# EDGAR Filing Document

**Accession Number:** 0000110055
**File Stem:** 0001193125-25-173314
**Filing Date:** 2025-8
**Character Count:** 341472
**Document Hash:** 84bd68c2a792b2ea3d4d38a5018c8e32
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-173314.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001193125-25-173314

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**EFFECTIVENESS DATE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK BALANCED FUND, INC.
- **CENTRAL INDEX KEY:** 0000110055

**ORGANIZATION NAME:**
- **EIN:** 132757134
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02405
- **FILM NUMBER:** 251183987

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK SUSTAINABLE BALANCED FUND, INC.
- **DATE OF NAME CHANGE:** 20220408

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

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

## Series and Classes Contracts Data

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

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

?xml version='1.0' encoding='ASCII'? BlackRock Balanced Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:

811-02405

Name of Fund:

BlackRock Balanced Fund, Inc. (formerly BlackRock Sustainable Balanced Fund, Inc.)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Balanced Fund, Inc. (formerly BlackRock Sustainable Balanced Fund, Inc.), 50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(800) 441-7762

Date of fiscal year end:

05/31/2025

Date of reporting period:

05/31/2025

Item 1 — Reports to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Shareholders are attached herewith

![TSR - Blackrock Fund Logo](g25728images_27941.jpg)

### BlackRock Balanced Fund, Inc.

### Institutional Shares \| MACPX

#### Annual Shareholder Report — May 31, 2025

------

This annual shareholder report contains important information about BlackRock Balanced Fund, Inc. (the "Fund") (formerly known as BlackRock Sustainable Balanced Fund, Inc.) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Institutional Shares | $56 | 0.53% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Institutional Shares returned 10.00%. 

* For the same period, the Fund's benchmark, the MSCI All Country World Index, returned 13.65% and the Bloomberg U.S. Aggregate Bond Index returned 5.46%. 

What contributed to performance?

Asset allocation contributed to performance, as did security selection in both equities and fixed income. The largest contribution came from the equity security selection strategy. Sentiment measures, which correctly captured evolving market trends, drove the gains. Insights that evaluate trends across conference call text to evaluate manager sentiment were top contributors, as were consumer-intent-related sentiment measures that evaluate product ranking trends. With respect to asset allocation, having an overweight position in equities for the majority of the period helped results. The Fund's cash position had no material impact on performance.

What detracted from performance?

Currency positioning in the asset allocation strategy detracted from absolute returns. The Fund was positioned long in the euro versus a short in the U.S. dollar in mid-2024, which hurt results given the dollar's strength in that time frame. A long in the Australian dollar versus a short in the U.S. dollar also detracted. In addition, certain fundamental measures in equity security selection detracted. Specifically, insights with a preference for attractively priced securities declined at a time in which value stocks underperformed.

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

#### Fund performance
Cumulative performance: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g25728chartimages_10118496.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 10.00% | 9.60% | 8.49% |
| MSCI All Country World Index | 13.65 | 13.37 | 9.25 |
| Bloomberg U.S. Aggregate Bond Index | 5.46 | (0.90) | 1.49 |
| 60% MSCI All Country World Index/40% Bloomberg U.S. Aggregate Bond Index | 10.41 | 7.63 | 6.32 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1641101927 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1194 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$6659425 |
| Portfolio Turnover Rate | &nbsp;&nbsp;101% |

---

The Fund's returns shown prior to April 8, 2022, are the returns of the Fund when it followed different investment strategies and investment processes under the name BlackRock Balanced Capital Fund, Inc.

The Fund's returns shown prior to March 3, 2025, are the returns of the Fund when it followed different investment strategies under the name BlackRock Sustainable Balanced Fund, Inc.

**Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of May 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Common Stocks | 60.6% |
| Corporate Bonds | 20.1% |
| U.S. Treasury Obligations | 10.9% |
| U.S. Government Sponsored Agency Securities | 7.9% |
| Investment Companies | 0.3% |
| Preferred Securities | 0.1% |
| Foreign Government Obligations | 0.1% |
| Rights | —% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
| Apple Inc. | 2.5% |
| Microsoft Corp. | 2.5% |
| NVIDIA Corp. | 2.4% |
| U.S. Treasury Notes, 0.25%, 09/30/25 | 2.1% |
| Amazon.com, Inc. | 1.7% |
| U.S. Treasury Bonds, 2.25%, 02/15/52 | 1.1% |
| U.S. Treasury Notes, 2.38%, 05/15/29 | 0.9% |
| U.S. Treasury Notes, 1.88%, 02/28/29 | 0.9% |
| U.S. Treasury Notes, 1.88%, 02/15/32 | 0.9% |
| Meta Platforms, Inc., Class A | 0.9% |

---

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

#### Material fund changes
This is a summary of certain changes to the Fund since May 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after May 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at (800) 441-7762.

On November 19, 2024, the Fund's Board approved a change in the name of the Fund to BlackRock Balanced Fund, Inc. and changes to the Fund's investment strategy and process. The changes to the Fund's investment strategy and process removed requirements that the Fund seek to maintain certain ESG characteristics and utilize ESG screening criteria to determine eligible investments. These changes became effective on March 3, 2025.

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g25728images_27939.jpg)

BlackRock Balanced Fund, Inc.

Institutional Shares \| MACPX

Annual Shareholder Report — May 31, 2025

MACPX-05/25-AR

![TSR - Blackrock Fund Logo](g25728images_27941.jpg)

### BlackRock Balanced Fund, Inc.

### Investor A Shares \| MDCPX

#### Annual Shareholder Report — May 31, 2025

------

This annual shareholder report contains important information about BlackRock Balanced Fund, Inc. (the "Fund") (formerly known as BlackRock Sustainable Balanced Fund, Inc.) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Investor A Shares | $81 | 0.77% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor A Shares returned 9.71%. 

* For the same period, the Fund's benchmark, the MSCI All Country World Index, returned 13.65% and the Bloomberg U.S. Aggregate Bond Index returned 5.46%. 

What contributed to performance?

Asset allocation contributed to performance, as did security selection in both equities and fixed income. The largest contribution came from the equity security selection strategy. Sentiment measures, which correctly captured evolving market trends, drove the gains. Insights that evaluate trends across conference call text to evaluate manager sentiment were top contributors, as were consumer-intent-related sentiment measures that evaluate product ranking trends. With respect to asset allocation, having an overweight position in equities for the majority of the period helped results. The Fund's cash position had no material impact on performance.

What detracted from performance?

Currency positioning in the asset allocation strategy detracted from absolute returns. The Fund was positioned long in the euro versus a short in the U.S. dollar in mid-2024, which hurt results given the dollar's strength in that time frame. A long in the Australian dollar versus a short in the U.S. dollar also detracted. In addition, certain fundamental measures in equity security selection detracted. Specifically, insights with a preference for attractively priced securities declined at a time in which value stocks underperformed.

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

#### Fund performance
Cumulative performance: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g25728chartimages_10118540.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 9.71% | 9.32% | 8.20% |
| Investor A Shares (with sales charge) | 3.95 | 8.15 | 7.62 |
| MSCI All Country World Index | 13.65 | 13.37 | 9.25 |
| Bloomberg U.S. Aggregate Bond Index | 5.46 | (0.90) | 1.49 |
| 60% MSCI All Country World Index/40% Bloomberg U.S. Aggregate Bond Index | 10.41 | 7.63 | 6.32 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1641101927 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1194 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$6659425 |
| Portfolio Turnover Rate | &nbsp;&nbsp;101% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

The Fund's returns shown prior to April 8, 2022, are the returns of the Fund when it followed different investment strategies and investment processes under the name BlackRock Balanced Capital Fund, Inc.

The Fund's returns shown prior to March 3, 2025, are the returns of the Fund when it followed different investment strategies under the name BlackRock Sustainable Balanced Fund, Inc.

**Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of May 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Common Stocks | 60.6% |
| Corporate Bonds | 20.1% |
| U.S. Treasury Obligations | 10.9% |
| U.S. Government Sponsored Agency Securities | 7.9% |
| Investment Companies | 0.3% |
| Preferred Securities | 0.1% |
| Foreign Government Obligations | 0.1% |
| Rights | —% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
| Apple Inc. | 2.5% |
| Microsoft Corp. | 2.5% |
| NVIDIA Corp. | 2.4% |
| U.S. Treasury Notes, 0.25%, 09/30/25 | 2.1% |
| Amazon.com, Inc. | 1.7% |
| U.S. Treasury Bonds, 2.25%, 02/15/52 | 1.1% |
| U.S. Treasury Notes, 2.38%, 05/15/29 | 0.9% |
| U.S. Treasury Notes, 1.88%, 02/28/29 | 0.9% |
| U.S. Treasury Notes, 1.88%, 02/15/32 | 0.9% |
| Meta Platforms, Inc., Class A | 0.9% |

---

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

#### Material fund changes
This is a summary of certain changes to the Fund since May 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after May 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at (800) 441-7762.

On November 19, 2024, the Fund's Board approved a change in the name of the Fund to BlackRock Balanced Fund, Inc. and changes to the Fund's investment strategy and process. The changes to the Fund's investment strategy and process removed requirements that the Fund seek to maintain certain ESG characteristics and utilize ESG screening criteria to determine eligible investments. These changes became effective on March 3, 2025.

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g25728images_27939.jpg)

BlackRock Balanced Fund, Inc.

Investor A Shares \| MDCPX

Annual Shareholder Report — May 31, 2025

MDCPX-05/25-AR

![TSR - Blackrock Fund Logo](g25728images_27941.jpg)

### BlackRock Balanced Fund, Inc.

### Investor C Shares \| MCCPX

#### Annual Shareholder Report — May 31, 2025

------

This annual shareholder report contains important information about BlackRock Balanced Fund, Inc. (the "Fund") (formerly known as BlackRock Sustainable Balanced Fund, Inc.) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Investor C Shares | $162 | 1.55% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor C Shares returned 8.85%. 

* For the same period, the Fund's benchmark, the MSCI All Country World Index, returned 13.65% and the Bloomberg U.S. Aggregate Bond Index returned 5.46%. 

What contributed to performance?

Asset allocation contributed to performance, as did security selection in both equities and fixed income. The largest contribution came from the equity security selection strategy. Sentiment measures, which correctly captured evolving market trends, drove the gains. Insights that evaluate trends across conference call text to evaluate manager sentiment were top contributors, as were consumer-intent-related sentiment measures that evaluate product ranking trends. With respect to asset allocation, having an overweight position in equities for the majority of the period helped results. The Fund's cash position had no material impact on performance.

What detracted from performance?

Currency positioning in the asset allocation strategy detracted from absolute returns. The Fund was positioned long in the euro versus a short in the U.S. dollar in mid-2024, which hurt results given the dollar's strength in that time frame. A long in the Australian dollar versus a short in the U.S. dollar also detracted. In addition, certain fundamental measures in equity security selection detracted. Specifically, insights with a preference for attractively priced securities declined at a time in which value stocks underperformed.

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

#### Fund performance
Cumulative performance: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g25728chartimages_10118584.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor C Shares | 8.85% | 8.48% | 7.54% |
| Investor C Shares (with sales charge) | 7.85 | 8.48 | 7.54 |
| MSCI All Country World Index | 13.65 | 13.37 | 9.25 |
| Bloomberg U.S. Aggregate Bond Index | 5.46 | (0.90) | 1.49 |
| 60% MSCI All Country World Index/40% Bloomberg U.S. Aggregate Bond Index | 10.41 | 7.63 | 6.32 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1641101927 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1194 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$6659425 |
| Portfolio Turnover Rate | &nbsp;&nbsp;101% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.

The Fund's returns shown prior to April 8, 2022, are the returns of the Fund when it followed different investment strategies and investment processes under the name BlackRock Balanced Capital Fund, Inc.

The Fund's returns shown prior to March 3, 2025, are the returns of the Fund when it followed different investment strategies under the name BlackRock Sustainable Balanced Fund, Inc.

**Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of May 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Common Stocks | 60.6% |
| Corporate Bonds | 20.1% |
| U.S. Treasury Obligations | 10.9% |
| U.S. Government Sponsored Agency Securities | 7.9% |
| Investment Companies | 0.3% |
| Preferred Securities | 0.1% |
| Foreign Government Obligations | 0.1% |
| Rights | —% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
| Apple Inc. | 2.5% |
| Microsoft Corp. | 2.5% |
| NVIDIA Corp. | 2.4% |
| U.S. Treasury Notes, 0.25%, 09/30/25 | 2.1% |
| Amazon.com, Inc. | 1.7% |
| U.S. Treasury Bonds, 2.25%, 02/15/52 | 1.1% |
| U.S. Treasury Notes, 2.38%, 05/15/29 | 0.9% |
| U.S. Treasury Notes, 1.88%, 02/28/29 | 0.9% |
| U.S. Treasury Notes, 1.88%, 02/15/32 | 0.9% |
| Meta Platforms, Inc., Class A | 0.9% |

---

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

#### Material fund changes
This is a summary of certain changes to the Fund since May 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after May 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at (800) 441-7762.

On November 19, 2024, the Fund's Board approved a change in the name of the Fund to BlackRock Balanced Fund, Inc. and changes to the Fund's investment strategy and process. The changes to the Fund's investment strategy and process removed requirements that the Fund seek to maintain certain ESG characteristics and utilize ESG screening criteria to determine eligible investments. These changes became effective on March 3, 2025.

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g25728images_27939.jpg)

BlackRock Balanced Fund, Inc.

Investor C Shares \| MCCPX

Annual Shareholder Report — May 31, 2025

MCCPX-05/25-AR

![TSR - Blackrock Fund Logo](g25728images_27941.jpg)

### BlackRock Balanced Fund, Inc.

### Class K Shares \| MKCPX

#### Annual Shareholder Report — May 31, 2025

------

This annual shareholder report contains important information about BlackRock Balanced Fund, Inc. (the "Fund") (formerly known as BlackRock Sustainable Balanced Fund, Inc.) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Class K Shares | $48 | 0.46% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class K Shares returned 10.07%. 

* For the same period, the Fund's benchmark, the MSCI All Country World Index, returned 13.65% and the Bloomberg U.S. Aggregate Bond Index returned 5.46%. 

What contributed to performance?

Asset allocation contributed to performance, as did security selection in both equities and fixed income. The largest contribution came from the equity security selection strategy. Sentiment measures, which correctly captured evolving market trends, drove the gains. Insights that evaluate trends across conference call text to evaluate manager sentiment were top contributors, as were consumer-intent-related sentiment measures that evaluate product ranking trends. With respect to asset allocation, having an overweight position in equities for the majority of the period helped results. The Fund's cash position had no material impact on performance.

What detracted from performance?

Currency positioning in the asset allocation strategy detracted from absolute returns. The Fund was positioned long in the euro versus a short in the U.S. dollar in mid-2024, which hurt results given the dollar's strength in that time frame. A long in the Australian dollar versus a short in the U.S. dollar also detracted. In addition, certain fundamental measures in equity security selection detracted. Specifically, insights with a preference for attractively priced securities declined at a time in which value stocks underperformed.

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

#### Fund performance
Cumulative performance: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g25728chartimages_10118408.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | 10.07% | 9.66% | 8.54% |
| MSCI All Country World Index | 13.65 | 13.37 | 9.25 |
| Bloomberg U.S. Aggregate Bond Index | 5.46 | (0.90) | 1.49 |
| 60% MSCI All Country World Index/40% Bloomberg U.S. Aggregate Bond Index | 10.41 | 7.63 | 6.32 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1641101927 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1194 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$6659425 |
| Portfolio Turnover Rate | &nbsp;&nbsp;101% |

---

The Fund's returns shown prior to April 8, 2022, are the returns of the Fund when it followed different investment strategies and investment processes under the name BlackRock Balanced Capital Fund, Inc.

The Fund's returns shown prior to March 3, 2025, are the returns of the Fund when it followed different investment strategies under the name BlackRock Sustainable Balanced Fund, Inc.

Performance shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. The performance of the Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

**Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of May 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Common Stocks | 60.6% |
| Corporate Bonds | 20.1% |
| U.S. Treasury Obligations | 10.9% |
| U.S. Government Sponsored Agency Securities | 7.9% |
| Investment Companies | 0.3% |
| Preferred Securities | 0.1% |
| Foreign Government Obligations | 0.1% |
| Rights | —% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
| Apple Inc. | 2.5% |
| Microsoft Corp. | 2.5% |
| NVIDIA Corp. | 2.4% |
| U.S. Treasury Notes, 0.25%, 09/30/25 | 2.1% |
| Amazon.com, Inc. | 1.7% |
| U.S. Treasury Bonds, 2.25%, 02/15/52 | 1.1% |
| U.S. Treasury Notes, 2.38%, 05/15/29 | 0.9% |
| U.S. Treasury Notes, 1.88%, 02/28/29 | 0.9% |
| U.S. Treasury Notes, 1.88%, 02/15/32 | 0.9% |
| Meta Platforms, Inc., Class A | 0.9% |

---

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

#### Material fund changes
This is a summary of certain changes to the Fund since May 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after May 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at (800) 441-7762.

On November 19, 2024, the Fund's Board approved a change in the name of the Fund to BlackRock Balanced Fund, Inc. and changes to the Fund's investment strategy and process. The changes to the Fund's investment strategy and process removed requirements that the Fund seek to maintain certain ESG characteristics and utilize ESG screening criteria to determine eligible investments. These changes became effective on March 3, 2025.

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g25728images_27939.jpg)

BlackRock Balanced Fund, Inc.

Class K Shares \| MKCPX

Annual Shareholder Report — May 31, 2025

MKCPX-05/25-AR

![TSR - Blackrock Fund Logo](g25728images_27941.jpg)

### BlackRock Balanced Fund, Inc.

### Class R Shares \| MRBPX

#### Annual Shareholder Report — May 31, 2025

------

This annual shareholder report contains important information about BlackRock Balanced Fund, Inc. (the "Fund") (formerly known as BlackRock Sustainable Balanced Fund, Inc.) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Class R Shares | $121 | 1.16% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class R Shares returned 9.30%. 

* For the same period, the Fund's benchmark, the MSCI All Country World Index, returned 13.65% and the Bloomberg U.S. Aggregate Bond Index returned 5.46%. 

What contributed to performance?

Asset allocation contributed to performance, as did security selection in both equities and fixed income. The largest contribution came from the equity security selection strategy. Sentiment measures, which correctly captured evolving market trends, drove the gains. Insights that evaluate trends across conference call text to evaluate manager sentiment were top contributors, as were consumer-intent-related sentiment measures that evaluate product ranking trends. With respect to asset allocation, having an overweight position in equities for the majority of the period helped results. The Fund's cash position had no material impact on performance.

What detracted from performance?

Currency positioning in the asset allocation strategy detracted from absolute returns. The Fund was positioned long in the euro versus a short in the U.S. dollar in mid-2024, which hurt results given the dollar's strength in that time frame. A long in the Australian dollar versus a short in the U.S. dollar also detracted. In addition, certain fundamental measures in equity security selection detracted. Specifically, insights with a preference for attractively priced securities declined at a time in which value stocks underperformed.

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

#### Fund performance
Cumulative performance: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g25728chartimages_10118452.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Class R Shares | 9.30% | 8.89% | 7.80% |
| MSCI All Country World Index | 13.65 | 13.37 | 9.25 |
| Bloomberg U.S. Aggregate Bond Index | 5.46 | (0.90) | 1.49 |
| 60% MSCI All Country World Index/40% Bloomberg U.S. Aggregate Bond Index | 10.41 | 7.63 | 6.32 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1641101927 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1194 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$6659425 |
| Portfolio Turnover Rate | &nbsp;&nbsp;101% |

---

Average annual total returns reflect reductions for distribution and service fees.

The Fund's returns shown prior to April 8, 2022, are the returns of the Fund when it followed different investment strategies and investment processes under the name BlackRock Balanced Capital Fund, Inc.

The Fund's returns shown prior to March 3, 2025, are the returns of the Fund when it followed different investment strategies under the name BlackRock Sustainable Balanced Fund, Inc.

**Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of May 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Common Stocks | 60.6% |
| Corporate Bonds | 20.1% |
| U.S. Treasury Obligations | 10.9% |
| U.S. Government Sponsored Agency Securities | 7.9% |
| Investment Companies | 0.3% |
| Preferred Securities | 0.1% |
| Foreign Government Obligations | 0.1% |
| Rights | —% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
| Apple Inc. | 2.5% |
| Microsoft Corp. | 2.5% |
| NVIDIA Corp. | 2.4% |
| U.S. Treasury Notes, 0.25%, 09/30/25 | 2.1% |
| Amazon.com, Inc. | 1.7% |
| U.S. Treasury Bonds, 2.25%, 02/15/52 | 1.1% |
| U.S. Treasury Notes, 2.38%, 05/15/29 | 0.9% |
| U.S. Treasury Notes, 1.88%, 02/28/29 | 0.9% |
| U.S. Treasury Notes, 1.88%, 02/15/32 | 0.9% |
| Meta Platforms, Inc., Class A | 0.9% |

---

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

#### Material fund changes
This is a summary of certain changes to the Fund since May 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after May 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at (800) 441-7762.

On November 19, 2024, the Fund's Board approved a change in the name of the Fund to BlackRock Balanced Fund, Inc. and changes to the Fund's investment strategy and process. The changes to the Fund's investment strategy and process removed requirements that the Fund seek to maintain certain ESG characteristics and utilize ESG screening criteria to determine eligible investments. These changes became effective on March 3, 2025.

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g25728images_27939.jpg)

BlackRock Balanced Fund, Inc.

Class R Shares \| MRBPX

Annual Shareholder Report — May 31, 2025

MRBPX-05/25-AR

------

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

------

---

| | |
|:---|:---|
| 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 Experts – The registrant's board of directors (the "board of directors"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP ("D&T") in each of the last two fiscal years for the services rendered to the Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | (b) Audit-Related<br> **Fees<sup>1</sup>** | (b) Audit-Related<br> **Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** | **<u>Current</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** | **<u>Current</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** | **<u>Current</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock Balanced Fund, Inc. (formerly BlackRock Sustainable Balanced Fund, Inc.) | $23985 | $22875 | $0 | $0 | $24000 | $23968 | $388 | $407 |

---

The following table presents fees billed by D&T that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with

#### 2

------

BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

---

| | | |
|:---|:---|:---|
|  | **Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp; (b) Audit-Related Fees<sup>1</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (c) Tax Fees<sup>2</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (d) All Other Fees<sup>3</sup> | $2149000 | $2149000 |

---

<sup>1</sup> The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

<sup>2</sup> The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

<sup>3</sup> Non-audit fees of $2,149,000 and $2,149,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund's principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

#### 3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Entity Name** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Current Fiscal Year</u>** <br> **<u>End</u>** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Previous Fiscal</u>** <br> **<u>Year End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock Balanced Fund, Inc. (formerly BlackRock Sustainable Balanced Fund, Inc.) | $24388 | $24375 |

---

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Current Fiscal Year</u>** <br> **<u>End</u>** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Previous Fiscal Year</u>** <br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp; $2149000 | $2149000 |

---

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) – Not Applicable

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Financial Statement and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

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

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are attached herewith.

#### 4

------

---

| | |
|:---|:---|
| ![LOGO](g34788g42l24.jpg)  | **MAY 31, 2025** |

---

**2025 Annual Financial Statements**<br> **and Additional Information**<br>

#### BlackRock Balanced Fund, Inc.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [Derivative Financial Instruments](#fin134788_1) | 3 |
|  [Schedule of Investments](#fin134788_2) | 4 |
|  [Statement of Assets and Liabilities](#fin134788_3) | 23 |
|  [Statement of Operations](#fin134788_4) | 25 |
|  [Statements of Changes in Net Assets](#fin134788_5) | 26 |
|  [Financial Highlights](#fin134788_6) | 27 |
|  [Notes to Financial Statements](#fin134788_7) | 32 |
|  [Report of Independent Registered Public Accounting Firm](#fin134788_8) | 43 |
|  [Important Tax Information](#fin134788_9) | 44 |
|  [Disclosure of Investment Advisory Agreement](#fin134788_10) | 45 |
|  [Additional Information](#fin134788_11) | 48 |
|  [Glossary of Terms Used in these Financial Statements](#fin134788_12) | 50 |

---

------

Derivative Financial Instruments

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

D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S 3

------

---

| | |
|:---|:---|
| Schedule of Investments<br> May 31, 2025 | **BlackRock Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 0.9%** |  |  |
|  BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;296395 | $&nbsp;&nbsp;&nbsp;&nbsp;7599531 |
|  Curtiss-Wright Corp. | 5199 | 2288132 |
|  Kongsberg Gruppen ASA | 2116 | 372670 |
|  Lockheed Martin Corp. | 1322 | 637706 |
|  Northrop Grumman Corp. | 3728 | 1807223 |
|  Rolls-Royce Holdings PLC | 28327 | 329641 |
|  RTX Corp. | 8081 | 1102895 |
|  Safran SA | 401 | 118599 |
|  |  | 14256397 |
| **Air Freight & Logistics — 0.5%** |  |  |
|  CJ Logistics Corp. | 8478 | 493351 |
|  FedEx Corp. | 31296 | 6825657 |
|  Hyundai Glovis Co. Ltd. | 946 | 77631 |
|  United Parcel Service, Inc., Class B | 9518 | 928386 |
|  |  | 8325025 |
| **Automobile Components — 0.4%** |  |  |
|  BorgWarner, Inc. | 180281 | 5965498 |
|  Denso Corp. | 16700 | 225464 |
|  HL Mando Co. Ltd. | 330 | 8045 |
|  |  | 6199007 |
| **Automobiles — 0.8%** |  |  |
|  BYD Co. Ltd., Class A | 26200 | 1273569 |
|  BYD Co. Ltd., Class H | 4500 | 223641 |
|  Geely Automobile Holdings Ltd. | 562000 | 1252596 |
|  Kia Corp. | 267 | 17268 |
|  Tesla, Inc.<sup>(a)</sup> | 27983 | 9694990 |
|  |  | 12462064 |
| **Banks — 4.5%** |  |  |
|  Banco Santander SA | 75000 | 598324 |
|  Bank Central Asia Tbk PT | 1871300 | 1079539 |
|  Bank Hapoalim BM | 12838 | 215375 |
|  Bank Leumi Le-Israel BM | 1754 | 28307 |
|  Bank Mandiri Persero Tbk PT | 294800 | 95781 |
|  Bank Negara Indonesia Persero Tbk PT | 144900 | 39964 |
|  Bank of America Corp. | 247210 | 10909377 |
|  Bank Polska Kasa Opieki SA | 7345 | 362077 |
|  Bank Rakyat Indonesia Persero Tbk PT | 2999400 | 816086 |
|  BAWAG Group AG<sup>(b)</sup> | 350 | 43607 |
|  BNP Paribas SA | 17081 | 1495860 |
|  Citigroup, Inc. | 45130 | 3399192 |
|  Citizens Financial Group, Inc. | 3921 | 158212 |
|  Commonwealth Bank of Australia | 25169 | 2855898 |
|  Credit Agricole SA | 112449 | 2058849 |
|  CTBC Financial Holding Co. Ltd. | 79000 | 106644 |
|  DBS Group Holdings Ltd. | 191700 | 6614126 |
|  E.Sun Financial Holding Co. Ltd. | 155545 | 153839 |
|  First Financial Holding Co. Ltd. | 39253 | 35235 |
|  Fukuoka Financial Group, Inc. | 2400 | 65805 |
|  Grupo Cibest SA | 6422 | 76384 |
|  Grupo Financiero Banorte SAB de CV, Class O | 20707 | 183647 |
|  Huntington Bancshares, Inc. | 38877 | 607648 |
|  Intesa Sanpaolo SpA | 337752 | 1885578 |
|  Japan Post Bank Co. Ltd. | 235400 | 2538697 |
|  JPMorgan Chase & Co. | 27536 | 7269504 |
|  KakaoBank Corp. | 4302 | 73137 |
|  KB Financial Group, Inc. | 4247 | 319561 |
|  Mitsubishi UFJ Financial Group, Inc. | 404600 | 5659671 |
|  Mizuho Financial Group, Inc. | 255400 | 7102231 |
|  NatWest Group PLC | 81049 | 575517 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46595 | $&nbsp;&nbsp;&nbsp;&nbsp;8098677 |
|  Resona Holdings, Inc. | 21100 | 187011 |
|  Royal Bank of Canada | 1196 | 151588 |
|  Shanghai Commercial & Savings Bank Ltd. (The) | 99 | 153 |
|  Standard Chartered PLC | 42815 | 667968 |
|  Sumitomo Mitsui Financial Group, Inc. | 144700 | 3717479 |
|  Swedbank AB, A Shares | 1057 | 28621 |
|  Truist Financial Corp. | 17469 | 690026 |
|  U.S. Bancorp | 80892 | 3526082 |
|  |  | 74491277 |
| **Beverages — 0.3%** |  |  |
|  Ambev SA | 665050 | 1624399 |
|  Coca-Cola Femsa SAB de CV | 14367 | 135833 |
|  PepsiCo, Inc. | 9999 | 1314368 |
|  Wuliangye Yibin Co. Ltd., Class A | 130300 | 2274610 |
|  |  | 5349210 |
| **Biotechnology — 0.9%** |  |  |
|  3SBio, Inc.<sup>(b)</sup> | 176500 | 424166 |
|  AbbVie, Inc. | 23002 | 4280902 |
|  Alkermes PLC<sup>(a)</sup> | 5467 | 167345 |
|  Amgen, Inc. | 4759 | 1371449 |
|  BeOne Medicines Ltd.<sup>(a)</sup> | 6600 | 125875 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 8548 | 496382 |
|  Blueprint Medicines Corp.<sup>(a)</sup> | 1736 | 175944 |
|  CSL Ltd. | 2726 | 434988 |
|  Genmab A/S<sup>(a)</sup> | 3141 | 662624 |
|  Gilead Sciences, Inc. | 19013 | 2092951 |
|  Hugel, Inc.<sup>(a)</sup> | 1749 | 419523 |
|  Incyte Corp.<sup>(a)</sup> | 9447 | 614622 |
|  Innovent Biologics, Inc.<sup>(a)(b)</sup> | 55000 | 433984 |
|  Natera, Inc.<sup>(a)</sup> | 4086 | 644485 |
|  Neurocrine Biosciences, Inc.<sup>(a)</sup> | 3902 | 480024 |
|  PharmaResearch Co. Ltd. | 250 | 81529 |
|  Regeneron Pharmaceuticals, Inc. | 853 | 418209 |
|  Seegene, Inc. | 2268 | 55059 |
|  United Therapeutics Corp.<sup>(a)</sup> | 341 | 108728 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1896 | 838127 |
|  Zai Lab Ltd.<sup>(a)</sup> | 50800 | 154686 |
|  |  | 14481602 |
| **Broadline Retail — 2.1%** |  |  |
|  Alibaba Group Holding Ltd. | 275900 | 3928212 |
|  Amazon.com, Inc.<sup>(a)</sup> | 132690 | 27202777 |
|  Coupang, Inc., Class A<sup>(a)</sup> | 26041 | 730450 |
|  Etsy, Inc.<sup>(a)</sup> | 8145 | 450826 |
|  J Front Retailing Co. Ltd. | 9500 | 133049 |
|  JD.com, Inc., Class A | 69100 | 1118254 |
|  MercadoLibre, Inc.<sup>(a)</sup> | 160 | 410126 |
|  Poya International Co. Ltd. | 4000 | 66814 |
|  Prosus NV, Class N | 5550 | 285094 |
|  Rakuten Group, Inc.<sup>(a)</sup> | 7800 | 42930 |
|  Wesfarmers Ltd. | 436 | 23329 |
|  |  | 34391861 |
| **Building Products — 0.1%** |  |  |
|  Assa Abloy AB, Class B | 2742 | 87033 |
|  Johnson Controls International PLC | 6153 | 623729 |
|  Trane Technologies PLC | 2821 | 1213792 |
|  |  | 1924554 |
| **Capital Markets — 2.5%** |  |  |
|  Ameriprise Financial, Inc. | 805 | 409938 |
|  Amundi SA<sup>(b)</sup> | 984 | 80337 |

---

4 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
| **Capital Markets (continued)** |  |  |
|  B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp;&nbsp;615760 | $&nbsp;&nbsp;&nbsp;&nbsp;1494318 |
|  Cboe Global Markets, Inc. | 216 | 49490 |
|  Charles Schwab Corp. (The) | 70978 | 6270197 |
|  CME Group, Inc., Class A | 1352 | 390728 |
|  Daiwa Securities Group, Inc. | 238200 | 1611272 |
|  Huatai Securities Co. Ltd., Class A | 1283400 | 2971976 |
|  IG Group Holdings PLC | 2965 | 44851 |
|  Intercontinental Exchange, Inc. | 7789 | 1400462 |
|  Invesco Ltd. | 46514 | 672592 |
|  Macquarie Group Ltd. | 1977 | 272728 |
|  Moody's Corp. | 16011 | 7674393 |
|  Morgan Stanley | 72356 | 9263739 |
|  MSCI, Inc., Class A | 373 | 210379 |
|  Nomura Holdings, Inc. | 41700 | 254823 |
|  S&P Global, Inc. | 16566 | 8496039 |
|  Stifel Financial Corp. | 193 | 18184 |
|  |  | 41586446 |
| **Chemicals — 0.7%** |  |  |
|  Asahi Kasei Corp. | 91700 | 644368 |
|  DSM-Firmenich AG | 17566 | 1955430 |
|  DuPont de Nemours, Inc. | 39436 | 2634325 |
|  Ecolab, Inc. | 262 | 69592 |
|  Givaudan SA, Registered Shares | 692 | 3480132 |
|  Hyosung TNC Corp. | 141 | 24810 |
|  Johnson Matthey PLC | 1862 | 43197 |
|  KCC Corp. | 855 | 190245 |
|  LG Chem Ltd. | 7715 | 1100856 |
|  Orica Ltd. | 6700 | 81165 |
|  Shin-Etsu Chemical Co. Ltd. | 7800 | 249055 |
|  Sumitomo Chemical Co. Ltd. | 203200 | 487263 |
|  Yara International ASA | 624 | 22387 |
|  Zhejiang NHU Co. Ltd., Class A | 44900 | 136472 |
|  |  | 11119297 |
| **Commercial Services & Supplies — 0.1%** |  |  |
|  Dai Nippon Printing Co. Ltd. | 5100 | 75209 |
|  GFL Environmental, Inc. | 2033 | 102750 |
|  Secom Co. Ltd. | 1300 | 47338 |
|  Waste Management, Inc. | 3726 | 897854 |
|  |  | 1123151 |
| **Communications Equipment — 0.6%** |  |  |
|  Accton Technology Corp. | 9000 | 219615 |
|  Arcadyan Technology Corp. | 23000 | 162461 |
|  Motorola Solutions, Inc. | 12820 | 5325172 |
|  Nokia Oyj | 292854 | 1524100 |
|  Sercomm Corp. | 22000 | 70645 |
|  Telefonaktiebolaget LM Ericsson, B Shares | 365903 | 3114774 |
|  WNC Corp. | 12000 | 48662 |
|  |  | 10465429 |
| **Construction & Engineering — 1.0%** |  |  |
|  ACS Actividades de Construccion y Servicios SA | 8188 | 537839 |
|  AECOM | 36103 | 3965915 |
|  Eiffage SA | 11794 | 1622215 |
|  EMCOR Group, Inc. | 1321 | 623327 |
|  HDC Hyundai Development Co-Engineering & Construction, Class E | 3726 | 63059 |
|  Hyundai Engineering & Construction Co. Ltd. | 5224 | 241436 |
|  MasTec, Inc.<sup>(a)</sup> | 17921 | 2794422 |
|  Obayashi Corp. | 80200 | 1210090 |
|  Samsung E & A Co. Ltd. | 22455 | 353327 |
|  Shimizu Corp. | 19500 | 214390 |
|  Skanska AB, B Shares | 10756 | 255889 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
| **Construction & Engineering (continued)** |  |  |
|  Stantec, Inc. | 32764 | $3370346 |
|  Sunway Construction Group Bhd | 13900 | 19246 |
|  Worley Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;132932 | &nbsp;&nbsp;&nbsp;&nbsp;1115623 |
|  |  | 16387124 |
| **Construction Materials — 0.0%** |  |  |
|  GCC SAB de CV | 1854 | 17301 |
|  James Hardie Industries PLC<sup>(a)</sup> | 2989 | 68768 |
|  |  | 86069 |
| **Consumer Finance — 0.6%** |  |  |
|  American Express Co. | 32232 | 9477820 |
|  Synchrony Financial | 8719 | 502650 |
|  |  | 9980470 |
| **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** |  |
|  Costco Wholesale Corp. | 6632 | 6898474 |
|  Dino Polska SA<sup>(a)(b)</sup> | 760 | 111552 |
|  E-MART, Inc. | 410 | 27082 |
|  Empire Co. Ltd., Class A, NVS | 5442 | 210050 |
|  George Weston Ltd. | 884 | 177979 |
|  J Sainsbury PLC | 14559 | 55994 |
|  Koninklijke Ahold Delhaize NV | 13157 | 555278 |
|  Loblaw Cos. Ltd. | 2041 | 344338 |
|  Marks & Spencer Group PLC | 9616 | 48539 |
|  Sprouts Farmers Market, Inc.<sup>(a)</sup> | 260 | 44944 |
|  Tesco PLC | 813974 | 4259225 |
|  Walmart, Inc. | 81323 | 8028207 |
|  |  | 20761662 |
| **Containers & Packaging — 0.1%** |  |  |
|  Crown Holdings, Inc. | 22223 | 2188966 |
| **Diversified REITs — 0.0%** |  |  |
|  British Land Co. PLC (The) | 11827 | 62309 |
| **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |  |
|  AT&T Inc. | 21868 | 607930 |
|  Deutsche Telekom AG, Registered Shares | 227930 | 8631353 |
|  Nippon Telegraph & Telephone Corp. | 203300 | 226353 |
|  Orange SA | 11324 | 169015 |
|  Singapore Telecommunications Ltd. | 108800 | 321216 |
|  Telefonica Brasil SA | 98720 | 492953 |
|  Telkom Indonesia Persero Tbk PT | 956000 | 165265 |
|  Verizon Communications, Inc. | 96363 | 4236118 |
|  |  | 14850203 |
| **Electric Utilities — 0.6%** |  |  |
|  Chubu Electric Power Co., Inc. | 5000 | 61246 |
|  CLP Holdings Ltd. | 28000 | 237115 |
|  Duke Energy Corp. | 19153 | 2254691 |
|  Edison International | 27591 | 1535439 |
|  Enel SpA | 435671 | 4004692 |
|  Energisa SA | 10182 | 84970 |
|  Entergy Corp. | 22571 | 1879713 |
|  Kansai Electric Power Co., Inc. (The) | 4700 | 53327 |
|  Korea Electric Power Corp. | 2484 | 54326 |
|  Kyushu Electric Power Co., Inc. | 10200 | 87602 |
|  |  | 10253121 |
| **Electrical Equipment — 1.3%** |  |  |
|  ABB Ltd., Registered Shares | 145811 | 8259857 |
|  AMETEK, Inc. | 40325 | 7207691 |
|  Bizlink Holding, Inc. | 51000 | 1070754 |
|  CS Wind Corp. | 3656 | 130564 |
|  LS Corp. | 612 | 70468 |
|  Schneider Electric SE  | 12580 | 3174082 |

---

S C H E D U L E O F I N V E S T M E N T S 5

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* | *Value* |
| **Electrical Equipment (continued)** |  |  |  |
|  Siemens Energy AG<sup>(a)</sup> | 6878 | $| 672156 |
|  Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253614 |
|  |  |  | 20839186 |
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
|  Chroma ATE, Inc. | 138000 |  | 1521815 |
|  Delta Electronics, Inc. | 30000 |  | 368652 |
|  Flex Ltd.<sup>(a)</sup> | 863 |  | 36505 |
|  Keyence Corp. | 800 |  | 334856 |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 926 |  | 145419 |
|  Lotes Co. Ltd. | 5000 |  | 213527 |
|  Murata Manufacturing Co. Ltd. | 87000 |  | 1262269 |
|  Primax Electronics Ltd. | 174000 |  | 449265 |
|  Sinbon Electronics Co. Ltd. | 8000 |  | 61306 |
|  TE Connectivity PLC | 17186 |  | 2750963 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup> | 142 |  | 41147 |
|  |  |  | 7185724 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
|  Halliburton Co. | 1102 |  | 21588 |
|  TechnipFMC PLC | 81567 |  | 2540812 |
|  |  |  | 2562400 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
|  NCSoft Corp. | 327 |  | 36087 |
|  NetEase, Inc. | 3200 |  | 77370 |
|  Netflix, Inc.<sup>(a)</sup> | 4616 |  | 5572574 |
|  ROBLOX Corp., Class A<sup>(a)</sup> | 20749 |  | 1804748 |
|  Sea Ltd., Class A, ADR<sup>(a)</sup> | 2674 |  | 428829 |
|  Spotify Technology SA<sup>(a)</sup> | 196 |  | 130368 |
|  Walt Disney Co. (The) | 1326 |  | 149891 |
|  |  |  | 8199867 |
| **Financial Services — 0.9%** | **Financial Services — 0.9%** | **Financial Services — 0.9%** | **Financial Services — 0.9%** |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 5221 |  | 2631175 |
|  Block, Inc., Class A<sup>(a)</sup> | 4869 |  | 300661 |
|  Essent Group Ltd. | 1098 |  | 63684 |
|  FirstRand Ltd. | 18756 |  | 77802 |
|  Mastercard, Inc., Class A | 3838 |  | 2247533 |
|  ORIX Corp. | 90300 |  | 1913624 |
|  Pagseguro Digital Ltd., Class A | 3991 |  | 35560 |
|  Remitly Global, Inc.<sup>(a)(c)</sup> | 18025 |  | 385014 |
|  Visa, Inc., Class A | 19717 |  | 7200451 |
|  |  |  | 14855504 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
|  AVI Ltd. | 27839 |  | 146220 |
|  BRF SA | 66904 |  | 238396 |
|  China Mengniu Dairy Co. Ltd. | 379000 |  | 846860 |
|  Danone SA | 73314 |  | 6268150 |
|  Ingredion, Inc. | 3140 |  | 436837 |
|  JBS SA | 6431 |  | 45088 |
|  Marfrig Global Foods SA | 85096 |  | 375973 |
|  Minerva SA<sup>(a)</sup> | 62990 |  | 55396 |
|  Tingyi Cayman Islands Holding Corp. | 66000 |  | 108006 |
|  Tyson Foods, Inc., Class A | 58828 |  | 3303780 |
|  Uni-President China Holdings Ltd. | 19000 |  | 24716 |
|  WH Group Ltd.<sup>(b)</sup> | 570000 |  | 524262 |
|  |  |  | 12373684 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
|  ENN Energy Holdings Ltd. | 15200 |  | 120521 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
| **Ground Transportation — 0.2%** |  |  |
|  Canadian National Railway Co. | 3993 | $419740 |
|  Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44200 | &nbsp;&nbsp;&nbsp;&nbsp;3719872 |
|  |  | 4139612 |
| **Health Care Equipment & Supplies — 0.6%** |  |  |
|  Boston Scientific Corp.<sup>(a)</sup> | 44769 | 4712385 |
|  Medtronic PLC | 63533 | 5271968 |
|  ResMed, Inc. | 1930 | 472445 |
|  Siemens Healthineers AG<sup>(b)</sup> | 1392 | 73675 |
|  |  | 10530473 |
| **Health Care Providers & Services — 0.7%** |  |  |
|  Cardinal Health, Inc. | 2065 | 318919 |
|  Centene Corp.<sup>(a)</sup> | 31008 | 1750092 |
|  Cigna Group (The) | 2217 | 701991 |
|  Elevance Health, Inc. | 5835 | 2239706 |
|  HCA Healthcare, Inc. | 167 | 63692 |
|  KPJ Healthcare Bhd | 390900 | 249537 |
|  Labcorp Holdings, Inc. | 1560 | 388393 |
|  Sonic Healthcare Ltd. | 30753 | 528959 |
|  UnitedHealth Group, Inc. | 17790 | 5370979 |
|  Universal Health Services, Inc., Class B | 3831 | 729231 |
|  |  | 12341499 |
| **Health Care REITs — 0.0%** |  |  |
|  Ventas, Inc. | 7836 | 503698 |
| **Health Care Technology — 0.1%** |  |  |
|  Doximity, Inc., Class A<sup>(a)</sup> | 652 | 33963 |
|  Pro Medicus Ltd. | 730 | 132348 |
|  Veeva Systems, Inc., Class A<sup>(a)</sup> | 4958 | 1386752 |
|  |  | 1553063 |
| **Hotel & Resort REITs — 0.0%** |  |  |
|  RLJ Lodging Trust | 17 | 124 |
| **Hotels, Restaurants & Leisure — 1.2%** |  |  |
|  Airbnb, Inc., Class A<sup>(a)</sup> | 11453 | 1477437 |
|  Aristocrat Leisure Ltd. | 20256 | 813937 |
|  Booking Holdings, Inc. | 1770 | 9768506 |
|  DoorDash, Inc., Class A<sup>(a)</sup> | 1217 | 253927 |
|  Flutter Entertainment PLC<sup>(a)</sup> | 174 | 43970 |
|  MakeMyTrip Ltd.<sup>(a)(c)</sup> | 32353 | 3288035 |
|  Meituan, Class B<sup>(a)(b)</sup> | 100870 | 1744512 |
|  Trip.com Group Ltd. | 11531 | 721382 |
|  Yum! Brands, Inc. | 6550 | 942807 |
|  |  | 19054513 |
| **Household Durables — 0.5%** |  |  |
|  Garmin Ltd. | 4012 | 814316 |
|  Haier Smart Home Co. Ltd., Class H | 6400 | 18638 |
|  Lennar Corp., Class A | 4257 | 451583 |
|  NVR, Inc.<sup>(a)</sup> | 136 | 967766 |
|  Panasonic Holdings Corp. | 112900 | 1294000 |
|  Sony Group Corp. | 142800 | 3822175 |
|  Taylor Morrison Home Corp., Class A<sup>(a)</sup> | 4413 | 248364 |
|  Toll Brothers, Inc. | 7526 | 784585 |
|  |  | 8401427 |
| **Household Products — 0.4%** |  |  |
|  Colgate-Palmolive Co. | 59272 | 5508740 |
|  Henkel AG & Co. KGaA | 3379 | 248103 |
|  Henkel AG & Co. KGaA, Preference Shares, NVS | 10109 | 809984 |
|  Procter & Gamble Co. (The) | 4952 | 841295 |
|  |  | 7408122 |

---

6 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
|  Drax Group PLC | 21919 | $195880 |
|  ReNew Energy Global PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;120629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821484 |
|  |  | 1017364 |
| **Industrial Conglomerates — 0.6%** |  |  |
|  CJ Corp. | 4163 | 410790 |
|  Hanwha Corp. | 675 | 36876 |
|  Honeywell International, Inc. | 29647 | 6720086 |
|  Samsung C&T Corp. | 980 | 106219 |
|  Siemens AG, Registered Shares | 5462 | 1313738 |
|  SK, Inc. | 475 | 56245 |
|  Smiths Group PLC | 65846 | 1913989 |
|  |  | 10557943 |
| **Industrial REITs — 0.0%** |  |  |
|  Prologis, Inc. | 4987 | 541588 |
| **Insurance — 2.5%** |  |  |
|  AIA Group Ltd. | 760400 | 6329667 |
|  Allianz SE, Registered Shares | 15569 | 6174875 |
|  Allstate Corp. (The) | 11497 | 2412876 |
|  Aon PLC, Class A | 4249 | 1580968 |
|  Assurant, Inc. | 149 | 30244 |
|  AXA SA | 69241 | 3263714 |
|  Dai-ichi Life Holdings, Inc. | 2800 | 21855 |
|  Fairfax Financial Holdings Ltd. | 378 | 643174 |
|  Great-West Lifeco, Inc. | 58865 | 2234327 |
|  Hanover Insurance Group, Inc. (The) | 832 | 146415 |
|  Hartford Insurance Group, Inc. (The) | 49643 | 6445647 |
|  Japan Post Insurance Co. Ltd. | 21500 | 472919 |
|  Manulife Financial Corp. | 10877 | 346358 |
|  MetLife, Inc. | 27065 | 2126768 |
|  NN Group NV | 18724 | 1178144 |
|  Old Republic International Corp. | 585 | 22113 |
|  Ping An Insurance Group Co. of China Ltd., H Shares | 163000 | 952016 |
|  Power Corp. of Canada | 2568 | 99382 |
|  Prudential Financial, Inc. | 1313 | 136408 |
|  Reinsurance Group of America, Inc. | 9265 | 1883482 |
|  Travelers Cos., Inc. (The) | 16077 | 4432429 |
|  Zurich Insurance Group AG, Class N | 30 | 21043 |
|  |  | 40954824 |
| **Interactive Media & Services — 3.2%** |  |  |
|  Alphabet, Inc., Class A | 84528 | 14516839 |
|  Alphabet, Inc., Class C, NVS | 57027 | 9857117 |
|  Auto Trader Group PLC<sup>(b)</sup> | 121717 | 1303541 |
|  Baidu, Inc., Class A<sup>(a)</sup> | 4900 | 50294 |
|  Meta Platforms, Inc., Class A | 23447 | 15181698 |
|  NAVER Corp. | 4309 | 583906 |
|  REA Group Ltd. | 6892 | 1064576 |
|  Soop Co. Ltd. | 782 | 47935 |
|  Tencent Holdings Ltd. | 151300 | 9538353 |
|  |  | 52144259 |
| **IT Services — 0.4%** |  |  |
|  Accenture PLC, Class A | 12639 | 4004288 |
|  CGI, Inc., Class A | 3074 | 330460 |
|  Cognizant Technology Solutions Corp., Class A | 5170 | 418718 |
|  Fujitsu Ltd. | 2100 | 48095 |
|  GoDaddy, Inc., Class A<sup>(a)</sup> | 1277 | 232606 |
|  Obic Co. Ltd. | 800 | 29196 |
|  Otsuka Corp. | 2700 | 55499 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
| **IT Services (continued)** |  |  |
|  Shopify, Inc., Class A<sup>(a)</sup> | 2574 | $275040 |
|  Wix.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11865 | &nbsp;&nbsp;&nbsp;&nbsp;1767292 |
|  |  | 7161194 |
| **Life Sciences Tools & Services — 0.2%** |  |  |
|  Illumina, Inc.<sup>(a)</sup> | 1774 | 145893 |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 17821 | 2500821 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 23 | 26577 |
|  QIAGEN NV | 506 | 22836 |
|  |  | 2696127 |
| **Machinery — 0.4%** |  |  |
|  Alfa Laval AB | 25589 | 1088670 |
|  Amada Co. Ltd. | 140800 | 1438709 |
|  FANUC Corp. | 6400 | 170811 |
|  HD Hyundai Heavy Industries Co. Ltd. | 321 | 93992 |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 130 | 29708 |
|  Hyundai Construction Equipment Co. Ltd. | 1046 | 53266 |
|  Hyundai Rotem Co. Ltd. | 2132 | 225666 |
|  Illinois Tool Works, Inc. | 613 | 150234 |
|  MISUMI Group, Inc. | 13700 | 180702 |
|  Parker-Hannifin Corp. | 439 | 291803 |
|  Pentair PLC | 430 | 42647 |
|  Rational AG | 117 | 96201 |
|  Techtronic Industries Co. Ltd. | 66500 | 740699 |
|  Wartsila Oyj Abp | 61334 | 1229743 |
|  Westinghouse Air Brake Technologies Corp. | 1106 | 223766 |
|  |  | 6056617 |
| **Marine Transportation — 0.2%** |  |  |
|  Kuehne + Nagel International AG, Registered |  |  |
|  Shares | 11063 | 2489359 |
|  Pan Ocean Co. Ltd. | 13358 | 35831 |
|  |  | 2525190 |
| **Media — 0.4%** |  |  |
|  Comcast Corp., Class A | 97972 | 3386892 |
|  Fox Corp., Class B | 10239 | 514817 |
|  Informa PLC | 260370 | 2760732 |
|  Publicis Groupe SA | 1421 | 154899 |
|  |  | 6817340 |
| **Metals & Mining — 0.9%** |  |  |
|  Alamos Gold, Inc., Class A | 636 | 16470 |
|  Aneka Tambang Tbk | 278400 | 53097 |
|  Anglo American PLC | 9362 | 279644 |
|  Barrick Mining Corp. | 45926 | 880805 |
|  BHP Group Ltd. | 8480 | 208311 |
|  Cia Brasileira de Aluminio<sup>(a)</sup> | 118708 | 97341 |
|  CMOC Group Ltd., Class H | 297000 | 236743 |
|  Hyundai Steel Co. | 17201 | 350861 |
|  Kinross Gold Corp. | 117711 | 1737767 |
|  Northern Star Resources Ltd. | 13924 | 189348 |
|  Nucor Corp. | 836 | 91425 |
|  Rio Tinto PLC | 1888 | 111736 |
|  South32 Ltd. | 941297 | 1855891 |
|  TA Chen Stainless Pipe | 14000 | 16484 |
|  Teck Resources Ltd., Class B | 9285 | 344107 |
|  Wheaton Precious Metals Corp. | 88104 | 7633947 |
|  |  | 14103977 |
| **Multi-Utilities — 0.5%** |  |  |
|  A2A SpA | 229003 | 594602 |
|  AGL Energy Ltd. | 39034 | 255527 |
|  Centrica PLC | 240893 | 515104 |

---

S C H E D U L E O F I N V E S T M E N T S 7

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
| **Multi-Utilities (continued)** |  |  |
|  Consolidated Edison, Inc. | 8339 | $871342 |
|  E.ON SE, Class N | &nbsp;&nbsp;&nbsp;&nbsp;139288 | &nbsp;&nbsp;&nbsp;&nbsp;2441176 |
|  Engie SA | 163231 | 3523017 |
|  NiSource, Inc. | 15914 | 629239 |
|  |  | 8830007 |
| **Oil, Gas & Consumable Fuels — 1.6%** |  |  |
|  Aker BP ASA | 24973 | 574639 |
|  BP PLC | 106892 | 519720 |
|  Canadian Natural Resources Ltd. | 903 | 27419 |
|  Cheniere Energy, Inc. | 8173 | 1936919 |
|  Chevron Corp. | 57630 | 7878021 |
|  ConocoPhillips | 4275 | 364871 |
|  ENEOS Holdings, Inc. | 59600 | 282391 |
|  EOG Resources, Inc. | 19154 | 2079550 |
|  Exxon Mobil Corp. | 5448 | 557330 |
|  Keyera Corp. | 44388 | 1352971 |
|  New Fortress Energy, Inc. (Acquired 12/24/24, cost $0)<sup>(a)(d)</sup> | 10559 | 26292 |
|  Repsol SA | 30891 | 416193 |
|  Santos Ltd. | 52451 | 222780 |
|  Shell PLC | 258661 | 8534501 |
|  Suncor Energy, Inc. | 12441 | 442304 |
|  TotalEnergies SE | 2633 | 155000 |
|  Ultrapar Participacoes SA | 188849 | 536550 |
|  Var Energi ASA | 37265 | 108127 |
|  Williams Cos., Inc. (The) | 7497 | 453643 |
|  |  | 26469221 |
| **Passenger Airlines — 0.4%** |  |  |
|  Alaska Air Group, Inc.<sup>(a)</sup> | 1243 | 63306 |
|  ANA Holdings, Inc. | 31300 | 619773 |
|  Delta Air Lines, Inc. | 81758 | 3956269 |
|  easyJet PLC | 9875 | 76836 |
|  International Consolidated Airlines Group SA | 225175 | 990818 |
|  United Airlines Holdings, Inc.<sup>(a)</sup> | 2150 | 170807 |
|  |  | 5877809 |
| **Personal Care Products — 0.0%** |  |  |
|  Natura & Co. Holding SA<sup>(a)</sup> | 133806 | 245644 |
| **Pharmaceuticals — 2.9%** |  |  |
|  Astellas Pharma, Inc. | 162900 | 1609066 |
|  AstraZeneca PLC | 18957 | 2776898 |
|  Bristol-Myers Squibb Co. | 87414 | 4220348 |
|  Eli Lilly & Co. | 9485 | 6996800 |
|  GSK PLC | 64991 | 1320224 |
|  Merck & Co., Inc. | 50019 | 3843460 |
|  Novartis AG, Registered Shares | 80571 | 9300240 |
|  Novo Nordisk A/S, Class B | 22114 | 1571152 |
|  Pfizer, Inc. | 378828 | 8898670 |
|  Sanofi SA | 14758 | 1461646 |
|  Shionogi & Co. Ltd. | 1300 | 21707 |
|  Sino Biopharmaceutical Ltd. | 179000 | 100967 |
|  Takeda Pharmaceutical Co. Ltd. | 175000 | 5254393 |
|  Zoetis, Inc., Class A | 1266 | 213486 |
|  |  | 47589057 |
| **Professional Services — 1.0%** |  |  |
|  Bureau Veritas SA | 5869 | 200557 |
|  Experian PLC | 54412 | 2710006 |
|  Intertek Group PLC | 28215 | 1821803 |
|  Paylocity Holding Corp.<sup>(a)</sup> | 168 | 32071 |
|  Recruit Holdings Co. Ltd. | 61800 | 3680823 |
|  SGS SA, Registered Shares | 299 | 31229 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* | *Value* |
| **Professional Services (continued)** |  |  |  |
|  Thomson Reuters Corp. | 31219 | $| 6202625 |
|  TransUnion. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19609 |
|  Verisk Analytics, Inc. | 4158 |  | 1306194 |
|  |  |  | 16004917 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
|  Allos SA | 92530 |  | 358828 |
|  CBRE Group, Inc., Class A<sup>(a)</sup> | 343 |  | 42882 |
|  FirstService Corp. | 8640 |  | 1514447 |
|  Jones Lang LaSalle, Inc.<sup>(a)</sup> | 5685 |  | 1266049 |
|  Mitsubishi Estate Co. Ltd. | 4400 |  | 79965 |
|  Mitsui Fudosan Co. Ltd. | 299000 |  | 2863669 |
|  Nomura Real Estate Holdings, Inc. | 92500 |  | 541646 |
|  Sun Hung Kai Properties Ltd. | 5500 |  | 59079 |
|  Tokyo Tatemono Co. Ltd. | 2800 |  | 49593 |
|  Tokyu Fudosan Holdings Corp. | 4800 |  | 34973 |
|  |  |  | 6811131 |
| **Retail REITs — 0.4%** |  |  |  |
|  Kimco Realty Corp. | 62575 |  | 1330345 |
|  Klepierre SA | 2407 |  | 94228 |
|  Link REIT | 16300 |  | 86263 |
|  RioCan Real Estate Investment Trust | 65079 |  | 822290 |
|  Simon Property Group, Inc. | 21207 |  | 3458226 |
|  |  |  | 5791352 |
| **Semiconductors & Semiconductor Equipment — 5.0%** | **Semiconductors & Semiconductor Equipment — 5.0%** | **Semiconductors & Semiconductor Equipment — 5.0%** | **Semiconductors & Semiconductor Equipment — 5.0%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 30156 |  | 3339174 |
|  Analog Devices, Inc. | 896 |  | 191726 |
|  ASE Technology Holding Co. Ltd. | 122000 |  | 555075 |
|  ASMedia Technology, Inc. | 1000 |  | 63593 |
|  ASML Holding NV | 1406 |  | 1035857 |
|  ASPEED Technology, Inc. | 6000 |  | 777269 |
|  Bestechnic Shanghai Co. Ltd., Class A | 1319 |  | 71543 |
|  Broadcom, Inc. | 39893 |  | 9656899 |
|  Elan Microelectronics Corp. | 72000 |  | 327113 |
|  King Yuan Electronics Co. Ltd. | 13000 |  | 41187 |
|  KLA Corp. | 1060 |  | 802293 |
|  Lam Research Corp. | 19906 |  | 1608206 |
|  Marvell Technology, Inc. | 1711 |  | 102985 |
|  MediaTek, Inc. | 78000 |  | 3202573 |
|  NVIDIA Corp. | 287827 |  | 38894063 |
|  Parade Technologies Ltd. | 26000 |  | 494076 |
|  Phison Electronics Corp. | 14000 |  | 233623 |
|  QUALCOMM, Inc. | 39790 |  | 5777508 |
|  Rambus, Inc.<sup>(a)</sup> | 2958 |  | 158164 |
|  Realtek Semiconductor Corp. | 22000 |  | 392290 |
|  Rockchip Electronics Co. Ltd., Class A | 25400 |  | 505668 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 298000 |  | 9504424 |
|  Tokyo Electron Ltd. | 25300 |  | 3981335 |
|  |  |  | 81716644 |
| **Software — 4.9%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 12472 |  | 5177003 |
|  Atlassian Corp., Class A<sup>(a)</sup> | 2518 |  | 522812 |
|  Autodesk, Inc.<sup>(a)</sup> | 5244 |  | 1552853 |
|  Dropbox, Inc., Class A<sup>(a)</sup> | 22360 |  | 645310 |
|  Elastic NV<sup>(a)</sup> | 11767 |  | 951597 |
|  Fair Isaac Corp.<sup>(a)</sup> | 451 |  | 778552 |
|  Fortinet, Inc.<sup>(a)</sup> | 11389 |  | 1159172 |
|  InterDigital, Inc. | 2 |  | 435 |
|  Intuit, Inc. | 11762 |  | 8862314 |
|  Microsoft Corp. | 87937 |  | 40482677 |
|  Nice Ltd.<sup>(a)</sup> | 3862 |  | 654098 |
|  Nutanix, Inc., Class A<sup>(a)</sup> | 683 |  | 52379 |

---

8 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* | *Value* |
| **Software (continued)** |  |  |  |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 16647 | $| 2193742 |
|  Pegasystems, Inc. | 6619 |  | 649655 |
|  Salesforce, Inc. | 10637 |  | 2822741 |
|  SAP SE | 16467 |  | 4981600 |
|  ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6366 |  | &nbsp;&nbsp;&nbsp;&nbsp;6436599 |
|  TOTVS SA | 20782 |  | 155297 |
|  Xero Ltd.<sup>(a)</sup> | 19684 |  | 2338233 |
|  |  |  | 80417069 |
| **Specialized REITs — 0.2%** |  |  |  |
|  Digital Realty Trust, Inc. | 494 |  | 84731 |
|  Equinix, Inc. | 4405 |  | 3915252 |
|  |  |  | 3999983 |
| **Specialty Retail — 0.9%** |  |  |  |
|  Home Depot, Inc. (The) | 25158 |  | 9265440 |
|  Industria de Diseno Textil SA | 16831 |  | 911824 |
|  JB Hi-Fi Ltd. | 4966 |  | 344996 |
|  Lojas Renner SA | 1002176 |  | 3155729 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 36 |  | 49230 |
|  Pop Mart International Group Ltd.<sup>(b)</sup> | 12400 |  | 346555 |
|  |  |  | 14073774 |
| **Technology Hardware, Storage & Peripherals — 2.8%** | **Technology Hardware, Storage & Peripherals — 2.8%** | **Technology Hardware, Storage & Peripherals — 2.8%** | **Technology Hardware, Storage & Peripherals — 2.8%** |
|  Apple Inc. | 202601 |  | 40692411 |
|  Chicony Electronics Co. Ltd. | 67000 |  | 373803 |
|  IEIT Systems Co. Ltd., Class A | 28000 |  | 189105 |
|  Lenovo Group Ltd. | 262000 |  | 299104 |
|  NetApp, Inc. | 8207 |  | 813806 |
|  Quanta Computer, Inc.<sup>(a)</sup> | 8000 |  | 70771 |
|  Samsung Electronics Co. Ltd. | 56472 |  | 2291504 |
|  Xiaomi Corp., Class B<sup>(a)(b)</sup> | 239200 |  | 1539733 |
|  |  |  | 46270237 |
| **Textiles, Apparel & Luxury Goods — 0.1%** |  |  |  |
|  Bosideng International Holdings Ltd. | 412000 |  | 230112 |
|  Hermes International SCA | 167 |  | 460505 |
|  Makalot Industrial Co. Ltd. | 32640 |  | 297740 |
|  |  |  | 988357 |
| **Tobacco — 0.4%** |  |  |  |
|  Imperial Brands PLC | 17894 |  | 678624 |
|  Philip Morris International, Inc. | 29323 |  | 5295441 |
|  |  |  | 5974065 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
|  Finning International, Inc. | 17187 |  | 634454 |
|  Sumitomo Corp. | 20200 |  | 514425 |
|  Toyota Tsusho Corp. | 1200 |  | 25360 |
|  |  |  | 1174239 |
| **Water Utilities — 0.0%** |  |  |  |
|  Cia de Saneamento de Minas Gerais Copasa MG | 18447 |  | 76858 |
|  Guangdong Investment Ltd. | 54000 |  | 43803 |
|  United Utilities Group PLC | 43639 |  | 690946 |
|  |  |  | 811607 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
|  MTN Group Ltd. | 78443 |  | 546005 |
|  SK Telecom Co. Ltd. | 23766 |  | 885982 |
|  SoftBank Corp. | 818100 |  | 1257059 |
|  Vodafone Group PLC | 1093066 |  | 1133580 |
|  |  |  | 3822626 |
|  **Total Common Stocks — 57.4%<br>(Cost: $672,319,735)** |  |  | 942258823 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Corporate Bonds** |  |  |  |
| **Automobile Components — 0.0%** |  |  |  |
|  Garrett Motion Holdings, Inc./Garrett LX I S.a.r.l., 7.75%, 05/31/32<sup>(b)</sup> | USD | 200 | $204088 |
|  IHO Verwaltungs GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (7.75% Cash and 8.50% PIK), 7.75%, 11/15/30<sup>(b)(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33331 |
| &nbsp;&nbsp;&nbsp;&nbsp; (8.00% Cash and 8.75% PIK), 8.00%, 11/15/32<sup>(b)(e)</sup> |  | 25 | 25033 |
|  Patrick Industries, Inc., 6.38%, 11/01/32<sup>(b)</sup> |  | 69 | 68010 |
|  Phinia, Inc., 6.63%, 10/15/32<sup>(b)</sup> |  | 179 | 177927 |
|  |  |  | 508389 |
| **Automobiles — 0.1%** |  |  |  |
|  Aston Martin Capital Holdings Ltd., 10.00%, 03/31/29<sup>(b)</sup> |  | 138 | 129330 |
|  Benteler International AG, 10.50%, 05/15/28<sup>(b)</sup> |  | 24 | 25216 |
|  Honda Motor Co. Ltd., 2.53%, 03/10/27 |  | 1000 | 966566 |
|  Nissan Motor Acceptance Co. LLC, 6.95%, 09/15/26<sup>(b)</sup> |  | 52 | 52635 |
|  |  |  | 1173747 |
| **Banks — 3.2%** |  |  |  |
|  Banco Bilbao Vizcaya Argentaria SA, 6.14%, 09/14/28 |  | 1800 | 1853925 |
|  Banco Santander SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 03/24/28 |  | 1000 | 990576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 08/08/28 |  | 1800 | 1850345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.61%, 11/07/28 |  | 1600 | 1699072 |
|  Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/04/28 |  | 1150 | 1111511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 07/23/30 |  | 370 | 348562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/13/31 |  | 150 | 135285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 04/22/32 |  | 1200 | 1059812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 04/27/33 |  | 1300 | 1260952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.51%, 01/24/36 |  | 1165 | 1174208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.74%, 02/12/36 |  | 690 | 686071 |
|  Bank of Montreal, 5.20%, 02/01/28 |  | 1180 | 1202999 |
|  Citigroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 01/29/31 |  | 1550 | 1403743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 03/31/31 |  | 1670 | 1632889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 06/03/31 |  | 2140 | 1916999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/17/33 |  | 1570 | 1440999 |
|  Fifth Third Bancorp, 6.34%, 07/27/29 |  | 90 | 94144 |
|  HSBC Holdings PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.87%, 11/18/35 |  | 640 | 634210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/03/36 |  | 500 | 492174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 05/13/36<sup>(f)</sup> |  | 4400 | 4430709 |
|  ING Groep NV, 4.02%, 03/28/28 |  | 2300 | 2273800 |
|  JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/25/28 |  | 1410 | 1417134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 04/22/31 |  | 2000 | 1804877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 05/13/31 |  | 2595 | 2362770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 11/19/31 |  | 505 | 431306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 01/25/33 |  | 790 | 698805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 06/01/34 |  | 872 | 881963 |
|  Mitsubishi UFJ Financial Group, Inc., 2.34%, 01/19/28 |  | 1250 | 1205176 |
|  Mizuho Financial Group, Inc., 1.55%, 07/09/27 |  | 1850 | 1788524 |
|  Morgan Stanley Bank N.A., 4.45%, 10/15/27 |  | 900 | 899394 |
|  PNC Financial Services Group, Inc. (The), 5.30%, 01/21/28 |  | 610 | 617017 |
|  Royal Bank of Canada, 5.20%, 08/01/28 |  | 1460 | 1494456 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |  |
|  Santander Holdings U.S.A., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/09/29 | USD | 2670 | $2765726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57%, 06/12/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 05/31/35 |  | 1060 | 1085129 |
|  Santander UK Group Holdings PLC, 6.53%, 01/10/29 |  | 2420 | 2512616 |
|  Sumitomo Mitsui Financial Group, Inc., 1.90%, 09/17/28 |  | 1310 | 1205546 |
|  Toronto-Dominion Bank. (The), Series FXD, 1.95%, 01/12/27 |  | 1310 | 1259200 |
|  U.S. Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 01/23/35 |  | 130 | 132435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 02/12/36 |  | 850 | 847988 |
|  |  |  | 52026628 |
| **Beverages — 0.6%** |  |  |  |
|  Coca-Cola Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/05/51 |  | 5180 | 3364461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/51 |  | 770 | 447714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/14/55 |  | 303 | 283585 |
|  Diageo Capital PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/29/30 |  | 1820 | 1620648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/29/32 |  | 960 | 806327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/24/33 |  | 3930 | 4048676 |
|  |  |  | 10571411 |
| **Biotechnology — 0.3%** |  |  |  |
|  Amgen, Inc., 2.20%, 02/21/27 |  | 650 | 626218 |
|  Gilead Sciences, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/33 |  | 570 | 580401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 10/15/53 |  | 720 | 690394 |
|  Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30 . |  | 4076 | 3491782 |
|  |  |  | 5388795 |
| **Broadline Retail — 0.1%** |  |  |  |
|  Nordstrom, Inc., 5.00%, 01/15/44 |  | 272 | 190242 |
|  Rakuten Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 02/15/27<sup>(b)</sup> |  | 256 | 276033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 04/15/29<sup>(b)</sup> |  | 550 | 588863 |
|  |  |  | 1055138 |
| **Building Products — 0.1%** |  |  |  |
|  Owens Corning |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/26 |  | 350 | 344779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/15/47 |  | 1430 | 1125053 |
|  |  |  | 1469832 |
| **Capital Markets — 1.5%** |  |  |  |
|  Ares Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/27 |  | 520 | 499542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/28 |  | 680 | 634912 |
|  Bank of New York Mellon Corp. (The), 4.71%, 02/01/34 |  | 630 | 613845 |
|  Deutsche Bank AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 02/08/28 |  | 260 | 263220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82%, 11/20/29 |  | 190 | 201041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 09/11/35 |  | 621 | 606017 |
|  FactSet Research Systems, Inc., 2.90%, 03/01/27 |  | 3000 | 2907010 |
|  Freedom Mortgage Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 10/01/28<sup>(b)</sup> |  | 55 | 58998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 10/01/30<sup>(b)</sup> |  | 76 | 83996 |
|  FS KKR Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/27 |  | 445 | 423962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/12/28 |  | 1130 | 1023502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/15/30 |  | 528 | 519897 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
| **Capital Markets (continued)** |  |  |  |  |
|  Goldman Sachs Group, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/07/30 | USD | 1220 | $| 1114567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 01/27/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 04/22/32 |  | 469 |  | 411284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/21/32 |  | 4045 |  | 3480809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/24/33 |  | 1095 |  | 967085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 10/31/38 |  | 442 |  | 376406 |
|  Jane Street Group/JSG Finance, Inc., 6.75%, 05/01/33<sup>(b)</sup> |  | 140 |  | 143574 |
|  LPL Holdings, Inc., 5.65%, 03/15/35 |  | 830 |  | 818540 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 01/21/28 |  | 950 |  | 917144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/22/31 |  | 205 |  | 187011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79%, 02/13/32 |  | 3020 |  | 2543364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 10/20/32 |  | 1355 |  | 1166711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/21/34 |  | 1245 |  | 1244099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 07/21/34 |  | 2585 |  | 2608305 |
|  StoneX Group, Inc., 7.88%, 03/01/31<sup>(b)</sup> |  | 203 |  | 213827 |
|  UBS AG, 1.25%, 08/07/26 |  | 430 |  | 414194 |
|  UBS Group AG, 3.09%, 05/14/32<sup>(b)</sup> |  | 200 |  | 179039 |
|  VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, 06/15/31<sup>(b)</sup> |  | 116 |  | 120941 |
|  |  |  |  | 25054345 |
| **Chemicals — 0.0%** |  |  |  |  |
|  Ecolab, Inc., 2.70%, 12/15/51 |  | 760 |  | 453700 |
|  NOVA Chemicals Corp., 9.00%, 02/15/30<sup>(b)</sup> |  | 28 |  | 30145 |
|  Rain Carbon, Inc., 12.25%, 09/01/29<sup>(b)</sup> |  | 93 |  | 96897 |
|  SK Invictus Intermediate II S.a.r.l., 5.00%, 10/30/29<sup>(b)</sup> |  | 104 |  | 98808 |
|  |  |  |  | 679550 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
|  Deluxe Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/01/29<sup>(b)</sup> |  | 28 |  | 25985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 09/15/29<sup>(b)</sup> |  | 94 |  | 95029 |
|  Pitney Bowes, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/27<sup>(b)</sup> |  | 7 |  | 7036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/15/29<sup>(b)</sup> |  | 69 |  | 68970 |
|  Republic Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/30 |  | 120 |  | 121198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 11/15/34 |  | 495 |  | 498807 |
|  Waste Connections, Inc., 09/01/35<sup>(f)</sup> |  | 945 |  | 952952 |
|  |  |  |  | 1769977 |
| **Communications Equipment — 0.3%** |  |  |  |  |
|  Cisco Systems, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/24/32 |  | 90 |  | 91242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/26/54 |  | 325 |  | 307594 |
|  CommScope LLC, 8.25%, 03/01/27<sup>(b)</sup> |  | 97 |  | 96750 |
|  Motorola Solutions, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/30 |  | 600 |  | 527322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/24/31 |  | 1990 |  | 1763021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/01/32 |  | 1250 |  | 1284877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/15/34 |  | 720 |  | 723640 |
|  |  |  |  | 4794446 |
| **Construction & Engineering — 0.2%** |  |  |  |  |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/29<sup>(b)</sup> |  | 48 |  | 44987 |
|  Quanta Services, Inc., 2.90%, 10/01/30 |  | 4150 |  | 3768900 |
|  Tutor Perini Corp., 11.88%, 04/30/29<sup>(b)</sup> |  | 127 |  | 141302 |
|  |  |  |  | 3955189 |

---

10 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Construction Materials — 0.1%** |  |  |  |
|  CRH America Finance, Inc., 5.50%, 01/09/35 | USD | 1050 | $1058070 |
|  Martin Marietta Materials, Inc., 5.15%, 12/01/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525986 |
|  |  |  | 1584056 |
| **Consumer Finance — 0.8%** |  |  |  |
|  Ally Financial, Inc., 6.65%, 01/17/40 |  | 209 | 200709 |
|  American Express Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/04/27 |  | 700 | 678961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.28%, 07/27/29 |  | 1020 | 1043693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 05/01/34 |  | 450 | 448316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/28/34 |  | 160 | 162144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.44%, 01/30/36 |  | 290 | 291914 |
|  Bread Financial Holdings, Inc., 9.75%, 03/15/29<sup>(b)</sup> |  | 220 | 234561 |
|  Burford Capital Global Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/30<sup>(b)</sup> |  | 35 | 35090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 07/01/31<sup>(b)</sup> |  | 156 | 166204 |
|  Capital One Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.62%, 10/30/31 |  | 3250 | 3624538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 05/10/33 |  | 340 | 336363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 02/01/34 |  | 700 | 709145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.96%, 11/02/34 |  | 1700 | 1945523 |
|  Credit Acceptance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 12/15/28<sup>(b)</sup> |  | 153 | 161897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/30<sup>(b)</sup> |  | 90 | 89649 |
|  EZCORP, Inc., 7.38%, 04/01/32<sup>(b)</sup> |  | 45 | 46699 |
|  goeasy Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 12/01/28<sup>(b)</sup> |  | 121 | 127080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 07/01/29<sup>(b)</sup> |  | 120 | 121233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/30<sup>(b)</sup> |  | 140 | 138247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/01/30<sup>(b)</sup> |  | 95 | 94915 |
|  OneMain Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 |  | 174 | 177227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 01/15/29 |  | 113 | 118432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/15/29 |  | 104 | 105159 |
|  SLM Corp., 6.50%, 01/31/30 |  | 100 | 103113 |
|  Synchrony Financial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/28/31 |  | 2180 | 1847979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/02/33 |  | 149 | 152281 |
|  |  |  | 13161072 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |  |
|  Kroger Co. (The), 5.00%, 09/15/34 |  | 365 | 355500 |
|  U.S. Foods, Inc., 7.25%, 01/15/32<sup>(b)</sup> |  | 177 | 184987 |
|  United Natural Foods, Inc., 6.75%, 10/15/28<sup>(b)</sup> |  | 216 | 214568 |
|  Walgreen Co., 4.40%, 09/15/42 |  | 24 | 21354 |
|  Walgreens Boots Alliance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 08/15/29 |  | 227 | 237843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/01/46 |  | 7 | 6315 |
|  Walmart, Inc., 4.90%, 04/28/35 |  | 1490 | 1490259 |
|  |  |  | 2510826 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |  |
|  Adtalem Global Education, Inc., 5.50%, 03/01/28<sup>(b)</sup> |  | 42 | 41669 |
| **Diversified REITs — 0.2%** |  |  |  |
|  American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/15/26 |  | 425 | 408509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/15/28 |  | 25 | 25963 |
|  Crown Castle, Inc., 3.65%, 09/01/27 |  | 900 | 879201 |
|  Equinix, Inc., 1.45%, 05/15/26 |  | 1000 | 969656 |
|  Iron Mountain, Inc., 7.00%, 02/15/29<sup>(b)</sup> |  | 116 | 119848 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
| **Diversified REITs (continued)** |  |  |  |  |
|  Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 02/15/28<sup>(b)</sup> | USD | 319 | $| 338420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/29<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68827 |
|  |  |  |  | 2810424 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |  |  |
|  GCI LLC, 4.75%, 10/15/28<sup>(b)</sup> |  | 100 |  | 94051 |
|  Koninklijke KPN NV, 8.38%, 10/01/30 |  | 450 |  | 524540 |
|  Level 3 Financing, Inc., 4.25%, 07/01/28<sup>(b)</sup> |  | 147 |  | 130830 |
|  Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31<sup>(b)</sup> |  | 145 |  | 150908 |
|  |  |  |  | 900329 |
| **Electric Utilities — 0.6%** |  |  |  |  |
|  Avangrid, Inc., 3.80%, 06/01/29 |  | 500 |  | 482393 |
|  Commonwealth Edison Co., 4.90%, 02/01/33 |  | 1590 |  | 1583078 |
|  Eversource Energy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/27 |  | 1000 |  | 972099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/32 |  | 750 |  | 671589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 1.40%, 08/15/26 |  | 200 |  | 192304 |
|  Exelon Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/27 |  | 550 |  | 533735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/15/32 |  | 350 |  | 317778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/15/34 |  | 270 |  | 273033 |
|  NRG Energy, Inc., 6.25%, 11/01/34<sup>(b)</sup> |  | 70 |  | 70024 |
|  NSTAR Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/29 |  | 1000 |  | 953817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/01/30 |  | 1000 |  | 970757 |
|  Public Service Co. of New Hampshire, 5.15%, 01/15/53 |  | 360 |  | 321778 |
|  Public Service Electric & Gas Co., 5.20%, 08/01/33 . | Public Service Electric & Gas Co., 5.20%, 08/01/33 . | 2410 |  | 2439013 |
|  Tampa Electric Co., 5.15%, 03/01/35 |  | 670 |  | 660984 |
|  Vistra Operations Co. LLC, 7.75%, 10/15/31<sup>(b)</sup> |  | 86 |  | 91189 |
|  |  |  |  | 10533571 |
| **Electrical Equipment — 0.1%** |  |  |  |  |
|  NXP BV/NXP Funding LLC, 5.55%, 12/01/28 |  | 850 |  | 868921 |
|  WESCO Distribution, Inc., 6.38%, 03/15/33<sup>(b)</sup> |  | 105 |  | 106949 |
|  |  |  |  | 975870 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
|  Allegion U.S. Holding Co., Inc., 3.55%, 10/01/27 |  | 45 |  | 43833 |
|  Keysight Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/06/27 |  | 1250 |  | 1252102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/29 |  | 1150 |  | 1069832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/34 |  | 95 |  | 92627 |
|  |  |  |  | 2458394 |
| **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |  |  |
|  Chevron U.S.A., Inc., 4.98%, 04/15/35 |  | 1905 |  | 1900096 |
|  Helix Energy Solutions Group, Inc., 9.75%, 03/01/29<sup>(b)</sup> |  | 113 |  | 117184 |
|  Oceaneering International, Inc., 6.00%, 02/01/28 |  | 14 |  | 13811 |
|  Pentair Finance Sarl |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/29 |  | 1580 |  | 1557007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 07/15/32 |  | 740 |  | 762763 |
|  Valaris Ltd., 8.38%, 04/30/30<sup>(b)</sup> |  | 122 |  | 122474 |
|  Vallourec SACA, 7.50%, 04/15/32<sup>(b)</sup> |  | 95 |  | 99126 |
|  Viridien, 10.00%, 10/15/30<sup>(b)</sup> |  | 100 |  | 94367 |
|  |  |  |  | 4666828 |
| **Entertainment — 0.0%** |  |  |  |  |
|  Odeon Finco PLC, 12.75%, 11/01/27<sup>(b)</sup> |  | 158 |  | 163490 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
| **Entertainment (continued)** |  |  |  |  |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/29<sup>(b)</sup> | USD | 163 | $| 107988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/31<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13090 |
|  Resorts World Las Vegas LLC/RWLV Capital, Inc., 8.45%, 07/27/30<sup>(b)</sup> |  | 81 |  | 79410 |
|  |  |  |  | 363978 |
| **Financial Services — 0.4%** |  |  |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.95%, 09/10/34 |  | 1140 |  | 1094082 |
|  Coinbase Global, Inc., 3.38%, 10/01/28<sup>(b)</sup> |  | 188 |  | 174832 |
|  CPI CG, Inc., 10.00%, 07/15/29<sup>(b)</sup> |  | 128 |  | 135040 |
|  Freedom Mortgage Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 02/01/29<sup>(b)</sup> |  | 125 |  | 128878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 05/15/31<sup>(b)</sup> |  | 125 |  | 127476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 04/01/32<sup>(b)</sup> |  | 35 |  | 34569 |
|  MGIC Investment Corp., 5.25%, 08/15/28 |  | 2930 |  | 2909662 |
|  Nationstar Mortgage Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/29<sup>(b)</sup> |  | 120 |  | 122223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/30<sup>(b)</sup> |  | 312 |  | 310656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/31<sup>(b)</sup> |  | 100 |  | 100157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/01/32<sup>(b)</sup> |  | 69 |  | 71849 |
|  PennyMac Financial Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/15/29<sup>(b)</sup> |  | 28 |  | 29492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/30<sup>(b)</sup> |  | 110 |  | 112429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 05/15/32<sup>(b)(f)</sup> |  | 80 |  | 80376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 02/15/33<sup>(b)</sup> |  | 125 |  | 125671 |
|  RELX Capital, Inc., 5.25%, 03/27/35 |  | 110 |  | 110472 |
|  UWM Holdings LLC, 6.63%, 02/01/30<sup>(b)</sup> |  | 138 |  | 135298 |
|  |  |  |  | 5803162 |
| **Food Products — 0.2%** |  |  |  |  |
|  Kellanova |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/27 |  | 670 |  | 656173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/28 |  | 3000 |  | 3004028 |
|  Post Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/33<sup>(b)</sup> |  | 157 |  | 155853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/34<sup>(b)</sup> |  | 93 |  | 91863 |
|  |  |  |  | 3907917 |
| **Gas Utilities — 0.2%** |  |  |  |  |
|  AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/20/27 |  | 138 |  | 135050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 06/01/28<sup>(b)</sup> |  | 107 |  | 108057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/01/30<sup>(b)(f)</sup> |  | 85 |  | 85854 |
|  National Fuel Gas Co., 5.95%, 03/15/35 |  | 2035 |  | 2039701 |
|  ONE Gas, Inc., 4.25%, 09/01/32 |  | 155 |  | 146846 |
|  |  |  |  | 2515508 |
| **Ground Transportation — 0.1%** |  |  |  |  |
|  Canadian National Railway Co., 3.85%, 08/05/32 |  | 575 |  | 537516 |
|  CSX Corp., 4.90%, 03/15/55 |  | 60 |  | 52291 |
|  Hertz Corp. (The), 12.63%, 07/15/29<sup>(b)</sup> |  | 290 |  | 295288 |
|  Ryder System, Inc., 6.30%, 12/01/28 |  | 1120 |  | 1175085 |
|  |  |  |  | 2060180 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
|  Bausch + Lomb Corp., 8.38%, 10/01/28<sup>(b)</sup> |  | 194 |  | 200569 |
|  Insulet Corp., 6.50%, 04/01/33<sup>(b)</sup> |  | 185 |  | 190227 |
|  Zimmer Biomet Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/19/27 |  | 40 |  | 40073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/01/28 |  | 140 |  | 143633 |
|  |  |  |  | 574502 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** |
|  AHP Health Partners, Inc., 5.75%, 07/15/29<sup>(b)</sup> | USD | 100 | $95797 |
|  Cardinal Health, Inc., 5.35%, 11/15/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738452 |
|  Cencora, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/31 |  | 2050 | 1828936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/47 |  | 1280 | 1007421 |
|  Centene Corp., 2.45%, 07/15/28 |  | 1290 | 1188079 |
|  Cigna Group (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/28 |  | 990 | 984476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/34 |  | 590 | 589177 |
|  DaVita, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/30<sup>(b)</sup> |  | 114 | 106526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 09/01/32<sup>(b)</sup> |  | 86 | 87362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 07/15/33<sup>(b)(f)</sup> |  | 75 | 75775 |
|  Elevance Health, Inc., 3.65%, 12/01/27 |  | 1500 | 1472666 |
|  HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/26 |  | 850 | 850894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/27 |  | 440 | 428857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/01/28 |  | 590 | 598458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 04/01/31 |  | 780 | 794090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/32 |  | 1129 | 1024360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/01/34 |  | 985 | 990479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 09/15/34 |  | 165 | 163354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 06/01/53 |  | 330 | 308870 |
|  Icon Investments Six DAC, 6.00%, 05/08/34 |  | 2380 | 2382455 |
|  IQVIA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 05/15/28 |  | 3350 | 3402042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/29 |  | 1390 | 1440160 |
|  McKesson Corp., 5.10%, 07/15/33 |  | 2750 | 2783553 |
|  Quest Diagnostics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/15/27 |  | 980 | 985514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/29 |  | 1200 | 1202234 |
|  Tenet Healthcare Corp., 6.13%, 10/01/28 |  | 200 | 200291 |
|  UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/15/31 |  | 420 | 420883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/33 |  | 640 | 610330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/53 |  | 200 | 193061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/15/53 |  | 1100 | 945451 |
|  |  |  | 27900003 |
| **Health Care REITs — 0.1%** |  |  |  |
|  MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 |  | 151 | 131968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 |  | 143 | 108391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 02/15/32<sup>(b)</sup> |  | 45 | 46127 |
|  Ventas Realty LP, 07/15/32<sup>(f)</sup> |  | 900 | 897680 |
|  |  |  | 1184166 |
| **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |
|  Brinker International, Inc., 8.25%, 07/15/30<sup>(b)</sup> |  | 38 | 40212 |
|  Darden Restaurants, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/15/27 |  | 305 | 304025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/15/29 |  | 305 | 302257 |
|  Genting New York LLC/GENNY Capital, Inc., 7.25%, 10/01/29<sup>(b)</sup> |  | 66 | 66745 |
|  Hyatt Hotels Corp., 5.38%, 12/15/31 |  | 40 | 39681 |
|  Raising Cane's Restaurants LLC, 9.38%, 05/01/29<sup>(b)</sup> |  | 80 | 84897 |
|  Viking Cruises Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/29<sup>(b)</sup> |  | 100 | 100697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 07/15/31<sup>(b)</sup> |  | 108 | 115957 |
|  |  |  | 1054471 |
| **Household Durables — 0.3%** |  |  |  |
|  MDC Holdings, Inc., 3.97%, 08/06/61 |  | 360 | 259133 |

---

12 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
| **Household Durables (continued)** |  |  |  |  |
|  NVR, Inc., 3.00%, 05/15/30 | USD | 1930 | $| 1780238 |
|  PulteGroup, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630 |  | &nbsp;&nbsp;&nbsp;&nbsp;1637785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/33 |  | 890 |  | 939105 |
|  |  |  |  | 4616261 |
| **Household Products — 0.1%** |  |  |  |  |
|  Colgate-Palmolive Co., 3.25%, 08/15/32 |  | 50 |  | 45866 |
|  Unilever Capital Corp., 1.75%, 08/12/31 |  | 2140 |  | 1835446 |
|  |  |  |  | 1881312 |
| **Industrial Conglomerates — 0.4%** |  |  |  |  |
|  3M Co., 2.38%, 08/26/29 |  | 1330 |  | 1224103 |
|  Honeywell International, Inc., 5.35%, 03/01/64 |  | 300 |  | 274136 |
|  Trane Technologies Financing Ltd., 3.80%, 03/21/29 |  | 4610 |  | 4529411 |
|  |  |  |  | 6027650 |
| **Insurance — 0.5%** |  |  |  |  |
|  Allstate Corp. (The), 3.85%, 08/10/49 |  | 510 |  | 375968 |
|  American International Group, Inc., 4.85%, 05/07/30 |  | 420 |  | 421613 |
|  Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/31<sup>(b)</sup> |  | 124 |  | 127835 |
|  Markel Group, Inc., 6.00%, 05/16/54 |  | 368 |  | 358308 |
|  Marsh & McLennan Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/34 |  | 1300 |  | 1308285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/15/53 |  | 800 |  | 753144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/15/53 |  | 1030 |  | 1007382 |
|  Progressive Corp. (The), 4.95%, 06/15/33 |  | 2060 |  | 2079475 |
|  Stewart Information Services Corp., 3.60%, 11/15/31 |  | 618 |  | 547508 |
|  Willis North America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/15/27 |  | 570 |  | 572237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 03/05/54 |  | 770 |  | 742604 |
|  |  |  |  | 8294359 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
|  Alphabet, Inc., 4.50%, 05/15/35 |  | 1800 |  | 1748250 |
|  Snap, Inc., 6.88%, 03/01/33<sup>(b)</sup> |  | 58 |  | 58751 |
|  |  |  |  | 1807001 |
| **IT Services — 1.1%** |  |  |  |  |
|  Accenture Capital, Inc., 4.50%, 10/04/34 |  | 80 |  | 76861 |
|  Automatic Data Processing, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/28 |  | 5380 |  | 5032926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 05/08/32<sup>(f)</sup> |  | 590 |  | 591849 |
|  CGI, Inc., 2.30%, 09/14/31 |  | 2370 |  | 2030542 |
|  Cogent Communications Group LLC, 7.00%, 06/15/27<sup>(b)</sup> |  | 301 |  | 302620 |
|  CoreWeave, Inc., 06/01/30<sup>(b)(f)</sup> |  | 95 |  | 94893 |
|  Fiserv, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/02/28 |  | 470 |  | 480726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/02/33 |  | 970 |  | 987460 |
|  IBM International Capital Pte Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/05/34 |  | 2550 |  | 2497953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/05/54 |  | 1540 |  | 1402197 |
|  International Business Machines Corp., 2.20%, 02/09/27 |  | 750 |  | 723427 |
|  Mastercard, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/18/31 |  | 1450 |  | 1248349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/26/50 |  | 1290 |  | 990008 |
|  Sabre GLBL, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 06/01/27<sup>(b)</sup> |  | 35 |  | 35990 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
| **IT Services (continued)** |  |  |  |  |
|  Sabre GLBL, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 12/15/27<sup>(b)</sup> | USD | 55 | $| 54106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 07/15/30<sup>(b)(f)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159030 |
|  VeriSign, Inc., 5.25%, 06/01/32 |  | 205 |  | 206619 |
|  Visa, Inc., 3.65%, 09/15/47 |  | 630 |  | 479955 |
|  |  |  |  | 17395511 |
| **Leisure Products — 0.0%** |  |  |  |  |
|  Amer Sports Co., 6.75%, 02/16/31<sup>(b)</sup> |  | 48 |  | 49561 |
| **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |
|  Charles River Laboratories International, Inc., 4.25%, 05/01/28<sup>(b)</sup> |  | 182 |  | 174811 |
| **Machinery — 0.0%** |  |  |  |  |
|  Cummins, Inc., 4.90%, 02/20/29 |  | 570 |  | 581731 |
|  Enpro, Inc., 06/01/33<sup>(b)(f)</sup> |  | 35 |  | 35260 |
|  Manitowoc Co., Inc. (The), 9.25%, 10/01/31<sup>(b)</sup> |  | 18 |  | 18756 |
|  |  |  |  | 635747 |
| **Media — 0.2%** |  |  |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/29<sup>(b)</sup> |  | 246 |  | 242602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/29<sup>(b)</sup> |  | 249 |  | 252377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30<sup>(b)</sup> |  | 38 |  | 36274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/30<sup>(b)</sup> |  | 5 |  | 4688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 03/01/31<sup>(b)</sup> |  | 466 |  | 482310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32<sup>(b)</sup> |  | 73 |  | 67578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/32 |  | 69 |  | 62800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/34<sup>(b)</sup> |  | 284 |  | 245158 |
|  CSC Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27<sup>(b)</sup> |  | 35 |  | 33156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/28<sup>(b)</sup> |  | 25 |  | 19259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 05/15/28<sup>(b)</sup> |  | 35 |  | 34639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 01/31/29<sup>(b)</sup> |  | 35 |  | 32811 |
|  DirecTV Financing LLC/DirecTV Financing Co- Obligor, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/15/27<sup>(b)</sup> |  | 190 |  | 187019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 02/15/31<sup>(b)</sup> |  | 407 |  | 396154 |
|  Interpublic Group of Cos., Inc. (The), 4.65%, 10/01/28 |  | 500 |  | 500485 |
|  Nexstar Media, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27<sup>(b)</sup> |  | 140 |  | 139440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/28<sup>(b)</sup> |  | 253 |  | 243408 |
|  Paramount Global, 4.20%, 05/19/32 |  | 160 |  | 144213 |
|  Sinclair Television Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/30<sup>(b)</sup> |  | 54 |  | 45360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/31/32<sup>(b)</sup> |  | 145 |  | 104708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/15/33<sup>(b)</sup> |  | 75 |  | 75040 |
|  Sirius XM Radio LLC, 4.13%, 07/01/30<sup>(b)</sup> |  | 382 |  | 347073 |
|  Starz Capital Holdings 1, Inc., 5.50%, 04/15/29<sup>(b)</sup> |  | 90 |  | 80094 |
|  TEGNA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/28 |  | 48 |  | 46533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/29 |  | 7 |  | 6668 |
|  |  |  |  | 3829847 |
| **Metals & Mining — 0.1%** |  |  |  |  |
|  Algoma Steel, Inc., 9.13%, 04/15/29<sup>(b)</sup> |  | 62 |  | 53623 |
|  First Quantum Minerals Ltd., 9.38%, 03/01/29<sup>(b)</sup> |  | 42 |  | 44100 |
|  FMG Resources August 2006 Pty Ltd., 6.13%, 04/15/32<sup>(b)</sup> |  | 23 |  | 22944 |
|  Ivanhoe Mines Ltd., 7.88%, 01/23/30<sup>(b)</sup> |  | 29 |  | 28173 |
|  Novelis Corp., 6.88%, 01/30/30<sup>(b)</sup> |  | 80 |  | 82499 |
|  Reliance, Inc., 2.15%, 08/15/30 |  | 50 |  | 43865 |
|  Rio Tinto Finance U.S.A. PLC, 5.25%, 03/14/35 |  | 715 |  | 712860 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
| **Metals & Mining (continued)** |  |  |  |  |
|  Steel Dynamics, Inc., 2.40%, 06/15/25 | USD | 750 | $| 749196 |
|  SunCoke Energy, Inc., 4.88%, 06/30/29<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63413 |
|  Taseko Mines Ltd., 8.25%, 05/01/30<sup>(b)</sup> |  | 131 |  | 134593 |
|  |  |  |  | 1935266 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |
|  Blackstone Mortgage Trust, Inc., 7.75%, 12/01/29<sup>(b)</sup> . | Blackstone Mortgage Trust, Inc., 7.75%, 12/01/29<sup>(b)</sup> . | 52 |  | 54745 |
|  Starwood Property Trust, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/15/26<sup>(b)</sup> |  | 217 |  | 211868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/01/29<sup>(b)</sup> |  | 169 |  | 175688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/30<sup>(b)</sup> |  | 75 |  | 75900 |
|  |  |  |  | 518201 |
| **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** |
|  Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29<sup>(b)</sup> |  | 42 |  | 43040 |
|  California Resources Corp., 8.25%, 06/15/29<sup>(b)</sup> |  | 344 |  | 344624 |
|  Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29 |  | 670 |  | 641905 |
|  Cheniere Energy, Inc., 4.63%, 10/15/28 |  | 2890 |  | 2860536 |
|  Chord Energy Corp., 6.75%, 03/15/33<sup>(b)</sup> |  | 110 |  | 109239 |
|  CNX Midstream Partners LP, 4.75%, 04/15/30<sup>(b)</sup> |  | 55 |  | 50985 |
|  ConocoPhillips Co., 5.00%, 01/15/35 |  | 1655 |  | 1616287 |
|  CVR Energy, Inc., 8.50%, 01/15/29<sup>(b)</sup> |  | 29 |  | 28305 |
|  Enbridge, Inc., 6.20%, 11/15/30 |  | 75 |  | 79418 |
|  Global Partners LP/GLP Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/01/27 |  | 73 |  | 73178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/29 |  | 21 |  | 21087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/32<sup>(b)</sup> |  | 197 |  | 204788 |
|  Greenfire Resources Ltd., 12.00%, 10/01/28<sup>(b)</sup> |  | 52 |  | 55017 |
|  Karoon U.S.A. Finance, Inc., 10.50%, 05/14/29<sup>(b)</sup> |  | 33 |  | 32794 |
|  Kinder Morgan, Inc., 5.95%, 08/01/54 |  | 736 |  | 702829 |
|  ONEOK, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/15/25 |  | 370 |  | 367405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/26 |  | 1000 |  | 1005702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/01/28 |  | 1630 |  | 1677808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 01/15/31 |  | 1340 |  | 1414166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 09/01/33 |  | 590 |  | 605353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 01/15/51 |  | 430 |  | 452736 |
|  Summit Midstream Holdings LLC, 8.63%, 10/31/29<sup>(b)</sup> |  | 86 |  | 86193 |
|  Talos Production, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 02/01/29<sup>(b)</sup> |  | 118 |  | 117196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 02/01/31<sup>(b)</sup> |  | 114 |  | 112084 |
|  Targa Resources Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 03/01/29 |  | 2790 |  | 2912060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 08/15/35 |  | 570 |  | 558914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/53 |  | 750 |  | 739299 |
|  TotalEnergies Capital SA, 5.49%, 04/05/54 |  | 510 |  | 475973 |
|  Venture Global LNG, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 02/01/29<sup>(b)</sup> |  | 100 |  | 106915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 02/01/32<sup>(b)</sup> |  | 211 |  | 224471 |
|  Vermilion Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/30<sup>(b)</sup> |  | 193 |  | 175648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/33<sup>(b)</sup> |  | 171 |  | 149637 |
|  Western Midstream Operating LP, 6.35%, 01/15/29 |  | 35 |  | 36339 |
|  |  |  |  | 18081931 |
| **Passenger Airlines — 0.1%** |  |  |  |  |
|  American Airlines, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/28<sup>(b)</sup> |  | 218 |  | 220179 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
| **Passenger Airlines (continued)** |  |  |  |  |
|  American Airlines, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/29<sup>(b)</sup> | USD | 349 | $| 361604 |
|  JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, 09/20/31<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329392 |
|  |  |  |  | 911175 |
| **Pharmaceuticals — 0.4%** |  |  |  |  |
|  Eli Lilly & Co., 5.05%, 08/14/54 |  | 930 |  | 849084 |
|  Merck & Co., Inc., 5.00%, 05/17/53 |  | 340 |  | 304311 |
|  Novartis Capital Corp., 2.20%, 08/14/30 |  | 3030 |  | 2727847 |
|  Zoetis, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/12/27 |  | 640 |  | 622252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/30 |  | 2820 |  | 2503534 |
|  |  |  |  | 7007028 |
| **Professional Services — 0.0%** |  |  |  |  |
|  CACI International, Inc., 06/15/33<sup>(b)(f)</sup> |  | 85 |  | 86652 |
|  GrubHub Holdings, Inc., 5.50%, 07/01/27<sup>(b)</sup> |  | 97 |  | 89483 |
|  |  |  |  | 176135 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
|  CBRE Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/29 |  | 1130 |  | 1161143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/34 |  | 1830 |  | 1891376 |
|  Howard Hughes Corp. (The), 5.38%, 08/01/28<sup>(b)</sup> |  | 150 |  | 147145 |
|  |  |  |  | 3199664 |
| **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** |  |  |
|  Broadcom, Inc., 3.75%, 02/15/51<sup>(b)</sup> |  | 460 |  | 332723 |
|  Intel Corp., 4.88%, 02/10/28 |  | 1610 |  | 1623089 |
|  Lam Research Corp., 1.90%, 06/15/30 |  | 3810 |  | 3357972 |
|  Marvell Technology, Inc., 5.95%, 09/15/33 |  | 65 |  | 67128 |
|  NVIDIA Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 06/15/28 |  | 600 |  | 557412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/31 |  | 4490 |  | 3939063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/60 |  | 1580 |  | 1133733 |
|  Texas Instruments, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/15/31 |  | 459 |  | 395100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/16/32 |  | 3545 |  | 3313218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/14/33 |  | 790 |  | 798490 |
|  TSMC Arizona Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/22/32 |  | 1258 |  | 1221468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/25/51 |  | 810 |  | 567802 |
|  |  |  |  | 17307198 |
| **Software — 1.0%** |  |  |  |  |
|  Adobe, Inc., 2.30%, 02/01/30 |  | 3570 |  | 3272572 |
|  Cloud Software Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/31/29<sup>(b)</sup> |  | 138 |  | 137845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 09/30/29<sup>(b)</sup> |  | 199 |  | 203692 |
|  Dye & Durham Ltd., 8.63%, 04/15/29<sup>(b)</sup> |  | 100 |  | 103738 |
|  Electronic Arts, Inc., 1.85%, 02/15/31 |  | 1000 |  | 858611 |
|  Intuit, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 07/15/27 |  | 1000 |  | 942135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/15/30 |  | 4690 |  | 4097638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/15/33 |  | 300 |  | 306866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/15/53 |  | 95 |  | 91942 |
|  Oracle Corp., 5.50%, 08/03/35 |  | 2060 |  | 2069524 |
|  Salesforce, Inc., 3.05%, 07/15/61 |  | 920 |  | 542987 |
|  ServiceNow, Inc., 1.40%, 09/01/30 |  | 3000 |  | 2566844 |
|  Workday, Inc., 3.80%, 04/01/32 |  | 1820 |  | 1688284 |
|  |  |  |  | 16882678 |
| **Specialty Retail — 0.4%** |  |  |  |  |
|  Bath & Body Works, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 03/01/33 |  | 182 |  | 183497 |

---

14 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Specialty Retail (continued)** |  |  |  |
|  Bath & Body Works, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/01/35 | USD | 303 | $305157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 07/15/37 |  | 28 | 28377 |
|  Carvana Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (9.00% Cash and 12.00% PIK), 9.00%, 12/01/28<sup>(b)(e)</sup> |  | 205 | 210904 |
| &nbsp;&nbsp;&nbsp;&nbsp; (9.00% Cash and 13.00% PIK), 9.00%, 06/01/30<sup>(b)(e)</sup> |  | 239 | 251802 |
| &nbsp;&nbsp;&nbsp;&nbsp; (9.00% Cash and 14.00% PIK), 9.00%, 06/01/31<sup>(b)(e)</sup> |  | 422 | 489407 |
|  Foot Locker, Inc., 4.00%, 10/01/29<sup>(b)</sup> |  | 70 | 66506 |
|  Gap, Inc. (The), 3.63%, 10/01/29<sup>(b)</sup> |  | 69 | 63009 |
|  Home Depot, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/15/28 |  | 1050 | 964901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/15/31 |  | 1420 | 1210847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/15/50 |  | 940 | 643240 |
|  Lowe's Cos., Inc., 1.70%, 09/15/28 |  | 1150 | 1055568 |
|  Upbound Group, Inc., 6.38%, 02/15/29<sup>(b)</sup> |  | 55 | 52625 |
|  Wayfair LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/31/29<sup>(b)</sup> |  | 113 | 110054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/15/30<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289027 |
|  |  |  | 5924921 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |  |
|  CDW LLC/CDW Finance Corp., 3.57%, 12/01/31 |  | 226 | 204918 |
|  Diebold Nixdorf, Inc., 7.75%, 03/31/30<sup>(b)</sup> |  | 35 | 36789 |
|  NetApp, Inc., 5.70%, 03/17/35 |  | 950 | 954779 |
|  Seagate Data Storage Technology Pte Ltd., 07/15/30<sup>(b)(f)</sup> |  | 60 | 60094 |
|  |  |  | 1256580 |
| **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |  |
|  VF Corp., 6.45%, 11/01/37 |  | 248 | 214368 |
|  William Carter Co. (The), 5.63%, 03/15/27<sup>(b)</sup> |  | 78 | 77468 |
|  Wolverine World Wide, Inc., 4.00%, 08/15/29<sup>(b)</sup> |  | 199 | 174153 |
|  |  |  | 465989 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |  |
|  Fortress Transportation & Infrastructure Investors LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/01/30<sup>(b)</sup> |  | 178 | 187056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/32<sup>(b)</sup> |  | 48 | 49068 |
|  QXO Building Products, Inc., 6.75%, 04/30/32<sup>(b)</sup> |  | 240 | 246084 |
|  |  |  | 482208 |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |  |
|  Millicom International Cellular SA, 7.38%, 04/02/32<sup>(b)</sup> |  | 58 | 58631 |
|  T-Mobile U.S.A., Inc., 5.50%, 01/15/55 |  | 320 | 295805 |
|  Zegona Finance PLC, 8.63%, 07/15/29<sup>(b)</sup> |  | 128 | 136320 |
|  |  |  | 490756 |
|  **Total Corporate Bonds — 19.1%<br>(Cost: $313,994,606)** |  |  | 312806163 |
|  **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Chile — 0.1%** |  |  |  |
|  Republic of Chile, 3.25%, 09/21/71 |  | 1110 | 652680 |
| **Mexico — 0.0%** |  |  |  |
|  United Mexican States, 3.77%, 05/24/61 |  | 870 | 487200 |
|  **Total Foreign Government Obligations — 0.1%<br>(Cost: $1,271,375)** |  |  | 1139880 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
|  **Investment Companies** |  |  |  |
| **Equity Funds — 0.3%** |  |  |  |
|  iShares MSCI India ETF<sup>(g)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84323 | $&nbsp;&nbsp;&nbsp;&nbsp;4579582 |
|  **Total Investment Companies — 0.3%<br>(Cost: $3,823,884)** |  |  | 4579582 |
|  **Preferred Securities** |  |  |  |
| **Preferred Stocks — 0.1%** |  |  |  |
| **Banks — 0.0%** |  |  |  |
|  Grupo Cibest SA, |  | 24294 | 253757 |
| **Chemicals — 0.0%** |  |  |  |
|  Braskem SA, Series A, <sup>(a)</sup> |  | 125323 | 241246 |
| **Electric Utilities — 0.1%** |  |  |  |
|  Cia Energetica de Minas Gerais, |  | 103898 | 196733 |
|  Cia Paranaense de Energia - Copel, Class B, |  | 138962 | 310505 |
|  |  |  | 507238 |
| **Machinery — 0.0%** |  |  |  |
|  Marcopolo SA, |  | 364812 | 463071 |
| **Metals & Mining — 0.0%** |  |  |  |
|  Gerdau SA, |  | 96697 | 257149 |
|  **Total Preferred Securities — 0.1%<br>(Cost: $1,984,631)** |  |  | 1722461 |
|  **Rights** |  |  |  |
| **Food Products — 0.0%** |  |  |  |
|  Minerva SA, Expires 06/12/25<sup>(a)</sup> |  | 28218 |  |
|  **Total Rights — 0.0%<br>(Cost: $6,811)** |  |  |  |
|  |  | *Par*<br> *(000)* |  |
|  **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Mortgage-Backed Securities — 7.5%** |  |  |  |
|  Fannie Mae Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/01/37 - 04/01/52 | USD | 2055 | 1563390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/37 - 11/01/51 |  | 23967 | 19238384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/37 - 07/01/51 |  | 6512 | 5386734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/34 - 04/01/52 |  | 1727 | 1541429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/37 - 08/01/52 |  | 1042 | 969079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/52 - 08/01/53 |  | 171 | 163380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/52 - 01/01/55 |  | 2824 | 2741275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/53 - 05/01/54 |  | 1474 | 1465724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/53 - 08/01/54 |  | 2492 | 2522341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/53 - 08/01/54 |  | 1628 | 1694235 |
|  Freddie Mac Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/01/37 |  | 145 | 127256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/36 - 04/01/37 |  | 807 | 728992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/37 - 07/01/51 |  | 3790 | 3138738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/38 - 07/01/50 |  | 455 | 425836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/38 - 02/01/53 |  | 985 | 917091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/52 - 08/01/53 |  | 56 | 53627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/53 |  | 261 | 253858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/53 - 11/01/54 |  | 1864 | 1850884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/53 - 05/01/54 |  | 1373 | 1395817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/53 - 04/01/55 |  | 2056 | 2119642 |
|  Ginnie Mae Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/20/51 - 06/15/55<sup>(h)</sup> |  | 6143 | 4935565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/20/51 - 08/20/52 |  | 12155 | 10187305 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Balanced Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |  |
|  Ginnie Mae Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/46 - 06/15/55<sup>(h)</sup> | USD | 10804 | $9427495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/20/50 - 06/15/55<sup>(h)</sup> |  | 6278 | 5607279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/20/50 - 09/20/52 |  | 5076 | 4671520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/20/49 - 06/15/55<sup>(h)</sup> |  | 4063 | 3848387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/20/53 - 06/15/55<sup>(h)</sup> |  | 2770 | 2689982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/20/52 - 06/15/55<sup>(h)</sup> |  | 2948 | 2930857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/20/53 - 06/15/55<sup>(h)</sup> |  | 1960 | 1981449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/20/53 - 06/15/55<sup>(h)</sup> |  | 1102 | 1126015 |
|  Uniform Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/01/40 - 06/01/55<sup>(h)</sup> |  | 2189 | 1736395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/40 - 06/01/55<sup>(h)</sup> |  | 3261 | 2638794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/40 - 06/01/55<sup>(h)</sup> |  | 2175 | 1953271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/40 - 06/01/55<sup>(h)</sup> |  | 2725 | 2409862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/40 - 06/01/55<sup>(h)</sup> |  | 4575 | 4106116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/40 - 06/01/55<sup>(h)</sup> |  | 1950 | 1834263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/55<sup>(h)</sup> |  | 2225 | 2098291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/55<sup>(h)</sup> |  | 2250 | 2177676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/55<sup>(h)</sup> |  | 4575 | 4528845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/55<sup>(h)</sup> |  | 3250 | 3281725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/55<sup>(h)</sup> |  | 125 | 128346 |
|  |  |  | 122597150 |
|  **Total U.S. Government Sponsored Agency Securities — 7.5%<br>(Cost: $130,224,502)** | **Total U.S. Government Sponsored Agency Securities — 7.5%<br>(Cost: $130,224,502)** | **Total U.S. Government Sponsored Agency Securities — 7.5%<br>(Cost: $130,224,502)** | 122597150 |
|  **U.S. Treasury Obligations** |  |  |  |
|  U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/15/40 |  | 23000 | 13972500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/41 - 02/15/52 |  | 46000 | 29252812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/42 |  | 10000 | 7123828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/43 |  | 9100 | 8511344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/44 |  | 1000 | 898633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/47 |  | 5000 | 3674805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/48 |  | 2600 | 2010633 |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/30/25 |  | 35630 | 35159294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/31/27 |  | 12000 | 11699063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/29 - 02/15/32 |  | 33000 | 29622890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/29 |  | 16000 | 15105625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/15/30 |  | 5000 | 4213672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/34 |  | 9000 | 8670937 |
|  **Total U.S. Treasury Obligations — 10.3%<br>(Cost: $198,730,026)** | **Total U.S. Treasury Obligations — 10.3%<br>(Cost: $198,730,026)** | **Total U.S. Treasury Obligations — 10.3%<br>(Cost: $198,730,026)** | 169916036 |
|  **Total Long-Term Investments — 94.8%<br>(Cost: $1,322,355,570)** | **Total Long-Term Investments — 94.8%<br>(Cost: $1,322,355,570)** | **Total Long-Term Investments — 94.8%<br>(Cost: $1,322,355,570)** | 1555020095 |
|  |  | *Shares* |  |
|  **Short-Term Securities** |  |  |  |
| **Money Market Funds — 5.5%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.46%<sup>(g)(i)(j)</sup> |  | 1290534 | 1291050 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(g)(i)</sup> |  | 89404974 | 89404974 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;90696024 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **U.S. Treasury Obligations<sup>(k)</sup> — 1.2%** | **U.S. Treasury Obligations<sup>(k)</sup> — 1.2%** | **U.S. Treasury Obligations<sup>(k)</sup> — 1.2%** |  |
|  U.S. Treasury Bills |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 06/03/25 | USD | 600 | $599930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 07/29/25 |  | 4100 | 4072524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 07/31/25 |  | 145 | 143995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 08/12/25 |  | 2100 | 2082448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 08/14/25 |  | 2700 | 2676786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 08/19/25 |  | 1500 | 1486238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 08/21/25 |  | 7900 | 7825674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 08/26/25 |  | 100 | 99001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/09/25 |  | 300 | 296516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/23/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | 394695 |
|  **Total U.S. Treasury Obligations — 1.2%<br>(Cost: $19,676,176)** | **Total U.S. Treasury Obligations — 1.2%<br>(Cost: $19,676,176)** | **Total U.S. Treasury Obligations — 1.2%<br>(Cost: $19,676,176)** | 19677807 |
|  **Total Short-Term Securities — 6.7%<br>(Cost: $110,372,200)** | **Total Short-Term Securities — 6.7%<br>(Cost: $110,372,200)** | **Total Short-Term Securities — 6.7%<br>(Cost: $110,372,200)** | 110373831 |
|  **Total Investments — 101.5%<br>(Cost: $1,432,727,770)** |  |  | 1665393926 |
|  **Liabilities in Excess of Other Assets — (1.5)%** | **Liabilities in Excess of Other Assets — (1.5)%** | **Liabilities in Excess of Other Assets — (1.5)%** | (24291999) |
|  **Net Assets — 100.0%** |  |  | $1641101927 |

---

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

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

<sup>(d)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $26,292, representing less than 0.05% of its net assets as of period end, and an original cost of $0. 

<sup>(e)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

<sup>(f)</sup> When-issued security.

<sup>(g)</sup> Affiliate of the Fund.

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

<sup>(i)</sup> Annualized 7-day yield as of period end.

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

<sup>(k)</sup> Rates are discount rates or a range of discount rates as of period end.

16 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Balanced Fund, Inc.** |

---

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net*<br> *Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares<br>Held at<br>05/31/25* | *Income* | *Capital*<br> *Gain*<br> *Distributions<br>from Underlying*<br> *Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $1296503 <sup>(a)</sup> | $— | $(5453) | $— | $1291050 | 1290534 | $2403 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 53822394 | 35582580 <sup>(a)</sup> |  |  |  | 89404974 | 89404974 | 2452111 |  |
|  iShares MSCI India ETF | 4434499 | 1541374 | (1474629) | (3501) | 81839 | 4579582 | 84323 | 35773 |  |
|  iShares Russell 1000 Value ETF<sup>(c)</sup> | 34091607 |  | (35659852) | 5230937 | (3662692) |  |  | 502674 |  |
|  |  |  |  | $5221983 | $(3580853) | $95275606 |  | $2992961 | $— |

---

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

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.

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

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts* | *Expiration*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPIX Index | 176 | 06/12/25 | $33987 | $794615 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds (30 Year) | 25 | 09/19/25 | 2827 | 43445 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes (2 Year) | 425 | 09/30/25 | 88191 | 109919 |
|  |  |  |  | 947979 |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P/Toronto Stock Exchange 60 Index | 15 | 06/19/25 | 3428 | (251978) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mini MSCI EAFE Index | 32 | 06/20/25 | 4167 | (150819) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mini MSCI Emerging Markets Index | 197 | 06/20/25 | 11321 | (272737) |
| &nbsp;&nbsp;&nbsp;&nbsp; NASDAQ 100 E-Mini Index | 118 | 06/20/25 | 50449 | (5799409) |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 135 | 06/20/25 | 39933 | (75780) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes (10 Year) | 474 | 09/19/25 | 52562 | (342691) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Ultra Treasury Bonds | 897 | 09/19/25 | 104276 | (2445188) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Ultra Treasury Notes (10 Year) | 25 | 09/19/25 | 2819 | (10529) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes (5 Year) | 222 | 09/30/25 | 24038 | (77396) |
|  |  |  |  | (9426527) |
|  |  |  |  | $(8478548) |

---

#### Forward Foreign Currency Exchange Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement*<br> *Date* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| AUD | 99446595 | USD | 62718978 | Morgan Stanley & Co. International PLC | 06/18/25 | $1401238 |
| CAD | 20503680 | USD | 14273935 | Goldman Sachs International | 06/18/25 | 680412 |
| CAD | 22752550 | USD | 16213696 | Goldman Sachs International | 06/18/25 | 380863 |
| EUR | 5368033 | JPY | 860588000 | BNP Paribas S.A. | 06/18/25 | 109227 |
| EUR | 3778150 | JPY | 605702000 | Goldman Sachs International | 06/18/25 | 76879 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Balanced Fund, Inc.** |

---

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

#### Forward Foreign Currency Exchange Contracts (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement*<br> *Date* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| JPY | 4902678512 | USD | 33024522 | Barclays Bank PLC | 06/18/25 | $1117624 |
| JPY | 2362545514 | USD | 16287408 | Barclays Bank PLC | 06/18/25 | 165307 |
| JPY | 2494430092 | USD | 17131628 | Goldman Sachs International | 06/18/25 | 239529 |
|  |  |  |  |  |  | $4171079 |
| EUR | 27412480 | USD | 31569939 | Barclays Bank PLC | 06/18/25 | (407621) |
| JPY | 386045000 | EUR | 2377342 | Barclays Bank PLC | 06/18/25 | (14137) |
| JPY | 9927860610 | EUR | 62622595 | BNP Paribas S.A. | 06/18/25 | (2051531) |
| JPY | 386046000 | USD | 2706893 | Bank of America N.A. | 06/18/25 | (18477) |
| USD | 15951497 | AUD | 25236636 | Goldman Sachs International | 06/18/25 | (320338) |
| USD | 15651723 | AUD | 24482484 | HSBC Bank PLC | 06/18/25 | (133857) |
| USD | 2546180 | AUD | 3986000 | JPMorgan Chase Bank N.A. | 06/18/25 | (23874) |
| USD | 456076 | EUR | 419200 | JPMorgan Chase Bank N.A. | 06/18/25 | (20468) |
| USD | 456236 | GBP | 353700 | Barclays Bank PLC | 06/18/25 | (20363) |
| USD | 664122 | JPY | 96699400 | JPMorgan Chase Bank N.A. | 06/18/25 | (9290) |
| USD | 5557370 | JPY | 812853000 | JPMorgan Chase Bank N.A. | 06/18/25 | (103320) |
| USD | 3350542 | JPY | 485231000 | Wells Fargo Bank N.A. | 06/18/25 | (28596) |
|  |  |  |  |  |  | $(3151872) |
|  |  |  |  |  |  | $1019207 |

---

#### OTC Total Return Swaps

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | *Notional* |  | *Upfront*<br> *Premium* | *Unrealized* |
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  | *Termination* | *Amount* |  | *Paid* | *Appreciation* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Date* | *(000)* | *Value* | *(Received)* | *(Depreciation)* |
|  SOFR plus 0.29%, 4.35% | Quarterly | MSCI All Country World Index | Quarterly | Merrill Lynch International | 04/07/26 | USD 131,877 | $11276864 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $11276864 |

---

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swaps

---

| | | | |
|:---|:---|:---|:---|
|  | *Swap*<br> *Premiums*<br> *Paid* | *Unrealized*<br> *Appreciation* | *Unrealized*<br> *Depreciation* |
|  OTC Swaps | $– $– $| 11276864 | $— |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $794615 | $— | $153364 | $— | $947979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts |  |  |  | 4171079 |  |  | 4171079 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; Swap premiums paid |  |  | 11276864 |  |  |  | 11276864 |
|  | $— | $— | $12071479 | $4171079 | $153364 | $— | $16395922 |

---

18 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Balanced Fund, Inc.** |

---

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

#### Derivative Financial Instruments Categorized by Risk Exposure (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $6550723 | $— | $2875804 | $— | $9426527 |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts |  |  |  | 3151872 |  |  | 3151872 |
|  | $— | $— | $6550723 | $3151872 | $2875804 | $— | $12578399 |

---

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

For the period ended May 31, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(1085831) | $— | $4308245 | $— | $3222414 |
|  Forward foreign currency exchange contracts |  |  |  | (3663765) |  |  | (3663765) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (854593) | (545611) |  | (172123) |  | (1572327) |
|  | $— | $(854593) | $(1631442) | $(3663765) | $4136122 | $— | $(2013678) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(5035685) | $— | $(2924069) | $— | $(7959754) |
|  Forward foreign currency exchange contracts |  |  |  | 1478508 |  |  | 1478508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (122171) | 10474974 |  |  |  | 10352803 |
|  | $— | $(122171) | $5439289 | $1478508 | $(2924069) | $— | $3871557 |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $130866623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 232128600 |
|  Forward foreign currency exchange contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | 24253297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts sold — in USD | 123000135 |
|  Credit default swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — sell protection | 9052283 |
|  Total return swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value | 136512403 |
|  Interest rate swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | —(a) |

---

<sup>(a)</sup> Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Balanced Fund, Inc.** |

---

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

#### Derivative Financial Instruments – Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
|  Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $354594 | $564976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 4171079 | 3151872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(a)</sup> | 11276864 |  |
|  Total derivative assets and liabilities in the Statement of Assets and Liabilities | $15802537 | $3716848 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | (354594) | (564976) |
|  Total derivative assets and liabilities subject to an MNA | $15447943 | $3151872 |

---

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

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Assets*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* | *Derivatives*<br> *Available*<br> *for Offset<sup>(a)</sup>* | *Non-*<br> *Cash*<br> *Collateral*<br> *Received<sup>(b)</sup>* | *Cash*<br> *Collateral*<br> *Received<sup>(b)</sup>* | *Net*<br> *Amount of*<br> *Derivative*<br> *Assets<sup>(c)(d)</sup>* |
|  Barclays Bank PLC | $1282931 | $(442121) | $– $|  | $840810 |
|  BNP Paribas S.A. | 109227 | (109227) | – |  |  |
|  Goldman Sachs International | 1377683 | (320338) | – |  | 1057345 |
|  Merrill Lynch International | 11276864 |  | – | (11276864) |  |
|  Morgan Stanley & Co. International PLC | 1401238 |  | – |  | 1401238 |
|  | $15447943 | $(871686) | $– $| (11276864) | $3299393 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* | *Derivatives*<br> *Available*<br> *for Offset<sup>(a)</sup>* | *Non-*<br> *Cash*<br> *Collateral*<br> *Pledged<sup>(b)</sup>* | *Cash*<br> *Collateral*<br> *Pledged<sup>(b)</sup>* | *Net*<br> *Amount of*<br> *Derivative*<br> *Liabilities<sup>(d)(e)</sup>* |
|  Bank of America N.A. | $18477 | $— | $— | $— | $18477 |
|  Barclays Bank PLC | 442121 | (442121) |  |  |  |
|  BNP Paribas S.A. | 2051531 | (109227) |  |  | 1942304 |
|  Goldman Sachs International | 320338 | (320338) |  |  |  |
|  HSBC Bank PLC | 133857 |  |  |  | 133857 |
|  JPMorgan Chase Bank N.A. | 156952 |  |  |  | 156952 |
|  Wells Fargo Bank N.A. | 28596 |  |  |  | 28596 |
|  | $3151872 | $(871686) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2280186 |

---

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

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

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

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

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

20 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Balanced Fund, Inc.** |

---

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $&nbsp;&nbsp;&nbsp;&nbsp;5835956 | $&nbsp;&nbsp;&nbsp;&nbsp;8420441 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14256397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 7754043 | 570982 |  | 8325025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 5965498 | 233509 |  | 6199007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 9694990 | 2767074 |  | 12462064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 35070337 | 39420940 |  | 74491277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | 3074600 | 2274610 |  | 5349210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 11689168 | 2792434 |  | 14481602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 28794179 | 5597682 |  | 34391861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 1837521 | 87033 |  | 1924554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 36350459 | 5235987 |  | 41586446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 2703917 | 8415380 |  | 11119297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 1000604 | 122547 |  | 1123151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 5325172 | 5140257 |  | 10465429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 10773256 | 5613868 |  | 16387124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 17301 | 68768 |  | 86069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 9980470 |  |  | 9980470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 15703992 | 5057670 |  | 20761662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 2188966 |  |  | 2188966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified REITs |  | 62309 |  | 62309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 5337001 | 9513202 |  | 14850203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 5754813 | 4498308 |  | 10253121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 7207691 | 13631495 |  | 20839186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 2974034 | 4211690 |  | 7185724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 2562400 |  |  | 2562400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 8086410 | 113457 |  | 8199867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 12864078 | 1991426 |  | 14855504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 4626406 | 7747278 |  | 12373684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities |  | 120521 |  | 120521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 4139612 |  |  | 4139612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 10456798 | 73675 |  | 10530473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 11563003 | 778496 |  | 12341499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 503698 |  |  | 503698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 1420715 | 132348 |  | 1553063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 124 |  |  | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 15774682 | 3279831 |  | 19054513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 3266614 | 5134813 |  | 8401427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products | 6350035 | 1058087 |  | 7408122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | 821484 | 195880 |  | 1017364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 6720086 | 3837857 |  | 10557943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 541588 |  |  | 541588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 22540591 | 18414233 |  | 40954824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 39555654 | 12588605 |  | 52144259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 7028404 | 132790 |  | 7161194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 2696127 |  |  | 2696127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 708450 | 5348167 |  | 6056617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation |  | 2525190 |  | 2525190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 3901709 | 2915631 |  | 6817340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 10801862 | 3302115 |  | 14103977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 1500581 | 7329426 |  | 8830007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 15629578 | 10839643 |  | 26469221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 4190382 | 1687427 |  | 5877809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 245644 |  |  | 245644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 24172764 | 23416293 |  | 47589057 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Balanced Fund, Inc.** |

---

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

#### Fair Value Hierarchy as of Period End (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | $7560499 | $8444418 | $— | $16004917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 3182206 | 3628925 |  | 6811131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 5610861 | 180491 |  | 5791352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 60531018 | 21185626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 81716644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 72443138 | 7973931 |  | 80417069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 3999983 |  |  | 3999983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 12470399 | 1603375 |  | 14073774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 41695322 | 4574915 |  | 46270237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods |  | 988357 |  | 988357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 5295441 | 678624 |  | 5974065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 634454 | 539785 |  | 1174239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 76858 | 734749 |  | 811607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services |  | 3822626 |  | 3822626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 312806163 |  | 312806163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations |  | 1139880 |  | 1139880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 4579582 |  |  | 4579582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities | 1722461 |  |  | 1722461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities |  | 122597150 |  | 122597150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 169916036 |  | 169916036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 90696024 |  |  | 90696024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 19677807 |  | 19677807 |
|  | $748201693 | $917192233 | $— | $1665393926 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $— | $12071479 | $— | $12071479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | 4171079 |  | 4171079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | 153364 |  |  | 153364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (6550723) |  |  | (6550723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | (3151872) |  | (3151872) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | (2875804) |  |  | (2875804) |
|  | $(9273163) | $13090686 | $— | $3817523 |

---

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

*See notes to financial statements.* 

22 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statement of Assets and Liabilities

May 31, 2025

---

| | |
|:---|:---|
|  | BlackRock<br> Balanced<br> Fund, Inc. |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $1570118320 |
|  Investments, at value — affiliated<sup>(c)</sup> | 95275606 |
|  Cash pledged: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — TBA commitments | 270000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 15446991 |
|  Foreign currency, at value<sup>(d)</sup> | 3351351 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 14740078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 471602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 2541080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 277004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 4594619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 354594 |
|  Unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 4171079 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swaps | 11276864 |
|  Prepaid expenses | 45011 |
|  Total assets | 1722934370 |
|  **LIABILITIES** |  |
|  Cash received: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | 11430000 |
|  Collateral on securities loaned | 1291050 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 62532290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 1577158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 567586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 3771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 391027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 20199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 39925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 262589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 564976 |
|  Unrealized depreciation on forward foreign currency exchange contracts | 3151872 |
|  Total liabilities | 81832443 |
|  **Commitments and contingent liabilities** |  |
|  NET ASSETS | $1641101927 |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in capital | $1357559349 |
|  Accumulated earnings | 283542578 |
|  NET ASSETS | $1641101927 |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $1338207862 |
|  <sup>(b)</sup> Securities loaned, at value | $1267656 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $94519908 |
|  <sup>(d)</sup> Foreign currency, at cost | $3304770 |

---

S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S 23

------

Statement of Assets and Liabilities (continued)

May 31, 2025

---

| | |
|:---|:---|
|  | BlackRock<br> Balanced<br> Fund, Inc. |
|  **NET ASSET VALUE** |  |
| **Institutional** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $552460945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 20463262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $27.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 400 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Investor A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $908272188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 33874315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $26.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 200 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Investor C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $79597249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 3708582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $21.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 200 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $89184466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 3303013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $27.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 2 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $11587079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 491168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $23.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 500 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |

---

*See notes to financial statements.* 

24 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statement of Operations

Year Ended May 31, 2025

---

| | |
|:---|:---|
|  | BlackRock<br> Balanced<br> Fund, Inc. |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $16548437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 2990558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 29494493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (905840) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax claims | 59547 |
|  Total investment income | 48189598 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 6802412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 3161227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 1081622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 198308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 164347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 125466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 108961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 40921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 20004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 78888 |
|  Total expenses excluding interest expense | 11782156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 60082 |
|  Total expenses | 11842238 |
|  Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (142987) |
|  Total expenses after fees waived and/or reimbursed | 11699251 |
|  Net investment income | 36490347 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 94271830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 5221983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3222414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (3663765) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 20421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (1572327) |
|  | 97500556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 17561743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (3580853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (7959754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 1478508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 147342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 10352803 |
|  | 17999789 |
|  Net realized and unrealized gain | 115500345 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $151990692 |

---

*See notes to financial statements.* 

S T A T E M E N T O F O P E R A T I O N S 25

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | BlackRock Balanced Fund, Inc. | BlackRock Balanced Fund, Inc. |
|  | Year Ended<br> 05/31/25 | Year Ended<br> 05/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $36490347 | $33692856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 97500556 | 78231283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 17999789 | 131005997 |
|  Net increase in net assets resulting from operations | 151990692 | 242930136 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (39321109) | (15411005) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (64441233) | (23335288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (6858703) | (1923575) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (6300512) | (2398384) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (894629) | (266189) |
|  Decrease in net assets resulting from distributions to shareholders | (117816186) | (43334441) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 5280248 | (103006088) |
|  *NET ASSETS* |  |  |
|  Total increase in net assets | 39454754 | 96589607 |
|  Beginning of year | 1601647173 | 1505057566 |
|  End of year | $1641101927 | $1601647173 |

---

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

*See notes to financial statements.* 

26 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Balanced Fund, Inc. | BlackRock Balanced Fund, Inc. | BlackRock Balanced Fund, Inc. | BlackRock Balanced Fund, Inc. | BlackRock Balanced Fund, Inc. | BlackRock Balanced Fund, Inc. |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $26.44 | $23.22 | $23.94 | $28.28 | $24.89 | $23.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.65 | 0.58 | 0.53 | 0.19 | 0.23 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.90 | 3.38 | (0.40) | (1.27) | 4.22 | 2.47 |
|  Net increase (decrease) from investment operations | 2.55 | 3.96 | 0.13 | (1.08) | 4.45 | 2.80 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.09) | (0.74) | (0.13) | (0.11) | (0.24) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.90) |  | (0.72) | (3.15) | (0.82) | (0.86) |
|  Total distributions | (1.99) | (0.74) | (0.85) | (3.26) | (1.06) | (1.23) |
|  **Net asset value, end of period** | $27.00 | $26.44 | $23.22 | $23.94 | $28.28 | $24.89 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 10.00% | 17.39% | 0.83% | (4.88)%<sup>(d)</sup> | 18.30% | 12.35% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.54% | 0.55% | 0.55% | 0.71 %<sup>(f)(g)</sup> | 0.75 %<sup>(h)</sup> | 0.78 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.53% | 0.53% | 0.54% | 0.50 %<sup>(f)(g)</sup> | 0.50 %<sup>(h)</sup> | 0.52 %<sup>(i)</sup> |
|  Net investment income | 2.44% | 2.40% | 2.34% | 1.08 %<sup>(f)(g)</sup> | 0.85 %<sup>(h)</sup> | 1.42 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $552461 | $525217 | $490719 | $554201 | $666819 | $568977 |
|  Portfolio turnover rate of the Fund | 101 %<sup>(j)</sup> | 127 %<sup>(j)</sup> | 152 %<sup>(j)</sup> | 296 %<sup>(k)</sup> | — %<sup>(k)</sup> | — %<sup>(k)</sup> |
|  Portfolio turnover rate of the Master Total Return Portfolio<sup>(j)</sup> | N/A | N/A | N/A | N/A | 459% | 556% |
|  Portfolio turnover rate of the Master Advantage Large Cap Core Portfolio | N/A | N/A | N/A | N/A | 111% | 99% |

---

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

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

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

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

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  Portfolio turnover rate | 79% | 99% | 117% | N/A | 161% | 274% |

---

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 27

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $26.27 | $23.05 | $23.79 | $28.14 | $24.78 | $23.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.58 | 0.52 | 0.47 | 0.15 | 0.16 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.88 | 3.35 | (0.38) | (1.27) | 4.20 | 2.46 |
|  Net increase (decrease) from investment operations | 2.46 | 3.87 | 0.09 | (1.12) | 4.36 | 2.73 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.02) | (0.65) | (0.11) | (0.08) | (0.18) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.90) |  | (0.72) | (3.15) | (0.82) | (0.86) |
|  Total distributions | (1.92) | (0.65) | (0.83) | (3.23) | (1.00) | (1.17) |
|  **Net asset value, end of period** | $26.81 | $26.27 | $23.05 | $23.79 | $28.14 | $24.78 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 9.71% | 17.07% | 0.63% | (5.06)%<sup>(d)</sup> | 17.98% | 12.08% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.78% | 0.80% | 0.80% | 0.95 %<sup>(f)(g)</sup> | 1.01 %<sup>(h)</sup> | 1.04 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.77% | 0.78% | 0.79% | 0.75 %<sup>(f)(g)</sup> | 0.76 %<sup>(h)</sup> | 0.79 %<sup>(i)</sup> |
|  Net investment income | 2.19% | 2.15% | 2.09% | 0.84 %<sup>(f)(g)</sup> | 0.59 %<sup>(h)</sup> | 1.15 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $908272 | $899668 | $844573 | $922198 | $952967 | $737708 |
|  Portfolio turnover rate of the Fund | 101 %<sup>(j)</sup> | 127 %<sup>(j)</sup> | 152 %<sup>(j)</sup> | 296 %<sup>(k)</sup> | — %<sup>(k)</sup> | — %<sup>(k)</sup> |
|  Portfolio turnover rate of the Master Total Return Portfolio<sup>(j)</sup> | N/A | N/A | N/A | N/A | 459% | 556% |
|  Portfolio turnover rate of the Master Advantage Large Cap Core Portfolio | N/A | N/A | N/A | N/A | 111% | 99% |

---

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

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

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

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

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  Portfolio turnover rate | 79% | 99% | 117% | N/A | 161% | 274% |

---

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

*See notes to financial statements.* 

28 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $21.40 | $18.82 | $19.67 | $23.81 | $21.15 | $20.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.30 | 0.27 | 0.24 | 0.01 | (0.04) | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.52 | 2.73 | (0.33) | (1.01) | 3.57 | 2.10 |
|  Net increase (decrease) from investment operations | 1.82 | 3.00 | (0.09) | (1.00) | 3.53 | 2.18 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.86) | (0.42) | (0.04) |  | (0.05) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.90) |  | (0.72) | (3.14) | (0.82) | (0.86) |
|  Total distributions | (1.76) | (0.42) | (0.76) | (3.14) | (0.87) | (1.03) |
|  **Net asset value, end of period** | $21.46 | $21.40 | $18.82 | $19.67 | $23.81 | $21.15 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 8.85% | 16.16% | (0.18)% | (5.49)%<sup>(d)</sup> | 17.07% | 11.20% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.56% | 1.57% | 1.56% | 1.72 %<sup>(f)(g)</sup> | 1.78 %<sup>(h)</sup> | 1.80 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.55% | 1.56% | 1.55% | 1.52 %<sup>(f)(g)</sup> | 1.52 %<sup>(h)</sup> | 1.55 %<sup>(i)</sup> |
|  Net investment income (loss) | 1.42% | 1.37% | 1.33% | 0.07 %<sup>(f)(g)</sup> | (0.17)%<sup>(h)</sup> | 0.41 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $79597 | $87312 | $88603 | $110628 | $134700 | $126159 |
|  Portfolio turnover rate of the Fund | 101 %<sup>(j)</sup> | 127 %<sup>(j)</sup> | 152 %<sup>(j)</sup> | 296 %<sup>(k)</sup> | — %<sup>(k)</sup> | — %<sup>(k)</sup> |
|  Portfolio turnover rate of the Master Total Return Portfolio<sup>(j)</sup> | N/A | N/A | N/A | N/A | 459% | 556% |
|  Portfolio turnover rate of the Master Advantage Large Cap Core Portfolio | N/A | N/A | N/A | N/A | 111% | 99% |

---

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

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

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

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

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  Portfolio turnover rate | 79% | 99% | 117% | N/A | 161% | 274% |

---

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 29

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $26.44 | $23.23 | $23.94 | $28.28 | $24.89 | $23.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.67 | 0.60 | 0.54 | 0.20 | 0.25 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.89 | 3.38 | (0.39) | (1.27) | 4.22 | 2.47 |
|  Net increase (decrease) from investment operations | 2.56 | 3.98 | 0.15 | (1.07) | 4.47 | 2.81 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.10) | (0.77) | (0.14) | (0.12) | (0.26) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.90) |  | (0.72) | (3.15) | (0.82) | (0.86) |
|  Total distributions | (2.00) | (0.77) | (0.86) | (3.27) | (1.08) | (1.24) |
|  **Net asset value, end of period** | $27.00 | $26.44 | $23.23 | $23.94 | $28.28 | $24.89 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 10.07% | 17.46% | 0.91% | (4.84)%<sup>(d)</sup> | 18.36% | 12.42% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.47% | 0.48% | 0.49% | 0.64 %<sup>(f)(g)</sup> | 0.69 %<sup>(h)</sup> | 0.72 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.46% | 0.47% | 0.47% | 0.44 %<sup>(f)(g)</sup> | 0.44 %<sup>(h)</sup> | 0.46 %<sup>(i)</sup> |
|  Net investment income | 2.50% | 2.47% | 2.41% | 1.15 %<sup>(f)(g)</sup> | 0.90 %<sup>(h)</sup> | 1.47 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $89184 | $78010 | $70918 | $70740 | $72222 | $36970 |
|  Portfolio turnover rate of the Fund | 101 %<sup>(j)</sup> | 127 %<sup>(j)</sup> | 152 %<sup>(j)</sup> | 296 %<sup>(k)</sup> | — %<sup>(k)</sup> | — %<sup>(k)</sup> |
|  Portfolio turnover rate of the Master Total Return Portfolio<sup>(j)</sup> | N/A | N/A | N/A | N/A | 459% | 556% |
|  Portfolio turnover rate of the Master Advantage Large Cap Core Portfolio | N/A | N/A | N/A | N/A | 111% | 99% |

---

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

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

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

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

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  Portfolio turnover rate | 79% | 99% | 117% | N/A | 161% | 274% |

---

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

*See notes to financial statements.* 

30 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) | BlackRock Balanced Fund, Inc. (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $23.34 | $20.52 | $21.32 | $25.55 | $22.59 | $21.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.42 | 0.38 | 0.34 | 0.07 | 0.05 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.67 | 2.97 | (0.35) | (1.12) | 3.83 | 2.24 |
|  Net increase (decrease) from investment operations | 2.09 | 3.35 | (0.01) | (1.05) | 3.88 | 2.41 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.94) | (0.53) | (0.07) | (0.03) | (0.10) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.90) |  | (0.72) | (3.15) | (0.82) | (0.86) |
|  Total distributions | (1.84) | (0.53) | (0.79) | (3.18) | (0.92) | (1.09) |
|  **Net asset value, end of period** | $23.59 | $23.34 | $20.52 | $21.32 | $25.55 | $22.59 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 9.30% | 16.60% | 0.24% | (5.32)%<sup>(d)</sup> | 17.56% | 11.67% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.17% | 1.19% | 1.19% | 1.35 %<sup>(f)(g)</sup> | 1.39 %<sup>(h)</sup> | 1.40 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.16% | 1.18% | 1.18% | 1.14 %<sup>(f)(g)</sup> | 1.13 %<sup>(h)</sup> | 1.15 %<sup>(i)</sup> |
|  Net investment income | 1.78% | 1.75% | 1.71% | 0.44 %<sup>(f)(g)</sup> | 0.21 %<sup>(h)</sup> | 0.82 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $11587 | $11440 | $10245 | $11061 | $13132 | $11840 |
|  Portfolio turnover rate of the Fund | 101 %<sup>(j)</sup> | 127 %<sup>(j)</sup> | 152 %<sup>(j)</sup> | 296 %<sup>(k)</sup> | — %<sup>(k)</sup> | — %<sup>(k)</sup> |
|  Portfolio turnover rate of the Master Total Return Portfolio<sup>(j)</sup> | N/A | N/A | N/A | N/A | 459% | 556% |
|  Portfolio turnover rate of the Master Advantage Large Cap Core Portfolio | N/A | N/A | N/A | N/A | 111% | 99% |

---

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

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

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

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

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  Portfolio turnover rate | 79% | 99% | 117% | N/A | 161% | 274% |

---

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

*See notes to financial statements.* 

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

------

Notes to Financial Statements

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

*1. ORGANIZATION* 

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

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

---

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

---

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

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

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

On November 19, 2024, the Board approved a proposal to change the name of the Fund to BlackRock Balanced Fund, Inc. and certain changes to the Fund's investment strategy and investment process. The changes to the Fund's investment strategy and process removed requirements that the Fund seek to maintain certain ESG characteristics and utilize ESG screening criteria to determine eligible investments. These changes became effective on March 3, 2025.

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

*2. SIGNIFICANT ACCOUNTING POLICIES* 

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

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

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

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

**Foreign Taxes:** The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of May 31, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

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Notes to Financial Statements (continued)

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Consistent with U.S. GAAP accrual requirements for uncertain tax positions, the Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

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

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

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

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

The Fund has an arrangement with its custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statement of Operations.

**Segment Reporting:** The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations.

The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

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

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

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

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

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

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

N O T E S T O F I N A N C I A L S T A T E M E N T S 33

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Notes to Financial Statements (continued)

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

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

• Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return and equity swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.

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

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

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

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

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

*4. SECURITIES AND OTHER INVESTMENTS* 

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a Fund may subsequently have to reinvest the proceeds at lower interest rates. If a Fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

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

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Preferred Stocks:** Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and

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Notes to Financial Statements (continued)

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

perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

**Forward Commitments, When-Issued and Delayed Delivery Securities:** The Fund may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Fund's maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Fund to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statement of Assets and Liabilities and Statement of Operations.

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

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

**Mortgage Dollar Roll Transactions:** The Fund may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

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

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

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

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Notes to Financial Statements (continued)

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  *Counterparty* | *Securities*<br> *Loaned at Value* | *Cash*<br> *Collateral Received*<br>*<sup>(a)</sup>*  |  | *Net*<br> *Amount* |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | $979296 | $(979296) | $– | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 288360 | (288360) | – |  |
|  | $1267656 | $(1267656) | $– | $— |

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

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

*5. DERIVATIVE FINANCIAL INSTRUMENTS* 

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

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

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

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

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

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

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

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

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

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Notes to Financial Statements (continued)

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

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

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

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

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

• Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

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

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

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

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

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

------

Notes to Financial Statements (continued)

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

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

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

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

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

---

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

---

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

---

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

---

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

For the year ended May 31, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Investor A* | *Investor C* | *Class R* | *Total* |
|  Service and distribution — class specific | $2261127 | $842193 | $57907 | $3161227 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended May 31, 2025, the Fund did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended May 31, 2025, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Reimbursed amounts | $16731 | $31918 | $6290 | $256 | $138 | $55333 |

---

For the year ended May 31, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Transfer agent — class specific | $373094 | $603704 | $77968 | $3167 | $23689 | $1081622 |

---

**Other Fees:** For the year ended May 31, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Investor A Shares for a total of $14,024

For the year ended May 31, 2025, affiliates received CDSCs as follows:

---

| | |
|:---|:---|
| *Share Class* | *Amounts* |
|  Investor A | $15368 |
|  Investor C | 6049 |

---

**Expense Limitations, Waivers and Reimbursements:** The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the directors who are not "interested persons" of the Fund, as defined in the 1940 Act ("Independent Directors"), or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended May 31, 2025, the amount waived was $41,058.

38 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

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

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. For the year ended May 31, 2025, the Manager waived $101,929 in investment advisory fees pursuant to this arrangement.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

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

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

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Statement of Operations. For the year ended May 31, 2025, the Fund paid BIM $510 for securities lending agent services.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Fund could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Fund did not participate in the Interfund Lending Program.

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

**Other Transactions:** The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the year ended May 31, 2025, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | |
|:---|:---|:---|
| *Purchases* | *Sales* | *Net Realized*<br> *Gain* |
| $143516459 | $163898825 | $24456628 |

---

*7. PURCHASES AND SALES* 

For the year ended May 31, 2025, purchases and sales of investments, including paydowns and mortgage dollar rolls and excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | *Purchases* | *Sales* |
|  U.S. Government Securities | $622109184 | $612931668 |
|  Other Securities | 961250661 | 1085996177 |

---

For the year ended May 31, 2025, purchases and sales related to mortgage dollar rolls were $349,132,164 and $349,125,086, respectively.

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

------

Notes to Financial Statements (continued)

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

*8. INCOME TAX INFORMATION* 

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

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

Management has analyzed tax laws and regulations and their application to the Fund as of May 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund's NAV.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | *Year Ended*<br> *05/31/25* | *Year Ended*<br> *05/31/24* |
|  Ordinary income | $77592334 | $43334441 |
|  Long-term capital gains | 40223852 |  |
|  | $117816186 | $43334441 |

---

As of May 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed*<br> *Ordinary Income* | *Undistributed Long-Term*<br> *Capital Gains* | *Net Unrealized*<br> *Gains (Losses)<sup>(a)</sup>* | *Total* |
|  BlackRock Balanced Fund, Inc. | $34508129 | $37577643 | $211456806 | $283542578 |

---

<sup>(a)</sup> The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and future contracts, the accounting for swap agreements, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the tax deferral of losses on straddles. 

As of May 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | *Gross Unrealized*<br> *Appreciation* | *Gross Unrealized*<br> *Depreciation* | *Net Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  BlackRock Balanced Fund, Inc. | $1448123932 | $295318831 | $(78048837) | $217269994 |

---

*9. BANK BORROWINGS* 

The Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended May 31, 2025, the Fund did not borrow under the credit agreement.

*10. PRINCIPAL RISKS* 

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

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

40 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

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

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

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

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

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

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

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

The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund's performance.

The Fund invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.

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

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

------

Notes to Financial Statements (continued)

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

*11. CAPITAL SHARE TRANSACTIONS* 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 05/31/25 | Year Ended 05/31/25 | Year Ended 05/31/24 | Year Ended 05/31/24 |
| &nbsp;&nbsp; *Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2476045 | $65542029 | 2981253 | $72426963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1277007 | 33423084 | 541494 | 13048496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3153880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84092740) | (4788283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115528719) |
|  | 599172 | $14872373 | (1265536) | $(30053260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 2766924 | $73383690 | 3531862 | $85420410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2304849 | 59975831 | 904804 | 21680316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5443380) | (144204959) | (6835721) | (164976876) |
|  | (371607) | $(10845438) | (2399055) | $(57876150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 571587 | $12225033 | 709712 | $14002508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 319931 | 6713872 | 94866 | 1856384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (1262774) | (27032704) | (1432920) | (28215725) |
|  | (371256) | $(8093799) | (628342) | $(12356833) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 983995 | $26245838 | 930400 | $22468177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 240072 | 6283551 | 99252 | 2391892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (871121) | (23207911) | (1131893) | (27423977) |
|  | 352946 | $9321478 | (102241) | $(2563908) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 81454 | $1914437 | 113342 | $2444057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 38922 | 894628 | 12480 | 266188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (119292) | (2783431) | (135038) | (2866182) |
|  | 1084 | $25634 | (9216) | $(155937) |
|  | 210339 | $5280248 | (4404390) | $(103006088) |

---

As of May 31, 2025, BlackRock Financial Management, Inc., an affiliate of the Fund, owned 8,471 Class K Shares of the Fund.

*12. SUBSEQUENT EVENTS* 

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

42 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of BlackRock Balanced Fund, Inc.:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of BlackRock Balanced Fund, Inc. (formerly BlackRock Sustainable Balanced Fund, Inc.) (the "Fund"), including the schedule of investments, as of May 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, for the period from October 1, 2021 through May 31, 2022, and for each of the two years in the period ended September 30, 2021, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, for the period from October 1, 2021 through May 31, 2022, and for each of the two years in the period ended September 30, 2021, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

July 22, 2025

We have served as the auditor of one or more BlackRock investment companies since 1992.

R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M 43

------

Important Tax Information (unaudited)

The following amount, or maximum amount allowable by law, is hereby designated as qualified dividend income for individuals for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Qualified Dividend*<br> *Income* |
|  BlackRock Balanced Fund, Inc. | $16231061 |

---

The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Qualified Business*<br> *Income* |
|  BlackRock Balanced Fund, Inc. | $161035 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *20% Rate*<br> *Long-Term*<br> *Capital Gain*<br> *Dividends* |
|  BlackRock Balanced Fund, Inc. | $40223852 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Federal Obligation*<br> *Interest* |
|  BlackRock Balanced Fund, Inc. | $6428421 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended May 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *Fund Name* | *Dividends-Received*<br> *Deduction* |
|  BlackRock Balanced Fund, Inc. | 10.22% |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Interest Dividends* |
|  BlackRock Balanced Fund, Inc. | $25309513 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended May 31, 2025:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Interest-Related<br>Dividends* | *Qualified*<br> *Short-Term*<br> *Capital Gains* |
|  BlackRock Balanced Fund, Inc. | $22082298 | $14423882 |

---

44 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Disclosure of Investment Advisory Agreement

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

The Board of Directors (the "Board", the members of which are referred to as "Board Members") of BlackRock Balanced Fund, Inc. (the "Fund") met on April 22, 2025 (the "April Meeting") and May 20–21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Agreement") between the Fund and BlackRock Advisors, LLC (the "Manager" or "BlackRock"), the Fund's investment advisor.

#### The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreement for the Fund on an annual basis. The Board Members who are not "interested persons" of the Fund, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreement. In considering the renewal of the Agreement, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding the Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of the Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and the Fund's operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreement and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T 45

------

Disclosure of Investment Advisory Agreement (continued)

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

*A. Nature, Extent and Quality of the Services Provided by BlackRock* 

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by the Fund's portfolio management team discussing the Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, the Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

*B. The Investment Performance of the Fund* 

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance. The Board noted that for the one-, three- and five-year periods reported, the Fund ranked in the second, second and first quartiles, respectively, against its Performance Peers.

*C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund* 

The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock's estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory

46 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Disclosure of Investment Advisory Agreement (continued)

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

products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers. The Board also noted that the Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the Fund decreases below certain contractually specified levels.

*D. Economies of Scale* 

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the Fund's asset levels and whether the current fee schedule was appropriate.

*E. Other Factors Deemed Relevant by the Board Members* 

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Fund, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Conclusion
At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and the Fund for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T 47

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Additional Information

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

#### Changes in and Disagreements with Accountants
Not applicable.

#### Proxy Results
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others
Compensation to the independent directors/trustees of the Fund is paid by the Fund.

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

#### Electronic Delivery
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.

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.

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

#### Shareholder Privileges

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

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

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

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

48 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Additional Information (continued)

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

#### Fund and Service Providers

#### Investment Adviser and Administrator
BlackRock Advisors, LLC

Wilmington, DE 19809

#### Accounting Agent and Transfer Agent
BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

#### Custodian
The Bank of New York Mellon

New York, NY 10286

#### Independent Registered Public Accounting Firm
Deloitte & Touche LLP

Boston, MA 02110

#### Distributor
BlackRock Investments, LLC

New York, NY 10001

#### Legal Counsel
Sidley Austin LLP

New York, NY 10019

#### Address of the Fund
100 Bellevue Parkway

Wilmington, DE 19809

A D D I T I O N A L I N F O R M A T I O N 49

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Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| Currency Abbreviation | Currency Abbreviation |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| USD | United States Dollar |
| <br> **Portfolio Abbreviation** | <br> **Portfolio Abbreviation** |
| ADR | American Depositary Receipt |
| DAC | Designated Activity Co. |
| ETF | Exchange-Traded Fund |
| LP | Limited Partnership |
| MTN | Medium-Term Note |
| NVS | Non-Voting Shares |
| OTC | Over-the-Counter |
| PIK | Payment-in-Kind |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| TA | Tax Allocation |
| TOPIX | Tokyo Stock Price Index |

---

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### Want to know more?
blackrock.com \| 800-441-7762

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

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| | |
|:---|:---|
| ![LOGO](g34788g42l24.jpg)  | ![LOGO](g34788bclogo.jpg) |

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Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

#### 5

------

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

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

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

[(a)(1) Code of Ethics – See Item 2](#item2)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached.](d25728dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached.](d25728dex99906cert.htm)

#### 6

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

BlackRock Balanced Fund, Inc. (formerly BlackRock Sustainable Balanced Fund, Inc.)

---

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

---

Date: July 22, 2025

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

---

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

---

Date: July 22, 2025

---

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

---

Date: July 22, 2025

#### 7

## 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 Balanced Fund, Inc. (formerly BlackRock Sustainable Balanced Fund, Inc.), certify that:

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

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

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

4. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the 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. 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):

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

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

Date: July 22, 2025

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Balanced Fund, Inc. (formerly BlackRock Sustainable Balanced Fund, Inc.)

------

**EX-99. CERT** 

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

**SARBANES-OXLEY ACT OF 2002** 

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

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

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

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

4. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the 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. 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):

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

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

Date: July 22, 2025

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Balanced Fund, Inc. (formerly BlackRock Sustainable Balanced Fund, Inc.)

## Exhibit 99.906

Exhibit 99.906CERT

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

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

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Balanced Fund, Inc. (formerly BlackRock Sustainable Balanced Fund, Inc.) (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended May 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 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: July 22, 2025

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Balanced Fund, Inc. (formerly BlackRock Sustainable Balanced Fund, Inc.)

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Balanced Fund, Inc. (formerly BlackRock Sustainable Balanced Fund, Inc.) (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended May 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 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: July 22, 2025

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Balanced Fund, Inc. (formerly BlackRock Sustainable Balanced Fund, Inc.)

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