# EDGAR Filing Document

**Accession Number:** 0000110055
**File Stem:** 0001193125-23-021325
**Filing Date:** 2023-2
**Character Count:** 282039
**Document Hash:** 5efe4272acd45e6ec3f0368a96099d89
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-021325.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001193125-23-021325

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**EFFECTIVENESS DATE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK SUSTAINABLE BALANCED FUND, INC.
- **CENTRAL INDEX KEY:** 0000110055
- **IRS NUMBER:** 132757134
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02405
- **FILM NUMBER:** 23576160

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 08536
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 08536

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK BALANCED CAPITAL FUND, INC.
- **DATE OF NAME CHANGE:** 20061002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH BALANCED CAPITAL FUND INC
- **DATE OF NAME CHANGE:** 20051214

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH BALANCE CAPITAL FUND INC
- **DATE OF NAME CHANGE:** 20000831

## Series and Classes Contracts Data

### BLACKROCK SUSTAINABLE BALANCED FUND, INC. (Series ID: S000002175)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000005578 | Investor A    |  |
| C000005580 | Investor C    |  |
| C000005581 | Institutional |  |
| C000005582 | Class R       |  |
| C000199764 | Class K       |  |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES** 

Investment Company Act file number: 811-02405

Name of Fund: BlackRock Sustainable Balanced Fund, Inc.

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Sustainable Balanced Fund, Inc. 55 East 52<sup>nd</sup> Street, New York, NY 10055

Registrant's telephone number, including area code: (800) 441-7762

Date of fiscal year end: 05/31/2023

Date of reporting period: 11/30/2022

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Item 1 – Report to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

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| | |
|:---|:---|
| ![LOGO](g406103g23f57.jpg)  | **NOVEMBER 30, 2022** |

---

**2022 Semi-Annual Report<br>(Unaudited)**

· BlackRock Sustainable Balanced Fund, Inc.

&nbsp;&nbsp;&nbsp;**Not FDIC Insured • May Lose Value • No Bank Guarantee**

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The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended November 30, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates six times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but this prospect has not yet been fully priced in by markets. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit **blackrock.com** for further insight about investing in today's markets.

Sincerely,

---

| |
|:---|
| ![LOGO](g406103sig_01mips.jpg)  |
| Rob Kapito |
| President, BlackRock Advisors, LLC |

---

![LOGO](g406103photo_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

---

| | | |
|:---|:---|:---|
| **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities (S&P 500<sup>®</sup> Index) | (0.40)% | (9.21)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities (Russell 2000<sup>®</sup> Index) | 1.98 | (13.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities (MSCI Europe, Australasia, Far East Index) | (3.59) | (10.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities (MSCI Emerging Markets Index) | (8.15) | (17.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) | 0.98 | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) | (5.33) | (15.69) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | (4.06) | (12.84) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | (1.43) | (8.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (2.87) | (8.95) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

---

2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

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**Table of Contents**

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| | |
|:---|:---|
|  | **Page** |
|  [The Markets in Review](#tx406103_1) | 2 |
|  **Semi-Annual Report:** |  |
|  [Fund Summary](#tx406103_3) | 4 |
|  [About Fund Performance](#tx406103_4) | 6 |
|  [Disclosure of Expenses](#tx406103_5) | 6 |
|  [Derivative Financial Instruments](#tx406103_6) | 7 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#tx406103_8) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#tx406103_9) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#tx406103_10) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx406103_11) | 29 |
|  [Financial Highlights](#tx406103_12) | 30 |
|  [Notes to Financial Statements](#tx406103_13) | 35 |
|  [Statement Regarding Liquidity Risk Management Program](#tx406103_14) | 45 |
|  [Additional Information](#tx406103_15) | 46 |
|  [Glossary of Terms Used in this Report](#tx406103_16) | 48 |

---

![LOGO](g406103g43f65.jpg)

3.0 ------

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| | |
|:---|:---|
| Fund Summary as of November 30, 2022 | **BlackRock Sustainable Balanced Fund, Inc.** |

---

**Investment Objective** 

**BlackRock Sustainable Balanced Fund, Inc.'s (the "Fund")** investment objective is to seek the highest total investment return through a fully managed investment policy utilizing equity, debt (including money market) and convertible securities.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended November 30, 2022, the Fund outperformed its blended reference benchmark (60% MSCI All Country World Index/ 40% Bloomberg U.S. Aggregate Bond Index).

**What factors influenced performance?** 

Tactical asset class positioning was the most significant contributor to relative performance, as the Fund had underweight positioning to duration as the Fed embarked on a historically rapid interest rate tightening cycle. An overweight allocation to Japanese equities through September 2022 and an overweight allocation to US equities from September through November 2022 were also additive to performance. Security selection within equities also contributed to performance, and the underlying equity strategy experienced strong performance from both environmental, social and governance ("ESG") and sentiment insights.

Conversely, the Fund's underlying fixed-income security selection strategy was the most notable detractor, experiencing modestly negative performance during the period. In particular, sector selection within the strategy was the primary driver of relative underperformance.

The Fund held approximately 7% in unencumbered cash at period-end, given the Fund's underweight duration stance. A preference for cash versus fixed income contributed to relative return, given the significant sell-off in bond markets.

**Describe recent portfolio activity.** 

The Fund entered the period with an overweight to equities, expressed via an overweight position in Japanese equities, and an underweight to U.S. duration. The Fund maintained this broad-based positioning throughout the remainder of the period, although it shifted its overweight equity exposure toward U.S. equities, as they have materially underperformed and could be better positioned for stronger performance through the end of 2022. Within its tactical asset allocation strategy, the Fund added to U.S. rates exposure in the second half of the period, reflecting the view that markets had begun to appropriately incorporate Fed rate hikes into their valuations. The Fund ended the period with a more modest overweight to equities and underweight to duration.

**Describe portfolio positioning at period end.** 

The Fund ended the period with an overweight position in U.S. equities. This position reflected the view that the Fed has tightened financial conditions sufficiently to achieve its monetary policy mandate, therefore making these stocks better positioned for future outperformance. The Fund was underweight long-dated U.S. bonds in the belief that the long end of the yield curve hasn't yet fully priced in rate hikes.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

4 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock Sustainable Balanced Fund, Inc.** |

---

**Performance** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *6-Month<br>Total<br>Returns* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* |
|  Institutional | (2.03)% | (10.33)% | N/A | 6.85% | N/A | 8.89% | N/A |
|  Investor A | (2.12) | (10.54) | (15.24)% | 6.58 | 5.43% | 8.59 | 8.00% |
|  Investor C | (2.56) | (11.27) | (12.01) | 5.76 | 5.76 | 7.93 | 7.93 |
|  Class K | (2.00) | (10.30) | N/A | 6.91 | N/A | 8.92 | N/A |
|  Class R | (2.30) | (10.91) | N/A | 6.18 | N/A | 8.20 | N/A |
|  **60% MSCI All Country World Index/40%**<br> **Bloomberg U.S. Aggregate Bond Index<sup>(c)</sup>** | (2.93) | (11.85) | N/A | 4.23 | N/A | 5.80 | N/A |
|  **Bloomberg U.S. Aggregate Bond Index<sup>(d)</sup>** | (4.06) | (12.84) | N/A | 0.21 | N/A | 1.09 | N/A |
|  **MSCI All Country World Index<sup>(e)</sup>** | (2.51) | (11.62) | N/A | 6.41 | N/A | 8.66 | N/A |

---

<sup>(a)</sup> Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. 

<sup>(b)</sup> Under normal circumstances, the Fund intends to invest at least 25% of its assets in equity securities and at least 25% of its assets in senior fixed income securities, such as U.S. government debt securities, corporate debt securities, and mortgage-backed and asset-backed securities. The Fund's total returns for the period prior to April 8, 2022 are the returns of the Fund when it followed different investment strategies and investment processes under the name BlackRock Balanced Capital Fund, Inc. 

<sup>(c)</sup> A customized weighted index comprised of the returns of the MSCI All Country World Index (60%) and Bloomberg U.S. Aggregate Bond Index (40%). 

<sup>(d)</sup> Bloomberg U.S. Aggregate Bond Index, a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market.

<sup>(e)</sup> An index that captures large- and mid-cap representation across certain developed and emerging markets.

N/A - Not applicable as share class and index do not have a sales charge.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

**Expense Example** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(06/01/22)* | <br> **<br>| *Ending*<br> *Account Value<br>(11/30/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
|  Institutional | $1000.00 | $979.70 | $2.52 | $1000.00 |  | $1022.52 | $2.59 | 0.51% |
|  Investor A | 1000.00 | 978.80 | 3.76 | 1000.00 |  | 1021.27 | 3.85 | 0.76 |
|  Investor C | 1000.00 | 974.40 | 7.52 | 1000.00 |  | 1017.46 | 7.69 | 1.52 |
|  Class K | 1000.00 | 980.00 | 2.20 | 1000.00 |  | 1022.85 | 2.23 | 0.44 |
|  Class R | 1000.00 | 977.00 | 5.70 | 1000.00 |  | 1019.30 | 5.82 | 1.15 |

---

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).

See "Disclosure of Expenses" for further information on how expenses were calculated.

**Portfolio Information** 

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security<sup>(a)</sup>*<br>| *Percent of<br>Net Assets* |
|  Apple Inc. | 2.5% |
|  U.S. Treasury Notes, 2.5%, 03/31/2027 | 2.2% |
|  Microsoft Corp. | 2.1% |
|  U.S. Treasury Bonds, 2.25%, 02/15/52 | 1.4% |
|  U.S. Treasury Notes, 2.38%, 05/15/2029 | 1.0% |
|  U.S. Treasury Bonds, 1.13%, 05/15/2040 | 1.0% |
|  U.S. Treasury Notes, 1.88%, 02/15/2032 | 1.0% |
|  U.S. Treasury Notes, 1.88%, 02/28/2029 | 0.9% |
|  UnitedHealth Group, Inc. | 0.9% |
|  U.S. Treasury Bonds, 2.25%, 05/15/2041 | 0.8% |

---

<sup>(a)</sup> Excludes short-term securities.

<sup>(b)</sup> Total investments excludes short-term securities. 

<sup>(c)</sup> Amount less than 0.1%. 

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION** | **PORTFOLIO COMPOSITION** |
| *Asset Type*<br>| *Percent of<br>Total Investments<sup>(b)</sup>* |
|  Common Stocks | 59.6% |
|  Corporate Bonds | 21.6 |
|  U.S. Treasury Obligations | 9.7 |
|  U.S. Government Sponsored Agency Securities | 8.0 |
|  Investment Companies | 0.8 |
|  Preferred Securities | 0.3 |
|  Rights | — <sup>(c)</sup> |

---

F U N D S U M M A R Y 5

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About Fund Performance

**Institutional and Class K Shares** are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Class K Shares performance shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. The performance of the Fund's Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

**Investor A Shares** are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge ("CDSC") where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.

**Investor C Shares** are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. These shares automatically convert to Investor A Shares after approximately eight years.

**Class R Shares** are not subject to any sales charge. These shares are subject to a distribution fee of 0.25% per year and a service fee of 0.25% per year. These shares are available only to certain employer-sponsored retirement plans.

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to **blackrock.com** to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table assume reinvestment of all distributions, if any, at net asset value ("NAV") on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the "Manager"), the Fund's investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of the Fund's expenses. Without such waiver(s) and/or reimbursement(s), the Fund's performance would have been lower. With respect to the Fund's voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to the Fund's contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of the Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense example provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their share class under the heading entitled "Expenses Paid During the Period."

The expense example also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense example are intended to highlight shareholders' ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical example is useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

6 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Derivative Financial Instruments

The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund's successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund's investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S 7

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| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> November 30, 2022 | **BlackRock Sustainable Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

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| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
|  Aerospace Industrial Development Corp. | 58000 | $63118 |
|  BAE Systems PLC | 43146 | 427306 |
|  Embraer SA<sup>(a)</sup> | 54864 | 143996 |
|  HEICO Corp., Class A | 12875 | 1632293 |
|  Saab AB, Class B | 37720 | 1403196 |
|  Textron, Inc. | 43047 | 3072695 |
|  Thales SA | 7709 | 986175 |
|  |  | 7728779 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
|  CJ Logistics Corp.<sup>(a)</sup> | 376 | 25510 |
|  Deutsche Post AG, Registered Shares | 36951 | 1476128 |
|  DSV A/S | 3250 | 519978 |
|  Expeditors International of Washington, Inc. | 2496 | 289686 |
|  Hyundai Glovis Co. Ltd. | 616 | 83566 |
|  JD Logistics, Inc.<sup>(a)(b)</sup> | 20800 | 37840 |
|  United Parcel Service, Inc., Class B | 10505 | 1993114 |
|  |  | 4425822 |
| **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
|  ANA Holdings, Inc.<sup>(a)</sup> | 2100 | 45217 |
|  Deutsche Lufthansa AG, Registered Shares<sup>(a)</sup> | 37766 | 304472 |
|  Qantas Airways Ltd.<sup>(a)</sup> | 25219 | 108306 |
|  Southwest Airlines Co.<sup>(a)</sup> | 7157 | 285636 |
|  |  | 743631 |
| **Auto Components — 0.1%** | **Auto Components — 0.1%** | **Auto Components — 0.1%** |
|  BorgWarner, Inc. | 17520 | 744775 |
|  Continental AG | 433 | 26205 |
|  Fuyao Glass Industry Group Co. Ltd., Class H<sup>(b)</sup> | 28800 | 127702 |
|  HL Mando Co. Ltd. | 1057 | 39197 |
|  Hyundai Mobis Co. Ltd. | 697 | 114084 |
|  Hyundai Wia Corp. | 871 | 40239 |
|  Magna International, Inc. | 800 | 49262 |
|  |  | 1141464 |
| **Automobiles — 1.5%** | **Automobiles — 1.5%** | **Automobiles — 1.5%** |
|  Bayerische Motoren Werke AG | 30714 | 2788792 |
|  BYD Co. Ltd., Class A | 18300 | 684797 |
|  BYD Co. Ltd., Class H | 21000 | 534656 |
|  Geely Automobile Holdings Ltd. | 441000 | 659036 |
|  General Motors Co. | 27595 | 1119253 |
|  Great Wall Motor Co. Ltd., Class H | 105500 | 156669 |
|  Honda Motor Co. Ltd. | 101200 | 2466406 |
|  Mercedes-Benz Group AG | 98144 | 6668221 |
|  Mitsubishi Motors Corp.<sup>(a)</sup> | 22700 | 105906 |
|  NIO, Inc., ADR<sup>(a)</sup> | 5306 | 67811 |
|  Renault SA<sup>(a)</sup> | 4708 | 171298 |
|  Tesla, Inc.<sup>(a)</sup> | 34589 | 6734478 |
|  Volvo Car AB, Class B<sup>(a)</sup> | 8856 | 44377 |
|  XPeng, Inc., ADR<sup>(a)(c)</sup> | 4145 | 44807 |
|  Yadea Group Holdings Ltd.<sup>(b)</sup> | 70000 | 132804 |
|  |  | 22379311 |
| **Banks — 3.3%** | **Banks — 3.3%** | **Banks — 3.3%** |
|  Australia & New Zealand Banking Group Ltd. | 64659 | 1091750 |
|  Banco Bilbao Vizcaya Argentaria SA | 387999 | 2286495 |
|  Banco do Brasil SA | 34680 | 236776 |
|  Bancolombia SA | 6422 | 53206 |
|  Bank Central Asia Tbk PT | 2372600 | 1409511 |
|  Bank Negara Indonesia Persero Tbk PT | 213100 | 134997 |
|  Bank of America Corp. | 84660 | 3204381 |
|  Bank of Nova Scotia | 124850 | 6513752 |
|  Bank Polska Kasa Opieki SA | 9895 | 189273 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
|  Bank Rakyat Indonesia Persero Tbk PT | 1229700 | $| 391183 |
|  Barclays PLC | 242608 |  | 474559 |
|  BNK Financial Group, Inc. | 3411 |  | 19329 |
|  Chang Hwa Commercial Bank Ltd. | 45000 |  | 25627 |
|  China Merchants Bank Co. Ltd., Class H | 100500 |  | 510445 |
|  Citigroup, Inc. | 115246 |  | 5579059 |
|  Credicorp Ltd. | 1947 |  | 298962 |
|  CTBC Financial Holding Co. Ltd. | 50000 |  | 37560 |
|  E.Sun Financial Holding Co. Ltd. | 141000 |  | 113915 |
|  East West Bancorp, Inc. | 400 |  | 28084 |
|  Erste Group Bank AG | 5046 |  | 157997 |
|  First Financial Holding Co. Ltd. | 37000 |  | 31582 |
|  Grupo Financiero Banorte SAB de CV, Class O | 81680 |  | 655548 |
|  Hana Financial Group, Inc. | 4797 |  | 164067 |
|  Industrial & Commercial Bank of China Ltd., Class H | 693000 |  | 347331 |
|  Japan Post Bank Co. Ltd. | 22300 |  | 170460 |
|  JPMorgan Chase & Co. | 17716 |  | 2447997 |
|  KakaoBank Corp.<sup>(a)</sup> | 3365 |  | 65284 |
|  KB Financial Group, Inc. | 4915 |  | 195164 |
|  KeyCorp. | 35226 |  | 662601 |
|  Lloyds Banking Group PLC | 44256 |  | 25253 |
|  Mediobanca Banca di Credito Finanziario SpA | 37774 |  | 365043 |
|  National Australia Bank Ltd. | 99199 |  | 2135154 |
|  NatWest Group PLC | 354566 |  | 1127630 |
|  PNC Financial Services Group, Inc. | 1047 |  | 176168 |
|  Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | 51000 |  | 30843 |
|  Royal Bank of Canada | 61089 |  | 6075521 |
|  Shanghai Commercial & Savings Bank Ltd. | 15000 |  | 24786 |
|  Shinhan Financial Group Co. Ltd. | 2859 |  | 82883 |
|  Société Générale SA | 7849 |  | 197552 |
|  SVB Financial Group<sup>(a)</sup> | 609 |  | 141154 |
|  Swedbank AB, A Shares | 1091 |  | 17754 |
|  Taiwan Cooperative Financial Holding Co. Ltd. | 108000 |  | 93780 |
|  Toronto-Dominion Bank | 21183 |  | 1409890 |
|  Truist Financial Corp. | 1237 |  | 57904 |
|  U.S. Bancorp | 105581 |  | 4792322 |
|  UniCredit SpA | 95893 |  | 1309700 |
|  Wells Fargo & Co. | 12247 |  | 587244 |
|  Westpac Banking Corp. | 315380 |  | 5121748 |
|  |  |  | 51269224 |
| **Beverages — 1.9%** | **Beverages — 1.9%** | **Beverages — 1.9%** | **Beverages — 1.9%** |
|  Ambev SA | 97043 |  | 297150 |
|  Arca Continental SAB de CV | 15516 |  | 129153 |
|  Brown-Forman Corp., Class B, NVS | 32616 |  | 2381620 |
|  Budweiser Brewing Co. APAC Ltd.<sup>(b)</sup> | 306100 |  | 887960 |
|  China Resources Beer Holdings Co. Ltd. | 28000 |  | 194019 |
|  Coca-Cola Co. | 150744 |  | 9588826 |
|  Coca-Cola Europacific Partners PLC | 26846 |  | 1425254 |
|  Coca-Cola Femsa SAB de CV | 42908 |  | 293244 |
|  Davide Campari-Milano NV | 74816 |  | 788508 |
|  Fomento Economico Mexicano SAB de CV | 44089 |  | 351862 |
|  Heineken NV | 4678 |  | 433248 |
|  PepsiCo, Inc. | 52211 |  | 9685663 |
|  Pernod Ricard SA | 13820 |  | 2741692 |
|  Remy Cointreau SA | 483 |  | 83593 |
|  Suntory Beverage & Food Ltd. | 11100 |  | 378263 |
|  Tsingtao Brewery Co. Ltd., Class H | 6000 |  | 56799 |
|  |  | 29716854 | 29716854 |
| **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** |
|  3SBio, Inc.<sup>(b)</sup> | 312000 |  | 330974 |
|  AbbVie, Inc. | 3003 |  | 484023 |

---

8 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Sustainable Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
|  Akeso, Inc., Class B<sup>(a)(b)</sup> | 7000 | $30639 |
|  Alkermes PLC<sup>(a)</sup> | 6343 | 157180 |
|  Amgen, Inc. | 9453 | 2707339 |
|  BeiGene Ltd.<sup>(a)</sup> | 2500 | 37170 |
|  BeiGene Ltd., ADR<sup>(a)</sup> | 1704 | 326504 |
|  Biogen, Inc.<sup>(a)</sup> | 3581 | 1092814 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 7731 | 780676 |
|  Celltrion, Inc. | 441 | 59784 |
|  CSL Ltd. | 4850 | 996474 |
|  Exelixis, Inc.<sup>(a)</sup> | 14340 | 244927 |
|  Genmab A/S<sup>(a)</sup> | 2036 | 943472 |
|  Gilead Sciences, Inc. | 23799 | 2090266 |
|  Incyte Corp.<sup>(a)</sup> | 8355 | 665643 |
|  Innovent Biologics, Inc.<sup>(a)(b)</sup> | 63000 | 254414 |
|  Legend Biotech Corp., ADR<sup>(a)</sup> | 3792 | 195326 |
|  Moderna, Inc.<sup>(a)</sup> | 2505 | 440655 |
|  PharmaEngine, Inc. | 13000 | 59035 |
|  PharmaEssentia Corp.<sup>(a)</sup> | 1000 | 17304 |
|  Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | 1389 | 1044111 |
|  Seagen, Inc.<sup>(a)</sup> | 328 | 39816 |
|  Shanghai Junshi Biosciences Co. Ltd.,<br>Class H<sup>(a)(b)(c)</sup> | 21400 | 95466 |
|  United Therapeutics Corp.<sup>(a)</sup> | 1598 | 447264 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 5180 | 1638952 |
|  |  | 15180228 |
| **Building Products — 0.2%** |  |  |
|  Belimo Holding AG, Registered Shares | 750 | 346861 |
|  Johnson Controls International PLC | 12654 | 840732 |
|  Lixil Corp. | 8400 | 130426 |
|  Owens Corning | 24661 | 2190883 |
|  ROCKWOOL A/S, B Shares | 112 | 24594 |
|  Trane Technologies PLC | 2006 | 357910 |
|  |  | 3891406 |
| **Capital Markets — 1.1%** |  |  |
|  B3 SA - Brasil Bolsa Balcao | 16883 | 41513 |
|  Bank of New York Mellon Corp. | 110792 | 5085353 |
|  CME Group, Inc. | 2732 | 482198 |
|  Deutsche Bank AG, Registered Shares | 177895 | 1890728 |
|  Deutsche Boerse AG | 2788 | 512363 |
|  Haitong Securities Co. Ltd., Class H | 34400 | 21281 |
|  Macquarie Group Ltd. | 29261 | 3598563 |
|  S&P Global, Inc. | 9897 | 3491661 |
|  UBS Group AG, Registered Shares | 115191 | 2125584 |
|  |  | 17249244 |
| **Chemicals — 0.9%** |  |  |
|  CNGR Advanced Material Co. Ltd., Class A | 6200 | 66386 |
|  Croda International PLC | 6711 | 554968 |
|  DuPont de Nemours, Inc. | 21700 | 1530067 |
|  Evonik Industries AG | 2245 | 44253 |
|  Givaudan SA, Registered Shares | 1172 | 3962152 |
|  Hanwha Solutions Corp.<sup>(a)</sup> | 12172 | 481793 |
|  Kolon Industries, Inc. | 826 | 29245 |
|  Koninklijke DSM NV | 2149 | 278732 |
|  LANXESS AG | 517 | 20772 |
|  LG Chem Ltd. | 1000 | 570832 |
|  Linde PLC | 601 | 202224 |
|  Methanex Corp. | 1407 | 55008 |
|  Mitsubishi Gas Chemical Co., Inc. | 1300 | 18726 |
|  Nitto Denko Corp. | 7100 | 448584 |
|  Novozymes A/S, B Shares | 34208 | 1989129 |
|  Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(a)</sup> | 9000 | 32209 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
|  Shanghai Putailai New Energy Technology Co. Ltd., Class A | 29800 | $234029 |
|  Sherwin-Williams Co. | 133 | 33141 |
|  Sika AG, Registered Shares | 7615 | 1946095 |
|  SK IE Technology Co. Ltd.<sup>(a)(b)</sup> | 895 | 45814 |
|  SKC Co. Ltd. | 344 | 29838 |
|  Solvay SA | 614 | 60906 |
|  Sumitomo Chemical Co. Ltd. | 175400 | 639480 |
|  Wacker Chemie AG | 2691 | 345619 |
|  |  | 13620002 |
| **Commercial Services & Supplies — 0.1%** |  |  |
|  Cintas Corp. | 81 | 37404 |
|  S-1 Corp. | 656 | 32086 |
|  Tetra Tech, Inc. | 6265 | 968507 |
|  TOMRA Systems ASA | 1311 | 25168 |
|  |  | 1063165 |
| **Communications Equipment — 0.5%** |  |  |
|  Accton Technology Corp. | 12000 | 106779 |
|  BYD Electronic International Co. Ltd. | 11500 | 38337 |
|  Cisco Systems, Inc. | 118039 | 5868899 |
|  Juniper Networks, Inc. | 20391 | 677797 |
|  Nokia Oyj | 80361 | 395931 |
|  Sercomm Corp. | 22000 | 60214 |
|  Telefonaktiebolaget LM Ericsson, B Shares | 43245 | 272948 |
|  Wistron NeWeb Corp. | 30000 | 84804 |
|  Yealink Network Technology Corp. Ltd., Class A | 3600 | 32245 |
|  ZTE Corp., Class A | 6700 | 23258 |
|  ZTE Corp., Class H | 86800 | 190160 |
|  |  | 7751372 |
| **Construction & Engineering — 0.5%** |  |  |
|  Ackermans & van Haaren NV | 7162 | 1138369 |
|  AECOM | 44948 | 3820580 |
|  Bouygues SA | 9673 | 299149 |
|  COMSYS Holdings Corp | 8300 | 149619 |
|  CTCI Corp. | 67000 | 88514 |
|  Daewoo Engineering & Construction Co. Ltd.<sup>(a)</sup> | 33024 | 129697 |
|  DL E&C Co. Ltd. | 1022 | 33007 |
|  Eiffage SA | 3550 | 349547 |
|  EXEO Group, Inc. | 20900 | 324413 |
|  GS Engineering & Construction Corp. | 1578 | 28540 |
|  Hyundai Engineering & Construction Co. Ltd. | 2055 | 64957 |
|  JGC Holdings Corp. | 4500 | 62417 |
|  Kajima Corp. | 3400 | 38472 |
|  Obayashi Corp. | 38100 | 284838 |
|  Shimizu Corp. | 38800 | 209191 |
|  Stantec, Inc. | 1035 | 51206 |
|  Vinci SA | 8048 | 812573 |
|  |  | 7885089 |
| **Construction Materials — 0.1%** |  |  |
|  Holcim AG | 15050 | 786209 |
|  POSCO Chemical Co. Ltd. | 179 | 30235 |
|  Taiwan Cement Corp. | 22000 | 24252 |
|  |  | 840696 |
| **Consumer Finance — 0.8%** |  |  |
|  Ally Financial, Inc. | 70946 | 1916251 |
|  American Express Co. | 44228 | 6969891 |
|  Capital One Financial Corp. | 10857 | 1120877 |
|  Lufax Holding Ltd., ADR | 6549 | 12181 |
|  Synchrony Financial | 49354 | 1854723 |
|  |  | 11873923 |

---

S C H E D U L E O F I N V E S T M E N T S 9

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Sustainable Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
|  International Paper Co. | 2607 | $96772 |
|  Westrock Co. | 29228 | 1108326 |
|  |  | 1205098 |
| **Distributors — 0.0%** |  |  |
|  LKQ Corp. | 600 | 32598 |
| **Diversified Consumer Services — 0.1%** |  |  |
|  Benesse Holdings, Inc. | 6100 | 88691 |
|  Cogna Educacao<sup>(a)</sup> | 164550 | 70394 |
|  H&R Block, Inc. | 39458 | 1724709 |
|  YDUQS Participacoes SA | 30184 | 67414 |
|  |  | 1951208 |
| **Diversified Financial Services — 0.5%** |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 13480 | 4294728 |
|  Chailease Holding Co. Ltd. | 13000 | 85805 |
|  FirstRand Ltd. | 49744 | 193329 |
|  Groupe Bruxelles Lambert NV | 8385 | 676794 |
|  Investor AB, A Shares | 4636 | 89265 |
|  Investor AB, B Shares | 64035 | 1191747 |
|  Voya Financial, Inc. | 7137 | 470899 |
|  |  | 7002567 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
|  AT&T Inc. | 101100 | 1949208 |
|  Bezeq The Israeli Telecommunication Corp. Ltd. | 211967 | 394246 |
|  Liberty Global PLC, Class C<sup>(a)</sup> | 1890 | 39085 |
|  Nippon Telegraph & Telephone Corp. | 183800 | 5096592 |
|  Telkom Indonesia Persero Tbk PT | 1332600 | 343777 |
|  Telstra Group Ltd. | 15812 | 42901 |
|  United Internet AG, Registered Shares | 3425 | 72814 |
|  Verizon Communications, Inc. | 7327 | 285607 |
|  |  | 8224230 |
| **Electric Utilities — 1.0%** |  |  |
|  Acciona SA | 3598 | 703788 |
|  Centrais Eletricas Brasileiras SA | 14425 | 129341 |
|  Contact Energy Ltd. | 26547 | 125952 |
|  CPFL Energia SA | 35121 | 232680 |
|  Edison International | 85950 | 5729427 |
|  Electricite de France SA | 29596 | 370411 |
|  Elia Group SA/NV | 5997 | 854504 |
|  Enel SpA | 434597 | 2344558 |
|  Energisa SA | 11257 | 93516 |
|  Hydro One Ltd.<sup>(b)</sup> | 128268 | 3587289 |
|  Light SA | 108845 | 119346 |
|  NextEra Energy, Inc. | 2618 | 221745 |
|  SSE PLC | 14603 | 302874 |
|  Terna - Rete Elettrica Nazionale | 6798 | 52072 |
|  Transmissora Alianca de Energia Eletrica SA | 15733 | 105900 |
|  |  | 14973403 |
| **Electrical Equipment — 0.4%** |  |  |
|  ABB Ltd., Registered Shares | 40134 | 1261339 |
|  Bizlink Holding, Inc. | 24000 | 197283 |
|  Chung-Hsin Electric & Machinery Manufacturing Corp. | 16000 | 30834 |
|  Contemporary Amperex Technology Co. Ltd., Class A | 46200 | 2530987 |
|  Eaton Corp. PLC | 356 | 58188 |
|  Ecopro BM Co. Ltd. | 710 | 62913 |
|  Eve Energy Co. Ltd., Class A | 36500 | 432562 |
|  Gotion High-tech Co. Ltd., Class A | 3900 | 17714 |
|  Hyundai Electric & Energy System Co. Ltd.<sup>(a)</sup> | 729 | 23607 |
|  Legrand SA | 7865 | 640847 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
|  LG Energy Solution Ltd.<sup>(a)</sup> | 1082 | $| 489461 |
|  LS Corp. | 495 |  | 28629 |
|  LS Electric Co. Ltd. | 1569 |  | 69566 |
|  Siemens Energy AG | 3744 |  | 62884 |
|  Signify NV<sup>(b)</sup> | 11016 |  | 376248 |
|  SPG Co. Ltd. | 1766 |  | 23930 |
|  Sunwoda Electronic Co. Ltd., Class A | 42200 |  | 145859 |
|  Suzhou Maxwell Technologies Co. Ltd., Class A | 300 |  | 18168 |
|  Voltronic Power Technology Corp. | 1000 |  | 56754 |
|  WEG SA | 5701 |  | 42724 |
|  Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 41200 |  | 44654 |
|  |  |  | 6615151 |
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
|  Azbil Corp. | 1600 |  | 49238 |
|  Chroma ATE, Inc. | 22000 |  | 143528 |
|  Compeq Manufacturing Co. Ltd. | 46000 |  | 74936 |
|  Delta Electronics, Inc. | 98000 |  | 969094 |
|  E Ink Holdings, Inc. | 7000 |  | 41973 |
|  Flex Ltd.<sup>(a)</sup> | 3077 |  | 67632 |
|  FLEXium Interconnect, Inc. | 18000 |  | 62877 |
|  Genius Electronic Optical Co. Ltd. | 7000 |  | 90971 |
|  Horiba Ltd. | 2000 |  | 91925 |
|  KH Vatec Co. Ltd. | 2585 |  | 29894 |
|  Largan Precision Co. Ltd. | 3000 |  | 226037 |
|  LG Innotek Co. Ltd. | 527 |  | 127058 |
|  Lotes Co. Ltd. | 2000 |  | 56643 |
|  Luxshare Precision Industry Co. Ltd., Class A | 4300 |  | 19004 |
|  Nan Ya Printed Circuit Board Corp. | 6000 |  | 53728 |
|  Omron Corp. | 38800 |  | 2018036 |
|  Posiflex Technology, Inc. | 5000 |  | 20152 |
|  Primax Electronics Ltd. | 52000 |  | 98123 |
|  Samsung SDI Co. Ltd. | 477 |  | 269280 |
|  Shimadzu Corp. | 4300 |  | 132159 |
|  Simplo Technology Co. Ltd. | 20000 |  | 198191 |
|  Sinbon Electronics Co. Ltd. | 4000 |  | 35334 |
|  Spectris PLC | 6235 |  | 241397 |
|  Sunny Optical Technology Group Co. Ltd. | 2400 |  | 28572 |
|  TE Connectivity Ltd. | 4738 |  | 597557 |
|  Tong Hsing Electronic Industries Ltd. | 6000 |  | 38396 |
|  Tripod Technology Corp. | 6000 |  | 18942 |
|  Xiamen Faratronic Co. Ltd., Class A | 700 |  | 15620 |
|  |  |  | 5816297 |
| **Energy Equipment & Services — 0.0%** |  |  |  |
|  Baker Hughes Co. | 11655 |  | 338228 |
|  Patterson-UTI Energy, Inc. | 2218 |  | 39813 |
|  Worley Ltd. | 3439 |  | 34880 |
|  |  |  | 412921 |
| **Entertainment — 0.2%** |  |  |  |
|  CJ ENM Co. Ltd. | 257 |  | 16592 |
|  Krafton, Inc.<sup>(a)</sup> | 478 |  | 84132 |
|  NCSoft Corp. | 348 |  | 126065 |
|  NetEase, Inc. | 1900 |  | 27471 |
|  Studio Dragon Corp.<sup>(a)</sup> | 800 |  | 44738 |
|  Walt Disney Co.<sup>(a)</sup> | 22427 |  | 2194931 |
|  |  |  | 2493929 |
| **Equity Real Estate Investment Trusts (REITs) — 0.8%** | **Equity Real Estate Investment Trusts (REITs) — 0.8%** | **Equity Real Estate Investment Trusts (REITs) — 0.8%** | **Equity Real Estate Investment Trusts (REITs) — 0.8%** |
|  Brixmor Property Group, Inc. | 43841 |  | 1016234 |
|  Crown Castle, Inc. | 910 |  | 128701 |
|  Digital Realty Trust, Inc. | 1273 |  | 143162 |
|  Equinix, Inc. | 4475 |  | 3090659 |

---

10 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Sustainable Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** |
|  Equity Residential | 1418 | $| 91971 |
|  Klepierre SA | 8294 |  | 192191 |
|  Prologis, Inc. | 31397 |  | 3698253 |
|  RLJ Lodging Trust | 17 |  | 206 |
|  Segro PLC | 131233 |  | 1269985 |
|  Simon Property Group, Inc. | 10128 |  | 1209688 |
|  Stockland | 450337 |  | 1175774 |
|  Tritax Big Box REIT PLC | 26791 |  | 46824 |
|  Warehouses De Pauw CVA | 4345 |  | 116099 |
|  |  |  | 12179747 |
| **Food & Staples Retailing — 0.6%** | **Food & Staples Retailing — 0.6%** | **Food & Staples Retailing — 0.6%** | **Food & Staples Retailing — 0.6%** |
|  Cosmos Pharmaceutical Corp. | 2400 |  | 244655 |
|  Costco Wholesale Corp. | 6801 |  | 3667439 |
|  Lawson, Inc. | 36400 |  | 1303722 |
|  Marks & Spencer Group PLC<sup>(a)</sup> | 74188 |  | 108279 |
|  Raia Drogasil SA | 6791 |  | 30046 |
|  Sendas Distribuidora SA | 32701 |  | 124078 |
|  Shoprite Holdings Ltd. | 11905 |  | 175237 |
|  Tesco PLC | 42777 |  | 117861 |
|  Tsuruha Holdings, Inc. | 51400 |  | 3328448 |
|  Walmart, Inc. | 1682 |  | 256370 |
|  |  |  | 9356135 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
|  Associated British Foods PLC | 61851 |  | 1186224 |
|  BRF SA<sup>(a)</sup> | 7708 |  | 13977 |
|  Chocoladefabriken Lindt & Spruengli AG | 76 |  | 799468 |
|  Gruma SAB de CV, Class B | 4042 |  | 50040 |
|  Grupo Bimbo SAB de CV, Series A | 28229 |  | 119784 |
|  Kellogg Co. | 978 |  | 71345 |
|  Kuala Lumpur Kepong Bhd | 21200 |  | 99792 |
|  Leroy Seafood Group ASA | 8542 |  | 41688 |
|  M Dias Branco SA | 2766 |  | 20926 |
|  Marfrig Global Foods SA | 12309 |  | 20873 |
|  Minerva SA | 14766 |  | 35426 |
|  Mondelez International, Inc., Class A | 71334 |  | 4822892 |
|  Mowi ASA | 3092 |  | 48454 |
|  Nestlé SA, Registered Shares | 11115 |  | 1322947 |
|  Nissin Foods Holdings Co. Ltd. | 7900 |  | 602020 |
|  Nomad Foods Ltd.<sup>(a)</sup> | 25535 |  | 446607 |
|  Sao Martinho SA | 3758 |  | 20704 |
|  Tingyi Cayman Islands Holding Corp. | 66000 |  | 107946 |
|  Tongwei Co. Ltd., Class A | 4000 |  | 24435 |
|  Tyson Foods, Inc., Class A | 31430 |  | 2083180 |
|  Uni-President China Holdings Ltd. | 131000 |  | 114987 |
|  Want Want China Holdings Ltd. | 47000 |  | 31904 |
|  |  |  | 12085619 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
|  ENN Energy Holdings Ltd. | 1900 |  | 26925 |
|  Korea Gas Corp. | 710 |  | 18949 |
|  Perusahaan Gas Negara Tbk PT | 1340900 |  | 161382 |
|  |  |  | 207256 |
| **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** |
|  Abbott Laboratories | 26174 |  | 2815799 |
|  Align Technology, Inc.<sup>(a)</sup> | 3820 |  | 751241 |
|  Becton Dickinson and Co. | 3258 |  | 812350 |
|  Boston Scientific Corp.<sup>(a)</sup> | 153627 |  | 6954694 |
|  Dentium Co. Ltd. | 565 |  | 38315 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 30735 |  | 2374279 |
|  Enovis Corp.<sup>(a)</sup> | 390 |  | 21111 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup> | 252 |  | 107319 |
|  Koninklijke Philips NV | 18205 |  | 272795 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
|  Medtronic PLC | 91326 | $| 7218407 |
|  Osstem Implant Co. Ltd. | 300 |  | 25651 |
|  |  |  | 21391961 |
| **Health Care Providers & Services — 1.8%** |  |  |  |
|  Alfresa Holdings Corp. | 1900 |  | 23134 |
|  AmerisourceBergen Corp. | 3862 |  | 659205 |
|  Cigna Corp. | 15784 |  | 5191200 |
|  CVS Health Corp. | 45473 |  | 4632789 |
|  Elevance Health, Inc. | 4585 |  | 2443438 |
|  Fleury SA | 28436 |  | 97319 |
|  Humana, Inc. | 677 |  | 372282 |
|  Jinxin Fertility Group Ltd.<sup>(b)</sup> | 29500 |  | 23286 |
|  Qualicorp Consultoria e Corretora de Seguros SA | 26605 |  | 31376 |
|  Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 55700 |  | 92879 |
|  Sinopharm Group Co. Ltd., Class H | 64000 |  | 151835 |
|  UnitedHealth Group, Inc. | 24636 |  | 13494616 |
|  |  |  | 27213359 |
| **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** |
|  Alsea SAB de CV<sup>(a)</sup> | 184333 |  | 370691 |
|  Aristocrat Leisure Ltd. | 205798 |  | 4945417 |
|  Booking Holdings, Inc.<sup>(a)</sup> | 1112 |  | 2312348 |
|  Boyd Gaming Corp. | 2018 |  | 123764 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 271 |  | 440906 |
|  Expedia Group, Inc.<sup>(a)</sup> | 5734 |  | 612621 |
|  Flight Centre Travel Group Ltd.<sup>(a)</sup> | 20614 |  | 228381 |
|  InterContinental Hotels Group PLC | 9274 |  | 539776 |
|  International Game Technology PLC | 8722 |  | 214038 |
|  Travel + Leisure Co. | 89709 |  | 3486989 |
|  Trip.com Group Ltd.<sup>(a)</sup> | 750 |  | 23736 |
|  Trip.com Group Ltd., ADR<sup>(a)</sup> | 14144 |  | 451901 |
|  Xiabuxiabu Catering Management China Holdings Co. Ltd.<sup>(b)</sup> | 45000 |  | 44653 |
|  Yum China Holdings, Inc. | 20415 |  | 1125275 |
|  Zamp SA<sup>(a)</sup> | 10484 |  | 11900 |
|  |  |  | 14932396 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
|  Barratt Developments PLC | 145704 |  | 704592 |
|  Bellway PLC | 2427 |  | 58974 |
|  Garmin Ltd. | 1748 |  | 162546 |
|  Mohawk Industries, Inc.<sup>(a)</sup> | 1393 |  | 141153 |
|  Taylor Wimpey PLC | 20611 |  | 25979 |
|  Whirlpool Corp. | 4918 |  | 720634 |
|  |  |  | 1813878 |
| **Household Products — 0.7%** | **Household Products — 0.7%** | **Household Products — 0.7%** | **Household Products — 0.7%** |
|  Colgate-Palmolive Co. | 84360 |  | 6536213 |
|  Procter & Gamble Co. | 29313 |  | 4372327 |
|  |  |  | 10908540 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
|  Atlantica Sustainable Infrastructure PLC | 11504 |  | 320961 |
|  Auren Energia SA | 31539 |  | 84297 |
|  China Datang Corp. Renewable Power Co. Ltd., Class H | 58000 |  | 16800 |
|  Clearway Energy, Inc., Class C | 3548 |  | 125741 |
|  Drax Group PLC | 50444 |  | 373189 |
|  Meridian Energy Ltd. | 6589 |  | 20451 |
|  |  |  | 941439 |
| **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** |
|  3M Co. | 25973 |  | 3271819 |
|  Doosan Co. Ltd. | 717 |  | 54057 |

---

S C H E D U L E O F I N V E S T M E N T S 11

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Sustainable Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** |
|  General Electric Co. | 45684 | $3927454 |
|  Honeywell International, Inc. | 8333 | 1829510 |
|  Samsung C&T Corp. | 1024 | 96059 |
|  Siemens AG, Registered Shares | 46502 | 6449123 |
|  Smiths Group PLC | 41496 | 798645 |
|  |  | 16426667 |
| **Insurance — 1.9%** |  |  |
|  Ageas SA/NV | 4609 | 186627 |
|  AIA Group Ltd. | 681200 | 6917320 |
|  Aon PLC, Class A | 1317 | 406005 |
|  AXA SA | 20362 | 575605 |
|  Brighthouse Financial, Inc.<sup>(a)</sup> | 4894 | 272792 |
|  Cathay Financial Holding Co. Ltd. | 37000 | 52653 |
|  Direct Line Insurance Group PLC | 44537 | 112706 |
|  Helvetia Holding AG, Registered Shares | 407 | 45771 |
|  Hyundai Marine & Fire Insurance Co. Ltd. | 1452 | 33493 |
|  Lincoln National Corp. | 3730 | 145246 |
|  Manulife Financial Corp. | 230720 | 4155927 |
|  Marsh & McLennan Cos., Inc. | 27871 | 4826700 |
|  Medibank Pvt Ltd. | 29019 | 57898 |
|  MetLife, Inc. | 84522 | 6482837 |
|  Ping An Insurance Group Co. of China Ltd., H Shares | 110500 | 682228 |
|  Sampo Oyj, A Shares | 2358 | 119417 |
|  Swiss Life Holding AG, Registered Shares | 1627 | 869768 |
|  T&D Holdings, Inc. | 2600 | 31609 |
|  Talanx AG | 1250 | 55572 |
|  Travelers Cos., Inc. | 13903 | 2638928 |
|  Unum Group | 1353 | 57070 |
|  |  | 28726172 |
| **Interactive Media & Services — 2.1%** |  |  |
|  AfreecaTV Co. Ltd. | 2616 | 175034 |
|  Alphabet, Inc., Class A<sup>(a)</sup> | 111750 | 11285632 |
|  Alphabet, Inc., Class C, NVS<sup>(a)</sup> | 82596 | 8379364 |
|  Auto Trader Group PLC<sup>(b)</sup> | 156747 | 1082073 |
|  Baidu, Inc., Class A<sup>(a)</sup> | 67050 | 904882 |
|  JOYY, Inc., ADR | 3231 | 98416 |
|  Kakao Corp. | 5126 | 224911 |
|  Kuaishou Technology<sup>(a)(b)</sup> | 46100 | 347331 |
|  Meta Platforms, Inc., Class A<sup>(a)</sup> | 37731 | 4456031 |
|  NAVER Corp. | 283 | 41138 |
|  REA Group Ltd. | 1167 | 99432 |
|  Rightmove PLC | 9517 | 64580 |
|  Scout24 SE<sup>(b)</sup> | 8428 | 462597 |
|  Tencent Holdings Ltd. | 114700 | 4337531 |
|  |  | 31958952 |
| **Internet & Direct Marketing Retail — 1.1%** |  |  |
|  Alibaba Group Holding Ltd.<sup>(a)</sup> | 285500 | 3107143 |
|  Amazon.com, Inc.<sup>(a)</sup> | 104704 | 10108124 |
|  Coupang, Inc.<sup>(a)</sup> | 17342 | 337822 |
|  eBay, Inc. | 57431 | 2609665 |
|  JD.com, Inc., Class A | 20850 | 595221 |
|  Meituan, Class B<sup>(a)(b)</sup> | 30900 | 666113 |
|  momo.com, Inc. | 2000 | 39457 |
|  Ping An Healthcare and Technology Co. Ltd.<sup>(a)(b)</sup> | 5600 | 14236 |
|  ZOZO, Inc. | 2300 | 58067 |
|  |  | 17535848 |
| **IT Services — 2.3%** |  |  |
|  Accenture PLC, Class A | 29084 | 8752248 |
|  Capgemini SE | 796 | 143915 |
|  Cielo SA | 233833 | 214937 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
|  Cognizant Technology Solutions Corp., Class A | 97338 | $6055397 |
|  DXC Technology Co.<sup>(a)</sup> | 1572 | 46641 |
|  EPAM Systems, Inc.<sup>(a)</sup> | 832 | 306659 |
|  Gartner, Inc.<sup>(a)</sup> | 11596 | 4062891 |
|  Genpact Ltd. | 1838 | 84750 |
|  Mastercard, Inc., Class A | 10826 | 3858386 |
|  Nomura Research Institute Ltd. | 41500 | 919588 |
|  Otsuka Corp. | 10800 | 363507 |
|  Paychex, Inc. | 6208 | 769978 |
|  Samsung SDS Co. Ltd. | 816 | 79733 |
|  StoneCo Ltd., Class A<sup>(a)</sup> | 14096 | 164641 |
|  Visa, Inc., Class A | 43006 | 9332302 |
|  Wiwynn Corp. | 4000 | 115432 |
|  |  | 35271005 |
| **Leisure Products — 0.0%** |  |  |
|  Sankyo Co. Ltd. | 1400 | 54779 |
|  Sega Sammy Holdings, Inc. | 35200 | 469412 |
|  |  | 524191 |
| **Life Sciences Tools & Services — 1.1%** |  |  |
|  Agilent Technologies, Inc. | 40161 | 6224152 |
|  Danaher Corp. | 11063 | 3024735 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 1276 | 1875158 |
|  Pharmaron Beijing Co. Ltd., Class H<sup>(b)</sup> | 2850 | 16489 |
|  Thermo Fisher Scientific, Inc. | 7896 | 4423497 |
|  West Pharmaceutical Services, Inc. | 183 | 42943 |
|  WuXi AppTec Co. Ltd., H Shares<sup>(b)</sup> | 22200 | 223851 |
|  Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> | 69500 | 455485 |
|  |  | 16286310 |
| **Machinery — 0.5%** |  |  |
|  Amada Co. Ltd. | 203200 | 1638180 |
|  ANDRITZ AG | 15820 | 865782 |
|  Daifuku Co. Ltd. | 1300 | 67678 |
|  DMG Mori Co. Ltd. | 5900 | 79691 |
|  Doosan Bobcat, Inc. | 831 | 22746 |
|  Ebara Corp. | 6500 | 252719 |
|  Epiroc AB, Class A | 7800 | 150197 |
|  Hiwin Technologies Corp. | 7000 | 42723 |
|  Hyundai Construction Equipment Co. Ltd. | 1451 | 66972 |
|  Kinik Co. | 7000 | 25872 |
|  Otis Worldwide Corp. | 1791 | 139859 |
|  PACCAR, Inc. | 6188 | 655371 |
|  Rational AG | 340 | 213623 |
|  Snap-on, Inc. | 367 | 88300 |
|  Spirax-Sarco Engineering PLC | 1760 | 240366 |
|  Techtronic Industries Co. Ltd. | 9000 | 109711 |
|  Timken Co. | 1072 | 81451 |
|  Toyota Industries Corp. | 800 | 45894 |
|  Trelleborg AB, B Shares | 2017 | 49374 |
|  Valmet Oyj | 21920 | 566603 |
|  VAT Group AG<sup>(b)</sup> | 1237 | 346700 |
|  Wartsila Oyj Abp | 52006 | 450497 |
|  Xylem, Inc. | 8895 | 999353 |
|  Yaskawa Electric Corp. | 9200 | 302776 |
|  |  | 7502438 |
| **Marine — 0.2%** |  |  |
|  AP Moller - Maersk A/S, Class A | 165 | 350306 |
|  AP Moller - Maersk A/S, Class B | 836 | 1812412 |
|  Evergreen Marine Corp. Taiwan Ltd. | 26000 | 139588 |
|  Kuehne + Nagel International AG, Registered Shares | 1577 | 383115 |
|  Orient Overseas International Ltd. | 1500 | 28502 |

---

12 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Sustainable Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Marine (continued)** | **Marine (continued)** | **Marine (continued)** |
|  Pan Ocean Co. Ltd. | 7293 | $30339 |
|  Wisdom Marine Lines Co. Ltd. | 18000 | 36485 |
|  ZIM Integrated Shipping Services Ltd. | 2730 | 57385 |
|  |  | 2838132 |
| **Media — 0.8%** |  |  |
|  Cheil Worldwide, Inc. | 1203 | 22313 |
|  Comcast Corp., Class A | 153629 | 5628966 |
|  Fox Corp., Class A, NVS | 188924 | 6130584 |
|  Fox Corp., Class B | 12069 | 368346 |
|  Fuji Media Holdings, Inc. | 2700 | 21255 |
|  ProSiebenSat.1 Media SE | 18162 | 165029 |
|  |  | 12336493 |
| **Metals & Mining — 0.9%** |  |  |
|  Aluminum Corp. of China Ltd., Class H | 134000 | 57307 |
|  Anglo American PLC | 46986 | 1953448 |
|  Anglo American PLC | 41357 | 1679001 |
|  APERAM SA | 829 | 26316 |
|  ArcelorMittal SA | 31844 | 873134 |
|  Aurubis AG | 1932 | 155105 |
|  Boliden AB | 2699 | 101950 |
|  China Hongqiao Group Ltd. | 40000 | 37803 |
|  Cia Brasileira de Aluminio | 7679 | 18024 |
|  CMOC Group Ltd., Class H | 561000 | 262818 |
|  CSN Mineracao SA | 120209 | 88952 |
|  Dongkuk Steel Mill Co. Ltd. | 2425 | 25815 |
|  Dowa Holdings Co. Ltd. | 1000 | 33216 |
|  Endeavour Mining PLC | 3487 | 74009 |
|  Ganfeng Lithium Group Co. Ltd., Class A | 83700 | 966340 |
|  Gloria Material Technology Corp. | 25000 | 27008 |
|  Gold Fields Ltd. | 4991 | 55420 |
|  Henan Shenhuo Coal & Power Co. Ltd., Class A | 25700 | 61367 |
|  Jiangxi Copper Co. Ltd., Class A | 12800 | 31479 |
|  Jiangxi Copper Co. Ltd., Class H | 26000 | 38058 |
|  Korea Zinc Co. Ltd. | 339 | 163889 |
|  Mitsui Mining & Smelting Co. Ltd. | 3400 | 78227 |
|  MMG Ltd.<sup>(a)</sup> | 84000 | 22107 |
|  Outokumpu Oyj | 11339 | 57197 |
|  POSCO Holdings, Inc. | 1222 | 279716 |
|  Reliance Steel & Aluminum Co. | 2467 | 521252 |
|  Sigma Lithium Corp.<sup>(a)</sup> | 575 | 19723 |
|  South32 Ltd. | 28030 | 77854 |
|  Southern Copper Corp. | 1247 | 76092 |
|  thyssenkrupp AG<sup>(a)</sup> | 68803 | 387826 |
|  Tianshan Aluminum Group Co. Ltd., Class A | 59500 | 60182 |
|  Tibet Summit Resources Co. Ltd., Class A<sup>(a)</sup> | 54300 | 176772 |
|  Wheaton Precious Metals Corp. | 138788 | 5416771 |
|  Xiamen Tungsten Co. Ltd., Class A | 38600 | 117347 |
|  Youngy Co. Ltd., Class A<sup>(a)</sup> | 3100 | 54074 |
|  Zhejiang Huayou Cobalt Co. Ltd., Class A | 26400 | 233590 |
|  |  | 14309189 |
| **Multiline Retail — 0.0%** |  |  |
|  J Front Retailing Co. Ltd. | 2800 | 23707 |
|  Shinsegae, Inc. | 720 | 116441 |
|  Woolworths Holdings Ltd. | 7666 | 29191 |
|  |  | 169339 |
| **Multi-Utilities — 0.3%** |  |  |
|  A2A SpA | 31024 | 41651 |
|  Centrica PLC | 766327 | 884667 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Multi-Utilities (continued)** | **Multi-Utilities (continued)** | **Multi-Utilities (continued)** |
|  E.ON SE | 56420 | $540930 |
|  Engie SA | 200615 | 3049708 |
|  |  | 4516956 |
| **Oil, Gas & Consumable Fuels — 3.2%** |  |  |
|  Aker BP ASA | 12054 | 419362 |
|  ARC Resources Ltd. | 62257 | 924726 |
|  Birchcliff Energy Ltd. | 7009 | 55962 |
|  BP PLC | 153958 | 919396 |
|  Chevron Corp. | 59403 | 10889164 |
|  China Petroleum & Chemical Corp., Class H | 2162000 | 1020668 |
|  Crescent Point Energy Corp. | 153893 | 1195541 |
|  Enbridge, Inc. | 41707 | 1722354 |
|  Enerplus Corp. | 19052 | 354229 |
|  Eni SpA | 2231 | 33264 |
|  EOG Resources, Inc. | 18838 | 2673677 |
|  EQT Corp. | 8403 | 356371 |
|  Equinor ASA | 107546 | 4141683 |
|  Exxon Mobil Corp. | 88571 | 9861495 |
|  Inpex Corp. | 78400 | 863939 |
|  Magnolia Oil & Gas Corp., Class A | 1485 | 38729 |
|  Marathon Oil Corp. | 52656 | 1612853 |
|  Marathon Petroleum Corp. | 34328 | 4181494 |
|  Ovintiv, Inc. | 2076 | 115471 |
|  Parex Resources, Inc. | 6757 | 96747 |
|  PetroChina Co. Ltd., Class H | 2842000 | 1293202 |
|  Petroleo Brasileiro SA | 6033 | 35168 |
|  Pioneer Natural Resources Co. | 1689 | 398587 |
|  Range Resources Corp. | 8464 | 244356 |
|  Shell PLC | 2376 | 69535 |
|  SK Innovation Co. Ltd.<sup>(a)</sup> | 329 | 45521 |
|  S-Oil Corp. | 391 | 25887 |
|  TC Energy Corp. | 40415 | 1790681 |
|  Tourmaline Oil Corp. | 29154 | 1774403 |
|  Ultrapar Participacoes SA | 60201 | 161948 |
|  Valero Energy Corp. | 5999 | 801586 |
|  Var Energi ASA | 24754 | 91382 |
|  Vermilion Energy, Inc. | 7106 | 140466 |
|  Williams Cos., Inc. | 36446 | 1264676 |
|  |  | 49614523 |
| **Paper & Forest Products — 0.0%** |  |  |
|  Dexco SA | 9578 | 15356 |
|  West Fraser Timber Co. Ltd. | 4362 | 341203 |
|  |  | 356559 |
| **Personal Products — 0.4%** |  |  |
|  Estee Lauder Cos., Inc., Class A | 3421 | 806638 |
|  L'Oreal SA | 1587 | 596007 |
|  Natura & Co. Holding SA | 41369 | 92394 |
|  Pola Orbis Holdings, Inc. | 7300 | 95875 |
|  Unilever PLC | 83164 | 4158295 |
|  |  | 5749209 |
| **Pharmaceuticals — 3.1%** |  |  |
|  Astellas Pharma, Inc. | 57600 | 893355 |
|  AstraZeneca PLC | 789 | 106784 |
|  Bayer AG, Registered Shares | 1463 | 84908 |
|  Bristol-Myers Squibb Co. | 100888 | 8099289 |
|  China Medical System Holdings Ltd. | 15000 | 21970 |
|  CSPC Pharmaceutical Group Ltd. | 28000 | 36073 |
|  Dechra Pharmaceuticals PLC | 640 | 21137 |
|  Eli Lilly & Co. | 9482 | 3518581 |
|  GSK PLC | 97715 | 1661552 |
|  H Lundbeck A/S | 3188 | 11780 |

---

S C H E D U L E O F I N V E S T M E N T S 13

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Sustainable Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
|  Johnson & Johnson | 68882 | $| 12260996 |
|  Lotus Pharmaceutical Co. Ltd. | 8000 |  | 63994 |
|  Merck & Co., Inc. | 2965 |  | 326506 |
|  Novartis AG, Registered Shares | 64352 |  | 5724403 |
|  Novo Nordisk A/S, Class B | 36332 |  | 4557418 |
|  Ono Pharmaceutical Co. Ltd. | 3600 |  | 92261 |
|  Pfizer, Inc. | 101911 |  | 5108798 |
|  Roche Holding AG | 777 |  | 312132 |
|  Santen Pharmaceutical Co. Ltd. | 12200 |  | 99663 |
|  Sino Biopharmaceutical Ltd. | 93000 |  | 55055 |
|  Takeda Pharmaceutical Co. Ltd. | 168500 |  | 4954445 |
|  Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | 41898 |  | 367445 |
|  |  |  | 48378545 |
| **Professional Services — 0.7%** | **Professional Services — 0.7%** | **Professional Services — 0.7%** | **Professional Services — 0.7%** |
|  Experian PLC | 95086 |  | 3364262 |
|  KBR, Inc. | 652 |  | 33689 |
|  ManpowerGroup, Inc. | 7105 |  | 621830 |
|  Randstad NV | 2203 |  | 127605 |
|  Recruit Holdings Co. Ltd. | 26000 |  | 841237 |
|  RELX PLC | 15165 |  | 425241 |
|  Robert Half International, Inc. | 16022 |  | 1262213 |
|  Teleperformance | 1474 |  | 336487 |
|  Wolters Kluwer NV | 32889 |  | 3624711 |
|  |  |  | 10637275 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
|  China Resources Land Ltd. | 40000 |  | 185797 |
|  City Developments Ltd. | 34000 |  | 208882 |
|  Country Garden Holdings Co. Ltd. | 243000 |  | 95038 |
|  Country Garden Services Holdings Co. Ltd. | 81000 |  | 202538 |
|  Daiwa House Industry Co. Ltd. | 42200 |  | 971825 |
|  Greentown China Holdings Ltd. | 47000 |  | 80782 |
|  Jones Lang LaSalle, Inc.<sup>(a)</sup> | 1906 |  | 320532 |
|  LEG Immobilien SE | 3847 |  | 246837 |
|  Longfor Group Holdings Ltd.<sup>(b)</sup> | 5000 |  | 15234 |
|  Mitsubishi Estate Co. Ltd. | 73700 |  | 1040685 |
|  Mitsui Fudosan Co. Ltd. | 114100 |  | 2313159 |
|  Shimao Services Holdings Ltd.<sup>(a)(b)</sup> | 49000 |  | 17263 |
|  Sun Hung Kai Properties Ltd. | 8500 |  | 102538 |
|  Zillow Group, Inc., Class A<sup>(a)</sup> | 582 |  | 21767 |
|  Zillow Group, Inc., Class C, NVS<sup>(a)</sup> | 6214 |  | 236008 |
|  |  |  | 6058885 |
| **Road & Rail — 0.0%** | **Road & Rail — 0.0%** | **Road & Rail — 0.0%** | **Road & Rail — 0.0%** |
|  Knight-Swift Transportation Holdings, Inc. | 4547 |  | 252040 |
|  Localiza Rent a Car SA | 37363 |  | 431492 |
|  Movida Participacoes SA | 7152 |  | 12156 |
|  |  |  | 695688 |
| **Semiconductors & Semiconductor Equipment — 2.6%** | **Semiconductors & Semiconductor Equipment — 2.6%** | **Semiconductors & Semiconductor Equipment — 2.6%** | **Semiconductors & Semiconductor Equipment — 2.6%** |
|  Advantest Corp. | 11600 |  | 789527 |
|  Analog Devices, Inc. | 39591 |  | 6806089 |
|  Applied Materials, Inc. | 6209 |  | 680506 |
|  ASE Technology Holding Co. Ltd. | 154000 |  | 492530 |
|  ASML Holding NV | 4616 |  | 2818161 |
|  ASPEED Technology, Inc. | 3000 |  | 208595 |
|  Cirrus Logic, Inc.<sup>(a)</sup> | 7174 |  | 535970 |
|  Disco Corp. | 2300 |  | 691283 |
|  Elan Microelectronics Corp. | 20000 |  | 58824 |
|  Faraday Technology Corp. | 31000 |  | 173382 |
|  Formosa Sumco Technology Corp. | 31000 |  | 161228 |
|  Foxsemicon Integrated Technology, Inc. | 4000 |  | 25155 |
|  Global Unichip Corp. | 48000 |  | 1161502 |
|  Globalwafers Co. Ltd. | 6000 |  | 93177 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Intel Corp. | 174819 | $| 5256807 |
|  JA Solar Technology Co. Ltd., Class A | 3800 |  | 31411 |
|  King Yuan Electronics Co. Ltd. | 59000 |  | 68586 |
|  Kinsus Interconnect Technology Corp. | 65000 |  | 263866 |
|  Koh Young Technology, Inc. | 1933 |  | 21274 |
|  Lam Research Corp. | 2481 |  | 1171975 |
|  LONGi Green Energy Technology Co. Ltd., Class A | 187200 |  | 1214365 |
|  M31 Technology Corp. | 6000 |  | 100586 |
|  MediaTek, Inc. | 25000 |  | 604095 |
|  Monolithic Power Systems, Inc. | 75 |  | 28647 |
|  NVIDIA Corp. | 12075 |  | 2043452 |
|  NXP Semiconductors NV | 8256 |  | 1451735 |
|  Parade Technologies Ltd. | 2000 |  | 52488 |
|  QUALCOMM, Inc. | 17704 |  | 2239379 |
|  Realtek Semiconductor Corp. | 20000 |  | 207919 |
|  RichWave Technology Corp. | 15000 |  | 63573 |
|  Silergy Corp. | 4000 |  | 60012 |
|  Silicon Laboratories, Inc.<sup>(a)</sup> | 2983 |  | 433847 |
|  Sino-American Silicon Products, Inc. | 21000 |  | 110186 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 411000 |  | 6600600 |
|  Teradyne, Inc. | 3612 |  | 337541 |
|  Texas Instruments, Inc. | 14811 |  | 2672793 |
|  Tokyo Electron Ltd. | 800 |  | 271497 |
|  United Microelectronics Corp. | 397000 |  | 598015 |
|  Wafer Works Corp. | 19000 |  | 28875 |
|  WinWay Technology Co. Ltd. | 2000 |  | 29051 |
|  WONIK IPS Co. Ltd. | 2303 |  | 50693 |
|  XinTec, Inc. | 7000 |  | 24115 |
|  Xinyi Solar Holdings Ltd. | 36000 |  | 42242 |
|  |  |  | 40775554 |
| **Software — 3.6%** | **Software — 3.6%** | **Software — 3.6%** | **Software — 3.6%** |
|  Adobe, Inc.<sup>(a)</sup> | 20784 |  | 7169025 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 6644 |  | 1143034 |
|  Check Point Software Technologies Ltd.<sup>(a)</sup> | 5276 |  | 700811 |
|  DocuSign, Inc.<sup>(a)</sup> | 4279 |  | 201413 |
|  HubSpot, Inc.<sup>(a)</sup> | 1831 |  | 554848 |
|  InterDigital, Inc. | 2 |  | 100 |
|  Intuit, Inc. | 3871 |  | 1577781 |
|  Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | 66000 |  | 111376 |
|  Manhattan Associates, Inc.<sup>(a)</sup> | 924 |  | 116369 |
|  Microsoft Corp. | 129195 |  | 32962812 |
|  Nemetschek SE | 2576 |  | 128742 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 17550 |  | 2981745 |
|  RingCentral, Inc., Class A<sup>(a)</sup> | 5748 |  | 213021 |
|  Salesforce, Inc.<sup>(a)</sup> | 19201 |  | 3076960 |
|  ServiceNow, Inc.<sup>(a)</sup> | 4902 |  | 2040703 |
|  Workday, Inc., Class A<sup>(a)</sup> | 14887 |  | 2499527 |
|  |  |  | 55478267 |
| **Specialty Retail — 1.4%** | **Specialty Retail — 1.4%** | **Specialty Retail — 1.4%** | **Specialty Retail — 1.4%** |
|  Best Buy Co., Inc. | 32851 |  | 2802190 |
|  China Yongda Automobiles Services Holdings Ltd. | 79000 |  | 49534 |
|  Dufry AG, Registered Shares<sup>(a)</sup> | 691 |  | 28308 |
|  Fast Retailing Co. Ltd. | 1200 |  | 713568 |
|  Foschini Group Ltd. | 7466 |  | 45516 |
|  Home Depot, Inc. | 30289 |  | 9813333 |
|  Industria de Diseno Textil SA | 12515 |  | 326689 |
|  Lojas Renner SA | 3673 |  | 16251 |
|  Lowe's Cos., Inc. | 20460 |  | 4348773 |
|  Penske Automotive Group, Inc. | 156 |  | 19726 |
|  Shinsegae International, Inc. | 1864 |  | 34722 |
|  Topsports International Holdings Ltd.<sup>(b)</sup> | 66000 |  | 42381 |
|  Ulta Beauty, Inc.<sup>(a)</sup> | 4878 |  | 2267490 |

---

14 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Sustainable Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Specialty Retail (continued)** |  |  |  |
|  Via S/A<sup>(a)</sup> | 275859 | $| 115354 |
|  Williams-Sonoma, Inc. | 4195 |  | 490396 |
|  |  |  | 21114231 |
|  **Technology Hardware, Storage & Peripherals — 3.3%** |  |  |  |
|  Advantech Co. Ltd. | 5000 |  | 54427 |
|  Apple Inc. | 261849 |  | 38761507 |
|  Chicony Electronics Co. Ltd. | 33000 |  | 89395 |
|  Dell Technologies, Inc., Class C | 17375 |  | 778226 |
|  FUJIFILM Holdings Corp. | 5200 |  | 279719 |
|  Hewlett Packard Enterprise Co. | 219259 |  | 3679166 |
|  HP, Inc. | 66500 |  | 1997660 |
|  King Slide Works Co. Ltd. | 2000 |  | 26957 |
|  Lenovo Group Ltd. | 232000 |  | 198139 |
|  Lite-On Technology Corp. | 25000 |  | 53354 |
|  Ricoh Co. Ltd. | 7600 |  | 60370 |
|  Samsung Electronics Co. Ltd. | 84813 |  | 4075176 |
|  |  |  | 50054096 |
|  **Textiles, Apparel & Luxury Goods — 1.1%** |  |  |  |
|  adidas AG | 5058 |  | 652017 |
|  ANTA Sports Products Ltd. | 44200 |  | 525328 |
|  Bosideng International Holdings Ltd. | 50000 |  | 24913 |
|  Burberry Group PLC | 11880 |  | 313986 |
|  Capri Holdings Ltd.<sup>(a)</sup> | 444 |  | 25463 |
|  Carter's, Inc. | 1925 |  | 140602 |
|  Fila Holdings Corp. | 677 |  | 17235 |
|  Fulgent Sun International Holding Co. Ltd. | 10000 |  | 49381 |
|  Hermes International | 2238 |  | 3637374 |
|  Kering SA | 9328 |  | 5604610 |
|  Li Ning Co. Ltd. | 23000 |  | 184840 |
|  Lululemon Athletica, Inc.<sup>(a)</sup> | 8401 |  | 3194984 |
|  Makalot Industrial Co. Ltd. | 8000 |  | 60905 |
|  Moncler SpA | 13082 |  | 681887 |
|  Ralph Lauren Corp. | 1335 |  | 151015 |
|  Swatch Group AG | 4351 |  | 1164271 |
|  Tapestry, Inc. | 2381 |  | 89930 |
|  Youngone Corp. | 495 |  | 18036 |
|  |  |  | 16536777 |
|  **Thrifts & Mortgage Finance — 0.0%** |  |  |  |
|  Radian Group, Inc. | 26326 |  | 515200 |
|  **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** |
|  IMCD NV | 3859 |  | 570763 |
|  ITOCHU Corp. | 47000 |  | 1476133 |
|  Marubeni Corp. | 2100 |  | 23756 |
|  Mitsubishi Corp. | 51100 |  | 1721005 |
|  Mitsui & Co. Ltd. | 126600 |  | 3674403 |
|  Posco International Corp. | 1187 |  | 21870 |
|  SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 3848 |  | 483039 |
|  Sumitomo Corp. | 30600 |  | 501665 |
|  Travis Perkins PLC | 4018 |  | 45113 |
|  Univar Solutions, Inc.<sup>(a)</sup> | 707 |  | 23423 |
|  |  |  | 8541170 |
|  **Transportation Infrastructure — 0.0%** |  |  |  |
|  CCR SA | 77111 |  | 174747 |
|  EcoRodovias Infraestrutura e Logistica SA<sup>(a)</sup> | 25397 |  | 21387 |
|  Fraport AG Frankfurt Airport Services Worldwide<sup>(a)</sup> | 757 |  | 33130 |
|  Grupo Aeroportuario del Pacifico SAB de CV, Class B | 4887 |  | 79379 |
|  Kamigumi Co. Ltd. | 14100 |  | 287935 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Shares* | *Value* |
|  **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** |  |
|  Santos Brasil Participacoes SA |  | 35199 | $51347 |
|  Taiwan High Speed Rail Corp. |  | 21000 | 19748 |
|  |  |  | 667673 |
|  **Water Utilities — 0.1%** |  |  |  |
|  Cia de Saneamento de Minas Gerais-COPASA |  | 23472 | 71375 |
|  United Utilities Group PLC |  | 77778 | 964752 |
|  |  |  | 1036127 |
|  **Wireless Telecommunication Services — 0.2%** |  |  |  |
|  Far EasTone Telecommunications Co. Ltd. |  | 18000 | 39746 |
|  Freenet AG |  | 23084 | 513101 |
|  KDDI Corp. |  | 19300 | 574070 |
|  MTN Group Ltd. |  | 85406 | 699873 |
|  SK Telecom Co. Ltd. |  | 4810 | 183385 |
|  Tele2 AB, B Shares |  | 132536 | 1177353 |
|  |  |  | 3187528 |
|  **Total Common Stocks — 56.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $738,690,258)** |  |  | 864316941 |
|  |  | *Par<br>(000)* |  |
|  **Corporate Bonds** |  |  |  |
|  **Air Freight & Logistics — 0.1%** |  |  |  |
|  United Parcel Service, Inc., 4.45%, 04/01/30 | USD | 1450 | 1438962 |
|  **Automobiles — 0.2%** |  |  |  |
|  Honda Motor Co. Ltd., 2.53%, 03/10/27 |  | 1000 | 918349 |
|  Toyota Motor Credit Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/22/27 |  | 1000 | 939344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/06/28 |  | 850 | 743355 |
|  |  |  | 2601048 |
|  **Banks — 4.1%** |  |  |  |
|  Banco Santander SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/28/25 |  | 600 | 563857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/25/26 |  | 400 | 352522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 03/24/28 |  | 1000 | 926811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 11/22/32 |  | 200 | 149014 |
|  Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/02/26 |  | 1450 | 1380725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 07/22/27 |  | 1050 | 920036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/04/28 |  | 1150 | 1028800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/27/28 |  | 1260 | 1209769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09%, 06/14/29 |  | 1200 | 1012908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 07/23/30 |  | 370 | 322936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/13/31 |  | 1400 | 1151783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/22/33 |  | 1320 | 1274353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 1.66%, 03/11/27 |  | 1150 | 1019012 |
|  Bank of Montreal, 1.25%, 09/15/26 |  | 1890 | 1657749 |
|  Bank of Nova Scotia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/02/26 |  | 1550 | 1373532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/15/26 |  | 1500 | 1318379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/11/27 |  | 1450 | 1336230 |
|  Barclays PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/07/26 |  | 1100 | 1014216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 11/24/27 |  | 1000 | 860115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.44%, 11/02/33 |  | 920 | 974549 |
|  Canadian Imperial Bank of Commerce, 3.30%, 04/07/25 |  | 600 | 578138 |
|  Citigroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 01/25/26 |  | 1590 | 1476230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46%, 06/09/27 |  | 1075 | 935769 |

---

S C H E D U L E O F I N V E S T M E N T S 15

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Sustainable Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Banks (continued)** |  |  |  |
|  Citigroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VAR, 3.07%, 02/24/28 | USD | 1650 | $1499254 |
|  HSBC Holdings PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/26 |  | 1200 | 1119918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/24/27 |  | 1800 | 1542247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/22/27 |  | 2250 | 1939388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.21%, 08/17/29 |  | 1400 | 1131398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/24/32 |  | 1800 | 1398199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 03/29/33 |  | 450 | 389323 |
|  ING Groep NV, 4.02%, 03/28/28 |  | 1710 | 1595605 |
|  JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 03/13/26 |  | 1503 | 1396662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08%, 04/22/26 |  | 352 | 327013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/26 |  | 1092 | 1030341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 11/19/26 |  | 1150 | 1014456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 09/22/27 |  | 400 | 347204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/25/28 |  | 1835 | 1796649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 09/14/33 |  | 2320 | 2295094 |
|  Lloyds Banking Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/08/25 |  | 1000 | 977740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 02/05/26 |  | 2220 | 2053237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/11/27 |  | 1000 | 929686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/18/28 |  | 600 | 548058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 11/07/28 |  | 850 | 758589 |
|  Mitsubishi UFJ Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 07/17/25 |  | 1000 | 906060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 07/20/27 |  | 1450 | 1261121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 01/19/28 |  | 1250 | 1103701 |
|  Mizuho Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/22/26 |  | 1350 | 1250830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 07/09/27 |  | 1850 | 1610998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 05/22/32 |  | 400 | 304803 |
|  NatWest Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 06/14/27 |  | 1560 | 1335568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 09/30/28 |  | 2310 | 2269285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 05/18/29 |  | 620 | 583717 |
|  Royal Bank of Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/14/25 |  | 600 | 580909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/20/26 |  | 1200 | 1066333 |
|  Santander UK Group Holdings PLC, 1.53%, 08/21/26 |  | 1000 | 878312 |
|  Toronto-Dominion Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/10/32 |  | 1220 | 1054307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FXD, 1.95%, 01/12/27 |  | 1850 | 1652824 |
|  |  |  | 62786262 |
|  **Beverages — 1.0%** |  |  |  |
|  Coca-Cola Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/05/32 |  | 1050 | 884708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/05/51 |  | 3310 | 2486456 |
|  Coca-Cola Femsa SAB de CV, 1.85%, 09/01/32 |  | 1730 | 1319449 |
|  Diageo Capital PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/29/25 |  | 1000 | 915600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/29/30 |  | 3300 | 2732473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/24/33 |  | 980 | 1034563 |
|  Keurig Dr Pepper, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/31 |  | 1300 | 1048972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/32 |  | 1750 | 1609010 |
|  PepsiCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/18/28 |  | 845 | 818062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/18/52 |  | 2450 | 2285971 |
|  |  |  | 15135264 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Biotechnology — 0.6%** |  |  |  |
|  AbbVie, Inc., 2.95%, 11/21/26 | USD | 800 | $749019 |
|  Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/21/27 |  | 650 | 590710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/22/29 |  | 1000 | 904491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/53 |  | 95 | 86650 |
|  Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30 | Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30 | 8620 | 6772576 |
|  |  |  | 9103446 |
|  **Building Products — 0.2%** |  |  |  |
|  Johnson Controls International plc, 3.90%, 02/14/26. | Johnson Controls International plc, 3.90%, 02/14/26. | 3000 | 2930196 |
|  Owens Corning, 3.40%, 08/15/26 |  | 350 | 327284 |
|  |  |  | 3257480 |
|  **Capital Markets — 2.0%** |  |  |  |
|  Ares Capital Corp., 2.88%, 06/15/27 |  | 1000 | 857081 |
|  Blackstone Private Credit Fund, 2.63%, 12/15/26 |  | 130 | 110465 |
|  Credit Suisse AG, 1.25%, 08/07/26 |  | 430 | 340871 |
|  Deutsche Bank AG, 1.69%, 03/19/26 |  | 1200 | 1065748 |
|  FactSet Research Systems, Inc., 2.90%, 03/01/27 | FactSet Research Systems, Inc., 2.90%, 03/01/27 | 3000 | 2741679 |
|  FS KKR Capital Corp., 2.63%, 01/15/27 |  | 795 | 669898 |
|  Goldman Sachs Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 09/10/27 |  | 4070 | 3516558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 02/24/28 |  | 2400 | 2141129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/07/30 |  | 1220 | 1021114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/21/32 |  | 430 | 339651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VAR, 1.09%, 12/09/26 |  | 1000 | 880938 |
|  Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 04/28/26 |  | 1000 | 930191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 07/17/26 |  | 510 | 504198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/27/26 |  | 1100 | 1031778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/20/27 |  | 900 | 855206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 07/20/27 |  | 1950 | 1696729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 01/21/28 |  | 950 | 844045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79%, 02/13/32 |  | 2060 | 1567742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 07/20/33 |  | 1085 | 1034980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 09/16/36 |  | 550 | 408890 |
|  Nasdaq, Inc., 1.65%, 01/15/31 |  | 1000 | 771815 |
|  Nomura Holdings, Inc., 1.85%, 07/16/25 |  | 1200 | 1095942 |
|  Prospect Capital Corp., 3.36%, 11/15/26 |  | 800 | 671051 |
|  S&P Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/27<sup>(b)</sup> |  | 1000 | 919584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/32<sup>(b)</sup> |  | 1135 | 978017 |
|  Thomson Reuters Corp., 3.35%, 05/15/26 |  | 3740 | 3556731 |
|  |  |  | 30552031 |
|  **Chemicals — 0.1%** |  |  |  |
|  DuPont de Nemours, Inc., 4.49%, 11/15/25 |  | 700 | 694400 |
|  **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** |  |
|  Republic Services, Inc., 1.75%, 02/15/32 |  | 800 | 621823 |
|  **Communications Equipment — 0.2%** |  |  |  |
|  Motorola Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/30 |  | 1400 | 1103966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/24/31 |  | 890 | 718173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/01/32 |  | 810 | 806742 |
|  |  |  | 2628881 |
|  **Construction & Engineering — 0.1%** |  |  |  |
|  Quanta Services, Inc., 2.90%, 10/01/30 |  | 1500 | 1246832 |
|  **Consumer Finance — 0.0%** |  |  |  |
|  American Express Co., 2.55%, 03/04/27 |  | 700 | 635774 |
|  **Distributors — 0.0%** |  |  |  |
|  Genuine Parts Co., 1.75%, 02/01/25 |  | 500 | 466622 |

---

16 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Sustainable Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
|  **Diversified Financial Services — 0.1%** |  |  |  |  |
|  National Rural Utilities Cooperative Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/15/26 | USD | 2000 | $| 1769350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/15/31 |  | 130 |  | 99905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/32 |  | 50 |  | 41679 |
|  RELX Capital, Inc., 3.00%, 05/22/30 |  | 185 |  | 160641 |
|  |  |  |  | 2071575 |
|  **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
|  Deutsche Telekom International Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/19/27<sup>(b)</sup> |  | 1340 |  | 1278278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 06/01/32 |  | 750 |  | 949951 |
|  Koninklijke KPN NV, 8.38%, 10/01/30 |  | 450 |  | 506271 |
|  Lumen Technologies, Inc., 5.38%, 06/15/29<sup>(b)</sup> |  | 1235 |  | 872219 |
|  Verizon Communications, Inc., 2.10%, 03/22/28 |  | 1500 |  | 1312391 |
|  |  |  |  | 4919110 |
|  **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** |
|  Avangrid, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/15/25 |  | 2180 |  | 2082780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/01/29 |  | 500 |  | 457498 |
|  Eversource Energy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/27 |  | 1000 |  | 917562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/32 |  | 750 |  | 657059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 1.40%, 08/15/26 |  | 200 |  | 176193 |
|  Exelon Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/27<sup>(b)</sup> |  | 550 |  | 506956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/15/32<sup>(b)</sup> |  | 350 |  | 307506 |
|  NSTAR Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/29 |  | 1000 |  | 916178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/01/30 |  | 1000 |  | 949233 |
|  |  |  |  | 6970965 |
|  **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
|  Allegion U.S. Holding Co., Inc., 3.55%, 10/01/27 |  | 45 |  | 40832 |
|  Flex Ltd., 3.75%, 02/01/26 |  | 1000 |  | 934562 |
|  Keysight Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/06/27 |  | 1250 |  | 1215007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/29 |  | 3070 |  | 2672401 |
|  Teledyne Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/01/26 |  | 1000 |  | 890040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/28 |  | 1000 |  | 862203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/31 |  | 1000 |  | 823952 |
|  |  |  |  | 7438997 |
|  **Energy Equipment & Services — 0.1%** |  |  |  |  |
|  CGG SA, 8.75%, 04/01/27<sup>(b)</sup> |  | 600 |  | 504633 |
|  Johnson Controls International plc/Tyco Fire & |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Security Finance SCA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/15/30 |  | 400 |  | 321453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/16/31 |  | 360 |  | 284339 |
|  |  |  |  | 1110425 |
|  **Entertainment — 0.0%** |  |  |  |  |
|  Electronic Arts, Inc., 4.80%, 03/01/26 |  | 500 |  | 501799 |
|  **Equity Real Estate Investment Trusts (REITs) — 0.5%** | **Equity Real Estate Investment Trusts (REITs) — 0.5%** | **Equity Real Estate Investment Trusts (REITs) — 0.5%** | **Equity Real Estate Investment Trusts (REITs) — 0.5%** | **Equity Real Estate Investment Trusts (REITs) — 0.5%** |
|  American Tower Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/15/25 |  | 1000 |  | 899368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/15/26 |  | 490 |  | 426361 |
|  Crown Castle, Inc., 1.05%, 07/15/26 |  | 940 |  | 813442 |
|  Equinix, Inc., 1.45%, 05/15/26 |  | 1000 |  | 881453 |
|  Iron Mountain, Inc., 5.25%, 07/15/30<sup>(b)</sup> |  | 700 |  | 630000 |
|  Life Storage LP, 3.88%, 12/15/27 |  | 450 |  | 418355 |
|  Uniti Group LP/Uniti Group Finance, Inc./CSL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital LLC, 6.50%, 02/15/29<sup>(b)</sup> |  | 1685 |  | 1234263 |
|  VICI Properties LP, 5.13%, 05/15/32 |  | 1110 |  | 1041191 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
|  **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** |
|  Welltower, Inc., 4.00%, 06/01/25 | USD | 900 | $| 878425 |
|  Weyerhaeuser Co., 3.38%, 03/09/33 |  | 90 |  | 75678 |
|  |  |  |  | 7298536 |
|  **Food & Staples Retailing — 0.2%** |  |  |  |  |
|  Bunge Ltd. Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/17/25 |  | 1150 |  | 1046962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/25/27 |  | 1200 |  | 1126731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/14/31 |  | 1800 |  | 1494466 |
|  |  |  |  | 3668159 |
|  **Food Products — 0.6%** |  |  |  |  |
|  Campbell Soup Co., 4.15%, 03/15/28 |  | 600 |  | 580092 |
|  General Mills, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/17/25 |  | 500 |  | 491915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/10/27 |  | 1250 |  | 1188840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/14/31 |  | 3880 |  | 3162182 |
|  Kellogg Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/27 |  | 670 |  | 628894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/28 |  | 3000 |  | 2945780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/01/30 |  | 1000 |  | 814764 |
|  |  |  |  | 9812467 |
|  **Gas Utilities — 0.1%** |  |  |  |  |
|  AmeriGas Partners LP/AmeriGas Finance Corp.,<br>5.75%, 05/20/27 |  | 890 |  | 849060 |
|  ONE Gas, Inc., 4.25%, 09/01/32 |  | 155 |  | 148161 |
|  Southwest Gas Corp., 4.05%, 03/15/32 |  | 550 |  | 479136 |
|  |  |  |  | 1476357 |
|  **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
|  Abbott Laboratories, 4.90%, 11/30/46 |  | 1260 |  | 1264468 |
|  **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** |
|  AMN Healthcare, Inc., 4.00%, 04/15/29<sup>(b)</sup> |  | 1010 |  | 886123 |
|  Elevance Health, Inc., 3.65%, 12/01/27 |  | 1500 |  | 1426462 |
|  HCA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/26 |  | 850 |  | 843256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/27<sup>(b)</sup> |  | 440 |  | 400230 |
|  Humana, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25 |  | 1050 |  | 1038309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 02/03/27 |  | 1200 |  | 1035241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/23/29 |  | 1500 |  | 1381308 |
|  Laboratory Corp. of America Holdings, 1.55%, 06/01/26 |  | 2000 |  | 1771784 |
|  Quest Diagnostics, Inc., 3.45%, 06/01/26 |  | 400 |  | 382284 |
|  UnitedHealth Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/30 |  | 1560 |  | 1611011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/32 |  | 5000 |  | 4814670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/53 |  | 200 |  | 221328 |
|  |  |  |  | 15812006 |
|  **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |
|  McDonald's Corp., 3.30%, 07/01/25 |  | 900 |  | 875336 |
|  Starbucks Corp., 2.00%, 03/12/27 |  | 850 |  | 763568 |
|  |  |  |  | 1638904 |
|  **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
|  Colgate-Palmolive Co., 3.25%, 08/15/32 |  | 50 |  | 45737 |
|  **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
|  3M Co., 3.05%, 04/15/30 |  | 1450 |  | 1293832 |
|  Trane Technologies Luxembourg Finance SA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/21/29 |  | 1980 |  | 1835777 |
|  |  |  |  | 3129609 |

---

S C H E D U L E O F I N V E S T M E N T S 17

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Sustainable Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
|  **Insurance — 0.9%** |  |  |  |  |
|  Alleghany Corp., 3.63%, 05/15/30 | USD | 3270 | $| 3037896 |
|  Arthur J Gallagher & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 11/09/31 |  | 580 |  | 457980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/20/51 |  | 1170 |  | 834502 |
|  Hanover Insurance Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/26 |  | 1810 |  | 1779100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/30 |  | 380 |  | 294975 |
|  Manulife Financial Corp., 4.15%, 03/04/26 |  | 1220 |  | 1200072 |
|  Marsh & McLennan Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/29 |  | 1820 |  | 1771365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/30 |  | 2000 |  | 1645253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 12/15/31 |  | 790 |  | 641458 |
|  Progressive Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/27 |  | 200 |  | 183889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/32 |  | 400 |  | 353208 |
|  Unum Group, 4.13%, 06/15/51 |  | 950 |  | 661773 |
|  Willis North America, Inc., 2.95%, 09/15/29 |  | 850 |  | 717640 |
|  |  |  |  | 13579111 |
|  **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** |
|  Cogent Communications Group, Inc., 7.00%, 06/15/27<sup>(b)</sup> |  | 900 |  | 877500 |
|  **IT Services — 0.9%** |  |  |  |  |
|  Automatic Data Processing, Inc., 1.70%, 05/15/28 |  | 5380 |  | 4724007 |
|  Block Financial LLC, 3.88%, 08/15/30 |  | 1490 |  | 1312747 |
|  CGI, Inc., 2.30%, 09/14/31 |  | 1850 |  | 1422389 |
|  Gartner, Inc., 4.50%, 07/01/28<sup>(b)</sup> |  | 975 |  | 917884 |
|  International Business Machines Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/09/27 |  | 750 |  | 679438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 02/09/32 |  | 750 |  | 634646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/27/32 |  | 2350 |  | 2260215 |
|  Mastercard, Inc., 2.00%, 11/18/31 |  | 1450 |  | 1192487 |
|  VeriSign, Inc., 2.70%, 06/15/31 |  | 620 |  | 508170 |
|  |  |  |  | 13651983 |
|  **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** |
|  Agilent Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 09/22/26 |  | 2000 |  | 1875254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/12/31 |  | 3210 |  | 2616487 |
|  |  |  |  | 4491741 |
|  **Machinery — 0.4%** |  |  |  |  |
|  Cummins, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/01/25 |  | 680 |  | 613896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/01/30 |  | 1470 |  | 1174913 |
|  IDEX Corp., 2.63%, 06/15/31 |  | 3500 |  | 2919699 |
|  Wabash National Corp., 4.50%, 10/15/28<sup>(b)</sup> |  | 750 |  | 634184 |
|  |  |  |  | 5342692 |
|  **Media — 0.1%** |  |  |  |  |
|  Interpublic Group of Cos., Inc., 4.65%, 10/01/28 |  | 500 |  | 479119 |
|  Sirius XM Radio, Inc., 5.50%, 07/01/29<sup>(b)</sup> |  | 900 |  | 837990 |
|  |  |  |  | 1317109 |
|  **Metals & Mining — 0.3%** |  |  |  |  |
|  Mineral Resources Ltd., 8.50%, 05/01/30<sup>(b)</sup> |  | 850 |  | 866966 |
|  Reliance Steel & Aluminum Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/15/25 |  | 680 |  | 612460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/15/30 |  | 1910 |  | 1503779 |
|  Steel Dynamics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/15/25 |  | 750 |  | 702462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/31 |  | 400 |  | 341883 |
|  |  |  |  | 4027550 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
|  **Multi-Utilities — 0.2%** |  |  |  |  |
|  Consolidated Edison Co. of New York, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/15/28 | USD | 350 | $| 333608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/15/31 |  | 1000 |  | 827724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 3.35%, 04/01/30 |  | 1500 |  | 1354873 |
|  |  |  |  | 2516205 |
|  **Oil, Gas & Consumable Fuels — 0.8%** |  |  |  |  |
|  Baker Hughes Holdings LLC/Baker Hughes Co-<br>Obligor, Inc., 4.49%, 05/01/30 |  | 500 |  | 481042 |
|  Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29 |  | 4170 |  | 3803959 |
|  EQT Corp., 7.00%, 02/01/30 |  | 1520 |  | 1599129 |
|  Kinder Morgan, Inc., 2.00%, 02/15/31 |  | 850 |  | 671364 |
|  MPLX LP, 2.65%, 08/15/30 |  | 2030 |  | 1665872 |
|  ONEOK, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/15/25 |  | 370 |  | 339454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/26 |  | 1000 |  | 1013965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 01/15/31 |  | 2000 |  | 2057378 |
|  Vermilion Energy, Inc., 6.88%, 05/01/30<sup>(b)</sup> |  | 1290 |  | 1191013 |
|  |  |  |  | 12823176 |
|  **Paper & Forest Products — 0.0%** |  |  |  |  |
|  Louisiana-Pacific Corp., 3.63%, 03/15/29<sup>(b)</sup> |  | 725 |  | 603591 |
|  **Pharmaceuticals — 0.8%** |  |  |  |  |
|  Astrazeneca Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 05/28/26 |  | 1150 |  | 1027107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/28/28 |  | 800 |  | 695606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/28/31 |  | 990 |  | 830698 |
|  Bristol-Myers Squibb Co., 2.95%, 03/15/32 |  | 710 |  | 626591 |
|  Jazz Securities DAC, 4.38%, 01/15/29<sup>(b)</sup> |  | 700 |  | 635264 |
|  Merck & Co., Inc., 2.15%, 12/10/31 |  | 1550 |  | 1288115 |
|  Novartis Capital Corp., 2.20%, 08/14/30 |  | 3030 |  | 2600035 |
|  Zoetis, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/13/25 |  | 290 |  | 287578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/14/25 |  | 740 |  | 751179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/12/27 |  | 640 |  | 591070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/30 |  | 3770 |  | 3106009 |
|  |  |  |  | 12439252 |
|  **Professional Services — 0.1%** |  |  |  |  |
|  ASGN, Inc., 4.63%, 05/15/28<sup>(b)</sup> |  | 1595 |  | 1423537 |
|  **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
|  CBRE Services, Inc., 4.88%, 03/01/26 |  | 500 |  | 500150 |
|  **Road & Rail — 0.0%** |  |  |  |  |
|  Canadian National Railway Co., 3.85%, 08/05/32 |  | 575 |  | 540006 |
|  **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** |
|  Applied Materials, Inc., 1.75%, 06/01/30 |  | 900 |  | 743405 |
|  Broadcom, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32<sup>(b)</sup> |  | 1240 |  | 1093235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/32 |  | 900 |  | 800279 |
|  NVIDIA Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/16/26 |  | 1810 |  | 1739028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 06/15/28 |  | 600 |  | 515323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/31 |  | 3490 |  | 2837404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/60 |  | 500 |  | 378713 |
|  NXP BV/NXP Funding LLC, 5.55%, 12/01/28 |  | 850 |  | 852809 |
|  NXP BV/NXP Funding LLC/NXP U.S.A., Inc., 2.70%, 05/01/25 |  | 800 |  | 746650 |
|  Texas Instruments, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/15/31 |  | 459 |  | 374861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/16/32 |  | 3545 |  | 3309161 |
|  |  |  |  | 13390868 |

---

18 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Sustainable Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
|  **Software — 1.0%** |  |  |  |  |
|  Adobe, Inc., 2.30%, 02/01/30 | USD | 3570 | $| 3069718 |
|  Electronic Arts, Inc., 1.85%, 02/15/31 |  | 1000 |  | 802070 |
|  Intuit, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 07/15/27 |  | 1000 |  | 870298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/15/30 |  | 4690 |  | 3756472 |
|  ServiceNow, Inc., 1.40%, 09/01/30 |  | 3000 |  | 2336964 |
|  VMware, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 08/15/28 |  | 3950 |  | 3260787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 08/15/31 |  | 960 |  | 732706 |
|  |  |  |  | 14829015 |
|  Home Depot, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/15/27 |  | 350 |  | 328400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/15/28 |  | 1050 |  | 900064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/15/31 |  | 1420 |  | 1151081 |
|  Lowe's Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/25 |  | 350 |  | 344951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/01/27 |  | 1500 |  | 1423450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 09/15/28 |  | 1150 |  | 978310 |
|  |  |  |  | 5126256 |
|  **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
|  Apple Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 08/08/32 |  | 2000 |  | 1845542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/08/52 |  | 1740 |  | 1521633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/08/62 |  | 140 |  | 121257 |
|  CDW LLC/CDW Finance Corp., 3.57%, 12/01/31 |  | 226 |  | 186466 |
|  |  |  |  | 3674898 |
|  **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |
|  GATX Corp., 3.50%, 06/01/32 |  | 350 |  | 294017 |
|  **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
|  Rogers Communications, Inc., 3.20%, 03/15/27<sup>(b)</sup> |  | 350 |  | 326596 |
|  T-Mobile U.S.A., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/32 |  | 2940 |  | 2412745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/15/53 |  | 315 |  | 315883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 |  | 260 |  | 259253 |
|  |  |  |  | 3314477 |
|  **Total Corporate Bonds — 20.4%<br>(Cost: $331,269,106)** |  |  |  | 313091073 |
|  |  | *Shares/<br>Investment<br>Value* |  |  |
|  **Investment Companies** |  |  |  |  |
|  **Equity Funds — 0.8%** |  |  |  |  |
|  iShares MSCI India ETF<sup>(c)(d)</sup> |  | 263848 |  | 11672636 |
|  **Total Investment Companies — 0.8%<br>(Cost: $12,122,760)** |  |  |  | **11672636** |
|  |  | *Shares* |  |  |
|  **Preferred Securities** |  |  |  |  |
|  **Preferred Stocks — 0.2%** |  |  |  |  |
|  **Airlines — 0.0%** |  |  |  |  |
|  Azul SA<sup>(a)</sup> |  | 59150 |  | 139744 |
|  **Automobiles — 0.0%** |  |  |  |  |
|  Bayerische Motoren Werke AG |  | 1541 |  | 133719 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Shares* | *Value* | *Value* |
|  **Banks — 0.0%** |  |  |  |  |
|  Banco Bradesco SA |  | 100 | $| 299 |
|  Bancolombia SA |  | 24294 |  | 160970 |
|  |  |  |  | 161269 |
|  **Biotechnology — 0.0%** |  |  |  |  |
|  Grifols SA, Class B<sup>(a)</sup> |  | 1625 |  | 13034 |
|  **Chemicals — 0.1%** |  |  |  |  |
|  FUCHS PETROLUB SE |  | 782 |  | 27392 |
|  Sociedad Quimica y Minera de Chile SA, Class B |  | 16651 |  | 1660523 |
|  |  |  |  | 1687915 |
|  **Electric Utilities — 0.1%** |  |  |  |  |
|  Centrais Eletricas Brasileiras SA, Class B |  | 27729 |  | 261401 |
|  Cia Energetica de Minas Gerais |  | 122518 |  | 270565 |
|  Cia Paranaense de Energia, Class B |  | 92895 |  | 143567 |
|  |  |  |  | 675533 |
|  **Machinery — 0.0%** |  |  |  |  |
|  Randon SA Implementos e Participacoes |  | 14162 |  | 25489 |
|  **Metals & Mining — 0.0%** |  |  |  |  |
|  Gerdau SA |  | 43361 |  | 263123 |
|  Usinas Siderurgicas de Minas Gerais SA Usiminas, |  |  |  |  |
|  Class A |  | 38822 |  | 57979 |
|  |  |  |  | 321102 |
|  **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
|  Petroleo Brasileiro SA |  | 98216 |  | 499658 |
|  **Total Preferred Securities — 0.2%<br>(Cost: $3,460,328)** |  |  |  | 3657463 |
|  **Rights** |  |  |  |  |
|  **Banks — 0.0%** |  |  |  |  |
|  Shanghai Commercial & Savings Bank Ltd., Expires<br>12/08/22, Strike Price TWD 37 |  | 1100 |  | 491 |
|  **Total Rights — 0.0%<br>(Cost: $—)** |  |  |  | 491 |
|  |  | *Par<br>(000)* |  |  |
|  **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
|  **Mortgage-Backed Securities — 7.5%** | **Mortgage-Backed Securities — 7.5%** | **Mortgage-Backed Securities — 7.5%** | **Mortgage-Backed Securities — 7.5%** | **Mortgage-Backed Securities — 7.5%** |
|  Fannie Mae Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/01/37 - 08/01/37 | USD | 455 |  | 398876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/37 - 01/01/52 |  | 34414 |  | 28842028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/51 - 07/01/51 |  | 7417 |  | 6385332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/34 - 04/01/52 |  | 2237 |  | 2041062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/51 - 08/01/52 |  | 1200 |  | 1144231 |
|  Freddie Mac Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/01/37 |  | 186 |  | 163087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/37 |  | 964 |  | 870082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/51 |  | 4165 |  | 3577818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/52 - 08/01/52 |  | 657 |  | 621201 |
|  Ginnie Mae Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/01/52<sup>(e)</sup> |  | 100 |  | 81488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/20/51 - 12/01/52<sup>(e)</sup> |  | 6608 |  | 5631672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/20/51 - 12/01/52<sup>(e)</sup> |  | 16010 |  | 14087249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/51 - 12/01/52<sup>(e)</sup> |  | 15428 |  | 13944083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/52 - 12/01/52<sup>(e)</sup> |  | 11635 |  | 10815393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/52 - 12/01/52<sup>(e)</sup> |  | 8996 |  | 8591068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/52<sup>(e)</sup> |  | 1400 |  | 1371180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/52<sup>(e)</sup> |  | 500 |  | 499531 |

---

S C H E D U L E O F I N V E S T M E N T S 19

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Sustainable Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |  |  |
|  Uniform Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/01/37 - 12/01/52<sup>(e)</sup> | USD | 5589 | $| 4549553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/37<sup>(e)</sup> |  | 2186 |  | 1966558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/37<sup>(e)</sup> |  | 3975 |  | 3672510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/37 - 12/01/52<sup>(e)</sup> |  | 3100 |  | 2884996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/52<sup>(e)</sup> |  | 1025 |  | 938195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/37 - 12/01/52<sup>(e)</sup> |  | 1400 |  | 1330203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/52<sup>(e)</sup> |  | 500 |  | 497500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/52<sup>(e)</sup> |  | 750 |  | 758514 |
|  |  |  |  | 115663410 |
|  **Total U.S. Government Sponsored Agency Securities — 7.5%** | **Total U.S. Government Sponsored Agency Securities — 7.5%** | **Total U.S. Government Sponsored Agency Securities — 7.5%** | **Total U.S. Government Sponsored Agency Securities — 7.5%** | **Total U.S. Government Sponsored Agency Securities — 7.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $120,271,196)** |  |  |  | 115663410 |
|  **U.S. Treasury Obligations** |  |  |  |  |
|  U.S. Treasury Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/15/40 |  | 23000 |  | 14718203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/41 - 02/15/52 |  | 46000 |  | 33958828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/42 |  | 10000 |  | 7779297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/47 |  | 5000 |  | 4200195 |
|  U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/31/27 |  | 35000 |  | 33051758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/29 - 02/15/32 |  | 33000 |  | 28955469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/29 |  | 16000 |  | 14720625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/15/30 |  | 5000 |  | 3994141 |
|  **Total U.S. Treasury Obligations — 9.2%<br>(Cost: $163,616,610)** |  |  |  | 141378516 |
|  **Total Long-Term Investments — 94.4%<br>(Cost: $1,369,430,258)** |  |  |  | 1449780530 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Shares* | *Value* |
|  **Short-Term Securities** |  |  |  |
|  **Money Market Funds — 5.0%** |  |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional<br>Class, 3.57%<sup>(d)(f)</sup> |  | 67099892 | $67099892 |
|  SL Liquidity Series, LLC, Money Market Series,<br>4.05%<sup>(d)(f)(g)</sup> |  | 9329268 | 9325536 |
|  |  |  | 76425428 |
|  |  | *Par*<br> *(000)* |  |
|  **U.S. Treasury Obligations<sup>(h)</sup> — 2.6%** | **U.S. Treasury Obligations<sup>(h)</sup> — 2.6%** | **U.S. Treasury Obligations<sup>(h)</sup> — 2.6%** |  |
|  U.S. Treasury Bills, 3.26%, 12/29/22 | USD | 40000 | 39881813 |
|  **Total Short-Term Securities — 7.6%<br>(Cost: $116,323,918)** |  |  | 116307241 |
|  **Total Investments — 102.0%<br>(Cost: $1,485,754,176**) |  |  | 1566087771 |
|  **Liabilities in Excess of Other Assets — (2.0)%** | **Liabilities in Excess of Other Assets — (2.0)%** | **Liabilities in Excess of Other Assets — (2.0)%** | (29957582) |
|  **Net Assets — 100.0%** |  |  | $1536130189 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> All or a portion of this security is on loan.

(d) Affiliate of the Fund.

<sup>(e)</sup> Represents or includes a TBA transaction.

(f) Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

<sup>(h)</sup> 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 six months ended November 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>11/30/22* | *Shares/<br>Investment<br>Value Held<br>at 11/30/22* | *Income<br>(Expense)* | *Capital*<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $147853903 | $— | $(80754011)<sup>(a)</sup> | $— | $— | $67099892 | 67099892 | $1106214 | $— |
|  iShares MSCI Brazil ETF<sup>(b)</sup> | 5319190 | 692824 | (5506860) | (845978) | 340824 |  |  | 226216 |  |
|  iShares MSCI China A ETF<sup>(b)</sup> | 4428395 |  | (3780160) | (923261) | 275026 |  |  | 8416 |  |
|  iShares MSCI India ETF | 10931223 |  |  |  | 741413 | 11672636 | 263848 |  |  |
|  iShares MSCI South |  |  |  |  |  |  |  |  |  |
|  Korea ETF<sup>(b)</sup> | 10737392 | 1001161 | (9352817) | (2619010) | 233274 |  |  |  |  |
|  iShares MSCI Taiwan ETF<sup>(b)</sup> | 15453788 | 4305928 | (15418528) | (5114053) | 772865 |  |  |  |  |
|  SL Liquidity Series, LLC, Money Market Series |  | 9328855 <sup>(a)</sup> |  | (4184) | 865 | 9325536 | 9329268 | 20742 <sup>(c)</sup> |  |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9506486) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88098064 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361588 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> As of period end, the entity is no longer held.

<sup>(c)</sup> Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

20 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Sustainable Balanced Fund, Inc.** |

---

For Fund compliance purposes, the Fund's industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount*<br> *(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 182 | 12/16/22 | $37139 | $2461860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes (10 Year) | 179 | 03/22/23 | 20367 | 183955 |
|  |  |  |  | 2645815 |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P/Toronto Stock Exchange 60 Index | 6 | 12/15/22 | 1107 | (55278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-Mini S&P 500 Index | 205 | 12/16/22 | 36597 | (1267352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mini MSCI EAFE Index | 60 | 12/16/22 | 5940 | (774988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mini MSCI Emerging Markets Index | 99 | 12/16/22 | 4863 | (649544) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Long-Term Bonds | 80 | 03/22/23 | 10210 | (116008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Ultra Treasury Bonds | 70 | 03/22/23 | 9601 | (134612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Ultra Treasury Bonds (10 Year) | 56 | 03/22/23 | 6731 | (68743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes (2 Year) | 187 | 03/31/23 | 38434 | (125894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes (5 Year) | 237 | 03/31/23 | 25781 | (204043) |
|  |  |  |  | (3396462) |
|  |  |  |  | $(750647) |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement<br>Date* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  USD | 426782 | EUR | 419200 | BNP Paribas S.A. | 12/21/22 | $(10275) |
|  USD | 413977 | GBP | 353700 | Bank of America N.A. | 12/21/22 | (12685) |
|  USD | 4399610 | JPY | 621541400 | Citibank N.A. | 12/21/22 | (114873) |
|  |  |  |  |  |  | (137833) |

---

**Centrally Cleared Credit Default Swaps — Buy Protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing<br>Rate<br>Paid by<br>the Fund* | *Payment<br>Frequency* | *Termination<br>Date* | *Notional<br>Amount<br>(000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  CDX.NA.HY.39.V1 | 5.00% | Quarterly | 12/20/27 | USD 15,460 | $(444613) | $709362 | $(1153975) |

---

**OTC Total Return Swaps** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund  | Paid by the Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Received by the Fund</u>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Received by the Fund</u>  |  | *Termination<br>Date* | *Notional<br>Amount<br>(000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Termination<br>Date* | *Notional<br>Amount<br>(000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  SOFR plus 0.09%, 3.82% | Quarterly | MSCI ACWI ESG<br>Universal Index | Quarterly | BNP Paribas S.A. | 04/11/23 | USD 98,646 | $12711192 | $— | $12711192 |

---

S C H E D U L E O F I N V E S T M E N T S 21

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Sustainable Balanced Fund, Inc.**  |

---

**Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Swap<br>Premiums<br>Paid* | *Swap<br>Premiums<br>Received* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* |
|  Centrally Cleared Swaps<sup>(a)</sup> | $709362 | $— | $— | $(1153975) |
|  OTC Swaps |  |  | 12711192 |  |

---

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $2461860 | $— | $183955 | $— | $2645815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap premiums paid |  |  | 12711192 |  |  |  | 12711192 |
|  | $— | $— | $15173052 | $— | $183955 | $— | $15357007 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $2747162 | $— | $649300 | $— | $3396462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts |  |  |  | 137833 |  |  | 137833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> |  | 1153975 |  |  |  |  | 1153975 |
|  | $— | $1153975 | $2747162 | $137833 | $649300 | $— | $4688270 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended November 30, 2022, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity*<br> *Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest*<br> *Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $2086571 | $— | $7091917 | $— | $9178488 |
|  Forward foreign currency exchange contracts |  |  |  | 227557 |  |  | 227557 |
|  Swaps |  | (34510) | (23477133) |  |  |  | (23511643) |
|  | $— | $(34510) | $(21390562) | $227557 | $7091917 | $— | $(14105598) |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(2062573) | $— | $(1125997) | $— | $(3188570) |
|  Forward foreign currency exchange contracts |  |  |  | (113642) |  |  | (113642) |
|  Swaps |  | (233441) | 19726879 |  |  |  | 19493438 |
|  | $— | $(233441) | $17664306 | $(113642) | $(1125997) | $— | $16191226 |

---

22 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Sustainable Balanced Fund, Inc.**  |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $73679805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $160036748 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | $5337960 |
|  Credit default swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — buy protection | $12383050 |
|  Total return swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $96925685 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Derivative Financial Instruments – Offsetting as of Period End** 

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
|  Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $1300390 | $1481607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  | 137833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — centrally cleared |  | 156011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(a)</sup> | 12711192 |  |
|  Total derivative assets and liabilities in the Statement of Assets and Liabilities | $14011582 | $1775451 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | (1300390) | (1637618) |
|  Total derivative assets and liabilities subject to an MNA | $12711192 | $137833 |

---

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/received in the Statement of Assets and Liabilities.

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative<br>Assets<br>Subject to<br>an MNA by<br>Counterparty* | *Derivatives<br>Available<br>for Offset<sup>(a)</sup>* | *Non-*<br> *Cash<br>Collateral<br>Received<sup>(b)</sup>* | *Cash<br>Collateral<br>Received<sup>(b)</sup>* | *Net<br>Amount of<br>Derivative<br>Assets<sup>(c)</sup>* |
|  BNP Paribas S.A. | $12711192 | $(10275) | $– $| (10680268) | $2020649 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative<br>Liabilities<br>Subject to<br>an MNA by<br>Counterparty* | *Derivatives<br>Available<br>for Offset<sup>(a)</sup>* | *Non-<br>Cash<br>Collateral<br>Pledged<sup>(b)</sup>* | *Cash<br>Collateral<br>Pledged<sup>(b)</sup>* | *Net Amount<br>of Derivative<br>Liabilities<sup>(d)(e)</sup>* |
|  Bank of America N.A. | $12685 | $— | $– $|  | $12685 |
|  BNP Paribas S.A. | 10275 | (10275) | – |  |  |
|  Citibank N.A. | 114873 |  | – |  | 114873 |
|  | $137833 | $(10275) | $– $|  | $127558 |

---

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. 

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

<sup>(d)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. 

<sup>(e)</sup> Net amount represents the net amount payable from the counterparty in the event of default. 

S C H E D U L E O F I N V E S T M E N T S 23

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Sustainable Balanced Fund, Inc.**  |

---

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $4848984 | $2879795 | $— | $7728779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 2282800 | 2143022 |  | 4425822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airlines | 285636 | 457995 |  | 743631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Components | 794037 | 347427 |  | 1141464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 7966349 | 14412962 |  | 22379311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 32920569 | 18348655 |  | 51269224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | 24152772 | 5564082 |  | 29716854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 12355496 | 2824732 |  | 15180228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 3389525 | 501881 |  | 3891406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 9100725 | 8148519 |  | 17249244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 1820440 | 11799562 |  | 13620002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 1005911 | 57254 |  | 1063165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 6546696 | 1204676 |  | 7751372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 3871786 | 4013303 |  | 7885089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials |  | 840696 |  | 840696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 11873923 |  |  | 11873923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 1205098 |  |  | 1205098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributors | 32598 |  |  | 32598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 1862517 | 88691 |  | 1951208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services | 4765627 | 2236940 |  | 7002567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 2273900 | 5950330 |  | 8224230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 10219244 | 4754159 |  | 14973403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 100912 | 6514239 |  | 6615151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 665189 | 5151108 |  | 5816297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 378041 | 34880 |  | 412921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 2194931 | 298998 |  | 2493929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts (REITs) | 9378874 | 2800873 |  | 12179747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food & Staples Retailing | 4077933 | 5278202 |  | 9356135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 7705754 | 4379865 |  | 12085619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities |  | 207256 |  | 207256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 21055200 | 336761 |  | 21391961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 26922225 | 291134 |  | 27213359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 9150433 | 5781963 |  | 14932396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 1024333 | 789545 |  | 1813878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products | 10908540 |  |  | 10908540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | 530999 | 410440 |  | 941439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 9028783 | 7397884 |  | 16426667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 18985505 | 9740667 |  | 28726172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 24219443 | 7739509 |  | 31958952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | 13055611 | 4480237 |  | 17535848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 33648830 | 1622175 |  | 35271005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leisure Products |  | 524191 |  | 524191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 15590485 | 695825 |  | 16286310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 1964334 | 5538104 |  | 7502438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine | 57385 | 2780747 |  | 2838132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 12127896 | 208597 |  | 12336493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 6214823 | 8094366 |  | 14309189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multiline Retail |  | 169339 |  | 169339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities |  | 4516956 |  | 4516956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 40690684 | 8923839 |  | 49614523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | 356559 |  |  | 356559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Products | 899032 | 4850177 |  | 5749209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 29693395 | 18685150 |  | 48378545 |

---

24 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Sustainable Balanced Fund, Inc.** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level<br>3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | $1917732 | $8719543 | $— | $10637275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 578307 | 5480578 |  | 6058885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 695688 |  |  | 695688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 23658741 | 17116813 |  | 40775554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 55238149 | 240118 |  | 55478267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 19873513 | 1240718 |  | 21114231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 45216559 | 4837537 |  | 50054096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 3601994 | 12934783 |  | 16536777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrifts & Mortgage Finance | 515200 |  |  | 515200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 506462 | 8034708 |  | 8541170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure | 326860 | 340813 |  | 667673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 71375 | 964752 |  | 1036127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services |  | 3187528 |  | 3187528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 313091073 |  | 313091073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 11672636 |  |  | 11672636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 1822795 | 1834668 |  | 3657463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  | 491 |  | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities |  | 115663410 |  | 115663410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 141378516 |  | 141378516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 67099892 |  |  | 67099892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 39881813 |  | 39881813 |
|  | $676996665 | $879765570 | $— | 1556762235 |
|  Investments valued at NAV<sup>(a)</sup> |  |  |  | 9325536 |
|  |  |  |  | $1566087771 |
|  Derivative Financial Instruments<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $2461860 | $12711192 | $— | $15173052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | 183955 |  |  | 183955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  | (1153975) |  | (1153975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (2747162) |  |  | (2747162) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | (137833) |  | (137833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | (649300) |  |  | (649300) |
|  | $(750647) | $11419384 | $— | $10668737 |

---

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

<sup>(b)</sup> Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 25

------

Statement of Assets and Liabilities (unaudited)

November 30, 2022

---

| | |
|:---|:---|
|  | BlackRock<br> Sustainable Balanced<br>Fund, Inc. |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $1477989707 |
|  Investments, at value — affiliated<sup>(c)</sup> | 88098064 |
|  Cash | 283249 |
|  Cash pledged: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — TBA commitments | 650932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3017991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared swaps | 1015000 |
|  Foreign currency, at value<sup>(d)</sup> | 2097468 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 7665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 1324141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 2292483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 215792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 3324865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 1300390 |
|  Unrealized appreciation on OTC swaps | 12711192 |
|  Prepaid expenses | 88599 |
|  Total assets | 1594417538 |
|  **LIABILITIES** |  |
|  Foreign bank overdraft<sup>(e)</sup> | 79163 |
|  Cash received as collateral for OTC derivatives | 10680268 |
|  Collateral on securities loaned | 9328855 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 32730894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 2724623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 505478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 165380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 45253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 251673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 1481607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 156011 |
|  Unrealized depreciation on forward foreign currency exchange contracts | 137833 |
|  Total liabilities | 58287349 |
|  NET ASSETS | $1536130189 |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in capital | $1528794128 |
|  Accumulated earnings | 7336061 |
|  NET ASSETS | $1536130189 |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $1397206853 |
|  <sup>(b) </sup>Securities loaned, at value | $9207564 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $88547323 |
|  <sup>(d) </sup>Foreign currency, at cost | $2008859 |
|  <sup>(e) </sup>Foreign bank overdraft, at cost | $75575 |

---

26 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statement of Assets and Liabilities (unaudited) (continued)

November 30, 2022

---

| | |
|:---|:---|
|  | BlackRock<br>Sustainable Balanced<br>Fund, Inc. |
|  **NET ASSET VALUE** |  |
| **Institutional** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $495315964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 21954500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $22.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 400 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Investor A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $864925028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 38582254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $22.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 200 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Investor C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $94933864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 5166646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $18.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 200 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $70310466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 3116027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $22.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 2 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $10644867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 532344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $20.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 500 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 27

------

Statement of Operations (unaudited)

Six Months Ended November 30, 2022

---

| | |
|:---|:---|
|  | BlackRock<br>Sustainable Balanced<br>Fund, Inc. |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $9262723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 1340846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 10173306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 20742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (378556) |
|  Total investment income | 20419061 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 3224291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 1589283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 546938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 79433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 61783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 59810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 21547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 7659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 6033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 18235 |
|  Total expenses | 5615012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (131254) |
|  Total expenses after fees waived and/or reimbursed | 5483758 |
|  Net investment income | 14935303 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (39888217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (9506486) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 9178488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 227557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (305515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (23511643) |
|  | (63805816) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (9540217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 2364267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (3188570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (113642) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 129990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 19493438 |
|  | 9145266 |
|  Net realized and unrealized loss | (54660550) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(39725247) |

---

*See notes to financial statements.* 

28 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statements of Changes in Net Assets

Six Months Ended November 30, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **BlackRock Sustainable Balanced Fund, Inc.** | **BlackRock Sustainable Balanced Fund, Inc.** | **BlackRock Sustainable Balanced Fund, Inc.** |
|  | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
|  **OPERATIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $14935303 | $10762244 | $10908009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (63805816) | 5857740 | 217515757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 9145266 | (106551322) | 46066694 |
|  Net increase (decrease) in net assets resulting from operations | (39725247) | (89931338) | 274490460 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (19293205) | (77221254) | (24269626) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (31746349) | (111883846) | (30500926) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (4159590) | (17181797) | (4954528) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (2592592) | (8479663) | (2474683) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (411460) | (1542874) | (501960) |
|  Decrease in net assets resulting from distributions to shareholders | (58203196) | (216309434) | (62701723) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (34768905) | 135227933 | 146398629 |
|  *NET ASSETS* |  |  |  |
|  Total increase (decrease) in net assets | (132697348) | (171012839) | 358187366 |
|  Beginning of period | 1668827537 | 1839840376 | 1481653010 |
|  End of period | $1536130189 | $1668827537 | $1839840376 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 29

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Sustainable Balanced Fund, Inc. | BlackRock Sustainable Balanced Fund, Inc. | BlackRock Sustainable Balanced Fund, Inc. | BlackRock Sustainable Balanced Fund, Inc. | BlackRock Sustainable Balanced Fund, Inc. | BlackRock Sustainable Balanced Fund, Inc. | BlackRock Sustainable Balanced Fund, Inc. |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Period<br>from<br>10/01/21<br>to 05/31/22 | Year<br>Ended<br>09/30/21 | Year<br>Ended<br>09/30/20 | Year<br>Ended<br>09/30/19 | Year<br>Ended<br>09/30/18 | Year<br>Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $23.94 | $28.28 | $24.89 | $23.32 | $23.95 | $26.09 | $23.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.24 | 0.19 | 0.23 | 0.33 | 0.48 | 0.47 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.77) | (1.27) | 4.22 | 2.47 | 0.52 | 1.89 | 3.01 |
|  Net increase (decrease) from investment operations | (0.53) | (1.08) | 4.45 | 2.80 | 1.00 | 2.36 | 3.42 |
|  **Distributions<sup>(b)</sup>** | **Distributions<sup>(b)</sup>** | **Distributions<sup>(b)</sup>** | **Distributions<sup>(b)</sup>** | **Distributions<sup>(b)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.13) | (0.11) | (0.24) | (0.37) | (0.41) | (0.47) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.72) | (3.15) | (0.82) | (0.86) | (1.22) | (4.03) | (0.79) |
|  Total distributions | (0.85) | (3.26) | (1.06) | (1.23) | (1.63) | (4.50) | (1.19) |
|  **Net asset value, end of period** | $22.56 | $23.94 | $28.28 | $24.89 | $23.32 | $23.95 | $26.09 |
|  **Total Return<sup>(c)</sup>** | **Total Return<sup>(c)</sup>** | **Total Return<sup>(c)</sup>** | **Total Return<sup>(c)</sup>** | **Total Return<sup>(c)</sup>** |  |  |  |
|  Based on net asset value | (2.03)%<sup>(d)</sup> | (4.88)%<sup>(d)</sup> | 18.30% | 12.35% | 5.16% | 10.14% | 14.83 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |
|  Total expenses | 0.52 %<sup>(g)</sup> | 0.71 %<sup>(g)(h)</sup> | 0.75 %<sup>(i)</sup> | 0.78 %<sup>(j)</sup> | 0.80% | 0.91% | 0.93% |
|  Total expenses after fees waived and/or reimbursed | 0.51 %<sup>(g)</sup> | 0.50 %<sup>(g)(h)</sup> | 0.50 %<sup>(i)</sup> | 0.52 %<sup>(j)</sup> | 0.53% | 0.62% | 0.62% |
|  Net investment income | 2.15 %<sup>(g)</sup> | 1.08 %<sup>(g)(h)</sup> | 0.85 %<sup>(i)</sup> | 1.42 %<sup>(j)</sup> | 2.11% | 1.97% | 1.67% |
|  **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $495316 | $554201 | $666819 | $568977 | $488105 | $427511 | $395850 |
|  Portfolio turnover rate of the Fund<sup>(k)</sup> | 86% | 296% | — % | — % | 4% | 140% | 109% |
|  Portfolio turnover rate of the Master Total Return Portfolio<sup>(l)</sup> | N/A | N/A | 459% | 556% | 574% | 734% | 806% |
|  Portfolio turnover rate of the Master Advantage Large Cap Core Portfolio | N/A | N/A | 111% | 99% | 151% | 148% | 130% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes proceeds received from a settlement of litigation, which had no impact on the Fund's total return. 

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> From October 1, 2021 through April 1, 2022, the Fund invested in the Master Advantage Large Cap Core Portfolio and the Master Total Return Portfolio (the "Master Portfolios") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolios. Includes the Fund's share of the Master Portfolios' allocated fees waived of less than 0.01%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolios' allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolios' allocated fees waived of less than 0.01%. 

<sup>(j)</sup> Includes the Fund's share of the Master Portfolios' allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolios' allocated fees waived of 0.01%. 

<sup>(k)</sup> Excludes transactions in the Master Portfolios.

<sup>(l)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Period from<br>10/01/21 to<br>05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
| Portfolio turnover rate (excluding MDRs) | 65% | N/A | 161% | 274% | 241% | 350% | 540% |

---

*See notes to financial statements.* 

30 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Sustainable Balanced Fund, Inc. (continued) | BlackRock Sustainable Balanced Fund, Inc. (continued) | BlackRock Sustainable Balanced Fund, Inc. (continued) | BlackRock Sustainable Balanced Fund, Inc. (continued) | BlackRock Sustainable Balanced Fund, Inc. (continued) | BlackRock Sustainable Balanced Fund, Inc. (continued) | BlackRock Sustainable Balanced Fund, Inc. (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $23.79 | $28.14 | $24.78 | $23.22 | $23.86 | $26.00 | $23.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.21 | 0.15 | 0.16 | 0.27 | 0.41 | 0.40 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.75) | (1.27) | 4.20 | 2.46 | 0.52 | 1.89 | 3.01 |
|  Net increase (decrease) from investment operations | (0.54) | (1.12) | 4.36 | 2.73 | 0.93 | 2.29 | 3.35 |
|  **Distributions<sup>(b)</sup>** | **Distributions<sup>(b)</sup>** | **Distributions<sup>(b)</sup>** | **Distributions<sup>(b)</sup>** | **Distributions<sup>(b)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.11) | (0.08) | (0.18) | (0.31) | (0.35) | (0.40) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.72) | (3.15) | (0.82) | (0.86) | (1.22) | (4.03) | (0.79) |
|  Total distributions | (0.83) | (3.23) | (1.00) | (1.17) | (1.57) | (4.43) | (1.13) |
|  **Net asset value, end of period** | $22.42 | $23.79 | $28.14 | $24.78 | $23.22 | $23.86 | $26.00 |
|  **Total Return<sup>(c)</sup>** | **Total Return<sup>(c)</sup>** | **Total Return<sup>(c)</sup>** | **Total Return<sup>(c)</sup>** | **Total Return<sup>(c)</sup>** |  |  |  |
|  Based on net asset value | (2.12)%<sup>(d)</sup> | (5.06)%<sup>(d)</sup> | 17.98% | 12.08% | 4.84% | 9.86% | 14.52 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |
|  Total expenses | 0.78 %<sup>(g)</sup> | 0.95 %<sup>(g)(h)</sup> | 1.01 %<sup>(i)</sup> | 1.04 %<sup>(j)</sup> | 1.07 %<sup>(j)</sup> | 1.20 %<sup>(i)</sup> | 1.21 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.76 %<sup>(g)</sup> | 0.75 %<sup>(g)(h)</sup> | 0.76 %<sup>(i)</sup> | 0.79 %<sup>(j)</sup> | 0.80 %<sup>(j)</sup> | 0.91 %<sup>(i)</sup> | 0.90 %<sup>(i)</sup> |
|  Net investment income | 1.90 %<sup>(g)</sup> | 0.84 %<sup>(g)(h)</sup> | 0.59 %<sup>(i)</sup> | 1.15 %<sup>(j)</sup> | 1.83 %<sup>(j)</sup> | 1.68 %<sup>(i)</sup> | 1.38 %<sup>(i)</sup> |
|  **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $864925 | $922198 | $952967 | $737708 | $594909 | $528701 | $535542 |
|  Portfolio turnover rate of the Fund<sup>(k)</sup> | 86% | 296% | — % | — % | 4% | 140% | 109% |
|  Portfolio turnover rate of the Master Total Return Portfolio<sup>(l)</sup> | N/A | N/A | 459% | 556% | 574% | 734% | 806% |
|  Portfolio turnover rate of the Master Advantage Large Cap Core Portfolio | N/A | N/A | 111% | 99% | 151% | 148% | 130% |

---

---

| |
|:---|
|  <sup>(a)</sup> Based on average shares outstanding. |
|  <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.<br> <sup>(d)</sup> Not annualized. |
|  <sup>(e)</sup> Includes proceeds received from a settlement of litigation, which had no impact on the Fund's total return.<br> <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
|  <sup>(g) </sup>Annualized. |
|  <sup>(h) </sup>From October 1, 2021 through April 1, 2022, the Fund invested in the Master Portfolios as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolios. Includes the Fund's share of the Master Portfolios' allocated fees waived of less than 0.01%. |
|  <sup>(i)</sup> Includes the Fund's share of the Master Portfolios' allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolios' allocated fees waived of less than 0.01%. |
|  <sup>(j)</sup> Includes the Fund's share of the Master Portfolios' allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolios' allocated fees waived of 0.01%. |
|  <sup>(k)</sup> Excludes transactions in the Master Portfolios. |
|  <sup>(l)</sup> Includes MDRs. Additional information regarding portfolio turnover rate is as follows: |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Period from<br>10/01/21 to<br>05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
| Portfolio turnover rate (excluding MDRs) | 65% | N/A | 161% | 274% | 241% | 350% | 540% |

---

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 31

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Sustainable Balanced Fund, Inc. (continued)  | BlackRock Sustainable Balanced Fund, Inc. (continued)  | BlackRock Sustainable Balanced Fund, Inc. (continued)  | BlackRock Sustainable Balanced Fund, Inc. (continued)  | BlackRock Sustainable Balanced Fund, Inc. (continued)  | BlackRock Sustainable Balanced Fund, Inc. (continued)  | BlackRock Sustainable Balanced Fund, Inc. (continued)  |
|  | Investor C  | Investor C  | Investor C  | Investor C  | Investor C  | Investor C  | Investor C  |
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period**  | $19.67 | $23.81 | $21.15 | $20.00 | $20.79 | $23.21 | $21.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.10 | 0.01 | (0.04) | 0.08 | 0.21 | 0.19 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | (0.64) | (1.01) | 3.57 | 2.10 | 0.43 | 1.67 | 2.68 |
|  Net increase (decrease) from investment operations  | (0.54) | (1.00) | 3.53 | 2.18 | 0.64 | 1.86 | 2.82 |
|  **Distributions<sup>(b)</sup>**  | **Distributions<sup>(b)</sup>**  | **Distributions<sup>(b)</sup>**  | **Distributions<sup>(b)</sup>**  | **Distributions<sup>(b)</sup>**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.04) |  | (0.05) | (0.17) | (0.21) | (0.25) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.72) | (3.14) | (0.82) | (0.86) | (1.22) | (4.03) | (0.79) |
|  Total distributions | (0.76) | (3.14) | (0.87) | (1.03) | (1.43) | (4.28) | (0.95) |
|  **Net asset value, end of period** | $18.37 | $19.67 | $23.81 | $21.15 | $20.00 | $20.79 | $23.21 |
|  **Total Return<sup>(c)</sup>** | **Total Return<sup>(c)</sup>** | **Total Return<sup>(c)</sup>** | **Total Return<sup>(c)</sup>** | **Total Return<sup>(c)</sup>** |  |  |  |
|  Based on net asset value  | (2.56)%<sup>(d)</sup> | (5.49)%<sup>(d)</sup> | 17.07% | 11.20% | 4.09% | 9.03% | 13.62 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  | **Ratios to Average Net Assets<sup>(f)</sup>**  | **Ratios to Average Net Assets<sup>(f)</sup>**  | **Ratios to Average Net Assets<sup>(f)</sup>**  | **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |
|  Total expenses  | 1.54 %<sup>(g)</sup> | 1.72 %<sup>(g)(h)</sup> | 1.78 %<sup>(i)</sup> | 1.80 %<sup>(j)</sup> | 1.83% | 1.95% | 1.97% |
|  Total expenses after fees waived and/or reimbursed  | 1.52 %<sup>(g)</sup> | 1.52 %<sup>(g)(h)</sup> | 1.52 %<sup>(i)</sup> | 1.55 %<sup>(j)</sup> | 1.56% | 1.66% | 1.66% |
|  Net investment income (loss)  | 1.14 %<sup>(g)</sup> | 0.07 %<sup>(g)(h)</sup> | (0.17)%<sup>(i)</sup> | 0.41 %<sup>(j)</sup> | 1.07% | 0.93% | 0.63% |
|  **Supplemental Data**  | **Supplemental Data**  | **Supplemental Data**  | **Supplemental Data**  | **Supplemental Data**  |  |  |  |
|  Net assets, end of period (000)  | $94934 | $110628 | $134700 | $126159 | $125584 | $103756 | $104113 |
|  Portfolio turnover rate of the Fund<sup>(k)</sup>  | 86% | 296% | — % | — % | 4% | 140% | 109% |
|  Portfolio turnover rate of the Master Total Return Portfolio<sup>(l)</sup>  | N/A | N/A | 459% | 556% | 574% | 734% | 806% |
|  Portfolio turnover rate of the Master Advantage Large Cap Core<br> Portfolio  | N/A | N/A | 111% | 99% | 151% | 148% | 130% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes proceeds received from a settlement of litigation, which had no impact on the Fund's total return. 

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> From October 1, 2021 through April 1, 2022, the Fund invested in the Master Portfolios as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolios. Includes the Fund's share of the Master Portfolios' allocated fees waived of less than 0.01%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolios' allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolios' allocated fees waived of less than 0.01%. 

<sup>(j)</sup> Includes the Fund's share of the Master Portfolios' allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolios' allocated fees waived of 0.01%. 

<sup>(k)</sup> Excludes transactions in the Master Portfolios.

<sup>(l)</sup> Includes MDRs. Additional information regarding portfolio turnover rate is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Period from<br>10/01/21 to<br>05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  Portfolio turnover rate (excluding MDRs) | 65% | N/A | 161% | 274% | 241% | 350% | 540% |

---

*See notes to financial statements.* 

32 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Sustainable Balanced Fund, Inc. (continued) | BlackRock Sustainable Balanced Fund, Inc. (continued) | BlackRock Sustainable Balanced Fund, Inc. (continued) | BlackRock Sustainable Balanced Fund, Inc. (continued) | BlackRock Sustainable Balanced Fund, Inc. (continued) | BlackRock Sustainable Balanced Fund, Inc. (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Period from<br>01/25/18<sup>(a)</sup><br>to 09/30/18 |
|  **Net asset value, beginning of period** | $23.94 | $28.28 | $24.89 | $23.32 | $23.95 | $23.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.24 | 0.20 | 0.25 | 0.34 | 0.49 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.76) | (1.27) | 4.22 | 2.47 | 0.52 | 0.25 |
|  Net increase (decrease) from investment operations | (0.52) | (1.07) | 4.47 | 2.81 | 1.01 | 0.58 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.12) | (0.26) | (0.38) | (0.42) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.72) | (3.15) | (0.82) | (0.86) | (1.22) |  |
|  Total distributions | (0.86) | (3.27) | (1.08) | (1.24) | (1.64) | (0.24) |
|  **Net asset value, end of period** | $22.56 | $23.94 | $28.28 | $24.89 | $23.32 | $23.95 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (2.00)%<sup>(e)</sup> | (4.84)%<sup>(e)</sup> | 18.36% | 12.42% | 5.23% | 2.46 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.46 %<sup>(g)</sup> | 0.64 %<sup>(g)(h)</sup> | 0.69 %<sup>(i)</sup> | 0.72 %<sup>(j)</sup> | 0.73% | 0.81 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.44 %<sup>(g)</sup> | 0.44 %<sup>(g)(h)</sup> | 0.44 %<sup>(i)</sup> | 0.46 %<sup>(j)</sup> | 0.46% | 0.51 %<sup>(g)</sup> |
|  Net investment income | 2.22 %<sup>(g)</sup> | 1.15 %<sup>(g)(h)</sup> | 0.90 %<sup>(i)</sup> | 1.47 %<sup>(j)</sup> | 2.15% | 2.07 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $70310 | $70740 | $72222 | $36970 | $21901 | $8283 |
|  Portfolio turnover rate of the Fund<sup>(k)</sup> | 86% | 296% | — % | — % | 4% | 140 %<sup>(l)</sup> |
|  Portfolio turnover rate of the Master Total Return Portfolio<sup>(m)</sup> | N/A | N/A | 459% | 556% | 574% | 734 %<sup>(l)</sup> |
|  Portfolio turnover rate of the Master Advantage Large Cap Core Portfolio | N/A | N/A | 111% | 99% | 151% | 148 %<sup>(l)</sup> |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <sup></sup>

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (g) Annualized.

<sup>(h)</sup> From October 1, 2021 through April 1, 2022, the Fund invested in the Master Portfolios as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolios. Includes the Fund's share of the Master Portfolios' allocated fees waived of less than 0.01%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolios' allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolios' allocated fees waived of less than 0.01%. 

<sup>(j)</sup> Includes the Fund's share of the Master Portfolios' allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolios' allocated fees waived of 0.01%. 

<sup>(k)</sup> Excludes transactions in the Master Portfolios.

<sup>(l)</sup> Portfolio turnover is representative of the Fund for the entire year.

(m) Includes MDRs. Additional information regarding portfolio turnover rate is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Period from<br>10/01/21 to<br>05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Period from<br>01/25/18<sup>(a)</sup>to 09/30/18 |
| Portfolio turnover rate | 65% | N/A | 161% | 274% | 241% | 350% |

---

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 33

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Sustainable Balanced Fund, Inc. (continued) | BlackRock Sustainable Balanced Fund, Inc. (continued) | BlackRock Sustainable Balanced Fund, Inc. (continued) | BlackRock Sustainable Balanced Fund, Inc. (continued) | BlackRock Sustainable Balanced Fund, Inc. (continued) | BlackRock Sustainable Balanced Fund, Inc. (continued) | BlackRock Sustainable Balanced Fund, Inc. (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R | Class R |
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Period from<br>10/01/21<br> to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $21.32 | $25.55 | $22.59 | $21.27 | $22.00 | $24.30 | $22.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.15 | 0.07 | 0.05 | 0.17 | 0.31 | 0.29 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.68) | (1.12) | 3.83 | 2.24 | 0.46 | 1.77 | 2.81 |
|  Net increase (decrease) from investment operations | (0.53) | (1.05) | 3.88 | 2.41 | 0.77 | 2.06 | 3.05 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.07) | (0.03) | (0.10) | (0.23) | (0.28) | (0.33) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.72) | (3.15) | (0.82) | (0.86) | (1.22) | (4.03) | (0.79) |
|  Total distributions | (0.79) | (3.18) | (0.92) | (1.09) | (1.50) | (4.36) | (1.06) |
|  **Net asset value, end of period** | $20.00 | $21.32 | $25.55 | $22.59 | $21.27 | $22.00 | $24.30 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | (2.30)%<sup>(d)</sup> | (5.32)%<sup>(d)</sup> | 17.56% | 11.67% | 4.47% | 9.51% | 14.11 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.17 %<sup>(g)</sup> | 1.35 %<sup>(g)(h)</sup> | 1.39 %<sup>(i)</sup> | 1.40 %<sup>(j)</sup> | 1.41 %<sup>(j)</sup> | 1.55 %<sup>(i)</sup> | 1.56 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.15 %<sup>(g)</sup> | 1.14 %<sup>(g)(h)</sup> | 1.13 %<sup>(i)</sup> | 1.15 %<sup>(j)</sup> | 1.14 %<sup>(j)</sup> | 1.26 %<sup>(i)</sup> | 1.25 %<sup>(i)</sup> |
|  Net investment income | 1.51 %<sup>(g)</sup> | 0.44 %<sup>(g)(h)</sup> | 0.21 %<sup>(i)</sup> | 0.82 %<sup>(j)</sup> | 1.50 %<sup>(j)</sup> | 1.33 %<sup>(i)</sup> | 1.04 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $10645 | $11061 | $13132 | $11840 | $11833 | $14363 | $16257 |
|  Portfolio turnover rate of the Fund<sup>(k)</sup> | 86% | 296% | — % | — % | 4% | 140% | 109% |
|  Portfolio turnover rate of the Master Total Return Portfolio<sup>(l)</sup> | N/A | N/A | 459% | 556% | 574% | 734% | 806% |
|  Portfolio turnover rate of the Master Advantage Large Cap Core Portfolio | N/A | N/A | 111% | 99% | 151% | 148% | 130% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes proceeds received from a settlement of litigation, which had no impact on the Fund's total return. 

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> From October 1, 2021 through April 1, 2022, the Fund invested in the Master Portfolios as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolios. Includes the Fund's share of the Master Portfolios' allocated fees waived of less than 0.01%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolios' allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolios' allocated fees waived of less than 0.01%. 

<sup>(j)</sup> Includes the Fund's share of the Master Portfolios' allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolios' allocated fees waived of 0.01%. 

<sup>(k)</sup> Excludes transactions in the Master Portfolios.

<sup>(l)</sup> Includes MDRs. Additional information regarding portfolio turnover rate is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Period from<br>10/01/21 to<br>05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  Portfolio turnover rate (excluding MDRs) | 65% | N/A | 161% | 274% | 241% | 350% | 540% |

---

*See notes to financial statements.* 

34 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements (unaudited)

***1.***  ***ORGANIZATION*** 

BlackRock Sustainable Balanced Fund, Inc. (the "Fund") (formerly known as BlackRock Balanced Capital Fund, Inc.) is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund is organized as a Maryland corporation. The Fund is classified as diversified.

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A, Investor C and Class R Shares bear certain expenses related to shareholder servicing of such shares, and Investor C and Class R Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Class R Shares are sold only to certain employer-sponsored retirement plans. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

The Board of Directors of the Fund is referred to throughout this report as the "Board" and the members are referred to as "Directors."

---

| | | | |
|:---|:---|:---|:---|
| *Share Class* | *Initial Sales Charge* | *CDSC* | *Conversion Privilege* |
|  Institutional, Class K and Class R Shares | No | No |  |
|  Investor A Shares | Yes | No <sup>(a)</sup> |  |
|  Investor C Shares | No | Yes <sup>(b)</sup> | To Investor A Shares after approximately 8 years |

---

<sup>(a)</sup> Investor A Shares may be subject to a contingent deferred sales charge ("CDSC") for certain redemptions where no initial sales charge was paid at the time of purchase.

<sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. 

On November 9, 2021, the Board of Directors of the Fund (the "Board") approved the repurpose of BlackRock Balanced Capital Fund, Inc. to BlackRock Sustainable Balanced Fund, Inc., including certain changes to the Fund's investment strategy and investment process. As part of the repurpose, the Fund redeemed its investments in Master Advantage Large Cap Core Portfolio and Master Total Return Portfolio (the "Master Portfolios") and began to operate as a stand-alone fund holding individual securities. The Fund's name change and certain changes to the Fund's investment strategy and investment process were effective April 8, 2022. The change into a stand-alone structure did not result in a change in net assets of the Fund and did not create a taxable event for the Fund or its shareholders.

The Fund, together with certain other registered investment companies advised by the Manager or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***2.***  ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Foreign Currency Translation:** The Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of November 30, 2022, if any, are disclosed in the Statement of Assets and Liabilities.

N O T E S T O F I N A N C I A L S T A T E M E N T S 35

------

Notes to Financial Statements (unaudited) (continued)

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Collateralization:** If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Distributions:** Distributions paid by the Fund are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

The Fund has an arrangement with its custodian whereby credits are earned on uninvested cash balances, which could be used to reduce custody fees and/or overdraft charges. The Fund may incur charges on overdrafts, subject to certain conditions.

***3.***  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** The Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Fund (the "Board") has approved the designation of the Fund's Manager as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as
applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available
bid price or current market quotations provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a
third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade
at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers),
market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider
the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be
used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded funds ("ETFs") and closed-end funds traded on a recognized securities exchange are valued at
that day's official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid
(long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's published NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund values its investment in SL Liquidity Series, LLC, Money Market Series (the "Money Market Series") at
fair value, which is ordinarily based upon its pro rata ownership in the underlying fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the
contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as
of the close of trading on the NYSE based on that day's prevailing forward exchange rate for the underlying currencies.

&nbsp;&nbsp;&nbsp;&nbsp;• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are
derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange ("NYSE"). Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

36 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund
has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in
markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves,
volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable
inputs are not available (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.***  ***SECURITIES AND OTHER INVESTMENTS*** 

**Mortgage-Backed Securities:** For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**Preferred Stocks:** Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

**TBA Commitments:** TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an "MSFTA"). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedule of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.

**Mortgage Dollar Roll Transactions:** The Fund may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest

N O T E S T O F I N A N C I A L S T A T E M E N T S 37

------

Notes to Financial Statements (unaudited) (continued)

and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

**Securities Lending:** The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC ("BIM"), if any, is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Fund's Schedule of Investments. The market value of any securities on loan and the value of any related collateral are shown separately in the Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Fund's securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Securities<br>Loaned at Value* | *Cash<br>Collateral Received<sup>(a)</sup>* | *Non-Cash<br>Collateral Received<sup>(a)</sup>* | *Net<br>Amount<sup>(b)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $2212000 | $(2212000) | $– $|  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 44321 | (30750) | – | 13571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 6951243 | (6951243) | – |  |
|  | $9207564 | $(9193993) | $– $| 13571 |

---

<sup>(a)</sup> Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund's Statement of Assets and Liabilities. 

<sup>(b)</sup> The market value of the loaned securities is determined as of November 30, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BIM. BIM's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

***5.***  ***DERIVATIVE FINANCIAL INSTRUMENTS*** 

The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter ("OTC").

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.

38 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

**Forward Foreign Currency Exchange Contracts:** Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statement of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statement of Assets and Liabilities. A Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Fund's counterparty on the swap. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.

&nbsp;&nbsp;&nbsp;&nbsp;• Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of
the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Fund will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

&nbsp;&nbsp;&nbsp;&nbsp;• Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning
such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest
rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

N O T E S T O F I N A N C I A L S T A T E M E N T S 39

------

Notes to Financial Statements (unaudited) (continued)

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparties are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

***6.***  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

**Investment Advisory:** The Fund entered into an Investment Advisory Agreement with the Manager, the Fund's investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory and administrative services. The Manager is responsible for the management of the Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.

For such services, the Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Fund's net assets:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
|  First $250 million | 0.500% |
|  $250 million — $300 million | 0.450 |
|  $300 million — $400 million | 0.425 |
|  Greater than $400 million | 0.400 |

---

**Service and Distribution Fees:** The Fund entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

---

| | | |
|:---|:---|:---|
| *Share Class* | *Service Fees* | *Distribution Fees* |
|  Investor A | 0.25% | N/A |
|  Investor C | 0.25 | 0.75% |
|  Class R | 0.25 | 0.25 |

---

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Fund. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the six months ended November 30, 2022, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Investor A* | *Investor C* | *Class R* | *Total* |
|  Service and distribution — class specific | $1071084 | $492139 | $26060 | $1589283 |

---

40 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended November 30, 2022, the Fund did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended November 30, 2022, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Reimbursed amounts | $5719 | $10638 | $2963 | $59 | $55 | $19434 |

---

For the six months ended November 30, 2022, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Transfer agent — class specific | $181098 | $310748 | $41388 | $2438 | $11266 | $546938 |

---

**Other Fees:** For the six months ended November 30, 2022, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Investor A Shares of $8,415.

For the six months ended November 30, 2022, affiliates received CDSCs as follows:

---

| | |
|:---|:---|
| *Share Class* | *Amounts* |
|  Investor A | $28741 |
|  Investor C | 5120 |

---

**Expense Limitations, Waivers and Reimbursements:** The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2024. The contractual agreement may be terminated upon 90 days' notice by a majority of the directors who are not "interested persons" of the Fund, as defined in the 1940 Act ("Independent Directors"), or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended November 30, 2022, the amount waived was $36,500.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2024. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended November 30, 2022, the Manager waived $94,754 in investment advisory fees pursuant to this arrangement.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund is responsible for expenses in connection with the investment of cash collateral received for securities on loan (the "collateral investment expenses"). The cash collateral is invested in a private investment company, Money Market Series, managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the Money Market Series to an annual rate of 0.04%. The investment adviser to the Money Market Series will not charge any advisory fees with respect to shares purchased by the Fund. The Money Market Series may, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company's weekly liquid assets fall below certain thresholds. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. The Fund retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Statement of Operations. For the six months ended November 30, 2022, the Fund paid BIM $4,865 for securities lending agent services.

**Interfund Lending:** In accordance with an exemptive order (the "Order") from the SEC, the Fund may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund's investment policies and restrictions. The Fund is currently permitted to borrow and lend under the Interfund Lending Program.

N O T E S T O F I N A N C I A L S T A T E M E N T S 41

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Notes to Financial Statements (unaudited) (continued)

A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing BlackRock fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the six months ended November 30, 2022, the Fund did not participate in the Interfund Lending Program.

**Directors and Officers:** Certain directors and/or officers of the Fund are directors and/or officers of BlackRock or its affiliates. The Fund reimburses the Manager for a portion of the compensation paid to the Fund's Chief Compliance Officer, which is included in Directors and Officer in the Statement of Operations.

**Other Transactions:** The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the six months ended November 30, 2022, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | |
|:---|:---|:---|
| *Purchases* | *Sales* | *Net Realized Loss* |
| $72931370 | $38555906 | $(2220562) |

---

***7.***  ***PURCHASES AND SALES*** 

For the six months ended November 30, 2022, purchases and sales of investments, including paydowns and mortgage dollar rolls, and excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | *Purchases* | *Sales* |
|  Non-U.S. Government Securities | $631787594 | $606213270 |
|  U.S. Government Securities | 606881054 | 605782404 |

---

For the six months ended November 30, 2022, purchases and sales related to mortgage dollar rolls were as follows:

---

| | | |
|:---|:---|:---|
|  | *Purchases* | *Sales* |
|  Mortgage Dollar Rolls | $296825354 | $297144550 |

---

***8.***  ***INCOME TAX INFORMATION*** 

It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Fund as of November 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements.

As of November 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  BlackRock Sustainable Balanced Fund, Inc. | $1503445131 | $155945598 | $(82634221) | $73311377 |

---

***9.***  ***BANK BORROWINGS*** 

The Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is a party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2023 unless extended or

42 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended November 30, 2022, the Fund did not borrow under the credit agreement.

***10.***  ***PRINCIPAL RISKS*** 

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund's prospectus provides details of the risks to which the Fund is subject.

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

**Market Risk:** The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio's current earnings rate.

**Infectious Illness Risk:** An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**Counterparty Credit Risk:** The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

**Concentration Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund's portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

N O T E S T O F I N A N C I A L S T A T E M E N T S 43

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Notes to Financial Statements (unaudited) (continued)

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

***11.***  ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended 11/30/22 | Six Months Ended 11/30/22 | Period from<br>10/01/21 to 05/31/22 | Period from<br>10/01/21 to 05/31/22 | Year Ended 09/30/21 | Year Ended 09/30/21 |
| *Share Class* | *Shares* | *Amount* | *Shares* | *Amount* | *Shares* | *Amount* |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1562775 | $34037107 | 2860491 | $76240573 | 5009623 | $135303668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 772297 | 16650714 | 2582741 | 68225321 | 800169 | 20675199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3531906) | (77453516) | (5872168) | (150937457) | (5087561) | (138660334) |
|  | (1196834) | $(26765695) | (428936) | $(6471563) | 722231 | $17318533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2935075 | $64188373 | 6008063 | $159907496 | 8487976 | $229471691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1386573 | 29742001 | 3979236 | 104571973 | 1096073 | 28118598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4495941) | (97670498) | (5100234) | (133138638) | (5489051) | (147513575) |
|  | (174293) | $(3740124) | 4887065 | $131340831 | 4094998 | $110076714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 290550 | $5255142 | 668472 | $14768020 | 1535210 | $34781850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 228653 | 4031154 | 763219 | 16622911 | 222547 | 4827089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (977885) | (17519366) | (1463201) | (31781202) | (2066194) | (47084772) |
|  | (458682) | $(8233070) | (31510) | $(390271) | (308437) | $(7475833) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 502333 | $11137344 | 484536 | $12692480 | 1390844 | $35813103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 119912 | 2585299 | 320270 | 8451918 | 95328 | 2465567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (460864) | (10022623) | (403961) | (10452779) | (417600) | (11318795) |
|  | 161381 | $3700020 | 400845 | $10691619 | 1068572 | $26959875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 39025 | $764034 | 60860 | $1461492 | 221456 | $5282315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 21475 | 411459 | 65432 | 1542895 | 21621 | 501903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (46877) | (905529) | (121622) | (2947070) | (253111) | (6264878) |
|  | 13623 | $269964 | 4670 | $57317 | (10034) | $(480660) |
|  | (1654805) | $(34768905) | 4832134 | $135227933 | 5567330 | $146398629 |

---

As of November 30, 2022, BlackRock Financial Management, Inc., an affiliate of the Fund, owned 8,471 Class K Shares of the Fund.

***12.***  ***SUBSEQUENT EVENTS*** 

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

44 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statement Regarding Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), BlackRock Sustainable Balanced Fund, Inc. (the "Fund") has adopted and implemented a liquidity risk management program (the "Program") which is reasonably designed to assess and manage the Fund's liquidity risk.

The Board of Directors (the "Board") of the Fund, met on November 8-9, 2022 (the "Meeting") to review the Program. The Board previously appointed BlackRock Advisors, LLC or BlackRock Fund Advisors ("BlackRock"), each an investment adviser to certain BlackRock funds, as the program administrator for the Fund's Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the "Committee"). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund's Highly Liquid Investment Minimum ("HLIM") where applicable, and any material changes to the Program (the "Report"). The Report covered the period from October 1, 2021 through September 30, 2022 (the "Program Reporting Period").

The Report described the Program's liquidity classification methodology for categorizing the Fund's investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund's HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including the imposition of capital controls in certain countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing the Fund's liquidity risk, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a)***  ***The Fund's investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions.*** During the Program Reporting Period, the Committee reviewed whether the Fund's strategy is appropriate for an open-end fund structure with a focus on funds with more significant and consistent holdings
of less liquid and illiquid assets. The Committee also factored a fund's concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a fund participated in borrowings for
investment purposes (such as tender option bonds or reverse repurchase agreements), such borrowings were factored into the Program's calculation of a fund's liquidity bucketing. A fund's derivative exposure was also considered in such
calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***b)***  ***Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions.*** During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish the Fund's reasonably anticipated trading size utilized for liquidity classifications. The
Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a fund's shareholder ownership concentration (which, depending on product type and
distribution channel, may or may not be available), a fund's distribution channels, and the degree of certainty associated with a fund's short-term and long-term cash flow projections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***c)***  ***Holdings of cash and cash equivalents, as well as borrowing arrangements.*** The Committee considered the
terms of the credit facility committed to the Fund, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple funds (including that a portion of the aggregate commitment amount is
specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V, and BlackRock Floating Rate Loan ETF, a series of BlackRock ETF Trust II). The Committee also considered other types of borrowing available to the
Fund, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program's classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M 45

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Additional Information

**General Information** 

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Fund may be found on BlackRock's website, which can be accessed at **blackrock.com.** Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock's website in this report.

**Householding** 

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

**Availability of Quarterly Schedule of Investments** 

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT is available on the SEC's website at **sec.gov**. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **blackrock.com/fundreports.** 

**Availability of Proxy Voting Policies, Procedures and Voting Records** 

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund voted proxies relating to securities held in the Fund's portfolio during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at **blackrock.com**; and (3) on the SEC's website at **sec.gov**.

**BlackRock's Mutual Fund Family** 

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges** 

**Account Information** 

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information**.** 

**Automatic Investment Plans** 

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

**Systematic Withdrawal Plans** 

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

**Retirement Plans** 

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

**BlackRock Privacy Principles** 

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, "Clients") and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

46 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Additional Information (continued)

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

**Fund and Service Providers** 

**Investment Adviser and Administrator** 

BlackRock Advisors, LLC

Wilmington, DE 19809

**Accounting Agent and Transfer Agent** 

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Custodian** 

The Bank of New York Mellon

New York, NY 10286

**Independent Registered Public Accounting Firm** 

Deloitte & Touche LLP

Boston, MA 02116

**Distributor** 

BlackRock Investments, LLC

New York, NY 10022

**Legal Counsel** 

Sidley Austin LLP

New York, NY 10019

**Address of the Corporation** 

100 Bellevue Parkway

Wilmington, DE 19809

A D D I T I O N A L I N F O R M A T I O N 47

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Glossary of Terms Used in this Report

**Currency Abbreviation** 

---

| | |
|:---|:---|
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| USD | United States Dollar |

---

**Portfolio Abbreviation** 

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| DAC | Designated Activity Co. |
| ETF | Exchange-Traded Fund |
| LP | Limited Partnership |
| MTN | Medium-Term Note |
| NVS | Non-Voting Shares |
| OTC | Over-the-Counter |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SOFR | Secured Overnight Financing Rate |

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48 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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**Want to know more?** 

blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

BC-11/22-SAR

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|:---|:---|
| ![LOGO](g406103g23f57.jpg)  | ![LOGO](g406103g13s79.jpg)  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrants' Schedules of Investments are included as part of the Report to Stockholders filed under Item 1(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

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| | |
|:---|:---|
| Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

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Item 11 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrants' principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants' disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrants' internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrants' internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment

Companies – Not Applicable

Item 13 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) [Section 302 Certifications are attached](d406103dex99cert.htm)

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

**2** 

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(a)(4) Change in Registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Section 906 Certifications are attached](d406103dex99906cert.htm)

**3** 

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, each registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Sustainable Balanced Fund, Inc.

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| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Sustainable Balanced Fund, Inc. |

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Date: January 20, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of each registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Sustainable Balanced Fund, Inc. |

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Date: January 20, 2023

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| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Sustainable Balanced Fund, Inc. |

---

Date: January 20, 2023

**4**

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

------

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Sustainable Balanced Fund, Inc. certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Sustainable Balanced Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrants as of, and for, the periods presented in this report;

4. The registrants' other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrants' disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrants' internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants' internal control over financial reporting; and

5. The registrants' other certifying officer(s) and I have disclosed to the registrants' auditors and the audit committees of the registrants' boards of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants' internal control over financial reporting.

Date: January 20, 2023

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Sustainable Balanced Fund, Inc.

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

------

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Sustainable Balanced Fund, Inc. certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Sustainable Balanced Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrants as of, and for, the periods presented in this report;

4. The registrants' other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrants' disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrants' internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants' internal control over financial reporting; and

5. The registrants' other certifying officer(s) and I have disclosed to the registrants' auditors and the audit committees of the registrants' boards of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants' internal control over financial reporting.

Date: January 20, 2023

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Sustainable Balanced Fund, Inc.

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Sustainable Balanced Fund, Inc. (the "registrants"), hereby certifies, to the best of his knowledge, that the registrants' Report on Form N-CSR for the period ended November 30, 2022 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrants.

Date: January 20, 2023

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Sustainable Balanced Fund, Inc.

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Sustainable Balanced Fund, Inc. (the "registrants"), hereby certifies, to the best of his knowledge, that the registrants' Report on Form N-CSR for the period ended November 30, 2022 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrants.

Date: January 20, 2023

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Sustainable Balanced Fund, Inc.

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**