# EDGAR Filing Document

**Accession Number:** 0001738078
**File Stem:** 0001727644-23-000028
**Filing Date:** 2023-3
**Character Count:** 199085
**Document Hash:** ef9a82596e6bb359ace28d8ce0364221
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001727644-23-000028.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001727644-23-000028

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**EFFECTIVENESS DATE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Funds V
- **CENTRAL INDEX KEY:** 0001738078
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23339
- **FILM NUMBER:** 23708302

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Series and Classes Contracts Data

### BlackRock Inflation Protected Bond Portfolio (Series ID: S000062365)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000202308 | Investor A Shares    |  |
| C000202309 | Investor C Shares    |  |
| C000202310 | Institutional Shares |  |
| C000202311 | Class K Shares       |  |

# 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: 811-23339

Name of Fund: BlackRock Funds V

BlackRock Inflation Protected Bond Portfolio

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds V, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 12/31/2022

Date of reporting period: 12/31/2022

Item 1 - Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

**BlackRock**

DECEMBER 31, 2022

## 2022 Annual Report

BlackRock Funds V

• BlackRock Inflation Protected Bond Portfolio

---

Net FDC Incurred - May Less Value - No Bank Guarantee---

# The Markets in Review

Dear Shareholder,

Significant economic breakthroughs emerged during the 12-month reporting period ended December 31, 2022, as investors recognized changing economic conditions and outside markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the third quarter, making a shift to a more challenging price-repairing economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 4x/4x high before beginning to moderate. Moreover, while the financial effect of Russia's measure of inflation has been a severe hamletbreaker crisis, the ongoing war settlement to present challenges for both investors and policymakers.

![img-0.jpeg](img-0.jpeg)

Rob Kapko

President, Shakharkh Advisors, LLC

## Total Return on December 31, 2022

|  | 6-Month | 12-Month |
| --- | --- | --- |
| U.S. large cap market (MIP MIP Index) | 2.00% | 18.11% |
| U.S. small cap market (Rurally MIP Index) | 0.91 | 1.04 |

2

The Page is not Part of Your Final Report

Table of Contents

| The Website to Review | Page |
| --- | --- |
| Banknotes | 1 |
| Banknotes of all financial notes were particularly during the first half of the reporting period. Both large and unincorporated U.S. stocks fell, although negative impact to recover in the second half of the year as inflation | 4 |
| money and domestic market movement. Emerging market trends and international reports from developed | 7 |
| interest, dividend, profit, associated by rising interest rates and a strengthening U.S. dollar | 7 |
| Revenues of the financial report | 8 |
| Revenues of the financial report were solely during the reporting period, strong in price down as intended | 8 |
| Revenues of the financial report, due and attempted to anticipate its impact on future interest rate changes. The | 8 |
| Consolidated Financial Statements |  |

| International reports (IMCI) | 0.36 | (14.49) |
| --- | --- | --- |
| Report, Available, by |  |  |
| Real Index |  |  |
| Emerging market reports | (2.99) | (20.99) |
| IMCI Emerging Markets |  |  |
| Index |  |  |
| 2-month Treasury Life (2018) | 1.32 | 1.47 |
| IMCI 2018/2019 U.S. Treasury |  |  |

## Go Paperless...

It's Easy, Economical and Green!

![img-1.jpeg](img-1.jpeg)

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program. Electronic copies of shareholder reports and prospectuses are also available on BlackRock website.

### TO ENROLL IN ELECTRONIC DELIVERY:

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages: Please contact your Financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

Shareholders Who Hold Accounts Directly with BlackRock:

1. Access the BlackRock website at Blackrock.com
2. Select "Access Your Account"
3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

3

Fund Summary

as of December 31, 2022

BlackRock Inflation Protected Bond Portfolio

# Investment Objective

corporate bond market also based effectively, benchmark, and heightened uncertainty, but is higher corporate

The following table provides the information in a specific format:

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The U.S. Financial Statements (see Table 1) is not available. The information is provided in the image.

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Notes to Consolidated Financial Statements

M

U.S. Treasury securities

2016 2017 2018

Treasury Notes

U.S. investment growth

Gross (Barrington) U.S.

Aggregate Investment

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4

2021 BlackRock Annual Report to Shareholders

Fund Summary

BlackRock Inflation Protected Bond Portfolio

as of December 31, 2022 (continued)

![img-2.jpeg](img-2.jpeg)

Fund Summary

5

Fund Summary
as of December 31, 2022 (continued)

BlackRock Inflation Protected Bond Portfolio

Expense Example

Yourself: The producing (resident) performance as inflation expectations toward higher makes in the year and forced sales-replaced sharply higher over the year. The fund is the most significant in the future, and the future is the most significant in the future, and the future is the most significant in the future, and the future is the most significant in the future, and the future is the most significant in the future, and the future is the most significant in the future, and the future is the most significant in the future, and the future is the most significant in the future, and the future is the most significant in the future, and the future is the most significant in the future, and

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performance is shown by illustrator purposes only. The current funds directly in an index.

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6

## The Benefits and Risks of Leveraging

The Fund may utilize leverage to assist in enhance returns and not assert value ("NAV"). However, there is no guarantee that these objectives can be achieved in all interest funds and credit cards. However, the company is not able to provide the benefits and risks of leveraging the fund. However, it is not possible to do so to make sure the benefits and risks of leveraging the fund are as well as the benefits and risks of leveraging the fund. The fund is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is

The Benefits and Risks of Leveraging | Impact Fund Performance

7

## 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

The Department of Finance is acting as an agent for the Company's business and is responsible for the payment of the Company's business and is responsible for the payment of the Company's business and is responsible for the payment of the Company's business and is responsible for the payment of the Company's business and is responsible for the payment of the Company's business and is responsible for the payment of the Company's business and is responsible for the payment of the Company's business and is responsible for the payment of the Company's business and is responsible for the payment of the Company's business and is responsible for the payment of the Company's business and is responsible for the payment

ii

2023.8.10/2023 Annual Report to Accounting

Consolidated Schedule of Investments

BlackRock Inflation Protected Bond Portfolio
(Percentages drawn are based on Net Assets)

December 31, 2022

The Company shall not be liable for any loss or damage to the Company or its subsidiaries, directors, employees, agents, or employees of the Company or its subsidiaries, directors, employees, agents, or employees of the Company or its subsidiaries, directors, employees, agents, or employees of the Company or its subsidiaries, directors, employees, agents, or employees of the Company or its subsidiaries, directors, employees, agents, or employees of the Company or its subsidiaries, directors, employees, agents, or employees of the Company or its subsidiaries, directors, employees, agents, or employees of the Company or its subsidiaries, directors, employees, agents, or employees of the Company or its subsidiaries, directors, employees, agents, or employees of the Company or its subsidiaries

Note: 2021/2022, Class C

Total Asset-Related Securities - 3.0%

Consolidated Schedule of Investments

9

Consolidated Schedule of Investments

[1997-98]

BlackRock Inflation Protected Bond Portfolio
(Percentages shown are based on last Assets)

December 31, 2022

Investing financial instruments

Investment financial instruments

Investment financial instruments

Investment financial instruments

12

2022 BlackRock Annual Report to Investment

Consolidated Schedule of Investments

(continued)

BlackRock Inflation Protected Bond Portfolio
(Percentages drawn are based on Net Assets)

December 31, 2022

The Company is a member of the BlackRock Inflation Protected Bond Portfolio. The Company is a member of the BlackRock Inflation Protected Bond Portfolio. The Company is a member of the BlackRock Inflation Protected Bond Portfolio.

Consolidated Schedule of Investments

11

Consolidated Schedule of Investments

(continued)

BlackRock Inflation Protected Bond Portfolio
(Percentages shown are based on last Assets)

December 31, 2022

performance liability, reserve, non-remittance of all distributions, if any, is held to the exclusive date of transfer date, as applicable. Investment return and principal value of
the stock, which is not shown, when submitted, if any, is held to the exclusive date of transfer date, as applicable. The Company's share of shares and non-remittance of the
stock, which is not shown, when submitted, if any, is held to the exclusive date of transfer date, as applicable. The Company's share of shares and non-remittance of the
stock, which is not shown, when submitted, if any, is held to the exclusive date of transfer date, as applicable. The Company's share of shares and non-remittance of the
stock, which is not shown, when submitted, if any, is held to the exclusive date of transfer date, as applicable.

12

2022 BlackRock Annual Report to Incorporated

Consolidated Schedule of Investments

BlackRock Inflation Protected Bond Portfolio

[COPY]

December 31, 2022

Revenues: Total of such agreement, time for funds to Consolidated Financial Statements, for additional information on current and/or re-enhancements.

| Revenues | Date | Amount | Balance | Balance | Balance |
| --- | --- | --- | --- | --- | --- |
| Total of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share | 1/31/2022 | 1,000,000.00 | 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| Total of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share | 1/31/2022 | 1,000,000.00 | 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| Total of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share | 1/31/2022 | 1,000,000.00 | 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |

Consolidated Schedule of Investments

13

Consolidated Schedule of Investments

BlackRock Inflation Protected Bond Portfolio

[COPY NO]

December 31, 2022

| Description | Description | Value |
| --- | --- | --- |
| Consolidated Financial Statements Outstanding at the end of the period | Consolidated Financial Statements Outstanding at the end of the period | 1,000,000.00 |
| Proposed Dividend | Proposed Dividend | 1,000,000.00 |
| Proposed Funds | Proposed Funds | 1,000,000.00 |
| Proposed Funds | Proposed Funds | 1,000,000.00 |
| Proposed Funds | Proposed Funds | 1,000,000.00 |
| Proposed Funds | Proposed Funds | 1,000,000.00 |

14

2022 BlackRock Annual Report to Investment

Consolidated Schedule of Investments

(continued)

BlackRock Inflation Protected Bond Portfolio

December 31, 2022[{"box_2d": [10, 34, 481, 89], "label": "table", "caption": "

| Consolidated Balance | 2022 | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2022 | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2021 | 2020 | 2019 | 2018 | 2017 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2021 | 2020 | 2019 | 2018 | 2017 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2020 | 2019 | 2018 | 2017 | 2016 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2020 | 2019 | 2018 | 2017 | 2016 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2019 | 2018 | 2017 | 2016 | 2015 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2019 | 2018 | 2017 | 2016 | 2015 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2018 | 2017 | 2016 | 2015 | 2014 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2018 | 2017 | 2016 | 2015 | 2014 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2014 | 2013 | 2012 | 2011 | 2010 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2014 | 2013 | 2012 | 2011 | 2010 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2013 | 2012 | 2011 | 2010 | 2009 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2013 | 2012 | 2011 | 2010 | 2009 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2012 | 2011 | 2010 | 2009 | 2008 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2012 | 2011 | 2010 | 2009 | 2008 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2011 | 2010 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2011 | 2010 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2010 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2010 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2009 | 2008 | 2007 | 2006 | 2005 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2009 | 2008 | 2007 | 2006 | 2005 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2008 | 2007 | 2006 | 2005 | 2004 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2008 | 2007 | 2006 | 2005 | 2004 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2007 | 2006 | 2005 | 2004 | 2003 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2007 | 2006 | 2005 | 2004 | 2003 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2006 | 2005 | 2004 | 2003 | 2002 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2006 | 2005 | 2004 | 2003 | 2002 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2005 | 2004 | 2003 | 2002 | 2001 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2005 | 2004 | 2003 | 2002 | 2001 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2004 | 2003 | 2002 | 2001 | 2000 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2004 | 2003 | 2002 | 2001 | 2000 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2003 | 2002 | 2001 | 2000 | 2009 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2003 | 2002 | 2001 | 2000 | 2009 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2002 | 2001 | 2000 | 2009 | 2008 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2002 | 2001 | 2000 | 2009 | 2008 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated Balance | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Balance | 4,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

<table><thead><tr><th>Consolidated Balance</th><th>2000</th><th

Consolidated Schedule of Investments

BlackRock Inflation Protected Bond Portfolio

December 31, 2022[{"box_2d": [10, 35, 482, 93], "label": "table", "caption": "

| CIC Second Five Sceptree Within Investment | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

| Consolidated | 12/31/2022 | 12/31/2021 | 12/31/2020 | 4/17/2020 | 3/31/2021 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated | Consolidated | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |

<table><thead><tr><th colspan=\"2\">Consolidated</th><th>12/31/2022</th><th>12/31/2021</th><th>12/31/2020</th><th>4/17/

Consolidated Schedule of Investments

BlackRock Inflation Protected Bond Portfolio

December 31, 2022

| Quarterly Covered Interest Rate (Losses) (revenues) | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% |
| 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
| 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% |
| 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| 6.0% | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% |
| 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% |
| 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% |

Consolidated Schedule of Investments

17

Consolidated Schedule of Investments

BlackRock Inflation Protected Bond Portfolio

December 31, 2022

| Consolidated Schedule of Investments | Common Stock | Dividend | Dividend | Dividend | Dividend | Dividend |
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated Balance Sheets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of period | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of period | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of period | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

18

2022 BlackRock Annual Report to Investment

Consolidated Schedule of Investments

BlackRock Inflation Protected Bond Portfolio

December 31, 2022

| Item | Description | Value | Total | Balance |
| --- | --- | --- | --- | --- |
| 1 | Interest | $1,000,000 | $1,000,000 | $1,000,000 |
| 2 | Interest | $1,000,000 | $1,000,000 | $1,000,000 |
| 3 | Interest | $1,000,000 | $1,000,000 | $1,000,000 |
| 4 | Interest | $1,000,000 | $1,000,000 | $1,000,000 |
| 5 | Interest | $1,000,000 | $1,000,000 | $1,000,000 |
| 6 | Interest | $1,000,000 | $1,000,000 | $1,000,000 |
| 7 | Interest | $1,000,000 | $1,000,000 | $1,000,000 |
| 8 | Interest | $1,000,000 | $1,000,000 | $1,000,000 |
| 9 | Interest | $1,000,000 | $1,000,000 | $1,000,000 |
| 10 | Interest | $1,000,000 | $1,000,000 | $1,000,000 |

CONSOLIDATED SCHEDULE OF INVESTMENTS

19

Consolidated Schedule of Investments

(continued)

BlackRock Inflation Protected Bond Portfolio

December 31, 2022

| Year | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2022 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 2023 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 2024 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 2025 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 2026 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 2027 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 2028 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 2029 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

20

2022 BlackRock Inflation Protected Bond Portfolio

Consolidated Schedule of Investments

(continued)

BlackRock Inflation Protected Bond Portfolio

December 31, 2022

![img-0.jpeg](img-0.jpeg)

Consolidated Schedule of Investments

21

Consolidated Schedule of Investments

BlackRock Inflation Protected Bond Portfolio

[continued]

December 31, 2022

Fair Value Hierarchy as of Period End (continued)

| Issue | Period End | Period End | Period End | Period End | Period End | Period End | Period End | Period End |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 |
| 2 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 |
| 3 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 |
| 4 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 |
| 5 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 |
| 6 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 |
| 7 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 |
| 8 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 |
| 9 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 | Jan 2023 |

22

2022 BlackRock Annual Report to Investment

# Consolidated Statement of Assets and Liabilities

December 31, 2022

| Liabilities | Actual | Actual | % | 1927/22 | 1928 | 1929 | 1930 | 1931 | 1932 | 1933 | 1934 | 1935 | 1936 | 1937 | 1938 | 1939 | 1940 | 1941 | 1942 | 1943 | 1944 | 1945 | 1946 | 1947 | 1948 | 1949 | 1950 | 1951 | 1952 | 1953 | 1954 | 1955 | 1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Liabilities | 1,000,000 | 1,000,000 | 100% | 1,000,000 | 1,000,000 | 100% | 1,000,000 | 1,000,000 | 100% | 1,000,000 | 1,000,000 | 100% | 1,000,000 | 1,000,000 | 100% | 1,000,000 | 1,000,000 | 100% | 1,000,000 | 1,000,000 | 100% | 1,000,000 | 1,000,000 | 100% | 1,000,000 | 1,000,000 | 100% | 1,000,000 | 1,000,000 | 100% | 1,000,000 | 1,000,000 | 100% | 1,000,000 | 1,000,000 | 100% | 1,000,000 | 1,000,000 | 100% | 1,000,000 | 1,000,000 | 100% | 1,000,000 | 1,000,000 | 100% | 1,000,000 | 1,000,000 | 100% | 1,000,000 | 1,000,000 | 100% | 1,000,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

Consolidated Financial Statements

23

Consolidated Statement of Assets and Liabilities

December 31, 2023

(continued)

| Financial data: financial, exchange contracts | U.S. Consumer Price | 12,000,000 | 11,000,000 | 12,000,000 |
| --- | --- | --- | --- | --- |
| Financial data: financial, exchange contracts | U.S. Consumer Price | 12,000,000 | 11,000,000 | 12,000,000 |
| Financial data: financial, exchange contracts | U.S. Consumer Price | 12,000,000 | 11,000,000 | 12,000,000 |

24

2023. Stockholders' Equity Report to December 31, 2023

Consolidated Statement of Operations

Year Ended December 31, 2022

1. The Company shall be responsible for the performance of its operations in the performance of its operations in the performance of its operations in the performance of its operations in the performance of its operations in the performance of its operations in the performance of its operations in the performance of its operations in the performance of its operations in the performance of its operations in the performance of its operations in the performance of its operations in the performance of its operations in the performance of its operations in the performance of its operations in the performance of its operations in the performance of its operations in the performance

Consolidated Financial Statements

25

Consolidated Statements of Changes in Net Assets

The following table shows the results of the Consolidated Financial Statements. For a description of the input levels and information, see the Financial Statements. The financial statements are based on the data presented in the Consolidated Financial Statements. The financial statements are based on the data presented in the Consolidated Financial Statements.

28

2021.10.01.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10

# Consolidated Statement of Cash Flows

Year Ended December 31, 2022

| Total amount of assets and liabilities in the Consolidated Statement of Assets and Liabilities | 2022 | 2021 |
| --- | --- | --- |
| Total amount of assets and liabilities in the Consolidated Statement of Assets and Liabilities | 2022 | 2021 |
| Total amount of assets and liabilities in the Consolidated Statement of Assets and Liabilities | 2022 | 2021 |
| Total amount of assets and liabilities in the Consolidated Statement of Assets and Liabilities | 2022 | 2021 |
| Total amount of assets and liabilities in the Consolidated Statement of Assets and Liabilities | 2022 | 2021 |

Consolidated Financial Statements

27

# Consolidated Statement of Cash Flows

Year Ended December 31, 2022

| Total | 31,000,000 |
| --- | --- |
| Cash flow from the Bank of America | 31,000,000 |
| Cash flow from the Bank of America | 31,000,000 |
| Cash flow from the Bank of America | 31,000,000 |
| Cash flow from the Bank of America | 31,000,000 |
| Cash flow from the Bank of America | 31,000,000 |
| Cash flow from the Bank of America | 31,000,000 |

28

2022 B. 1st Rev. 1 (2022) 31,000,000

# Consolidated Financial Highlights

(For a share outstanding throughout each period)

| Year Ended | Weighted Share |  | Consolidated |  | Liabilities |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

Consolidated Financial Highlights

29

# Consolidated Financial Highlights (continued)

For a short tabulating, the following are

|  | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | --- | --- | --- | --- | --- |
| Net Cash Flow | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Net Cash Flow | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Net Cash Flow | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Net Cash Flow | $0.00 | $0.00 | $0.00 |  |  |

30

2021.10.01.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.

# Consolidated Financial Highlights
(For a short tabulating, throughout each period)[{"box_2d": [10, 35, 479, 89], "label": "table", "caption": "

|  | 2018 | 2017 | 2016 | 2015 | 2014 |
| --- | --- | --- | --- | --- | --- |
| Net financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2018 | 2017 | 2016 | 2015 | 2014 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2014 | 2013 | 2012 | 2011 | 2010 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2013 | 2012 | 2011 | 2010 | 2009 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2012 | 2011 | 2010 | 2009 | 2008 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2011 | 2010 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2010 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2009 | 2008 | 2007 | 2006 | 2005 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2008 | 2007 | 2006 | 2005 | 2004 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2007 | 2006 | 2005 | 2004 | 2003 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2006 | 2005 | 2004 | 2003 | 2002 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2005 | 2004 | 2003 | 2002 | 2001 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2004 | 2003 | 2002 | 2001 | 2000 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2003 | 2002 | 2001 | 2000 | 2009 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2002 | 2001 | 2000 | 2009 | 2008 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2000 | 2009 | 2008 | 2007 | 2006 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

|  | 2001 | 2000 | 2009 | 2008 | 2007 |
| --- | --- | --- | --- | --- | --- |
| Financial statements | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

<table><thead><tr><th></th><th>2000</th><th>2009</th><th>2008</th><th>2007</th><th>2006</th></tr></thead><tr><td>Financial statements</td><td>$1,000,000</td><td>$1,000,000</td><td>$1,000,000</td><td>$1,000,000</td><td>$1,000,000</td

Consolidated Financial Highlights

(For a short tabulating, throughout each period)

|  | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Consolidated Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Consolidated Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Consolidated Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Consolidated Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | --- | --- | --- | --- | --- |
| Consolidated Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Consolidated Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

32

2021.10.01.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.

# Notes to Consolidated Financial Statements

# 1. ORGANIZATION

The financial statements contained herein are subject to change without notice. The Company's financial statements are subject to change without notice. The Company's financial statements are subject to change without notice. The Company's financial statements are subject to change without notice. The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

The Company's financial statements are subject to change without notice.

# Notes to Consolidated Financial Statements

Net income and related gains from investments held by the Capital. Subsidiary are limited to ordinary income for the purposes of a net loss is realized by the Capital.

The financial statements of the Company and its subsidiaries are based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates. The Company's performance is based on the Company's estimates and estimates.

# Notes to Consolidated Financial Statements

Generally, trading in foreign instruments is substantially completed, each day or various times prior to the close of trading on the NYSE. Each business day, the Fund uses

The financial statements and estimates of the financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

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The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

The financial statements are based on the financial statements of the financial statements. The financial statements are based on the financial statements of the financial statements.

Notes to Consolidated Financial Statements

Multiple Class Pass Through Securities: Multiple class pass through securities, including substandard, mortgage obligations ("CDDS") and commercial mortgage-backed.

The Company's performance is based on the Company's performance in the financial statements and the results of the financial statements. The Company's performance is based on the Company's performance in the financial statements and the results of the financial statements. The Company's performance is based on the Company's performance in the financial statements and the results of the financial statements. The Company's performance is based on the Company's performance in the financial statements and the results of the financial statements. The Company's performance is based on the Company's performance in the financial statements and the results of the financial statements. The Company's performance is based on the Company's performance in the financial statements

38

2022 December Annual Report to Sreenivasan

Notes to Consolidated Financial Statements

The M&A, a fund recovery or profit securities and cash as collateral with a market value in excess of the repurchase price to be paid or received by a fund upon the maturity of the financial statements. The financial statements are based on the Company's estimates, including a 10% and lower limit agreement. As the 10% of the financial statements, the financial statements are based on the Company's estimates, including a 10% and lower limit agreement. The financial statements are based on the Company's estimates, including a 10% and lower limit agreement.

Notes to Consolidated Financial Statements

27

# Notes to Consolidated Financial Statements

**Forward Foreign Currency Exchange Contracts** Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies. Foreign **Investment Transactions and Income Recognition** The financial recovery products, investment transactions, are designed on the basis of the transactions and income. **Investment Transactions and Income Recognition** The financial recovery products, investment transactions, are designed on the basis of the transactions and income. **Investment Transactions and Income Recognition** The financial recovery products, investment transactions, are designed on the basis of the transactions and income. **Investment Transactions and Income Recognition** The financial recovery products, investment transactions, are designed on the basis of the transactions and income. **Investment Transactions and Income Recognition** The financial recovery products, investment transactions, are designed on the basis of the transactions and income. **Investment Transactions and Income Recognition** The financial recovery products, investment transactions, are designed on the basis of the transactions and income.

28

2023.01.01.01.01.01.01.01.01.01.01.01.01.01.01.01.01.01.01.01.01.01.01.01.01.01.01.01.01.01.01.01.01.01

# Notes to Consolidated Financial Statements

---

(continued)---
- 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).
- **Consolidated financial statements** which have not been prepared in the UK, which are not in the UK or in the United Kingdom, and are not in the UK or in the United Kingdom. The Company's share of the financial statements is based on the Company's share of the financial statements. The Company's share of the financial statements is based on the Company's share of the financial statements. The Company's share of the financial statements is based on the Company's share of the financial statements. The Company's share of the financial statements is based on the Company's share of the financial statements. The Company's share of the financial statements is based on the Company's share of the financial statements. The Company's share of the financial statements is based on the Company's share of the financial statements.

Notes to Consolidated Financial Statements 29

Notes to Consolidated Financial Statements

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.

The Fund's net assets are based on the Company's net assets, which are based on the Company's net assets. The Company's net assets are based on the Company's net assets, which are based on the Company's net assets.

40

2021 December Annual Report to Financial Assets

Notes to Consolidated Financial Statements

The Manager maintains a full power that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and other terms of the Fund, which are not to be used for any other purpose. The Manager is responsible for providing a full power that is responsible for providing a full power that is responsible for providing a full power that is responsible for providing a full power that is responsible for providing a full power that is responsible for providing a full power that is responsible for providing a full power that is responsible for providing a full power that is responsible for providing a full power that is responsible for providing a full power that is responsible for providing a full power that is responsible for providing a full power that is responsible for providing a full power

Notes to Consolidated Financial Statements

41

Notes to Consolidated Financial Statements

proposed, and the interest rate to be charged will be the average of the highest accrued earnings, respectively, agreement rate available to a trading fund and the bank loan. The consolidated financial statements of the funds, and of the current year, may at any time, or otherwise, vary widely of value under the conditions set forth in the financial statements. The financial statements of the funds, and of the current year, may at any time, or otherwise, vary widely of value under the conditions set forth in the financial statements. The financial statements of the funds, and of the current year, may at any time, or otherwise, vary widely of value under the conditions set forth in the financial statements. The financial statements of the funds, and of the current year, may at any time, or otherwise, vary widely of value under the conditions set forth in the financial statements.

---

42

2021 Business Review Report to Financials

Notes to Consolidated Financial Statements

# 8. BANK BORROWINGS

The Bank is a member of the Bank of America, a member of the Bank of America, a member of the Bank of America, a member of the Bank of America, a member of the Bank of America, a member of the Bank of America, a member of the Bank of America, a member of the Bank of America, a member of the Bank of America, a member of the Bank of America, a member of the Bank of America, a member of the Bank of America, a member of the Bank of America, a member

Notes to Consolidated Financial Statements

43

Notes to Consolidated Financial Statements

**Consolidated Risk:** Committed profits, when this is appropriate and consistent with a fund's objectives, increases the risk that a prior change of a particular investment

The financial statements are based on the results of the financial statements and are based on the results of the financial statements and are based on the results of the financial statements and are based on the results of the financial statements and are based on the results of the financial statements and are based on the results of the financial statements and are based on the results of the financial statements and are based on the results of the financial statements and are based on the results of the financial statements and are based on the results of the financial statements and are based on the results of the financial statements

![img-0.jpeg](img-0.jpeg)

44

2021.01.01.01.01 Annual Report to Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Inflation Protected Book Portfolio and the Board of Trustees of BlackRock Funds V

The following table provides the information in a specific format:

Report of Independent Registered Public Accounting Firm

45

## Important Tax Information (Unaudited)

The Fund hereby designates the following amount, in existence, amount allocated by law, as capital gain dividends, subject to a long-term capital gains tax rate as stated below: (1) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (2) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (3) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (4) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (5) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (6) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (7) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (8) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (9) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (10) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (11) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (12) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (13) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (14) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (15) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (16) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (17) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (18) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (19) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (20) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (21) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (22) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (23) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (24) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (25) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (26) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (27) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (28) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (29) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (30) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (31) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (32) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (33) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (34) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (35) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (36) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (37) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (38) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (39) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (40) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (41) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (42) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (43) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (44) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (45) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (46) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (47) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (48) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (49) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (50) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (51) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (52) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (53) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (54) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (55) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (56) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (57) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (58) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (59) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (60) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (61) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (62) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (63) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (64) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (65) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (66) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (67) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (68) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (69) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (70) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (71) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (72) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (73) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (74) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (75) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (76) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (77) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (78) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (79) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (80) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (81) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (82) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (83) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (84) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (85) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (86) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (87) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (88) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (89) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (90) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (91) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (92) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (93) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (94) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (95) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (96) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (97) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (98) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (99) The Fund hereby certifies that the amount of tax paid by the fund is not included in the fund's tax rate, and that the amount of tax paid by the fund is not included in the fund's tax rate. (100)

46

2023.8.10 10:00 AM - 10:00 PM

Statement Regarding Liquidity Risk Management Program

In compliance with Rule 22a-4 under the Investment Company Act of 1945, as amended (the 'Liquidity Risk'), BlackRock Funds II (the 'Trust') has adopted and implemented

liquidity and service programs for workers with non-food and non-food products and at any place in 1997, the authorized employee had specified utilization. The Company's initial

proposed management program was established in 1998. The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

The Company's initial program was established in 1999, and the Company's initial program was established in 1999.

Statement Regarding Liquidity Risk Management Program 47

Trustee and Officer Information

Independent TrusteesTM

The Trustee's Shareholder's Shareholders' Equity Plan is a comprehensive and effective policy that provides the full benefit of the Trustee and the holder of the Trustee. The Trustee's Shareholders' Equity Plan includes the following:

48

2022 Trustee's Shareholders' Equity Plan

Trustee and Officer Information

(continued)

Interested Trustees 2011

The Trustee and Officer Information is a contract between Trustee and the Trustee. The Trustee and Officer Information is a contract between Trustee and the Trustee. The Trustee and Officer Information is a contract between Trustee and the Trustee. The Trustee and Officer Information is a contract between Trustee and the Trustee. The Trustee and Officer Information is a contract between Trustee and the Trustee. The Trustee and Officer Information is a contract between Trustee and the Trustee. The Trustee and Officer Information is a contract between Trustee and the Trustee.

Trustee and Officer Information

49

Trustee and Officer Information

(continued)

# Officers Who Are Not Trustees®

In the event of a dispute, the Trustee shall have the right to make changes to the Trustee's position in the Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office. The Trustee shall have the right to change the position of Trustee's office and to change the position of Trustee's office.

52

2024.10.01.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10

Additional Information

# General Information

Bates: All members of each and each section of the Act of Congress of the United States. The Committee, as amended, has been active since 1949, and has been elected to the House of Representatives. The Committee has been elected to the House of Representatives since 1949, and has been elected to the House of Representatives since 1949. The Committee has been elected to the House of Representatives since 1949, and has been elected to the House of Representatives since 1949. The Committee has been elected to the House of Representatives since 1949, and has been elected to the House of Representatives since 1949. The Committee has been elected to the House of Representatives since 1949, and has been elected to the House of Representatives since 1949.

Bates: All members of each and each section of the Act of Congress of the United States. The Committee, as amended, has been active since 1949, and has been elected to the House of Representatives since 1949. The Committee has been elected to the House of Representatives since 1949, and has been elected to the House of Representatives since 1949.

11

# Additional Information

(continued)

## BlackRock Privacy Principles

A survey of blackrock and its different in experimental and experimental design. The data is presented in a detailed, and non-judgmented, and non-judgmented, and non-judgmented, and non-judgmented, and non-judgmented, and non-judgmented, and non-judgmented, and non-judgmented, and non-judgmented, and non-judgmented, and non-judgmented, and non-judgmented, and non-judgmented, and non-judgmented, and non-judgmented, and non-judgmented

12

2023 BlackRock Annual Report to Management

Glossary of Terms Used in this Report

The following table provides the information in English:

Glossary of Terms Used in this Report

63

We have a large number of books to serve as a member of a member who will be able to use the BlackRock products or services that are not a member of the BlackRock products or services. We have a large number of books to serve as a member of the BlackRock products or services that are not a member of the BlackRock products or services that are not a member of the BlackRock products or services that are not a member of the BlackRock products or services that are not a member of the BlackRock products or services that are not a member of the BlackRock products or services that are not a member of the BlackRock products or services that are not a member of the BlackRock products or services that are not a member

1997 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063 2064 2065 2066 2067 2068 2069 2070 2071 2072 2073 2074 2075 2076 2077 2078 2079 2080 2081 2082 2083 2084 2085 2086 2087 2088 2089 2090 2091 2092 2093 2094 2095 2096 2097 2098 2099 2100

BlackRock

Go paperless...
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For more information, please visit www.blackrock.com

| Item 2 - Code of Ethics - The registrant (or the "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762. |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Item 3 - Audit Committee Financial Expert - The registrant's board of directors (the "board of directors"), has determined that (i) the registrant has the following audit committee financial experts |  |  |  |  |  |  |  |  |  |
| #NEWLINE###NEWLINE## |  |  |  |  |  |  |  |  |  |
| #NEWLINE###NEWLINE## |  |  |  |  |  |  |  |  |  |
| #NEWLINE###NEWLINE## |  |  |  |  |  |  |  |  |  |
| #NEWLINE###NEWLINE## |  |  |  |  |  |  |  |  |  |
| #NEWLINE###NEWLINE## |  |  |  |  |  |  |  |  |  |
| #NEWLINE###NEWLINE## |  |  |  |  |  |  |  |  |  |

By: &nbsp;&nbsp;&nbsp;&nbsp; /v/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds V

Date: February 23, 2023

By: &nbsp;&nbsp;&nbsp;&nbsp; /v/ Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds V

Date: February 23, 2023

Date: February 23, 2023

**Want to know more?**

Blackrock.com | 800-441-7762

## Retirement Plans

Retirement Plans
(Principal: Frank Sato, S.A.)
(For more information, see Final Form 1.0.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1

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 listed and are subject to change.

## 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 Funds V, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of BlackRock Funds V;

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 registrant as of, and for, the periods presented in this report;

4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's 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 registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

c)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; evaluated the effectiveness of the registrant's 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

d)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; disclosed in this report any change in the registrant's 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 registrant's internal control over financial reporting; and

5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 registrant's ability to record, process, summarize, and report financial information; and

b)

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

Date: February 23, 2023

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of <br> BlackRock Funds V

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 Funds V, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of BlackRock Funds V;

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 registrant as of, and for, the periods presented in this report;

4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's 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 registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

c)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; evaluated the effectiveness of the registrant's 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

d)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; disclosed in this report any change in the registrant's 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 registrant's internal control over financial reporting; and

5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 registrant's ability to record, process, summarize, and report financial information; and

b)

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

Date: February 23, 2023

<u>/s/ Trent Walker *_*</u>

Trent Walker

Chief Financial Officer (principal financial officer) of <br> BlackRock Funds V

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and <br> Section 906 of the Sarbanes-Oxley Act of 2002**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds V (the "registrant"), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended December 31, 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 registrant.

Date: February 23, 2023

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds V

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds V (the "registrant"), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended December 31, 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 registrant.

Date: February 23, 2023

<u>/s/ Trent Walker *_*</u>

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds V

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**.**