BlackRock
High
Yield
Portfolio
1
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
March
31,
2021
Security
Shares
Shares
Value
Common
Stocks
—
2.7%
Auto
Components
—
0.0%
Lear
Corp.
.......................
44
$
7,975
Building
Products
—
0.0%
AZEK
Co.,
Inc.
(The)
(a)
...............
17
715
Chemicals
—
0.3%
Atotech
Ltd.
(a)
.....................
997
20,189
Diversey
Holdings
Ltd.
(a)
..............
844
12,415
Element
Solutions,
Inc.
...............
2,254
41,226
73,830
Communications
Equipment
—
0.1%
CommScope
Holding
Co.,
Inc.
(a)
.........
992
15,237
Electrical
Equipment
—
0.1%
Sensata
Technologies
Holding
plc
(a)
......
259
15,009
Energy
Equipment
&
Services
—
0.0%
Pioneer
Energy
Services
Corp.
(a)(b)
.......
84
487
Entertainment
—
0.1%
Live
Nation
Entertainment,
Inc.
(a)
........
289
24,464
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.5%
Gaming
and
Leisure
Properties,
Inc.
......
1,374
58,299
VICI
Properties,
Inc.
.................
2,984
84,268
142,567
Life
Sciences
Tools
&
Services
—
0.2%
(a)
Avantor,
Inc.
......................
1,243
35,960
PPD,
Inc.
........................
360
13,623
49,583
Media
—
0.1%
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
....
8,587
15,457
Metals
&
Mining
—
0.1%
Constellium
SE,
Class
A
(a)
.............
2,849
41,880
Oil,
Gas
&
Consumable
Fuels
—
1.1%
Chesapeake
Energy
Corp.
(a)
...........
2,575
111,729
Energy
Transfer
LP
.................
3,159
24,261
Enterprise
Products
Partners
LP
.........
1,291
28,428
Extraction
Oil
&
Gas,
Inc.
(a)
............
504
18,114
Extraction
Oil
&
Gas,
Inc.,
(Acquired
03/05/21,
cost
$14,884)
(a)(c)
.................
425
14,931
Kinder
Morgan,
Inc.
.................
1,902
31,668
Plains
All
American
Pipeline
LP
.........
3,061
27,855
Targa
Resources
Corp.
...............
280
8,890
Williams
Cos.,
Inc.
(The)
..............
1,303
30,868
296,744
Pharmaceuticals
—
0.1%
Bausch
Health
Cos.,
Inc.
(a)
.............
1,001
31,772
Road
&
Rail
—
0.0%
Uber
Technologies,
Inc.
(a)
.............
230
12,537
Total
Common
Stocks
—
2.7%
(Cost:
$625,988)
................................
728,257
Security
Par
(000)
Par
(000)
Value
Corporate
Bonds
—
84.5%
Aerospace
&
Defense
—
3.0%
Bombardier,
Inc.
(d)
:
8.75%,
12/01/21
.................
USD
52
$
54,557
5.75%,
03/15/22
.................
8
8,340
6.13%,
01/15/23
.................
59
61,434
7.50%,
12/01/24
.................
15
14,981
7.50%,
03/15/25
.................
2
1,968
7.88%,
04/15/27
.................
34
33,343
BWX
Technologies,
Inc.
(d)
:
5.38%,
07/15/26
.................
14
14,455
4.13%,
06/30/28
.................
8
8,100
4.13%,
04/15/29
.................
17
17,234
Kratos
Defense
&
Security
Solutions,
Inc.,
6.50%,
11/30/25
(d)
...............
28
29,417
Signature
Aviation
US
Holdings,
Inc.
(d)
:
5.38%,
05/01/26
.................
3
3,060
4.00%,
03/01/28
.................
25
25,423
Spirit
AeroSystems,
Inc.,
5.50%,
01/15/25
(d)
.
14
14,805
SSL
Robotics
LLC,
9.75%,
12/31/23
(d)
....
7
7,871
TransDigm,
Inc.:
8.00%,
12/15/25
(d)
................
26
28,314
6.25%,
03/15/26
(d)
................
385
408,177
6.38%,
06/15/26
.................
17
17,574
Triumph
Group,
Inc.,
8.88%,
06/01/24
(d)
...
76
85,515
834,568
Airlines
—
1.7%
American
Airlines,
Inc.
(d)
:
11.75%,
07/15/25
................
49
60,612
5.50%,
04/20/26
.................
44
45,790
5.75%,
04/20/29
.................
58
61,692
Delta
Air
Lines,
Inc.
(d)
:
7.00%,
05/01/25
.................
34
39,167
4.50%,
10/20/25
.................
13
13,876
4.75%,
10/20/28
.................
54
58,719
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(d)
...............
21
22,315
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(d)
91
99,759
Spirit
Loyalty
Cayman
Ltd.,
8.00%,
09/20/25
(d)
6
6,365
United
Airlines
Pass-Through
Trust:
Series
2020-1,
Class
B,
4.88%,
01/15/26
5
5,188
Series
2020-1,
Class
A,
5.88%,
10/15/27
42
46,521
460,004
Auto
Components
—
2.0%
Adient
US
LLC,
9.00%,
04/15/25
(d)
......
17
18,870
Allison
Transmission,
Inc.
(d)
:
5.88%,
06/01/29
.................
28
30,613
3.75%,
01/30/31
.................
20
19,375
Clarios
Global
LP
(d)
:
6.75%,
05/15/25
.................
22
23,533
6.25%,
05/15/26
.................
105
111,514
8.50%,
05/15/27
.................
167
179,734
Dealer
Tire
LLC,
8.00%,
02/01/28
(d)
......
32
33,760
Goodyear
Tire
&
Rubber
Co.
(The):
9.50%,
05/31/25
.................
17
19,071
5.63%,
04/30/33
.................
26
26,000
Icahn
Enterprises
LP:
4.75%,
09/15/24
.................
13
13,500
6.38%,
12/15/25
.................
19
19,617
6.25%,
05/15/26
.................
5
5,238
5.25%,
05/15/27
.................
23
23,748
4.38%,
02/01/29
(d)
................
16
15,635
Tenneco,
Inc.,
7.88%,
01/15/29
(d)
.......
7
7,855
548,063
BlackRock
High
Yield
Portfolio
2
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Par
(000)
Par
(000)
Value
Automobiles
—
0.2%
Ford
Motor
Co.:
4.35%,
12/08/26
.................
USD
5
$
5,269
4.75%,
01/15/43
.................
9
9,066
5.29%,
12/08/46
.................
10
10,513
Tesla,
Inc.,
5.30%,
08/15/25
(d)
.........
25
25,940
Winnebago
Industries,
Inc.,
6.25%,
07/15/28
(d)
13
13,926
64,714
Banks
—
0.4%
Banco
Espirito
Santo
SA,
4.75%,
01/15/18
(a)(e)
EUR
100
16,418
JPMorgan
Chase
&
Co.
(f)(g)
:
Series
FF,
(SOFR
+
3.38%),
5.00%
....
USD
71
73,396
Series
HH,
(SOFR
+
3.13%),
4.60%
....
26
26,293
116,107
Beverages
—
0.0%
Triton
Water
Holdings,
Inc.,
6.25%,
04/01/29
(d)
10
10,200
Biotechnology
—
0.0%
Emergent
BioSolutions,
Inc.,
3.88%,
08/15/28
(d)
7
6,842
Building
Products
—
1.1%
Advanced
Drainage
Systems,
Inc.,
5.00%,
09/30/27
(d)
....................
24
25,142
Arcosa,
Inc.,
4.38%,
04/15/29
(d)
........
28
28,420
Builders
FirstSource,
Inc.,
6.75%,
06/01/27
(d)
10
10,762
Cornerstone
Building
Brands,
Inc.,
6.13%,
01/15/29
(d)
....................
32
34,080
CP
Atlas
Buyer,
Inc.,
7.00%,
12/01/28
(d)
...
21
22,072
Forterra
Finance
LLC,
6.50%,
07/15/25
(d)
..
38
40,850
Griffon
Corp.,
5.75%,
03/01/28
.........
8
8,510
JELD-WEN,
Inc.
(d)
:
6.25%,
05/15/25
.................
13
13,812
4.63%,
12/15/25
.................
5
5,063
4.88%,
12/15/27
.................
2
2,068
Masonite
International
Corp.
(d)
:
5.75%,
09/15/26
.................
9
9,360
5.38%,
02/01/28
.................
8
8,490
SRM
Escrow
Issuer
LLC,
6.00%,
11/01/28
(d)
38
39,824
Standard
Industries,
Inc.
(d)
:
4.38%,
07/15/30
.................
25
25,225
3.38%,
01/15/31
.................
8
7,580
Summit
Materials
LLC,
5.25%,
01/15/29
(d)
..
16
16,700
297,958
Capital
Markets
—
0.8%
Charles
Schwab
Corp.
(The),
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
(f)(g)
...
59
57,997
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(d)
...............
22
23,065
Goldman
Sachs
Group,
Inc.
(The),
Series
R,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%),
4.95%
(f)(g)
70
74,046
MSCI,
Inc.,
3.63%,
09/01/30
(d)
.........
12
12,202
Owl
Rock
Capital
Corp.:
3.75%,
07/22/25
.................
26
26,958
4.25%,
01/15/26
.................
16
16,791
3.40%,
07/15/26
.................
10
10,129
Owl
Rock
Technology
Finance
Corp.,
3.75%,
06/17/26
(d)
....................
10
10,227
231,415
Chemicals
—
1.2%
Chemours
Co.
(The),
5.75%,
11/15/28
(d)
...
10
10,529
Element
Solutions,
Inc.,
3.88%,
09/01/28
(d)
.
110
108,543
Gates
Global
LLC,
6.25%,
01/15/26
(d)
.....
36
37,710
GCP
Applied
Technologies,
Inc.,
5.50%,
04/15/26
(d)
....................
27
27,775
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
HB
Fuller
Co.,
4.25%,
10/15/28
........
USD
8
$
8,128
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(d)
...
26
29,258
Ingevity
Corp.,
3.88%,
11/01/28
(d)
.......
9
8,730
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(d)
20
20,625
NOVA
Chemicals
Corp.,
4.88%,
06/01/24
(d)
.
4
4,180
PQ
Corp.,
5.75%,
12/15/25
(d)
..........
63
64,575
Scotts
Miracle-Gro
Co.
(The),
4.00%,
04/01/31
(d)
....................
22
21,692
341,745
Commercial
Services
&
Supplies
—
2.6%
ADT
Security
Corp.
(The),
4.88%,
07/15/32
(d)
26
26,423
Allied
Universal
Holdco
LLC
(d)
:
6.63%,
07/15/26
.................
155
164,374
9.75%,
07/15/27
.................
58
63,638
APX
Group,
Inc.:
7.88%,
12/01/22
.................
13
13,049
8.50%,
11/01/24
.................
4
4,150
6.75%,
02/15/27
(d)
................
25
26,818
Aramark
Services,
Inc.
(d)
:
5.00%,
04/01/25
.................
4
4,095
6.38%,
05/01/25
.................
26
27,560
5.00%,
02/01/28
.................
5
5,189
Brink's
Co.
(The),
5.50%,
07/15/25
(d)
.....
4
4,225
Clean
Harbors,
Inc.
(d)
:
4.88%,
07/15/27
.................
2
2,110
5.13%,
07/15/29
.................
13
13,801
Covanta
Holding
Corp.,
5.00%,
09/01/30
..
13
13,130
Garda
World
Security
Corp.
(d)
:
4.63%,
02/15/27
.................
29
29,000
9.50%,
11/01/27
.................
20
22,137
GFL
Environmental,
Inc.
(d)
:
4.25%,
06/01/25
.................
8
8,240
3.75%,
08/01/25
.................
22
22,330
5.13%,
12/15/26
.................
36
37,935
8.50%,
05/01/27
.................
25
27,531
4.00%,
08/01/28
.................
28
27,090
3.50%,
09/01/28
.................
15
14,550
IAA,
Inc.,
5.50%,
06/15/27
(d)
..........
11
11,536
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(d)
....................
12
12,210
Nielsen
Finance
LLC
(d)
:
5.63%,
10/01/28
.................
22
23,127
5.88%,
10/01/30
.................
26
28,178
Prime
Security
Services
Borrower
LLC
(d)
:
5.25%,
04/15/24
.................
8
8,533
5.75%,
04/15/26
.................
6
6,492
6.25%,
01/15/28
.................
29
30,189
Stericycle,
Inc.,
3.88%,
01/15/29
(d)
.......
13
12,838
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(d)
...
40
40,950
731,428
Communications
Equipment
—
1.0%
Avaya,
Inc.,
6.13%,
09/15/28
(d)
.........
70
74,310
CommScope
Technologies
LLC
(d)
:
6.00%,
06/15/25
.................
22
22,441
5.00%,
03/15/27
.................
35
34,672
CommScope,
Inc.
(d)
:
5.50%,
03/01/24
.................
11
11,344
6.00%,
03/01/26
.................
21
22,127
8.25%,
03/01/27
.................
4
4,280
7.13%,
07/01/28
.................
20
21,242
Nokia
OYJ,
6.63%,
05/15/39
..........
8
9,844
ViaSat,
Inc.
(d)
:
5.63%,
04/15/27
.................
24
25,174
BlackRock
High
Yield
Portfolio
3
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Par
(000)
Par
(000)
Value
Communications
Equipment
(continued)
6.50%,
07/15/28
.................
USD
43
$
45,281
270,715
Construction
&
Engineering
—
0.4%
(d)
Brand
Industrial
Services,
Inc.,
8.50%,
07/15/25
39
39,304
Dycom
Industries,
Inc.,
4.50%,
04/15/29
...
9
9,023
MasTec,
Inc.,
4.50%,
08/15/28
.........
21
21,787
New
Enterprise
Stone
&
Lime
Co.,
Inc.:
6.25%,
03/15/26
.................
7
7,175
9.75%,
07/15/28
.................
7
7,840
Pike
Corp.,
5.50%,
09/01/28
..........
14
14,245
99,374
Consumer
Finance
—
1.2%
Ford
Motor
Credit
Co.
LLC,
3.35%,
11/01/22
200
204,040
General
Motors
Financial
Co.,
Inc.,
Series
C,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.00%),
5.70%
(f)(g)
10
10,800
Global
Aircraft
Leasing
Co.
Ltd.,
0.00%,
(0.00%
Cash
or
7.25%
PIK),
09/15/24
(d)(h)
.....
30
28,730
Navient
Corp.:
7.25%,
09/25/23
.................
8
8,659
6.13%,
03/25/24
.................
6
6,353
5.88%,
10/25/24
.................
2
2,100
6.75%,
06/15/26
.................
2
2,168
5.00%,
03/15/27
.................
2
2,005
OneMain
Finance
Corp.:
6.88%,
03/15/25
.................
10
11,374
8.88%,
06/01/25
.................
8
8,862
7.13%,
03/15/26
.................
14
16,147
6.63%,
01/15/28
.................
18
20,400
321,638
Containers
&
Packaging
—
1.3%
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
4
4,815
Graham
Packaging
Co.,
Inc.,
7.13%,
08/15/28
(d)
9
9,574
Graphic
Packaging
International
LLC,
4.75%,
07/15/27
(d)
....................
9
9,832
Intelligent
Packaging
Ltd.
Finco,
Inc.,
6.00%,
09/15/28
(d)
....................
11
11,357
Intertape
Polymer
Group,
Inc.,
7.00%,
10/15/26
(d)
....................
15
15,778
LABL
Escrow
Issuer
LLC
(d)
:
6.75%,
07/15/26
.................
39
41,779
10.50%,
07/15/27
................
13
14,477
Mauser
Packaging
Solutions
Holding
Co.,
5.50%,
04/15/24
(d)
...............
21
21,289
Sealed
Air
Corp.
(d)
:
4.00%,
12/01/27
.................
5
5,118
6.88%,
07/15/33
.................
9
11,075
Silgan
Holdings,
Inc.,
4.13%,
02/01/28
....
2
2,055
Trivium
Packaging
Finance
BV,
8.50%,
08/15/27
(d)(i)
...................
200
217,040
364,189
Distributors
—
0.7%
(d)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
4.00%,
01/15/28
.............
17
17,000
Core
&
Main
LP,
6.13%,
08/15/25
.......
141
144,714
Wolverine
Escrow
LLC:
8.50%,
11/15/24
.................
17
16,958
9.00%,
11/15/26
.................
6
5,994
184,666
Diversified
Consumer
Services
—
0.1%
frontdoor,
Inc.,
6.75%,
08/15/26
(d)
.......
14
14,893
Graham
Holdings
Co.,
5.75%,
06/01/26
(d)
..
3
3,135
Laureate
Education,
Inc.,
8.25%,
05/01/25
(d)
8
8,360
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
(continued)
Service
Corp.
International,
5.13%,
06/01/29
USD
2
$
2,146
28,534
Diversified
Financial
Services
—
1.3%
(d)
Fairstone
Financial,
Inc.,
7.88%,
07/15/24
..
16
16,800
MPH
Acquisition
Holdings
LLC,
5.75%,
11/01/28
.....................
63
61,425
Sabre
GLBL,
Inc.:
9.25%,
04/15/25
.................
42
50,085
7.38%,
09/01/25
.................
21
22,917
Shift4
Payments
LLC,
4.63%,
11/01/26
....
28
29,050
Verscend
Escrow
Corp.,
9.75%,
08/15/26
..
165
176,917
357,194
Diversified
Telecommunication
Services
—
5.5%
Altice
France
SA,
8.13%,
02/01/27
(d)
.....
248
271,833
CCO
Holdings
LLC
(d)
:
5.00%,
02/01/28
.................
8
8,461
5.38%,
06/01/29
.................
22
23,595
4.75%,
03/01/30
.................
11
11,399
4.50%,
08/15/30
.................
76
77,459
4.25%,
02/01/31
.................
44
44,097
4.50%,
05/01/32
.................
51
51,638
Cincinnati
Bell,
Inc.
(d)
:
7.00%,
07/15/24
.................
23
23,719
8.00%,
10/15/25
.................
8
8,509
Consolidated
Communications,
Inc.,
6.50%,
10/01/28
(d)
....................
45
48,606
Frontier
Communications
Corp.
(d)
:
5.88%,
10/15/27
.................
37
39,220
5.00%,
05/01/28
.................
70
71,286
6.75%,
05/01/29
.................
37
39,024
Intelsat
Jackson
Holdings
SA,
8.00%,
02/15/24
(d)(i)
...................
5
5,175
Level
3
Financing,
Inc.
(d)
:
4.63%,
09/15/27
.................
4
4,117
4.25%,
07/01/28
.................
7
7,079
3.75%,
07/15/29
.................
18
17,616
Lumen
Technologies,
Inc.:
Series
W,
6.75%,
12/01/23
..........
11
12,142
Series
Y,
7.50%,
04/01/24
..........
11
12,329
5.13%,
12/15/26
(d)
................
74
77,950
4.00%,
02/15/27
(d)
................
36
36,772
4.50%,
01/15/29
(d)
................
42
40,963
Series
P,
7.60%,
09/15/39
..........
15
17,175
Series
U,
7.65%,
03/15/42
..........
37
42,088
QualityTech
LP,
3.88%,
10/01/28
(d)
......
18
17,910
Sprint
Capital
Corp.:
6.88%,
11/15/28
.................
69
86,376
8.75%,
03/15/32
.................
66
97,598
Switch
Ltd.,
3.75%,
09/15/28
(d)
.........
30
29,542
Telecom
Italia
Capital
SA:
6.38%,
11/15/33
.................
44
51,790
6.00%,
09/30/34
.................
51
57,842
7.20%,
07/18/36
.................
6
7,572
Telesat
Canada
(d)
:
4.88%,
06/01/27
.................
26
26,000
6.50%,
10/15/27
.................
2
2,003
Zayo
Group
Holdings,
Inc.
(d)
:
4.00%,
03/01/27
.................
66
64,845
6.13%,
03/01/28
.................
92
94,415
1,528,145
Electric
Utilities
—
0.7%
FirstEnergy
Corp.:
Series
B,
4.40%,
07/15/27
(i)
.........
12
12,900
2.65%,
03/01/30
.................
2
1,902
BlackRock
High
Yield
Portfolio
4
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Series
B,
2.25%,
09/01/30
..........
USD
2
$
1,855
Series
C,
5.35%,
07/15/47
(i)
.........
40
44,927
Series
C,
3.40%,
03/01/50
..........
13
11,375
FirstEnergy
Transmission
LLC
(d)
:
5.45%,
07/15/44
.................
31
35,816
4.55%,
04/01/49
.................
15
15,818
NRG
Energy,
Inc.,
3.63%,
02/15/31
(d)
.....
27
26,325
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(d)
....................
26
26,423
PG&E
Corp.,
5.25%,
07/01/30
.........
20
21,200
198,541
Electrical
Equipment
—
0.1%
Sensata
Technologies
BV
(d)
:
5.63%,
11/01/24
.................
9
9,990
4.00%,
04/15/29
.................
9
9,162
19,152
Electronic
Equipment,
Instruments
&
Components
—
0.1%
CDW
LLC,
3.25%,
02/15/29
..........
16
15,800
Sensata
Technologies,
Inc.,
4.38%,
02/15/30
(d)
23
24,092
39,892
Energy
Equipment
&
Services
—
1.2%
Archrock
Partners
LP
(d)
:
6.88%,
04/01/27
.................
18
18,765
6.25%,
04/01/28
.................
39
39,616
ChampionX
Corp.,
6.38%,
05/01/26
......
22
23,045
New
Fortress
Energy,
Inc.,
6.50%,
09/30/26
(d)
85
85,638
Pioneer
Energy
Services
Corp.
(b)(d)
:
(LIBOR
USD
3
Month
+
9.50%),
11.00%,
05/15/25
(g)
...................
34
33,431
5.00%,
(5.00%
Cash
or
5.00%
PIK),
11/15/25
(h)(j)
...................
24
23,082
TechnipFMC
plc,
6.50%,
02/01/26
(d)
......
29
30,344
Tervita
Corp.,
11.00%,
12/01/25
(d)
.......
9
10,215
Transocean,
Inc.,
11.50%,
01/30/27
(d)
.....
11
9,435
USA
Compression
Partners
LP:
6.88%,
04/01/26
.................
36
36,922
6.88%,
09/01/27
.................
33
33,990
344,483
Entertainment
—
1.2%
Cinemark
USA,
Inc.,
5.88%,
03/15/26
(d)
...
10
10,240
Lions
Gate
Capital
Holdings
LLC
(d)
:
6.38%,
02/01/24
.................
3
3,096
5.88%,
11/01/24
.................
14
14,411
Live
Nation
Entertainment,
Inc.:
2.50%,
03/15/23
(j)
................
20
27,938
4.88%,
11/01/24
(d)
................
3
3,053
2.00%,
02/15/25
(j)
................
13
14,398
6.50%,
05/15/27
(d)
................
89
98,790
4.75%,
10/15/27
(d)
................
7
7,052
3.75%,
01/15/28
(d)
................
15
14,794
Netflix,
Inc.:
5.88%,
11/15/28
.................
27
32,658
6.38%,
05/15/29
.................
19
23,560
5.38%,
11/15/29
(d)
................
15
17,738
4.88%,
06/15/30
(d)
................
12
13,819
Playtika
Holding
Corp.,
4.25%,
03/15/29
(d)
..
25
24,630
WMG
Acquisition
Corp.
(d)
:
5.50%,
04/15/26
.................
3
3,084
3.88%,
07/15/30
.................
14
14,135
323,396
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.7%
Brookfield
Property
REIT,
Inc.,
5.75%,
05/15/26
(d)
....................
USD
16
$
16,472
Diversified
Healthcare
Trust,
9.75%,
06/15/25
20
22,640
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(d)
..
16
15,596
GLP
Capital
LP:
4.00%,
01/15/30
.................
17
17,684
4.00%,
01/15/31
.................
8
8,268
Iron
Mountain,
Inc.
(d)
:
5.25%,
07/15/30
.................
28
28,890
5.63%,
07/15/32
.................
21
21,945
MGM
Growth
Properties
Operating
Partnership
LP:
5.63%,
05/01/24
.................
14
15,027
4.63%,
06/15/25
(d)
................
14
14,766
4.50%,
09/01/26
.................
19
19,885
5.75%,
02/01/27
.................
27
29,766
4.50%,
01/15/28
.................
17
17,590
3.88%,
02/15/29
(d)
................
26
25,899
MPT
Operating
Partnership
LP:
4.63%,
08/01/29
.................
39
41,029
3.50%,
03/15/31
.................
65
63,786
RHP
Hotel
Properties
LP:
4.75%,
10/15/27
.................
37
37,874
4.50%,
02/15/29
(d)
................
15
15,060
SBA
Communications
Corp.,
3.88%,
02/15/27
36
36,799
Service
Properties
Trust:
4.50%,
06/15/23
.................
5
5,079
4.35%,
10/01/24
.................
4
3,977
7.50%,
09/15/25
.................
17
19,319
5.50%,
12/15/27
.................
11
11,635
Uniti
Group
LP
(d)
:
6.00%,
04/15/23
.................
36
36,585
7.88%,
02/15/25
.................
10
10,807
6.50%,
02/15/29
.................
49
48,388
VICI
Properties
LP
(d)
:
4.25%,
12/01/26
.................
63
64,454
3.75%,
02/15/27
.................
25
25,000
4.63%,
12/01/29
.................
39
40,457
4.13%,
08/15/30
.................
41
41,357
756,034
Food
&
Staples
Retailing
—
0.5%
(d)
Albertsons
Cos.,
Inc.:
3.25%,
03/15/26
.................
18
17,931
4.63%,
01/15/27
.................
25
25,911
5.88%,
02/15/28
.................
27
28,789
4.88%,
02/15/30
.................
5
5,140
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
8
8,550
US
Foods,
Inc.:
6.25%,
04/15/25
.................
12
12,864
4.75%,
02/15/29
.................
26
26,000
125,185
Food
Products
—
2.1%
Chobani
LLC
(d)
:
7.50%,
04/15/25
.................
49
51,007
4.63%,
11/15/28
.................
24
24,480
JBS
USA
LUX
SA
(d)
:
6.75%,
02/15/28
.................
19
20,758
6.50%,
04/15/29
.................
10
11,295
Kraft
Heinz
Foods
Co.:
4.25%,
03/01/31
.................
63
69,359
5.00%,
07/15/35
.................
10
11,509
6.88%,
01/26/39
.................
22
30,307
4.63%,
10/01/39
.................
7
7,563
6.50%,
02/09/40
.................
15
19,589
BlackRock
High
Yield
Portfolio
5
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Par
(000)
Par
(000)
Value
Food
Products
(continued)
5.20%,
07/15/45
.................
USD
26
$
30,070
4.38%,
06/01/46
.................
32
33,452
4.88%,
10/01/49
.................
79
88,607
5.50%,
06/01/50
.................
88
107,730
Lamb
Weston
Holdings,
Inc.,
4.88%,
05/15/28
(d)
14
15,117
Post
Holdings,
Inc.
(d)
:
5.63%,
01/15/28
.................
2
2,104
5.50%,
12/15/29
.................
5
5,354
4.63%,
04/15/30
.................
6
6,015
4.50%,
09/15/31
.................
20
19,780
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(d)
..
23
23,202
TreeHouse
Foods,
Inc.,
4.00%,
09/01/28
..
6
6,042
583,340
Gas
Utilities
—
0.0%
Superior
Plus
LP,
4.50%,
03/15/29
(d)
.....
12
12,122
Health
Care
Equipment
&
Supplies
—
0.8%
(d)
Avantor
Funding,
Inc.,
4.63%,
07/15/28
...
78
81,460
Hologic,
Inc.,
3.25%,
02/15/29
.........
9
8,887
Ortho-Clinical
Diagnostics,
Inc.:
7.38%,
06/01/25
.................
31
33,328
7.25%,
02/01/28
.................
87
95,323
218,998
Health
Care
Providers
&
Services
—
4.9%
Acadia
Healthcare
Co.,
Inc.
(d)
:
5.50%,
07/01/28
.................
9
9,475
5.00%,
04/15/29
.................
14
14,528
AdaptHealth
LLC
(d)
:
6.13%,
08/01/28
.................
12
12,720
4.63%,
08/01/29
.................
9
8,955
AHP
Health
Partners,
Inc.,
9.75%,
07/15/26
(d)
30
32,513
Akumin,
Inc.,
7.00%,
11/01/25
(d)
........
10
10,638
Centene
Corp.:
4.25%,
12/15/27
.................
43
45,231
4.63%,
12/15/29
.................
63
68,185
3.00%,
10/15/30
.................
70
69,884
2.50%,
03/01/31
.................
69
65,896
Community
Health
Systems
Inc,
8.13%,
06/30/24
(d)
....................
8
8,392
Community
Health
Systems,
Inc.
(d)
:
6.63%,
02/15/25
.................
80
84,450
8.00%,
03/15/26
.................
103
111,374
5.63%,
03/15/27
.................
54
56,565
6.00%,
01/15/29
.................
48
50,760
6.88%,
04/15/29
.................
19
19,891
DaVita,
Inc.,
4.63%,
06/01/30
(d)
........
14
14,264
Encompass
Health
Corp.:
4.50%,
02/01/28
.................
4
4,096
4.75%,
02/01/30
.................
15
15,431
4.63%,
04/01/31
.................
8
8,280
HCA,
Inc.:
5.38%,
09/01/26
.................
10
11,275
5.63%,
09/01/28
.................
35
40,250
5.88%,
02/01/29
.................
20
23,300
3.50%,
09/01/30
.................
62
62,525
Legacy
LifePoint
Health
LLC
(d)
:
6.75%,
04/15/25
.................
16
17,000
4.38%,
02/15/27
.................
7
6,860
LifePoint
Health,
Inc.,
5.38%,
01/15/29
(d)
...
20
19,700
MEDNAX,
Inc.,
6.25%,
01/15/27
(d)
.......
22
23,525
ModivCare,
Inc.,
5.88%,
11/15/25
(d)
......
7
7,368
Molina
Healthcare,
Inc.
(d)
:
4.38%,
06/15/28
.................
17
17,492
3.88%,
11/15/30
.................
25
25,719
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(d)
....................
USD
26
$
27,755
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(d)
...............
9
9,742
RP
Escrow
Issuer
LLC,
5.25%,
12/15/25
(d)
..
13
13,471
Surgery
Center
Holdings,
Inc.
(d)
:
6.75%,
07/01/25
.................
64
64,995
10.00%,
04/15/27
................
43
47,407
Tenet
Healthcare
Corp.
(d)
:
4.63%,
09/01/24
.................
13
13,374
7.50%,
04/01/25
.................
23
24,832
4.88%,
01/01/26
.................
78
81,101
6.25%,
02/01/27
.................
4
4,224
5.13%,
11/01/27
.................
43
44,965
4.63%,
06/15/28
.................
7
7,175
6.13%,
10/01/28
.................
35
36,531
Vizient,
Inc.,
6.25%,
05/15/27
(d)
........
21
22,286
1,364,400
Hotels,
Restaurants
&
Leisure
—
5.6%
1011778
BC
ULC
(d)
:
3.88%,
01/15/28
.................
12
12,129
4.38%,
01/15/28
.................
30
30,141
Affinity
Gaming,
6.88%,
12/15/27
(d)
......
10
10,538
Boyd
Gaming
Corp.:
8.63%,
06/01/25
(d)
................
22
24,464
6.38%,
04/01/26
.................
8
8,260
4.75%,
12/01/27
.................
14
14,269
Boyne
USA,
Inc.,
7.25%,
05/01/25
(d)
.....
16
16,632
Caesars
Entertainment,
Inc.
(d)
:
6.25%,
07/01/25
.................
115
122,592
8.13%,
07/01/27
.................
81
89,322
Caesars
Resort
Collection
LLC,
5.75%,
07/01/25
(d)
....................
43
45,378
Carnival
Corp.
(d)
:
11.50%,
04/01/23
................
51
58,459
10.50%,
02/01/26
................
11
12,939
5.75%,
03/01/27
.................
105
107,756
9.88%,
08/01/27
.................
15
17,661
CCM
Merger,
Inc.,
6.38%,
05/01/26
(d)
.....
15
15,928
Cedar
Fair
LP
(d)
:
5.50%,
05/01/25
.................
88
92,624
6.50%,
10/01/28
.................
5
5,375
Churchill
Downs,
Inc.
(d)
:
5.50%,
04/01/27
.................
23
24,040
4.75%,
01/15/28
.................
27
27,924
Full
House
Resorts,
Inc.,
8.25%,
02/15/28
(d)
.
6
6,392
Golden
Nugget,
Inc.,
6.75%,
10/15/24
(d)
...
77
77,860
Hilton
Domestic
Operating
Co.,
Inc.:
5.38%,
05/01/25
(d)
................
12
12,648
5.75%,
05/01/28
(d)
................
20
21,526
4.88%,
01/15/30
.................
9
9,547
4.00%,
05/01/31
(d)
................
21
21,000
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
.....................
14
14,612
IRB
Holding
Corp.,
7.00%,
06/15/25
(d)
....
16
17,223
Life
Time,
Inc.
(d)
:
5.75%,
01/15/26
.................
28
28,806
8.00%,
04/15/26
.................
18
18,540
Marriott
Ownership
Resorts,
Inc.,
6.50%,
09/15/26
.....................
2
2,089
MGM
Resorts
International,
6.00%,
03/15/23
10
10,712
NCL
Corp.
Ltd.
(d)
:
10.25%,
02/01/26
................
10
11,733
5.88%,
03/15/26
.................
16
16,160
NCL
Finance
Ltd.,
6.13%,
03/15/28
(d)
.....
26
26,487
BlackRock
High
Yield
Portfolio
6
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Peninsula
Pacific
Entertainment
LLC,
8.50%,
11/15/27
(d)
....................
USD
15
$
16,125
Powdr
Corp.,
6.00%,
08/01/25
(d)
........
25
26,346
Royal
Caribbean
Cruises
Ltd.
(d)
:
10.88%,
06/01/23
................
10
11,503
9.13%,
06/15/23
.................
15
16,529
11.50%,
06/01/25
................
20
23,325
5.50%,
04/01/28
.................
39
39,195
Scientific
Games
International,
Inc.
(d)
:
8.63%,
07/01/25
.................
18
19,570
5.00%,
10/15/25
.................
10
10,357
8.25%,
03/15/26
.................
40
42,900
7.00%,
05/15/28
.................
13
13,892
7.25%,
11/15/29
.................
14
15,190
SeaWorld
Parks
&
Entertainment,
Inc.,
9.50%,
08/01/25
(d)
....................
14
15,216
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(d)
75
81,094
Station
Casinos
LLC,
4.50%,
02/15/28
(d)
...
17
16,936
Travel
+
Leisure
Co.,
6.63%,
07/31/26
(d)
...
15
17,030
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(d)
.....
14
14,927
Viking
Cruises
Ltd.,
7.00%,
02/15/29
(d)
....
4
4,119
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(d)
....................
12
12,124
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(d)
....................
16
16,184
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(d)
..
28
29,320
Wynn
Resorts
Finance
LLC
(d)
:
7.75%,
04/15/25
.................
17
18,429
5.13%,
10/01/29
.................
60
61,410
Yum!
Brands,
Inc.:
4.75%,
01/15/30
(d)
................
2
2,115
5.35%,
11/01/43
.................
2
2,110
1,557,712
Household
Durables
—
0.8%
Ashton
Woods
USA
LLC,
6.63%,
01/15/28
(d)
7
7,455
Brookfield
Residential
Properties,
Inc.,
4.88%,
02/15/30
(d)
....................
20
20,012
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(d)
23
24,668
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(d)
....................
13
13,585
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(d)
....................
28
29,960
Mattamy
Group
Corp.
(d)
:
5.25%,
12/15/27
.................
14
14,648
4.63%,
03/01/30
.................
16
15,892
Meritage
Homes
Corp.,
5.13%,
06/06/27
...
4
4,390
New
Home
Co.,
Inc.
(The),
7.25%,
10/15/25
(d)
6
6,211
Picasso
Finance
Sub,
Inc.,
6.13%,
06/15/25
(d)
24
25,500
Taylor
Morrison
Communities,
Inc.
(d)
:
5.88%,
06/15/27
.................
7
7,735
5.13%,
08/01/30
.................
5
5,313
Tempur
Sealy
International,
Inc.:
5.50%,
06/15/26
.................
2
2,072
4.00%,
04/15/29
(d)
................
25
24,875
TRI
Pointe
Homes,
Inc.,
5.70%,
06/15/28
..
5
5,526
Williams
Scotsman
International,
Inc.,
4.63%,
08/15/28
(d)
....................
25
25,469
233,311
Household
Products
—
0.3%
Central
Garden
&
Pet
Co.,
4.13%,
10/15/30
.
21
21,210
Energizer
Holdings,
Inc.
(d)
:
4.75%,
06/15/28
.................
2
2,062
4.38%,
03/31/29
.................
2
2,007
Security
Par
(000)
Par
(000)
Value
Household
Products
(continued)
Kronos
Acquisition
Holdings,
Inc.,
5.00%,
12/31/26
(d)
....................
USD
17
$
17,000
Spectrum
Brands,
Inc.
(d)
:
5.00%,
10/01/29
.................
13
13,715
5.50%,
07/15/30
.................
13
13,910
3.88%,
03/15/31
.................
9
8,809
78,713
Independent
Power
and
Renewable
Electricity
Producers
—
0.5%
(d)
Calpine
Corp.:
4.50%,
02/15/28
.................
28
28,235
5.13%,
03/15/28
.................
61
61,284
4.63%,
02/01/29
.................
2
1,949
5.00%,
02/01/31
.................
38
37,088
3.75%,
03/01/31
.................
2
1,906
Clearway
Energy
Operating
LLC,
4.75%,
03/15/28
.....................
13
13,525
143,987
Insurance
—
1.7%
(d)
Alliant
Holdings
Intermediate
LLC:
4.25%,
10/15/27
.................
89
89,111
6.75%,
10/15/27
.................
140
149,012
AmWINS
Group,
Inc.,
7.75%,
07/01/26
....
10
10,700
AssuredPartners,
Inc.,
5.63%,
01/15/29
...
22
22,418
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
..
25
26,844
HUB
International
Ltd.,
7.00%,
05/01/26
...
60
62,305
NFP
Corp.:
7.00%,
05/15/25
.................
9
9,652
6.88%,
08/15/28
.................
94
97,525
467,567
Interactive
Media
&
Services
—
0.2%
(d)
Rackspace
Technology
Global,
Inc.,
5.38%,
12/01/28
.....................
35
35,589
Twitter,
Inc.,
3.88%,
12/15/27
..........
21
22,018
57,607
Internet
&
Direct
Marketing
Retail
—
0.2%
(d)
ANGI
Group
LLC,
3.88%,
08/15/28
......
22
22,000
Go
Daddy
Operating
Co.
LLC:
5.25%,
12/01/27
.................
5
5,287
3.50%,
03/01/29
.................
11
10,808
Match
Group
Holdings
II
LLC:
4.63%,
06/01/28
.................
9
9,196
4.13%,
08/01/30
.................
8
8,022
55,313
IT
Services
—
1.5%
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(d)
....
9
8,984
Austin
BidCo,
Inc.,
7.13%,
12/15/28
(d)
.....
6
6,105
Banff
Merger
Sub,
Inc.,
9.75%,
09/01/26
(d)
..
106
112,890
Black
Knight
InfoServ
LLC,
3.63%,
09/01/28
(d)
35
34,391
Booz
Allen
Hamilton,
Inc.,
3.88%,
09/01/28
(d)
19
19,100
Endure
Digital,
Inc.,
6.00%,
02/15/29
(d)
....
16
15,638
Gartner,
Inc.
(d)
:
4.50%,
07/01/28
.................
25
25,781
3.75%,
10/01/30
.................
21
20,827
Northwest
Fiber
LLC
(d)
:
6.00%,
02/15/28
.................
21
20,948
10.75%,
06/01/28
................
9
10,167
Presidio
Holdings,
Inc.,
4.88%,
02/01/27
(d)
..
14
14,350
Tempo
Acquisition
LLC
(d)
:
5.75%,
06/01/25
.................
18
19,013
6.75%,
06/01/25
.................
71
72,553
Twilio,
Inc.,
3.88%,
03/15/31
..........
11
11,235
BlackRock
High
Yield
Portfolio
7
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
Unisys
Corp.,
6.88%,
11/01/27
(d)
........
USD
9
$
9,855
401,837
Leisure
Products
—
0.2%
Mattel,
Inc.:
6.75%,
12/31/25
(d)
................
14
14,720
3.75%,
04/01/29
(d)
................
9
9,056
6.20%,
10/01/40
.................
6
7,035
5.45%,
11/01/41
.................
13
14,203
45,014
Life
Sciences
Tools
&
Services
—
0.2%
(d)
Charles
River
Laboratories
International,
Inc.:
4.25%,
05/01/28
.................
10
10,300
4.00%,
03/15/31
.................
9
9,149
Syneos
Health,
Inc.,
3.63%,
01/15/29
....
38
36,955
56,404
Machinery
—
1.2%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(d)
.
15
15,919
ATS
Automation
Tooling
Systems,
Inc.,
4.13%,
12/15/28
(d)
....................
9
8,921
Clark
Equipment
Co.,
5.88%,
06/01/25
(d)
...
25
26,453
Colfax
Corp.,
6.38%,
02/15/26
(d)
........
20
21,275
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
16
16,936
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(d)
..
11
11,083
Grinding
Media,
Inc.,
7.38%,
12/15/23
(d)
...
28
28,615
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(d)(h)
........
31
33,712
Meritor,
Inc.,
4.50%,
12/15/28
(d)
........
6
6,018
Navistar
International
Corp.
(d)
:
9.50%,
05/01/25
.................
7
7,691
6.63%,
11/01/25
.................
4
4,150
RBS
Global,
Inc.,
4.88%,
12/15/25
(d)
.....
8
8,162
Stevens
Holding
Co.,
Inc.,
6.13%,
10/01/26
(d)
20
21,450
Terex
Corp.
(d)
:
5.63%,
02/01/25
.................
9
9,253
5.00%,
05/15/29
.................
24
24,845
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(d)
...
53
55,051
Wabash
National
Corp.,
5.50%,
10/01/25
(d)
.
23
23,518
323,052
Media
—
5.8%
Advantage
Sales
&
Marketing,
Inc.,
6.50%,
11/15/28
(d)
....................
13
13,520
Altice
Financing
SA,
7.50%,
05/15/26
(d)
....
200
209,000
AMC
Networks,
Inc.:
4.75%,
08/01/25
.................
14
14,361
4.25%,
02/15/29
.................
10
9,725
Block
Communications,
Inc.,
4.88%,
03/01/28
(d)
12
12,222
Cable
One,
Inc.
(d)
:
1.13%,
03/15/28
(j)
................
17
17,128
4.00%,
11/15/30
.................
12
11,870
Clear
Channel
Outdoor
Holdings,
Inc.,
7.75%,
04/15/28
(d)
....................
40
39,560
Clear
Channel
Worldwide
Holdings,
Inc.:
9.25%,
02/15/24
.................
18
18,726
5.13%,
08/15/27
(d)
................
143
143,822
CSC
Holdings
LLC:
5.25%,
06/01/24
.................
5
5,394
6.50%,
02/01/29
(d)
................
200
221,000
Diamond
Sports
Group
LLC,
5.38%,
08/15/26
(d)
42
30,240
DISH
DBS
Corp.:
6.75%,
06/01/21
.................
11
11,088
5.88%,
07/15/22
.................
86
89,827
5.00%,
03/15/23
.................
23
23,995
5.88%,
11/15/24
.................
14
14,641
Security
Par
(000)
Par
(000)
Value
Media
(continued)
7.75%,
07/01/26
.................
USD
49
$
54,083
DISH
Network
Corp.
(j)
:
2.38%,
03/15/24
.................
26
24,993
3.38%,
08/15/26
.................
38
36,529
Entercom
Media
Corp.,
6.50%,
05/01/27
(d)
..
30
31,012
GCI
LLC,
4.75%,
10/15/28
(d)
..........
14
14,332
Liberty
Broadband
Corp.
(d)(j)
:
1.25%,
09/30/50
.................
42
41,076
2.75%,
09/30/50
.................
70
70,729
Meredith
Corp.,
6.88%,
02/01/26
.......
2
2,057
Midcontinent
Communications,
5.38%,
08/15/27
(d)
....................
16
16,635
Outfront
Media
Capital
LLC
(d)
:
5.00%,
08/15/27
.................
16
16,160
4.25%,
01/15/29
.................
11
10,590
Radiate
Holdco
LLC
(d)
:
4.50%,
09/15/26
.................
48
48,540
6.50%,
09/15/28
.................
114
120,378
Scripps
Escrow
II,
Inc.
(d)
:
3.88%,
01/15/29
.................
2
1,965
5.38%,
01/15/31
.................
14
13,895
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(d)
....................
41
39,514
Sirius
XM
Radio,
Inc.
(d)
:
5.00%,
08/01/27
.................
14
14,687
5.50%,
07/01/29
.................
3
3,244
4.13%,
07/01/30
.................
31
31,035
TEGNA,
Inc.,
5.50%,
09/15/24
(d)
........
4
4,065
Terrier
Media
Buyer,
Inc.,
8.88%,
12/15/27
(d)
72
77,476
Univision
Communications,
Inc.
(d)
:
5.13%,
02/15/25
.................
11
11,138
6.63%,
06/01/27
.................
22
23,494
1,593,746
Metals
&
Mining
—
2.6%
Allegheny
Technologies,
Inc.,
7.88%,
08/15/23
(i)
6
6,508
Arconic
Corp.
(d)
:
6.00%,
05/15/25
.................
15
16,167
6.13%,
02/15/28
.................
21
22,365
Big
River
Steel
LLC,
6.63%,
01/31/29
(d)
...
102
111,098
Constellium
SE,
5.88%,
02/15/26
(d)
......
250
257,625
Freeport-McMoRan,
Inc.,
5.45%,
03/15/43
.
78
93,834
Joseph
T
Ryerson
&
Son,
Inc.,
8.50%,
08/01/28
(d)
....................
15
16,800
Kaiser
Aluminum
Corp.
(d)
:
6.50%,
05/01/25
.................
11
11,657
4.63%,
03/01/28
.................
7
7,165
New
Gold,
Inc.
(d)
:
6.38%,
05/15/25
.................
6
6,180
7.50%,
07/15/27
.................
39
40,392
Novelis
Corp.
(d)
:
5.88%,
09/30/26
.................
14
14,612
4.75%,
01/30/30
.................
87
89,671
United
States
Steel
Corp.:
6.25%,
03/15/26
.................
1
1,010
6.88%,
03/01/29
.................
23
23,518
718,602
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Starwood
Property
Trust,
Inc.,
5.00%,
12/15/21
7
7,096
Multiline
Retail
—
0.5%
(d)
Macy's,
Inc.,
8.38%,
06/15/25
.........
50
55,289
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
...
33
33,660
Nordstrom,
Inc.,
8.75%,
05/15/25
.......
41
46,402
135,351
BlackRock
High
Yield
Portfolio
8
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
—
11.8%
Aethon
United
BR
LP,
8.25%,
02/15/26
(d)
...
USD
42
$
43,470
Antero
Midstream
Partners
LP
(d)
:
7.88%,
05/15/26
.................
34
36,568
5.75%,
03/01/27
.................
10
10,002
Antero
Resources
Corp.
(d)
:
8.38%,
07/15/26
.................
7
7,717
7.63%,
02/01/29
.................
21
22,365
Apache
Corp.:
4.88%,
11/15/27
.................
17
17,425
4.38%,
10/15/28
.................
2
1,994
5.10%,
09/01/40
.................
19
18,572
5.25%,
02/01/42
.................
7
6,895
4.75%,
04/15/43
.................
29
26,898
4.25%,
01/15/44
.................
15
13,500
5.35%,
07/01/49
.................
6
5,730
Ascent
Resources
Utica
Holdings
LLC,
9.00%,
11/01/27
(d)
....................
35
44,450
Baytex
Energy
Corp.,
8.75%,
04/01/27
(d)
...
17
15,427
Blue
Racer
Midstream
LLC,
7.63%,
12/15/25
(d)
14
15,088
Buckeye
Partners
LP:
4.13%,
03/01/25
(d)
................
14
14,284
3.95%,
12/01/26
.................
6
5,931
4.50%,
03/01/28
(d)
................
16
16,040
5.85%,
11/15/43
.................
14
13,599
5.60%,
10/15/44
.................
13
12,538
Callon
Petroleum
Co.,
9.00%,
04/01/25
(d)
..
33
33,475
Centennial
Resource
Production
LLC:
6.88%,
04/01/27
(d)
................
22
19,580
3.25%,
04/01/28
(j)
................
9
8,607
Cheniere
Energy
Partners
LP:
5.63%,
10/01/26
.................
23
24,051
4.50%,
10/01/29
.................
44
45,629
4.00%,
03/01/31
(d)
................
48
48,840
Cheniere
Energy,
Inc.,
4.63%,
10/15/28
(d)
..
120
124,625
Chesapeake
Energy
Corp.
(d)
:
5.50%,
02/01/26
.................
5
5,204
5.88%,
02/01/29
.................
13
13,780
CITGO
Petroleum
Corp.
(d)
:
7.00%,
06/15/25
.................
25
25,719
6.38%,
06/15/26
.................
20
20,180
CNX
Resources
Corp.
(d)
:
7.25%,
03/14/27
.................
8
8,593
6.00%,
01/15/29
.................
18
18,705
Colgate
Energy
Partners
III
LLC,
7.75%,
02/15/26
(d)
....................
12
11,763
Comstock
Resources,
Inc.:
7.50%,
05/15/25
(d)
................
15
15,563
9.75%,
08/15/26
.................
10
10,875
6.75%,
03/01/29
(d)
................
45
46,125
Continental
Resources,
Inc.:
5.00%,
09/15/22
.................
13
13,010
4.50%,
04/15/23
.................
3
3,107
5.75%,
01/15/31
(d)
................
17
19,208
4.90%,
06/01/44
.................
22
22,001
Crestwood
Midstream
Partners
LP
(d)
:
5.63%,
05/01/27
.................
25
24,562
6.00%,
02/01/29
.................
17
16,745
CrownRock
LP,
5.63%,
10/15/25
(d)
......
97
98,961
DCP
Midstream
Operating
LP
(d)
:
6.45%,
11/03/36
.................
17
18,998
6.75%,
09/15/37
.................
29
32,371
Double
Eagle
III
Midco
1
LLC,
7.75%,
12/15/25
(d)
....................
36
38,438
Endeavor
Energy
Resources
LP
(d)
:
6.63%,
07/15/25
.................
16
17,100
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
5.50%,
01/30/26
.................
USD
64
$
66,419
5.75%,
01/30/28
.................
30
31,690
Energy
Transfer
Operating
LP,
6.50%,
02/01/42
15
17,888
EnLink
Midstream
LLC:
5.63%,
01/15/28
(d)
................
14
13,538
5.38%,
06/01/29
.................
8
7,480
EnLink
Midstream
Partners
LP:
4.40%,
04/01/24
.................
17
17,136
4.85%,
07/15/26
.................
2
1,932
5.60%,
04/01/44
.................
20
16,600
5.05%,
04/01/45
.................
2
1,547
EQM
Midstream
Partners
LP:
6.00%,
07/01/25
(d)
................
17
18,296
4.13%,
12/01/26
.................
5
4,962
6.50%,
07/01/27
(d)
................
30
32,618
4.50%,
01/15/29
(d)
................
19
18,515
4.75%,
01/15/31
(d)
................
35
33,950
EQT
Corp.:
3.90%,
10/01/27
.................
23
23,460
8.50%,
02/01/30
(i)
................
16
20,405
Genesis
Energy
LP:
5.63%,
06/15/24
.................
14
13,685
6.50%,
10/01/25
.................
4
3,921
8.00%,
01/15/27
.................
10
10,125
7.75%,
02/01/28
.................
12
12,004
Great
Western
Petroleum
LLC,
12.00%,
09/01/25
(d)
....................
15
13,350
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(d)
.
29
31,166
Hess
Midstream
Operations
LP
(d)
:
5.63%,
02/15/26
.................
10
10,300
5.13%,
06/15/28
.................
14
14,154
Hilcorp
Energy
I
LP
(d)
:
5.75%,
02/01/29
.................
11
11,096
6.00%,
02/01/31
.................
13
13,195
Holly
Energy
Partners
LP,
5.00%,
02/01/28
(d)
19
19,243
Indigo
Natural
Resources
LLC,
5.38%,
02/01/29
(d)
....................
39
38,423
Matador
Resources
Co.,
5.88%,
09/15/26
..
40
38,950
MEG
Energy
Corp.
(d)
:
6.50%,
01/15/25
.................
25
25,824
7.13%,
02/01/27
.................
14
14,665
5.88%,
02/01/29
.................
13
13,032
Murphy
Oil
Corp.:
5.75%,
08/15/25
.................
13
12,997
6.38%,
07/15/28
.................
9
9,007
6.37%,
12/01/42
(i)
................
3
2,730
New
Fortress
Energy,
Inc.,
6.75%,
09/15/25
(d)
96
98,630
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(d)
31
31,852
NGPL
PipeCo
LLC,
7.77%,
12/15/37
(d)
....
25
33,160
Northern
Oil
and
Gas,
Inc.,
8.13%,
03/01/28
(d)
41
40,764
NuStar
Logistics
LP:
5.75%,
10/01/25
.................
12
12,846
6.00%,
06/01/26
.................
13
14,015
6.38%,
10/01/30
.................
2
2,163
Occidental
Petroleum
Corp.:
2.70%,
08/15/22
.................
25
25,010
2.70%,
02/15/23
.................
17
16,961
6.95%,
07/01/24
.................
6
6,584
2.90%,
08/15/24
.................
48
47,474
5.50%,
12/01/25
.................
11
11,633
3.40%,
04/15/26
.................
6
5,826
8.88%,
07/15/30
.................
2
2,522
6.13%,
01/01/31
.................
19
20,980
4.30%,
08/15/39
.................
43
36,464
6.20%,
03/15/40
.................
58
59,595
BlackRock
High
Yield
Portfolio
9
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
4.50%,
07/15/44
.................
USD
17
$
14,490
4.63%,
06/15/45
.................
42
36,754
6.60%,
03/15/46
.................
2
2,130
4.40%,
04/15/46
.................
37
31,688
4.10%,
02/15/47
.................
5
4,006
4.20%,
03/15/48
.................
33
26,816
4.40%,
08/15/49
.................
7
5,854
Ovintiv
Exploration,
Inc.:
5.75%,
01/30/22
.................
7
7,229
5.38%,
01/01/26
.................
2
2,204
Ovintiv,
Inc.:
7.38%,
11/01/31
.................
6
7,632
6.50%,
08/15/34
.................
10
12,107
Parkland
Corp.
(d)
:
5.88%,
07/15/27
.................
23
24,524
4.50%,
10/01/29
.................
23
23,029
Parsley
Energy
LLC
(d)
:
5.63%,
10/15/27
.................
15
16,256
4.13%,
02/15/28
.................
22
23,293
PBF
Holding
Co.
LLC,
9.25%,
05/15/25
(d)
..
90
91,886
PDC
Energy,
Inc.:
1.13%,
09/15/21
(j)
................
20
19,825
6.13%,
09/15/24
.................
6
6,157
6.25%,
12/01/25
.................
4
4,020
5.75%,
05/15/26
.................
28
29,043
Range
Resources
Corp.:
5.88%,
07/01/22
.................
3
3,015
5.00%,
08/15/22
.................
22
22,389
5.00%,
03/15/23
.................
2
2,033
4.88%,
05/15/25
.................
5
4,950
9.25%,
02/01/26
.................
3
3,259
8.25%,
01/15/29
(d)
................
13
13,910
Rattler
Midstream
LP,
5.63%,
07/15/25
(d)
...
20
20,882
SM
Energy
Co.:
6.13%,
11/15/22
.................
6
5,916
5.00%,
01/15/24
.................
2
1,881
10.00%,
01/15/25
(d)
...............
58
65,250
Southwestern
Energy
Co.:
4.10%,
03/15/22
.................
24
24,000
7.50%,
04/01/26
.................
2
2,116
8.38%,
09/15/28
.................
9
9,878
Sunoco
Logistics
Partners
Operations
LP:
5.30%,
04/01/44
.................
18
18,963
5.40%,
10/01/47
.................
28
30,234
Sunoco
LP:
5.50%,
02/15/26
.................
3
3,082
6.00%,
04/15/27
.................
6
6,277
5.88%,
03/15/28
.................
2
2,093
4.50%,
05/15/29
(d)
................
11
10,959
Tallgrass
Energy
Partners
LP
(d)
:
5.50%,
09/15/24
.................
22
22,330
7.50%,
10/01/25
.................
11
11,840
6.00%,
12/31/30
.................
13
12,850
Targa
Resources
Partners
LP:
6.50%,
07/15/27
.................
15
16,300
5.00%,
01/15/28
.................
16
16,660
6.88%,
01/15/29
.................
7
7,712
5.50%,
03/01/30
.................
34
35,700
4.88%,
02/01/31
(d)
................
7
7,093
Teine
Energy
Ltd.,
6.88%,
04/15/29
(d)
.....
15
15,182
TerraForm
Power
Operating
LLC
(d)
:
4.25%,
01/31/23
.................
7
7,227
4.75%,
01/15/30
.................
9
9,345
Vine
Energy
Holdings
LLC,
6.75%,
04/15/29
(d)
45
45,000
Vine
Oil
&
Gas
LP,
8.75%,
04/15/23
(d)
.....
5
5,323
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Viper
Energy
Partners
LP,
5.38%,
11/01/27
(d)
USD
17
$
17,680
Western
Midstream
Operating
LP:
3.95%,
06/01/25
.................
14
14,378
4.75%,
08/15/28
.................
3
3,135
5.45%,
04/01/44
.................
31
31,791
5.30%,
03/01/48
.................
30
30,106
5.50%,
08/15/48
.................
8
7,873
6.50%,
02/01/50
(i)
................
59
63,794
3,256,439
Personal
Products
—
0.1%
(d)
Edgewell
Personal
Care
Co.,
5.50%,
06/01/28
13
13,728
Prestige
Brands,
Inc.,
3.75%,
04/01/31
....
13
12,399
26,127
Pharmaceuticals
—
1.8%
Bausch
Health
Americas,
Inc.,
9.25%,
04/01/26
(d)
....................
13
14,404
Bausch
Health
Cos.,
Inc.
(d)
:
6.13%,
04/15/25
.................
5
5,126
9.00%,
12/15/25
.................
11
11,951
5.75%,
08/15/27
.................
20
21,525
7.00%,
01/15/28
.................
35
37,994
5.00%,
01/30/28
.................
21
21,263
5.00%,
02/15/29
.................
43
42,704
6.25%,
02/15/29
.................
47
49,959
7.25%,
05/30/29
.................
30
33,488
5.25%,
01/30/30
.................
22
22,114
5.25%,
02/15/31
.................
23
22,890
Catalent
Pharma
Solutions,
Inc.,
3.13%,
02/15/29
(d)
....................
15
14,400
Elanco
Animal
Health,
Inc.,
5.90%,
08/28/28
(i)
6
6,802
Endo
DAC
(d)
:
9.50%,
07/31/27
.................
34
36,933
6.00%,
06/30/28
.................
12
9,720
Endo
Luxembourg
Finance
Co.
I
Sarl,
6.13%,
04/01/29
(d)
....................
40
40,350
P&L
Development
LLC,
7.75%,
11/15/25
(d)
..
20
21,400
Par
Pharmaceutical,
Inc.,
7.50%,
04/01/27
(d)
83
88,034
501,057
Professional
Services
—
0.6%
(d)
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
...
8
7,960
ASGN,
Inc.,
4.63%,
05/15/28
..........
6
6,190
Dun
&
Bradstreet
Corp.
(The):
6.88%,
08/15/26
.................
18
19,219
10.25%,
02/15/27
................
19
21,209
Jaguar
Holding
Co.
II/PPD
Development
LP:
4.63%,
06/15/25
.................
15
15,650
5.00%,
06/15/28
.................
57
59,365
KBR,
Inc.,
4.75%,
09/30/28
...........
15
15,236
Science
Applications
International
Corp.,
4.88%,
04/01/28
................
23
23,776
168,605
Real
Estate
Management
&
Development
—
0.5%
(d)
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
................
22
23,788
Five
Point
Operating
Co.
LP,
7.88%,
11/15/25
23
24,038
Howard
Hughes
Corp.
(The):
5.38%,
08/01/28
.................
8
8,410
4.13%,
02/01/29
.................
18
17,599
4.38%,
02/01/31
.................
20
19,587
Realogy
Group
LLC:
7.63%,
06/15/25
.................
12
13,102
5.75%,
01/15/29
.................
22
21,697
128,221
BlackRock
High
Yield
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Par
(000)
Par
(000)
Value
Road
&
Rail
—
1.0%
(d)
Avis
Budget
Car
Rental
LLC,
5.38%,
03/01/29
USD
9
$
9,310
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
..
26
26,671
Uber
Technologies,
Inc.:
7.50%,
05/15/25
.................
75
80,938
0.00%,
12/15/25
(j)(k)
...............
27
28,367
8.00%,
11/01/26
.................
50
54,125
7.50%,
09/15/27
.................
34
37,555
6.25%,
01/15/28
.................
30
32,676
269,642
Semiconductors
&
Semiconductor
Equipment
—
0.4%
(d)
Entegris,
Inc.,
4.38%,
04/15/28
........
16
16,498
Microchip
Technology,
Inc.,
4.25%,
09/01/25
53
55,372
ON
Semiconductor
Corp.,
3.88%,
09/01/28
.
22
22,630
Synaptics,
Inc.,
4.00%,
06/15/29
........
17
16,869
111,369
Software
—
3.3%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(d)
...
30
31,650
Ascend
Learning
LLC:
6.88%,
08/01/25
(d)
................
56
57,400
Boxer
Parent
Co.,
Inc.
(d)
:
7.13%,
10/02/25
.................
34
36,465
9.13%,
03/01/26
.................
53
56,417
BY
Crown
Parent
LLC
(d)
:
7.38%,
10/15/24
.................
62
63,008
4.25%,
01/31/26
.................
45
46,729
Camelot
Finance
SA,
4.50%,
11/01/26
(d)
...
22
22,746
Castle
US
Holding
Corp.,
9.50%,
02/15/28
(d)
27
27,540
Change
Healthcare
Holdings
LLC,
5.75%,
03/01/25
(d)
....................
62
63,200
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
14
13,688
Fair
Isaac
Corp.,
4.00%,
06/15/28
(d)
......
5
5,128
Nuance
Communications,
Inc.,
5.63%,
12/15/26
.....................
13
13,634
PTC,
Inc.
(d)
:
3.63%,
02/15/25
.................
4
4,105
4.00%,
02/15/28
.................
6
6,090
Rocket
Software,
Inc.,
6.50%,
02/15/29
(d)
..
34
34,306
Solera
LLC,
10.50%,
03/01/24
(d)
........
204
210,752
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(d)
105
111,830
Veritas
US,
Inc.,
7.50%,
09/01/25
(d)
......
78
81,015
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(d)
21
20,595
906,298
Specialty
Retail
—
1.7%
Asbury
Automotive
Group,
Inc.:
4.50%,
03/01/28
.................
9
9,206
4.75%,
03/01/30
.................
8
8,264
BCPE
Ulysses
Intermediate,
Inc.,
7.75%,
(7.75%
Cash
or
8.50%
PIK),
04/01/27
(d)(h)
.
12
12,450
Carvana
Co.,
5.50%,
04/15/27
(d)
........
23
23,121
Gap,
Inc.
(The),
8.88%,
05/15/27
(d)
......
15
17,513
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(d)
3
2,981
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(d)
11
10,989
L
Brands,
Inc.:
6.88%,
07/01/25
(d)
................
40
44,448
6.63%,
10/01/30
(d)
................
13
14,843
6.88%,
11/01/35
.................
49
58,398
6.75%,
07/01/36
.................
5
5,900
LBM
Acquisition
LLC,
6.25%,
01/15/29
(d)
...
30
30,900
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
15
15,750
Penske
Automotive
Group,
Inc.:
3.50%,
09/01/25
.................
6
6,130
5.50%,
05/15/26
.................
3
3,087
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(d)
...............
25
25,813
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
SRS
Distribution,
Inc.,
8.25%,
07/01/26
(d)
..
USD
39
$
40,901
Staples,
Inc.,
7.50%,
04/15/26
(d)
........
59
62,230
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(d)
..
53
56,270
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(d)(h)
...........
18
18,765
467,959
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
Diebold
Nixdorf,
Inc.,
9.38%,
07/15/25
(d)
...
11
12,251
NCR
Corp.
(d)
:
5.75%,
09/01/27
.................
7
7,407
5.00%,
10/01/28
.................
9
9,090
5.13%,
04/15/29
.................
12
12,090
6.13%,
09/01/29
.................
13
13,764
5.25%,
10/01/30
.................
9
9,114
Xerox
Corp.,
4.80%,
03/01/35
.........
18
18,008
81,724
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
(d)
Crocs,
Inc.,
4.25%,
03/15/29
..........
13
12,675
Hanesbrands,
Inc.,
5.38%,
05/15/25
.....
4
4,233
Levi
Strauss
&
Co.,
3.50%,
03/01/31
.....
10
9,650
William
Carter
Co.
(The),
5.50%,
05/15/25
..
7
7,466
Wolverine
World
Wide,
Inc.,
6.38%,
05/15/25
7
7,455
41,479
Thrifts
&
Mortgage
Finance
—
0.7%
Genworth
Mortgage
Holdings,
Inc.,
6.50%,
08/15/25
(d)
....................
50
54,031
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(d)
.
25
24,750
Ladder
Capital
Finance
Holdings
LLLP,
4.25%,
02/01/27
(d)
....................
28
27,580
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
16
16,620
Nationstar
Mortgage
Holdings,
Inc.
(d)
:
6.00%,
01/15/27
.................
10
10,375
5.50%,
08/15/28
.................
21
21,085
5.13%,
12/15/30
.................
11
10,849
PennyMac
Financial
Services,
Inc.,
4.25%,
02/15/29
(d)
....................
2
1,913
United
Wholesale
Mortgage
LLC,
5.50%,
04/15/29
(d)
....................
13
13,000
180,203
Trading
Companies
&
Distributors
—
0.6%
(d)
Boise
Cascade
Co.,
4.88%,
07/01/30
.....
7
7,332
Brightstar
Escrow
Corp.,
9.75%,
10/15/25
..
6
6,510
Fortress
Transportation
&
Infrastructure
Investors
LLC:
6.50%,
10/01/25
.................
6
6,270
9.75%,
08/01/27
.................
5
5,694
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
.....................
17
16,787
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
.....................
5
4,863
Herc
Holdings,
Inc.,
5.50%,
07/15/27
.....
22
23,412
WESCO
Distribution,
Inc.:
7.13%,
06/15/25
.................
33
36,086
7.25%,
06/15/28
.................
54
60,285
167,239
Water
Utilities
—
0.0%
Solaris
Midstream
Holdings
LLC,
7.63%,
04/01/26
(d)
....................
9
9,203
Wireless
Telecommunication
Services
—
1.4%
Connect
Finco
SARL,
6.75%,
10/01/26
(d)
...
209
222,531
Gogo
Intermediate
Holdings
LLC,
9.88%,
05/01/24
(d)
....................
16
16,840
BlackRock
High
Yield
Portfolio
11
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
(continued)
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
.....................
USD
3
$
3,301
Ligado
Networks
LLC,
0.00%,
(0.00%
Cash
or
15.50%
PIK),
11/01/23
(d)(g)(h)
.........
46
43,023
Sprint
Corp.,
7.63%,
03/01/26
.........
22
26,943
T-Mobile
USA,
Inc.:
2.88%,
02/15/31
.................
35
33,828
3.50%,
04/15/31
.................
30
30,225
376,691
Total
Corporate
Bonds
—
84.5%
(Cost:
$22,486,811)
..............................
23,350,610
Floating
Rate
Loan
Interests
—
10.7%
Aerospace
&
Defense
—
0.5%
(g)
Peraton
Corp.,
1st
Lien
Term
Loan
B,
02/01/28
(l)
......................
25
24,794
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
02/26/29
(b)(l)
.....................
25
25,375
Peraton
Corp.,
Term
Loan,
02/01/28
(l)
.....
44
43,636
Sequa
Mezzanine
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
7.75%
,
11/28/23
.................
19
19,082
Spirit
Aerosystems,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
5.25%),
6.00%
,
01/15/25
14
14,006
126,893
Airlines
—
0.3%
(g)
AAdvantage
Loyality
IP
Ltd.,
Term
Loan,
04/20/28
(l)
......................
49
50,186
JetBlue
Airways
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
6.25%
,
06/17/24
6
5,905
SkyMiles
IP
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.75%
,
10/20/27
.....
27
28,323
84,414
Auto
Components
—
0.1%
Clarios
Global
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.36%
,
04/30/26
(g)
23
23,149
Automobiles
—
0.0%
Dealer
Tire
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.25%),
4.36%
,
01/01/38
(g)
....
7
6,915
Building
Products
—
0.1%
(g)
CP
Atlas
Buyer,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.25%
,
11/23/27
.
8
7,941
CPG
International
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
3.25%
,
05/05/24
10
9,656
17,597
Capital
Markets
—
0.0%
Jefferies
Finance
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.13%
,
06/03/26
(g)
10
10,350
Chemicals
—
0.4%
(g)
Alpha
3
BV,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
3.00%
,
03/18/28
..........
39
38,854
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
08/27/26
...........
38
38,888
Invictus
US
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.75%),
6.86%
,
03/30/26
5
4,746
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
3.61%
,
06/30/27
.................
27
26,786
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Momentive
Performance
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.36%
,
05/15/24
...........
USD
7
$
7,349
116,623
Commercial
Services
&
Supplies
—
0.8%
(g)
Brand
Energy
&
Infrastructure
Services,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
5.25%
,
06/21/24
.................
156
153,723
Diamond
(BC)
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.11%
,
09/06/24
......
41
41,248
GFL
Environmental,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.50%
,
05/30/25
8
8,110
Tempo
Acquisition
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.36%
,
11/02/26
.
2
2,377
TruGreen
Ltd.
Partnership,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
8.50%),
9.25%
,
11/02/28
(b)
................
13
13,390
218,848
Construction
&
Engineering
—
0.2%
SRS
Distribution,
Inc.,
Term
Loan:
(g)
(LIBOR
USD
1
Month
+
3.00%),
3.11%, 05/23/25
...............
29
28,925
(LIBOR
USD
1
Month
+
4.25%),
4.36%, 05/23/25
...............
13
12,772
41,697
Construction
Materials
—
0.1%
(g)
Forterra
Finance
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
10/25/23
....
6
6,464
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan:
(LIBOR
USD
1
Month
+
3.25%),
3.75%, 01/31/28
...............
9
8,426
14,890
Containers
&
Packaging
—
0.1%
(g)
BWay
Holding
Co.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.44%
,
04/03/24
.....
18
18,046
Charter
NEX
US,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.25%),
5.00%
,
12/01/27
.................
8
7,817
Kleopatra
Finco
SARL,
Facility
Term
Loan
B,
02/12/26
(l)
......................
8
7,970
33,833
Diversified
Consumer
Services
—
0.1%
(g)
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
3.61%
,
01/29/27
...........
7
6,872
Mileage
Plus
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
6.25%
,
06/21/27
16
16,983
Sotheby's,
Inc.,
Term
Loan,
(LIBOR
USD
2
Month
+
4.75%),
5.50%
,
01/15/27
.....
11
11,094
34,949
Diversified
Financial
Services
—
1.2%
(g)
Acuris
Finance
US,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.50%
,
02/16/28
(b)
12
11,895
Connect
Finco
SARL,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.50%
,
12/11/26
....
46
46,133
Delta
Topco,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
6
Month
+
3.75%),
4.50%
,
12/01/27
34
33,907
BlackRock
High
Yield
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Par
(000)
Par
(000)
Value
Diversified
Financial
Services
(continued)
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Week
+
3.75%),
4.50%
,
12/17/27
.................
USD
4
$
3,834
LBM
Acquisition
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
12/17/27
(l)
..............
1
852
Lealand
Finance
Co.
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.11%
,
06/28/24
(b)
1
1,001
Milano
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
10/01/27
(l)
......................
66
65,506
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
3.25%
,
12/11/26
.................
33
32,876
Veritas
US,
Inc.,
Term
Loan
B,
09/01/25
(l)
...
80
79,877
White
Cap
Buyer
LLC,
Term
Loan,
(LIBOR
USD
6
Month
+
4.00%),
4.50%
,
10/19/27
43
42,785
WP
CPP
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.75%
,
04/30/25
.................
6
5,686
324,352
Diversified
Telecommunication
Services
—
0.3%
(g)
Altice
Financing
SA,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
2.86%
,
07/15/25
.....
3
2,877
Altice
France
SA,
Term
Loan
B13,
(LIBOR
USD
3
Month
+
4.00%),
4.20%
,
08/14/26
....
14
14,105
Frontier
Communications
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
5.75%
,
10/08/21
.................
25
24,896
Northwest
Fiber
LLC,
1st
Lien
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.75%),
3.86%
,
04/30/27
.................
16
16,151
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.11%
,
03/09/27
.
26
25,606
83,635
Entertainment
—
0.1%
(g)
MSG
National
Properties
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
6.25%),
7.00%
,
11/12/25
(b)
................
33
33,825
Renaissance
Holding
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.36%
,
05/30/25
.................
1
620
34,445
Health
Care
Providers
&
Services
—
0.5%
(g)
AHP
Health
Partners,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.75%),
4.75%
,
06/30/25
.................
14
13,538
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
3.71%
,
07/24/26
.................
14
13,613
Envision
Healthcare
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
3.86%
,
10/10/25
60
51,626
Gentiva
Health
Services,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.75%),
2.88%
,
07/02/25
.................
13
12,884
LifePoint
Health,
Inc.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
3.86%
,
11/16/25
.................
10
9,777
Ortho-Clinical
Diagnostics,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.36%
,
06/30/25
.................
8
8,049
Quorum
Health
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
8.25%),
9.25%
,
04/29/25
....
17
17,600
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Surgery
Center
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
8.00%),
9.00%
,
09/03/24
.................
USD
2
$
2,018
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
5.00%
,
01/08/27
.................
18
17,859
146,964
Health
Care
Technology
—
0.1%
(g)
athenahealth,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.25%),
4.45%
,
02/11/26
.................
11
11,009
Verscend
Holding
Corp.,
Term
Loan
B1,
08/27/25
(l)
......................
8
8,025
19,034
Hotels,
Restaurants
&
Leisure
—
0.4%
(g)
Caesars
Resort
Collection
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.50%),
4.61%
,
07/21/25
.................
17
16,674
Golden
Nugget
Online
Gaming,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
12.00%),
13.00%
,
10/04/23
(b)
...............
5
5,374
Golden
Nugget,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
2.50%),
3.25%
,
10/04/23
32
31,416
IRB
Holding
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
4.25%
,
12/15/27
.....
32
31,770
Life
Time,
Inc.,
Term
Loan,
12/16/24
(l)
.....
20
19,935
105,169
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Calpine
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
2.11%
,
08/12/26
(g)
....
2
1,485
Industrial
Conglomerates
—
0.1%
AVSC
Holding
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
8.25%
,
09/01/25
(g)
................
26
19,485
Insurance
—
0.3%
(g)
Asurion
LLC,
Term
Loan
B8,
(LIBOR
USD
1
Month
+
3.25%),
3.36%
,
12/23/26
.....
4
3,833
Ryan
Specialty
Group
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
09/01/27
17
16,929
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan:
(LIBOR
USD
1
Month
+
3.25%),
3.36%, 12/31/25
...............
31
30,618
(LIBOR
USD
1
Month
+
3.75%),
3.86%, 09/03/26
...............
23
22,449
(LIBOR
USD
1
Month
+
4.25%),
5.25%, 09/03/26
...............
14
13,906
87,735
Interactive
Media
&
Services
—
0.1%
(g)
Camelot
US
Acquisition
1
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
10/30/26
.................
11
10,962
Grab
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
5.50%
,
01/29/26
.....
14
14,210
25,172
Internet
&
Direct
Marketing
Retail
—
0.1%
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
11/08/27
(g)
................
19
18,947
BlackRock
High
Yield
Portfolio
13
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Par
(000)
Par
(000)
Value
IT
Services
—
0.9%
(g)
CCC
Information
Services,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
04/29/24
.................
USD
4
$
3,511
Epicor
Software
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.75%),
8.75%
,
07/31/28
.................
8
8,250
Epicor
Software
Corp.,
Term
Loan
C,
(LIBOR
USD
1
Month
+
3.25%),
4.00%
,
07/30/27
22
21,884
Mitchell
International,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
0.11%
-
3.36%
,
11/29/24
.................
11
11,080
Mitchell
International,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
7.36%
,
12/01/25
.................
10
9,959
Peak
10
Holding
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
7.43%
,
08/01/25
.................
7
5,960
Pug
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
3.61%
,
02/12/27
...........
15
14,927
Sabre
GLBL,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
4.00%),
4.75%
,
12/17/27
.....
8
8,055
Sophia
LP,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
3.95%
,
10/07/27
...........
53
52,802
TierPoint
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
05/05/26
14
13,486
Verscend
Holding
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
4.50%),
4.61%
,
08/27/25
93
93,156
243,070
Life
Sciences
Tools
&
Services
—
0.1%
Parexel
International
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
2.86%
,
09/27/24
(g)
29
29,032
Machinery
—
0.4%
(g)
MHI
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
5.11%
,
09/21/26
......
38
37,734
Titan
Acquisition
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.27%
,
03/28/25
....
82
80,267
118,001
Media
—
1.5%
Ascend
Learning
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
07/12/24
(g)
...
8
8,080
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
3.71%
,
08/21/26
(g)
................
67
64,025
Intelsat
Jackson
Holdings
SA,
Facility
Term
Loan,
(LIBOR
USD
3
Month
+
5.50%),
6.50%
,
07/13/22
(g)
................
73
73,944
Intelsat
Jackson
Holdings
SA,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
4.75%),
8.00%
,
11/27/23
(g)
................
15
15,596
Intelsat
Jackson
Holdings
SA,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
5.50%),
8.75%
,
01/02/24
(g)
................
33
33,253
Intelsat
Jackson
Holdings
SA,
Term
Loan
B5,
8.63%
,
01/02/24
(m)
................
164
167,550
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.25%
,
12/01/23
(g)
................
7
6,368
Radiate
Holdco
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
4.25%
,
09/25/26
(g)
3
2,977
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Terrier
Media
Buyer,
Inc.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
3.61%
,
12/17/26
(g)
................
USD
14
$
13,449
Xplornet
Communications,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
4.86%
,
12/31/28
(g)
................
40
39,712
424,954
Oil,
Gas
&
Consumable
Fuels
—
0.5%
Ascent
Resources
Utica
Holdings
LLC,
2nd
Lien
Term
Loan,
11/01/25
(g)(l)
.........
129
143,081
Pharmaceuticals
—
0.1%
Endo
Luxembourg
Finance
Co.
I
SARL,
Term
Loan,
03/27/28
(g)(l)
................
41
40,285
Professional
Services
—
0.1%
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.36%
,
02/06/26
(g)
................
39
38,330
Software
—
1.0%
Barracuda
Networks,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
7.50%
,
10/30/28
(g)
................
15
15,332
Boxer
Parent
Co.
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
3.86%
,
10/02/25
(g)
...
23
23,239
BY
Crown
Parent
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
02/02/26
(g)
5
4,998
Castle
US
Holding
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
3.95%
,
01/29/27
(g)
19
18,606
Greeneden
US
Holdings
I
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.75%
,
12/01/27
(g)
................
23
22,870
Helios
Software
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
3.93%
,
03/11/28
(g)
................
12
11,903
Informatica
LLC,
2nd
Lien
Term
Loan,
7.13%
,
02/25/25
(m)
................
39
39,805
Informatica
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.36%
,
02/25/27
(g)
....
19
18,650
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.25%),
6.36%
,
02/23/29
(g)
5
5,025
Omnitracs
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
8.00%),
8.11%
,
09/29/28
(b)(g)
5
5,006
Planview
Parent,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
8.00%
,
12/18/28
(g)
................
13
12,935
Project
Alpha
Intermediate
Holding,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.15%
,
04/26/24
(g)
................
15
14,906
Realpage,
Inc.,
Term
Loan,
02/18/28
(g)(l)
....
27
26,861
Severin
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.36%
,
08/01/25
(g)
................
9
8,679
TIBCO
Software,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
7.36%
,
03/03/28
(g)
................
26
26,250
UKG,
Inc.,
1st
Lien
Term
Loan:
(g)
(LIBOR
USD
1
Month
+
3.75%),
3.86%, 05/04/26
...............
10
9,633
(LIBOR
USD
3
Month
+
3.25%),
4.00%, 05/04/26
...............
17
16,915
281,613
BlackRock
High
Yield
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
—
0.2%
PetSmart
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
02/11/28
(g)
....
USD
46
$
45,894
Total
Floating
Rate
Loan
Interests
—
10.7%
(Cost:
$2,935,810)
..............................
2,960,841
Shares
Shares
Investment
Companies
—
0.0%
Cheniere
Energy
Partners
LP
..........
46
1,911
Western
Midstream
Partners
LP
.........
191
3,551
Total
Investment
Companies
—
0.0%
(Cost:
$4,952)
.................................
5,462
Beneficial
Interest
(000)
Other
Interests
—
0.0%
(n)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings
Capital
Trust
Escrow
Bonds
(a)(b)(e)
...............
140
1,568
Total
Other
Interests
—
0.0%
.........................
1,568
Par
(000)
Pa
r
(
000)
Capital
Trusts
—
1.8%
Banks
—
1.5%
(f)(g)
Bank
of
America
Corp.:
Series
X,
(LIBOR
USD
3
Month
+
3.71%),
6.25%
......................
42
46,486
Series
Z,
(LIBOR
USD
3
Month
+
4.17%),
6.50%
......................
45
50,400
Series
AA,
(LIBOR
USD
3
Month
+
3.90%),
6.10%
......................
116
128,760
Series
DD,
(LIBOR
USD
3
Month
+
4.55%),
6.30%
......................
10
11,500
CIT
Group,
Inc.,
Series
A,
(LIBOR
USD
3
Month
+
3.97%),
5.80%
............
26
26,877
Citigroup,
Inc.,
Series
Q,
(LIBOR
USD
3
Month
+
4.10%),
4.29%
.................
23
23,007
JPMorgan
Chase
&
Co.:
Series
I,
(LIBOR
USD
3
Month
+
3.47%),
3.68%
......................
15
14,973
Series
V,
(LIBOR
USD
3
Month
+
3.32%),
3.56%
......................
24
23,892
Series
Q,
(LIBOR
USD
3
Month
+
3.25%),
5.15%
......................
20
20,688
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Series
R,
(LIBOR
USD
3
Month
+
3.30%),
6.00%
......................
USD
4
$
4,193
Series
U,
(LIBOR
USD
3
Month
+
3.33%),
6.13%
......................
7
7,502
Wells
Fargo
&
Co.:
Series
U,
(LIBOR
USD
3
Month
+
3.99%),
5.87%
......................
23
25,323
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%),
3.90%
......................
35
35,347
418,948
Capital
Markets
—
0.3%
Morgan
Stanley,
Series
H,
(LIBOR
USD
3
Month
+
3.61%),
3.85%
(f)(g)
..........
85
85,127
Total
Capital
Trusts
—
1.8%
(Cost:
$479,983)
................................
504,075
Shares
Shares
Warrants
—
0.1%
Oil,
Gas
&
Consumable
Fuels
—
0.1%
SM
Energy
Co.
(Issued/exercisable
06/18/20,
1
share
for
1
warrant,
Expires
06/30/23,
Strike
Price
USD
0.01)
(a)
................
1,904
31,150
Total
Warrants
—
0.1%
.............................
31,150
Total
Long-Term
Investments
—
99.8%
(Cost:
$26,533,544)
..............................
27,581,963
Short-Term
Securities
—
2.0%
(o)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
*
...................
542,023
542,023
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund,
Agency
Class,
0.01%
..........
10,297
10,297
Total
Short-Term
Securities
—
2.0%
(Cost:
$552,320)
................................
552,320
Total
Investments
—
101.8%
(Cost:
$27,085,864
)
..............................
28,134,283
Liabilities
in
Excess
of
Other
Assets
—
(1.8)%
............
(496,125)
Net
Assets
—
100.0%
..............................
$
27,638,158
(a)
Non-income
producing
security.
(b)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(c)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$14,931,
representing
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$14,884.
(d)
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.
(e)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(f)
Perpetual
security
with
no
stated
maturity
date.
(g)
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.
(h)
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.
(i)
Step-up
bond
that
pays
an
initial
coupon
rate
for
the
first
period
and
then
a
higher
coupon
rate
for
the
following
periods.
Rate
as
of
period
end.
(j)
Convertible
security.
(k)
Zero-coupon
bond.
(l)
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.
(m)
Fixed
rate.
(n)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
BlackRock
High
Yield
Portfolio
15
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
(o)
Annualized
7-day
yield
as
of
period
end.
*
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
March
31,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/21
Shares
Held
at
03/31/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
171,880
$
370,143
$
—
$
—
$
—
$
542,023
542,023
$
23
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
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.
BlackRock
High
Yield
Portfolio
16
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
EUR
398,000
USD
473,488
Bank
of
Montreal
04/06/21
$
(6,744)
OTC
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Nordstrom,
Inc.
...........
1.00
%
Quarterly
Barclays
Bank
plc
06/20/25
USD
4
$
132
$
897
$
(765)
$
–
$
–
$
–
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Lumen
Technologies,
Inc.
1.00
%
Quarterly
Barclays
Bank
plc
12/20/23
NR
USD
8
$
(126)
$
(334)
$
208
Lumen
Technologies,
Inc.
1.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
6
(309)
(672)
363
$
(435)
$
(1,006)
$
571
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviations
EUR
Euro
USD
United
States
Dollar
Portfolio
Abbreviations
DAC
Designated
Activity
Company
LIBOR
London
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
OTC
Over-the-counter
PIK
Payment-In-Kind
SOFR
Secured
Overnight
Financing
Rate
BlackRock
High
Yield
Portfolio
17
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
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
BlackRock
Global
Valuation
Methodologies
Committee's
(the
"Global
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
Global
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.
The
following
table
summarizes
the
Fund’s
investments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
investments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Long-Term
Investments:
Common
Stocks:
Auto
Components
......................................
$
7,975
$
—
$
—
$
7,975
Building
Products
.......................................
715
—
—
715
Chemicals
............................................
73,830
—
—
73,830
Communications
Equipment
................................
15,237
—
—
15,237
Electrical
Equipment
.....................................
15,009
—
—
15,009
Energy
Equipment
&
Services
..............................
—
—
487
487
Entertainment
.........................................
24,464
—
—
24,464
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
142,567
—
—
142,567
Life
Sciences
Tools
&
Services
..............................
49,583
—
—
49,583
Media
...............................................
15,457
—
—
15,457
Metals
&
Mining
........................................
41,880
—
—
41,880
Oil,
Gas
&
Consumable
Fuels
...............................
281,813
14,931
—
296,744
Pharmaceuticals
.......................................
31,772
—
—
31,772
Road
&
Rail
...........................................
12,537
—
—
12,537
Corporate
Bonds:
Aerospace
&
Defense
....................................
—
834,568
—
834,568
Airlines
..............................................
—
460,004
—
460,004
Auto
Components
......................................
—
548,063
—
548,063
Automobiles
..........................................
—
64,714
—
64,714
Banks
...............................................
—
116,107
—
116,107
Beverages
...........................................
—
10,200
—
10,200
Biotechnology
.........................................
—
6,842
—
6,842
Building
Products
.......................................
—
297,958
—
297,958
Capital
Markets
........................................
—
231,415
—
231,415
Chemicals
............................................
—
341,745
—
341,745
Commercial
Services
&
Supplies
.............................
—
731,428
—
731,428
Communications
Equipment
................................
—
270,715
—
270,715
Construction
&
Engineering
................................
—
99,374
—
99,374
Consumer
Finance
......................................
—
321,638
—
321,638
Containers
&
Packaging
..................................
—
364,189
—
364,189
BlackRock
High
Yield
Portfolio
18
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Level
1
Level
2
Level
3
Total
Distributors
...........................................
$
—
$
184,666
$
—
$
184,666
Diversified
Consumer
Services
..............................
—
28,534
—
28,534
Diversified
Financial
Services
...............................
—
357,194
—
357,194
Diversified
Telecommunication
Services
........................
—
1,528,145
—
1,528,145
Electric
Utilities
........................................
—
198,541
—
198,541
Electrical
Equipment
.....................................
—
19,152
—
19,152
Electronic
Equipment,
Instruments
&
Components
.................
—
39,892
—
39,892
Energy
Equipment
&
Services
..............................
—
287,970
56,513
344,483
Entertainment
.........................................
—
323,396
—
323,396
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
756,034
—
756,034
Food
&
Staples
Retailing
..................................
—
125,185
—
125,185
Food
Products
.........................................
—
583,340
—
583,340
Gas
Utilities
...........................................
—
12,122
—
12,122
Health
Care
Equipment
&
Supplies
...........................
—
218,998
—
218,998
Health
Care
Providers
&
Services
............................
—
1,364,400
—
1,364,400
Hotels,
Restaurants
&
Leisure
..............................
—
1,557,712
—
1,557,712
Household
Durables
.....................................
—
233,311
—
233,311
Household
Products
.....................................
—
78,713
—
78,713
Independent
Power
and
Renewable
Electricity
Producers
............
—
143,987
—
143,987
Insurance
............................................
—
467,567
—
467,567
Interactive
Media
&
Services
...............................
—
57,607
—
57,607
Internet
&
Direct
Marketing
Retail
............................
—
55,313
—
55,313
IT
Services
...........................................
—
401,837
—
401,837
Leisure
Products
.......................................
—
45,014
—
45,014
Life
Sciences
Tools
&
Services
..............................
—
56,404
—
56,404
Machinery
............................................
—
323,052
—
323,052
Media
...............................................
—
1,593,746
—
1,593,746
Metals
&
Mining
........................................
—
718,602
—
718,602
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
7,096
—
7,096
Multiline
Retail
.........................................
—
135,351
—
135,351
Oil,
Gas
&
Consumable
Fuels
...............................
—
3,256,439
—
3,256,439
Personal
Products
......................................
—
26,127
—
26,127
Pharmaceuticals
.......................................
—
501,057
—
501,057
Professional
Services
....................................
—
168,605
—
168,605
Real
Estate
Management
&
Development
.......................
—
128,221
—
128,221
Road
&
Rail
...........................................
—
269,642
—
269,642
Semiconductors
&
Semiconductor
Equipment
....................
—
111,369
—
111,369
Software
.............................................
—
906,298
—
906,298
Specialty
Retail
........................................
—
467,959
—
467,959
Technology
Hardware,
Storage
&
Peripherals
....................
—
81,724
—
81,724
Textiles,
Apparel
&
Luxury
Goods
............................
—
41,479
—
41,479
Thrifts
&
Mortgage
Finance
................................
—
180,203
—
180,203
Trading
Companies
&
Distributors
............................
—
167,239
—
167,239
Water
Utilities
.........................................
—
9,203
—
9,203
Wireless
Telecommunication
Services
.........................
—
376,691
—
376,691
Floating
Rate
Loan
Interests:
Aerospace
&
Defense
....................................
—
101,518
25,375
126,893
Airlines
..............................................
—
84,414
—
84,414
Auto
Components
......................................
—
23,149
—
23,149
Automobiles
..........................................
—
6,915
—
6,915
Building
Products
.......................................
—
17,597
—
17,597
Capital
Markets
........................................
—
10,350
—
10,350
Chemicals
............................................
—
116,623
—
116,623
Commercial
Services
&
Supplies
.............................
—
205,458
13,390
218,848
Construction
&
Engineering
................................
—
41,697
—
41,697
Construction
Materials
....................................
—
14,890
—
14,890
Containers
&
Packaging
..................................
—
33,833
—
33,833
Diversified
Consumer
Services
..............................
—
34,949
—
34,949
Diversified
Financial
Services
...............................
—
311,456
12,896
324,352
Diversified
Telecommunication
Services
........................
—
83,635
—
83,635
Entertainment
.........................................
—
620
33,825
34,445
Health
Care
Providers
&
Services
............................
—
146,964
—
146,964
Health
Care
Technology
..................................
—
19,034
—
19,034
Hotels,
Restaurants
&
Leisure
..............................
—
99,795
5,374
105,169
Independent
Power
and
Renewable
Electricity
Producers
............
—
1,485
—
1,485
Industrial
Conglomerates
..................................
—
19,485
—
19,485
BlackRock
High
Yield
Portfolio
19
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2021
Level
1
Level
2
Level
3
Total
Insurance
............................................
$
—
$
87,735
$
—
$
87,735
Interactive
Media
&
Services
...............................
—
25,172
—
25,172
Internet
&
Direct
Marketing
Retail
............................
—
18,947
—
18,947
IT
Services
...........................................
—
243,070
—
243,070
Life
Sciences
Tools
&
Services
..............................
—
29,032
—
29,032
Machinery
............................................
—
118,001
—
118,001
Media
...............................................
—
424,954
—
424,954
Oil,
Gas
&
Consumable
Fuels
...............................
—
143,081
—
143,081
Pharmaceuticals
.......................................
—
40,285
—
40,285
Professional
Services
....................................
—
38,330
—
38,330
Software
.............................................
—
276,607
5,006
281,613
Specialty
Retail
........................................
—
45,894
—
45,894
Investment
Companies
....................................
5,462
—
—
5,462
Other
Interests
..........................................
—
—
1,568
1,568
Capital
Trusts
...........................................
—
504,075
—
504,075
Warrants
..............................................
—
31,150
—
31,150
Short-Term
Securities
.......................................
552,320
—
—
552,320
$
1,270,621
$
26,709,228
$
154,434
$
28,134,283
Derivative
Financial
Instruments
(a)
Assets:
Credit
contracts
...........................................
$
—
$
571
$
—
$
571
Liabilities:
Credit
contracts
...........................................
—
(765)
—
(765)
Foreign
currency
exchange
contracts
............................
—
(6,744)
—
(6,744)
$
—
$
(6,938)
$
—
$
(6,938)
(a)
Derivative
financial
instruments
are
swaps
and
forward
foreign
currency
exchange
contracts.
Swaps
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.