Schedule
of
Investments
(unaudited)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
AGL
CLO
11
Ltd.,
Series
2021-11A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.71%,
04/15/34
(a)(b)
.........
USD
500
$
492,461
AGL
CLO
17
Ltd.,
Series
2022-17A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
7.51%,
01/21/35
(a)(b)
.........
1,000
972,549
AIMCO
CLO
(a)(b)
Series
2015-AA,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.66%,
10/17/34
...............
1,000
982,095
Series
2015-AA,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.71%,
10/17/34
...............
1,000
969,195
AIMCO
CLO
10
Ltd.,
Series
2019-10A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.57%,
07/22/32
(a)(b)
........
2,400
2,320,596
AIMCO
CLO
14
Ltd.,
Series
2021-14A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.58%,
04/20/34
(a)(b)
........
865
824,453
AMSR
Trust
(b)
Series
2020-SFR2,
Class
I,
5.25%,
07/17/37
600
553,380
Series
2020-SFR3,
Class
H,
6.50%,
09/17/37
....................
100
94,432
Anchorage
Capital
CLO
4-R
Ltd.,
Series
2014-
4RA,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.86%),
8.25%,
01/28/31
(a)(b)
250
239,946
Anchorage
Capital
CLO
Ltd.,
Series
2018-1RA,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.76%
Floor
+
5.76%),
11.16%,
04/13/31
(a)(b)
...
1,000
903,646
Ares
LIII
CLO
Ltd.,
Series
2019-53A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.91%),
8.31%,
04/24/31
(a)(b)
.........
500
500,547
Ares
XLVII
CLO
Ltd.,
Series
2018-47A,
Class
SUB,
(3-mo.
LIBOR
USD
+
0.00%),
5.66%,
04/15/30
(a)(b)
....................
500
119,658
Atrium
XIV
LLC,
Series
14A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.61%,
08/23/30
(a)(b)
...............
250
247,347
Bain
Capital
Credit
CLO
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.76%,
10/17/32
(a)(b)
1,000
978,689
Benefit
Street
Partners
CLO
XXI
Ltd.,
Series
2020-21A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.83%,
10/15/34
(a)(b)
....................
3,500
3,458,402
Benefit
Street
Partners
CLO
XXIV
Ltd.,
Series
2021-24A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.61%),
9.03%,
10/20/34
(a)(b)
....................
2,000
1,880,019
Bethpage
Park
CLO
Ltd.,
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.79%,
01/15/35
(a)(b)
....
3,000
2,972,258
Buckhorn
Park
CLO
Ltd.,
Series
2019-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.78%,
07/18/34
(a)(b)
....
2,115
2,091,730
Canyon
CLO
Ltd.
(a)(b)
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.36%,
07/15/31
....................
500
494,361
Series
2018-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.56%,
07/15/31
....................
1,000
975,371
Series
2020-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.81%,
07/15/34
...............
500
474,699
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2020-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.76%),
8.16%,
01/15/34
....................
USD
500
$
498,538
Series
2021-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.83%,
10/15/34
....................
3,000
2,962,036
CarVal
CLO
I
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
+
3.15%),
8.55%,
07/16/31
(a)(b)
....................
1,000
953,450
Catskill
Park
CLO
Ltd.,
Series
2017-1A,
Class
C,
(3-mo.
CME
Term
SOFR
+
3.96%),
9.38%,
04/20/29
(a)(b)
...............
250
244,646
Cedar
Funding
IX
CLO
Ltd.,
Series
2018-9A,
Class
SUB,
0.00%,
04/20/31
(a)(b)
.......
1,000
315,706
CIFC
Funding
Ltd.
(a)(b)
Series
2013-4A,
Class
DRR,
(3-mo.
CME
Term
SOFR
at
2.80%
Floor
+
3.06%),
8.45%,
04/27/31
...............
500
473,937
Series
2014-5A,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.40%
Floor
+
3.66%),
9.06%,
10/17/31
...............
500
479,744
Series
2015-3A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.31%,
04/19/29
...............
250
243,855
Series
2017-1A,
Class
D,
(3-mo.
CME
Term
SOFR
+
3.76%),
9.17%,
04/23/29
...
500
495,333
Series
2019-5A,
Class
A2RS,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.41%,
01/15/35
...............
3,000
2,944,809
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.06%
Floor
+
2.06%),
7.44%,
04/25/33
....................
3,500
3,424,367
Series
2021-4A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.51%,
07/15/33
....................
2,935
2,877,374
Series
2021-6A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
6.80%,
10/15/34
....................
1,750
1,737,622
Clover
CLO
LLC
(a)(b)
Series
2018-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.31%
Floor
+
2.31%),
7.73%,
04/20/32
...............
500
489,850
Series
2018-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.36%
Floor
+
3.36%),
8.78%,
04/20/32
...............
500
485,102
Series
2020-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.82%,
04/15/34
...............
4,000
3,978,095
Series
2020-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.66%,
04/15/34
...............
900
866,098
Series
2021-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.86%
Floor
+
6.86%),
12.27%,
04/22/34
....................
2,000
1,954,700
Series
2021-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.43%,
07/20/34
....................
4,700
4,631,793
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.73%,
07/20/34
....................
500
481,047
Contego
CLO
VII
DAC,
Series
7X,
Class
D,
(3-mo.
EURIBOR
at
3.95%
Floor
+
3.95%),
7.95%,
05/14/32
(a)(c)
...............
EUR
150
151,061
Dryden
75
CLO
Ltd.,
Series
2019-75A,
Class
ER2,
(3-mo.
CME
Term
SOFR
at
6.60%
Floor
+
6.86%),
12.26%,
04/15/34
(a)(b)
...
USD
350
308,574
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Elmwood
CLO
II
Ltd.,
Series
2019-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
6.83%,
04/20/34
(a)(b)
........
USD
3,000
$
2,982,000
Elmwood
CLO
V
Ltd.,
Series
2020-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.78%,
10/20/34
(a)(b)
........
1,855
1,819,515
Elmwood
CLO
VII
Ltd.,
Series
2020-4A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.63%
Floor
+
1.63%),
7.05%,
01/17/34
(a)(b)
........
2,750
2,734,448
Elmwood
CLO
XI
Ltd.
(a)(b)
Series
2021-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.63%,
10/20/34
....................
2,900
2,792,707
Series
2021-4A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.00%
Floor
+
6.26%),
11.68%,
10/20/34
....................
1,250
1,187,918
Elmwood
CLO
XII
Ltd.,
Series
2021-5A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.38%,
01/20/35
(a)(b)
.........
2,000
1,974,603
Fidelity
Grand
Harbour
CLO
DAC,
Series
2023-
1X,
Class
D,
(3-mo.
EURIBOR
at
5.90%
Floor
+
5.90%),
9.68%,
08/15/36
(a)(c)
....
EUR
150
158,455
Flatiron
CLO
19
Ltd.,
Series
2019-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.18%,
11/16/34
(a)(b)
........
USD
2,400
2,366,090
FS
Rialto
Issuer
LLC,
Series
2022-FL7,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
8.23%,
10/19/39
(a)(b)
.........
1,500
1,500,935
Galaxy
XXVI
CLO
Ltd.,
Series
2018-26A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.96%
Floor
+
1.96%),
7.34%,
11/22/31
(a)(b)
.........
2,500
2,447,379
Generate
CLO
2
Ltd.,
Series
3A,
Class
DR,
(3-mo.
CME
Term
SOFR
+
3.86%),
9.28%,
10/20/29
(a)(b)
....................
500
496,899
Generate
CLO
7
Ltd.,
Series
2019-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.63%),
7.04%,
01/22/33
(a)(b)
........
1,000
996,221
Golub
Capital
Partners
CLO
43B
Ltd.,
Series
2019-43A,
Class
C,
(3-mo.
CME
Term
SOFR
at
3.21%
Floor
+
3.21%),
8.63%,
07/20/32
(a)(b)
....................
2,000
2,005,871
Golub
Capital
Partners
CLO
66B
Ltd.,
Series
2023-66A,
Class
C,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.30%),
8.68%,
04/25/36
(a)(b)
....................
2,000
2,008,717
Greenwood
Park
CLO
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.76%),
8.16%,
04/15/31
(a)(b)
....
650
615,676
Greywolf
CLO
V
Ltd.,
Series
2015-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.64%,
01/27/31
(a)(b)
........
500
489,755
GSAA
Home
Equity
Trust,
Series
2006-5,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
5.80%,
03/25/36
(a)
.....
55
16,489
Invesco
CLO
Ltd.
(a)(b)
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.05%),
8.47%,
04/20/35
....................
750
712,222
Series
2022-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.30%
Floor
+
6.30%),
11.72%,
04/20/35
....................
500
453,310
Invitation
Homes
Trust,
Series
2018-SFR4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.21%),
6.55%,
01/17/38
(a)(b)
....
244
243,570
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Lucali
CLO
Ltd.,
Series
2020-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.86%),
9.26%,
01/15/33
(a)(b)
.........
USD
500
$
479,926
Madison
Park
Funding
XIII
Ltd.,
Series
2014-
13A,
Class
CR2,
(3-mo.
CME
Term
SOFR
+
2.16%),
7.56%,
04/19/30
(a)(b)
.........
500
495,816
Madison
Park
Funding
XLVI
Ltd.,
Series
2020-
46A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.71%,
10/15/34
(a)(b)
2,480
2,440,730
Madison
Park
Funding
XXVII
Ltd.,
Series
2018-
27A,
Class
C,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
2.86%),
8.28%,
04/20/30
(a)(b)
500
478,461
Madison
Park
Funding
XXXIII
Ltd.,
Series
2019-33A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
8.49%,
10/15/32
(a)(b)
....................
1,000
957,666
Madison
Park
Funding
XXXIV
Ltd.,
Series
2019-34A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.61%),
8.99%,
04/25/32
(a)(b)
....................
2,000
1,975,494
MASTR
Asset-Backed
Securities
Trust,
Series
2007-HE1,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
5.72%,
05/25/37
(a)
.....................
650
483,775
Neuberger
Berman
CLO
XVIII
Ltd.,
Series
2014-18A,
Class
CR2,
(3-mo.
CME
Term
SOFR
+
3.26%),
8.67%,
10/21/30
(a)(b)
...
250
240,310
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.,
Series
2017-26A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.91%),
8.31%,
10/18/30
(a)(b)
...............
1,000
956,215
Neuberger
Berman
Loan
Advisers
CLO
27
Ltd.,
Series
2018-27A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.86%),
8.26%,
01/15/30
(a)(b)
...............
500
481,530
Neuberger
Berman
Loan
Advisers
CLO
34
Ltd.,
Series
2019-34A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
7.17%,
01/20/35
(a)(b)
...............
4,000
3,908,227
Neuberger
Berman
Loan
Advisers
CLO
Ltd.,
Series
2021-44A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.00%
Floor
+
6.26%),
11.66%,
10/16/34
(a)(b)
..............
2,000
1,903,619
Octagon
Investment
Partners
33
Ltd.,
Series
2017-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
3.01%),
8.43%,
01/20/31
(a)
(b)
...........................
500
469,400
Octagon
Investment
Partners
XVI
Ltd.,
Series
2013-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.51%,
07/17/30
(a)(b)
....................
250
242,327
OHA
Credit
Funding
3
Ltd.,
Series
2019-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.33%,
07/02/35
(a)(b)
4,000
3,949,247
OHA
Credit
Funding
5
Ltd.,
Series
2020-5A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.83%,
04/18/33
(a)(b)
....
500
497,587
OHA
Credit
Partners
VII
Ltd.,
Series
2012-7A,
Class
D1R3,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.54%,
02/20/34
(a)(b)
1,000
964,506
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2013-2A,
Class
BR3,
(3-mo.
CME
Term
SOFR
at
2.11%
Floor
+
2.11%),
7.51%,
10/17/31
...............
800
775,157
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2015-1A,
Class
CR4,
(3-mo.
CME
Term
SOFR
at
3.11%
Floor
+
3.11%),
8.49%,
05/21/34
...............
USD
500
$
476,257
Series
2015-2A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.63%,
07/20/30
...............
750
737,610
Series
2015-2A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
3.01%),
8.43%,
07/20/30
...............
1,300
1,257,387
Series
2019-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.26%
Floor
+
2.26%),
7.63%,
11/14/34
...............
500
490,626
Series
2021-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.21%
Floor
+
2.21%),
7.61%,
01/15/35
....................
1,750
1,712,169
Series
2021-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.43%
Floor
+
1.43%),
6.83%,
10/15/34
....................
3,000
2,976,220
Series
2021-4A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.21%
Floor
+
2.21%),
7.61%,
10/15/34
....................
1,400
1,370,355
Series
2021-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.21%
Floor
+
3.21%),
8.61%,
10/15/34
....................
3,000
2,870,299
Series
2021-4A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.31%
Floor
+
6.31%),
11.71%,
10/15/34
....................
3,000
2,820,034
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
7.47%,
04/20/35
....................
1,500
1,451,213
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.05%),
8.47%,
04/20/35
....................
1,000
956,899
PFP
Ltd.,
Series
2022-9,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.27%
Floor
+
2.27%),
7.61%,
08/19/35
(a)(b)
...............
1,000
996,253
Prima
Capital
CRE
Securitization
Ltd.,
Series
2016-6A,
Class
C,
4.00%,
08/24/40
(b)
...
2,000
1,776,021
Rad
CLO
12
Ltd.,
Series
2021-12A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.70%,
10/30/34
(a)(b)
.........
1,500
1,410,278
Rad
CLO
14
Ltd.,
Series
2021-14A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.66%,
01/15/35
(a)(b)
.........
1,000
954,365
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.55%
Floor
+
2.55%),
7.88%,
10/25/39
(a)(b)
....................
997
997,348
Regatta
VI
Funding
Ltd.,
Series
2016-1A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.83%,
04/20/34
(a)(b)
....
250
247,627
Regatta
XIII
Funding
Ltd.,
Series
2018-2A,
Class
B,
(3-mo.
CME
Term
SOFR
+
2.36%),
7.76%,
07/15/31
(a)(b)
...............
500
492,191
Regatta
XV
Funding
Ltd.
(a)(b)
Series
2018-4A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.49%,
10/25/31
....................
285
282,328
Series
2018-4A,
Class
C,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.56%),
8.94%,
10/25/31
....................
250
242,240
Regatta
XVI
Funding
Ltd.,
Series
2019-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.90%
Floor
+
4.16%),
9.56%,
01/15/33
(a)(b)
....
500
495,767
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Regatta
XXIII
Funding
Ltd.,
Series
2021-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.73%,
01/20/35
(a)(b)
....
USD
1,000
$
978,903
Rockfield
Park
CLO
DAC,
Series
1X,
Class
C,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
6.18%,
07/16/34
(a)(c)
...............
EUR
150
147,247
Rockford
Tower
CLO
Ltd.,
Series
2018-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.88%,
10/20/31
(a)(b)
....
USD
300
296,272
Signal
Peak
CLO
5
Ltd.,
Series
2018-5A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
7.09%,
04/25/31
(a)(b)
.........
2,000
1,963,039
Signal
Peak
CLO
7
Ltd.,
Series
2019-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.65%,
04/30/32
(a)(b)
.........
500
492,654
Silver
Creek
CLO
Ltd.,
Series
2014-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.61%),
9.03%,
07/20/30
(a)(b)
........
500
501,255
Sixth
Street
CLO
XVI
Ltd.,
Series
2020-16A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.58%),
7.00%,
10/20/32
(a)(b)
1,000
997,853
Symphony
CLO
XIX
Ltd.,
Series
2018-19A,
Class
C,
(3-mo.
CME
Term
SOFR
+
2.01%),
7.41%,
04/16/31
(a)(b)
...............
500
483,865
Tallman
Park
CLO
Ltd.,
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.21%
Floor
+
2.21%),
7.63%,
04/20/34
(a)(b)
........
500
489,874
TCI-Flatiron
CLO
Ltd.,
Series
2018-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
3.01%),
8.40%,
01/29/32
(a)(b)
........
1,000
992,028
TICP
CLO
VII
Ltd.,
Series
2017-7A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.81%,
04/15/33
(a)(b)
.........
500
493,653
TICP
CLO
XI
Ltd.,
Series
2018-11A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.73%,
10/20/31
(a)(b)
.........
300
296,145
Upland
CLO
Ltd.,
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
+
3.16%),
8.58%,
04/20/31
(a)(b)
....................
500
469,912
Whitebox
CLO
III
Ltd.,
Series
2021-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.48%),
6.88%,
10/15/34
(a)(b)
........
1,000
986,268
Whitebox
CLO
IV
Ltd.,
Series
2023-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.15%
Floor
+
5.15%),
10.57%,
04/20/36
(a)(b)
.......
1,000
1,001,517
Total
Asset-Backed
Securities
—
12.9%
(Cost:
$141,551,820)
.............................
138,850,316
Shares
Shares
Common
Stocks
Aerospace
&
Defense
—
0.4%
BAE
Systems
plc
...................
122,740
1,650,409
L3Harris
Technologies,
Inc.
............
8,129
1,458,424
RTX
Corp.
.......................
16,270
1,324,215
4,433,048
Air
Freight
&
Logistics
—
0.1%
United
Parcel
Service,
Inc.,
Class
B
......
8,688
1,227,180
Automobile
Components
—
0.1%
Lear
Corp.
.......................
6,250
811,000
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Automobiles
—
0.1%
General
Motors
Co.
.................
30,500
$
860,100
Maruti
Suzuki
India
Ltd.
..............
5,709
712,921
1,573,021
Banks
—
1.4%
Absa
Group
Ltd.
...................
54,194
494,500
Abu
Dhabi
Commercial
Bank
PJSC
......
165,889
362,670
Axis
Bank
Ltd.
.....................
74,107
874,449
Bank
of
China
Ltd.,
Class
H
............
1,891,000
660,593
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
...
4,019,294
1,256,769
Citigroup,
Inc.
.....................
45,134
1,782,342
Citizens
Financial
Group,
Inc.
..........
56,698
1,328,434
DBS
Group
Holdings
Ltd.
.............
40,300
968,140
First
Citizens
BancShares,
Inc.,
Class
A
....
749
1,034,174
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
127,718
1,034,623
HDFC
Bank
Ltd.
...................
60,525
1,073,988
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
.......................
1,174,000
562,633
M&T
Bank
Corp.
...................
8,530
961,757
OTP
Bank
Nyrt.
....................
16,642
619,416
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
(d)
.........................
45,149
467,688
Sberbank
of
Russia
PJSC
(e)
............
98,136
11
TCS
Group
Holding
plc,
GDR,
Class
A
(c)(d)(e)
.
4,018
17,438
Wells
Fargo
&
Co.
..................
46,554
1,851,453
15,351,078
Beverages
—
0.2%
Ambev
SA
.......................
274,583
699,290
Ambev
SA,
ADR
...................
43,796
110,804
Kweichow
Moutai
Co.
Ltd.,
Class
A
.......
2,956
678,525
Wuliangye
Yibin
Co.
Ltd.,
Class
A
........
24,449
519,441
2,008,060
Biotechnology
—
0.2%
AbbVie,
Inc.
......................
12,468
1,760,232
Broadline
Retail
—
0.3%
(d)
Alibaba
Group
Holding
Ltd.
............
149,600
1,540,144
Alibaba
Group
Holding
Ltd.,
ADR
........
11,758
970,505
Prosus
NV
.......................
24,884
695,896
3,206,545
Building
Products
—
0.1%
Allegion
plc
.......................
5,840
574,423
Carrier
Global
Corp.
.................
21,020
1,001,813
1,576,236
Capital
Markets
—
0.5%
B3
SA
-
Brasil
Bolsa
Balcao
............
407,911
902,109
Carlyle
Group,
Inc.
(The)
..............
31,462
866,463
FactSet
Research
Systems,
Inc.
.........
532
229,766
GF
Securities
Co.
Ltd.,
Class
H
.........
317,600
413,503
Goldman
Sachs
Group,
Inc.
(The)
.......
1,690
513,101
Intercontinental
Exchange,
Inc.
.........
16,951
1,821,215
MSCI,
Inc.
.......................
470
221,629
Raymond
James
Financial,
Inc.
.........
6,668
636,394
State
Street
Corp.
..................
3,592
232,151
5,836,331
Chemicals
—
0.3%
Air
Liquide
SA
.....................
9,152
1,568,216
Hansol
Chemical
Co.
Ltd.
.............
3,085
344,272
International
Flavors
&
Fragrances,
Inc.
....
14,720
1,006,112
Sherwin-Williams
Co.
(The)
............
315
75,036
2,993,636
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
—
0.2%
Cintas
Corp.
......................
499
$
253,053
Republic
Services,
Inc.
...............
11,278
1,674,670
Waste
Management,
Inc.
..............
1,537
252,575
2,180,298
Communications
Equipment
—
0.2%
Accton
Technology
Corp.
.............
45,000
697,242
Cisco
Systems,
Inc.
.................
23,058
1,202,014
Nokia
OYJ,
ADR
...................
86,767
287,199
2,186,455
Construction
&
Engineering
—
0.0%
Eiffage
SA
.......................
1,455
132,042
Ferrovial
SE
......................
6,995
210,522
342,564
Consumer
Finance
—
0.3%
American
Express
Co.
...............
7,311
1,067,625
Capital
One
Financial
Corp.
............
2,431
246,236
Kaspi.KZ
JSC,
GDR
(c)
................
7,284
658,474
SBI
Cards
&
Payment
Services
Ltd.
......
46,090
413,029
Synchrony
Financial
.................
23,066
647,001
3,032,365
Consumer
Staples
Distribution
&
Retail
—
0.4%
Costco
Wholesale
Corp.
..............
542
299,423
CP
ALL
PCL,
NVDR
.................
357,500
549,431
Dollar
General
Corp.
................
10,880
1,295,155
Fix
Price
Group
plc,
GDR
(b)(c)(d)(e)
.........
74,156
146,087
Sendas
Distribuidora
SA
..............
209,408
452,729
Wal-Mart
de
Mexico
SAB
de
CV
.........
369,447
1,323,772
Walmart,
Inc.
......................
1,945
317,832
4,384,429
Containers
&
Packaging
—
0.2%
Amcor
plc
........................
2,824
25,105
Avery
Dennison
Corp.
................
1,325
230,643
Ball
Corp.
........................
4,053
195,152
Packaging
Corp.
of
America
...........
709
108,512
Sealed
Air
Corp.
...................
44,645
1,374,620
WestRock
Co.
.....................
2,785
100,065
2,034,097
Diversified
REITs
—
0.2%
Cromwell
European
REIT
(c)
............
389,803
474,318
Fibra
Uno
Administracion
SA
de
CV
......
363,898
553,245
LXI
REIT
plc
(c)
.....................
766,733
799,126
1,826,689
Diversified
Telecommunication
Services
—
0.6%
AT&T,
Inc.
........................
33,077
509,386
Cellnex
Telecom
SA
(b)(c)
...............
50,885
1,495,821
Koninklijke
KPN
NV
.................
456,219
1,533,434
TELUS
Corp.
.....................
86,807
1,399,679
Verizon
Communications,
Inc.
..........
38,903
1,366,662
6,304,982
Electric
Utilities
—
1.1%
Alliant
Energy
Corp.
.................
10,038
489,754
American
Electric
Power
Co.,
Inc.
........
20,157
1,522,660
CK
Infrastructure
Holdings
Ltd.
..........
52,000
241,022
CLP
Holdings
Ltd.
..................
31,500
230,542
Duke
Energy
Corp.
.................
8,638
767,832
Edison
International
.................
8,692
548,117
Entergy
Corp.
.....................
5,806
554,996
Eversource
Energy
.................
9,746
524,237
Exelon
Corp.
......................
21,089
821,206
NextEra
Energy,
Inc.
................
21,739
1,267,384
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electric
Utilities
(continued)
PG&E
Corp.
(d)
.....................
48,353
$
788,154
Portland
General
Electric
Co.
...........
10,717
428,894
PPL
Corp.
.......................
32,979
810,294
Southern
Co.
(The)
.................
10,200
686,460
SSE
plc
.........................
10,809
214,813
Terna
-
Rete
Elettrica
Nazionale
.........
50,357
385,585
Xcel
Energy,
Inc.
...................
17,934
1,062,948
11,344,898
Electrical
Equipment
—
0.1%
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
.......................
21,800
551,709
Sociedad
Quimica
y
Minera
de
Chile
SA,
ADR
7,926
383,619
935,328
Electronic
Equipment,
Instruments
&
Components
—
0.3%
Amphenol
Corp.,
Class
A
.............
2,312
186,231
Delta
Electronics,
Inc.
................
45,000
405,535
Lotes
Co.
Ltd.
.....................
20,000
510,718
Maxscend
Microelectronics
Co.
Ltd.,
Class
A
18,180
373,828
Samsung
SDI
Co.
Ltd.
...............
695
220,061
TE
Connectivity
Ltd.
.................
8,469
998,072
Zebra
Technologies
Corp.,
Class
A
(d)
......
2,770
580,121
3,274,566
Energy
Equipment
&
Services
—
0.2%
Baker
Hughes
Co.
..................
710
24,438
Baker
Hughes
Co.,
Class
A
............
50,515
1,738,726
Halliburton
Co.
....................
6,055
238,204
Schlumberger
NV
..................
4,353
242,288
2,243,656
Financial
Services
—
0.2%
Equitable
Holdings,
Inc.
..............
23,211
616,716
Fidelity
National
Information
Services,
Inc.
..
24,564
1,206,338
Jack
Henry
&
Associates,
Inc.
..........
1,526
215,151
Visa,
Inc.,
Class
A
..................
2,868
674,267
2,712,472
Food
Products
—
0.6%
China
Mengniu
Dairy
Co.
Ltd.
..........
278,000
907,708
Danone
SA
.......................
1,125
66,927
Kraft
Heinz
Co.
(The)
................
45,810
1,441,183
Mondelez
International,
Inc.,
Class
A
......
31,119
2,060,389
Nestle
SA
(Registered)
...............
18,952
2,043,760
6,519,967
Gas
Utilities
—
0.1%
ENN
Energy
Holdings
Ltd.
.............
50,300
381,030
Tokyo
Gas
Co.
Ltd.
.................
11,800
264,994
646,024
Ground
Transportation
—
0.4%
Canadian
Pacific
Kansas
City
Ltd.
.......
7,460
529,606
CSX
Corp.
.......................
15,764
470,555
Norfolk
Southern
Corp.
...............
2,360
450,264
Union
Pacific
Corp.
.................
11,311
2,348,277
West
Japan
Railway
Co.
..............
3,900
148,647
3,947,349
Health
Care
Equipment
&
Supplies
—
0.7%
Baxter
International,
Inc.
..............
41,362
1,341,370
EssilorLuxottica
SA
.................
10,115
1,831,660
Koninklijke
Philips
NV
(d)
...............
26,415
502,479
Medtronic
plc
.....................
33,595
2,370,463
ResMed,
Inc.
.....................
1,036
146,304
Zimmer
Biomet
Holdings,
Inc.
..........
10,586
1,105,284
7,297,560
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
—
0.9%
Cardinal
Health,
Inc.
.................
14,529
$
1,322,139
Cencora,
Inc.
.....................
1,308
242,176
Cigna
Group
(The)
..................
4,026
1,244,839
Elevance
Health,
Inc.
................
3,191
1,436,237
Hapvida
Participacoes
e
Investimentos
SA
(b)(c)(d)
903,074
660,950
HCA
Healthcare,
Inc.
................
843
190,636
Humana,
Inc.
.....................
497
260,274
Laboratory
Corp.
of
America
Holdings
.....
5,126
1,023,816
McKesson
Corp.
...................
559
254,547
UnitedHealth
Group,
Inc.
..............
4,977
2,665,482
Universal
Health
Services,
Inc.,
Class
B
...
1,845
232,267
9,533,363
Health
Care
REITs
—
0.7%
Assura
plc
.......................
3,447,042
1,715,266
Community
Healthcare
Trust,
Inc.
........
7,837
224,687
Healthpeak
Properties,
Inc.
............
61,650
958,658
Omega
Healthcare
Investors,
Inc.
........
35,404
1,171,872
Physicians
Realty
Trust
...............
128,806
1,398,833
Target
Healthcare
REIT
plc
............
1,062,274
930,913
Ventas,
Inc.
......................
10,430
442,858
Welltower,
Inc.
.....................
7,586
634,265
7,477,352
Hotels,
Restaurants
&
Leisure
—
0.1%
Domino's
Pizza,
Inc.
.................
614
208,140
OPAP
SA,
Class
R
..................
30,593
518,193
Sands
China
Ltd.
(d)
..................
204,400
550,255
1,276,588
Household
Durables
—
0.3%
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
...................
138,129
492,873
Newell
Brands,
Inc.
.................
52,052
349,789
Sony
Group
Corp.,
ADR
..............
7,830
650,282
Taylor
Wimpey
plc
..................
1,031,310
1,392,933
2,885,877
Household
Products
—
0.0%
Reckitt
Benckiser
Group
plc
............
4,454
298,004
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Boralex,
Inc.,
Class
A
................
6,005
111,764
Industrial
Conglomerates
—
0.1%
Astra
International
Tbk.
PT
............
1,546,000
562,403
Siemens
AG
(Registered)
.............
1,871
248,280
810,683
Industrial
REITs
—
0.6%
ESR
Kendall
Square
REIT
Co.
Ltd.
.......
326,924
775,706
Goodman
Group
...................
78,145
1,034,008
LondonMetric
Property
plc
.............
352,914
711,175
Prologis,
Inc.
......................
18,869
1,901,052
Rexford
Industrial
Realty,
Inc.
..........
30,377
1,313,501
Warehouses
De
Pauw
CVA
............
43,329
1,072,069
6,807,511
Insurance
—
0.8%
American
International
Group,
Inc.
.......
20,693
1,268,688
Assurant,
Inc.
.....................
8,071
1,201,772
Brown
&
Brown,
Inc.
.................
1,043
72,405
Fidelity
National
Financial,
Inc.,
Class
A
....
29,040
1,135,174
Globe
Life,
Inc.
....................
2,161
251,454
Powszechny
Zaklad
Ubezpieczen
SA
.....
55,860
632,105
Prudential
plc
.....................
188,061
1,966,439
Travelers
Cos.,
Inc.
(The)
.............
1,473
246,639
Willis
Towers
Watson
plc
..............
3,413
805,092
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
Zurich
Insurance
Group
AG
............
3,233
$
1,535,651
9,115,419
Interactive
Media
&
Services
—
0.0%
Alphabet,
Inc.,
Class
C
(d)
..............
860
107,758
Meta
Platforms,
Inc.,
Class
A
(d)
..........
362
109,060
Tencent
Holdings
Ltd.
................
3,700
136,932
353,750
IT
Services
—
0.6%
Accenture
plc,
Class
A
...............
6,628
1,969,113
Cognizant
Technology
Solutions
Corp.,
Class
A
21,314
1,374,114
Infosys
Ltd.,
ADR
...................
33,853
555,866
NEXTDC
Ltd.
(d)
....................
141,466
1,062,249
SUNeVision
Holdings
Ltd.
.............
1,890,000
702,996
Tata
Consultancy
Services
Ltd.
.........
18,991
768,824
6,433,162
Life
Sciences
Tools
&
Services
—
0.1%
Fortrea
Holdings,
Inc.
(d)
...............
18,206
517,051
Joinn
Laboratories
China
Co.
Ltd.,
Class
A
..
125,700
459,007
Lonza
Group
AG
(Registered)
..........
921
322,538
1,298,596
Machinery
—
0.3%
Komatsu
Ltd.
.....................
38,300
879,996
Otis
Worldwide
Corp.
................
26,688
2,060,581
Xylem,
Inc.
.......................
702
65,665
3,006,242
Media
—
0.2%
Comcast
Corp.,
Class
A
..............
27,303
1,127,341
Fox
Corp.,
Class
A
..................
16,601
504,504
Learfield
Communications
LLC,
(Acquired
09/06/23,
cost
$13,651)
(d)(e)(f)
.........
1,086
41,268
SES
SA,
ADR
.....................
26,761
156,137
1,829,250
Metals
&
Mining
—
0.2%
Barrick
Gold
Corp.
..................
24,738
395,313
Gold
Fields
Ltd.
....................
37,081
489,170
Gold
Fields
Ltd.,
ADR
................
12,991
169,143
Zijin
Mining
Group
Co.
Ltd.,
Class
H
......
412,000
637,328
1,690,954
Multi-Utilities
—
0.5%
Ameren
Corp.
.....................
5,365
406,184
CMS
Energy
Corp.
..................
13,058
709,572
Consolidated
Edison,
Inc.
.............
1,366
119,921
Dominion
Energy,
Inc.
................
4,659
187,851
DTE
Energy
Co.
...................
6,608
636,879
National
Grid
plc
...................
83,645
997,298
NiSource,
Inc.
.....................
17,914
450,716
Public
Service
Enterprise
Group,
Inc.
.....
2,662
164,112
Sempra
.........................
18,304
1,281,829
4,954,362
Office
REITs
—
0.4%
Alexandria
Real
Estate
Equities,
Inc.
......
21,485
2,000,898
Boston
Properties,
Inc.
...............
21,577
1,155,880
SL
Green
Realty
Corp.
...............
23,217
680,026
3,836,804
Oil,
Gas
&
Consumable
Fuels
—
1.2%
BP
plc
..........................
275,440
1,681,842
Cheniere
Energy,
Inc.
................
3,677
611,926
China
Petroleum
&
Chemical
Corp.,
Class
H
1,724,000
881,719
ConocoPhillips
....................
2,509
298,069
DT
Midstream,
Inc.
..................
5,159
278,431
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Ecopetrol
SA,
ADR
..................
31,299
$
369,641
Enbridge,
Inc.
.....................
20,162
646,115
Koninklijke
Vopak
NV
................
4,293
144,748
Kosmos
Energy
Ltd.
(d)
................
72,964
528,259
LUKOIL
PJSC
(e)
....................
44,196
5
MOL
Hungarian
Oil
&
Gas
plc
..........
60,449
480,983
Novatek
PJSC
(e)
...................
80
—
Oil
&
Natural
Gas
Corp.
Ltd.
...........
37,733
84,431
Pembina
Pipeline
Corp.
..............
20,065
617,540
Shell
plc
.........................
103,420
3,354,855
S-Oil
Corp.
.......................
9,987
492,884
Suncor
Energy,
Inc.
.................
24,370
789,588
Targa
Resources
Corp.
...............
6,956
581,591
TC
Energy
Corp.
...................
8,297
285,751
Williams
Cos.,
Inc.
(The)
..............
31,048
1,068,051
13,196,429
Passenger
Airlines
—
0.0%
InterGlobe
Aviation
Ltd.
(b)(c)(d)
...........
13,113
386,474
Personal
Care
Products
—
0.1%
Godrej
Consumer
Products
Ltd.
(d)
........
43,324
516,207
Unilever
plc,
ADR
..................
14,047
665,126
1,181,333
Pharmaceuticals
—
0.8%
AstraZeneca
plc
...................
19,252
2,410,423
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
...........................
24,995
514,093
Bayer
AG
(Registered)
...............
17,081
738,045
Eli
Lilly
&
Co.
.....................
689
381,658
Novo
Nordisk
A/S,
Class
B
............
16,252
1,567,932
Novo
Nordisk
A/S,
ADR
..............
1,632
157,602
Sanofi
SA
........................
31,348
2,846,593
8,616,346
Professional
Services
—
0.7%
Dun
&
Bradstreet
Holdings,
Inc.
.........
94,390
826,856
Leidos
Holdings,
Inc.
................
17,651
1,749,567
NMG,
Inc.
(d)
.......................
602
64,264
Paychex,
Inc.
.....................
17,628
1,957,589
Paycom
Software,
Inc.
...............
339
83,045
RELX
plc
........................
50,677
1,768,132
Robert
Half,
Inc.
...................
2,252
168,382
SS&C
Technologies
Holdings,
Inc.
.......
24,566
1,234,441
7,852,276
Real
Estate
Management
&
Development
—
0.3%
CK
Asset
Holdings
Ltd.
...............
245,500
1,227,089
Corp.
Inmobiliaria
Vesta
SAB
de
CV,
ADR
(g)
.
14,816
465,815
Hang
Lung
Properties
Ltd.
.............
365,000
479,777
VGP
NV
.........................
4,886
397,753
Vonovia
SE
.......................
35,010
806,003
3,376,437
Residential
REITs
—
0.4%
Mid-America
Apartment
Communities,
Inc.
..
262
30,955
Sun
Communities,
Inc.
...............
15,963
1,775,724
UDR,
Inc.
........................
65,749
2,091,476
3,898,155
Retail
REITs
—
0.3%
Link
REIT
........................
335,800
1,541,034
Spirit
Realty
Capital,
Inc.
..............
42,416
1,526,552
3,067,586
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
—
0.7%
Intel
Corp.
.......................
6,817
$
248,821
MediaTek,
Inc.
.....................
60,000
1,565,962
Monolithic
Power
Systems,
Inc.
.........
18
7,951
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
348,000
5,683,716
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
.........................
4,351
375,535
7,881,985
Software
—
0.7%
Microsoft
Corp.
....................
15,934
5,387,445
Oracle
Corp.
......................
16,156
1,670,530
7,057,975
Specialized
REITs
—
1.0%
American
Tower
Corp.
...............
16,051
2,860,128
Crown
Castle,
Inc.
..................
15,408
1,432,636
Digital
Realty
Trust,
Inc.
..............
6,698
832,963
EPR
Properties
....................
30,547
1,304,357
Equinix,
Inc.
......................
1,391
1,014,929
SBA
Communications
Corp.
...........
4,532
945,511
VICI
Properties,
Inc.
.................
73,067
2,038,569
10,429,093
Specialty
Retail
—
0.0%
Best
Buy
Co.,
Inc.
..................
1,430
95,553
Home
Depot,
Inc.
(The)
..............
1,099
312,874
Tractor
Supply
Co.
..................
879
169,260
577,687
Technology
Hardware,
Storage
&
Peripherals
—
0.5%
Apple,
Inc.
.......................
14,338
2,448,500
HP,
Inc.
.........................
11,270
296,739
Samsung
Electronics
Co.
Ltd.
..........
4,133
205,719
Samsung
Electronics
Co.
Ltd.,
GDR
(b)(c)
....
1,576
1,970,750
4,921,708
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
Kering
SA
........................
100
40,670
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
1,492
1,068,169
Ralph
Lauren
Corp.,
Class
A
...........
2,468
277,724
1,386,563
Tobacco
—
0.3%
British
American
Tobacco
plc
...........
40,370
1,205,951
Philip
Morris
International,
Inc.
..........
19,578
1,745,574
2,951,525
Trading
Companies
&
Distributors
—
0.2%
BOC
Aviation
Ltd.
(b)(c)
................
81,000
498,157
Fastenal
Co.
......................
4,410
257,280
Ferguson
plc
......................
7,047
1,058,486
1,813,923
Transportation
Infrastructure
—
0.6%
Aena
SME
SA
(b)(c)
...................
6,489
941,559
Aeroports
de
Paris
SA
...............
5,915
664,247
Atlas
Arteria
Ltd.
(h)
..................
138,933
469,680
Auckland
International
Airport
Ltd.
.......
80,152
342,753
Flughafen
Zurich
AG
(Registered)
........
3,472
648,785
Fraport
AG
Frankfurt
Airport
Services
Worldwide
(d)
....................
7,905
392,874
Getlink
SE
.......................
10,604
171,241
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
.......................
47,827
558,384
Japan
Airport
Terminal
Co.
Ltd.
.........
3,300
145,131
Salik
Co.
PJSC
....................
171,071
148,575
Transurban
Group
(h)
.................
211,682
1,593,646
6,076,875
Security
Shares
Shares
Value
Water
Utilities
—
0.0%
United
Utilities
Group
plc
..............
20,292
$
262,448
Wireless
Telecommunication
Services
—
0.2%
Advanced
Info
Service
PCL,
NVDR
.......
137,800
844,013
Rogers
Communications,
Inc.,
Class
B
....
15,362
569,172
Vodafone
Group
plc
.................
927,170
853,497
2,266,682
Total
Common
Stocks
—
23.4%
(Cost:
$262,898,916)
.............................
250,911,247
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
0.3%
Bombardier,
Inc.
(b)
7.50%,
03/15/25
.................
USD
9
8,990
7.13%,
06/15/26
.................
517
497,450
7.88%,
04/15/27
.................
218
209,710
6.00%,
02/15/28
.................
272
240,687
7.45%,
05/01/34
.................
190
212,800
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
(b)
....................
13
11,470
Embraer
Netherlands
Finance
BV,
7.00%,
07/28/30
(b)
....................
570
554,468
F-Brasile
SpA,
Series
XR,
7.38%,
08/15/26
(b)
200
185,801
Spirit
AeroSystems,
Inc.
(b)
7.50%,
04/15/25
.................
9
8,978
9.38%,
11/30/29
.................
226
232,086
TransDigm,
Inc.
6.25%,
03/15/26
(b)
................
571
557,558
7.50%,
03/15/27
.................
69
68,916
6.75%,
08/15/28
(b)
................
464
450,536
Triumph
Group,
Inc.,
9.00%,
03/15/28
(b)
...
323
313,710
Wesco
Aircraft
Holdings,
Inc.,
9.00%,
11/15/26
(b)
....................
84
7,980
3,561,140
Automobile
Components
—
0.3%
Clarios
Global
LP
(b)
6.75%,
05/15/25
.................
268
265,873
6.25%,
05/15/26
.................
395
386,147
8.50%,
05/15/27
.................
892
878,240
Dana
Financing
Luxembourg
SARL,
8.50%,
07/15/31
(c)
....................
EUR
100
107,926
Dealer
Tire
LLC,
8.00%,
02/01/28
(b)
......
USD
114
106,928
Forvia
SE
(c)
7.25%,
06/15/26
.................
EUR
100
108,985
3.75%,
06/15/28
.................
200
192,414
Goodyear
Tire
&
Rubber
Co.
(The)
9.50%,
05/31/25
.................
USD
66
66,759
5.00%,
07/15/29
.................
38
32,681
5.63%,
04/30/33
.................
39
31,274
Icahn
Enterprises
LP
6.25%,
05/15/26
.................
143
130,712
5.25%,
05/15/27
.................
379
324,519
4.38%,
02/01/29
.................
110
84,703
IHO
Verwaltungs
GmbH,
8.75%,
(8.75%
Cash
or
9.50%
PIK),
05/15/28
(a)(c)(i)
........
EUR
175
190,515
Tenneco,
Inc.,
8.00%,
11/17/28
(b)
.......
USD
73
58,583
ZF
Europe
Finance
BV,
2.00%,
02/23/26
(c)
..
EUR
200
194,094
3,160,353
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Automobiles
—
0.1%
(c)
Jaguar
Land
Rover
Automotive
plc,
4.50%,
07/15/28
.....................
EUR
100
$
96,158
RCI
Banque
SA,
(5-Year
EUR
Swap
Annual
+
2.85%),
2.63%,
02/18/30
(a)
..........
600
594,840
ZF
Europe
Finance
BV,
6.13%,
03/13/29
...
200
209,768
ZF
Finance
GmbH,
2.25%,
05/03/28
.....
100
89,558
990,324
Banks
—
1.6%
Banco
Bilbao
Vizcaya
Argentaria
SA,
(5-Year
EUR
Swap
Annual
+
6.04%),
6.00%
(a)(c)(j)
.
200
209,260
Banco
BPM
SpA
(a)(c)
(3-mo.
EURIBOR
+
2.80%),
6.00%,
06/14/28
....................
150
156,840
(5-Year
EUR
Swap
Annual
+
3.17%),
2.88%,
06/29/31
...............
300
279,402
(5-Year
EUR
Swap
Annual
+
3.40%),
3.38%,
01/19/32
...............
200
182,275
Banco
de
Credito
Social
Cooperativo
SA,
(1-Year
EURIBOR
ICE
Swap
Rate
+
4.27%),
7.50%,
09/14/29
(a)(c)
..............
100
103,614
Banco
de
Sabadell
SA
(a)(c)
(5-Year
EUR
Swap
Annual
+
6.20%),
5.75%
(j)
.....................
200
184,520
(1-Year
EUR
Swap
Annual
+
2.40%),
5.25%,
02/07/29
...............
100
104,573
(5-Year
EUR
Swap
Annual
+
2.20%),
2.00%,
01/17/30
...............
200
197,071
(5-Year
EUR
Swap
Annual
+
2.95%),
2.50%,
04/15/31
...............
200
189,231
Banco
Mercantil
del
Norte
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.64%),
5.88%
(a)(b)(j)
........
USD
217
183,159
Bangkok
Bank
PCL
(b)
5.30%,
09/21/28
.................
470
455,317
5.50%,
09/21/33
.................
470
438,623
Bank
of
Ireland
Group
plc
(a)(c)
(5-Year
EUR
Swap
Annual
+
7.92%),
7.50%
(j)
.....................
EUR
200
208,288
(5-Year
EUR
Swap
Annual
+
2.80%),
2.38%,
10/14/29
...............
100
102,032
Barclays
plc
(a)(j)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.67%),
8.00%
USD
200
195,609
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.87%),
6.13%
1,650
1,473,813
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.43%),
8.00%
1,265
1,118,893
BNP
Paribas
SA
(a)(j)
(5-Year
USD
Swap
Semi
+
5.15%),
7.38%
(c)
200
194,838
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.35%),
8.50%
(b)
.....................
740
709,060
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.34%),
4.63%
(b)
.....................
825
572,115
CaixaBank
SA,
(5-Year
EUR
Swap
Annual
+
6.50%),
6.75%
(a)(c)(j)
..............
EUR
200
209,202
Commerzbank
AG
(a)(c)
(5-Year
EUR
Swap
Annual
+
6.36%),
6.13%
(j)
.....................
400
389,381
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.25%),
8.63%,
02/28/33
....................
GBP
100
121,531
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Danske
Bank
A/S,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.13%),
7.00%
(a)(c)(j)
..............
USD
1,805
$
1,719,985
HSBC
Holdings
plc
(a)(j)
(5-Year
USD
Swap
Rate
+
4.37%),
6.38%
718
676,849
(5-Year
USD
Swap
Rate
+
3.75%),
6.00%
487
424,160
ING
Groep
NV,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.86%),
3.88%
(a)(j)
...............
200
139,587
Intercorp
Peru
Ltd.,
3.88%,
08/15/29
(b)
....
317
256,168
Intesa
Sanpaolo
SpA
(c)
(5-Year
EUR
Swap
Annual
+
6.07%),
5.88%
(a)(j)
....................
EUR
200
200,245
(5-Year
EUR
Swap
Annual
+
5.85%),
5.50%
(a)(j)
....................
250
220,217
5.15%,
06/10/30
.................
GBP
100
100,145
JPMorgan
Chase
&
Co.,
Series
W,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.63%,
05/15/47
(a)
.
USD
1,492
1,266,342
KBC
Group
NV,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.93%),
8.00%
(a)(c)(j)
..........
EUR
200
209,729
Lloyds
Banking
Group
plc
(a)(j)
(5-Year
USD
Swap
Rate
+
4.50%),
7.50%
USD
380
352,564
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.82%),
6.75%
485
447,036
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.91%),
8.00%
450
395,148
Mitsubishi
UFJ
Financial
Group,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.29%),
8.20%
(a)(j)
...
295
299,620
Nordea
Bank
Abp,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.60%),
3.75%
(a)(b)(j)
..............
560
401,081
Societe
Generale
SA
(a)(j)
(5-Year
USD
Swap
Rate
+
5.87%),
8.00%
(b)
1,050
1,028,455
(5-Year
EUR
Swap
Annual
+
5.23%),
7.88%
(c)
.....................
EUR
200
199,187
Standard
Chartered
plc,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.14%),
4.30%
(a)(b)(j)
..............
USD
850
594,805
UniCredit
SpA
(a)(c)
(5-Year
EURIBOR
ICE
Swap
Rate
+
7.33%),
7.50%
(j)
...............
EUR
200
205,801
(5-Year
EUR
Swap
Annual
+
2.80%),
2.73%,
01/15/32
...............
200
185,542
17,301,313
Biotechnology
—
0.0%
(c)
Cidron
Aida
Finco
SARL,
6.25%,
04/01/28
..
GBP
100
106,504
Grifols
SA
1.63%,
02/15/25
.................
EUR
100
101,472
3.88%,
10/15/28
.................
100
87,890
295,866
Broadline
Retail
—
0.0%
(b)
LCM
Investments
Holdings
II
LLC,
8.25%,
08/01/31
.....................
USD
119
113,214
Match
Group
Holdings
II
LLC,
5.63%,
02/15/29
83
74,921
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
...
76
71,091
259,226
Building
Products
—
0.1%
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
(b)
....................
155
144,728
HT
Troplast
GmbH,
9.38%,
07/15/28
(c)
....
EUR
111
113,919
JELD-WEN,
Inc.,
4.63%,
12/15/25
(b)
.....
USD
6
5,662
New
Enterprise
Stone
&
Lime
Co.,
Inc.
(b)
5.25%,
07/15/28
.................
66
58,244
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Building
Products
(continued)
9.75%,
07/15/28
.................
USD
73
$
72,818
Smyrna
Ready
Mix
Concrete
LLC,
6.00%,
11/01/28
(b)
....................
260
240,393
Standard
Industries,
Inc.
(b)
4.38%,
07/15/30
.................
85
69,447
3.38%,
01/15/31
.................
8
6,054
Summit
Materials
LLC,
5.25%,
01/15/29
(b)
..
38
34,408
745,673
Capital
Markets
—
0.5%
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(b)
....................
135
135,612
Aretec
Escrow
Issuer
2,
Inc.,
10.00%,
08/15/30
(b)
....................
35
35,394
Blue
Owl
Credit
Income
Corp.,
5.50%,
03/21/25
159
153,840
Castor
SpA,
(3-mo.
EURIBOR
at
5.25%
Floor
+
5.25%),
9.10%,
02/15/29
(a)(c)
.........
EUR
100
98,932
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(b)
...............
USD
76
64,900
Deutsche
Bank
AG,
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.69%),
6.75%
(a)(c)(j)
......
EUR
200
174,484
MDGH
GMTN
RSC
Ltd.,
4.38%,
11/22/33
(b)
.
USD
200
177,000
State
Street
Corp.,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.67%,
06/15/47
(a)
..........
3,250
2,599,994
SURA
Asset
Management
SA,
4.88%,
04/17/24
(c)
....................
451
444,501
UBS
Group
AG
(a)(j)
(5-Year
USD
Swap
Semi
+
4.34%),
7.00%
(b)
351
348,046
(5-Year
USD
Swap
Semi
+
4.87%),
7.00%
(c)
877
849,594
(5-Year
USD
Swap
Semi
+
4.59%),
6.88%
(c)
200
188,162
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.31%),
4.38%
(b)
.....................
430
298,529
Vivion
Investments
SARL,
3.00%,
08/08/24
(c)
EUR
100
96,816
5,665,804
Chemicals
—
0.6%
Avient
Corp.,
7.13%,
08/01/30
(b)
........
USD
112
107,754
Braskem
Idesa
SAPI,
6.99%,
02/20/32
(b)
...
450
262,552
Braskem
Netherlands
Finance
BV
(b)
8.50%,
01/12/31
.................
353
330,478
7.25%,
02/13/33
.................
636
549,345
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
8.22%),
8.50%,
01/23/81
(a)
...................
200
194,240
Chemours
Co.
(The)
(b)
5.75%,
11/15/28
.................
89
75,272
4.63%,
11/15/29
.................
37
28,578
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
.
466
396,498
FIS
Fabbrica
Italiana
Sintetici
SpA,
5.63%,
08/01/27
(c)
....................
EUR
100
95,414
Gates
Global
LLC,
6.25%,
01/15/26
(b)
.....
USD
122
119,487
HB
Fuller
Co.,
4.25%,
10/15/28
........
195
168,932
Herens
Holdco
SARL,
4.75%,
05/15/28
(b)
..
400
309,829
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(b)
...
326
304,582
INEOS
Quattro
Finance
2
plc,
2.50%,
01/15/26
(c)
....................
EUR
200
196,807
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(b)
.
USD
281
203,725
Kronos
International,
Inc.,
3.75%,
09/15/25
(c)
EUR
200
190,475
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(b)
..
USD
107
86,805
MEGlobal
BV
4.25%,
11/03/26
(c)
................
230
216,531
2.63%,
04/28/28
(b)
................
200
170,554
2.63%,
04/28/28
(c)
................
259
220,868
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(b)
65
56,828
Monitchem
HoldCo
3
SA,
8.75%,
05/01/28
(c)
EUR
100
101,274
Nobian
Finance
BV,
3.63%,
07/15/26
(c)
....
100
94,521
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Olympus
Water
US
Holding
Corp.
9.63%,
11/15/28
(c)
................
EUR
100
$
104,910
9.75%,
11/15/28
(b)
................
USD
200
195,340
Sasol
Financing
USA
LLC
4.38%,
09/18/26
.................
200
176,000
6.50%,
09/27/28
.................
255
224,017
8.75%,
05/03/29
(b)
................
277
263,150
SCIL
IV
LLC,
9.50%,
07/15/28
(c)
........
EUR
100
106,996
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(b)
....................
USD
200
151,017
Synthomer
plc,
3.88%,
07/01/25
(c)
.......
EUR
150
153,430
WR
Grace
Holdings
LLC
(b)
4.88%,
06/15/27
.................
USD
197
176,977
5.63%,
08/15/29
.................
530
410,750
7.38%,
03/01/31
.................
67
62,060
6,505,996
Commercial
Services
&
Supplies
—
0.5%
ADT
Security
Corp.
(The),
4.88%,
07/15/32
(b)
173
144,716
Allied
Universal
Holdco
LLC
6.63%,
07/15/26
(b)
................
403
377,410
9.75%,
07/15/27
(b)
................
265
230,186
3.63%,
06/01/28
(c)
................
EUR
100
85,124
4.63%,
06/01/28
(b)
................
USD
553
451,335
6.00%,
06/01/29
(b)
................
405
292,613
APi
Group
DE,
Inc.
(b)
4.13%,
07/15/29
.................
38
30,992
4.75%,
10/15/29
.................
82
70,129
APX
Group,
Inc.
(b)
6.75%,
02/15/27
.................
128
123,573
5.75%,
07/15/29
.................
180
149,645
Covanta
Holding
Corp.
4.88%,
12/01/29
(b)
................
63
49,140
5.00%,
09/01/30
.................
49
37,902
Garda
World
Security
Corp.
(b)
4.63%,
02/15/27
.................
22
19,622
9.50%,
11/01/27
.................
40
36,348
7.75%,
02/15/28
.................
233
224,071
GFL
Environmental,
Inc.
(b)
4.00%,
08/01/28
.................
214
184,166
4.38%,
08/15/29
.................
151
128,773
Intrum
AB,
3.13%,
07/15/24
(c)
..........
EUR
88
88,696
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(b)
....................
USD
68
64,851
Madison
IAQ
LLC,
5.88%,
06/30/29
(b)
.....
445
344,713
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(b)
.
149
131,500
Paprec
Holding
SA
(c)
4.00%,
03/31/25
.................
EUR
100
104,219
3.50%,
07/01/28
.................
100
93,351
Prime
Security
Services
Borrower
LLC
(b)
5.75%,
04/15/26
.................
USD
113
109,622
6.25%,
01/15/28
.................
337
312,501
Q-Park
Holding
I
BV,
1.50%,
03/01/25
(c)
...
EUR
100
101,974
Techem
Verwaltungsgesellschaft
674
mbH,
6.00%,
07/30/26
(c)
...............
88
89,865
Techem
Verwaltungsgesellschaft
675
mbH,
2.00%,
07/15/25
(c)
...............
100
101,695
Verisure
Holding
AB,
7.13%,
02/01/28
(c)
...
200
212,943
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(b)
...
USD
614
564,392
Williams
Scotsman,
Inc.
(b)
6.13%,
06/15/25
.................
92
90,395
7.38%,
10/01/31
.................
34
33,443
5,079,905
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Communications
Equipment
—
0.1%
(b)
CommScope
Technologies
LLC,
6.00%,
06/15/25
.....................
USD
166
$
99,600
CommScope,
Inc.
6.00%,
03/01/26
.................
199
167,156
4.75%,
09/01/29
.................
115
78,488
Viasat,
Inc.
5.63%,
09/15/25
.................
144
133,774
5.63%,
04/15/27
.................
142
123,969
7.50%,
05/30/31
.................
21
13,746
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
....
51
39,697
656,430
Construction
&
Engineering
—
0.2%
Aeropuertos
Dominicanos
Siglo
XXI
SA,
6.75%,
03/30/29
(b)
....................
205
196,435
Azzurra
Aeroporti
SpA,
2.13%,
05/30/24
(c)
..
EUR
285
295,645
Brand
Industrial
Services,
Inc.,
10.38%,
08/01/30
(b)
....................
USD
682
676,885
Cellnex
Finance
Co.
SA
(c)
2.00%,
09/15/32
.................
EUR
200
162,955
2.00%,
02/15/33
.................
200
160,825
Dycom
Industries,
Inc.,
4.50%,
04/15/29
(b)
..
USD
79
68,156
Gatwick
Airport
Finance
plc,
4.38%,
04/07/26
(c)
GBP
100
112,186
Heathrow
Finance
plc,
4.75%,
03/01/24
(c)(k)
.
100
119,890
HTA
Group
Ltd.,
7.00%,
12/18/25
(b)
......
USD
405
390,084
Webuild
SpA,
7.00%,
09/27/28
(c)
........
EUR
100
103,562
2,286,623
Consumer
Finance
—
0.2%
ASG
Finance
DAC,
7.88%,
12/03/24
(b)
....
USD
262
252,712
Encore
Capital
Group,
Inc.
(c)
4.88%,
10/15/25
.................
EUR
100
102,378
5.38%,
02/15/26
.................
GBP
100
110,727
Ford
Motor
Credit
Co.
LLC
6.86%,
06/05/26
.................
100
120,992
6.13%,
05/15/28
.................
EUR
150
165,410
Global
Aircraft
Leasing
Co.
Ltd.,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(b)(i)
......
USD
129
116,794
Macquarie
Airfinance
Holdings
Ltd.
(b)
8.38%,
05/01/28
.................
52
51,831
8.13%,
03/30/29
.................
88
86,684
Navient
Corp.
6.13%,
03/25/24
.................
27
26,864
5.50%,
03/15/29
.................
92
74,520
9.38%,
07/25/30
.................
92
86,683
OneMain
Finance
Corp.
6.88%,
03/15/25
.................
157
154,895
7.13%,
03/15/26
.................
110
106,832
6.63%,
01/15/28
.................
113
102,803
9.00%,
01/15/29
.................
7
6,812
5.38%,
11/15/29
.................
81
66,601
4.00%,
09/15/30
.................
48
35,112
1,668,650
Consumer
Staples
Distribution
&
Retail
—
0.1%
Albertsons
Cos.,
Inc.,
3.50%,
03/15/29
(b)
...
11
9,379
Bellis
Acquisition
Co.
plc
(c)
3.25%,
02/16/26
.................
GBP
400
420,998
4.50%,
02/16/26
.................
100
107,700
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
(b)
....................
USD
143
120,660
Picard
Groupe
SAS,
3.88%,
07/01/26
(c)
...
EUR
100
97,050
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(b)
USD
54
42,492
798,279
Containers
&
Packaging
—
0.3%
Ardagh
Metal
Packaging
Finance
USA
LLC
6.00%,
06/15/27
(b)
................
200
189,004
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
2.00%,
09/01/28
(c)
................
EUR
100
$
86,923
3.00%,
09/01/29
(c)
................
100
77,772
4.00%,
09/01/29
(b)
................
USD
584
438,041
Ardagh
Packaging
Finance
plc
2.13%,
08/15/26
(c)
................
EUR
100
91,212
4.75%,
07/15/27
(c)
................
GBP
159
135,257
5.25%,
08/15/27
(b)
................
USD
202
146,829
Clydesdale
Acquisition
Holdings,
Inc.
(b)
6.63%,
04/15/29
.................
287
260,710
8.75%,
04/15/30
.................
337
268,616
Fiber
Bidco
SpA,
11.00%,
10/25/27
(c)
.....
EUR
200
224,317
Graham
Packaging
Co.,
Inc.,
7.13%,
08/15/28
(b)
USD
13
9,960
Kleopatra
Finco
SARL,
4.25%,
03/01/26
(c)
..
EUR
150
131,015
LABL,
Inc.
(b)
5.88%,
11/01/28
.................
USD
171
144,708
9.50%,
11/01/28
.................
201
194,259
Mauser
Packaging
Solutions
Holding
Co.
(b)
7.88%,
08/15/26
.................
1,008
944,112
9.25%,
04/15/27
.................
40
33,312
Trident
TPI
Holdings,
Inc.,
12.75%,
12/31/28
(b)
52
53,138
Trivium
Packaging
Finance
BV,
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
7.53%,
08/15/26
(a)(c)
...................
EUR
100
102,636
3,531,821
Distributors
—
0.0%
(b)
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
USD
310
284,344
Resideo
Funding,
Inc.,
4.00%,
09/01/29
...
45
36,113
320,457
Diversified
Consumer
Services
—
0.1%
Cedacri
Mergeco
SpA,
(3-mo.
EURIBOR
+
5.50%),
9.28%,
05/15/28
(a)(c)
.........
EUR
120
123,163
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(b)
..
USD
113
92,338
Rekeep
SpA,
7.25%,
02/01/26
(c)
........
EUR
111
103,942
Sotheby's
(b)
7.38%,
10/15/27
.................
USD
404
360,807
5.88%,
06/01/29
.................
324
258,354
TUI
Cruises
GmbH,
6.50%,
05/15/26
(c)
....
EUR
100
97,874
Verisure
Holding
AB,
9.25%,
10/15/27
(c)
...
100
112,372
1,148,850
Diversified
REITs
—
0.1%
(b)
HAT
Holdings
I
LLC,
3.38%,
06/15/26
....
USD
128
112,668
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
.......
131
107,192
Uniti
Group
LP,
10.50%,
02/15/28
.......
322
310,071
VICI
Properties
LP,
4.63%,
06/15/25
.....
16
15,368
545,299
Diversified
Telecommunication
Services
—
0.8%
Altice
France
SA
2.13%,
02/15/25
(c)
................
EUR
166
162,647
8.13%,
02/01/27
(b)
................
USD
226
190,510
3.38%,
01/15/28
(c)
................
EUR
193
146,960
5.13%,
07/15/29
(b)
................
USD
505
345,754
5.50%,
10/15/29
(b)
................
200
137,580
British
Telecommunications
plc
(a)(c)
(5-Year
EUR
Swap
Annual
+
2.13%),
1.87%,
08/18/80
...............
EUR
100
97,062
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.82%),
8.38%,
12/20/83
....................
GBP
100
120,706
CCO
Holdings
LLC
(b)
5.00%,
02/01/28
.................
USD
43
38,611
6.38%,
09/01/29
.................
578
528,984
4.50%,
08/15/30
.................
96
76,976
7.38%,
03/01/31
.................
837
790,983
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
4.75%,
02/01/32
.................
USD
83
$
64,787
4.25%,
01/15/34
.................
89
64,285
Cellnex
Telecom
SA
(c)
1.00%,
04/20/27
.................
EUR
100
93,129
2.13%,
08/11/30
(l)
................
200
193,240
1.75%,
10/23/30
.................
200
169,732
Frontier
Communications
Holdings
LLC
(b)
5.00%,
05/01/28
.................
USD
314
271,104
8.75%,
05/15/30
.................
473
450,652
8.63%,
03/15/31
.................
34
31,967
Iliad
Holding
SASU
(b)
6.50%,
10/15/26
.................
400
373,781
7.00%,
10/15/28
.................
253
228,953
Iliad
SA,
5.63%,
02/15/30
(c)
...........
EUR
300
304,715
Infrastrutture
Wireless
Italiane
SpA,
1.63%,
10/21/28
(c)
....................
250
231,369
Level
3
Financing,
Inc.
(b)
3.40%,
03/01/27
.................
USD
275
254,618
4.63%,
09/15/27
.................
396
263,340
3.63%,
01/15/29
.................
36
18,385
10.50%,
05/15/30
................
364
364,285
Lorca
Telecom
Bondco
SA,
4.00%,
09/18/27
(c)
EUR
271
265,956
Lumen
Technologies,
Inc.,
4.00%,
02/15/27
(b)
USD
172
116,100
RCS
&
RDS
SA,
2.50%,
02/05/25
(c)
......
EUR
200
203,286
Telecom
Italia
Capital
SA
6.38%,
11/15/33
.................
USD
51
43,488
6.00%,
09/30/34
.................
337
277,356
7.20%,
07/18/36
.................
43
37,178
7.72%,
06/04/38
.................
138
121,821
Telecom
Italia
Finance
SA,
7.75%,
01/24/33
EUR
100
110,656
Telecom
Italia
SpA
(c)
3.63%,
05/25/26
.................
100
98,886
2.38%,
10/12/27
.................
100
90,485
6.88%,
02/15/28
.................
200
210,033
7.88%,
07/31/28
.................
188
203,150
1.63%,
01/18/29
.................
100
82,003
Zayo
Group
Holdings,
Inc.
(b)
4.00%,
03/01/27
.................
USD
1,136
855,002
6.13%,
03/01/28
.................
417
276,241
9,006,756
Electric
Utilities
—
0.4%
AES
Panama
Generation
Holdings
SRL,
4.38%,
05/31/30
(c)
...............
268
216,956
Alexander
Funding
Trust
II,
7.47%,
07/31/28
(b)
100
99,281
Continuum
Energy
Aura
Pte.
Ltd.,
9.50%,
02/24/27
(b)
....................
235
231,597
Diamond
II
Ltd.,
7.95%,
07/28/26
(b)
......
200
194,682
Duke
Energy
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.32%),
3.25%,
01/15/82
(a)
..........
1,425
1,023,743
Edison
International,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.86%),
8.13%,
06/15/53
(a)
..........
181
174,529
EDP
-
Energias
de
Portugal
SA,
(5-Year
EUR
Swap
Annual
+
2.38%),
1.88%,
08/02/81
(a)(c)
EUR
200
187,813
Engie
Energia
Chile
SA,
3.40%,
01/28/30
(c)
.
USD
282
225,228
Naturgy
Finance
BV
(a)(c)(j)
(9-Year
EUR
Swap
Annual
+
3.08%),
3.38%
EUR
100
103,543
(5-Year
EUR
Swap
Annual
+
2.44%),
2.37%
100
93,369
NextEra
Energy
Capital
Holdings,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.55%),
3.80%,
03/15/82
(a)
....................
USD
1,898
1,518,381
NRG
Energy,
Inc.,
7.00%,
03/15/33
(b)
.....
105
99,244
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
....................
USD
65
$
56,659
Vistra
Operations
Co.
LLC,
5.50%,
09/01/26
(b)
117
111,311
4,336,336
Electrical
Equipment
—
0.0%
Vertiv
Group
Corp.,
4.13%,
11/15/28
(b)
....
113
98,763
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Coherent
Corp.,
5.00%,
12/15/29
(b)
......
296
251,177
Energy
Equipment
&
Services
—
0.7%
Archrock
Partners
LP
(b)
6.88%,
04/01/27
.................
271
260,528
6.25%,
04/01/28
.................
362
336,207
Borr
IHC
Ltd.,
10.00%,
11/15/28
(b)
.......
200
199,046
EDO
Sukuk
Ltd.,
5.88%,
09/21/33
(b)
......
632
606,246
Enerflex
Ltd.,
9.00%,
10/15/27
(b)
........
184
167,440
Nabors
Industries
Ltd.
(b)
7.25%,
01/15/26
.................
112
105,221
7.50%,
01/15/28
.................
81
71,539
Nabors
Industries,
Inc.
5.75%,
02/01/25
.................
275
266,750
7.38%,
05/15/27
(b)
................
200
185,942
Noble
Finance
II
LLC,
8.00%,
04/15/30
(b)
..
167
166,898
Oceaneering
International,
Inc.,
6.00%,
02/01/28
(b)
....................
23
21,103
Precision
Drilling
Corp.,
6.88%,
01/15/29
(b)
.
8
7,407
Tervita
Corp.,
11.00%,
12/01/25
(b)
.......
60
62,398
Transocean
Aquila
Ltd.,
8.00%,
09/30/28
(b)
.
53
52,224
Transocean
Titan
Financing
Ltd.,
8.38%,
02/01/28
(b)
....................
156
156,632
Transocean,
Inc.
(b)
7.50%,
01/15/26
.................
243
232,760
11.50%,
01/30/27
................
398
414,171
8.00%,
02/01/27
.................
137
128,594
8.75%,
02/15/30
.................
315
314,469
USA
Compression
Partners
LP
6.88%,
04/01/26
.................
404
392,326
6.88%,
09/01/27
.................
205
196,412
Valaris
Ltd.,
8.38%,
04/30/30
(b)
.........
430
421,938
Vallourec
SACA,
8.50%,
06/30/26
(c)
......
EUR
125
132,097
Venture
Global
LNG,
Inc.
(b)
8.13%,
06/01/28
.................
USD
478
464,052
9.50%,
02/01/29
.................
835
848,310
8.38%,
06/01/31
.................
442
421,781
9.88%,
02/01/32
.................
328
332,588
Weatherford
International
Ltd.
(b)
6.50%,
09/15/28
.................
99
99,510
8.63%,
04/30/30
.................
175
176,834
7,241,423
Entertainment
—
0.0%
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
(b)
....................
98
64,488
Live
Nation
Entertainment,
Inc.
(b)
4.88%,
11/01/24
.................
19
18,596
3.75%,
01/15/28
.................
79
69,046
Pinnacle
Bidco
plc,
10.00%,
10/11/28
(c)
....
GBP
101
117,914
270,044
Financial
Services
—
0.3%
Banco
Votorantim
SA,
4.50%,
09/24/24
(c)
..
USD
243
237,440
Blue
Owl
Credit
Income
Corp.,
7.75%,
09/16/27
61
60,063
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(b)
...
263
258,334
Freedom
Mortgage
Corp.
(b)
12.00%,
10/01/28
................
32
32,102
12.25%,
10/01/30
................
32
32,011
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
Garfunkelux
Holdco
3
SA,
6.75%,
11/01/25
(c)
EUR
100
$
79,325
Jefferies
Finance
LLC,
5.00%,
08/15/28
(b)
..
USD
267
213,089
Nationstar
Mortgage
Holdings,
Inc.
(b)
5.00%,
02/01/26
.................
641
595,808
6.00%,
01/15/27
.................
118
109,684
5.13%,
12/15/30
.................
81
65,544
5.75%,
11/15/31
.................
18
14,991
Nexi
SpA,
0.00%,
02/24/28
(c)(l)(m)
........
EUR
300
252,310
Rocket
Mortgage
LLC,
2.88%,
10/15/26
(b)
..
USD
127
110,562
Shift4
Payments
LLC,
4.63%,
11/01/26
(b)
...
224
206,920
Thames
Water
Utilities
Finance
plc,
4.00%,
04/18/27
(c)
....................
EUR
100
99,102
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(b)
.
USD
1,017
1,009,511
Worldline
SA,
0.00%,
07/30/26
(c)(l)(m)
......
EUR
66
60,569
3,437,365
Food
Products
—
0.2%
B&G
Foods,
Inc.,
8.00%,
09/15/28
(b)
.....
USD
45
43,852
Chobani
LLC
(b)
7.50%,
04/15/25
.................
522
512,838
4.63%,
11/15/28
.................
287
248,132
MHP
Lux
SA,
6.95%,
04/03/26
(c)
........
200
146,918
Minerva
Luxembourg
SA,
8.88%,
09/13/33
(b)
353
345,746
Post
Holdings,
Inc.
(b)
5.50%,
12/15/29
.................
34
30,322
4.63%,
04/15/30
.................
12
10,048
Premier
Foods
Finance
plc,
3.50%,
10/15/26
(c)
GBP
100
110,201
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(b)
..
USD
95
77,171
1,525,228
Gas
Utilities
—
0.0%
AmeriGas
Partners
LP,
9.38%,
06/01/28
(b)
..
131
129,460
Howard
Midstream
Energy
Partners
LLC,
8.88%,
07/15/28
(b)
...............
131
131,698
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(b)
....................
79
65,436
UGI
International
LLC,
2.50%,
12/01/29
(c)
..
EUR
100
85,574
412,168
Ground
Transportation
—
0.1%
DAE
Funding
LLC
(c)
1.55%,
08/01/24
.................
USD
243
232,976
2.63%,
03/20/25
.................
200
188,136
GN
Bondco
LLC,
9.50%,
10/15/31
(b)
.....
148
144,300
Hertz
Corp.
(The),
5.00%,
12/01/29
(b)
.....
116
83,277
Mobico
Group
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.14%),
4.25%
(a)(c)(j)
...................
GBP
100
101,186
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(b)
.
USD
239
204,943
Uber
Technologies,
Inc.
(b)
7.50%,
05/15/25
.................
149
149,185
8.00%,
11/01/26
.................
154
155,086
7.50%,
09/15/27
.................
160
160,402
6.25%,
01/15/28
.................
24
23,100
1,442,591
Health
Care
Equipment
&
Supplies
—
0.1%
(b)
Bausch
&
Lomb
Escrow
Corp.,
8.38%,
10/01/28
541
537,348
Garden
Spinco
Corp.,
8.63%,
07/20/30
...
180
185,719
Medline
Borrower
LP
3.88%,
04/01/29
.................
27
22,798
5.25%,
10/01/29
.................
719
612,028
1,357,893
Health
Care
Providers
&
Services
—
0.3%
Acadia
Healthcare
Co.,
Inc.
(b)
5.50%,
07/01/28
.................
74
68,316
5.00%,
04/15/29
.................
27
24,074
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(b)
USD
181
$
148,420
Community
Health
Systems,
Inc.
(b)
5.63%,
03/15/27
.................
15
12,187
6.00%,
01/15/29
.................
508
384,810
5.25%,
05/15/30
.................
295
209,495
4.75%,
02/15/31
.................
220
147,454
Encompass
Health
Corp.,
4.63%,
04/01/31
.
3
2,497
HealthEquity,
Inc.,
4.50%,
10/01/29
(b)
.....
303
259,550
Legacy
LifePoint
Health
LLC,
4.38%,
02/15/27
(b)
....................
94
77,730
LifePoint
Health,
Inc.
(b)
9.88%,
08/15/30
.................
163
147,311
11.00%,
10/15/30
................
152
143,044
ModivCare,
Inc.,
5.88%,
11/15/25
(b)
......
126
119,070
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(b)
.
125
104,469
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(b)
....................
19
17,290
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(b)
...............
35
32,724
Surgery
Center
Holdings,
Inc.
(b)
6.75%,
07/01/25
.................
420
411,075
10.00%,
04/15/27
................
120
119,781
Tenet
Healthcare
Corp.
4.88%,
01/01/26
.................
197
188,806
5.13%,
11/01/27
.................
193
178,162
4.63%,
06/15/28
.................
48
42,703
6.13%,
10/01/28
.................
163
151,182
6.75%,
05/15/31
(b)
................
10
9,496
2,999,646
Hotel
&
Resort
REITs
—
0.0%
RHP
Hotel
Properties
LP
4.75%,
10/15/27
.................
137
124,478
4.50%,
02/15/29
(b)
................
198
168,536
RLJ
Lodging
Trust
LP,
4.00%,
09/15/29
(b)
..
80
65,200
Service
Properties
Trust,
7.50%,
09/15/25
..
72
69,953
428,167
Hotels,
Restaurants
&
Leisure
—
1.0%
Accor
SA,
(5-Year
EUR
Swap
Annual
+
3.25%),
2.63%
(a)(c)(j)
...................
EUR
100
100,519
Allwyn
Entertainment
Financing
UK
plc,
7.25%,
04/30/30
(c)
....................
175
183,779
Boyd
Gaming
Corp.
4.75%,
12/01/27
.................
USD
44
40,040
4.75%,
06/15/31
(b)
................
114
94,608
Boyne
USA,
Inc.,
4.75%,
05/15/29
(b)
.....
131
114,057
Burger
King
France
SAS,
(3-mo.
EURIBOR
at
4.75%
Floor
+
4.75%),
8.48%,
11/01/26
(a)(c)
EUR
100
105,921
Caesars
Entertainment,
Inc.
(b)
6.25%,
07/01/25
.................
USD
475
467,346
8.13%,
07/01/27
.................
507
502,373
4.63%,
10/15/29
.................
404
332,018
Carnival
Corp.
7.63%,
03/01/26
(b)
................
100
97,239
7.63%,
03/01/26
(c)
................
EUR
135
140,021
5.75%,
03/01/27
(b)
................
USD
373
333,038
9.88%,
08/01/27
(b)
................
45
46,904
4.00%,
08/01/28
(b)
................
120
104,378
6.00%,
05/01/29
(b)
................
298
251,749
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
05/01/28
(b)
....................
859
915,878
Carnival
plc,
1.00%,
10/28/29
.........
EUR
100
64,544
CCM
Merger,
Inc.,
6.38%,
05/01/26
(b)
.....
USD
60
56,795
CDI
Escrow
Issuer,
Inc.,
5.75%,
04/01/30
(b)
.
274
244,793
Cedar
Fair
LP,
6.50%,
10/01/28
........
75
69,418
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Churchill
Downs,
Inc.,
5.50%,
04/01/27
(b)
..
USD
71
$
66,594
Cirsa
Finance
International
SARL,
(3-mo.
EURIBOR
+
4.50%),
8.45%,
07/31/28
(a)(c)
.
EUR
100
105,222
CPUK
Finance
Ltd.,
4.88%,
08/28/25
(c)
....
GBP
100
113,363
Elior
Group
SA,
3.75%,
07/15/26
(c)
......
EUR
101
82,796
Fertitta
Entertainment
LLC
(b)
4.63%,
01/15/29
.................
USD
177
148,739
6.75%,
01/15/30
.................
51
40,532
Food
Service
Project
SA,
5.50%,
01/21/27
(c)
EUR
100
100,794
Inter
Media
&
Communication
SpA,
6.75%,
02/09/27
(c)
....................
129
128,032
LHMC
Finco
2
SARL,
7.25%,
(7.25%
Cash
or
8.00%
PIK),
10/02/25
(c)(i)
...........
100
101,672
Life
Time,
Inc.
(b)
5.75%,
01/15/26
.................
USD
209
202,393
8.00%,
04/15/26
.................
214
208,650
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
05/15/28
(b)
....................
150
144,293
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(b)
159
144,901
Lottomatica
SpA,
(3-mo.
EURIBOR
+
4.13%),
7.93%,
06/01/28
(a)(c)
..............
EUR
250
264,803
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(b)
USD
204
158,100
Melco
Resorts
Finance
Ltd.,
5.38%,
12/04/29
(b)
200
158,348
MGM
China
Holdings
Ltd.,
5.88%,
05/15/26
(b)
200
186,144
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(b)
....................
67
55,777
NCL
Corp.
Ltd.
(b)
5.88%,
03/15/26
.................
141
126,547
8.38%,
02/01/28
.................
65
64,393
8.13%,
01/15/29
.................
47
45,919
7.75%,
02/15/29
.................
40
34,912
NCL
Finance
Ltd.,
6.13%,
03/15/28
(b)
.....
97
81,115
Ontario
Gaming
GTA
LP,
8.00%,
08/01/30
(b)
.
81
79,181
Premier
Entertainment
Sub
LLC
(b)
5.63%,
09/01/29
.................
95
66,804
5.88%,
09/01/31
.................
95
64,503
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(b)
.
62
57,691
Royal
Caribbean
Cruises
Ltd.
(b)
11.50%,
06/01/25
................
24
25,364
4.25%,
07/01/26
.................
59
54,257
5.50%,
08/31/26
.................
69
65,114
5.38%,
07/15/27
.................
72
66,353
5.50%,
04/01/28
.................
119
108,510
8.25%,
01/15/29
.................
93
95,558
9.25%,
01/15/29
.................
117
122,129
7.25%,
01/15/30
.................
193
190,390
Sands
China
Ltd.,
4.30%,
01/08/26
(a)(k)
....
200
185,258
Scientific
Games
Holdings
LP,
6.63%,
03/01/30
(b)
....................
18
15,480
Six
Flags
Entertainment
Corp.,
7.25%,
05/15/31
(b)
....................
251
230,920
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(b)
117
116,193
Station
Casinos
LLC
(b)
4.50%,
02/15/28
.................
83
71,681
4.63%,
12/01/31
.................
122
96,326
Stonegate
Pub
Co.
Financing
plc,
8.00%,
07/13/25
(c)
....................
GBP
100
110,606
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(b)
.....
USD
79
78,513
Viking
Cruises
Ltd.
(b)
5.88%,
09/15/27
.................
90
81,081
7.00%,
02/15/29
.................
20
18,100
9.13%,
07/15/31
.................
321
315,382
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(b)
....................
96
85,080
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(b)
..
155
143,184
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Wynn
Macau
Ltd.
5.63%,
08/26/28
(c)
................
USD
259
$
215,747
5.63%,
08/26/28
(b)
................
400
333,200
Wynn
Resorts
Finance
LLC
(b)
5.13%,
10/01/29
.................
213
181,648
7.13%,
02/15/31
.................
92
85,672
10,389,382
Household
Durables
—
0.1%
Ashton
Woods
USA
LLC
(b)
6.63%,
01/15/28
.................
30
27,450
4.63%,
08/01/29
.................
198
160,218
Brookfield
Residential
Properties,
Inc.
(b)
5.00%,
06/15/29
.................
171
133,463
4.88%,
02/15/30
.................
169
128,517
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(b)
170
162,486
Dream
Finders
Homes,
Inc.,
8.25%,
08/15/28
(b)
58
57,382
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(b)
....................
53
47,816
KB
Home,
7.25%,
07/15/30
...........
46
44,160
Mattamy
Group
Corp.
(b)
5.25%,
12/15/27
.................
35
31,446
4.63%,
03/01/30
.................
94
76,747
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(b)
209
123,806
Taylor
Morrison
Communities,
Inc.,
5.13%,
08/01/30
(b)
....................
7
5,883
TRI
Pointe
Homes,
Inc.,
5.70%,
06/15/28
..
37
32,943
1,032,317
Household
Products
—
0.0%
Central
Garden
&
Pet
Co.
4.13%,
10/15/30
.................
3
2,447
4.13%,
04/30/31
(b)
................
160
127,282
129,729
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Calpine
Corp.
(b)
5.13%,
03/15/28
.................
286
255,951
4.63%,
02/01/29
.................
44
37,164
NextEra
Energy
Partners
LP
(b)(l)
0.00%,
11/15/25
(m)
................
57
48,364
2.50%,
06/15/26
.................
57
49,134
Talen
Energy
Supply
LLC,
8.63%,
06/01/30
(b)
66
67,063
TransAlta
Corp.,
7.75%,
11/15/29
.......
78
77,603
535,279
Industrial
Conglomerates
—
0.0%
Emerald
Debt
Merger
Sub
LLC,
6.38%,
12/15/30
(c)
....................
EUR
100
104,073
GEMS
MENASA
Cayman
Ltd.,
7.13%,
07/31/26
(b)
....................
USD
314
300,655
404,728
Insurance
—
0.6%
Acrisure
LLC,
6.00%,
08/01/29
(b)
........
112
90,345
Alliant
Holdings
Intermediate
LLC
(b)
4.25%,
10/15/27
.................
215
189,020
6.75%,
10/15/27
.................
1,342
1,225,595
5.88%,
11/01/29
.................
379
314,660
Allianz
SE,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.17%),
3.20%
(a)(b)(j)
...................
400
284,470
AmWINS
Group,
Inc.,
4.88%,
06/30/29
(b)
...
307
262,805
Galaxy
Bidco
Ltd.,
6.50%,
07/31/26
(c)
.....
GBP
200
224,250
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
(b)
.
USD
113
110,029
HUB
International
Ltd.
(b)
7.00%,
05/01/26
.................
595
579,180
7.25%,
06/15/30
.................
93
90,718
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
Jones
Deslauriers
Insurance
Management,
Inc.
(b)
8.50%,
03/15/30
.................
USD
226
$
222,021
10.50%,
12/15/30
................
124
123,075
Liberty
Mutual
Group,
Inc.
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.32%),
4.13%,
12/15/51
(b)
...................
450
357,259
(5-Year
EUR
Swap
Annual
+
3.70%),
3.63%,
05/23/59
(c)
..............
EUR
250
251,828
NFP
Corp.
(b)
4.88%,
08/15/28
.................
USD
358
313,453
6.88%,
08/15/28
.................
619
528,570
8.50%,
10/01/31
.................
93
91,442
Nippon
Life
Insurance
Co.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.95%),
6.25%,
09/13/53
(a)(b)
.........
600
577,121
Ryan
Specialty
LLC,
4.38%,
02/01/30
(b)
...
126
107,923
5,943,764
IT
Services
—
0.2%
Acuris
Finance
US,
Inc.,
5.00%,
05/01/28
(b)
.
331
260,663
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(b)
131
107,420
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(b)
....
83
68,749
Atos
SE
(c)
0.00%,
11/06/24
(l)(m)
...............
EUR
200
150,764
1.75%,
05/07/25
.................
100
69,077
Banff
Merger
Sub,
Inc.,
8.38%,
09/01/26
(c)
..
100
102,566
CA
Magnum
Holdings,
5.38%,
10/31/26
(b)
..
USD
295
256,904
Cablevision
Lightpath
LLC,
3.88%,
09/15/27
(b)
200
162,693
Central
Parent
LLC,
8.00%,
06/15/29
(b)
....
218
215,326
Engineering
-
Ingegneria
Informatica
-
SpA,
11.13%,
05/15/28
(c)
..............
EUR
100
104,028
Global
Switch
Finance
BV,
1.38%,
10/07/30
(c)
135
118,484
GTCR
W-2
Merger
Sub
LLC,
8.50%,
01/15/31
(c)
GBP
133
162,059
Newfold
Digital
Holdings
Group,
Inc.,
11.75%,
10/15/28
(b)
....................
USD
23
23,232
Northwest
Fiber
LLC,
4.75%,
04/30/27
(b)
...
339
302,557
Presidio
Holdings,
Inc.,
4.88%,
02/01/27
(b)
..
17
15,575
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(b)
.
57
55,549
Twilio,
Inc.,
3.63%,
03/15/29
..........
111
92,280
United
Group
BV
(c)
(3-mo.
EURIBOR
+
3.25%),
7.03%,
02/15/26
(a)
...................
EUR
100
102,636
4.00%,
11/15/27
.................
100
90,739
2,461,301
Leisure
Products
—
0.0%
Mattel,
Inc.
6.20%,
10/01/40
.................
USD
108
92,549
5.45%,
11/01/41
.................
38
29,642
122,191
Life
Sciences
Tools
&
Services
—
0.0%
Star
Parent,
Inc.,
9.00%,
10/01/30
(b)
......
391
388,022
Machinery
—
0.3%
Boels
Topholding
BV,
6.25%,
02/15/29
(c)
...
EUR
100
104,779
Chart
Industries,
Inc.
(b)
7.50%,
01/01/30
.................
USD
220
216,037
9.50%,
01/01/31
.................
163
167,884
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
65
61,574
GrafTech
Global
Enterprises,
Inc.,
9.88%,
12/15/28
(b)
....................
167
149,547
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(b)(i)
.........
105
101,062
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
IMA
Industria
Macchine
Automatiche
SpA,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.97%,
01/15/28
(a)(c)
..............
EUR
100
$
105,416
Loxam
SAS,
6.38%,
05/15/28
(c)
........
100
103,032
OT
Merger
Corp.,
7.88%,
10/15/29
(b)
.....
USD
94
55,930
Renk
AG,
5.75%,
07/15/25
(c)
..........
EUR
200
208,248
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(b)
....................
USD
100
84,801
Terex
Corp.,
5.00%,
05/15/29
(b)
........
192
168,067
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(b)
...
515
479,008
Titan
International,
Inc.,
7.00%,
04/30/28
..
55
50,257
TK
Elevator
Holdco
GmbH,
7.63%,
07/15/28
(b)
200
180,380
TK
Elevator
Midco
GmbH,
4.38%,
07/15/27
(c)
EUR
150
143,637
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(b)
USD
710
646,418
Wabash
National
Corp.,
4.50%,
10/15/28
(b)
.
122
100,955
3,127,032
Marine
Transportation
—
0.0%
Danaos
Corp.,
8.50%,
03/01/28
(b)
.......
160
159,022
Media
—
0.7%
Altice
Financing
SA
2.25%,
01/15/25
(c)
................
EUR
100
101,789
5.75%,
08/15/29
(b)
................
USD
333
257,512
Banijay
Entertainment
SASU,
7.00%,
05/01/29
(c)
....................
EUR
104
108,804
Cable
One,
Inc.
0.00%,
03/15/26
(l)(m)
...............
USD
78
63,609
4.00%,
11/15/30
(b)
................
68
50,660
Clear
Channel
International
BV,
6.63%,
08/01/25
(b)
....................
247
241,505
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
5.13%,
08/15/27
.................
138
122,654
7.75%,
04/15/28
.................
210
160,541
9.00%,
09/15/28
.................
637
620,425
7.50%,
06/01/29
.................
262
190,706
CMG
Media
Corp.,
8.88%,
12/15/27
(b)
....
175
135,188
CSC
Holdings
LLC,
11.25%,
05/15/28
(b)
...
826
787,851
DirecTV
Financing
LLC,
5.88%,
08/15/27
(b)
.
310
271,633
DISH
DBS
Corp.
5.25%,
12/01/26
(b)
................
287
231,509
5.75%,
12/01/28
(b)
................
194
140,892
5.13%,
06/01/29
.................
127
65,405
DISH
Network
Corp.,
11.75%,
11/15/27
(b)
..
387
383,347
Eutelsat
SA,
1.50%,
10/13/28
(c)
........
EUR
200
149,573
Gray
Television,
Inc.
(b)
5.88%,
07/15/26
.................
USD
100
89,053
7.00%,
05/15/27
.................
74
62,746
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
.....................
37
33,273
LCPR
Senior
Secured
Financing
DAC,
6.75%,
10/15/27
(b)
....................
200
181,000
Nexstar
Media,
Inc.,
5.63%,
07/15/27
(b)
....
25
22,499
Outfront
Media
Capital
LLC
(b)
5.00%,
08/15/27
.................
346
307,345
4.25%,
01/15/29
.................
37
30,140
4.63%,
03/15/30
.................
5
4,012
Paramount
Global,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.00%),
6.38%,
03/30/62
(a)
..........
431
317,190
Radiate
Holdco
LLC
(b)
4.50%,
09/15/26
.................
312
238,567
6.50%,
09/15/28
.................
550
272,250
SES
SA,
(5-Year
EUR
Swap
Annual
+
3.19%),
2.88%
(a)(c)(j)
...................
EUR
100
92,848
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(b)
....................
USD
213
134,593
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Sirius
XM
Radio,
Inc.,
5.00%,
08/01/27
(b)
...
USD
369
$
338,336
Stagwell
Global
LLC,
5.63%,
08/15/29
(b)
...
83
68,599
Summer
BC
Holdco
B
SARL,
5.75%,
10/31/26
(c)
....................
EUR
100
95,498
Summer
BidCo
BV,
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
(c)(i)
...........
202
198,576
TEGNA,
Inc.,
4.75%,
03/15/26
(b)
........
USD
17
15,863
Tele
Columbus
AG,
3.88%,
05/02/25
(c)
....
EUR
200
115,028
Univision
Communications,
Inc.
(b)
5.13%,
02/15/25
.................
USD
137
133,777
8.00%,
08/15/28
.................
176
166,200
7.38%,
06/30/30
.................
82
72,202
Virgin
Media
Vendor
Financing
Notes
III
DAC,
4.88%,
07/15/28
(c)
...............
GBP
100
101,625
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(b)
...............
USD
287
243,682
VZ
Secured
Financing
BV,
3.50%,
01/15/32
(c)
EUR
100
80,151
Ziggo
Bond
Co.
BV,
5.13%,
02/28/30
(b)
....
USD
250
182,149
Ziggo
BV,
2.88%,
01/15/30
(c)
..........
EUR
200
168,502
7,849,307
Metals
&
Mining
—
0.4%
Arsenal
AIC
Parent
LLC,
8.00%,
10/01/30
(b)
.
USD
69
68,138
ATI,
Inc.
4.88%,
10/01/29
.................
83
70,684
5.13%,
10/01/31
.................
98
80,850
Big
River
Steel
LLC,
6.63%,
01/31/29
(b)
...
605
597,607
Carpenter
Technology
Corp.,
7.63%,
03/15/30
183
180,658
Constellium
SE
(b)
5.88%,
02/15/26
.................
250
239,606
5.63%,
06/15/28
.................
250
228,522
3.75%,
04/15/29
.................
250
205,798
ERO
Copper
Corp.,
6.50%,
02/15/30
(b)
....
149
126,395
First
Quantum
Minerals
Ltd.,
8.63%,
06/01/31
(b)
200
168,500
Freeport
Indonesia
PT,
4.76%,
04/14/27
(c)
..
464
439,557
Kaiser
Aluminum
Corp.
(b)
4.63%,
03/01/28
.................
115
95,826
4.50%,
06/01/31
.................
194
143,347
Metinvest
BV,
8.50%,
04/23/26
(c)
........
246
168,143
Mineral
Resources
Ltd.,
9.25%,
10/01/28
(b)
.
10
10,000
New
Gold,
Inc.,
7.50%,
07/15/27
(b)
......
316
296,512
Novelis
Corp.
(b)
3.25%,
11/15/26
.................
390
347,155
4.75%,
01/30/30
.................
220
186,665
3.88%,
08/15/31
.................
171
133,551
POSCO
(b)
5.63%,
01/17/26
.................
200
198,678
5.75%,
01/17/28
.................
200
196,768
Vedanta
Resources
Finance
II
plc
8.95%,
03/11/25
(b)
................
282
205,496
8.95%,
03/11/25
(c)
................
272
198,209
4,586,665
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
(b)
Ladder
Capital
Finance
Holdings
LLLP
5.25%,
10/01/25
.................
18
17,110
4.75%,
06/15/29
.................
55
44,220
Starwood
Property
Trust,
Inc.,
4.38%,
01/15/27
34
29,169
90,499
Oil,
Gas
&
Consumable
Fuels
—
1.3%
Aethon
United
BR
LP,
8.25%,
02/15/26
(b)
...
293
291,049
Antero
Midstream
Partners
LP
(b)
5.75%,
03/01/27
.................
54
51,612
5.75%,
01/15/28
.................
33
30,937
5.38%,
06/15/29
.................
92
83,540
Antero
Resources
Corp.,
7.63%,
02/01/29
(b)
.
50
50,624
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Apache
Corp.,
5.35%,
07/01/49
........
USD
32
$
23,355
Ascent
Resources
Utica
Holdings
LLC
(b)
9.00%,
11/01/27
.................
177
223,463
8.25%,
12/31/28
.................
206
204,551
5.88%,
06/30/29
.................
272
240,286
Baytex
Energy
Corp.,
8.50%,
04/30/30
(b)
...
91
90,131
Buckeye
Partners
LP
4.13%,
03/01/25
(b)
................
7
6,666
5.60%,
10/15/44
.................
62
41,618
Callon
Petroleum
Co.
6.38%,
07/01/26
.................
148
144,534
8.00%,
08/01/28
(b)
................
407
402,184
7.50%,
06/15/30
(b)
................
218
211,147
Chesapeake
Energy
Corp.
(b)
5.88%,
02/01/29
.................
21
19,772
6.75%,
04/15/29
.................
238
232,872
CITGO
Petroleum
Corp.
(b)
7.00%,
06/15/25
.................
171
168,029
6.38%,
06/15/26
.................
161
158,175
8.38%,
01/15/29
.................
251
248,581
Civitas
Resources,
Inc.
(b)
8.38%,
07/01/28
.................
400
402,464
8.63%,
11/01/30
.................
157
159,799
8.75%,
07/01/31
.................
327
330,030
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(b)
85
70,030
CNX
Resources
Corp.,
7.38%,
01/15/31
(b)
..
40
38,219
Comstock
Resources,
Inc.
(b)
6.75%,
03/01/29
.................
109
99,192
5.88%,
01/15/30
.................
275
235,128
CQP
Holdco
LP,
5.50%,
06/15/31
(b)
......
500
434,875
Crescent
Energy
Finance
LLC
(b)
7.25%,
05/01/26
.................
228
220,727
9.25%,
02/15/28
.................
333
335,384
Crestwood
Midstream
Partners
LP
(b)
5.63%,
05/01/27
.................
41
39,437
6.00%,
02/01/29
.................
81
78,368
CrownRock
LP
(b)
5.63%,
10/15/25
.................
494
485,885
5.00%,
05/01/29
.................
29
27,353
Diamond
Foreign
Asset
Co.,
8.50%,
10/01/30
(b)
85
82,850
Earthstone
Energy
Holdings
LLC
(b)
8.00%,
04/15/27
.................
138
139,995
9.88%,
07/15/31
.................
149
160,457
EIG
Pearl
Holdings
SARL,
3.55%,
08/31/36
(b)
511
397,303
Enbridge,
Inc.
(a)
Series
16-A,
(3-mo.
CME
Term
SOFR
+
4.15%),
6.00%,
01/15/77
.........
678
589,987
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.43%),
8.50%,
01/15/84
....................
79
75,680
Energian
Israel
Finance
Ltd.,
8.50%,
09/30/33
(b)
(c)
.........................
258
225,144
EnLink
Midstream
LLC,
5.63%,
01/15/28
(b)
.
247
232,903
EnLink
Midstream
Partners
LP
4.85%,
07/15/26
.................
9
8,460
5.60%,
04/01/44
.................
110
86,488
EQM
Midstream
Partners
LP
6.00%,
07/01/25
(b)
................
63
61,610
4.13%,
12/01/26
.................
16
14,842
6.50%,
07/01/27
(b)
................
158
153,576
7.50%,
06/01/30
(b)
................
35
34,340
FTAI
Infra
Escrow
Holdings
LLC,
10.50%,
06/01/27
(b)
....................
41
39,850
Genesis
Energy
LP
6.50%,
10/01/25
.................
53
51,778
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
7.75%,
02/01/28
.................
USD
30
$
28,248
8.88%,
04/15/30
.................
76
73,470
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(b)
..
36
35,439
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(b)
.
40
37,902
Hilcorp
Energy
I
LP
(b)
6.25%,
11/01/28
.................
52
48,617
5.75%,
02/01/29
.................
108
97,230
ITT
Holdings
LLC,
6.50%,
08/01/29
(b)
.....
152
127,110
Leviathan
Bond
Ltd.,
6.75%,
06/30/30
(b)(c)
..
100
82,227
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
08/01/26
(b)
....................
35
33,600
Matador
Resources
Co.
5.88%,
09/15/26
.................
133
128,158
6.88%,
04/15/28
(b)
................
136
133,277
MC
Brazil
Downstream
Trading
SARL
7.25%,
06/30/31
(b)
................
251
178,747
7.25%,
06/30/31
(c)
................
193
137,497
Murphy
Oil
Corp.,
5.87%,
12/01/42
(a)(k)
....
11
8,451
New
Fortress
Energy,
Inc.,
6.75%,
09/15/25
(b)
186
172,559
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(b)
162
158,141
Northern
Oil
&
Gas,
Inc.
(b)
8.13%,
03/01/28
.................
256
252,807
8.75%,
06/15/31
.................
199
197,995
NuStar
Logistics
LP,
6.38%,
10/01/30
.....
17
15,725
Occidental
Petroleum
Corp.,
6.63%,
09/01/30
106
106,324
PBF
Holding
Co.
LLC,
7.88%,
09/15/30
(b)
..
67
64,656
Permian
Resources
Operating
LLC
(b)
7.75%,
02/15/26
.................
73
72,934
6.88%,
04/01/27
.................
97
95,171
5.88%,
07/01/29
.................
321
298,765
Puma
International
Financing
SA
5.00%,
01/24/26
(b)
................
350
312,980
5.00%,
01/24/26
(c)
................
517
462,317
Repsol
International
Finance
BV,
(5-Year
EUR
Swap
Annual
+
4.41%),
4.25%
(a)(c)(j)
....
EUR
100
96,487
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(b)
.
USD
99
89,356
SCC
Power
plc
(b)(i)
8.00%,
(8.00%
Cash
or
8.00%
PIK),
12/31/28
....................
547
200,987
4.00%,
(4.00%
Cash
or
4.00%
PIK),
05/17/32
....................
296
33,849
SierraCol
Energy
Andina
LLC,
6.00%,
06/15/28
(c)
....................
200
153,500
Sitio
Royalties
Operating
Partnership
LP,
7.88%,
11/01/28
(b)
...............
155
152,892
SM
Energy
Co.
5.63%,
06/01/25
.................
60
58,403
6.75%,
09/15/26
.................
32
31,431
6.63%,
01/15/27
.................
16
15,548
6.50%,
07/15/28
.................
53
51,024
Southwestern
Energy
Co.
5.38%,
02/01/29
.................
133
122,862
4.75%,
02/01/32
.................
5
4,300
Tallgrass
Energy
Partners
LP
(b)
7.50%,
10/01/25
.................
4
3,941
6.00%,
03/01/27
.................
31
28,362
6.00%,
12/31/30
.................
2
1,683
Venture
Global
Calcasieu
Pass
LLC
(b)
3.88%,
08/15/29
.................
128
106,519
4.13%,
08/15/31
.................
55
44,220
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(b)
..
148
138,066
Vital
Energy,
Inc.
10.13%,
01/15/28
................
92
92,242
9.75%,
10/15/30
.................
92
90,163
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Western
Midstream
Operating
LP
5.30%,
03/01/48
.................
USD
293
$
218,887
5.50%,
08/15/48
.................
51
38,669
13,369,018
Paper
&
Forest
Products
—
0.0%
Ahlstrom
Holding
3
Oy,
3.63%,
02/04/28
(c)
..
EUR
100
88,087
Passenger
Airlines
—
0.2%
Air
Canada,
3.88%,
08/15/26
(b)
.........
USD
137
124,651
Air
France-KLM,
8.13%,
05/31/28
(c)
......
EUR
100
111,003
American
Airlines,
Inc.
(b)
11.75%,
07/15/25
................
USD
11
11,655
7.25%,
02/15/28
.................
43
39,982
5.75%,
04/20/29
.................
238
214,322
Azul
Secured
Finance
LLP,
11.93%,
08/28/28
(b)
486
470,108
Deutsche
Lufthansa
AG,
2.88%,
05/16/27
(c)
.
EUR
100
97,452
International
Consolidated
Airlines
Group
SA,
3.75%,
03/25/29
(c)
...............
100
93,335
Spirit
Loyalty
Cayman
Ltd.
8.00%,
09/20/25
(b)
................
USD
109
80,562
United
Airlines
Pass-Through
Trust,
Series
2020-1,
Class
B,
4.88%,
01/15/26
.....
24
23,303
United
Airlines,
Inc.
(b)
4.38%,
04/15/26
.................
184
170,681
4.63%,
04/15/29
.................
185
156,270
VistaJet
Malta
Finance
plc
(b)
7.88%,
05/01/27
.................
62
47,683
6.38%,
02/01/30
.................
122
81,361
1,722,368
Personal
Care
Products
—
0.0%
Coty,
Inc.,
5.75%,
09/15/28
(c)
..........
EUR
100
106,440
Pharmaceuticals
—
0.2%
Bayer
AG
(a)(c)
(5-Year
EUR
Swap
Annual
+
3.75%),
4.50%,
03/25/82
...............
200
196,807
Series
NC5,
(5-Year
EUR
Swap
Annual
+
3.43%),
6.63%,
09/25/83
.........
100
104,752
(5-Year
EUR
Swap
Annual
+
3.90%),
7.00%,
09/25/83
...............
100
105,016
Catalent
Pharma
Solutions,
Inc.,
2.38%,
03/01/28
(c)
....................
126
109,290
Cheplapharm
Arzneimittel
GmbH
5.50%,
01/15/28
(b)
................
USD
200
177,397
7.50%,
05/15/30
(c)
................
EUR
200
210,617
Gruenenthal
GmbH,
6.75%,
05/15/30
(c)
....
200
213,947
Jazz
Securities
DAC,
4.38%,
01/15/29
(b)
...
USD
203
176,543
Organon
&
Co.
2.88%,
04/30/28
(c)
................
EUR
100
91,335
5.13%,
04/30/31
(b)
................
USD
200
156,183
Teva
Pharmaceutical
Finance
Netherlands
II
BV
7.38%,
09/15/29
.................
EUR
300
320,192
4.38%,
05/09/30
.................
100
89,878
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.15%,
10/01/26
.................
USD
84
73,339
4.75%,
05/09/27
.................
200
180,000
2,205,296
Professional
Services
—
0.1%
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
(b)
..
56
46,378
CoreLogic,
Inc.,
4.50%,
05/01/28
(b)
......
509
403,382
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
(b)
....................
312
268,414
La
Financiere
Atalian
SASU,
5.13%,
05/15/25
(c)
EUR
150
115,068
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Professional
Services
(continued)
Science
Applications
International
Corp.,
4.88%,
04/01/28
(b)
...............
USD
91
$
81,197
914,439
Real
Estate
Management
&
Development
—
0.2%
Adler
Financing
SARL,
12.50%,
(12.50%
Cash
or
12.50%
PIK),
06/30/25
(i)
..........
EUR
100
102,518
ADLER
Group
SA,
21.00%,
(21.00%
Cash
or
21.00%
PIK),
07/31/25
(i)
...........
100
106,242
Agps
Bondco
plc,
5.00%,
01/14/29
(c)(d)(n)
...
300
92,816
Anywhere
Real
Estate
Group
LLC
Series
AI,
7.00%,
04/15/30
..........
USD
125
102,726
7.00%,
04/15/30
(b)
................
296
244,033
Cushman
&
Wakefield
US
Borrower
LLC
(b)
6.75%,
05/15/28
.................
242
220,721
8.88%,
09/01/31
.................
74
70,159
DEMIRE
Deutsche
Mittelstand
Real
Estate
AG,
1.88%,
10/15/24
(c)
...............
EUR
200
133,346
Fantasia
Holdings
Group
Co.
Ltd.
(c)(d)(n)
15.00%,
12/18/21
................
USD
400
12,000
11.75%,
04/17/22
................
600
18,000
12.25%,
10/18/22
................
400
12,000
10.88%,
01/09/23
................
218
6,540
11.88%,
06/01/23
................
300
9,000
9.25%,
07/28/23
.................
600
18,000
Fastighets
AB
Balder,
1.88%,
03/14/25
(c)
...
EUR
100
98,712
Heimstaden
Bostad
Treasury
BV,
1.38%,
03/03/27
.....................
100
83,563
Howard
Hughes
Corp.
(The)
(b)
5.38%,
08/01/28
.................
USD
4
3,517
4.13%,
02/01/29
.................
56
44,940
4.38%,
02/01/31
.................
78
59,373
JGC
Ventures
Pte.
Ltd.,
3.00%,
(3.00%
Cash
or
3.00%
PIK),
06/30/25
(i)
............
8
2,504
MAF
Global
Securities
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.54%),
6.38%
(a)(c)(j)
........
338
321,522
Modernland
Overseas
Pte.
Ltd.
(c)
5.00%,
(5.00%
Cash
or
3.00%
PIK),
04/30/27
(d)(i)(n)
.................
447
44,672
Series
2,
5.00%,
04/30/27
..........
19
1,862
Realogy
Group
LLC,
5.75%,
01/15/29
(b)
...
4
2,521
SBB
Treasury
OYJ,
0.75%,
12/14/28
(c)
....
EUR
100
58,725
Sunac
China
Holdings
Ltd.,
6.65%,
08/03/24
(c)(d)
(n)
.........................
USD
200
27,500
1,897,512
Retail
REITs
—
0.0%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
....................
131
109,280
Semiconductors
&
Semiconductor
Equipment
—
0.1%
ams-OSRAM
AG,
2.13%,
11/03/27
(c)(l)
....
EUR
200
152,367
NCR
Atleos
Escrow
Corp.,
9.50%,
04/01/29
(b)
USD
80
78,418
Synaptics,
Inc.,
4.00%,
06/15/29
(b)
.......
268
221,100
451,885
Software
—
0.6%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(b)
...
176
168,478
Alteryx,
Inc.,
8.75%,
03/15/28
(b)
........
126
124,425
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
(b)
946
773,115
Boxer
Parent
Co.,
Inc.
6.50%,
10/02/25
(c)
................
EUR
125
130,454
7.13%,
10/02/25
(b)
................
USD
141
139,090
9.13%,
03/01/26
(b)
................
373
370,669
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
(b)
.
190
184,300
Central
Parent,
Inc.,
7.25%,
06/15/29
(b)
....
291
279,560
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Clarivate
Science
Holdings
Corp.
(b)
3.88%,
07/01/28
.................
USD
414
$
355,462
4.88%,
07/01/29
.................
458
386,270
Cloud
Software
Group,
Inc.
(b)
6.50%,
03/31/29
.................
1,578
1,385,402
9.00%,
09/30/29
.................
665
566,304
Consensus
Cloud
Solutions,
Inc.
(b)
6.00%,
10/15/26
.................
59
54,646
6.50%,
10/15/28
.................
77
63,814
Elastic
NV,
4.13%,
07/15/29
(b)
.........
164
138,213
Helios
Software
Holdings,
Inc.,
4.63%,
05/01/28
(b)
....................
200
167,902
McAfee
Corp.,
7.38%,
02/15/30
(b)
.......
430
343,990
MicroStrategy,
Inc.,
6.13%,
06/15/28
(b)
....
343
310,415
Sabre
GLBL,
Inc.,
8.63%,
06/01/27
(b)
.....
281
233,048
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(b)
6
5,630
Veritas
US,
Inc.,
7.50%,
09/01/25
(b)
......
195
159,631
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(b)
101
83,382
6,424,200
Specialized
REITs
—
0.0%
Iron
Mountain,
Inc.,
7.00%,
02/15/29
(b)
....
157
152,094
Specialty
Retail
—
0.3%
Arko
Corp.,
5.13%,
11/15/29
(b)
.........
149
120,809
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
.................
41
36,329
4.75%,
03/01/30
.................
10
8,486
eG
Global
Finance
plc
(b)
6.75%,
02/07/25
.................
200
197,880
8.50%,
10/30/25
.................
200
196,750
Goldstory
SAS,
5.38%,
03/01/26
(c)
......
EUR
200
203,949
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(b)
USD
18
15,493
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(b)
..
141
115,620
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(b)
81
68,502
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(b)
....................
115
96,367
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(b)
...............
112
104,197
SRS
Distribution,
Inc.
(b)
4.63%,
07/01/28
.................
432
376,852
6.13%,
07/01/29
.................
208
174,200
6.00%,
12/01/29
.................
335
278,888
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(b)
..
672
586,434
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(b)(i)
...........
90
84,460
2,665,216
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Seagate
HDD
Cayman
(b)
8.25%,
12/15/29
.................
217
220,521
8.50%,
07/15/31
.................
109
110,915
331,436
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
(b)
Crocs,
Inc.
4.25%,
03/15/29
.................
9
7,380
4.13%,
08/15/31
.................
64
48,637
Hanesbrands,
Inc.,
4.88%,
05/15/26
.....
21
19,295
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
....
80
65,849
141,161
Trading
Companies
&
Distributors
—
0.1%
Fortress
Transportation
&
Infrastructure
Investors
LLC
(b)
6.50%,
10/01/25
.................
17
16,832
9.75%,
08/01/27
.................
27
27,776
5.50%,
05/01/28
.................
293
266,428
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
(continued)
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
(b)
....................
USD
64
$
52,793
Imola
Merger
Corp.,
4.75%,
05/15/29
(b)
....
112
97,641
Rexel
SA,
5.25%,
09/15/30
(c)
..........
EUR
100
104,223
565,693
Transportation
Infrastructure
—
0.1%
(c)
Abertis
Infraestructuras
Finance
BV,
(5-Year
EUR
Swap
Annual
+
3.69%),
3.25%
(a)(j)
..
200
195,284
DP
World
Salaam,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.75%),
6.00%
(a)(j)
...............
USD
348
339,739
Heathrow
Finance
plc,
3.88%,
03/01/27
(k)
..
GBP
100
106,331
Mundys
SpA,
1.88%,
02/12/28
.........
EUR
100
90,517
731,871
Wireless
Telecommunication
Services
—
0.3%
Connect
Finco
SARL,
6.75%,
10/01/26
(b)
...
USD
400
373,014
Kenbourne
Invest
SA,
6.88%,
11/26/24
(b)
...
297
222,750
Liberty
Costa
Rica
Senior
Secured
Finance,
10.88%,
01/15/31
(b)
..............
207
200,780
Millicom
International
Cellular
SA,
5.13%,
01/15/28
(c)
....................
474
406,712
SoftBank
Group
Corp.
(c)
3.13%,
09/19/25
.................
EUR
100
99,334
5.00%,
04/15/28
.................
100
96,076
4.00%,
09/19/29
.................
300
262,208
3.88%,
07/06/32
.................
200
158,912
Telefonica
Europe
BV
(a)(c)(j)
(8-Year
EUR
Swap
Annual
+
2.97%),
3.88%
200
196,081
(7-Year
EUR
Swap
Annual
+
3.35%),
6.14%
200
198,648
(8-Year
EUR
Swap
Annual
+
3.62%),
6.75%
100
102,392
VF
Ukraine
PAT,
6.20%,
02/11/25
(c)
......
USD
332
246,381
Vmed
O2
UK
Financing
I
plc
(c)
4.00%,
01/31/29
.................
GBP
100
100,426
4.50%,
07/15/31
.................
400
378,005
Vodafone
Group
plc
(a)(c)
(5-Year
EUR
Swap
Annual
+
3.00%),
2.63%,
08/27/80
...............
EUR
200
193,034
(5-Year
EUR
Swap
Annual
+
3.49%),
6.50%,
08/30/84
...............
300
317,805
3,552,558
Total
Corporate
Bonds
—
14.9%
(Cost:
$173,575,038)
.............................
159,977,358
Equity-Linked
Notes
Aerospace
&
Defense
—
0.1%
(b)
Mizuho
Markets
Cayman
LP
(RTX
Corp.),
15.42%, 11/02/23
................
USD
7
545,398
Nomura
Holdings,
Inc.
(L3Harris
Technologies,
Inc.),
12.60%, 11/24/23
.............
4
781,412
1,326,810
Aerospace
and
Defense
—
0.1%
SGA
Societe
Generale
Acceptance
NV
(RTX
Corp.),
13.13%, 01/05/24
...........
9
733,423
Air
Freight
&
Logistics
—
0.1%
BMO
Capital
Markets
Corp.
(FedEx
Corp.),
8.72%, 11/21/23
.................
3
811,767
Automobile
Components
—
0.1%
(b)
Mizuho
Markets
Cayman
LP
(Lear
Corp.),
22.37%, 12/07/23
................
3
447,887
Royal
Bank
of
Canada
(BorgWarner,
Inc.),
16.37%, 11/01/23
................
16
574,810
1,022,697
Security
Par
(000)
Par
(000)
Value
Automobiles
—
0.1%
Barclays
Bank
plc
(General
Motors
Co.),
23.00%, 12/07/23
................
USD
17
$
468,128
UBS
AG
(General
Motors
Co.),
24.60%, 11/20/23
(b)
...............
11
323,413
791,541
Banks
—
1.5%
Barclays
Bank
plc
(CVS
Health
Corp.),
20.48%, 11/01/23
................
21
1,426,002
Barclays
Bank
plc
(Ecolab,
Inc.),
6.20%, 11/01/23
.................
3
457,346
Barclays
Bank
plc
(Humana,
Inc.),
14.45%, 11/01/23
................
2
1,172,930
Barclays
Bank
plc
(Molson
Coors
Beverage
Co.),
11.58%, 11/01/23
.............
8
450,677
Barclays
Bank
plc
(Shell
plc),
9.80%, 11/01/23
46
3,041,017
BMO
Capital
Markets
Corp.
(Citigroup,
Inc.),
22.21%, 12/14/23
(b)
...............
17
671,282
BNP
Paribas
SA
(Fifth
Third
Bancorp),
19.34%, 12/06/23
(b)
...............
28
684,032
BNP
Paribas
SA
(First
Horizon
Corp.),
21.44%, 12/01/23
(b)
...............
54
589,590
Citigroup,
Inc.
(Citizens
Financial
Group,
Inc.),
29.89%, 11/06/23
(b)
...............
9
202,389
Citigroup,
Inc.
(Wells
Fargo
&
Co.),
20.35%, 11/06/23
(b)
...............
20
798,458
JPMorgan
Structured
Products
BV
(Bank
of
America
Corp.),
11.57%, 12/01/23
(b)
....
44
1,168,798
JPMorgan
Structured
Products
BV
(First
Citizens
BancShares,
Inc.),
26.79%, 12/14/23
(b)
...............
—
(o)
535,778
Mizuho
Markets
Cayman
LP
(Wells
Fargo
&
Co.),
20.82%, 11/30/23
.............
36
1,422,469
Royal
Bank
of
Canada
(Citigroup,
Inc.),
21.65%, 11/30/23
(b)
...............
11
451,719
Royal
Bank
of
Canada
(JPMorgan
Chase
&
Co.),
10.63%, 11/30/23
(b)
............
20
2,840,717
SGA
Societe
Generale
Acceptance
NV
(Meta
Platforms,
Inc.),
13.99%, 01/05/24
.....
—
(o)
30,937
15,944,141
Beverages
—
0.3%
Citigroup,
Inc.
(Coca-Cola
Co.
(The)),
13.08%, 12/07/23
................
43
2,415,571
JPMorgan
Structured
Products
BV
(PepsiCo,
Inc.),
11.02%, 12/11/23
.............
7
1,205,920
3,621,491
Broadline
Retail
—
0.8%
BNP
Paribas
SA
(eBay,
Inc.),
13.71%, 11/02/23
(b)
...............
14
559,572
Citigroup,
Inc.
(Amazon.com,
Inc.),
18.18%, 02/02/24
................
53
6,878,619
Mizuho
Markets
Cayman
LP
(Amazon.com,
Inc.),
17.62%, 11/09/23
.............
11
1,495,581
8,933,772
Building
Products
—
0.0%
Royal
Bank
of
Canada
(Johnson
Controls
International
plc),
17.23%, 11/07/23
(b)
...
9
445,886
Capital
Markets
—
0.4%
Barclays
Bank
plc
(Carlyle
Group,
Inc.
(The)),
33.19%, 12/11/23
(b)
...............
17
482,236
Barclays
Bank
plc
(LPL
Financial
Holdings,
Inc.),
18.38%, 02/02/24
.............
2
542,602
Citigroup,
Inc.
(CME
Group,
Inc.),
9.76%, 12/08/23
.................
2
404,395
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Citigroup,
Inc.
(Moody's
Corp.),
12.22%, 12/08/23
................
USD
2
$
662,403
Goldman
Sachs
International
(Raymond
James
Financial,
Inc.),
13.29%, 11/06/23
(b)
.....
4
344,123
JPMorgan
Structured
Products
BV
(Bank
of
New
York
Mellon
Corp.
(The)),
16.38%, 12/01/23
(b)
...............
11
481,765
Mizuho
Markets
Cayman
LP
(Charles
Schwab
Corp.
(The)),
24.52%, 12/01/23
.......
18
952,666
Mizuho
Markets
Cayman
LP
(Goldman
Sachs
Group,
Inc.
(The)),
14.82%, 12/01/23
...
3
833,978
4,704,168
Chemicals
—
0.4%
BNP
Paribas
SA
(Dow,
Inc.),
23.18%, 12/07/23
(b)
...............
12
587,130
BNP
Paribas
SA
(PPG
Industries,
Inc.),
20.25%, 12/06/23
(b)
...............
8
939,786
Citigroup,
Inc.
(LyondellBasell
Industries
NV),
17.16%, 02/02/24
................
6
537,113
Royal
Bank
of
Canada
(Ecolab,
Inc.),
12.38%, 02/14/24
(b)
...............
7
1,088,379
Royal
Bank
of
Canada
(Mosaic
Co.
(The)),
16.59%, 11/07/23
(b)
...............
27
881,561
4,033,969
Commercial
Services
&
Supplies
—
0.2%
Barclays
Bank
plc
(Republic
Services,
Inc.),
9.61%, 02/15/24
.................
6
947,542
UBS
AG
(Waste
Management,
Inc.),
10.20%, 12/08/23
................
8
1,364,450
2,311,992
Communications
Equipment
—
0.5%
Barclays
Bank
plc
(Nokia
Oyj),
30.49%, 12/11/23
(b)
...............
48
161,800
Citigroup,
Inc.
(Arista
Networks,
Inc.),
19.45%, 02/13/24
................
7
1,348,967
Mizuho
Markets
Cayman
LP
(Cisco
Systems,
Inc.),
16.87%, 12/07/23
(b)
...........
10
504,164
Royal
Bank
of
Canada
(Cisco
Systems,
Inc.),
12.73%, 11/15/23
(b)
...............
50
2,627,414
UBS
AG
(Juniper
Networks,
Inc.),
13.90%, 01/31/24
................
25
677,228
5,319,573
Construction
Materials
—
0.1%
Citigroup,
Inc.
(Vulcan
Materials
Co.),
10.45%, 11/02/23
................
4
857,089
Consumer
Finance
—
0.2%
Barclays
Bank
plc
(Ally
Financial,
Inc.),
30.79%, 12/01/23
................
48
1,181,712
BNP
Paribas
SA
(American
Express
Co.),
14.21%, 12/05/23
(b)
...............
6
849,366
Citigroup,
Inc.
(Capital
One
Financial
Corp.),
20.08%, 01/24/24
................
5
548,938
2,580,016
Consumer
Staples
Distribution
&
Retail
—
0.9%
BMO
Capital
Markets
Corp.
(Sysco
Corp.),
11.00%, 11/01/23
.................
9
585,798
BNP
Paribas
SA
(Walmart,
Inc.),
8.17%, 11/16/23
(b)
................
21
3,449,920
Citigroup,
Inc.
(BJ's
Wholesale
Club
Holdings,
Inc.),
12.98%, 11/17/23
.............
10
679,958
Citigroup,
Inc.
(Target
Corp.),
15.33%, 11/16/23
4
448,439
JPMorgan
Structured
Products
BV
(Target
Corp.),
23.72%, 11/17/23
...........
18
1,973,198
Security
Par
(000)
Par
(000)
Value
Consumer
Staples
Distribution
&
Retail
(continued)
JPMorgan
Structured
Products
BV
(Walmart,
Inc.),
6.14%, 11/17/23
..............
USD
4
$
702,423
Nomura
Holdings,
Inc.
(Dollar
General
Corp.),
19.90%, 12/21/23
(b)
...............
4
502,762
Royal
Bank
of
Canada
(Sysco
Corp.),
12.79%, 01/31/24
................
16
1,071,119
9,413,617
Containers
&
Packaging
—
0.1%
Citigroup,
Inc.
(Sealed
Air
Corp.),
18.97%, 11/06/23
(b)
...............
14
435,293
UBS
AG
(International
Paper
Co.),
16.80%, 01/31/24
................
20
680,711
1,116,004
Diversified
Telecommunication
Services
—
0.3%
Goldman
Sachs
International
(Verizon
Communications,
Inc.),
23.47%, 11/06/23
(b)
20
681,326
Mizuho
Markets
Cayman
LP
(AT&T,
Inc.),
9.67%, 12/06/23
.................
117
1,805,668
Nomura
Holdings,
Inc.
(AT&T,
Inc.),
19.58%, 11/10/23
(b)
...............
18
276,733
2,763,727
Electric
Utilities
—
0.3%
(b)
BNP
Paribas
SA
(NextEra
Energy,
Inc.),
25.21%, 12/07/23
................
32
1,852,732
Goldman
Sachs
International
(Exelon
Corp.),
16.40%, 11/10/23
................
9
351,290
Mizuho
Markets
Cayman
LP
(American
Electric
Power
Co.,
Inc.),
22.12%, 12/07/23
.....
5
384,072
Nomura
Holdings,
Inc.
(PG&E
Corp.),
11.76%, 11/24/23
.................
17
274,456
2,862,550
Electrical
Equipment
—
0.2%
Barclays
Bank
plc
(Eaton
Corp.
plc),
13.16%, 02/08/24
................
7
1,349,326
BMO
Capital
Markets
Corp.
(Eaton
Corp.
plc),
13.89%, 11/01/23
................
3
584,170
SGA
Societe
Generale
Acceptance
NV
(Schneider
Electric
SE),
28.64%, 12/14/23
(b)
6
178,923
2,112,419
Electronic
Equipment,
Instruments
&
Components
—
0.3%
Citigroup,
Inc.
(Flex
Ltd.),
12.16%, 01/25/24
.
117
3,001,062
Nomura
Holdings,
Inc.
(Keysight
Technologies,
Inc.),
12.02%, 11/17/23
.............
6
731,805
3,732,867
Energy
Equipment
&
Services
—
0.1%
Barclays
Bank
plc
(Schlumberger
NV),
19.63%, 12/05/23
................
8
460,176
Citigroup,
Inc.
(Baker
Hughes
Co.),
18.01%, 01/23/24
................
27
935,403
1,395,579
Entertainment
—
0.4%
Citigroup,
Inc.
(Netflix,
Inc.),
14.51%, 12/06/23
6
2,460,138
Goldman
Sachs
International
(Walt
Disney
Co.
(The)),
16.68%, 11/08/23
...........
19
1,513,006
3,973,144
Financial
Services
—
0.7%
BNP
Paribas
SA
(Equitable
Holdings,
Inc.),
28.04%, 12/11/23
(b)
...............
13
341,198
BNP
Paribas
SA
(Fiserv,
Inc.),
10.65%, 12/07/23
(b)
...............
25
2,862,447
BNP
Paribas
SA
(Rocket
Cos.,
Inc.),
16.49%, 11/09/23
(b)
...............
GBP
2
161,090
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
JPMorgan
Structured
Products
BV
(Voya
Financial,
Inc.),
14.13%, 11/01/23
......
USD
17
$
1,110,131
Mizuho
Markets
Cayman
LP
(Fidelity
National
Information
Services,
Inc.)
15.22%
-
24.42%,
11/07/23
-
01/05/24
...
26
1,276,509
Nomura
Holdings,
Inc.
(PayPal
Holdings,
Inc.),
15.90%, 11/03/23
................
16
816,257
SGA
Societe
Generale
Acceptance
NV
(Fidelity
National
Information
Services,
Inc.),
16.53%, 11/02/23
(b)
...............
10
510,855
UBS
AG
(Visa,
Inc.),
13.50%, 11/24/23
(b)
...
2
350,911
7,429,398
Food
Products
—
0.2%
BNP
Paribas
SA
(Danone
SA),
16.17%, 11/16/23
(b)
...............
EUR
3
148,548
HSBC
Bank
plc
(Danone
SA),
6.09%, 11/08/23
18
1,036,090
UBS
AG
(Kraft
Heinz
Co.
(The)),
7.00%, 11/24/23
(b)
................
USD
25
793,003
1,977,641
Ground
Transportation
—
0.0%
Mizuho
Markets
Cayman
LP
(CSX
Corp.),
12.37%, 12/05/23
................
16
466,581
Health
Care
Equipment
&
Supplies
—
0.9%
Barclays
Bank
plc
(Zimmer
Biomet
Holdings,
Inc.),
9.30%, 11/02/23
..............
6
650,894
BMO
Capital
Markets
Corp.
(Becton
Dickinson
&
Co.),
6.98%, 11/10/23
............
3
832,363
Citigroup,
Inc.
(Boston
Scientific
Corp.),
12.41%, 02/01/24
................
35
1,766,146
Citigroup,
Inc.
(Dexcom,
Inc.),
25.45%, 02/09/24
................
12
1,072,738
HSBC
Bank
plc
(EssilorLuxottica
SA),
10.34%, 11/08/23
................
EUR
8
1,491,489
HSBC
Bank
plc
(Koninklijke
Philips
NV),
23.10%, 11/30/23
(b)
...............
15
277,627
JPMorgan
Structured
Products
BV
(Zimmer
Biomet
Holdings,
Inc.),
18.97%, 11/20/23
(b)
USD
6
599,382
Royal
Bank
of
Canada
(Baxter
International,
Inc.),
26.91%, 12/11/23
(b)
............
18
568,339
Royal
Bank
of
Canada
(Stryker
Corp.),
13.14%, 11/01/23
(b)
...............
5
1,373,667
UBS
AG
(Medtronic
plc),
13.40%, 11/20/23
(b)
10
703,964
9,336,609
Health
Care
Providers
&
Services
—
1.8%
Barclays
Bank
plc
(CVS
Health
Corp.),
15.36%, 11/02/23
................
12
799,910
BMO
Capital
Markets
Corp.
(Cigna
Group
(The)),
12.76%, 11/02/23
...........
4
1,292,615
BMO
Capital
Markets
Corp.
(McKesson
Corp.),
10.97%, 11/01/23
................
3
1,529,699
BNP
Paribas
SA
(Cigna
Group
(The)),
9.86%, 11/03/23
(b)
................
2
532,271
BNP
Paribas
SA
(Elevance
Health,
Inc.),
11.29%, 12/01/23
(b)
...............
8
3,536,042
BNP
Paribas
SA
(Humana,
Inc.),
16.89%, 11/10/23
(b)
...............
—
(o)
145,063
BNP
Paribas
SA
(Laboratory
Corp.
of
America
Holdings),
17.82%, 11/10/23
(b)
........
3
637,813
BNP
Paribas
SA
(McKesson
Corp.),
9.11%, 11/02/23
(b)
................
1
526,923
Citigroup,
Inc.
(Laboratory
Corp.
of
America
Holdings),
11.64%, 02/16/24
.........
5
924,715
Goldman
Sachs
International
(Cigna
Group
(The)),
16.73%, 11/10/23
(b)
..........
2
646,655
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Goldman
Sachs
International
(Elevance
Health,
Inc.),
16.70%, 11/20/23
(b)
............
USD
1
$
450,780
Royal
Bank
of
Canada
(Cardinal
Health,
Inc.),
17.11%, 12/11/23
(b)
................
6
584,717
Royal
Bank
of
Canada
(Cencora,
Inc.),
8.25%, 11/07/23
(b)
................
5
880,693
Royal
Bank
of
Canada
(UnitedHealth
Group,
Inc.),
8.71%, 11/30/23
(b)
............
14
7,337,332
19,825,228
Hotels,
Restaurants
&
Leisure
—
1.4%
Barclays
Bank
plc
(Domino's
Pizza,
Inc.),
16.87%, 12/20/23
................
1
477,534
Barclays
Bank
plc
(Wynn
Resorts
Ltd.),
20.53%, 11/09/23
................
7
589,253
BNP
Paribas
SA
(Starbucks
Corp.),
10.55%, 11/02/23
(b)
...............
5
485,188
Citigroup,
Inc.
(Chipotle
Mexican
Grill,
Inc.),
11.88%, 02/07/24
................
—
(o)
925,589
Citigroup,
Inc.
(Hilton
Worldwide
Holdings,
Inc.),
14.94%, 12/08/23
.............
7
1,093,131
Citigroup,
Inc.
(Marriott
International,
Inc.),
11.92%, 11/03/23
.................
4
844,656
Citigroup,
Inc.
(MGM
Resorts
International),
20.73%, 11/02/23
................
17
595,567
Goldman
Sachs
International
(Starbucks
Corp.),
10.35%, 11/02/23
...........
5
469,964
JPMorgan
Structured
Products
BV
(McDonald's
Corp.),
12.35%, 12/13/23
(b)(c)
.........
12
3,202,842
JPMorgan
Structured
Products
BV
(Wynn
Resorts
Ltd.),
24.40%, 11/09/23
.......
16
1,450,976
Mizuho
Markets
Cayman
LP
(Las
Vegas
Sands
Corp.),
20.27%, 12/06/23
...........
21
976,966
Royal
Bank
of
Canada
(Booking
Holdings,
Inc.),
14.44%, 11/02/23
(b)
...............
—
(o)
1,325,231
Royal
Bank
of
Canada
(Starbucks
Corp.),
9.97%, 11/02/23
(b)
................
16
1,487,251
Royal
Bank
of
Canada
(Yum!
Brands,
Inc.),
6.76%, 11/02/23
(b)
................
5
608,944
UBS
AG
(Wyndham
Hotels
&
Resorts,
Inc.),
11.60%, 02/15/24
(e)
...............
9
657,603
15,190,695
Household
Durables
—
0.1%
Barclays
Bank
plc
(PulteGroup,
Inc.),
21.92%, 12/07/23
................
5
362,467
BNP
Paribas
SA
(Newell
Brands,
Inc.),
47.68%, 12/11/23
(b)
...............
22
153,344
Citigroup,
Inc.
(Mohawk
Industries,
Inc.),
20.51%, 02/09/24
................
5
410,176
Nomura
Holdings,
Inc.
(Sony
Group
Corp.),
12.46%, 11/06/23
(b)
...............
4
357,499
1,283,486
Household
Products
—
0.2%
JPMorgan
Structured
Products
BV
(Procter
&
Gamble
Co.
(The)),
13.05%, 12/01/23
...
16
2,450,743
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Citigroup,
Inc.
(AES
Corp.
(The)),
22.08%, 11/03/23
................
27
402,454
Industrial
Conglomerates
—
0.2%
Barclays
Bank
plc
(General
Electric
Co.),
14.79%, 12/07/23
................
4
460,722
HSBC
Bank
plc
(Siemens
AG),
21.56%, 11/09/23
(b)
...............
EUR
1
132,808
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Industrial
Conglomerates
(continued)
UBS
AG
(Honeywell
International,
Inc.),
11.69%, 02/02/24
................
USD
11
$
1,919,363
2,512,893
Insurance
—
0.3%
Barclays
Bank
plc
(Willis
Towers
Watson
plc),
13.92%, 11/24/23
(b)
...............
2
447,221
BNP
Paribas
SA
(Prudential
Financial,
Inc.),
21.45%, 11/16/23
(b)
...............
GBP
41
432,092
Mizuho
Markets
Cayman
LP
(Progressive
Corp.
(The)),
11.56%, 11/30/23
............
USD
3
494,506
Royal
Bank
of
Canada
(American
International
Group,
Inc.),
17.35%, 12/21/23
(b)
......
12
742,302
Royal
Bank
of
Canada
(Fidelity
National
Financial,
Inc.),
18.73%, 12/21/23
(b)
....
19
721,475
2,837,596
Interactive
Media
&
Services
—
0.5%
BNP
Paribas
SA
(Meta
Platforms,
Inc.),
24.75%, 11/09/23
(b)
...............
4
1,282,386
Citigroup,
Inc.
(Meta
Platforms,
Inc.),
18.76%, 02/02/24
................
7
2,084,067
Mizuho
Markets
Cayman
LP
(Alphabet,
Inc.)
13.92%
-
14.65%,
11/09/23
-
01/05/24
...
12
1,456,138
SGA
Societe
Generale
Acceptance
NV
(Alphabet,
Inc.),
18.15%, 11/02/23
(b)
....
1
125,327
SGA
Societe
Generale
Acceptance
NV
(Meta
Platforms,
Inc.),
20.67%, 11/02/23
(b)
....
—
(o)
120,537
5,068,455
IT
Services
—
0.1%
Goldman
Sachs
International
(Gartner,
Inc.),
5.86%, 11/03/23
.................
2
712,218
Mizuho
Markets
Cayman
LP
(Cognizant
Technology
Solutions
Corp.),
21.67%, 12/07/23
(b)
...............
11
707,896
1,420,114
Life
Sciences
Tools
&
Services
—
0.1%
BNP
Paribas
SA
(Danaher
Corp.),
15.39%, 12/07/23
(b)
...............
5
925,776
Machinery
—
0.3%
Barclays
Bank
plc
(PACCAR,
Inc.),
12.54%, 12/07/23
................
11
944,236
Barclays
Bank
plc
(Stanley
Black
&
Decker,
Inc.),
20.26%, 02/02/24
.............
8
680,390
Citigroup,
Inc.
(Otis
Worldwide
Corp.),
13.54%, 12/08/23
................
13
969,912
Citigroup,
Inc.
(Parker-Hannifin
Corp.),
12.92%, 11/02/23
................
2
834,903
3,429,441
Media
—
0.2%
(b)
BMO
Capital
Markets
Corp.
(Comcast
Corp.)
+
0.00%),
15.96%, 12/14/23
(a)
..........
13
525,064
Mizuho
Markets
Cayman
LP
(Fox
Corp.),
14.72%, 01/05/24
................
9
273,510
Royal
Bank
of
Canada
(Publicis
Groupe
SA),
13.73%, 11/10/23
................
EUR
21
1,586,698
SGA
Societe
Generale
Acceptance
NV
(Fox
Corp.),
15.61%, 11/02/23
...........
USD
9
282,676
2,667,948
Metals
&
Mining
—
0.2%
Barclays
Bank
plc
(Nucor
Corp.),
20.85%, 12/07/23
................
4
598,121
Citigroup,
Inc.
(Freeport-McMoRan,
Inc.),
18.58%, 12/06/23
................
24
810,111
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
Citigroup,
Inc.
(Kinross
Gold
Corp.),
8.67%, 11/02/23
.................
USD
12
$
658,089
2,066,321
Multi-Utilities
—
0.1%
Barclays
Bank
plc
(Sempra),
15.09%, 11/03/23
7
482,203
JPMorgan
Structured
Products
BV
(Public
Service
Enterprise
Group,
Inc.),
13.64%, 11/20/23
(b)
...............
1
81,646
Mizuho
Markets
Cayman
LP
(Sempra),
12.56%, 12/21/23
(b)
...............
3
224,582
788,431
Oil,
Gas
&
Consumable
Fuels
—
0.7%
Barclays
Bank
plc
(BP
plc),
21.62%, 11/16/23
(b)
GBP
152
920,140
Barclays
Bank
plc
(Shell
plc),
19.75%, 11/09/23
(b)
...............
29
935,193
Goldman
Sachs
International
(BP
plc),
15.22%, 11/01/23
................
USD
76
2,906,108
Goldman
Sachs
International
(Marathon
Petroleum
Corp.),
20.57%, 11/01/23
....
6
953,749
Royal
Bank
of
Canada
(Kosmos
Energy
Ltd.),
9.37%, 12/21/23
(b)
................
40
290,276
SGA
Societe
Generale
Acceptance
NV
(ConocoPhillips),
21.59%, 12/14/23
(b)
...
1
155,141
UBS
AG
(Occidental
Petroleum
Corp.),
13.80%, 11/08/23
................
10
615,508
UBS
AG
(Williams
Cos.,
Inc.
(The)),
17.60%, 11/10/23
(b)
...............
7
238,173
7,014,288
Passenger
Airlines
—
0.0%
JPMorgan
Structured
Products
BV
(Delta
Air
Lines,
Inc.),
16.50%, 12/04/23
........
14
434,658
Personal
Care
Products
—
0.2%
JPMorgan
Structured
Products
BV
(Unilever
plc),
5.30%, 11/08/23
..............
GBP
43
2,019,026
SGA
Societe
Generale
Acceptance
NV
(Unilever
plc),
13.78%, 12/21/23
(b)
.....
USD
8
359,589
2,378,615
Pharmaceuticals
—
0.4%
BMO
Capital
Markets
Corp.
(Eli
Lilly
&
Co.),
26.63%, 12/14/23
(b)
...............
—
(o)
169,433
BNP
Paribas
SA
(Novo
Nordisk
A/S),
21.97%, 11/10/23
(b)
...............
—
(o)
77,133
Citigroup,
Inc.
(Pfizer,
Inc.),
21.59%, 01/31/24
22
671,922
Citigroup,
Inc.
(Zoetis,
Inc.),
10.94%, 11/03/23
3
536,508
HSBC
Bank
plc
(AstraZeneca
plc),
18.64%, 11/09/23
(b)
...............
GBP
2
212,216
Royal
Bank
of
Canada
(Bayer
AG),
21.37%, 11/30/23
(b)
...............
EUR
9
410,126
Royal
Bank
of
Canada
(Sanofi
SA),
13.95%, 11/30/23
(b)
...............
7
596,956
Royal
Bank
of
Canada
(Zoetis,
Inc.),
13.61%, 11/03/23
(b)
...............
USD
8
1,328,572
4,002,866
Professional
Services
—
0.3%
(b)
Barclays
Bank
plc
(Robert
Half,
Inc.),
12.29%, 11/24/23
................
1
89,207
BNP
Paribas
SA
(SS&C
Technologies
Holdings,
Inc.),
13.08%, 01/05/24
.............
13
673,350
Mizuho
Markets
Cayman
LP
(Leidos
Holdings,
Inc.),
15.17%, 01/05/24
.............
8
822,696
Nomura
Holdings,
Inc.
(SS&C
Technologies
Holdings,
Inc.),
20.86%, 11/02/23
......
13
673,589
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Professional
Services
(continued)
SGA
Societe
Generale
Acceptance
NV
(Leidos
Holdings,
Inc.),
12.02%, 11/02/23
......
USD
8
$
822,716
3,081,558
Semiconductors
&
Semiconductor
Equipment
—
0.3%
Citigroup,
Inc.
(Intel
Corp.),
19.24%, 01/26/24
30
1,096,226
Mizuho
Markets
Cayman
LP
(Intel
Corp.),
27.72%, 12/07/23
(b)
...............
4
135,744
Nomura
Holdings,
Inc.
(NVIDIA
Corp.),
24.57%, 11/17/23
................
4
1,661,101
2,893,071
Software
—
2.2%
Barclays
Bank
plc
(Autodesk,
Inc.),
12.96%, 11/22/23
................
3
577,446
Barclays
Bank
plc
(Intuit,
Inc.),
14.43%, 11/30/23
................
1
689,785
Barclays
Bank
plc
(Synopsys,
Inc.),
10.81%, 11/30/23
................
1
637,598
BNP
Paribas
SA
(Palo
Alto
Networks,
Inc.),
16.89%, 11/17/23
(b)
...............
2
404,157
Goldman
Sachs
International
(Microsoft
Corp.),
17.99%, 12/14/23
(b)
...............
1
403,961
Goldman
Sachs
International
(Synopsys,
Inc.),
15.67%, 11/30/23
................
4
1,864,768
JPMorgan
Structured
Products
BV
(Fortinet,
Inc.),
17.51%, 11/02/23
.............
12
676,397
Mizuho
Markets
Cayman
LP
(Microsoft
Corp.),
12.16%, 11/09/23
................
6
1,940,132
Nomura
Holdings,
Inc.
(Autodesk,
Inc.),
12.48%, 11/22/23
................
5
897,754
Nomura
Holdings,
Inc.
(Intuit,
Inc.),
13.40%, 11/30/23
................
3
1,381,090
UBS
AG
(Microsoft
Corp.),
11.40%, 12/08/23
24
8,113,412
UBS
AG
(Roper
Technologies,
Inc.),
6.70%, 12/08/23
.................
2
1,096,289
UBS
AG
(ServiceNow,
Inc.),
16.90%, 01/25/24
8
4,411,956
23,094,745
Specialized
REITs
—
0.1%
UBS
AG
(Equinix,
Inc.),
7.90%, 11/02/23
...
1
620,873
Specialty
Retail
—
0.6%
BNP
Paribas
SA
(Best
Buy
Co.,
Inc.),
15.35%, 11/22/23
(b)
...............
13
851,292
BNP
Paribas
SA
(TJX
Cos.,
Inc.
(The)),
7.89%, 11/16/23
(b)
................
6
492,954
Citigroup,
Inc.
(AutoNation,
Inc.),
20.32%, 02/16/24
................
8
1,074,969
JPMorgan
Structured
Products
BV
(O'Reilly
Automotive,
Inc.),
10.67%, 02/08/24
....
2
1,884,146
JPMorgan
Structured
Products
BV
(TJX
Cos.,
Inc.
(The)),
10.05%, 11/15/23
.........
21
1,859,597
6,162,958
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Mizuho
Markets
Cayman
LP
(Apple,
Inc.),
11.03%, 11/09/23
.................
8
1,385,469
Nomura
Holdings,
Inc.
(HP,
Inc.),
18.85%, 11/10/23
(b)
...............
6
161,410
1,546,879
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
BNP
Paribas
SA
(Ralph
Lauren
Corp.),
21.86%, 12/11/23
(b)
...............
1
146,965
Goldman
Sachs
International
(Skechers
USA,
Inc.),
16.91%, 02/02/24
.............
12
542,932
689,897
Security
Par
(000)
Par
(000)
Value
Tobacco
—
0.2%
Citigroup,
Inc.
(Philip
Morris
International,
Inc.),
9.07%, 12/06/23
.................
USD
17
$
1,532,932
HSBC
Bank
plc
(British
American
Tobacco
plc),
12.80%, 11/30/23
(b)
...............
GBP
22
665,226
2,198,158
Trading
Companies
&
Distributors
—
0.1%
BNP
Paribas
SA
(MSC
Industrial
Direct
Co.,
Inc.),
19.92%, 12/11/23
(b)
............
USD
1
96,057
JPMorgan
Structured
Products
BV
(United
Rentals,
Inc.),
20.65%, 01/25/24
......
3
1,087,445
1,183,502
Wireless
Telecommunication
Services
—
0.2%
HSBC
Bank
plc
(Vodafone
Group
plc),
30.68%, 11/16/23
(b)
...............
GBP
510
468,590
UBS
AG
(T-Mobile
US,
Inc.),
12.30%, 12/08/23
USD
10
1,376,424
1,845,014
Total
Equity-Linked
Notes
—
20.3%
(Cost:
$222,733,357)
.............................
218,035,134
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
0.2%
(a)
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.25%),
9.93%
,
05/25/28
316
291,398
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.25%),
9.93%
,
05/25/28
55
50,826
Bleriot
U.S.
Bidco,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.65%
,
10/30/28
..
93
93,300
Cobham
Ultra
SeniorCo
SARL,
Facility
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
9.36%
,
08/03/29
.................
47
45,950
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.32%
,
08/24/28
.................
346
341,310
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.32%
,
08/24/28
.................
148
146,275
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.17%
,
02/01/28
.......
230
225,150
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
7.75%),
13.23%
,
02/01/29
......
145
139,412
Setanta
Aircraft
Leasing
DAC,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.65%
,
11/05/28
.................
160
159,826
TransDigm,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.64%
,
08/24/28
.....
80
79,444
TransDigm,
Inc.,
Term
Loan
H,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.64%
,
02/22/27
..
160
159,892
1,732,783
Automobile
Components
—
0.0%
(a)
Adient
US
LLC,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.69%
,
04/10/28
..
55
54,920
Clarios
Global
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.07%
,
05/06/30
.................
232
231,420
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Automobile
Components
(continued)
Tenneco,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.00%),
10.48%
-
10.49%
,
11/17/28
USD
113
$
93,808
380,148
Automobiles
—
0.0%
Dealer
Tire
Financial
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.82%
,
12/14/27
(a)
.
170
169,509
Beverages
—
0.1%
(a)
Naked
Juice
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.74%
,
01/24/29
.......
479
438,895
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.01%
Cap
+
6.00%),
11.49%
,
01/24/30
......
171
136,556
575,451
Broadline
Retail
—
0.1%
(a)
Fanatics
Commerce
Intermediate
Holdco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.69%
,
11/24/28
.................
148
146,145
New
SK
Holdco
Sub
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
6.75%),
12.19%
-
13.67%
,
06/30/27
272
254,935
Pug
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.94%
,
02/12/27
.....
367
345,928
Pug
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.69%
,
02/12/27
(e)
..........
33
31,322
Sally
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.57%
,
02/28/30
..
63
62,613
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.40%
,
12/21/27
.......
79
63,472
904,415
Building
Products
—
0.1%
(a)
AZZ,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.07%
,
05/13/29
.................
40
39,937
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.68%
,
04/12/28
43
40,551
CP
Atlas
Buyer,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
4.25%
-
9.17%
,
11/23/27
................
130
120,758
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.17%
,
10/02/28
..
57
54,906
CPG
International
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.92%
,
04/28/29
.......
120
119,162
Jeld-Wen,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.69%
,
07/28/28
.....
91
91,099
Wilsonart
LLC,
Term
Loan
E,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
3.25%),
8.74%
,
12/31/26
...........
274
271,174
737,587
Security
Par
(000)
Par
(000)
Value
Capital
Markets
—
0.1%
(a)
Aretec
Group,
Inc.,
Term
Loan
B-1,
(1-mo.
CME
Term
SOFR
+
4.50%),
0.00%
-
9.92%
,
08/09/30
.................
USD
56
$
54,404
Ascensus
Group
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.94%
,
08/02/28
.................
206
202,031
Ascensus
Group
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
6.50%),
12.18%
,
08/02/29
................
81
76,799
Axalta
Coating
Systems
Dutch
Holding
B
BV,
Term
Loan
B5,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.89%
,
12/20/29
.................
148
147,604
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
+
3.50%),
9.18%, 07/24/26
...............
134
126,936
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.43%, 07/24/26
70
67,098
Castlelake
Aviation
One
DAC,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.42%, 10/22/26
122
121,893
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.42%, 10/22/27
70
70,166
Focus
Financial
Partners
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.82%
,
06/30/28
..
159
157,283
Focus
Financial
Partners
LLC,
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.82%
,
06/30/28
..
88
87,707
ION
Trading
Finance
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.75%),
10.24%
,
04/01/28
................
65
63,049
Learning
Care
Group
US
No.
2,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.75%),
10.12%
-
10.17%
,
08/11/28
................
24
23,985
Osaic
Holdings,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.82%
,
08/17/28
.................
146
144,713
1,343,668
Chemicals
—
0.2%
(a)
ARC
Falcon
I,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.17%
,
09/30/28
..........
158
152,231
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.00%),
9.42%
,
11/24/27
.................
68
66,579
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.75%),
10.32%
,
08/27/26
................
120
112,574
Chemours
Co.,
(The),
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.82%
,
08/18/28
(e)
......
122
118,340
CPC
Acquisition
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.40%
,
12/29/27
..
46
36,222
Derby
Buyer
LLC,
Term
Loan,
11/01/30
(e)(p)
..
140
139,098
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.38%),
9.77%
,
10/04/29
.................
USD
93
$
86,181
Ecovyst
Catalyst
Technologies
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.98%
,
06/09/28
..
143
141,741
Element
Solutions,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.32%
,
01/31/26
.................
225
224,885
H.B.
Fuller
Co.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.57%
,
02/15/30
..........
32
31,874
Herens
Holdco
SARL,
Facility
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.93%),
9.42%
,
07/03/28
..
128
107,985
Ineos
US
Finance
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.92%
,
02/18/30
.................
53
51,625
LSF11
A5
Holdco
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.94%, 10/15/28
170
165,700
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.67%, 10/15/28
37
36,146
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.94%
,
06/30/27
.................
32
31,555
Messer
Industries
GmbH,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
+
2.50%),
8.15%
,
03/02/26
.................
134
133,484
Momentive
Performance
Materials,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.82%
,
03/29/28
.................
189
179,477
Nouryon
Finance
BV,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.43%
,
04/03/28
..
94
91,567
Olympus
Water
US
Holding
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.00%),
10.39%
,
11/09/28
.
105
103,793
Oxea
Holding
Vier
GmbH,
Term
Loan
B2,
(3-mo.
CME
Term
SOFR
+
3.50%),
9.01%
,
10/14/24
.................
170
165,385
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
and
0.75%
Cap
+
4.00%),
9.44%
,
03/16/27
45
44,238
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.25%),
8.68%
,
08/02/28
..
151
149,750
WR
Grace
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.40%
,
09/22/28
.......
87
85,610
2,456,040
Commercial
Services
&
Supplies
—
0.2%
(a)
Action
Environmental
Group,
Inc.,
(The),
Delayed
Draw
Term
Loan,
10/24/30
(e)(p)
..
9
8,954
Action
Environmental
Group,
Inc.,
(The),
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.00%),
9.83%
,
10/24/30
(e)
.....
61
60,693
Allied
Universal
Holdco
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.17%, 05/12/28
310
294,006
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.75%),
10.07%, 05/12/28
42
40,661
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.00%),
9.33%
,
02/15/29
...........
USD
108
$
105,749
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.94%
,
04/06/28
.................
81
80,560
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.94%
,
06/22/30
.................
107
106,759
Asplundh
Tree
Expert
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
09/07/27
.................
205
204,853
Clean
Harbors,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.44%
,
10/08/28
..
88
87,886
Covanta
Holding
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.82%
,
11/30/28
.......
161
158,408
Covanta
Holding
Corp.,
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.82%
,
11/30/28
.......
12
11,725
GFL
Environmental,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.91%
,
05/31/27
.......
72
72,080
LABL,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.00%),
10.42%
,
10/29/28
...........
90
84,307
NEP
Group,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.69%
,
10/20/25
.................
139
125,308
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.69%
-
9.89%
,
12/15/28
.................
119
89,880
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.83%
,
10/13/30
...........
86
85,785
Tempo
Acquisition
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.07%
,
08/31/28
.......
522
521,623
TruGreen
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.00%),
9.42%
,
11/02/27
..........
188
175,736
Viad
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.00%),
10.44%
,
07/30/28
(e)
..........
105
103,332
2,418,305
Communications
Equipment
—
0.0%
(a)
Ciena
Corp.,
Term
Loan
(1-mo.
CME
Term
SOFR
+
2.50%),
7.84%
-
10.00%, 01/18/30
..............
17
16,630
(1-mo.
CME
Term
SOFR
+
2.00%),
7.43%, 10/24/30
...............
137
136,885
ViaSat,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.82%, 03/02/29
114
104,687
05/30/30
(p)
.....................
85
78,466
336,668
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Construction
&
Engineering
—
0.1%
(a)
Brand
Industrial
Services,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.50%),
10.87%
,
08/01/30
.
USD
361
$
347,463
Legence
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.17%
,
12/16/27
.......
25
24,629
Pike
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.44%
,
01/21/28
.....
119
118,446
USIC
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-
mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.50%),
8.94%
,
05/12/28
..
145
140,043
630,581
Construction
Materials
—
0.1%
(a)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.42%
,
01/15/27
...........
176
175,316
New
AMI
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
6.00%),
11.32%
,
03/08/29
......
113
90,851
Oscar
AcquisitionCo
LLC,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.99%
,
04/29/29
.......
132
128,534
Quikrete
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.19%
,
03/19/29
.................
55
54,798
Smyrna
Ready
Mix
Concrete
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.67%
,
04/02/29
(e)
.
60
60,000
Standard
Building
Solutions,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.95%
,
09/22/28
..
114
114,255
623,754
Consumer
Staples
Distribution
&
Retail
—
0.0%
US
Foods,
Inc.,
Term
Loan
B
(a)
(1-mo.
CME
Term
SOFR
+
2.00%),
7.44%, 09/13/26
...............
121
120,789
(1-mo.
CME
Term
SOFR
+
2.50%),
7.94%, 11/22/28
...............
115
114,959
235,748
Containers
&
Packaging
—
0.1%
(a)
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.19%
,
12/01/27
.................
393
382,671
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.32%
,
08/14/26
.................
98
95,294
Pactiv
Evergreen,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.69%
,
02/05/26
.................
44
43,897
Pregis
TopCo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.07%
,
07/31/26
.................
35
34,319
Trident
TPI
Holdings,
Inc.,
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.00%),
9.65%
,
09/15/28
..
136
134,413
690,594
Distributors
—
0.0%
PAI
Holdco,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.39%
,
10/28/27
(a)
......
158
149,492
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
—
0.1%
(a)
Ascend
Learning
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.92%
,
12/11/28
..
USD
89
$
83,036
Ascend
Learning
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.75%),
11.17%
,
12/10/29
.
84
70,948
Bright
Horizons
Family
Solutions
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.69%
,
11/24/28
.................
114
113,019
Kuehg
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
1.50%
Cap
+
5.00%),
10.39%
,
06/12/30
...........
135
134,785
Sotheby's,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
10.16%
,
01/15/27
................
277
267,585
Spring
Education
Group,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
4.50%),
9.91%
,
09/29/30
..
174
171,227
Veritas
US,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
5.00%),
10.44%
,
09/01/25
.........
194
163,334
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.17%
,
02/05/26
.................
242
240,918
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
4.00%),
9.44%
,
01/08/27
..
124
121,892
1,366,744
Diversified
REITs
—
0.0%
RHP
Hotel
Properties,
LP,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.07%
,
05/18/30
(a)
................
81
80,495
Diversified
Telecommunication
Services
—
0.2%
(a)
Altice
Financing
SA,
Term
Loan
(3-mo.
LIBOR
USD
+
2.75%),
8.41%, 07/15/25
...............
46
45,240
(3-mo.
LIBOR
USD
+
2.75%),
8.41%, 01/31/26
...............
97
95,268
Altice
France
SA,
Term
Loan
B14,
(3-mo.
CME
Term
SOFR
+
5.50%),
10.89%
,
08/15/28
.
158
140,219
Connect
Finco
SARL,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
3.50%),
8.82%
,
12/11/26
..........
603
587,423
Consolidated
Communications,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.50%),
8.94%
,
10/02/27
87
78,330
Iridium
Satellite
LLC,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
7.82%
,
09/20/30
.................
304
303,488
Level
3
Financing,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
1.75%),
03/01/27
(p)
..
138
128,951
Lumen
Technologies,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.69%
,
03/15/27
.................
192
144,058
Orbcomm,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.25%),
9.69%
-
9.93%
,
09/01/28
.
107
98,111
Radiate
Holdco
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.25%),
8.69%
,
09/25/26
..........
308
254,274
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
Q,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.70%
,
01/31/29
.................
USD
83
$
81,275
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.44%
,
03/09/27
.................
458
385,246
2,341,883
Electrical
Equipment
—
0.0%
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.75%),
10.40%
,
06/23/28
(a)
145
142,813
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Coherent
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.19%
,
07/02/29
(a)
.........
107
107,084
Energy
Equipment
&
Services
—
0.0%
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.69%
,
10/05/28
(a)
................
264
263,593
Entertainment
—
0.2%
(a)
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1,
(1-mo.
LIBOR
USD
+
3.00%),
8.45%
,
04/22/26
.................
221
180,043
Aristocrat
Technologies,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.74%
,
05/24/29
..
17
16,996
Cirque
du
Soleil
Canada,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.64%
,
03/08/30
..
94
93,223
City
Football
Group
Ltd.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.45%
,
07/21/28
.......
179
177,143
Creative
Artists
Agency
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.82%
,
11/27/28
.................
264
262,473
Formula
One
Management
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.57%
,
01/15/30
.................
185
184,826
Live
Nation
Entertainment,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.19%
,
10/19/26
.................
396
394,165
Playtika
Holding
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.19%
,
03/13/28
.................
172
166,282
SMG
US
Midco
2,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.50%),
8.14%
,
01/23/25
.................
127
126,595
UFC
Holdings
LLC,
1st
Lien
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
2.75%),
8.40%
,
04/29/26
..
83
82,779
William
Morris
Endeavor
Entertainment
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.19%
,
05/18/25
.....
290
289,280
WMG
Acquisition
Corp.,
Term
Loan
G,
(1-mo.
LIBOR
USD
+
2.13%),
7.56%
,
01/20/28
.
300
299,489
2,273,294
Security
Par
(000)
Par
(000)
Value
Financial
Services
—
0.2%
(a)
ABG
Intermediate
Holdings
2
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.92%
,
12/21/28
.................
USD
125
$
125,072
Belron
Finance
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.25%),
7.90%
,
10/30/26
..
150
150,251
Belron
Finance
US
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.25%
,
04/18/29
.......
47
46,912
Belron
Group
SA,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.43%),
8.07%
,
04/13/28
..........
112
112,096
Cogeco
Communications
Finance
(USA)
LP,
Term
Loan,
(1-mo.
LIBOR
USD
+
2.50%),
7.94%
,
09/01/28
.................
165
161,495
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
3.75%),
9.14%
,
04/09/27
.................
536
516,953
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
6.75%),
12.40%
,
04/07/28
................
170
159,482
GIP
Pilot
Acquisition
Partners
LP,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.39%
,
10/04/30
.................
32
31,920
GTCR
W
Merger
Sub
LLC,
Term
Loan
B,
09/20/30
(p)
.....................
153
151,788
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(1-
mo.
LIBOR
USD
at
0.75%
Floor
and
0.01%
Cap
+
3.75%),
9.17%
,
12/17/27
.......
59
56,262
Lions
Gate
Capital
Holdings
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.67%
,
03/24/25
.................
139
138,179
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.39%
,
12/11/26
......
244
241,438
Travelport
Finance
(Luxembourg)
SARL,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
8.50%),
13.89%
,
05/29/26
(e)
...............
156
79,323
UPC
Financing
Partnership,
Facility
Term
Loan
AX,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.45%
,
01/31/29
.................
54
52,923
WEX,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.69%
,
03/31/28
.....
84
84,169
White
Cap
Supply
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.07%
,
10/19/27
..
143
141,401
2,249,664
Food
Products
—
0.2%
(a)
8th
Avenue
Food
&
Provisions,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.19%
,
10/01/25
...........
193
181,579
B&G
Foods,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.83%
,
10/10/26
..
31
30,172
Chobani
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
3.50%),
8.94%
,
10/25/27
...........
426
424,566
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.67%
,
01/29/27
.................
414
411,815
H-Food
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.69%),
9.27%
,
05/23/25
..
69
58,381
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Food
Products
(continued)
Hostess
Brands
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
2.50%),
7.89%
,
06/30/30
.................
USD
117
$
117,223
Nomad
Foods
Ltd.,
Facility
Term
Loan
B4,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.47%
,
11/13/29
..
110
109,495
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.50%),
9.14%
,
06/08/28
.................
237
236,876
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.90%
,
03/31/28
..
125
118,407
Utz
Quality
Foods
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
0.00%),
0.00%
-
8.64%
,
01/20/28
.................
304
303,172
1,991,686
Ground
Transportation
—
0.1%
(a)
AIT
Worldwide
Logistics
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.75%),
10.19%
,
04/06/28
................
70
69,679
Avis
Budget
Car
Rental
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.19%
,
08/06/27
.................
82
81,588
Genesee
&
Wyoming,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.49%
,
12/30/26
.................
131
130,898
SIRVA
Worldwide,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
5.50%),
10.94%
-
11.18%
,
08/04/25
................
59
52,750
Uber
Technologies,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.75%),
8.16%
,
03/03/30
.................
236
236,071
570,986
Health
Care
Equipment
&
Supplies
—
0.1%
(a)
Bausch
+
Lomb
Corp.,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.76%, 05/10/27
219
209,740
(1-mo.
CME
Term
SOFR
+
4.00%),
9.32%, 09/29/28
...............
103
98,880
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.67%
,
11/03/28
.......
234
226,735
Femur
Buyer,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.50%),
10.15%
,
03/05/26
................
94
87,508
Insulet
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.69%
,
05/04/28
...........
86
85,879
Medline
Borrower
LP,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.69%
,
10/23/28
..........
473
469,701
1,178,443
Health
Care
Providers
&
Services
—
0.1%
(a)
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.69%, 09/29/28
131
129,292
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.14%, 09/29/28
31
30,690
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.50%),
8.93%
,
11/08/27
..
USD
132
$
131,494
Electron
Bidco,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.44%
,
11/01/28
.......
209
206,788
Envision
Healthcare
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
0.00%),
0.00%
,
03/31/27
.......
185
31,659
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
+
3.75%),
9.39%, 02/18/27
...............
132
71,222
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.39%, 11/15/28
48
25,794
EyeCare
Partners
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
6.75%),
12.39%
,
11/15/29
.
62
24,644
MED
ParentCo.
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.69%
,
08/31/26
.................
57
53,357
Medical
Solutions
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.77%
,
11/01/28
.................
90
83,371
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
7.00%),
12.52%
,
11/01/29
................
87
76,560
Option
Care
Health,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.19%
,
10/27/28
..
69
68,626
PetVet
Care
Centers
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.50%),
8.92%
,
02/14/25
..
6
5,822
Surgery
Center
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.20%
,
08/31/26
..
75
74,495
Vizient,
Inc.,
Term
Loan
B7,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.68%
,
05/16/29
...........
45
45,369
1,059,183
Health
Care
Technology
—
0.1%
(a)
Athenahealth
Group,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.58%
,
02/15/29
.......
307
296,610
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.00%),
9.49%
,
10/01/27
311
296,358
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.00%),
9.44%
,
06/02/28
.......
480
452,808
Verscend
Holding
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.44%
,
08/27/25
.................
230
229,165
1,274,941
Hotels,
Restaurants
&
Leisure
—
0.3%
(a)
1011778
BC
Unlimited
Liability
Co.,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.57%
,
09/23/30
.................
266
263,212
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.19%
,
02/02/26
.................
165
157,696
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Alterra
Mountain
Co.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.17%
,
05/31/30
.................
USD
19
$
18,941
Bally's
Corp.,
Facility
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.93%
,
10/02/28
..........
98
90,357
Caesars
Entertainment,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.67%
,
02/06/30
..
113
112,809
Carnival
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.00%),
8.34%
,
08/09/27
...........
95
92,986
Churchill
Downs,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.42%
,
03/17/28
.................
141
141,049
Equinox
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(6-mo.
LIBOR
USD
at
1.00%
Floor
and
1.00%
Cap
+
3.00%),
8.73%
,
03/08/24
..
373
358,769
Fertitta
Entertainment
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.00%),
9.32%
,
01/27/29
..
452
441,558
Flutter
Entertainment
plc,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.25%),
7.90%
,
07/21/26
.................
180
179,730
Flutter
Entertainment
plc,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.90%
,
07/22/28
.......
115
115,157
Four
Seasons
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.92%
,
11/30/29
.................
158
157,487
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
06/22/26
.................
134
133,793
IRB
Holding
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.00%),
8.42%
,
12/15/27
..........
212
209,417
Light
&
Wonder
International,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.44%
-
8.43%
,
04/14/29
.................
125
124,802
Packers
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.69%
,
03/09/28
.................
127
72,002
Penn
Entertainment,
Inc.,
Facility
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.17%
,
05/03/29
..
186
185,847
Playa
Resorts
Holding
BV,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.58%
,
01/05/29
.......
75
75,125
Seaworld
Parks
&
Entertainment,
Inc.,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.44%
,
08/25/28
54
54,322
Station
Casinos
LLC,
Facility
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
and
0.25%
Cap
+
2.25%),
7.67%
,
02/08/27
..
170
168,507
Whatabrands
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.44%
,
08/03/28
..........
223
220,580
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.67%
,
05/24/30
.................
24
24,382
3,398,528
Security
Par
(000)
Par
(000)
Value
Household
Durables
—
0.1%
(a)
ACProducts
Holdings,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.90%
,
05/17/28
.......
USD
139
$
109,909
Hunter
Douglas
Holding
BV,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.89%
,
02/26/29
..
259
244,408
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.00%),
9.44%
,
10/06/28
..
245
199,549
Weber-Stephen
Products
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.25%),
8.69%
,
10/30/27
..
291
253,573
807,439
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
(a)
Calpine
Construction
Finance
Co.
LP,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.57%
,
07/31/30
.................
122
120,887
Calpine
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.44%
,
08/12/26
.....
53
52,719
Constellation
Renewables
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
2.50%),
8.18%
,
12/15/27
..
146
145,037
318,643
Industrial
Conglomerates
—
0.0%
(a)
EMRLD
Borrower
LP,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.32%
,
05/31/30
.................
90
89,760
JFL-Tiger
Acquisition
Co.,
Inc.
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.40%
,
10/17/30
...........
54
53,224
Minimax
Viking
GmbH,
Term
Loan,
07/31/28
(p)
21
20,948
163,932
Insurance
—
0.2%
(a)
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B4,
(1-mo.
LIBOR
USD
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.94%
,
11/05/27
..
348
346,221
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.83%
,
11/05/27
313
312,162
AmWINS
Group,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
2.25%),
7.69%, 02/19/28
219
216,521
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
2.75%),
8.19%, 02/19/28
48
47,450
AssuredPartners,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.94%, 02/12/27
321
318,159
02/12/27
(p)
.....................
6
5,967
Baldwin
Risk
Partners
LLC,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.95%
,
10/14/27
..
48
47,279
Hub
International
Ltd.,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.00%),
9.37%, 11/10/29
64
64,349
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.25%),
9.66%, 06/20/30
430
430,145
Jones
DesLauriers
Insurance
Management,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.62%
,
03/15/30
.....
116
115,710
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
Ryan
Specialty
Group
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.42%
,
09/01/27
.................
USD
226
$
225,271
USI,
Inc.,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.14%, 11/22/29
224
223,469
09/27/30
(p)
.....................
62
61,612
(3-mo.
CME
Term
SOFR
+
3.25%),
8.64%, 09/27/30
...............
71
70,712
2,485,027
Interactive
Media
&
Services
—
0.1%
(a)
Adevinta
ASA,
Facility
Term
Loan
B2,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
2.75%),
8.32%
,
06/26/28
.......
79
79,305
Camelot
U.S.
Acquisition
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
3.00%),
8.44%, 10/30/26
346
345,063
GoodRx,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.17%
,
10/10/25
..
82
82,292
Grab
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
4.50%),
9.94%
,
01/29/26
..........
92
91,704
598,364
IT
Services
—
0.2%
(a)
Asurion
LLC,
2nd
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
5.25%),
10.69%
,
01/31/28
................
120
103,928
Asurion
LLC,
2nd
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
5.25%),
10.69%
,
01/20/29
................
47
40,017
Asurion
LLC,
Term
Loan
B11,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.67%
,
08/19/28
.....
145
137,905
Asurion
LLC,
Term
Loan
B8,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.69%
,
12/23/26
.....
147
141,598
Central
Parent
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.41%
,
07/06/29
.................
304
302,127
Go
Daddy
Operating
Co.
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.82%
,
11/09/29
.................
140
139,872
Go
Daddy
Operating
Co.
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.44%
,
08/10/27
.................
169
169,145
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.07%
,
02/24/28
...........
371
369,215
Venga
Finance
SARL,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.75%),
10.43%
,
06/28/29
.........
81
80,051
1,483,858
Leisure
Products
—
0.0%
(a)
Fender
Musical
Instruments
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.00%),
9.44%
,
12/01/28
..
58
55,639
Peloton
Interactive,
Inc.,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
7.00%),
12.26%
,
05/25/27
......
68
68,223
Topgolf
Callaway
Brands
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.92%
,
03/15/30
.................
102
101,842
225,704
Security
Par
(000)
Par
(000)
Value
Life
Sciences
Tools
&
Services
—
0.1%
(a)
Avantor
Funding,
Inc.,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.67%
,
11/08/27
.......
USD
106
$
106,210
Curia
Global,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.17%
-
9.23%
,
08/30/26
...........
25
19,806
eResearchTechnology,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
4.50%),
9.94%
,
02/04/27
.................
104
100,721
Fortrea
Holdings,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.07%
,
07/01/30
.......
43
42,839
ICON
plc,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.90%, 07/03/28
240
240,074
Maravai
Intermediate
Holdings
LLC,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.40%
,
10/19/27
219
211,978
Parexel
International,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.69%
,
11/15/28
..
292
288,496
Star
Parent,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.39%
,
09/27/30
.....
83
78,985
1,089,109
Machinery
—
0.3%
(a)
Albion
Financing
3
SARL,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.25%),
10.92%
,
08/17/26
......
176
175,483
Barnes
Group,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.42%
,
09/03/30
..
48
47,360
Clark
Equipment
Co.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.99%
,
04/20/29
.......
44
44,013
Columbus
McKinnon
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.42%
,
05/14/28
.......
38
37,699
Filtration
Group
Corp.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.94%, 10/21/28
172
170,048
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.69%, 10/21/28
123
123,399
Gardner
Denver,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
03/01/27
.................
163
162,797
Gates
Global
LLC,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
2.50%),
7.92%
,
03/31/27
..........
262
261,770
Generac
Power
Systems,
Inc.,
Term
Loan,
(1-
mo.
CME
Term
SOFR
+
1.75%),
12/13/26
(p)
38
37,889
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.73%
,
03/28/25
.................
291
285,868
Indicor
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.89%
,
11/22/29
..........
208
207,301
Ingersoll-Rand
Services
Co.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Cap
+
1.75%),
7.17%
,
03/01/27
...........
56
56,348
Madison
IAQ
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.70%
,
06/21/28
...........
211
202,929
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
SPX
Flow,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.92%
,
04/05/29
...........
USD
199
$
197,119
TK
Elevator
Midco
GmbH,
Facility
Term
Loan
B1,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
9.38%
,
07/30/27
328
325,197
Vertiv
Group
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.18%
,
03/02/27
..
230
229,702
Zurn
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.00%),
7.44%
,
10/04/28
..........
17
17,439
2,582,361
Media
—
0.1%
(a)
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B1,
(1-mo.
LIBOR
USD
at
1.00%
Floor
+
3.25%),
8.67%
,
03/03/25
...........
126
117,632
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B3,
(3-mo.
LIBOR
USD
+
15.00%),
15.00%
,
10/15/26
................
105
104,373
Charter
Communications
Operating
LLC,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.07%
-
7.13%
,
04/30/25
...........
122
121,689
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
3.50%),
9.15%
-
9.14%
,
08/21/26
...........
203
194,678
CSC
Holdings
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
+
2.50%),
7.95%
,
04/15/27
......
163
146,443
DirecTV
Financing
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
5.00%),
10.44%
,
08/02/27
......
201
194,875
ECL
Entertainment
LLC,
Facility
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.75%),
10.14%
,
09/03/30
.
52
51,827
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
and
2.00%
Cap
+
5.50%),
10.82%
,
06/30/28
................
77
73,232
Sinclair
Television
Group,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.17%
,
04/21/29
.................
76
51,658
Voyage
Digital
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.00%),
9.38%
,
05/11/29
(e)
......
127
126,386
Ziggo
Financing
Partnership,
Facility
Term
Loan
I,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.95%
,
04/30/28
.................
111
108,517
1,291,310
Oil,
Gas
&
Consumable
Fuels
—
0.1%
(a)
Freeport
LNG
investments
LLLP,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
9.18%
,
12/21/28
..
329
323,386
M6
ETX
Holdings
II
Midco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.92%
,
09/19/29
..
36
35,379
Medallion
Midland
Acquisition
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.40%
,
10/18/28
..
232
232,401
Murphy
Oil
USA,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
1.75%),
7.18%
,
01/31/28
.......
44
44,488
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
New
Fortress
Energy
Inc.,
Term
Loan,
10.39%
,
10/30/28
(e)
...............
USD
180
$
165,600
801,254
Passenger
Airlines
—
0.1%
(a)
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.75%),
10.43%
,
04/20/28
......
184
186,548
Air
Canada,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.50%),
9.13%
,
08/11/28
............
206
205,291
American
Airlines,
Inc.,
Term
Loan
(6-mo.
CME
Term
SOFR
+
1.75%),
7.32%, 01/29/27
...............
207
201,893
(3-mo.
CME
Term
SOFR
+
2.75%),
8.54%, 02/15/28
...............
200
197,405
Mileage
Plus
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
5.25%),
10.80%
,
06/21/27
......
216
222,309
United
AirLines,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.19%
,
04/21/28
..........
173
172,445
WestJet
Airlines
Ltd.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
3.00%),
8.42%
,
12/11/26
..........
128
123,497
1,309,388
Personal
Care
Products
—
0.1%
Sunshine
Luxembourg
VII
SARL,
Facility
Term
Loan
B3,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
3.75%),
9.24%
,
10/01/26
(a)
.........
657
655,589
Pharmaceuticals
—
0.1%
(a)
Amneal
Pharmaceuticals
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.94%
,
05/04/25
.................
126
123,215
Amynta
Agency
Borrower,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
5.00%),
10.42%
,
02/28/28
................
81
80,620
Bausch
Health
Cos.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.25%),
10.69%
,
02/01/27
(e)
.....
153
115,224
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.00%),
7.45%
,
02/22/28
..
199
194,602
Elanco
Animal
Health,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
08/01/27
.................
220
214,258
Jazz
Pharmaceuticals
plc,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.94%
,
05/05/28
.......
209
209,046
Organon
&
Co.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.45%
,
06/02/28
...........
137
136,226
Perrigo
Co.
plc,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.67%
,
04/20/29
..........
89
88,664
Precision
Medicine
Group
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.00%),
8.49%
,
11/18/27
..
122
120,040
1,281,895
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Professional
Services
—
0.2%
(a)
AlixPartners
LLP,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.19%
,
02/04/28
...........
USD
174
$
173,614
ASGN,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.57%
,
08/30/30
.....
44
44,077
CoreLogic,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.94%
,
06/02/28
.......
425
386,203
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.18%
,
02/06/26
.................
507
506,052
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.33%
,
01/18/29
.................
135
134,560
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.74%
,
06/22/29
.................
61
58,641
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.74%
,
06/22/29
..........
133
128,661
FleetCor
Technologies
Operating
Co.
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
04/28/28
...........
173
172,764
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.75%),
10.13%
,
04/29/29
.
192
177,902
Trans
Union
LLC,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
11/16/26
..
145
144,751
Trans
Union
LLC,
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.69%
,
12/01/28
..........
161
160,300
VS
Buyer
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.67%
,
02/28/27
.....
207
205,018
2,292,543
Real
Estate
Management
&
Development
—
0.0%
Cushman
&
Wakefield
US
Borrower
LLC,
Term
Loan
(a)
(1-mo.
CME
Term
SOFR
+
2.75%),
8.19%, 08/21/25
...............
18
17,637
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.67%, 01/31/30
(e)
120
114,686
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.32%, 01/31/30
(e)
........
111
106,283
238,606
Semiconductors
&
Semiconductor
Equipment
—
0.0%
(a)
MKS
Instruments,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.82%
,
08/17/29
.................
175
173,859
Synaptics,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.91%
,
12/02/28
...........
67
66,721
240,580
Software
—
0.5%
(a)
Applied
Systems,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.89%
,
09/18/26
..
65
65,459
Applied
Systems,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
6.75%),
12.14%
,
09/17/27
.
32
32,094
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Barracuda
Parent
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.88%
,
08/15/29
..
USD
95
$
90,082
Boxer
Parent
Co.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.19%
,
10/02/25
..
110
109,393
CCC
Intelligent
Solutions,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.25%),
7.69%
,
09/21/28
..
200
198,938
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.50%),
9.99%
,
03/30/29
559
530,066
Cloudera,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.17%
,
10/08/28
.......
57
54,310
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
6.00%),
11.42%
,
10/08/29
......
122
109,139
Cornerstone
OnDemand,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.19%
,
10/16/28
.................
61
57,121
Delta
Topco,
Inc.,
2nd
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
7.25%),
12.57%
,
12/01/28
......
38
37,430
Epicor
Software
Corp.,
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.25%),
8.69%
,
07/30/27
.......
57
56,815
Gen
Digital,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.00%),
7.42%
,
09/12/29
..........
136
134,893
Genesys
Cloud
Services
Holdings
I
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.00%),
9.44%
,
12/01/27
.................
259
259,052
Helios
Software
Holdings,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.74%
,
07/18/30
.................
107
105,957
Informatica
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.19%
,
10/27/28
.....
271
270,226
Instructure
Holdings,
Inc.,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.68%
,
10/30/28
.......
83
83,113
Magenta
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
5.00%),
10.64%
,
07/27/28
.
160
112,175
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
8.25%),
13.89%
,
07/27/29
.
349
150,077
McAfee
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.17%
,
03/01/29
..........
241
230,234
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.57%
,
05/03/28
.......
603
575,208
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
6.25%),
11.57%
,
02/23/29
................
208
179,762
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.69%
,
08/31/28
.......
401
393,613
RealPage,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.44%
,
04/24/28
.......
477
465,908
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Severin
Acquisition
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.63%
,
08/01/27
.................
USD
181
$
180,511
Sophia
LP,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.92%
,
10/07/27
..........
226
222,477
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.19%
,
04/16/25
.................
24
24,001
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.19%
,
04/16/25
.................
23
23,441
UKG,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.76%, 05/04/26
43
42,776
(3-mo.
CME
Term
SOFR
+
3.75%),
9.23%, 05/04/26
...............
122
121,476
UKG,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
5.25%),
10.76%
,
05/03/27
.........
145
144,480
Voyage
Australia
Pty
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
9.18%
,
07/20/28
..
32
31,416
ZoomInfo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.17%
,
02/28/30
(e)
................
28
27,839
5,119,482
Specialty
Retail
—
0.1%
(a)
EG
Group
Ltd.,
Facility
Term
Loan
(3-mo.
CME
Term
SOFR
+
4.00%),
9.16%, 02/07/25
...............
23
22,895
(1-mo.
LIBOR
USD
at
0.50%
Floor
and
0.50%
Cap
+
4.25%),
9.41%
-
9.68%, 03/31/26
...............
102
101,498
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.00%),
9.44%
,
05/04/28
.................
235
230,850
PetSmart
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.17%
,
02/11/28
............
230
227,114
Pilot
Travel
Centers
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.42%
,
08/04/28
.................
134
134,215
Restoration
Hardware,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.50%),
7.94%, 10/20/28
46
42,828
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.67%, 10/20/28
56
52,813
RVR
Dealership
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.18%
,
02/08/28
..
21
17,833
830,046
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Electronics
for
Imaging,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
5.00%),
10.42%
,
07/23/26
(a)
...............
44
27,430
Security
Par
(000)
Par
(000)
Value
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
(a)
Crocs,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.00%),
8.42%
-
8.54%
,
02/20/29
......
USD
80
$
79,717
Hanesbrands,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.07%
,
03/08/30
(e)
.........
41
40,190
119,907
Trading
Companies
&
Distributors
—
0.1%
(a)
Beacon
Roofing
Supply,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.69%
,
05/19/28
.................
55
54,391
Core
&
Main
LP,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.93%
-
8.06%
,
07/27/28
.................
348
346,774
SRS
Distribution,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.92%, 06/02/28
74
71,948
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.94%, 06/02/28
312
304,420
TMK
Hawk
Parent
Corp.,
Term
Loan
A,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
7.50%),
13.17%
,
05/30/24
(e)
.....
68
67,450
TMK
Hawk
Parent
Corp.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
and
1.00%
Cap
+
3.50%),
9.17%
,
08/28/24
(e)
......
207
130,301
975,284
Transportation
Infrastructure
—
0.0%
(a)
Apple
Bidco
LLC,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
2.75%),
8.19%, 09/22/28
121
118,587
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.00%),
9.32%, 09/22/28
84
83,271
OLA
Netherlands
BV,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
6.25%),
11.67%
,
12/15/26
(e)
........
105
103,819
Rand
Parent
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.64%
,
03/17/30
.................
60
57,397
363,074
Wireless
Telecommunication
Services
—
0.0%
(a)
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(3-mo.
LIBOR
USD
+
3.25%),
8.98%
,
05/28/24
.................
102
92,991
Digicel
International
Work
Fee,
Term
Loan,
01/01/38
(p)
.....................
4
4,030
Gogo
Intermediate
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
3.75%),
9.19%
,
04/30/28
..
87
86,757
SBA
Senior
Finance
II
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
+
1.75%),
7.18%
,
04/11/25
..
163
162,573
346,351
Total
Floating
Rate
Loan
Interests
—
5.3%
(Cost:
$58,742,092)
..............................
57,331,256
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Foreign
Agency
Obligations
Chile
—
0.0%
Banco
del
Estado
de
Chile,
2.70%
,
01/09/25
(c)
USD
105
$
100,141
Empresa
Nacional
del
Petroleo,
6.15%
,
05/10/33
(b)
.....................
225
208,597
308,738
Colombia
—
0.1%
Ecopetrol
SA
4.13%,
01/16/25
.................
152
146,346
8.88%,
01/13/33
.................
458
437,848
584,194
France
—
0.1%
Electricite
de
France
SA
(a)(c)(j)
(12-Year
EUR
Swap
Annual
+
3.79%),
5.38%
......................
EUR
200
206,602
(5-Year
EUR
Swap
Annual
+
3.97%),
3.38%
400
324,837
531,439
Indonesia
—
0.0%
Pertamina
Persero
PT,
3.65%
,
07/30/29
(c)
..
USD
392
347,159
Ireland
—
0.0%
AIB
Group
plc
(a)(c)
(5-Year
EUR
Swap
Annual
+
6.63%),
6.25%
(j)
.....................
EUR
200
200,954
(5-Year
EUR
Swap
Annual
+
2.15%),
1.88%,
11/19/29
...............
100
100,918
301,872
Italy
—
0.0%
Banca
Monte
dei
Paschi
di
Siena
SpA
(c)
3.63%,
09/24/24
.................
100
102,929
(3-mo.
EURIBOR
+
3.21%),
6.75%,
03/02/26
(a)
...................
150
157,723
260,652
Mexico
—
0.2%
Comision
Federal
de
Electricidad,
4.88%
,
01/15/24
(c)
.....................
USD
458
454,615
Petroleos
Mexicanos
3.75%,
02/21/24
(c)
................
EUR
105
109,653
4.25%,
01/15/25
.................
USD
30
28,575
6.50%,
03/13/27
.................
239
209,917
8.75%,
06/02/29
.................
464
407,810
5.95%,
01/28/31
.................
519
367,452
6.70%,
02/16/32
.................
237
173,010
1,751,032
Morocco
—
0.0%
OCP
SA,
5.13%
,
06/23/51
(c)
............
217
138,880
Panama
—
0.0%
Aeropuerto
Internacional
de
Tocumen
SA,
5.13%
,
08/11/61
(b)
................
200
133,556
Peru
—
0.1%
Corp.
Financiera
de
Desarrollo
SA,
4.75%
,
07/15/25
(c)
.....................
461
446,723
Poland
—
0.0%
Bank
Gospodarstwa
Krajowego,
6.25%
,
10/31/28
(b)
.....................
200
202,250
Total
Foreign
Agency
Obligations
—
0.5%
(Cost:
$5,537,379)
..............................
5,006,495
Security
Par
(000)
Par
(000)
Value
Foreign
Government
Obligations
Bahrain
—
0.0%
Kingdom
of
Bahrain
(c)
5.45%,
09/16/32
.................
USD
267
$
224,614
7.50%,
09/20/47
.................
259
216,265
440,879
Chile
—
0.0%
Republic
of
Chile,
4.34%
,
03/07/42
.......
468
361,530
Colombia
—
0.2%
Republic
of
Colombia
4.50%,
01/28/26
.................
511
489,436
3.88%,
03/22/26
.................
EUR
134
136,300
3.13%,
04/15/31
.................
USD
1,053
775,534
8.00%,
04/20/33
.................
518
504,273
1,905,543
Costa
Rica
—
0.0%
Republic
of
Costa
Rica,
6.55%
,
04/03/34
(c)
..
230
218,615
Dominican
Republic
—
0.2%
Dominican
Republic
Government
Bond
5.95%,
01/25/27
(c)
................
487
467,963
4.50%,
01/30/30
(c)
................
200
169,100
4.50%,
01/30/30
(b)
................
383
323,826
7.05%,
02/03/31
(b)
................
165
158,070
4.88%,
09/23/32
(b)
................
683
552,206
1,671,165
Egypt
—
0.0%
Arab
Republic
of
Egypt,
7.50%
,
02/16/61
(b)
..
200
98,500
Guatemala
—
0.1%
Republic
of
Guatemala
7.05%,
10/04/32
(b)
................
380
370,500
3.70%,
10/07/33
(c)
................
408
299,880
6.60%,
06/13/36
(b)
................
225
207,900
4.65%,
10/07/41
(b)
................
521
359,490
1,237,770
Hungary
—
0.1%
Hungary
Government
Bond
5.38%,
03/25/24
.................
88
87,728
5.25%,
06/16/29
(b)
................
555
522,649
610,377
Indonesia
—
0.1%
Perusahaan
Penerbit
SBSN
Indonesia
III,
4.40%
,
06/06/27
(b)
................
240
229,519
Republic
of
Indonesia
4.10%,
04/24/28
.................
230
215,604
6.75%,
01/15/44
(c)
................
387
403,711
848,834
Ivory
Coast
—
0.1%
Republic
of
Cote
d'Ivoire
(c)
6.38%,
03/03/28
.................
606
562,065
5.88%,
10/17/31
.................
EUR
155
132,229
694,294
Jordan
—
0.0%
Hashemite
Kingdom
of
Jordan,
4.95%
,
07/07/25
(c)
.....................
USD
200
185,848
Mexico
—
0.1%
United
Mexican
States
3.75%,
01/11/28
.................
218
200,996
2.66%,
05/24/31
.................
530
412,605
8.30%,
08/15/31
.................
35
39,305
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Mexico
(continued)
6.35%,
02/09/35
.................
USD
200
$
190,600
843,506
Morocco
—
0.1%
Kingdom
of
Morocco
2.38%,
12/15/27
(c)
................
256
218,880
5.95%,
03/08/28
(b)
................
239
233,921
452,801
Nigeria
—
0.0%
Federal
Republic
of
Nigeria
8.38%,
03/24/29
(b)
................
280
244,650
7.63%,
11/28/47
(c)
................
213
143,243
387,893
Oman
—
0.1%
(c)
Oman
Government
Bond
6.50%,
03/08/47
.................
427
370,423
6.75%,
01/17/48
.................
554
493,752
Oman
Sovereign
Sukuk
SAOC,
4.40%
,
06/01/24
......................
240
237,000
1,101,175
Panama
—
0.1%
Republic
of
Panama
6.40%,
02/14/35
.................
511
464,499
6.85%,
03/28/54
.................
525
447,825
912,324
Peru
—
0.1%
Republic
of
Peru
2.78%,
01/23/31
.................
665
532,665
1.86%,
12/01/32
.................
406
285,621
818,286
Poland
—
0.1%
Republic
of
Poland
4.88%,
10/04/33
.................
219
202,547
4.25%,
02/14/43
(c)
................
EUR
147
145,155
5.50%,
04/04/53
.................
USD
335
294,287
641,989
Romania
—
0.1%
Romania
Government
Bond
5.25%,
11/25/27
(b)
................
130
125,577
2.88%,
03/11/29
(c)
................
EUR
450
418,298
2.50%,
02/08/30
(c)
................
473
412,347
2.12%,
07/16/31
(c)
................
590
459,519
1,415,741
Saudi
Arabia
—
0.1%
Kingdom
of
Saudi
Arabia
4.50%,
04/17/30
(c)
................
USD
315
294,525
5.00%,
01/18/53
(b)
................
489
386,921
681,446
Senegal
—
0.0%
Republic
of
Senegal,
6.25%
,
05/23/33
(c)
....
272
215,220
South
Africa
—
0.1%
Republic
of
South
Africa
4.85%,
09/30/29
.................
370
314,038
5.88%,
04/20/32
.................
200
168,750
5.00%,
10/12/46
.................
602
364,210
846,998
Trinidad
and
Tobago
—
0.0%
Republic
of
Trinidad
&
Tobago,
5.95%
,
01/14/31
(b)
.....................
210
202,440
Security
Par
(000)
Par
(000)
Value
Ukraine
—
0.0%
Ukraine
Government
Bond
(d)(n)
7.75%,
09/01/25
(c)
................
USD
340
$
103,700
8.99%,
02/01/26
(c)
................
352
106,810
7.75%,
09/01/26
(c)
................
45
12,819
7.75%,
09/01/27
(c)
................
235
66,740
7.25%,
03/15/35
(b)
................
526
132,289
422,358
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay,
5.75%
,
10/28/34
415
414,257
Uzbekistan
—
0.0%
Republic
of
Uzbekistan
International
Bond,
7.85%
,
10/12/28
(b)
................
200
199,000
Total
Foreign
Government
Obligations
—
1.7%
(Cost:
$20,881,543)
..............................
17,828,789
Shares
Shares
Investment
Companies
(q)
BlackRock
Allocation
Target
Shares
-
BATS
Series
A
.......................
550,554
5,037,569
BlackRock
Floating
Rate
Income
Portfolio,
Class
K
Shares
..................
1,170,382
11,177,147
iShares
Core
Dividend
Growth
ETF
......
1,103,174
53,206,082
iShares
Core
S&P
500
ETF
............
51,471
21,614,732
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(g)
........................
521,677
37,858,100
Total
Investment
Companies
—
12.0%
(Cost:
$135,446,494)
.............................
128,893,630
Par
(000)
Par
(000)
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
0.1%
Alternative
Loan
Trust
(a)
Series
2006-OA14,
Class
1A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.73%
Floor
and
2.00%
Cap
+
1.73%),
6.53%,
11/25/46
63
46,518
Series
2006-OA8,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
+
0.49%),
5.82%,
07/25/46
...............
132
108,629
Series
2007-OA3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
5.72%,
04/25/47
...............
162
138,194
Banc
of
America
Mortgage
Trust,
Series
2007-
4,
Class
1A1,
6.25%,
12/28/37
........
28
20,286
Spruce
Hill
Mortgage
Loan
Trust,
Series
2022-
SH1,
Class
A1A,
4.10%,
07/25/57
(a)(b)(k)
..
1,497
1,356,941
1,670,568
Commercial
Mortgage-Backed
Securities
—
2.9%
(a)
280
Park
Avenue
Mortgage
Trust,
Series
2017-
280P,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.37%
Floor
+
2.42%),
7.75%,
09/15/34
(b)
485
410,009
Ashford
Hospitality
Trust,
Series
2018-ASHF,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.23%
Floor
+
2.27%),
7.61%,
04/15/35
(b)
.....
540
520,206
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2018-DSNY,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.00%),
7.33%,
09/15/34
(b)
................
1,058
1,040,403
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
BBCMS
Mortgage
Trust,
Series
2018-CHRS,
Class
E,
4.27%,
08/05/38
(b)
..........
USD
200
$
128,981
Benchmark
Mortgage
Trust,
Series
2018-B5,
Class
D,
3.10%,
07/15/51
(b)
..........
550
336,172
BFLD
Trust,
Series
2020-EYP,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.81%),
9.15%,
10/15/35
(b)
................
946
317,856
BPR
Trust,
Series
2021-TY,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.71%),
9.05%,
09/15/38
(b)
................
325
299,942
BX
Commercial
Mortgage
Trust
(b)
Series
2019-XL,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.41%),
7.75%,
10/15/36
....................
1,063
1,040,548
Series
2019-XL,
Class
J,
(1-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.76%),
8.10%,
10/15/36
....................
1,321
1,288,804
Series
2021-NWM,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.91%
Floor
+
1.02%),
6.36%,
02/15/33
...............
973
948,335
Series
2021-NWM,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.26%),
7.60%,
02/15/33
...............
571
560,290
Series
2021-NWM,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.36%),
9.70%,
02/15/33
...............
460
450,494
Series
2021-SOAR,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.80%
Floor
+
2.91%),
8.25%,
06/15/38
...............
668
631,325
Series
2021-VINO,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.92%
Floor
+
2.92%),
8.25%,
05/15/38
...............
842
795,553
Series
2021-XL2,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.24%
Floor
+
2.36%),
7.69%,
10/15/38
....................
798
750,600
Series
2022-CSMO,
Class
C,
(1-mo.
CME
Term
SOFR
at
3.89%
Floor
+
3.89%),
9.22%,
06/15/27
...............
480
479,399
BX
Trust
(b)
Series
2021-ARIA,
Class
G,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.26%),
8.59%,
10/15/36
...............
555
504,077
Series
2021-LBA,
Class
GJV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.45%,
02/15/36
...............
133
122,998
Series
2021-LBA,
Class
GV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.45%,
02/15/36
...............
395
364,809
Series
2021-MFM1,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
7.70%,
01/15/34
...............
261
248,766
Series
2021-MFM1,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.45%,
01/15/34
...............
406
386,813
Series
2021-VIEW,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.71%),
9.05%,
06/15/36
...............
536
482,707
Series
2022-GPA,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.06%
Floor
+
4.06%),
9.40%,
08/15/43
...............
1,200
1,200,750
Series
2023-DELC,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
8.02%,
05/15/38
...............
1,500
1,501,408
BXP
Trust,
Series
2021-601L,
Class
D,
2.78%,
01/15/44
(b)
.....................
281
157,701
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
COAST
Commercial
Mortgage
Trust,
Series
2023-2HTL,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
9.77%,
08/15/36
(b)
.....................
USD
600
$
598,085
CSMC
Trust
(b)
Series
2020-FACT,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.86%
Floor
+
4.98%),
10.56%,
10/15/37
..............
239
214,544
Series
2021-980M,
Class
E,
3.54%,
07/15/31
....................
125
101,096
Series
2021-BHAR,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.61%),
8.95%,
11/15/38
...............
97
93,720
Series
2022-NWPT,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.14%),
8.48%,
09/09/24
...............
1,000
1,006,182
DBGS
Mortgage
Trust,
Series
2018-BIOD,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.30%),
7.63%,
05/15/35
(b)
.....
402
388,163
DBUBS
Mortgage
Trust,
Series
2017-BRBK,
Class
F,
3.53%,
10/10/34
(b)
..........
220
153,568
ELP
Commercial
Mortgage
Trust,
Series
2021-
ELP,
Class
G,
(1-mo.
CME
Term
SOFR
at
3.12%
Floor
+
3.23%),
8.57%,
11/15/38
(b)
265
245,004
Extended
Stay
America
Trust
(b)
Series
2021-ESH,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
7.70%,
07/15/38
...............
673
660,846
Series
2021-ESH,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.85%
Floor
+
2.96%),
8.30%,
07/15/38
...............
493
481,508
Series
2021-ESH,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.81%),
9.15%,
07/15/38
...............
214
207,661
GS
Mortgage
Securities
Corp.
II,
Series
2023-
SHIP,
Class
E,
7.43%,
09/10/38
(b)
......
1,400
1,347,748
GS
Mortgage
Securities
Corp.
Trust,
Series
2022-AGSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.69%),
8.03%,
11/15/27
(b)
.....................
720
717,465
HONO
Mortgage
Trust
(b)
Series
2021-LULU,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.46%),
8.80%,
10/15/36
...............
174
158,357
Series
2021-LULU,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.40%
Floor
+
4.51%),
9.85%,
10/15/36
...............
157
141,906
ILPT
Commercial
Mortgage
Trust,
Series
2022-
LPF2,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.58%,
10/15/39
(b)
1,340
1,333,346
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
(b)
Series
2016-NINE,
Class
B,
2.85%,
09/06/38
....................
1,000
852,073
Series
2022-NLP,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.54%
Floor
+
3.54%),
8.87%,
04/15/37
....................
752
622,008
Series
2022-OPO,
Class
D,
3.45%,
01/05/39
250
126,250
Life
Mortgage
Trust,
Series
2021-BMR,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.46%),
7.80%,
03/15/38
(b)
..........
605
574,380
MAD
Mortgage
Trust,
Series
2017-330M,
Class
E,
4.03%,
08/15/34
(b)
..............
151
105,935
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Med
Trust
(b)
Series
2021-MDLN,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.00%
Floor
+
4.11%),
9.45%,
11/15/38
...............
USD
995
$
937,870
Series
2021-MDLN,
Class
G,
(1-mo.
CME
Term
SOFR
at
5.25%
Floor
+
5.36%),
10.70%,
11/15/38
..............
1,227
1,152,007
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-W10,
Class
G,
(1-mo.
CME
Term
SOFR
at
4.22%
Floor
+
4.22%),
9.55%,
12/15/34
(b)
................
287
267,239
MHP
Commercial
Mortgage
Trust,
Series
2021-
STOR,
Class
J,
(1-mo.
CME
Term
SOFR
at
3.95%
Floor
+
4.06%),
9.40%,
07/15/38
(b)
138
130,115
Morgan
Stanley
Capital
I
Trust
Series
2018-H3,
Class
C,
4.85%,
07/15/51
(e)
320
256,736
Series
2018-MP,
Class
E,
4.28%,
07/11/40
(b)
238
139,642
Series
2018-SUN,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.80%
Floor
+
2.85%),
8.19%,
07/15/35
(b)
..............
340
325,486
MTN
Commercial
Mortgage
Trust,
Series
2022-
LPFL,
Class
F,
(1-mo.
CME
Term
SOFR
at
5.29%
Floor
+
5.29%),
10.63%,
03/15/39
(b)
317
292,401
PKHL
Commercial
Mortgage
Trust,
Series
2021-MF,
Class
G,
(1-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.46%),
9.80%,
07/15/38
(b)
100
76,269
Taubman
Centers
Commercial
Mortgage
Trust,
Series
2022-DPM,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.19%
Floor
+
2.19%),
7.52%,
05/15/37
(b)
................
750
738,515
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2016-NXS5,
Class
B,
4.94%,
01/15/59
......................
250
222,406
WMRK
Commercial
Mortgage
Trust,
Series
2022-WMRK,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.79%),
8.12%,
11/15/27
(b)
.....................
1,113
1,111,601
30,749,078
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
(a)(b)
BX
Trust,
Series
2022-GPA,
Class
XCP,
0.00%,
08/15/23
......................
61,975
1,816
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C26,
Class
XD,
1.31%,
10/15/48
......................
4,650
104,653
106,469
Total
Non-Agency
Mortgage-Backed
Securities
—
3.0%
(Cost:
$34,820,589)
..............................
32,526,115
Preferred
Securities
Capital
Trusts
—
1.5%
Banks
—
0.2%
(a)(j)
PNC
Financial
Services
Group,
Inc.
(The),
Series
T,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.60%),
3.40%
........................
1,750
1,259,198
US
Bancorp,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.54%),
3.70%
........................
1,205
845,952
2,105,150
Security
Par
(000)
Par
(000)
Value
Capital
Markets
—
0.3%
(a)(j)
Bank
of
New
York
Mellon
Corp.
(The),
Series
H,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.35%),
3.70%
.
USD
1,575
$
1,354,900
Charles
Schwab
Corp.
(The)
Series
I,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.17%),
4.00%
......................
1,575
1,250,032
Series
H,
(10-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.08%),
4.00%
......................
1,730
1,180,583
3,785,515
Consumer
Finance
—
0.5%
(a)(j)
Ally
Financial,
Inc.,
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.87%),
4.70%
...........
2,800
1,817,476
American
Express
Co.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.85%),
3.55%
..................
1,315
1,032,275
Capital
One
Financial
Corp.,
Series
M,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.16%),
3.95%
.....
1,250
869,975
Discover
Financial
Services,
Series
C,
(3-mo.
CME
Term
SOFR
+
3.34%),
5.50%
.....
1,500
1,000,343
4,720,069
Electric
Utilities
—
0.2%
Edison
International,
Series
A,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.70%),
5.38%
(a)(j)
.........
2,375
2,128,408
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Vistra
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.74%),
7.00%
(a)(b)(j)
.....................
121
110,110
Insurance
—
0.1%
MetLife,
Inc.,
Series
G,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.58%),
3.85%
(a)(j)
................
825
750,089
Multi-Utilities
—
0.0%
Dominion
Energy,
Inc.,
Series
C,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.20%),
4.35%
(a)(j)
.........
790
642,784
Oil,
Gas
&
Consumable
Fuels
—
0.2%
Energy
Transfer
LP
(a)(j)
Series
H,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.69%),
6.50%
......................
98
88,756
Series
G,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
7.13%
......................
2,000
1,660,856
1,749,612
Total
Capital
Trusts
—
1.5%
(Cost:
$20,756,643)
..............................
15,991,737
Shares
Shares
Preferred
Stocks
—
0.3%
Banks
—
0.1%
Banco
Bradesco
SA
(Preference)
........
287,289
798,887
Consumer
Finance
—
0.0%
SLM
Corp.
(Preference),
Series
B,
(3-mo.
LIBOR
USD
+
1.70%),
7.37%
(a)(j)
......
11,500
758,885
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
Samsung
Electronics
Co.
Ltd.
(Preference)
.
54,152
$
2,162,004
Total
Preferred
Stocks
—
0.3%
(Cost:
$3,280,481)
..............................
3,719,776
Trust
Preferreds
—
0.1%
Commercial
Services
&
Supplies
—
0.1%
ILFC
E-Capital
Trust
I
,
(3-mo.
CME
Term
SOFR
at
14.50%
Cap
+
1.81%),
7.21%, 12/21/65
(a)
(b)
...........................
896,000
659,291
Consumer
Finance
—
0.0%
ILFC
E-Capital
Trust
II
,
(3-mo.
CME
Term
SOFR
at
14.50%
Cap
+
2.06%),
7.46%, 12/21/65
(a)(b)
...............
397,000
295,208
Total
Trust
Preferreds
—
0.1%
(Cost:
$1,257,798)
..............................
954,499
Total
Preferred
Securities
—
1.9%
(Cost:
$25,294,922)
..............................
20,666,012
Par
(000)
Par
(000)
U.S.
Government
Sponsored
Agency
Securities
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes,
Series
2018-W5FX,
Class
CFX,
(1-mo.
LIBOR
USD
+
0.00%),
3.66%, 04/25/28
(a)(b)
...............
USD
334
273,325
Total
U.S.
Government
Sponsored
Agency
Securities
—
0.0%
(Cost:
$325,849)
................................
273,325
Shares
Shares
Warrants
Diversified
Consumer
Services
—
0.0%
Service
King
Midas
International
(Issued/
Exercisable
07/14/22,
1
Share
for
1
Warrant,
Expires
06/30/27,
Strike
Price
USD
10.00)
(d)
(e)
...........................
549
—
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
—
0.0%
California
Resources
Corp.
(Issued/Exercisable
10/23/20,
1
Share
for
1
Warrant,
Expires
10/27/24,
Strike
Price
USD
36.00)
(d)
....
119
$
2,123
Total
Warrants
—
0.0%
(Cost:
$—)
....................................
2,123
Total
Long-Term
Investments
—
95.9%
(Cost:
$1,081,807,999)
...........................
1,030,301,800
Short-Term
Securities
Money
Market
Funds
—
19.5%
(q)(r)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
5.24%
...................
170,593,898
170,593,898
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.53%
(s)
.......................
38,262,097
38,277,401
Total
Money
Market
Funds
—
19.5%
(Cost:
$208,865,262)
.............................
208,871,299
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
0.0%
U.S.
Treasury
Bills
,
5.34%, 11/14/23
(t)
.....
USD
186
185,645
Total
U.S.
Treasury
Obligations
—
0.0%
(Cost:
$185,647)
................................
185,645
Total
Short-Term
Securities
—
19.5%
(Cost:
$209,050,909)
.............................
209,056,944
Total
Options
Purchased
—
0.0%
(
Cost:
$4,042
)
.................................
8,329
Total
Investments
—
115.4%
(Cost:
$1,290,862,950
)
...........................
1,239,367,073
Liabilities
in
Excess
of
Other
Assets
—
(15.4)%
...........
(165,074,219)
Net
Assets
—
100.0%
..............................
$
1,074,292,854
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Non-income
producing
security.
(e)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(f)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$41,268,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$13,651.
(g)
All
or
a
portion
of
this
security
is
on
loan.
(h)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(i)
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.
(j)
Perpetual
security
with
no
stated
maturity
date.
(k)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(l)
Convertible
security.
(m)
Zero-coupon
bond.
(n)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(o)
Rounds
to
less
than
1,000.
(p)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(q)
Affiliate
of
the
Fund.
(r)
Annualized
7-day
yield
as
of
period
end.
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
39
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
October
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(s)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(t)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/23
Shares
Held
at
10/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
..
$
118,668,905
$
51,924,993
(a)
$
—
$
—
$
—
$
170,593,898
170,593,898
$
610,015
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
..........
40,024,885
—
(1,754,383)
(a)
3,193
3,706
38,277,401
38,262,097
195,265
(b)
—
BlackRock
Allocation
Target
Shares
-
BATS
Series
A
...
27,691,088
—
(22,500,001)
(1,870,635)
1,717,117
5,037,569
550,554
327,548
—
BlackRock
Floating
Rate
Income
Portfolio,
Class
K
Shares
..
11,022,489
247,751
—
—
(93,093)
11,177,147
1,170,382
247,730
—
iShares
Core
Dividend
Growth
ETF
.................
55,386,619
32,924,687
(31,447,145)
(764,258)
(2,893,821)
53,206,082
1,103,174
168,933
—
iShares
Core
S&P
500
ETF
...
—
21,626,179
85
85
(11,617)
21,614,732
51,471
—
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.....
39,386,612
—
—
—
(1,528,512)
37,858,100
521,677
570,550
—
$
(2,631,615)
$
(2,806,220)
$
337,764,929
$
2,120,041
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
40
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
MSCI
Emerging
Markets
E-Mini
Index
............................................
17
12/15/23
$
781
$
(
60,496
)
S&P
500
E-Mini
Index
.......................................................
352
12/15/23
74,136
(
231,447
)
U.S.
Treasury
10-Year
Note
...................................................
628
12/19/23
66,588
(
2,455,049
)
U.S.
Treasury
10-Year
Ultra
Note
...............................................
49
12/19/23
5,319
(
303,652
)
U.S.
Treasury
Ultra
Bond
.....................................................
54
12/19/23
6,026
(
858,003
)
U.S.
Treasury
2-Year
Note
....................................................
21
12/29/23
4,252
(
2,815
)
U.S.
Treasury
5-Year
Note
....................................................
1,303
12/29/23
136,092
(
2,273,921
)
(
6,185,383
)
Short
Contracts
GBP
Currency
............................................................
395
12/18/23
30,005
543,766
JPY
Currency
............................................................
33
12/18/23
2,742
89,820
633,586
$
(
5,551,797
)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
3,172,528
GBP
2,600,000
Barclays
Bank
plc
11/16/23
$
12,096
USD
111,093
EUR
103,019
Barclays
Bank
plc
12/14/23
1,875
USD
1,898,495
EUR
1,762,182
JPMorgan
Chase
Bank
NA
12/14/23
30,261
AED
83,000
USD
22,607
Natwest
Markets
plc
01/16/24
—
AUD
101,000
USD
64,214
Natwest
Markets
plc
01/16/24
17
USD
121,519
CHF
109,000
Natwest
Markets
plc
01/16/24
633
USD
512,288
GBP
419,000
Standard
Chartered
Bank
01/16/24
2,690
USD
73,104
HKD
571,000
Natwest
Markets
plc
01/16/24
48
USD
22,333
JPY
3,299,000
Natwest
Markets
plc
01/16/24
284
47,904
USD
25,941,178
EUR
24,570,000
UBS
AG
11/16/23
(
71,462
)
USD
97,152
GBP
80,000
UBS
AG
11/16/23
(
92
)
EUR
144,389
USD
154,942
Standard
Chartered
Bank
12/14/23
(
1,864
)
CAD
559,000
USD
409,692
Natwest
Markets
plc
01/16/24
(
6,032
)
GBP
14,000
USD
17,056
Natwest
Markets
plc
01/16/24
(
29
)
JPY
90,000
USD
608
Natwest
Markets
plc
01/16/24
(
7
)
JPY
51,485,000
USD
349,069
Standard
Chartered
Bank
01/16/24
(
4,974
)
KRW
95,040,000
USD
71,019
Natwest
Markets
plc
01/16/24
(
453
)
NZD
819,000
USD
486,980
Natwest
Markets
plc
01/16/24
(
9,704
)
SGD
28,000
USD
20,547
Natwest
Markets
plc
01/16/24
(
26
)
USD
180,302
AED
662,000
Natwest
Markets
plc
01/16/24
(
6
)
USD
248,108
EUR
234,000
Natwest
Markets
plc
01/16/24
(
399
)
(
95,048
)
$
(
47,144
)
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Put
EURO
STOXX
50
Index
Down
and
Out
BNP
Paribas
SA
115
12/15/23
EUR
4,100.00
EUR
3,800.00
EUR
467
$
8,329
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
41
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long/Short
...
Monthly
HSBC
Bank
plc
(b)
02/10/28
$
662,367
$
(
55,099
)
(c)
$
598,685
0
.1
%
Monthly
JPMorgan
Chase
Bank
NA
(d)
02/08/28
(
329,979
)
662,041
(e)
332,061
0
.0
$
606,942
$
930,746
(b)
(d)
Range:
95
basis
points
60
basis
points
Benchmarks:
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
(b)
HSBC
(c)
Amount
includes
$8,583
of
net
dividends
and
financing
fees.
(d)
JPMChase
(e)
Amount
includes
$1
of
net
dividends
and
financing
fees.
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
HSBC
Bank
plc,
as
of
period
end,
termination
date
February
10,
2028:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Egypt
Commercial
International
Bank
Egypt
SAE
............
37,441
$
51,261
8
.6
%
Saudi
Arabia
Saudi
Basic
Industries
Corp.
..
22,503
462,420
77
.2
Vietnam
Vietnam
Dairy
Products
JSC
..
49,200
136,265
22
.8
Total
Reference
Entity
—
Long
............
649,946
Reference
Entity
—
Short
Common
Stocks
Egypt
Commercial
International
Bank
Egypt
SAE
............
(
37,441
)
(
51,261
)
(
8
.6
)
Net
Value
of
Reference
Entity
—
HSBC
Bank
plc
$
598,685
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
JPMorgan
Chase
Bank
NA,
as
of
period
end,
termination
date
February
8,
2028:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Russia
X5
Retail
Group
NV
,
GDR
,
Class
S
..................
26,438
332,326
100
.1
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Short
Common
Stocks
Russia
X5
Retail
Group
NV
,
GDR
...
(
26,438
)
$
(
265
)
(
0
.1
)
%
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
332,061
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
42
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
—
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds.
There
may
not
be
a
secondary
market,
and/
or
there
are
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
Certain
investments
of
the
Fund
were
fair
valued
using
net
asset
value
("NAV")
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
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
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
138,850,316
$
—
$
138,850,316
Common
Stocks
Aerospace
&
Defense
....................................
2,782,639
1,650,409
—
4,433,048
Air
Freight
&
Logistics
....................................
1,227,180
—
—
1,227,180
Automobile
Components
..................................
811,000
—
—
811,000
Automobiles
..........................................
860,100
712,921
—
1,573,021
Banks
...............................................
8,355,453
6,978,176
17,449
15,351,078
Beverages
...........................................
810,094
1,197,966
—
2,008,060
Biotechnology
.........................................
1,760,232
—
—
1,760,232
Broadline
Retail
........................................
1,666,401
1,540,144
—
3,206,545
Building
Products
.......................................
1,576,236
—
—
1,576,236
Capital
Markets
........................................
5,422,828
413,503
—
5,836,331
Chemicals
............................................
1,081,148
1,912,488
—
2,993,636
Commercial
Services
&
Supplies
.............................
2,180,298
—
—
2,180,298
Communications
Equipment
................................
1,489,213
697,242
—
2,186,455
Construction
&
Engineering
................................
—
342,564
—
342,564
Consumer
Finance
......................................
2,619,336
413,029
—
3,032,365
Consumer
Staples
Distribution
&
Retail
........................
3,688,911
549,431
146,087
4,384,429
Containers
&
Packaging
..................................
2,034,097
—
—
2,034,097
Diversified
REITs
.......................................
1,826,689
—
—
1,826,689
Diversified
Telecommunication
Services
........................
3,275,727
3,029,255
—
6,304,982
Electric
Utilities
........................................
10,272,936
1,071,962
—
11,344,898
Electrical
Equipment
.....................................
383,619
551,709
—
935,328
Electronic
Equipment,
Instruments
&
Components
.................
1,764,424
1,510,142
—
3,274,566
Energy
Equipment
&
Services
..............................
2,243,656
—
—
2,243,656
Financial
Services
......................................
2,712,472
—
—
2,712,472
Food
Products
.........................................
3,501,572
3,018,395
—
6,519,967
Gas
Utilities
...........................................
—
646,024
—
646,024
Ground
Transportation
...................................
3,798,702
148,647
—
3,947,349
Health
Care
Equipment
&
Supplies
...........................
4,963,421
2,334,139
—
7,297,560
Health
Care
Providers
&
Services
............................
9,533,363
—
—
9,533,363
Health
Care
REITs
......................................
7,477,352
—
—
7,477,352
Hotels,
Restaurants
&
Leisure
..............................
208,140
1,068,448
—
1,276,588
Household
Durables
.....................................
1,492,944
1,392,933
—
2,885,877
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
43
Level
1
Level
2
Level
3
Total
Household
Products
.....................................
$
—
$
298,004
$
—
$
298,004
Independent
Power
and
Renewable
Electricity
Producers
............
111,764
—
—
111,764
Industrial
Conglomerates
..................................
—
810,683
—
810,683
Industrial
REITs
........................................
3,214,553
3,592,958
—
6,807,511
Insurance
............................................
4,981,224
4,134,195
—
9,115,419
Interactive
Media
&
Services
...............................
216,818
136,932
—
353,750
IT
Services
...........................................
3,899,093
2,534,069
—
6,433,162
Life
Sciences
Tools
&
Services
..............................
517,051
781,545
—
1,298,596
Machinery
............................................
2,126,246
879,996
—
3,006,242
Media
...............................................
1,631,845
156,137
41,268
1,829,250
Metals
&
Mining
........................................
564,456
1,126,498
—
1,690,954
Multi-Utilities
..........................................
3,957,064
997,298
—
4,954,362
Office
REITs
..........................................
3,836,804
—
—
3,836,804
Oil,
Gas
&
Consumable
Fuels
...............................
6,640,376
6,556,048
5
13,196,429
Passenger
Airlines
......................................
386,474
—
—
386,474
Personal
Care
Products
..................................
665,126
516,207
—
1,181,333
Pharmaceuticals
.......................................
1,053,353
7,562,993
—
8,616,346
Professional
Services
....................................
6,019,880
1,832,396
—
7,852,276
Real
Estate
Management
&
Development
.......................
465,815
2,910,622
—
3,376,437
Residential
REITs
.......................................
3,898,155
—
—
3,898,155
Retail
REITs
..........................................
1,526,552
1,541,034
—
3,067,586
Semiconductors
&
Semiconductor
Equipment
....................
632,307
7,249,678
—
7,881,985
Software
.............................................
7,057,975
—
—
7,057,975
Specialized
REITs
......................................
10,429,093
—
—
10,429,093
Specialty
Retail
........................................
577,687
—
—
577,687
Technology
Hardware,
Storage
&
Peripherals
....................
2,745,239
2,176,469
—
4,921,708
Textiles,
Apparel
&
Luxury
Goods
............................
277,724
1,108,839
—
1,386,563
Tobacco
.............................................
1,745,574
1,205,951
—
2,951,525
Trading
Companies
&
Distributors
............................
257,280
1,556,643
—
1,813,923
Transportation
Infrastructure
...............................
1,049,712
5,027,163
—
6,076,875
Water
Utilities
.........................................
—
262,448
—
262,448
Wireless
Telecommunication
Services
.........................
569,172
1,697,510
—
2,266,682
Corporate
Bonds
........................................
—
159,977,358
—
159,977,358
Equity-Linked
Notes
.......................................
—
217,377,531
657,603
218,035,134
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
1,732,783
—
1,732,783
Automobile
Components
..................................
—
380,148
—
380,148
Automobiles
..........................................
—
169,509
—
169,509
Beverages
...........................................
—
575,451
—
575,451
Broadline
Retail
........................................
—
873,093
31,322
904,415
Building
Products
.......................................
—
737,587
—
737,587
Capital
Markets
........................................
—
1,343,668
—
1,343,668
Chemicals
............................................
—
2,198,602
257,438
2,456,040
Commercial
Services
&
Supplies
.............................
—
2,245,326
172,979
2,418,305
Communications
Equipment
................................
—
336,668
—
336,668
Construction
&
Engineering
................................
—
630,581
—
630,581
Construction
Materials
....................................
—
563,754
60,000
623,754
Consumer
Staples
Distribution
&
Retail
........................
—
235,748
—
235,748
Containers
&
Packaging
..................................
—
690,594
—
690,594
Distributors
...........................................
—
149,492
—
149,492
Diversified
Consumer
Services
..............................
—
1,366,744
—
1,366,744
Diversified
REITs
.......................................
—
80,495
—
80,495
Diversified
Telecommunication
Services
........................
—
2,341,883
—
2,341,883
Electrical
Equipment
.....................................
—
142,813
—
142,813
Electronic
Equipment,
Instruments
&
Components
.................
—
107,084
—
107,084
Energy
Equipment
&
Services
..............................
—
263,593
—
263,593
Entertainment
.........................................
—
2,273,294
—
2,273,294
Financial
Services
......................................
—
2,170,341
79,323
2,249,664
Food
Products
.........................................
—
1,991,686
—
1,991,686
Ground
Transportation
...................................
—
570,986
—
570,986
Health
Care
Equipment
&
Supplies
...........................
—
1,178,443
—
1,178,443
Health
Care
Providers
&
Services
............................
—
1,059,183
—
1,059,183
Health
Care
Technology
..................................
—
1,274,941
—
1,274,941
Hotels,
Restaurants
&
Leisure
..............................
—
3,398,528
—
3,398,528
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
44
Level
1
Level
2
Level
3
Total
Household
Durables
.....................................
$
—
$
807,439
$
—
$
807,439
Independent
Power
and
Renewable
Electricity
Producers
............
—
318,643
—
318,643
Industrial
Conglomerates
..................................
—
163,932
—
163,932
Insurance
............................................
—
2,485,027
—
2,485,027
Interactive
Media
&
Services
...............................
—
598,364
—
598,364
IT
Services
...........................................
—
1,483,858
—
1,483,858
Leisure
Products
.......................................
—
225,704
—
225,704
Life
Sciences
Tools
&
Services
..............................
—
1,089,109
—
1,089,109
Machinery
............................................
—
2,582,361
—
2,582,361
Media
...............................................
—
1,164,924
126,386
1,291,310
Oil,
Gas
&
Consumable
Fuels
...............................
—
635,654
165,600
801,254
Passenger
Airlines
......................................
—
1,309,388
—
1,309,388
Personal
Care
Products
..................................
—
655,589
—
655,589
Pharmaceuticals
.......................................
—
1,166,671
115,224
1,281,895
Professional
Services
....................................
—
2,292,543
—
2,292,543
Real
Estate
Management
&
Development
.......................
—
17,637
220,969
238,606
Semiconductors
&
Semiconductor
Equipment
....................
—
240,580
—
240,580
Software
.............................................
—
5,091,643
27,839
5,119,482
Specialty
Retail
........................................
—
830,046
—
830,046
Technology
Hardware,
Storage
&
Peripherals
....................
—
27,430
—
27,430
Textiles,
Apparel
&
Luxury
Goods
............................
—
79,717
40,190
119,907
Trading
Companies
&
Distributors
............................
—
777,533
197,751
975,284
Transportation
Infrastructure
...............................
—
259,255
103,819
363,074
Wireless
Telecommunication
Services
.........................
—
346,351
—
346,351
Foreign
Agency
Obligations
.................................
—
5,006,495
—
5,006,495
Foreign
Government
Obligations
..............................
—
17,828,789
—
17,828,789
Investment
Companies
....................................
123,856,061
—
—
123,856,061
Non-Agency
Mortgage-Backed
Securities
........................
—
32,269,379
256,736
32,526,115
Preferred
Securities
Banks
...............................................
798,887
2,105,150
—
2,904,037
Capital
Markets
........................................
—
3,785,515
—
3,785,515
Commercial
Services
&
Supplies
.............................
—
659,291
—
659,291
Consumer
Finance
......................................
758,885
5,015,277
—
5,774,162
Electric
Utilities
........................................
—
2,128,408
—
2,128,408
Independent
Power
and
Renewable
Electricity
Producers
............
—
110,110
—
110,110
Insurance
............................................
—
750,089
—
750,089
Multi-Utilities
..........................................
—
642,784
—
642,784
Oil,
Gas
&
Consumable
Fuels
...............................
—
1,749,612
—
1,749,612
Technology
Hardware,
Storage
&
Peripherals
....................
—
2,162,004
—
2,162,004
U.S.
Government
Sponsored
Agency
Securities
....................
—
273,325
—
273,325
Warrants
..............................................
2,123
—
—
2,123
Short-Term
Securities
Money
Market
Funds
......................................
170,593,898
—
—
170,593,898
U.S.
Treasury
Obligations
...................................
—
185,645
—
185,645
Options
Purchased
Equity
contracts
..........................................
—
8,329
—
8,329
$
458,884,449
$
734,449,666
$
2,717,988
$
1,196,052,103
Investments
Valued
at
NAV
(a)
......................................
43,314,970
$
1,239,367,073
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
—
$
662,041
$
—
$
662,041
Foreign
currency
exchange
contracts
............................
633,586
47,904
—
681,490
Liabilities
Equity
contracts
...........................................
(
291,943
)
(
55,099
)
—
(
347,042
)
Foreign
currency
exchange
contracts
............................
—
(
95,048
)
—
(
95,048
)
Interest
rate
contracts
.......................................
(
5,893,440
)
—
—
(
5,893,440
)
$
(
5,551,797
)
$
559,798
$
—
$
(
4,991,999
)
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
45
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Currency
Abbreviation
AED
United
Arab
Emirates
Dirham
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
KRW
South
Korean
Won
NZD
New
Zealand
Dollar
SGD
Singapore
Dollar
USD
United
States
Dollar
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CDI
Crest
Depository
Interests
CLO
Collateralized
Loan
Obligation
CMT
Constant
Maturity
Treasury
CSMC
Credit
Suisse
Mortgage
Capital
DAC
Designated
Activity
Company
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GDR
Global
Depositary
Receipts
JSC
Joint
Stock
Company
LIBOR
London
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
NVDR
Non-Voting
Depository
Receipts
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
PJSC
Public
Joint
Stock
Company
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
Fair
Value
Hierarchy
as
of
Period
End
(continued)