 1,183,735 6.05%, 08/15/56 ............................. 4 3,676 Black Pearl Compute LLC, 6.13%, 02/15/31 (a) .... 1 1,001 British Telecommunications Ltd., 9.63%, 12/15/30 ..................................... 127 148,201 Comcast Corp., 2.94%, 11/01/56 ................ 625 319,398 Connect Finco S.a.r.l./Connect U.S. Finco LLC, 9.00%, 09/15/29 (a) ........................... 154 161,041 Core Scientific Finance I LLC, 7.75%, 05/15/31 (a) . 89 86,355 Deutsche Telekom International Finance BV, 9.25%, 06/01/32 ............................. 102 122,461 ELK Grove Village Property LLC, 7.50%, 06/15/31 (a) ................................... 60 57,775 Flash Compute LLC, 7.25%, 12/31/30 (a) ......... 31 31,161 Galaxy Helios Data Centers II LLC, 9.88%, 08/01/31 (a) ................................... 473 468,472 Level 3 Financing, Inc., 6.88%, 06/30/33 (a) ....... 115 116,906 Meridian Arc Holdco LLC, 6.25%, 04/30/31 (a) ..... 327 310,892 Orange SA, 5.50%, 02/06/44 .................... 200 188,808 PR RNO Property Owner 1 LLC, 6.50%, 05/01/31 (a) ................................... 128 118,652 Space Exploration Technologies Corp. 5.35%, 07/15/31 (a) ........................... 1,130 1,104,518 5.65%, 07/15/33 (a) ........................... 1,640 1,582,169 5.88%, 07/15/36 (a) ........................... 1,150 1,083,839 6.60%, 07/15/46 (a) ........................... 130 118,021 6.65%, 07/15/56 (a) ........................... 320 284,799 Telecom Italia Capital SA 6.38%, 11/15/33 .............................. 24 24,945 7.20%, 07/18/36 ............................. 68 74,502 7.72%, 06/04/38 ............................. 160 182,109
Security
Par (000) Value
Diversified Telecommunication Services (continued) Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC 6.50%, 02/15/29 (a) ........................... USD 43 $ 42,461 8.63%, 06/15/32 (a) ........................... 144 147,963 Verizon Communications, Inc., 5.88%, 11/30/55 .. 785 723,528 Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31 (a) ............ 116 121,183 WULF Compute LLC, 7.75%, 10/15/30 (a) ......... 183 190,155 Zenith Arc LLC, 8.88%, 08/31/31 (a) .............. 110 106,145 10,004,059 Electric Utilities — 0.9% Alpha Generation LLC, 6.25%, 01/15/34 (a) ....... 22 21,558 Ameren Illinois Co., 5.90%, 12/01/52 ............. 125 122,424 Avangrid, Inc., 3.80%, 06/01/29 .................. 500 485,044 Baltimore Gas & Electric Co., 5.40%, 06/01/53 ... 177 159,423 Berkshire Hathaway Energy Co. 6.13%, 04/01/36 ............................. 50 52,011 4.60%, 05/01/53 ............................. 574 454,886 CenterPoint Energy Houston Electric LLC, 3.55%, 08/01/42 ............................. 125 95,640 Commonwealth Edison Co., 4.90%, 02/01/33 .... 1,590 1,566,111 Connecticut Light & Power Co. (The), 4.95%, 08/15/34 ..................................... 2 1,943 Consolidated Edison Co. of New York, Inc. 5.50%, 03/15/34 ............................. 2 2,024 5.88%, 06/15/56 ............................. 250 238,255 Series 05-A, 5.30%, 03/01/35 ................. 225 223,463 Constellation Energy Generation LLC, 5.60%, 06/15/42 ..................................... 100 95,389 DTE Electric Co., 5.25%, 05/15/35 ............... 227 224,529 Duke Energy Carolinas LLC 3.20%, 08/15/49 ............................. 125 81,184 5.40%, 01/15/54 ............................. 282 256,829 5.75%, 06/15/56 ............................. 140 133,027 Duke Energy Corp. 4.20%, 06/15/49 ............................. 150 112,089 5.70%, 09/15/55 ............................. 190 174,162 Enel Chile SA, 4.88%, 06/12/28 ................. 25 24,996 Entergy Louisiana LLC 5.80%, 03/15/55 ............................. 125 118,404 5.65%, 04/15/56 ............................. 685 636,798 Evergy Kansas Central, Inc., 5.25%, 03/15/35 .... 75 73,575 Eversource Energy, 3.38%, 03/01/32 ............ 750 682,132 Exelon Corp. 2.75%, 03/15/27 ............................. 550 545,449 3.35%, 03/15/32 ............................. 350 319,649 5.45%, 03/15/34 ............................. 422 421,182 Florida Power & Light Co. 4.95%, 06/01/35 ............................. 275 266,630 5.60%, 02/15/66 ............................. 475 433,266 Hawaiian Electric Co., Inc., 6.00%, 10/01/33 (a) ... 13 12,826 Interstate Power & Light Co., 4.95%, 09/30/34 .... 50 48,080 Kentucky Utilities Co., 4.38%, 10/01/45 .......... 50 40,603 MidAmerican Energy Co., 5.85%, 09/15/54 ....... 125 120,653 NextEra Energy Capital Holdings, Inc., 4.40%, 03/01/31 ..................................... 400 390,809 Northern States Power Co. 5.05%, 05/15/35 ............................. 2 1,957 5.55%, 05/15/56 ............................. 220 203,692 NSTAR Electric Co., 3.95%, 04/01/30 ............ 1,000 965,486 Oncor Electric Delivery Co. LLC 7.50%, 09/01/38 ............................. 75 87,042
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
11 BNM1026U-6041638-19232822
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Security
Par (000) Value
Electric Utilities (continued) Oncor Electric Delivery Co. LLC 5.90%, 03/15/56 (a) ........................... USD 100 $ 96,563 Pacific Gas & Electric Co. 4.65%, 08/01/28 ............................. 250 249,236 6.00%, 05/01/56 ............................. 265 241,628 PacifiCorp 4.25%, 03/15/29 ............................. 2 1,966 5.45%, 02/15/34 ............................. 200 198,159 5.50%, 05/15/54 ............................. 150 131,151 Potomac Electric Power Co., 5.20%, 03/15/34 .... 125 123,798 PPL Electric Utilities Corp., 4.85%, 02/15/34 ..... 175 170,507 Public Service Co. of Colorado 5.15%, 09/15/35 ............................. 175 170,014 6.20%, 08/15/56 ............................. 100 99,825 Public Service Co. of New Hampshire, 5.15%, 01/15/53 ..................................... 360 318,384 Public Service Co. of Oklahoma, 5.45%, 01/15/36 ..................................... 75 73,806 Public Service Electric & Gas Co. 5.20%, 08/01/33 ............................. 2,410 2,413,784 5.20%, 03/01/34 ............................. 2 1,990 3.80%, 01/01/43 ............................. 50 39,306 San Diego Gas & Electric Co., 5.35%, 04/01/53 .. 100 88,224 Southern California Edison Co. 4.80%, 03/15/33 ............................. 280 267,609 5.45%, 03/01/35 ............................. 200 194,645 4.00%, 04/01/47 ............................. 2 1,420 5.75%, 04/15/54 ............................. 170 150,281 Series C, 4.13%, 03/01/48 .................... 75 53,770 Southern Co. (The), 4.40%, 07/01/46 ............ 125 100,779 Southwestern Electric Power Co., 5.90%, 04/01/56 ..................................... 230 216,002 Talen Energy Supply LLC 6.25%, 02/01/34 (a) ........................... 93 91,332 6.50%, 02/01/36 (a) ........................... 146 143,296 Tampa Electric Co. 5.15%, 03/01/35 ............................. 670 656,155 5.00%, 07/15/52 ............................. 25 21,489 Union Electric Co., 5.75%, 09/15/56 ............. 100 94,997 Virginia Electric & Power Co. 8.88%, 11/15/38 .............................. 25 31,590 5.70%, 03/15/56 ............................. 370 345,189 Series B, 6.00%, 01/15/36 .................... 100 103,296 Xcel Energy, Inc., 5.50%, 03/15/34 .............. 150 149,499 16,932,910 Electrical Equipment — 0.0% NXP BV/NXP Funding LLC/NXP U.S.A., Inc., 4.85%, 08/19/32 ............................. 183 177,684 WESCO Distribution, Inc., 6.38%, 03/15/33 (a) .... 19 19,293 196,977 Electronic Equipment, Instruments & Components — 0.3% Allegion U.S. Holding Co., Inc., 3.55%, 10/01/27 . 45 44,492 Amphenol Corp., 4.63%, 02/15/36 ............... 127 119,346 Arrow Electronics, Inc. 3.88%, 01/12/28 ............................. 2 1,972 5.88%, 04/10/34 ............................. 477 482,130 Flex Ltd., 5.38%, 11/13/35 ....................... 515 486,984 Insight Enterprises, Inc., 6.63%, 05/15/32 (a) ...... 137 139,036 Keysight Technologies, Inc. 3.00%, 10/30/29 ............................. 760 716,566 4.95%, 10/15/34 ............................. 65 62,670 nVent Finance S.a.r.l., 5.65%, 05/15/33 .......... 1,289 1,303,636
Security
Par (000) Value
Electronic Equipment, Instruments & Components (continued) TD SYNNEX Corp., 2.38%, 08/09/28 ............ USD 75 $ 71,213 Teledyne Technologies, Inc., 2.75%, 04/01/31 .... 491 443,288 Tyco Electronics Group SA, 4.88%, 02/09/36 ..... 1,420 1,352,634 5,223,967 Energy Equipment & Services — 0.1% Archrock Services LP/Archrock Partners Finance Corp., 6.00%, 02/01/34 (a) ..................... 8 7,869 Borr IHC Ltd./Borr Finance LLC, 8.75%, 01/15/32 (a) ................................... 51 49,343 Bristow Group, Inc., 6.75%, 02/01/33 (a) .......... 106 106,754 Enerflex, Inc., 6.88%, 01/15/31 (a) ................ 25 25,489 Kodiak Gas Services LLC 5.88%, 04/01/31 (a) ........................... 45 44,869 6.50%, 10/01/33 (a) ........................... 8 8,077 6.75%, 10/01/35 (a) ........................... 8 8,156 Nabors Industries, Inc. 9.13%, 01/31/30 (a) ........................... 10 10,489 7.63%, 11/15/32 (a) ............................ 67 69,098 Noble Finance II LLC 8.00%, 04/15/30 (a) ........................... 153 158,198 6.25%, 06/15/34 (a) ........................... 104 102,077 Tidewater, Inc., 9.13%, 07/15/30 (a) ............... 148 158,496 U.S.A. Compression Partners LP/U.S.A. Compression Finance Corp., 7.13%, 03/15/29 (a) ................................... 70 71,723 Valaris Ltd., 8.38%, 04/30/30 (a) .................. 258 268,268 Venture Global LNG, Inc. 9.50%, 02/01/29 (a) ........................... 100 107,557 9.88%, 02/01/32 (a) ........................... 61 65,030 Viridien, 10.00%, 10/15/30 (a) .................... 56 59,069 Weatherford International Ltd., 6.75%, 10/15/33 (a) ................................... 50 50,999 1,371,561 Entertainment — 0.0% Resorts World Las Vegas LLC/RWLV Capital, Inc., 8.45%, 07/27/30 (a) ....................... 67 66,689 Take-Two Interactive Software, Inc., 5.60%, 06/12/34 ..................................... 560 563,377 630,066 Financial Services — 0.3% AerCap Ireland Capital DAC/AerCap Global Aviation Trust 5.30%, 01/19/34 ............................. 150 147,281 4.95%, 09/10/34 ............................. 780 744,855 Brookfield Finance, Inc. 5.33%, 01/15/36 ............................. 380 366,896 5.97%, 03/04/54 ............................. 2 1,899 Coinbase Global, Inc., 3.38%, 10/01/28 (a) ........ 293 279,572 Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (a) ........................... 87 83,087 Freedom Mortgage Holdings LLC, 9.25%, 02/01/29 (a) ................................... 65 67,205 Icahn Enterprises LP/Icahn Enterprises Finance Corp. 9.75%, 01/15/29 ............................. 151 144,526 10.00%, 11/15/29 (a) .......................... 155 150,195 Jackson Financial, Inc. 5.67%, 06/08/32 ............................. 460 457,172 6.15%, 01/15/37 ............................. 185 180,919 Mastercard, Inc. 2.95%, 06/01/29 ............................. 150 143,740
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
12 BNM1026U-6041638-19232822
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Security
Par (000) Value
Financial Services (continued) Mastercard, Inc. 3.35%, 03/26/30 ............................. USD 102 $ 97,165 3.85%, 03/26/50 ............................. 850 629,752 MGIC Investment Corp., 5.25%, 08/15/28 ........ 780 777,952 National Rural Utilities Cooperative Finance Corp., 5.00%, 08/15/34 ....................... 75 73,387 PayPal Holdings, Inc. 4.45%, 03/06/28 ............................. 50 49,811 2.85%, 10/01/29 ............................. 2 1,884 2.30%, 06/01/30 ............................. 25 22,842 PennyMac Financial Services, Inc., 7.88%, 12/15/29 (a) ................................... 28 28,890 Rocket Cos., Inc. 6.50%, 08/01/29 (a) ........................... 57 57,900 6.13%, 08/01/30 (a) ........................... 95 96,264 6.13%, 08/01/31 (a) ........................... 30 30,380 7.13%, 02/01/32 (a) ........................... 123 127,024 Visa, Inc. 4.30%, 12/14/45 ............................. 327 269,976 3.65%, 09/15/47 ............................. 326 240,618 WS Escrow LLC, 7.75%, 06/01/33 (a) ............. 125 130,139 5,401,331 Food Products — 0.1% Campbell’s Co. (The), 4.15%, 03/15/28 .......... 227 224,572 Conagra Brands, Inc. 1.38%, 11/01/27 .............................. 2 1,924 7.00%, 10/01/28 ............................. 225 233,527 General Mills, Inc., 4.20%, 04/17/28 ............. 127 125,951 J M Smucker Co. (The), 2.38%, 03/15/30 ........ 277 253,862 JBS NV/JBS U.S.A. Foods Group Holdings, Inc./JBS U.S.A. Food Co. Holdings, 3.00%, 02/02/29 ..................................... 383 366,343 Kraft Heinz Foods Co. 3.88%, 05/15/27 ............................. 19 18,936 3.75%, 04/01/30 ............................. 152 145,500 Pilgrim’s Pride Corp., 4.25%, 04/15/31 ........... 125 118,926 Post Holdings, Inc. 6.38%, 03/01/33 (a) ........................... 221 217,158 6.50%, 03/15/36 (a) ........................... 58 56,213 Tyson Foods, Inc., 5.10%, 09/28/48 .............. 152 132,279 1,895,191 Gas Utilities — 0.1% AmeriGas Partners LP/AmeriGas Finance Corp. 9.38%, 06/01/28 (a) ........................... 24 24,507 9.50%, 06/01/30 (a) ........................... 60 63,788 Atmos Energy Corp., 5.90%, 11/15/33 ........... 77 79,961 National Fuel Gas Co., 5.95%, 03/15/35 ......... 1,865 1,892,267 ONE Gas, Inc., 4.25%, 09/01/32 ................. 155 148,736 Southern California Gas Co., 5.05%, 09/01/34 .... 2 1,952 2,211,211 Ground Transportation — 0.1% Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.38%, 06/15/32 (a) .............. 15 15,291 Burlington Northern Santa Fe LLC, 5.50%, 03/15/55 ..................................... 200 185,908 Canadian National Railway Co., 3.85%, 08/05/32 . 485 456,417 Canadian Pacific Railway Co. 3.50%, 05/01/50 ............................. 77 52,460 6.13%, 09/15/15 ............................. 25 24,651 CSX Corp., 4.90%, 03/15/55 .................... 50 42,621 RXO, Inc., 6.38%, 05/15/31 (a) ................... 115 115,260
Security
Par (000) Value
Ground Transportation (continued) Ryder System, Inc. 5.65%, 03/01/28 ............................. USD 25 $ 25,324 6.30%, 12/01/28 ............................. 940 969,216 Stonepeak Nile Parent LLC, 7.25%, 03/15/32 (a) .. 124 127,542 Uber Technologies, Inc., 5.35%, 09/15/54 ........ 18 15,926 Union Pacific Corp. 2.89%, 04/06/36 ............................. 162 133,553 3.25%, 02/05/50 ............................. 2 1,310 3.84%, 03/20/60 ............................. 325 222,531 2,388,010 Health Care Equipment & Supplies — 0.0% Abbott Laboratories, 4.90%, 11/30/46 ............ 202 179,419 Bausch + Lomb Corp., 8.38%, 10/01/28 (a) ........ 82 84,114 Baxter International, Inc., 2.27%, 12/01/28 ....... 152 143,270 Smith & Nephew PLC, 5.40%, 03/20/34 .......... 2 1,983 Stryker Corp., 4.10%, 04/01/43 .................. 2 1,619 410,405 Health Care Providers & Services — 0.7% Cardinal Health, Inc., 5.35%, 11/15/34 ........... 670 662,917 Cencora, Inc., 4.30%, 12/15/47 .................. 1,170 924,864 Centene Corp., 4.63%, 12/15/29 ................. 144 140,378 Cigna Group (The) 4.38%, 10/15/28 ............................. 900 893,151 5.25%, 02/15/34 ............................. 540 535,474 CVS Health Corp. 5.00%, 09/15/32 ............................. 270 266,298 5.45%, 09/15/35 ............................. 550 542,627 5.05%, 03/25/48 ............................. 352 297,904 5.63%, 02/21/53 ............................. 13 11,698 6.05%, 06/01/54 ............................. 187 178,678 DaVita, Inc. 6.88%, 09/01/32 (a) ........................... 172 176,143 6.75%, 07/15/33 (a) ........................... 75 76,731 Elevance Health, Inc. 4.65%, 01/15/43 ............................. 2 1,708 4.38%, 12/01/47 ............................. 125 98,034 5.70%, 02/15/55 ............................. 175 161,681 Encompass Health Corp., 5.88%, 06/01/34 (a) ..... 84 83,619 Fortrea Holdings, Inc., 7.50%, 07/01/30 (a) ........ 56 57,074 HCA, Inc. 3.13%, 03/15/27 ............................. 400 397,544 5.20%, 06/01/28 ............................. 540 543,714 5.45%, 04/01/31 ............................. 710 717,138 3.63%, 03/15/32 ............................. 1,029 946,467 Humana, Inc., 4.88%, 04/01/30 .................. 508 502,980 McKesson Corp., 5.10%, 07/15/33 ............... 2,500 2,494,938 Novant Health, Inc., 2.64%, 11/01/36 ............ 870 669,675 Select Medical Corp., 6.25%, 12/01/32 (a) ......... 152 147,397 Sotera Health Holdings LLC, 7.38%, 06/01/31 (a) .. 87 90,506 UnitedHealth Group, Inc. 4.50%, 04/15/33 ............................. 440 422,331 5.88%, 02/15/53 ............................. 140 134,541 5.05%, 04/15/53 ............................. 750 642,273 12,818,483 Health Care REITs — 0.1% Alexandria Real Estate Equities, Inc., 4.70%, 07/01/30 ..................................... 252 246,677 Diversified Healthcare Trust 4.75%, 02/15/28 ............................. 124 121,249 7.25%, 10/15/30 (a) ........................... 20 20,489 4.38%, 03/01/31 ............................. 115 105,047
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
13 BNM1026U-6041638-19232822
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Security
Par (000) Value
Health Care REITs (continued) Healthpeak OP LLC, 3.00%, 01/15/30 ........... USD 175 $ 163,912 MPT Operating Partnership LP/MPT Finance Corp. 5.00%, 10/15/27 ............................. 20 19,646 9.25%, 02/15/32 (a) ........................... 435 421,937 Ventas Realty LP 5.10%, 07/15/32 ............................. 620 614,487 5.70%, 09/30/43 ............................. 25 24,009 Welltower OP LLC 4.50%, 07/01/30 ............................. 860 846,950 5.13%, 07/01/35 ............................. 2 1,963 2,586,366 Hotel & Resort REITs — 0.0% RHP Hotel Properties LP/RHP Finance Corp., 5.75%, 03/15/34 (a) ........................... 25 24,636 Service Properties Trust, 8.63%, 11/15/31 (a) ...... 28 29,323 53,959 Hotels, Restaurants & Leisure — 0.2% Caesars Entertainment, Inc. 7.00%, 02/15/30 (a) ........................... 306 307,795 6.50%, 02/15/32 (a) ........................... 108 104,394 Darden Restaurants, Inc., 4.55%, 10/15/29 ....... 305 300,574 Genting New York LLC/GENNY Capital, Inc., 7.25%, 10/01/29 (a) ........................... 126 129,333 Hilton Domestic Operating Co., Inc., 6.13%, 04/01/32 (a) ................................... 108 109,382 Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.63%, 01/15/32 (a) ................................... 28 28,235 Hyatt Hotels Corp., 5.38%, 12/15/31 ............. 40 40,063 Light & Wonder International, Inc., 7.50%, 09/01/31 (a) ................................... 113 117,193 Lindblad Expeditions LLC, 7.00%, 09/15/30 (a) .... 35 36,052 Marriott International, Inc., 5.10%, 05/01/38 ...... 1,040 974,835 McDonald’s Corp. 4.88%, 12/09/45 ............................. 200 173,211 3.63%, 09/01/49 ............................. 50 34,730 Royal Caribbean Cruises Ltd., 5.25%, 02/27/38 .. 780 733,184 Sabre Financial Borrower LLC, 11.13%, 06/15/29 (a) ................................... 90 95,540 Sabre GLBL, Inc. 10.75%, 11/15/29 (a) .......................... 85 83,831 11.13%, 07/15/30 (a) .......................... 106 104,278 Viking Cruises Ltd., 5.88%, 10/15/33 (a) ........... 68 67,302 Wynn Macau Ltd., 6.75%, 02/15/34 (a) ............ 53 52,366 3,492,298 Household Durables — 0.2% DR Horton, Inc. 1.40%, 10/15/27 ............................. 75 72,454 5.50%, 10/15/35 ............................. 898 891,960 Installed Building Products, Inc., 5.63%, 02/01/34 (a) ................................... 35 34,118 Leggett & Platt, Inc., 3.50%, 11/15/27 ............ 25 24,527 NVR, Inc., 3.00%, 05/15/30 ..................... 1,930 1,794,944 PulteGroup, Inc., 6.38%, 05/15/33 ............... 890 938,898 Whirlpool Corp. 6.13%, 06/15/30 ............................. 39 36,643 7.50%, 07/01/31 (a) ........................... 10 10,013 5.50%, 03/01/33 ............................. 14 11,166 6.50%, 06/15/33 ............................. 110 95,084 7.88%, 07/01/34 (a) ........................... 10 9,783
Security
Par (000) Value
Household Durables (continued) Whirlpool Corp. 5.15%, 03/01/43 ............................. USD 14 $ 8,619 4.50%, 06/01/46 ............................. 23 13,021 4.60%, 05/15/50 ............................. 22 12,437 3,953,667 Household Products — 0.0% Church & Dwight Co., Inc., 3.15%, 08/01/27 ...... 200 197,808 Colgate-Palmolive Co., 3.25%, 08/15/32 ......... 50 46,109 243,917 Insurance — 0.5% Acrisure LLC/Acrisure Finance, Inc. 8.25%, 02/01/29 (a) ........................... 25 22,807 8.50%, 06/15/29 (a) ........................... 13 11,809 7.50%, 11/06/30 (a) ............................ 29 26,684 6.75%, 07/01/32 (a) ........................... 7 5,976 Allstate Corp. (The) 5.35%, 06/01/33 ............................. 100 100,464 3.85%, 08/10/49 ............................. 350 252,585 American International Group, Inc. 4.85%, 05/07/30 ............................. 290 289,002 5.13%, 03/27/33 ............................. 177 175,221 Assurant, Inc. 4.90%, 03/27/28 ............................. 150 150,154 5.55%, 02/15/36 ............................. 185 180,840 7.00%, 03/27/48 ............................. 84 85,124 Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/31 (a) ................................... 134 136,413 Berkshire Hathaway Finance Corp., 4.20%, 08/15/48 ..................................... 1,030 803,398 Brighthouse Financial, Inc., 3.70%, 06/22/27 ..... 75 74,078 Chubb INA Holdings LLC, 5.00%, 03/15/34 ....... 2 1,962 CNA Financial Corp., 5.20%, 08/15/35 ........... 270 259,568 CRC Insurance Group LLC, 7.13%, 06/01/31 (a) ... 90 90,022 Fairfax Financial Holdings Ltd. 6.35%, 03/22/54 ............................. 170 166,148 6.20%, 06/08/56 (a) ........................... 240 228,794 HUB International Ltd. 7.25%, 06/15/30 (a) ........................... 76 78,249 7.38%, 01/31/32 (a) ........................... 51 52,349 Lincoln National Corp. 3.05%, 01/15/30 ............................. 2 1,868 5.85%, 03/15/34 ............................. 175 175,866 Markel Group, Inc., 6.00%, 05/16/54 ............. 248 235,742 Marsh & McLennan Cos., Inc. 2.38%, 12/15/31 ............................. 2 1,748 5.45%, 03/15/53 ............................. 550 499,228 Progressive Corp. (The), 4.95%, 06/15/33 ........ 1,410 1,397,740 Prudential Financial, Inc. 4.35%, 02/25/50 ............................. 300 234,938 3.70%, 03/13/51 ............................. 2 1,390 Reinsurance Group of America, Inc., 5.75%, 09/15/34 ..................................... 125 125,319 Stewart Information Services Corp., 3.60%, 11/15/31 ..................................... 428 374,706 Travelers Cos., Inc. (The), 5.05%, 07/24/35 ...... 150 145,986 Unum Group, 4.13%, 06/15/51 .................. 138 99,184 Willis North America, Inc. 4.65%, 06/15/27 ............................. 390 390,174
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
14 BNM1026U-6041638-19232822
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Security
Par (000) Value
Insurance (continued) Willis North America, Inc. 5.35%, 05/15/33 ............................. USD 702 $ 698,030 5.90%, 03/05/54 ............................. 530 501,472 8,075,038 Interactive Media & Services — 0.3% Alphabet, Inc. 4.50%, 05/15/35 ............................. 1,190 1,127,323 4.80%, 02/15/36 ............................. 900 856,969 5.25%, 05/15/55 ............................. 880 760,325 5.45%, 11/15/55 .............................. 277 245,441 Baidu, Inc., 3.43%, 04/07/30 ..................... 200 190,456 Meta Platforms, Inc. 4.60%, 11/15/32 .............................. 155 148,836 5.50%, 11/15/45 .............................. 177 153,601 5.63%, 11/15/55 .............................. 552 460,073 6.30%, 05/15/56 ............................. 100 92,068 5.75%, 11/15/65 .............................. 177 145,334 Snap, Inc., 6.88%, 03/01/33 (a) ................... 212 207,889 Ziff Davis, Inc., 4.63%, 10/15/30 (a) ............... 126 118,798 4,507,113 IT Services — 0.2% Accenture Capital, Inc., 4.50%, 10/04/34 ......... 50 46,772 CGI, Inc., 2.30%, 09/14/31 ...................... 1,570 1,355,635 CoreWeave, Inc. 9.25%, 06/01/30 (a) ........................... 242 224,737 9.00%, 02/01/31 (a) ........................... 48 43,056 9.75%, 10/01/31 (a) ........................... 282 252,171 9.63%, 07/15/32 (a) ........................... 34 29,999 Fiserv, Inc. 2.25%, 06/01/27 ............................. 200 196,794 4.20%, 10/01/28 ............................. 275 270,817 Gartner, Inc., 5.60%, 11/20/35 ................... 15 14,184 Global Payments, Inc., 4.95%, 08/15/27 ......... 458 459,409 IBM International Capital Pte Ltd., 4.90%, 02/05/34 ..................................... 39 37,595 International Business Machines Corp., 5.88%, 11/29/32 ..................................... 200 207,122 TR Finance LLC, 5.85%, 04/15/40 ............... 5 4,900 3,143,191 Leisure Products — 0.0% Acushnet Co., 5.63%, 12/01/33 (a) ................ 33 32,401 Life Sciences Tools & Services — 0.0% Agilent Technologies, Inc., 4.75%, 09/09/34 ...... 2 1,928 Machinery — 0.1% Caterpillar, Inc. 5.20%, 05/15/35 ............................. 50 49,882 3.80%, 08/15/42 ............................. 127 102,127 CNH Industrial Capital LLC, 4.50%, 10/08/27 ..... 200 199,783 Cummins, Inc., 5.30%, 05/09/35 ................. 8 7,965 Deere & Co. 5.45%, 01/16/35 ............................. 225 228,403 3.90%, 06/09/42 ............................. 27 22,002 Enpro, Inc., 6.13%, 06/01/33 (a) .................. 35 35,151 Esab Corp., 5.63%, 04/01/31 (a) .................. 40 39,639 John Deere Capital Corp., 5.10%, 04/11/34 ...... 2 1,993 Manitowoc Co., Inc. (The), 9.25%, 10/01/31 (a) .... 38 41,075
Security
Par (000) Value
Machinery (continued) Solaris Energy Infrastructure LLC, 6.38%, 05/15/31 (a) ................................... USD 50 $ 49,639 Westinghouse Air Brake Technologies Corp., 5.50%, 05/29/35 ............................. 452 451,396 1,229,055 Marine Transportation — 0.0% Danaos Corp., 6.88%, 10/15/32 (a) ............... 146 149,307 Media — 0.2% Advantage Sales & Marketing, Inc., 9.00%, 11/15/30 (a) ................................... 187 155,408 AMC Global Media, Inc., 10.50%, 07/15/32 (a) ..... 146 154,362 CCO Holdings LLC/CCO Holdings Capital Corp. 5.38%, 06/01/29 (a) ........................... 39 38,301 6.38%, 09/01/29 (a) ........................... 30 30,028 4.75%, 03/01/30 (a) ........................... 79 74,919 7.38%, 03/01/31 (a) ........................... 270 273,450 7.00%, 02/01/33 (a) ........................... 42 41,007 7.38%, 02/01/36 (a) ........................... 61 58,981 Charter Communications Operating LLC/Charter Communications Operating Capital, 5.38%, 04/01/38 ..................................... 250 216,802 Clear Channel Outdoor Holdings, Inc. 7.88%, 04/01/30 (a) ........................... 77 79,887 7.13%, 02/15/31 (a) ........................... 93 95,908 7.50%, 03/15/33 (a) ........................... 94 99,071 DirecTV Financing LLC, 8.88%, 02/01/30 (a) ...... 30 30,691 DirecTV Financing LLC/DirecTV Financing Co Obligor, Inc. 5.88%, 08/15/27 (a) ........................... 8 7,978 10.00%, 02/15/31 (a) .......................... 68 71,961 Discovery Communications LLC, 5.00%, 09/20/37 ..................................... 90 69,075 Discovery Global Holdings, Inc. 4.05%, 03/15/29 ............................. 65 64,350 4.28%, 03/15/32 ............................. 141 129,015 5.05%, 03/15/42 ............................. 185 134,510 5.14%, 03/15/52 ............................. 86 57,728 Dotdash Meredith, Inc., 7.63%, 06/15/32 (a) ....... 164 157,427 EchoStar Corp., 10.75%, 11/30/29 ............... 124 134,022 Fox Corp., 5.58%, 01/25/49 ..................... 193 174,123 iHeartCommunications, Inc., 10.88%, 05/01/30 (a) . 47 33,172 Nexstar Media, Inc. 4.75%, 11/01/28 (a) ............................ 157 154,686 6.50%, 09/15/33 (a) ........................... 113 113,504 7.25%, 04/15/34 (a) ........................... 83 84,072 Omnicom Group, Inc. 4.65%, 10/01/28 ............................. 500 497,781 2.45%, 04/30/30 ............................. 8 7,294 Paramount Global 7.88%, 07/30/30 ............................. 218 229,371 6.88%, 04/30/36 ............................. 148 137,587 4.38%, 03/15/43 ............................. 46 29,148 5.85%, 09/01/43 ............................. 74 54,055 Sinclair Television Group, Inc. 5.50%, 03/01/30 (a) ........................... 37 33,161 4.38%, 12/31/32 (a) ........................... 63 47,093 8.13%, 02/15/33 (a) ........................... 46 47,818 Sirius XM Radio LLC 5.50%, 07/01/29 (a) ........................... 67 66,896 4.13%, 07/01/30 (a) ........................... 60 56,468 5.88%, 04/15/32 (a) ........................... 145 143,069
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
15 BNM1026U-6041638-19232822
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Security
Par (000) Value
Media (continued) Univision Communications, Inc., 8.88%, 04/15/33 (a) ................................... USD 30 $ 29,651 Versant Media Group, Inc., 7.25%, 01/30/31 (a) ... 153 158,664 Virgin Media Secured Finance PLC, 5.50%, 05/15/29 (a) ................................... 150 138,976 4,411,470 Metals & Mining — 0.2% Barrick North America Finance LLC, 5.70%, 05/30/41 ..................................... 77 75,072 Century Aluminum Co., 6.88%, 08/01/32 (a) ....... 150 153,704 Cleveland-Cliffs, Inc., 7.63%, 01/15/34 (a) ......... 30 30,610 Coeur Mining, Inc., 6.88%, 04/01/32 (a) ........... 63 64,463 Commercial Metals Co. 5.75%, 11/15/33 (a) ............................ 26 25,593 6.00%, 12/15/35 (a) ........................... 150 148,124 Eldorado Gold Corp., 6.25%, 09/01/29 (a) ......... 123 122,742 First Quantum Minerals Ltd. 7.25%, 02/15/34 (a) ........................... 38 38,902 6.38%, 02/15/36 (a) ........................... 35 34,075 Fortescue Treasury Pty Ltd., 6.13%, 04/15/32 (a) .. 169 170,872 Freeport-McMoRan, Inc., 5.45%, 03/15/43 ....... 77 72,337 Ivanhoe Mines Ltd., 7.88%, 01/23/30 (a) .......... 122 122,783 Kaiser Aluminum Corp., 5.88%, 03/01/34 (a) ....... 16 15,660 Mineral Resources Ltd. 7.00%, 04/01/31 (a) ........................... 127 130,972 6.00%, 05/01/32 (a) ........................... 45 44,411 6.25%, 05/01/34 (a) ........................... 45 44,076 Novelis Corp. 6.88%, 01/30/30 (a) ........................... 28 28,770 6.38%, 08/15/33 (a) ........................... 47 47,114 Perenti Finance Pty Ltd., 7.50%, 04/26/29 (a) ...... 114 117,073 PLS Group Ltd., 6.88%, 05/01/31 (a) .............. 19 19,402 Reliance, Inc., 2.15%, 08/15/30 .................. 50 44,718 Rio Tinto Alcan, Inc., 6.13%, 12/15/33 ........... 100 104,737 Rio Tinto Finance U.S.A. PLC 5.25%, 03/14/35 ............................. 715 710,247 4.75%, 03/22/42 ............................. 75 67,232 Skeena Resources Ltd., 8.50%, 04/01/31 (a) ...... 124 130,995 Southern Copper Corp., 5.88%, 04/23/45 ........ 663 646,292 Trekor Metals Ltd., 8.25%, 05/01/30 (a) ........... 131 136,774 3,347,750 Mortgage Real Estate Investment Trusts (REITs) — 0.0% Blackstone Mortgage Trust, Inc., 7.75%, 12/01/29 (a) ................................... 161 166,825 EF Holdco/EF Cayman Hold/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM, 7.38%, 09/30/30 (a) ................................... 36 35,843 Rithm Capital Corp., 8.00%, 04/01/29 (a) .......... 206 208,835 Starwood Property Trust, Inc. 7.25%, 04/01/29 (a) ........................... 112 115,412 6.00%, 04/15/30 (a) ........................... 54 54,208 6.50%, 07/01/30 (a) ........................... 52 52,910 6.50%, 10/15/30 (a) ........................... 43 43,772 6.13%, 06/01/31 (a) ........................... 20 20,042 697,847 Multi-Utilities — 0.1% American Water Capital Corp. 5.45%, 03/01/54 ............................. 75 68,323 5.70%, 09/01/55 ............................. 95 89,365 Consumers Energy Co., 4.20%, 09/01/52 ........ 200 151,990
Security
Par (000) Value
Multi-Utilities (continued) NiSource, Inc. 5.35%, 04/01/34 ............................. USD 483 $ 480,475 5.00%, 06/15/52 ............................. 240 202,865 993,018 Office REITs — 0.0% Boston Properties LP, 2.90%, 03/15/30 .......... 152 140,895 Oil, Gas & Consumable Fuels — 1.0% Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29 (a) ..................... 84 87,157 Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.75%, 10/15/33 (a) ........................... 99 97,736 5.75%, 07/01/34 (a) ........................... 40 39,250 BKV Upstream Midstream LLC, 7.50%, 10/15/30 (a) ................................... 142 143,509 BP Capital Markets America, Inc., 5.23%, 11/17/34 ..................................... 433 431,691 California Resources Corp. 7.00%, 01/15/34 (a) ........................... 90 89,992 7.25%, 01/15/35 (a) ........................... 56 56,135 Calumet Specialty Products Partners LP/Calumet Finance Corp. 9.75%, 07/15/28 (a) ........................... 115 118,590 9.75%, 02/15/31 (a) ........................... 85 92,094 Cheniere Energy Partners LP, 5.75%, 08/15/34 ... 75 76,023 Cheniere Energy, Inc., 6.00%, 07/30/56 (a) ........ 50 48,224 Chevron U.S.A., Inc., 4.98%, 04/15/35 ........... 1,745 1,727,053 Chord Energy Corp. 6.00%, 10/01/30 (a) ........................... 70 70,839 6.75%, 03/15/33 (a) ........................... 110 112,474 CNX Midstream Partners LP, 4.75%, 04/15/30 (a) .. 14 13,480 CNX Resources Corp. 7.38%, 01/15/31 (a) ........................... 99 101,380 7.25%, 03/01/32 (a) ........................... 124 127,637 ConocoPhillips Co., 5.00%, 01/15/35 ............ 1,515 1,486,632 CVR Energy, Inc. 7.50%, 02/15/31 (a) ........................... 32 32,972 7.88%, 02/15/34 (a) ........................... 46 47,732 Delek Logistics Partners LP/Delek Logistics Finance Corp. 8.63%, 03/15/29 (a) ........................... 132 136,642 7.38%, 06/30/33 (a) ........................... 32 32,936 6.88%, 06/01/34 (a) ........................... 40 40,351 Devon Energy Corp., 5.40%, 02/15/35 (a) ......... 125 124,127 Enbridge, Inc., 6.20%, 11/15/30 .................. 65 67,582 Energy Transfer LP, 6.50%, 02/01/42 ............ 225 231,767 EnQuest PLC, 9.88%, 04/30/31 (a) ............... 151 159,702 Enterprise Products Operating LLC 4.85%, 01/31/34 ............................. 225 219,138 4.85%, 03/15/44 ............................. 150 131,974 5.10%, 02/15/45 ............................. 2 1,800 EQT Corp., 5.75%, 02/01/34 .................... 352 354,962 Genesis Energy LP/Genesis Energy Finance Corp. 8.25%, 01/15/29 ............................. 104 107,122 7.88%, 05/15/32 ............................. 27 28,025 6.75%, 03/15/34 (a) ........................... 16 16,109 Global Partners LP/GLP Finance Corp., 8.25%, 01/15/32 (a) ................................... 84 87,844 Golar LNG Ltd., 7.50%, 10/02/30 (a) .............. 141 143,432 Gulfport Energy Operating Corp., 6.75%, 09/01/29 (a) ................................... 118 120,177
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
16 BNM1026U-6041638-19232822
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Security
Par (000) Value
Oil, Gas & Consumable Fuels (continued) Ithaca Energy North Sea PLC, 8.13%, 10/15/29 (a) ................................... USD 124 $ 128,839 Karoon U.S.A. Finance, Inc., 10.50%, 05/14/29 (a) . 59 60,963 Kinder Morgan Energy Partners LP 5.80%, 03/15/35 ............................. 100 101,520 6.55%, 09/15/40 ............................. 25 26,163 Kinder Morgan, Inc., 5.95%, 08/01/54 ............ 676 650,555 Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32 (a) ...... 153 156,765 Marathon Petroleum Corp., 5.15%, 03/01/30 ..... 77 77,489 MPLX LP, 6.10%, 04/01/56 ...................... 550 526,758 Murphy Oil Corp., 6.50%, 02/15/34 .............. 101 100,678 NGL Energy Operating LLC/NGL Energy Finance Corp. 8.13%, 02/15/29 (a) ........................... 47 48,485 8.38%, 02/15/32 (a) ........................... 136 142,583 Northern Oil & Gas, Inc. 7.88%, 10/15/33 (a) ........................... 33 33,949 7.50%, 09/01/34 (a) ........................... 25 25,197 ONEOK, Inc. 5.65%, 11/01/28 .............................. 1,490 1,515,393 6.35%, 01/15/31 ............................. 1,530 1,596,251 6.05%, 09/01/33 ............................. 540 556,570 5.65%, 09/01/34 ............................. 2 2,007 7.15%, 01/15/51 ............................. 390 419,255 Par Petroleum LLC, 7.38%, 06/01/34 (a) .......... 154 159,804 PBF Holding Co. LLC/PBF Finance Corp. 9.88%, 03/15/30 (a) ........................... 38 40,583 7.88%, 09/15/30 (a) ........................... 154 159,601 Phillips 66 Co., 5.25%, 06/15/31 ................. 202 205,090 Sabine Pass Liquefaction LLC, 4.20%, 03/15/28 .. 25 24,831 Shell Finance U.S., Inc. 2.75%, 04/06/30 ............................. 2 1,865 4.38%, 05/11/45 .............................. 300 246,681 Talos Production, Inc. 9.38%, 02/01/31 (a) ........................... 156 165,408 8.00%, 07/15/34 (a) ........................... 205 211,992 Targa Resources Corp. 6.15%, 03/01/29 ............................. 1,020 1,048,817 5.55%, 08/15/35 ............................. 520 514,514 6.50%, 02/15/53 ............................. 690 698,918 TotalEnergies Capital SA, 5.49%, 04/05/54 ....... 470 438,053 Valero Energy Corp., 6.63%, 06/15/37 ........... 2 2,157 Vermilion Energy, Inc., 7.25%, 02/15/33 (a) ........ 127 127,382 Western Midstream Operating LP 4.50%, 03/01/28 ............................. 50 49,750 6.35%, 01/15/29 ............................. 35 36,057 5.50%, 12/15/35 ............................. 395 384,072 Williams Cos., Inc. (The) 5.15%, 03/15/36 ............................. 4 3,839 5.10%, 09/15/45 ............................. 100 87,725 4.85%, 03/01/48 ............................. 175 145,914 17,926,763 Paper & Forest Products — 0.0% Cascades, Inc./Cascades U.S.A., Inc., 6.75%, 07/15/30 (a) ................................... 117 120,365 Suzano Austria GmbH, 6.00%, 01/15/29 ......... 200 202,369 322,734 Passenger Airlines — 0.0% Allegiant Travel Co., 7.13%, 07/01/31 (a) .......... 23 23,210
Security
Par (000) Value
Passenger Airlines (continued) JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, 09/20/31 (a) ................................... USD 237 $ 203,513 Southwest Airlines Co., 2.63%, 02/10/30 ......... 175 160,725 387,448 Personal Care Products — 0.0% Estee Lauder Cos., Inc. (The) 2.38%, 12/01/29 ............................. 125 115,648 2.60%, 04/15/30 ............................. 2 1,848 Kenvue, Inc., 5.00%, 03/22/30 ................... 50 50,164 167,660 Pharmaceuticals — 0.2% 1261229 BC Ltd., 10.00%, 04/15/32 (a) ........... 201 209,238 Amneal Pharmaceuticals LLC, 6.88%, 08/01/32 (a) ................................... 181 187,747 Astrazeneca Finance LLC, 1.75%, 05/28/28 ...... 8 7,631 AstraZeneca PLC, 6.45%, 09/15/37 .............. 352 379,835 Bausch Health Cos., Inc. 4.88%, 06/01/28 (a) ........................... 275 262,226 11.00%, 09/30/28 (a) .......................... 199 210,189 Eli Lilly & Co. 5.05%, 08/14/54 ............................. 850 749,662 5.60%, 05/20/56 ............................. 235 224,231 5.65%, 10/15/65 ............................. 55 51,887 Harrow, Inc., 8.63%, 09/15/30 (a) ................. 63 64,460 HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 7.75%, 05/01/33 (a) ......... 97 97,992 Merck & Co., Inc., 5.00%, 05/17/53 .............. 310 268,068 Organon & Co./Organon Foreign Debt Co-Issuer BV, 7.88%, 05/15/34 (a) ....................... 131 140,323 Pfizer Investment Enterprises Pte Ltd. 5.11%, 05/19/43 .............................. 552 504,682 5.30%, 05/19/53 ............................. 202 180,634 5.34%, 05/19/63 ............................. 125 109,125 Zoetis, Inc., 4.70%, 02/01/43 .................... 300 258,618 3,906,548 Professional Services — 0.0% Automatic Data Processing, Inc., 4.75%, 05/08/32 ..................................... 390 385,026 CACI International, Inc., 6.38%, 06/15/33 (a) ...... 209 211,795 Concentrix Corp., 6.85%, 08/02/33 .............. 10 9,640 Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, 11/01/29 (a) ................................... 51 43,206 649,667 Real Estate Management & Development — 0.1% Anywhere Real Estate Group LLC/Realogy Co Issuer Corp. 5.75%, 01/15/29 (a) ........................... 118 116,643 5.25%, 04/15/30 (a) ........................... 107 103,598 9.75%, 04/15/30 (a) ........................... 68 72,858 CBRE Services, Inc., 5.95%, 08/15/34 ........... 1,830 1,864,425 Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31 (a) ........................... 61 63,901 Five Point Operating Co. LP, 8.00%, 10/01/30 (a) .. 101 103,733 Howard Hughes Corp. (The), 6.13%, 03/01/34 (a) . 40 39,272 2,364,430 Residential REITs — 0.0% Camden Property Trust, 3.35%, 11/01/49 ........ 15 10,051 ERP Operating LP 5.00%, 08/01/35 ............................. 50 48,494
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
17 BNM1026U-6041638-19232822
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Security
Par (000) Value
Residential REITs (continued) ERP Operating LP 3.90%, 10/15/46 ............................. USD 5 $ 3,802 Essex Portfolio LP, 5.50%, 04/01/34 ............. 2 1,993 Invitation Homes Operating Partnership LP, 5.45%, 08/15/30 ............................. 50 50,230 Mid-America Apartments LP, 4.65%, 01/15/33 .... 77 74,272 UDR, Inc., 2.10%, 06/15/33 ..................... 125 101,718 290,560 Retail REITs — 0.0% Kimco Realty OP LLC, 6.40%, 03/01/34 .......... 75 79,408 NNN REIT, Inc. 5.60%, 10/15/33 ............................. 100 100,873 5.50%, 06/15/34 ............................. 2 1,999 Realty Income Corp. 4.50%, 02/01/33 ............................. 2 1,911 4.90%, 07/15/33 ............................. 50 48,741 232,932 Semiconductors & Semiconductor Equipment — 0.4% Broadcom, Inc. 4.15%, 04/15/32 ............................. 710 664,383 3.42%, 04/15/33 ............................. 350 306,905 3.75%, 02/15/51 ............................. 300 201,924 Intel Corp. 4.88%, 02/10/28 ............................. 1,070 1,072,047 6.13%, 05/15/56 ............................. 430 405,503 Kioxia Holdings Corp. 6.25%, 07/24/30 (a) ........................... 70 71,571 6.63%, 07/24/33 (a) ........................... 138 142,568 NVIDIA Corp. 2.00%, 06/15/31 ............................. 2,970 2,605,147 3.50%, 04/01/50 ............................. 277 185,958 3.70%, 04/01/60 ............................. 1,050 695,637 QUALCOMM, Inc., 1.30%, 05/20/28 ............. 255 241,546 6,593,189 Software — 0.4% Adobe, Inc., 2.30%, 02/01/30 .................... 592 543,847 AppLovin Corp., 5.50%, 12/01/34 ................ 890 875,305 Autodesk, Inc., 3.50%, 06/15/27 ................. 333 330,645 Cloud Software Group LLC 9.00%, 09/30/29 (a) ........................... 102 102,268 8.25%, 06/30/32 (a) ........................... 115 112,593 Elastic NV, 4.13%, 07/15/29 (a) ................... 96 92,407 Electronic Arts, Inc., 1.85%, 02/15/31 ............ 1,000 940,465 Fair Isaac Corp., 6.25%, 09/15/34 (a) ............. 189 184,954 Gen Digital, Inc., 6.25%, 04/01/33 (a) ............. 100 99,969 Microsoft Corp., 2.68%, 06/01/60 ................ 529 275,084 NCR Atleos Corp., 9.50%, 04/01/29 (a) ............ 50 52,924 Open Text Holdings, Inc. 4.13%, 02/15/30 (a) ........................... 62 57,866 4.13%, 12/01/31 (a) ........................... 34 30,373 Oracle Corp. 5.50%, 08/03/35 ............................. 1,360 1,247,182 5.70%, 02/04/36 ............................. 422 390,200 5.88%, 09/26/45 ............................. 115 94,833 5.95%, 09/26/55 ............................. 260 206,559 6.70%, 02/04/56 ............................. 772 679,953 Pagaya U.S. Holdings Co. LLC, 8.88%, 08/01/30 (a) ................................... 167 150,300 Roper Technologies, Inc., 5.10%, 09/15/35 ....... 70 66,707 Salesforce, Inc. 3.70%, 04/11/28 .............................. 125 123,284
Security
Par (000) Value
Software (continued) Salesforce, Inc. 6.40%, 03/15/46 ............................. USD 210 $ 206,804 3.05%, 07/15/61 ............................. 610 324,145 ServiceNow, Inc., 1.40%, 09/01/30 ............... 330 287,340 UKG, Inc., 6.88%, 02/01/31 (a) ................... 82 80,881 7,556,888 Specialized REITs — 0.1% EPR Properties, 4.95%, 04/15/28 ................ 225 224,582 Extra Space Storage LP, 5.50%, 07/01/30 ........ 150 151,641 Iron Mountain, Inc. 5.63%, 07/15/32 (a) ........................... 69 67,768 6.25%, 01/15/33 (a) ........................... 168 169,329 6.25%, 01/15/35 (a) ........................... 68 67,246 Millrose Properties, Inc. 6.38%, 08/01/30 (a) ........................... 107 108,488 6.25%, 09/15/32 (a) ........................... 132 132,441 Public Storage Operating Co., 5.15%, 08/15/36 .. 170 165,262 1,086,757 Specialty Retail — 0.2% Academy Ltd., 5.88%, 05/15/31 (a) ............... 50 49,661 AutoZone, Inc., 4.00%, 04/15/30 ................. 225 217,328 Carvana Co., (9.00% Cash or 14.00% PIK), 9.00%, 06/01/31 (a)(d) ......................... 33 36,903 Dick’s Sporting Goods, Inc. 4.00%, 10/01/29 ............................. 70 67,915 4.10%, 01/15/52 ............................. 9 6,130 Gap, Inc. (The), 3.63%, 10/01/29 (a) .............. 82 77,537 Home Depot, Inc. (The) 1.88%, 09/15/31 ............................. 1,420 1,229,984 4.65%, 09/15/35 ............................. 475 453,736 3.35%, 04/15/50 ............................. 940 626,176 Murphy Oil U.S.A., Inc., 5.88%, 06/01/34 (a) ....... 154 152,739 O’Reilly Automotive, Inc., 3.60%, 09/01/27 ....... 25 24,777 Wayfair LLC 7.25%, 10/31/29 (a) ........................... 181 186,960 7.75%, 09/15/30 (a) ........................... 103 108,419 3,238,265 Technology Hardware, Storage & Peripherals — 0.1% Dell International LLC/EMC Corp. 6.10%, 07/15/27 ............................. 8 8,088 6.20%, 07/15/30 ............................. 400 414,289 5.25%, 02/15/37 ............................. 99 95,123 Diebold Nixdorf, Inc., 7.75%, 03/31/30 (a) ......... 35 36,524 HP, Inc., 4.00%, 04/15/29 ....................... 325 317,500 Seagate Data Storage Technology Pte Ltd., 9.63%, 12/01/32 ............................. 147 161,787 1,033,311 Textiles, Apparel & Luxury Goods — 0.1% NIKE, Inc., 2.85%, 03/27/30 ..................... 2 1,872 Ralph Lauren Corp., 5.00%, 06/15/32 ............ 1,000 997,126 998,998 Tobacco — 0.3% Altria Group, Inc. 3.40%, 05/06/30 ............................. 252 238,464 5.25%, 08/06/35 ............................. 910 890,412 3.40%, 02/04/41 ............................. 650 479,667 3.70%, 02/04/51 ............................. 1,000 666,854 4.00%, 02/04/61 ............................. 450 297,968 BAT Capital Corp. 3.46%, 09/06/29 ............................. 200 192,189
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
18 BNM1026U-6041638-19232822
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Security
Par (000) Value
Tobacco (continued) BAT Capital Corp. 5.83%, 02/20/31 ............................. USD 4 $ 4,110 7.08%, 08/02/53 ............................. 330 357,436 6.25%, 08/15/55 ............................. 350 342,269 Philip Morris International, Inc. 2.10%, 05/01/30 ............................. 2 1,811 4.63%, 10/29/35 ............................. 1,101 1,034,314 Turning Point Brands, Inc., 7.63%, 03/15/32 (a) .... 88 89,903 4,595,397 Trading Companies & Distributors — 0.0% ADI Global Distribution Funding LLC, 7.13%, 07/15/34 (a) ................................... 25 25,825 FTAI Aviation Investors LLC 7.88%, 12/01/30 (a) ........................... 66 68,902 7.00%, 05/01/31 (a) ........................... 63 64,863 7.00%, 06/15/32 (a) ........................... 38 38,954 GATX Corp., 5.45%, 09/15/33 ................... 75 75,248 QXO Building Products, Inc. 6.50%, 07/15/31 (a) ........................... 10 10,113 6.75%, 04/30/32 (a) ........................... 212 216,839 6.88%, 07/15/34 (a) ........................... 20 20,238 520,982 Wireless Telecommunication Services — 0.1% America Movil SAB de CV, 3.63%, 04/22/29 ...... 200 192,392 Millicom International Cellular SA 6.25%, 03/25/29 (a) ........................... 63 62,920 7.38%, 04/02/32 (a) ........................... 168 172,620 Rogers Communications, Inc. 4.55%, 03/15/52 ............................. 227 171,834 7.00%, 04/15/55 ............................. 58 58,430 7.13%, 04/15/55 ............................. 56 56,384 T-Mobile U.S.A., Inc. 3.38%, 04/15/29 ............................. 75 72,312 3.88%, 04/15/30 ............................. 12 11,533 3.50%, 04/15/31 ............................. 400 372,726 5.50%, 01/15/55 ............................. 320 278,176 5.70%, 01/15/56 ............................. 980 876,771 Vodafone Group PLC, 6.15%, 02/27/37 .......... 300 309,345 2,635,443 Total Corporate Bonds — 13.3% (Cost: $245,686,906) ............................................... 240,574,990
Foreign Government Obligations
Canada — 0.1% Canada Government International Bond 3.75%, 04/26/28 ............................. 1,055 1,045,555 4.00%, 03/18/30 ............................. 80 78,891 1,124,446 Chile — 0.1% Republic of Chile, 3.25%, 09/21/71 .............. 1,110 652,680 Hong Kong — 0.0% Hong Kong Government International Bond, 1.75%, 11/24/31 (e) ............................ 525 458,110 Hungary — 0.0% Hungary Government International Bond, 7.63%, 03/29/41 ..................................... 100 115,672 Indonesia — 0.0% Republic of Indonesia, 5.25%, 01/15/30 .......... 200 201,500
Security
Par (000) Value
Mexico — 0.1% United Mexican States 5.85%, 07/02/32 ............................. USD 225 $ 225,824 5.63%, 02/09/34 ............................. 560 543,760 6.13%, 02/09/38 ............................. 475 457,425 7.38%, 05/13/55 ............................. 550 561,825 3.77%, 05/24/61 ............................. 870 498,510 5.75%, 10/12/10 ............................. 4 3,116 2,290,460 Peru — 0.0% Republic of Peru, 6.20%, 06/30/55 ............... 300 297,000 Philippines — 0.1% Republic of the Philippines 4.63%, 07/17/28 ............................. 200 200,500 9.50%, 02/02/30 ............................. 2 2,286 2.46%, 05/05/30 ............................. 325 297,781 5.90%, 02/04/50 ............................. 400 387,748 888,315 Poland — 0.0% Republic of Poland 5.13%, 09/18/34 ............................. 100 98,455 5.50%, 03/18/54 ............................. 347 310,162 408,617 South Korea — 0.0% Korea International Bond 3.63%, 10/29/30 ............................. 200 192,686 1.75%, 10/15/31 ............................. 200 174,090 366,776 Total Foreign Government Obligations — 0.4% (Cost: $7,087,768) ................................................. 6,803,576
Shares Investment Companies
Equity Funds — 0.3% iShares MSCI India ETF (c)(f) ......................... 92,145 4,579,607 Total Investment Companies — 0.3% (Cost: $ 4,212,624) ................................................. 4,579,607 Par (000) Preferred Securities
Capital Trusts — 0.1% Banks — 0.0% Canadian Imperial Bank of Commerce, 6.95%, 01/28/85 ..................................... USD 136 137,139 Capital Markets — 0.0% Goldman Sachs Group, Inc. (The), Series AA, 6.50% (g) ..................................... 94 93,546 Chemicals — 0.0% FMC Corp., 8.45%, 11/01/55 .................... 39 28,741 Consumer Finance — 0.0% Ally Financial, Inc., Series D, 7.10% (g) ........... 89 90,027 Diversified Telecommunication Services — 0.0% Bell Telephone Co. of Canada or Bell Canada, 7.00%, 09/15/55 ............................. 85 85,869 TELUS Corp., 7.00%, 10/15/55 .................. 50 49,575
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
19 BNM1026U-6041638-19232822
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Security
Par (000) Value
Diversified Telecommunication Services (continued) 135,444 Electric Utilities — 0.1% American Electric Power Co., Inc., Series C, 5.80%, 03/15/56 ............................. USD 125 $ 122,768 Dominion Energy, Inc., 6.20%, 02/15/56 .......... 2 1,961 Edison International 7.88%, 06/15/54 ............................. 136 137,783 8.13%, 06/15/53 ............................. 176 178,757 Electricite de France SA, 9.13% (a)(g) ............. 78 89,369 Entergy Corp., 6.10%, 06/15/56 ................. 125 122,515 PG&E Corp., 6.85%, 09/15/56 ................... 70 68,593 Southern Co. (The), 6.00%, 04/01/58 ............ 142 139,923 861,669 Financial Services — 0.0% HA Sustainable Infrastructure Capital, Inc., 7.13%, 11/15/56 .............................. 127 128,031 Gas Utilities — 0.0% AltaGas Ltd., 7.20%, 10/15/54 (a) ................. 134 138,604 Health Care Providers & Services — 0.0% CVS Health Corp. 6.75%, 12/10/54 ............................. 128 131,296 7.00%, 03/10/55 ............................. 152 156,910 Humana, Inc., 6.63%, 09/15/56 .................. 297 294,473 582,679 Independent Power and Renewable Electricity Producers — 0.0% AES Corp. (The) 6.95%, 07/15/55 ............................. 31 30,569 7.60%, 01/15/55 ............................. 54 55,208 85,777 Insurance — 0.0% American National Group, Inc., 7.00%, 12/01/55 .. 61 58,276 Oil, Gas & Consumable Fuels — 0.0% Energy Transfer LP 6.50%, 02/15/56 ............................. 55 55,205 6.55%, 01/15/57 ............................. 46 45,711 6.70%, 01/15/57 ............................. 49 48,578 6.75%, 02/15/56 ............................. 51 50,844 7.13%, 10/01/54 ............................. 55 56,448 8.00%, 05/15/54 ............................. 37 38,778 South Bow Canadian Infrastructure Holdings Ltd. 7.50%, 03/01/55 ............................. 114 119,629 7.63%, 03/01/55 ............................. 115 119,428 534,621 Total Capital Trusts — 0.1% .......................................... 2,874,554
Shares
Preferred Stocks — 0.1% Banks — 0.1% Grupo Cibest SA .................................... 18,937 430,983 Itau Unibanco Holding SA ........................... 14,340 109,372 540,355 Chemicals — 0.0% Braskem SA, Series A (c) ............................. 95,990 79,474 Electric Utilities — 0.0% Cia Energetica de Minas Gerais ..................... 39,135 80,588
Security Shares Value
Machinery — 0.0% Marcopolo SA ....................................... 316,822 $ 269,034 Metals & Mining — 0.0% Gerdau SA .......................................... 84,879 389,868 Total Preferred Stocks — 0.1% ....................................... 1,359,319 Total Preferred Securities — 0.2% (Cost: $4,342,137) ................................................. 4,233,873 Par (000) U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 4.2% Fannie Mae Series 2019-R06, Class 2B1, (SOFR (30-day) + 3.86%), 7.51%, 09/25/39 (a)(h) ............. USD 2,623 2,627,636 Series 2020-R01, Class 1B1, (SOFR (30-day) + 3.36%), 7.01%, 01/25/40 (a)(h) ............. 2,200 2,216,702 Series 2020-R02, Class 2B1, (SOFR (30-day) + 3.11%), 6.76%, 01/25/40 (a)(h) ............. 2,517 2,535,300 Series 2020-SBT1, Class 2B1, (SOFR (30day) + 6.71%), 10.36%, 02/25/40 (a)(h) ....... 2,200 2,252,810 Series 2021-R01, Class 1B1, (SOFR (30-day) + 3.10%), 6.74%, 10/25/41 (a)(h) ............. 2,350 2,356,979 Series 2021-R03, Class 1B1, (SOFR (30-day) + 2.75%), 6.39%, 12/25/41 (a)(h) ............. 2,500 2,512,067 Series 2022-R01, Class 1B1, (SOFR (30-day) + 3.15%), 6.79%, 12/25/41 (a)(h) ............. 550 551,892 Series 2022-R02, Class 2B1, (SOFR (30-day) + 4.50%), 8.14%, 01/25/42 (a)(h) ............. 2,600 2,633,363 Series 2022-R02, Class 2M2, (SOFR (30-day) + 3.00%), 6.64%, 01/25/42 (a)(h) ............. 876 881,437 Series 2022-R03, Class 1B1, (SOFR (30-day) + 6.25%), 9.89%, 03/25/42 (a)(h) ............. 1,200 1,231,797 Series 2022-R03, Class 1M2, (SOFR (30-day) + 3.50%), 7.14%, 03/25/42 (a)(h) ............. 2,750 2,785,708 Series 2022-R04, Class 1B1, (SOFR (30-day) + 5.25%), 8.89%, 03/25/42 (a)(h) ............. 2,000 2,045,049 Series 2022-R05, Class 2B1, (SOFR (30-day) + 4.50%), 8.14%, 04/25/42 (a)(h) ............. 2,600 2,653,451 Series 2022-R05, Class 2B2, (SOFR (30-day) + 7.00%), 10.64%, 04/25/42 (a)(h) ........... 2,600 2,689,986 Series 2022-R06, Class 1B1, (SOFR (30-day) + 6.35%), 9.99%, 05/25/42 (a)(h) ............. 2,500 2,591,165 Series 2022-R07, Class 1M2, (SOFR (30-day) + 4.65%), 8.29%, 06/25/42 (a)(h) ............. 500 514,095 Series 2022-R08, Class 1B1, (SOFR (30-day) + 5.60%), 9.24%, 07/25/42 (a)(h) ............. 1,992 2,064,210 Series 2022-R08, Class 1M2, (SOFR (30-day) + 3.60%), 7.24%, 07/25/42 (a)(h) ............. 2,350 2,400,149 Series 2023-R01, Class 1B1, (SOFR (30-day) + 5.10%), 8.74%, 12/25/42 (a)(h) ............. 2,300 2,412,217 Series 2024-R05, Class 2B1, (SOFR (30-day) + 2.00%), 5.64%, 07/25/44 (a)(h) ............. 2,000 2,015,000 Series 2025-R03, Class 2M2, (SOFR (30-day) + 2.25%), 5.89%, 03/25/45 (a)(h) ............. 1,500 1,515,000 Freddie Mac Series 2019-DNA4, Class B2, (SOFR (30-day) + 6.36%), 10.01%, 10/25/49 (a)(h) ........... 2,350 2,593,934 Series 2020-HQA5, Class B1, (SOFR (30-day) + 4.00%), 7.64%, 11/25/50 (a)(h) ............. 2,700 2,940,267 Series 2021-DNA5, Class B1, (SOFR (30-day) + 3.05%), 6.69%, 01/25/34 (a)(h) ............. 750 790,312
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
20 BNM1026U-6041638-19232822
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Security
Par (000) Value
Collateralized Mortgage Obligations (continued) Freddie Mac Series 2022-DNA1, Class B1, (SOFR (30-day) + 3.40%), 7.04%, 01/25/42 (a)(h) ............. USD 1,500 $ 1,506,090 Series 2022-DNA1, Class M2, (SOFR (30-day) + 2.50%), 6.14%, 01/25/42 (a)(h) ............. 2,350 2,361,750 Series 2022-DNA2, Class B1, (SOFR (30-day) + 4.75%), 8.39%, 02/25/42 (a)(h) ............. 2,500 2,537,500 Series 2022-DNA2, Class M2, (SOFR (30-day) + 3.75%), 7.39%, 02/25/42 (a)(h) ............. 2,350 2,380,180 Series 2022-DNA3, Class M2, (SOFR (30-day) + 4.35%), 7.99%, 04/25/42 (a)(h) ............. 2,400 2,448,249 Series 2022-DNA4, Class M2, (SOFR (30-day) + 5.25%), 8.89%, 05/25/42 (a)(h) ............. 1,500 1,543,534 Series 2022-DNA5, Class M2, (SOFR (30-day) + 6.75%), 10.39%, 06/25/42 (a)(h) ........... 2,500 2,610,313 Series 2022-DNA6, Class M2, (SOFR (30-day) + 5.75%), 9.39%, 09/25/42 (a)(h) ............. 1,650 1,728,479 Series 2022-HQA1, Class M2, (SOFR (30-day) + 5.25%), 8.89%, 03/25/42 (a)(h) ............. 2,725 2,784,251 Series 2022-HQA2, Class M2, (SOFR (30-day) + 6.00%), 9.64%, 07/25/42 (a)(h) ............. 2,500 2,603,625 Series 2022-HQA3, Class M1B, (SOFR (30day) + 3.55%), 7.19%, 08/25/42 (a)(h) ........ 2,235 2,290,182 Series 2026-DNA2, Class M2, (SOFR (30-day) + 1.60%), 5.24%, 03/25/46 (a)(h) ............. 1,175 1,180,855 75,785,534 Mortgage-Backed Securities — 10.2% Fannie Mae Mortgage-Backed Securities 1.50%, 02/01/37 - 04/01/52 ................... 1,861 1,430,064 2.00%, 04/01/37 - 12/01/51 ................... 21,486 17,333,998 2.50%, 06/01/37 - 12/01/51 ................... 6,613 5,460,293 3.00%, 09/01/34 - 06/01/52 ................... 2,965 2,601,769 4.00%, 11/01/37 - 08/01/52 ................... 917 847,731 4.50%, 09/01/52 - 08/01/53 ................... 151 143,328 5.00%, 10/01/52 - 05/01/56 ................... 3,627 3,521,478 5.50%, 02/01/53 - 10/01/54 ................... 2,708 2,705,590 6.00%, 07/01/53 - 02/01/55 ................... 6,726 6,813,532 6.50%, 11/01/53 - 08/01/54 ................... 1,176 1,227,554 Freddie Mac Mortgage-Backed Securities 1.50%, 03/01/37 ............................. 122 108,386 2.00%, 05/01/36 - 04/01/37 ................... 677 612,178 2.50%, 05/01/37 - 04/01/52 ................... 3,877 3,220,758 3.00%, 07/01/38 - 07/01/50 ................... 376 348,160 4.00%, 02/01/38 - 02/01/53 ................... 855 793,809 4.50%, 08/01/52 - 01/01/56 ................... 2,785 2,637,524 5.00%, 04/01/53 - 04/01/56 ................... 4,020 3,895,096 5.50%, 01/01/53 - 10/01/55 ................... 5,367 5,351,764 6.00%, 08/01/53 - 08/01/55 ................... 3,156 3,225,246 6.50%, 10/01/53 - 04/01/55 ................... 1,587 1,643,433 Ginnie Mae Mortgage-Backed Securities 2.00%, 10/20/51 - 09/15/56 (i) ................. 6,135 4,924,137 2.50%, 07/20/51 - 09/15/56 (i) ................. 11,124 9,313,358 3.00%, 11/20/46 - 09/15/56 (i) .................. 9,788 8,542,133 3.50%, 03/20/50 - 10/20/52 ................... 4,760 4,238,284 4.00%, 01/20/50 - 09/20/52 ................... 4,424 4,060,929 4.50%, 03/20/49 - 06/20/53 ................... 3,151 2,977,999 5.00%, 04/20/53 - 09/15/56 (i) ................. 7,516 7,287,577 5.50%, 12/20/52 - 09/15/56 (i) ................. 6,114 6,075,030 6.00%, 09/20/53 - 09/15/56 (i) ................. 3,745 3,800,799 6.50%, 10/20/53 - 09/15/56 (i) ................. 1,516 1,562,278 Uniform Mortgage-Backed Securities 1.50%, 09/01/41 - 09/01/56 (i) ................. 4,566 3,525,651
Security
Par (000) Value
Mortgage-Backed Securities (continued) Uniform Mortgage-Backed Securities 2.00%, 09/01/41 - 09/01/56 (i) ................. USD 12,654 $ 10,333,308 2.50%, 09/01/41 - 09/01/56 (i) ................. 7,121 5,927,981 3.00%, 09/01/56 (i) ............................ 3,964 3,377,572 3.50%, 09/01/41 - 09/01/56 (i) ................. 8,075 7,162,589 4.00%, 09/01/41 - 09/01/56 (i) ................. 5,813 5,379,373 4.50%, 09/01/56 (i) ............................ 1,125 1,055,631 5.00%, 09/01/56 (i) ............................ 23,566 22,730,621 5.50%, 09/01/56 (i) ............................ 3,693 3,655,009 6.00%, 09/01/56 (i) ............................ 3,597 3,636,091 6.50%, 09/01/56 (i) ............................ 50 51,520 7.00%, 09/01/56 (i) ............................ 1,189 1,244,761 184,784,322 Total U.S. Government Sponsored Agency Securities — 14.4% (Cost: $268,300,618) ............................................... 260,569,856
U.S. Treasury Obligations U.S. Treasury Bonds 1.13%, 08/15/40 ............................. 20 12,175 2.25%, 05/15/41 - 02/15/52 ................... 49,995 31,018,510 1.75%, 08/15/41 ............................. 9,440 6,134,894 2.38%, 02/15/42 ............................. 16,000 11,300,000 2.88%, 05/15/43 ............................. 10,000 7,419,531 4.13%, 08/15/44 ............................. 1,000 872,422 2.50%, 02/15/45 ............................. 20 13,495 3.00%, 02/15/47 - 08/15/48 ................... 16,100 11,402,656 3.38%, 11/15/48 .............................. 2,600 1,950,000 1.88%, 11/15/51 .............................. 7,940 4,151,751 4.75%, 08/15/55 - 02/15/56 ................... 3,100 2,867,630 5.00%, 05/15/56 ............................. 1,160 1,117,950 U.S. Treasury Inflation Indexed Notes, 0.13%, 01/15/31 ..................................... 8,449 7,757,357 U.S. Treasury Notes 2.75%, 04/30/27 ............................. 9,860 9,773,178 3.88%, 11/30/27 - 08/15/34 ................... 23,025 21,814,498 4.38%, 08/31/28 ............................. 21,470 21,482,580 1.88%, 02/28/29 - 02/15/32 ................... 17,373 15,178,937 2.38%, 05/15/29 ............................. 12,000 11,387,813 4.00%, 07/31/29 ............................. 40 39,553 0.63%, 08/15/30 ............................. 5,000 4,310,156 3.75%, 12/31/30 ............................. 21,915 21,284,944 4.25%, 02/28/31 - 05/15/35 ................... 1,570 1,539,027 Total U.S. Treasury Obligations — 10.6% (Cost: $221,128,340) ............................................... 192,829,057 Total Long-Term Investments — 89.4% (Cost: $1,296,280,572) ............................................. 1,619,246,762
Shares Short-Term Securities
Money Market Funds — 12.2% BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.58% (f)(j) ................................ 220,399,517 220,399,517
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
21 BNM1026U-6041638-19232822
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Security
Par (000) Value
U.S. Treasury Obligations (k) — 1.8% U.S. Treasury Bills, 4.03%,08/05/27 ............ USD 35,031 $ 33,726,574 Total Short-Term Securities — 14.0% (Cost: $254,157,172) .............................................. 254,126,091 Options Purchased — 0.0% (Cost: $9,576) .................................................... 3,930 Total Investments Before Options Written — 103.4% (Cost: $1,550,447,320) ............................................ 1,873,376,783 Options Written — (0.0)% (Premiums Received: $(34,735)) .................................. (27,065) Total Investments Net of Options Written — 103.4% (Cost: $1,550,412,585) ............................................ 1,873,349,718 Liabilities in Excess of Other Assets — (3.4)% ...................... (62,196,620) Net Assets — 100.0% ............................................... $ 1,811,153,098
(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) Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. (c) Non-income producing security. (d) 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. (e) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. (f) Affiliate of the Fund. (g) Perpetual security with no stated maturity date. (h) 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. (i) Represents or includes a TBA transaction. (j) Annualized 7-day yield as of period end. (k) Rates are discount rates or a range of discount rates as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2026 for purposes of Section 2(a)(3) of the Investm ent Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at 05/31/26
Purchases at Cost
Proceeds from Sales
Net Realized Gain (Loss)
Change in Unrealized Appreciation (Depreciation)
Value at 08/31/26
Shares Held at 08/31/26 Income
Capital Gain Distributions from Underlying Funds BlackRock Cash Funds: Institutional, SL Agency Shares (a) ............. $ 311,710 $ — $ (311,261) (b) $ (417) $ (32) $ — — $ 6,541 (c) $— BlackRock Liquidity Funds, T-Fund, Institutional Shares ... 201,262,753 19,136,764 (b) — — — 220,399,517 220,399,517 1,864,476 — iShares MSCI India ETF ........ 3,855,130 2,036,216 (1,428,668) 39,283 77,646 4,579,607 92,145 — — $ 38,866 $ 77,614 $ 224,979,124 $ 1,871,017 $ —
(a) As of period end, the entity is no longer held. (b) Represents net amount purchased (sold). (c) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral inve stment 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.
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Balanced Fund, Inc. (Percentages shown are based on Net Assets)
22 BNM1026U-6041638-19232822
Page 23
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 Cboe iBoxx $ Emerging Market Bond Index ............................................................... 11 09/01/26 $ 176 $ (715) TOPIX Index ............................................................................................ 74 09/10/26 19,298 1,337,229 Bloomberg Emerging Market USD Sovereign and Sovereign Owned Index ................................. 3 09/15/26 79 (221) Bloomberg U.S. Corporate High Yield Very Liquid Index ................................................... 23 09/15/26 2,636 4,082 S&P/Toronto Stock Exchange 60 Index ................................................................... 1 09/17/26 307 10,678 Mini MSCI EAFE Index ................................................................................... 69 09/18/26 11,139 209,720 S&P 500 E-Mini Index .................................................................................... 34 09/18/26 13,088 109,851 U.S. Treasury Notes (10 Year) ............................................................................ 276 12/21/26 29,713 (300,178) U.S. Ultra Treasury Notes (10 Year) ...................................................................... 151 12/21/26 16,523 (157,381) U.S. Treasury Notes (2 Year) ............................................................................. 295 12/31/26 60,544 (171,011) U.S. Treasury Notes (5 Year) ............................................................................. 524 12/31/26 55,388 (239,457) 802,597 Short Contracts Euro STOXX 50 Index ................................................................................... 97 09/18/26 7,253 (179,373) Mini MSCI Emerging Markets Index ...................................................................... 26 09/18/26 2,224 46,458 NASDAQ 100 E-Mini Index ............................................................................... 91 09/18/26 53,714 819,170 U.S. Treasury Bonds (30 Year) ........................................................................... 36 12/21/26 3,911 11,128 U.S. Ultra Treasury Bonds ............................................................................... 888 12/21/26 97,708 310,391 1,007,774
Truncated: This annotation is too large to fit.
View the raw JSON.
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