BlackRock
High
Yield
Portfolio
2
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
September
30,
2021
Security
Shares
Shares
Value
Common
Stocks
—
2.6%
Auto
Components
—
0.0%
Lear
Corp.
.......................
44
$
6,885
Building
Products
—
0.0%
AZEK
Co.,
Inc.
(The)
(a)
...............
17
621
Chemicals
—
0.2%
Diversey
Holdings
Ltd.
(a)
..............
1,850
29,674
Element
Solutions,
Inc.
...............
1,328
28,791
58,465
Communications
Equipment
—
0.0%
CommScope
Holding
Co.,
Inc.
(a)
.........
513
6,972
Electrical
Equipment
—
0.2%
(a)
Ardagh
MP
USA,
Inc.,
(Acquired
08/02/21,
cost
$25,124)
(b)
.....................
2,555
25,448
Sensata
Technologies
Holding
plc
........
388
21,231
46,679
Energy
Equipment
&
Services
—
0.0%
Pioneer
Energy
Services
Corp.
(a)(c)
.......
84
1,307
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.5%
Gaming
and
Leisure
Properties,
Inc.
......
1,255
58,132
VICI
Properties,
Inc.
.................
2,725
77,417
135,549
Hotels,
Restaurants
&
Leisure
—
0.1%
Aramark
.........................
381
12,520
Life
Sciences
Tools
&
Services
—
0.2%
(a)
Avantor,
Inc.
......................
804
32,883
Syneos
Health,
Inc.
.................
295
25,807
58,690
Media
—
0.1%
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
....
8,034
21,772
Metals
&
Mining
—
0.1%
Constellium
SE,
Class
A
(a)
.............
1,701
31,945
Oil,
Gas
&
Consumable
Fuels
—
1.1%
Chesapeake
Energy
Corp.
............
1,901
117,083
Devon
Energy
Corp.
.................
294
10,440
Diamondback
Energy,
Inc.
.............
295
27,928
DT
Midstream,
Inc.
..................
362
16,739
Energy
Transfer
LP
.................
1,851
17,733
Enterprise
Products
Partners
LP
.........
585
12,659
EQT
Corp.
(a)
......................
1,734
35,478
Extraction
Oil
&
Gas,
Inc.
(a)
............
10
564
Extraction
Oil
&
Gas,
Inc.,
(Acquired
03/05/21,
cost
$14,884)
(a)(b)
.................
425
23,991
Plains
All
American
Pipeline
LP
.........
2,647
26,920
SM
Energy
Co.
....................
383
10,103
299,638
Security
Shares
Shares
Value
Road
&
Rail
—
0.1%
Uber
Technologies,
Inc.
(a)
.............
230
$
10,304
Total
Common
Stocks
—
2.6%
(Cost:
$528,721)
................................
691,347
Par
(000)
Par
(000)
Corporate
Bonds
—
83.4%
Aerospace
&
Defense
—
2.7%
Bombardier,
Inc.
(d)(e)
:
7.50%,
12/01/24
.................
USD
15
15,600
7.50%,
03/15/25
.................
2
2,042
7.13%,
06/15/26
.................
52
54,600
7.88%,
04/15/27
.................
37
38,359
6.00%,
02/15/28
.................
28
28,315
BWX
Technologies,
Inc.
(d)
:
4.13%,
06/30/28
.................
8
8,210
4.13%,
04/15/29
.................
17
17,404
Kratos
Defense
&
Security
Solutions,
Inc.,
6.50%,
11/30/25
(d)
...............
28
29,015
Spirit
AeroSystems,
Inc.,
5.50%,
01/15/25
(d)
.
14
14,805
TransDigm,
Inc.:
8.00%,
12/15/25
(d)
................
26
27,722
6.25%,
03/15/26
(d)
................
359
374,257
6.38%,
06/15/26
.................
7
7,222
7.50%,
03/15/27
.................
10
10,475
4.88%,
05/01/29
.................
25
25,047
Triumph
Group,
Inc.,
8.88%,
06/01/24
(d)
...
64
70,400
723,473
Airlines
—
1.8%
Air
Canada,
3.88%,
08/15/26
(d)(e)
........
34
34,308
American
Airlines,
Inc.
(d)
:
11.75%,
07/15/25
................
53
65,588
5.50%,
04/20/26
.................
42
44,152
5.75%,
04/20/29
.................
56
60,340
Delta
Air
Lines,
Inc.
(d)
:
7.00%,
05/01/25
.................
20
23,325
4.75%,
10/20/28
.................
54
60,210
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(d)
...............
21
21,971
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(d)
53
57,633
Spirit
Loyalty
Cayman
Ltd.,
8.00%,
09/20/25
(d)
3
3,779
United
Airlines
Pass-Through
Trust:
Series
2020-1,
Class
B,
4.88%,
01/15/26
5
4,947
Series
2020-1,
Class
A,
5.88%,
10/15/27
40
44,629
United
Airlines,
Inc.
(d)
:
4.38%,
04/15/26
.................
39
40,024
4.63%,
04/15/29
.................
32
33,070
493,976
Auto
Components
—
2.2%
Adient
US
LLC,
9.00%,
04/15/25
(d)
......
17
18,360
Allison
Transmission,
Inc.
(d)
:
5.88%,
06/01/29
.................
16
17,409
3.75%,
01/30/31
.................
23
22,367
Clarios
Global
LP
(d)
:
6.75%,
05/15/25
.................
20
21,100
6.25%,
05/15/26
.................
95
99,812
8.50%,
05/15/27
.................
174
185,092
Dealer
Tire
LLC,
8.00%,
02/01/28
(d)
......
32
33,502
Dornoch
Debt
Merger
Sub,
Inc.,
6.63%,
10/15/29
(d)
....................
9
9,000
Goodyear
Tire
&
Rubber
Co.
(The):
9.50%,
05/31/25
.................
17
18,657
5.00%,
07/15/29
(d)
................
11
11,674
BlackRock
High
Yield
Portfolio
3
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Auto
Components
(continued)
5.25%,
07/15/31
(d)
................
USD
25
$
26,625
5.63%,
04/30/33
.................
26
28,340
Icahn
Enterprises
LP:
4.75%,
09/15/24
.................
13
13,520
6.25%,
05/15/26
.................
5
5,225
5.25%,
05/15/27
.................
45
46,688
4.38%,
02/01/29
.................
16
15,980
Patrick
Industries,
Inc.,
4.75%,
05/01/29
(d)
..
5
5,100
Tenneco,
Inc.,
7.88%,
01/15/29
(d)
.......
5
5,581
584,032
Automobiles
—
0.1%
Ford
Motor
Co.:
4.35%,
12/08/26
.................
5
5,325
4.75%,
01/15/43
.................
9
9,433
5.29%,
12/08/46
.................
10
11,138
Winnebago
Industries,
Inc.,
6.25%,
07/15/28
(d)
13
13,975
39,871
Banks
—
0.1%
Banco
Espirito
Santo
SA,
4.75%,
01/15/18
(a)(f)(g)
EUR
100
16,796
Biotechnology
—
0.1%
(d)
Emergent
BioSolutions,
Inc.,
3.88%,
08/15/28
USD
7
6,807
HCRX
Investments
Holdco
LP,
4.50%,
08/01/29
11
11,055
17,862
Building
Products
—
1.1%
Advanced
Drainage
Systems,
Inc.,
5.00%,
09/30/27
(d)
....................
24
25,056
APi
Group
DE,
Inc.,
4.13%,
07/15/29
(d)
....
11
10,778
Builders
FirstSource,
Inc.,
6.75%,
06/01/27
(d)
10
10,600
Cornerstone
Building
Brands,
Inc.,
6.13%,
01/15/29
(d)
....................
29
30,826
CP
Atlas
Buyer,
Inc.,
7.00%,
12/01/28
(d)
...
21
21,053
Forterra
Finance
LLC,
6.50%,
07/15/25
(d)
..
28
29,960
Griffon
Corp.,
5.75%,
03/01/28
.........
5
5,250
JELD-WEN,
Inc.
(d)
:
6.25%,
05/15/25
.................
13
13,715
4.63%,
12/15/25
.................
5
5,077
4.88%,
12/15/27
.................
2
2,084
Masonite
International
Corp.
(d)
:
5.38%,
02/01/28
.................
8
8,424
3.50%,
02/15/30
.................
17
16,872
New
Enterprise
Stone
&
Lime
Co.,
Inc.
(d)
:
6.25%,
03/15/26
.................
7
7,238
5.25%,
07/15/28
.................
7
7,079
9.75%,
07/15/28
.................
7
7,612
SRM
Escrow
Issuer
LLC,
6.00%,
11/01/28
(d)
44
46,585
Standard
Industries,
Inc.
(d)
:
4.38%,
07/15/30
.................
25
25,500
3.38%,
01/15/31
.................
6
5,710
Summit
Materials
LLC,
5.25%,
01/15/29
(d)
..
16
16,800
Victors
Merger
Corp.,
6.38%,
05/15/29
(d)
...
13
12,448
308,667
Capital
Markets
—
0.5%
(d)
Aretec
Escrow
Issuer,
Inc.,
7.50%,
04/01/29
9
9,270
Coinbase
Global,
Inc.:
3.38%,
10/01/28
.................
23
22,099
3.63%,
10/01/31
.................
23
21,864
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
................
19
19,879
MSCI,
Inc.:
3.63%,
09/01/30
.................
14
14,473
3.88%,
02/15/31
.................
6
6,293
3.63%,
11/01/31
.................
11
11,446
3.25%,
08/15/33
.................
14
14,160
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Owl
Rock
Technology
Finance
Corp.,
3.75%,
06/17/26
.....................
USD
10
$
10,557
130,041
Chemicals
—
1.7%
Ashland
LLC,
3.38%,
09/01/31
(d)
........
28
28,245
Chemours
Co.
(The),
5.75%,
11/15/28
(d)
...
10
10,472
Diamond
BC
BV,
4.63%,
10/01/29
(d)
......
20
20,300
Element
Solutions,
Inc.,
3.88%,
09/01/28
(d)
.
113
114,130
Gates
Global
LLC,
6.25%,
01/15/26
(d)
.....
36
37,350
GCP
Applied
Technologies,
Inc.,
5.50%,
04/15/26
(d)
....................
27
27,607
HB
Fuller
Co.,
4.25%,
10/15/28
........
8
8,140
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(d)
...
26
28,665
Ingevity
Corp.,
3.88%,
11/01/28
(d)
.......
9
8,978
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(d)
..
9
9,000
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(d)
20
20,750
NOVA
Chemicals
Corp.,
4.88%,
06/01/24
(d)(e)
4
4,180
SCIH
Salt
Holdings,
Inc.
(d)
:
4.88%,
05/01/28
.................
21
21,105
6.63%,
05/01/29
.................
15
14,400
Scotts
Miracle-Gro
Co.
(The)
(d)
:
4.00%,
04/01/31
.................
22
21,959
4.38%,
02/01/32
.................
3
3,024
WR
Grace
Holdings
LLC,
5.63%,
08/15/29
(d)
76
78,281
456,586
Commercial
Services
&
Supplies
—
3.4%
ADT
Security
Corp.
(The),
4.88%,
07/15/32
(d)
15
15,131
Allied
Universal
Holdco
LLC
(d)
:
6.63%,
07/15/26
.................
155
163,878
9.75%,
07/15/27
.................
58
63,103
4.63%,
06/01/28
.................
200
199,690
APX
Group,
Inc.
(d)
:
6.75%,
02/15/27
.................
25
26,559
5.75%,
07/15/29
.................
22
21,715
Aramark
Services,
Inc.
(d)
:
5.00%,
04/01/25
.................
4
4,094
6.38%,
05/01/25
.................
13
13,666
5.00%,
02/01/28
.................
5
5,138
Brink's
Co.
(The),
5.50%,
07/15/25
(d)
.....
4
4,180
Clean
Harbors,
Inc.
(d)
:
4.88%,
07/15/27
.................
2
2,075
5.13%,
07/15/29
.................
13
14,235
Covanta
Holding
Corp.,
5.00%,
09/01/30
..
13
13,130
Garda
World
Security
Corp.
(d)(e)
:
4.63%,
02/15/27
.................
29
29,000
9.50%,
11/01/27
.................
15
16,235
GFL
Environmental,
Inc.
(d)(e)
:
4.25%,
06/01/25
.................
8
8,250
3.75%,
08/01/25
.................
11
11,316
5.13%,
12/15/26
.................
22
23,102
4.00%,
08/01/28
.................
34
33,745
3.50%,
09/01/28
.................
15
15,094
4.75%,
06/15/29
.................
26
26,715
4.38%,
08/15/29
.................
11
11,110
IAA,
Inc.,
5.50%,
06/15/27
(d)
..........
11
11,495
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(d)
....................
9
9,225
Madison
IAQ
LLC
(d)
:
4.13%,
06/30/28
.................
4
4,000
5.88%,
06/30/29
.................
36
36,270
Nielsen
Finance
LLC
(d)
:
5.63%,
10/01/28
.................
11
11,412
5.88%,
10/01/30
.................
23
24,216
4.75%,
07/15/31
.................
9
8,755
BlackRock
High
Yield
Portfolio
4
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Prime
Security
Services
Borrower
LLC
(d)
:
5.75%,
04/15/26
.................
USD
6
$
6,490
6.25%,
01/15/28
.................
29
29,980
Stericycle,
Inc.,
3.88%,
01/15/29
(d)
.......
13
13,080
WASH
Multifamily
Acquisition,
Inc.,
5.75%,
04/15/26
(d)
....................
7
7,310
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(d)
...
40
40,400
923,794
Communications
Equipment
—
0.8%
Avaya,
Inc.,
6.13%,
09/15/28
(d)
.........
39
41,007
CommScope
Technologies
LLC,
6.00%,
06/15/25
(d)
....................
20
20,250
CommScope,
Inc.
(d)
:
6.00%,
03/01/26
.................
5
5,192
8.25%,
03/01/27
.................
4
4,187
7.13%,
07/01/28
.................
30
30,614
4.75%,
09/01/29
.................
40
39,950
Nokia
OYJ,
6.63%,
05/15/39
(e)
.........
8
10,920
ViaSat,
Inc.
(d)
:
5.63%,
04/15/27
.................
5
5,213
6.50%,
07/15/28
.................
43
45,288
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(d)
...
23
23,051
225,672
Construction
&
Engineering
—
0.3%
(d)
Arcosa,
Inc.,
4.38%,
04/15/29
.........
28
28,350
Brand
Industrial
Services,
Inc.,
8.50%,
07/15/25
30
30,112
Dycom
Industries,
Inc.,
4.50%,
04/15/29
...
9
9,038
MasTec,
Inc.,
4.50%,
08/15/28
.........
21
21,919
89,419
Consumer
Finance
—
1.4%
American
Express
Co.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%),
3.55%
(h)(i)
..............
60
61,131
Ford
Motor
Credit
Co.
LLC,
4.39%,
01/08/26
200
213,250
Global
Aircraft
Leasing
Co.
Ltd.
(d)(e)(j)
:
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
....................
20
19,650
Series
2021,
7.25%,
(7.25%
Cash
or
7.25%
PIK),
09/15/24
................
14
12,975
Navient
Corp.:
7.25%,
09/25/23
.................
8
8,724
6.13%,
03/25/24
.................
6
6,425
5.88%,
10/25/24
.................
2
2,135
6.75%,
06/15/26
.................
2
2,207
5.00%,
03/15/27
.................
2
2,060
OneMain
Finance
Corp.:
7.13%,
03/15/26
.................
14
16,223
3.50%,
01/15/27
.................
25
25,011
6.63%,
01/15/28
.................
18
20,700
390,491
Containers
&
Packaging
—
1.2%
Ball
Corp.,
3.13%,
09/15/31
..........
32
31,602
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
4
4,940
Graphic
Packaging
International
LLC,
4.75%,
07/15/27
(d)
....................
9
9,742
Intertape
Polymer
Group,
Inc.,
4.38%,
06/15/29
(d)(e)
...................
11
11,183
LABL,
Inc.,
10.50%,
07/15/27
(d)
........
9
9,698
Mauser
Packaging
Solutions
Holding
Co.,
5.50%,
04/15/24
(d)
...............
21
21,184
Sealed
Air
Corp.
(d)
:
4.00%,
12/01/27
.................
5
5,325
6.88%,
07/15/33
.................
9
11,757
Silgan
Holdings,
Inc.,
4.13%,
02/01/28
....
2
2,055
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
Trivium
Packaging
Finance
BV,
8.50%,
08/15/27
(d)(e)(k)
..................
USD
200
$
214,750
322,236
Distributors
—
0.1%
(d)
American
Builders
&
Contractors
Supply
Co.,
Inc.:
4.00%,
01/15/28
.................
17
17,361
3.88%,
11/15/29
.................
4
3,989
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
9
8,955
30,305
Diversified
Consumer
Services
—
0.3%
Graham
Holdings
Co.,
5.75%,
06/01/26
(d)
..
3
3,133
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(d)
..
18
17,505
Service
Corp.
International:
5.13%,
06/01/29
.................
2
2,174
4.00%,
05/15/31
.................
51
52,721
75,533
Diversified
Financial
Services
—
1.1%
(d)
MPH
Acquisition
Holdings
LLC,
5.50%,
09/01/28
.....................
26
25,928
Sabre
GLBL,
Inc.:
9.25%,
04/15/25
.................
42
48,543
7.38%,
09/01/25
.................
21
22,382
Shift4
Payments
LLC,
4.63%,
11/01/26
....
30
31,313
Verscend
Escrow
Corp.,
9.75%,
08/15/26
..
165
173,869
302,035
Diversified
Telecommunication
Services
—
5.5%
Altice
France
SA,
5.13%,
07/15/29
(d)(e)
....
248
243,158
CCO
Holdings
LLC:
5.00%,
02/01/28
(d)
................
8
8,351
5.38%,
06/01/29
(d)
................
22
23,760
4.75%,
03/01/30
(d)
................
11
11,500
4.50%,
08/15/30
(d)
................
34
35,079
4.25%,
02/01/31
(d)
................
50
50,867
4.50%,
05/01/32
.................
23
23,690
4.50%,
06/01/33
(d)
................
25
25,443
4.25%,
01/15/34
(d)
................
75
74,297
Cincinnati
Bell,
Inc.
(d)
:
7.00%,
07/15/24
.................
23
23,408
8.00%,
10/15/25
.................
8
8,338
Consolidated
Communications,
Inc.,
6.50%,
10/01/28
(d)
....................
27
29,329
Frontier
Communications
Corp.
(d)
:
5.88%,
10/15/27
.................
37
39,312
5.00%,
05/01/28
.................
44
46,200
6.75%,
05/01/29
.................
34
35,828
Intelsat
Jackson
Holdings
SA,
8.00%,
02/15/24
(d)(e)(k)
..................
5
5,131
Level
3
Financing,
Inc.
(d)
:
4.63%,
09/15/27
.................
4
4,115
4.25%,
07/01/28
.................
7
7,054
3.75%,
07/15/29
.................
16
15,464
Lumen
Technologies,
Inc.:
Series
Y,
7.50%,
04/01/24
..........
11
12,182
5.13%,
12/15/26
(d)
................
44
45,650
4.00%,
02/15/27
(d)
................
11
11,240
4.50%,
01/15/29
(d)
................
19
18,411
5.38%,
06/15/29
(d)
................
39
39,794
Series
P,
7.60%,
09/15/39
..........
5
5,600
Series
U,
7.65%,
03/15/42
..........
35
39,200
Sprint
Capital
Corp.:
6.88%,
11/15/28
.................
87
110,720
8.75%,
03/15/32
.................
85
126,978
BlackRock
High
Yield
Portfolio
5
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Switch
Ltd.
(d)
:
3.75%,
09/15/28
.................
USD
30
$
30,450
4.13%,
06/15/29
.................
31
31,814
Telecom
Italia
Capital
SA
(e)
:
6.38%,
11/15/33
.................
44
51,203
6.00%,
09/30/34
.................
51
57,247
7.20%,
07/18/36
.................
6
7,350
Telesat
Canada,
4.88%,
06/01/27
(d)(e)
.....
10
9,200
Zayo
Group
Holdings,
Inc.
(d)
:
4.00%,
03/01/27
.................
80
79,618
6.13%,
03/01/28
.................
92
93,268
1,480,249
Electric
Utilities
—
1.0%
FirstEnergy
Corp.:
Series
B,
4.40%,
07/15/27
(k)
.........
12
13,166
2.65%,
03/01/30
.................
13
12,935
Series
B,
2.25%,
09/01/30
..........
2
1,930
Series
C,
5.35%,
07/15/47
(k)
.........
40
48,775
Series
C,
3.40%,
03/01/50
..........
42
40,377
FirstEnergy
Transmission
LLC
(d)
:
5.45%,
07/15/44
.................
33
42,060
4.55%,
04/01/49
.................
15
17,556
NRG
Energy,
Inc.
(d)
:
3.63%,
02/15/31
.................
25
24,556
3.88%,
02/15/32
.................
28
27,685
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(d)
....................
18
18,765
PG&E
Corp.,
5.25%,
07/01/30
.........
17
17,404
Vistra
Operations
Co.
LLC,
4.38%,
05/01/29
(d)
19
19,117
284,326
Electrical
Equipment
—
0.1%
(d)
Atkore,
Inc.,
4.25%,
06/01/31
..........
14
14,420
Sensata
Technologies
BV:
5.63%,
11/01/24
.................
9
9,961
4.00%,
04/15/29
.................
9
9,162
33,543
Electronic
Equipment,
Instruments
&
Components
—
0.3%
CDW
LLC,
3.25%,
02/15/29
..........
16
16,400
Sensata
Technologies,
Inc.
(d)
:
4.38%,
02/15/30
.................
45
48,418
3.75%,
02/15/31
.................
8
8,055
72,873
Energy
Equipment
&
Services
—
0.8%
Archrock
Partners
LP
(d)
:
6.88%,
04/01/27
.................
18
18,900
6.25%,
04/01/28
.................
39
40,335
ChampionX
Corp.,
6.38%,
05/01/26
......
10
10,400
Pioneer
Energy
Services
Corp.
(c)(d)
:
(LIBOR
USD
3
Month
+
9.50%),
11.00%,
05/15/25
(i)
....................
33
36,041
5.00%,
(5.00%
Cash
or
5.00%
PIK),
11/15/25
(j)(l)
...................
24
27,692
Tervita
Corp.,
11.00%,
12/01/25
(d)(e)
......
7
7,920
Transocean,
Inc.,
11.50%,
01/30/27
(d)
.....
11
11,330
USA
Compression
Partners
LP:
6.88%,
04/01/26
.................
34
35,401
6.88%,
09/01/27
.................
33
34,934
222,953
Entertainment
—
0.9%
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
(d)
....................
11
11,371
Live
Nation
Entertainment,
Inc.
(d)
:
4.88%,
11/01/24
.................
3
3,033
Security
Par
(000)
Par
(000)
Value
Entertainment
(continued)
6.50%,
05/15/27
.................
USD
57
$
62,700
4.75%,
10/15/27
.................
7
7,114
3.75%,
01/15/28
.................
15
14,911
Netflix,
Inc.:
5.88%,
11/15/28
.................
27
33,086
6.38%,
05/15/29
.................
19
24,035
5.38%,
11/15/29
(d)
................
15
18,169
4.88%,
06/15/30
(d)
................
12
14,130
Playtika
Holding
Corp.,
4.25%,
03/15/29
(d)
..
36
36,115
WMG
Acquisition
Corp.,
3.88%,
07/15/30
(d)
.
14
14,560
239,224
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.6%
American
Finance
Trust,
Inc.,
4.50%,
09/30/28
(d)
....................
5
5,000
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(d)
....................
14
13,860
CTR
Partnership
LP,
3.88%,
06/30/28
(d)
...
14
14,525
Diversified
Healthcare
Trust,
9.75%,
06/15/25
20
21,875
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(d)
..
11
10,922
GLP
Capital
LP,
4.00%,
01/15/31
.......
8
8,629
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(d)
...
16
16,240
Iron
Mountain,
Inc.
(d)
:
5.25%,
07/15/30
.................
25
26,531
5.63%,
07/15/32
.................
5
5,362
MGM
Growth
Properties
Operating
Partnership
LP:
5.63%,
05/01/24
.................
14
15,225
4.63%,
06/15/25
(d)
................
14
15,085
4.50%,
09/01/26
.................
19
20,662
5.75%,
02/01/27
.................
27
31,050
4.50%,
01/15/28
.................
17
18,573
3.88%,
02/15/29
(d)
................
26
27,690
MPT
Operating
Partnership
LP:
4.63%,
08/01/29
.................
39
41,847
3.50%,
03/15/31
.................
73
74,460
RHP
Hotel
Properties
LP,
4.75%,
10/15/27
.
37
38,294
RLJ
Lodging
Trust
LP
(d)
:
3.75%,
07/01/26
.................
11
11,055
4.00%,
09/15/29
.................
8
7,987
SBA
Communications
Corp.,
3.88%,
02/15/27
36
37,305
Service
Properties
Trust:
4.35%,
10/01/24
.................
4
4,053
7.50%,
09/15/25
.................
15
16,841
5.50%,
12/15/27
.................
11
11,723
Uniti
Group
LP
(d)
:
4.75%,
04/15/28
.................
29
29,616
6.50%,
02/15/29
.................
39
40,118
6.00%,
01/15/30
.................
10
9,913
VICI
Properties
LP
(d)
:
4.25%,
12/01/26
.................
23
24,020
3.75%,
02/15/27
.................
25
25,875
4.63%,
12/01/29
.................
39
41,925
4.13%,
08/15/30
.................
44
46,640
712,901
Food
&
Staples
Retailing
—
0.6%
(d)
Albertsons
Cos.,
Inc.:
3.25%,
03/15/26
.................
18
18,270
4.63%,
01/15/27
.................
25
26,226
5.88%,
02/15/28
.................
27
28,755
4.88%,
02/15/30
.................
5
5,387
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
.....................
27
27,068
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
8
8,660
BlackRock
High
Yield
Portfolio
6
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Food
&
Staples
Retailing
(continued)
US
Foods,
Inc.:
6.25%,
04/15/25
.................
USD
12
$
12,587
4.75%,
02/15/29
.................
26
26,683
153,636
Food
Products
—
2.5%
Chobani
LLC
(d)
:
7.50%,
04/15/25
.................
49
50,984
4.63%,
11/15/28
.................
24
24,780
JBS
USA
LUX
SA
(d)
:
6.75%,
02/15/28
.................
19
20,553
6.50%,
04/15/29
.................
22
24,585
3.75%,
12/01/31
.................
33
34,338
Kraft
Heinz
Foods
Co.:
4.25%,
03/01/31
.................
39
44,090
5.00%,
07/15/35
.................
10
12,298
6.88%,
01/26/39
.................
22
32,479
4.63%,
10/01/39
.................
7
8,158
6.50%,
02/09/40
.................
15
21,300
5.20%,
07/15/45
.................
26
32,566
4.38%,
06/01/46
.................
32
36,410
4.88%,
10/01/49
.................
79
96,151
5.50%,
06/01/50
.................
91
120,063
Lamb
Weston
Holdings,
Inc.,
4.88%,
05/15/28
(d)
8
8,794
Pilgrim's
Pride
Corp.,
3.50%,
03/01/32
(d)
...
41
41,692
Post
Holdings,
Inc.
(d)
:
5.63%,
01/15/28
.................
2
2,101
5.50%,
12/15/29
.................
5
5,300
4.63%,
04/15/30
.................
6
6,046
4.50%,
09/15/31
.................
20
19,763
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(d)
..
23
23,173
TreeHouse
Foods,
Inc.,
4.00%,
09/01/28
..
6
5,872
671,496
Gas
Utilities
—
0.0%
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(d)
....................
11
11,412
Health
Care
Equipment
&
Supplies
—
1.2%
(d)
Avantor
Funding,
Inc.,
4.63%,
07/15/28
...
72
75,780
Hologic,
Inc.,
3.25%,
02/15/29
.........
9
9,004
Mozart
Debt
Merger
Sub,
Inc.:
3.88%,
04/01/29
.................
36
36,000
5.25%,
10/01/29
.................
78
78,000
Ortho-Clinical
Diagnostics,
Inc.:
7.38%,
06/01/25
.................
31
32,705
7.25%,
02/01/28
.................
87
93,101
324,590
Health
Care
Providers
&
Services
—
5.5%
Acadia
Healthcare
Co.,
Inc.
(d)
:
5.50%,
07/01/28
.................
9
9,461
5.00%,
04/15/29
.................
11
11,454
AdaptHealth
LLC
(d)
:
6.13%,
08/01/28
.................
12
12,750
4.63%,
08/01/29
.................
9
8,993
5.13%,
03/01/30
.................
8
8,004
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(d)
25
25,250
Akumin
Escrow,
Inc.,
7.50%,
08/01/28
(d)
...
5
4,837
Akumin,
Inc.,
7.00%,
11/01/25
(d)
........
10
9,700
Cano
Health
LLC,
6.25%,
10/01/28
(d)
.....
7
7,070
Centene
Corp.:
4.25%,
12/15/27
.................
11
11,513
2.45%,
07/15/28
.................
49
49,245
4.63%,
12/15/29
.................
50
54,490
3.00%,
10/15/30
.................
86
88,150
2.50%,
03/01/31
.................
105
103,556
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
2.63%,
08/01/31
.................
USD
33
$
32,777
Community
Health
Systems,
Inc.
(d)
:
6.63%,
02/15/25
.................
80
83,700
8.00%,
03/15/26
.................
103
109,229
5.63%,
03/15/27
.................
51
53,404
6.00%,
01/15/29
.................
45
47,700
6.88%,
04/15/29
.................
4
4,009
6.13%,
04/01/30
.................
25
24,293
Encompass
Health
Corp.:
4.50%,
02/01/28
.................
8
8,260
4.75%,
02/01/30
.................
29
30,501
4.63%,
04/01/31
.................
17
17,868
HCA,
Inc.:
5.38%,
09/01/26
.................
10
11,441
5.63%,
09/01/28
.................
35
41,640
5.88%,
02/01/29
.................
20
24,034
3.50%,
09/01/30
.................
62
65,682
HealthEquity,
Inc.,
4.50%,
10/01/29
(d)
.....
23
23,345
Legacy
LifePoint
Health
LLC
(d)
:
6.75%,
04/15/25
.................
16
16,814
4.38%,
02/15/27
.................
7
6,982
LifePoint
Health,
Inc.,
5.38%,
01/15/29
(d)
...
20
19,450
MEDNAX,
Inc.,
6.25%,
01/15/27
(d)
.......
14
14,717
ModivCare
Escrow
Issuer,
Inc.,
5.00%,
10/01/29
(d)
....................
14
14,512
ModivCare,
Inc.,
5.88%,
11/15/25
(d)
......
7
7,403
Molina
Healthcare,
Inc.
(d)
:
4.38%,
06/15/28
.................
17
17,686
3.88%,
11/15/30
.................
25
26,125
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(d)
....................
37
39,683
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(d)
...............
9
9,506
RP
Escrow
Issuer
LLC,
5.25%,
12/15/25
(d)
..
13
13,374
Surgery
Center
Holdings,
Inc.
(d)
:
6.75%,
07/01/25
.................
64
64,696
10.00%,
04/15/27
................
43
46,440
Tenet
Healthcare
Corp.
(d)
:
4.63%,
09/01/24
.................
13
13,293
7.50%,
04/01/25
.................
23
24,409
4.88%,
01/01/26
.................
33
34,152
5.13%,
11/01/27
.................
40
41,700
4.63%,
06/15/28
.................
7
7,253
6.13%,
10/01/28
.................
32
33,615
4.25%,
06/01/29
.................
25
25,375
US
Acute
Care
Solutions
LLC,
6.38%,
03/01/26
(d)
....................
6
6,330
Vizient,
Inc.,
6.25%,
05/15/27
(d)
........
21
21,945
1,487,816
Hotels,
Restaurants
&
Leisure
—
5.3%
1011778
BC
ULC
(d)(e)
:
3.88%,
01/15/28
.................
27
27,266
4.38%,
01/15/28
.................
30
30,456
Affinity
Gaming,
6.88%,
12/15/27
(d)
......
10
10,517
Boyd
Gaming
Corp.:
8.63%,
06/01/25
(d)
................
22
23,843
4.75%,
12/01/27
.................
14
14,429
4.75%,
06/15/31
(d)
................
31
31,969
Boyne
USA,
Inc.,
4.75%,
05/15/29
(d)
.....
23
23,747
Caesars
Entertainment,
Inc.
(d)
:
6.25%,
07/01/25
.................
100
105,276
8.13%,
07/01/27
.................
77
86,565
4.63%,
10/15/29
.................
30
30,375
Caesars
Resort
Collection
LLC,
5.75%,
07/01/25
(d)
....................
22
23,193
BlackRock
High
Yield
Portfolio
7
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Carnival
Corp.
(d)
:
11.50%,
04/01/23
................
USD
9
$
10,046
10.50%,
02/01/26
................
14
16,243
5.75%,
03/01/27
.................
60
62,025
9.88%,
08/01/27
.................
17
19,620
4.00%,
08/01/28
.................
79
79,790
Carrols
Restaurant
Group,
Inc.,
5.88%,
07/01/29
(d)
....................
5
4,706
CCM
Merger,
Inc.,
6.38%,
05/01/26
(d)
.....
15
15,788
Cedar
Fair
LP:
5.50%,
05/01/25
(d)
................
35
36,356
6.50%,
10/01/28
.................
5
5,365
Churchill
Downs,
Inc.
(d)
:
5.50%,
04/01/27
.................
6
6,225
4.75%,
01/15/28
.................
14
14,647
Full
House
Resorts,
Inc.,
8.25%,
02/15/28
(d)
.
6
6,450
Golden
Nugget,
Inc.,
6.75%,
10/15/24
(d)
...
44
44,057
Hilton
Domestic
Operating
Co.,
Inc.:
5.38%,
05/01/25
(d)
................
12
12,540
5.75%,
05/01/28
(d)
................
6
6,462
4.88%,
01/15/30
.................
9
9,655
4.00%,
05/01/31
(d)
................
21
21,315
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
.....................
14
14,473
IRB
Holding
Corp.,
7.00%,
06/15/25
(d)
....
16
16,988
Life
Time,
Inc.
(d)
:
5.75%,
01/15/26
.................
22
22,770
8.00%,
04/15/26
.................
15
15,900
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(d)
9
8,698
MGM
Resorts
International,
6.00%,
03/15/23
10
10,574
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(d)
....................
21
21,394
NCL
Corp.
Ltd.
(d)
:
10.25%,
02/01/26
................
10
11,475
5.88%,
03/15/26
.................
22
22,550
NCL
Finance
Ltd.,
6.13%,
03/15/28
(d)
.....
20
20,750
Peninsula
Pacific
Entertainment
LLC,
8.50%,
11/15/27
(d)
....................
22
23,623
Penn
National
Gaming,
Inc.,
4.13%,
07/01/29
(d)
9
8,896
Powdr
Corp.,
6.00%,
08/01/25
(d)
........
25
26,250
Premier
Entertainment
Sub
LLC
(d)
:
5.63%,
09/01/29
.................
10
10,100
5.88%,
09/01/31
.................
10
10,103
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(d)(e)
15
15,319
Royal
Caribbean
Cruises
Ltd.
(d)
:
10.88%,
06/01/23
................
10
11,200
9.13%,
06/15/23
.................
15
16,302
11.50%,
06/01/25
................
12
13,692
5.50%,
08/31/26
.................
7
7,196
5.50%,
04/01/28
.................
32
32,730
Scientific
Games
International,
Inc.
(d)
:
8.63%,
07/01/25
.................
18
19,493
8.25%,
03/15/26
.................
40
42,450
7.00%,
05/15/28
.................
13
14,023
7.25%,
11/15/29
.................
14
15,731
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(d)
49
52,185
Station
Casinos
LLC,
4.50%,
02/15/28
(d)
...
17
17,269
Travel
+
Leisure
Co.,
6.63%,
07/31/26
(d)
...
12
13,665
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(d)
.....
14
14,805
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(d)
....................
15
15,000
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(d)
....................
16
16,703
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(d)
..
28
28,279
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Wynn
Resorts
Finance
LLC
(d)
:
7.75%,
04/15/25
.................
USD
17
$
17,935
5.13%,
10/01/29
.................
47
47,353
Yum!
Brands,
Inc.:
4.75%,
01/15/30
(d)
................
2
2,168
5.35%,
11/01/43
.................
2
2,200
1,439,168
Household
Durables
—
1.1%
Ashton
Woods
USA
LLC
(d)
:
6.63%,
01/15/28
.................
7
7,437
4.63%,
08/01/29
.................
8
8,078
4.63%,
04/01/30
.................
8
8,045
Brookfield
Residential
Properties,
Inc.
(d)(e)
:
5.00%,
06/15/29
.................
17
17,383
4.88%,
02/15/30
.................
20
20,400
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(d)
23
24,333
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(d)
....................
13
13,618
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(d)
....................
28
29,400
KB
Home,
4.00%,
06/15/31
...........
8
8,210
Mattamy
Group
Corp.
(d)(e)
:
5.25%,
12/15/27
.................
14
14,630
4.63%,
03/01/30
.................
11
11,240
Meritage
Homes
Corp.,
5.13%,
06/06/27
...
4
4,455
New
Home
Co.,
Inc.
(The),
7.25%,
10/15/25
(d)
6
6,314
Newell
Brands,
Inc.,
6.00%,
04/01/46
(k)
....
9
11,633
Picasso
Finance
Sub,
Inc.,
6.13%,
06/15/25
(d)
11
11,631
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(d)
17
16,563
Taylor
Morrison
Communities,
Inc.
(d)
:
5.88%,
06/15/27
.................
7
7,980
5.13%,
08/01/30
.................
5
5,381
Tempur
Sealy
International,
Inc.
(d)
:
4.00%,
04/15/29
.................
21
21,630
3.88%,
10/15/31
.................
21
21,026
TRI
Pointe
Homes,
Inc.,
5.70%,
06/15/28
..
5
5,438
Williams
Scotsman
International,
Inc.,
4.63%,
08/15/28
(d)
....................
25
26,043
300,868
Household
Products
—
0.3%
Central
Garden
&
Pet
Co.:
4.13%,
10/15/30
.................
21
21,473
4.13%,
04/30/31
(d)
................
16
16,248
Energizer
Holdings,
Inc.
(d)
:
4.75%,
06/15/28
.................
2
2,034
4.38%,
03/31/29
.................
2
1,985
Spectrum
Brands,
Inc.
(d)
:
5.00%,
10/01/29
.................
13
13,975
5.50%,
07/15/30
.................
13
14,398
3.88%,
03/15/31
.................
5
5,052
75,165
Independent
Power
and
Renewable
Electricity
Producers
—
0.5%
(d)
Calpine
Corp.:
4.50%,
02/15/28
.................
11
11,220
5.13%,
03/15/28
.................
61
61,777
5.00%,
02/01/31
.................
18
18,000
3.75%,
03/01/31
.................
2
1,925
Clearway
Energy
Operating
LLC:
4.75%,
03/15/28
.................
13
13,762
3.75%,
01/15/32
.................
22
21,972
128,656
BlackRock
High
Yield
Portfolio
8
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Insurance
—
2.0%
(d)
Acrisure
LLC,
6.00%,
08/01/29
.........
USD
19
$
18,759
Alliant
Holdings
Intermediate
LLC:
4.25%,
10/15/27
.................
89
89,890
6.75%,
10/15/27
.................
140
144,900
AmWINS
Group,
Inc.,
4.88%,
06/30/29
....
22
22,309
AssuredPartners,
Inc.,
5.63%,
01/15/29
...
22
22,136
BroadStreet
Partners,
Inc.,
5.88%,
04/15/29
14
13,948
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
..
25
26,375
HUB
International
Ltd.,
7.00%,
05/01/26
...
60
62,025
NFP
Corp.:
4.88%,
08/15/28
.................
35
35,595
6.88%,
08/15/28
.................
94
95,979
531,916
Interactive
Media
&
Services
—
0.2%
(d)
Rackspace
Technology
Global,
Inc.,
5.38%,
12/01/28
.....................
20
19,650
Twitter,
Inc.,
3.88%,
12/15/27
..........
29
30,957
50,607
Internet
&
Direct
Marketing
Retail
—
0.2%
(d)
ANGI
Group
LLC,
3.88%,
08/15/28
......
22
21,890
Go
Daddy
Operating
Co.
LLC:
5.25%,
12/01/27
.................
5
5,212
3.50%,
03/01/29
.................
11
10,904
Match
Group
Holdings
II
LLC:
4.63%,
06/01/28
.................
9
9,410
4.13%,
08/01/30
.................
8
8,330
3.63%,
10/01/31
.................
9
8,893
64,639
IT
Services
—
1.3%
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(d)
9
9,067
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(d)
....
9
9,125
Austin
BidCo,
Inc.,
7.13%,
12/15/28
(d)
.....
6
6,045
Black
Knight
InfoServ
LLC,
3.63%,
09/01/28
(d)
35
35,175
Booz
Allen
Hamilton,
Inc.
(d)
:
3.88%,
09/01/28
.................
19
19,477
4.00%,
07/01/29
.................
35
35,875
Endure
Digital,
Inc.,
6.00%,
02/15/29
(d)
....
12
11,400
Gartner,
Inc.
(d)
:
4.50%,
07/01/28
.................
25
26,250
3.63%,
06/15/29
.................
25
25,190
3.75%,
10/01/30
.................
13
13,380
MoneyGram
International,
Inc.,
5.38%,
08/01/26
(d)
....................
9
9,135
Northwest
Fiber
LLC
(d)
:
4.75%,
04/30/27
.................
18
18,106
6.00%,
02/15/28
.................
21
20,888
10.75%,
06/01/28
................
9
10,125
Square,
Inc.,
3.50%,
06/01/31
(d)
........
52
53,338
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(d)
.
18
18,900
Twilio,
Inc.,
3.88%,
03/15/31
..........
28
28,667
Unisys
Corp.,
6.88%,
11/01/27
(d)
........
4
4,370
354,513
Leisure
Products
—
0.2%
Mattel,
Inc.:
3.75%,
04/01/29
(d)
................
9
9,382
6.20%,
10/01/40
.................
10
12,850
5.45%,
11/01/41
.................
20
23,700
45,932
Life
Sciences
Tools
&
Services
—
0.2%
(d)
Charles
River
Laboratories
International,
Inc.:
4.25%,
05/01/28
.................
10
10,378
3.75%,
03/15/29
.................
3
3,064
4.00%,
03/15/31
.................
9
9,430
Security
Par
(000)
Par
(000)
Value
Life
Sciences
Tools
&
Services
(continued)
Syneos
Health,
Inc.,
3.63%,
01/15/29
....
USD
38
$
37,893
60,765
Machinery
—
1.1%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(d)
.
15
15,653
ATS
Automation
Tooling
Systems,
Inc.,
4.13%,
12/15/28
(d)(e)
...................
9
9,230
Clark
Equipment
Co.,
5.88%,
06/01/25
(d)(e)
..
7
7,303
Colfax
Corp.,
6.38%,
02/15/26
(d)
........
14
14,724
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
16
16,700
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(d)
..
11
11,289
Grinding
Media,
Inc.,
7.38%,
12/15/23
(d)
...
28
28,546
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(d)(e)(j)
........
31
32,938
Meritor,
Inc.,
4.50%,
12/15/28
(d)
........
6
6,015
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(d)
8
8,282
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(d)
....................
10
10,250
Stevens
Holding
Co.,
Inc.,
6.13%,
10/01/26
(d)
20
21,575
Terex
Corp.,
5.00%,
05/15/29
(d)
........
24
24,870
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(d)(e)
..
53
54,151
Titan
International,
Inc.,
7.00%,
04/30/28
(d)
.
7
7,376
Wabash
National
Corp.
(d)
:
5.50%,
10/01/25
.................
23
23,319
4.50%,
10/15/28
.................
17
16,979
309,200
Marine
—
0.1%
Seaspan
Corp.,
5.50%,
08/01/29
(d)(e)
.....
26
26,541
Media
—
5.2%
Advantage
Sales
&
Marketing,
Inc.,
6.50%,
11/15/28
(d)
....................
11
11,465
AMC
Networks,
Inc.:
4.75%,
08/01/25
.................
14
14,350
4.25%,
02/15/29
.................
10
9,950
Block
Communications,
Inc.,
4.88%,
03/01/28
(d)
12
12,270
Cable
One,
Inc.
(d)
:
1.13%,
03/15/28
(l)
................
17
17,248
4.00%,
11/15/30
.................
7
6,974
Clear
Channel
Outdoor
Holdings,
Inc.
(d)
:
7.75%,
04/15/28
.................
45
47,362
7.50%,
06/01/29
.................
61
63,440
Clear
Channel
Worldwide
Holdings,
Inc.,
5.13%,
08/15/27
(d)
...............
143
147,978
CSC
Holdings
LLC:
5.25%,
06/01/24
.................
5
5,356
6.50%,
02/01/29
(d)
................
200
216,590
DIRECTV
Holdings
LLC,
5.88%,
08/15/27
(d)
.
32
33,400
DISH
DBS
Corp.:
5.88%,
07/15/22
.................
24
24,735
5.00%,
03/15/23
.................
23
23,834
5.88%,
11/15/24
.................
14
15,054
7.75%,
07/01/26
.................
32
36,135
5.13%,
06/01/29
.................
64
62,706
DISH
Network
Corp.
(l)
:
2.38%,
03/15/24
.................
26
25,334
3.38%,
08/15/26
.................
38
39,501
GCI
LLC,
4.75%,
10/15/28
(d)
..........
14
14,697
iHeartCommunications,
Inc.,
8.38%,
05/01/27
3
3,206
Liberty
Broadband
Corp.
(d)(l)
:
1.25%,
09/30/50
.................
33
33,512
2.75%,
09/30/50
.................
66
69,672
Midas
OpCo
Holdings
LLC,
5.63%,
08/15/29
(d)
8
8,278
Midcontinent
Communications,
5.38%,
08/15/27
(d)
....................
16
16,648
News
Corp.,
3.88%,
05/15/29
(d)
........
11
11,303
BlackRock
High
Yield
Portfolio
9
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Outfront
Media
Capital
LLC
(d)
:
5.00%,
08/15/27
.................
USD
14
$
14,359
4.25%,
01/15/29
.................
11
10,903
Radiate
Holdco
LLC
(d)
:
4.50%,
09/15/26
.................
48
49,560
6.50%,
09/15/28
.................
87
88,710
Scripps
Escrow
II,
Inc.,
3.88%,
01/15/29
(d)
..
2
2,007
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(d)
....................
27
26,393
Sirius
XM
Radio,
Inc.
(d)
:
3.13%,
09/01/26
.................
39
39,536
4.00%,
07/15/28
.................
39
39,658
4.13%,
07/01/30
.................
14
14,065
3.88%,
09/01/31
.................
52
50,798
TEGNA,
Inc.,
5.50%,
09/15/24
(d)
........
4
4,045
Terrier
Media
Buyer,
Inc.,
8.88%,
12/15/27
(d)
66
69,787
Univision
Communications,
Inc.
(d)
:
5.13%,
02/15/25
.................
11
11,160
6.63%,
06/01/27
.................
3
3,259
Videotron
Ltd.,
3.63%,
06/15/29
(d)(e)
......
30
30,413
1,425,651
Metals
&
Mining
—
2.9%
Allegheny
Technologies,
Inc.:
7.88%,
08/15/23
(k)
................
6
6,750
4.88%,
10/01/29
.................
8
8,030
5.13%,
10/01/31
.................
9
9,069
Arconic
Corp.
(d)
:
6.00%,
05/15/25
.................
15
15,753
6.13%,
02/15/28
.................
21
22,261
Big
River
Steel
LLC,
6.63%,
01/31/29
(d)
...
82
88,663
Constellium
SE,
5.63%,
06/15/28
(d)
......
250
262,649
Freeport-McMoRan,
Inc.:
5.40%,
11/14/34
.................
5
6,006
5.45%,
03/15/43
.................
82
100,963
Joseph
T
Ryerson
&
Son,
Inc.,
8.50%,
08/01/28
(d)
....................
9
9,979
Kaiser
Aluminum
Corp.
(d)
:
4.63%,
03/01/28
.................
7
7,227
4.50%,
06/01/31
.................
11
11,275
New
Gold,
Inc.
(d)(e)
:
6.38%,
05/15/25
.................
6
6,180
7.50%,
07/15/27
.................
39
40,126
Novelis
Corp.
(d)
:
3.25%,
11/15/26
.................
34
34,482
4.75%,
01/30/30
.................
74
77,900
3.88%,
08/15/31
.................
48
47,474
United
States
Steel
Corp.,
6.88%,
03/01/29
.
23
24,523
779,310
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Starwood
Property
Trust,
Inc.,
5.00%,
12/15/21
3
3,006
Multiline
Retail
—
0.1%
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
(d)
..
33
35,021
Oil,
Gas
&
Consumable
Fuels
—
11.0%
Aethon
United
BR
LP,
8.25%,
02/15/26
(d)
...
38
41,040
Antero
Midstream
Partners
LP
(d)
:
7.88%,
05/15/26
.................
34
37,177
5.75%,
03/01/27
.................
10
10,331
5.38%,
06/15/29
.................
17
17,510
Antero
Resources
Corp.
(d)
:
7.63%,
02/01/29
.................
21
23,478
5.38%,
03/01/30
.................
7
7,372
Apache
Corp.:
4.25%,
01/15/30
.................
12
12,930
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
5.10%,
09/01/40
.................
USD
30
$
33,599
5.25%,
02/01/42
.................
7
7,683
5.35%,
07/01/49
.................
6
6,664
Ascent
Resources
Utica
Holdings
LLC
(d)
:
9.00%,
11/01/27
.................
35
47,950
5.88%,
06/30/29
.................
35
35,760
Buckeye
Partners
LP:
4.13%,
03/01/25
(d)
................
3
3,109
5.85%,
11/15/43
.................
14
14,013
5.60%,
10/15/44
.................
13
12,642
Callon
Petroleum
Co.:
6.13%,
10/01/24
.................
10
9,827
9.00%,
04/01/25
(d)
................
56
60,553
8.00%,
08/01/28
(d)
................
49
48,388
Centennial
Resource
Production
LLC,
6.88%,
04/01/27
(d)
....................
22
22,412
Cheniere
Energy
Partners
LP:
4.50%,
10/01/29
.................
44
46,778
4.00%,
03/01/31
(d)
................
52
54,454
3.25%,
01/31/32
(d)
................
38
38,126
Cheniere
Energy,
Inc.,
4.63%,
10/15/28
...
134
141,202
Chesapeake
Energy
Corp.,
5.88%,
02/01/29
(d)
1
1,068
CITGO
Petroleum
Corp.
(d)
:
7.00%,
06/15/25
.................
25
25,562
6.38%,
06/15/26
.................
20
20,400
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(d)
8
8,124
CNX
Resources
Corp.,
6.00%,
01/15/29
(d)
..
3
3,173
Colgate
Energy
Partners
III
LLC
(d)
:
7.75%,
02/15/26
.................
12
12,630
5.88%,
07/01/29
.................
25
25,187
Comstock
Resources,
Inc.
(d)
:
7.50%,
05/15/25
.................
15
15,594
6.75%,
03/01/29
.................
45
48,600
5.88%,
01/15/30
.................
26
27,040
Continental
Resources,
Inc.:
4.50%,
04/15/23
.................
3
3,109
4.90%,
06/01/44
.................
5
5,600
CrownRock
LP,
5.63%,
10/15/25
(d)
......
64
65,501
DCP
Midstream
Operating
LP
(d)
:
6.45%,
11/03/36
.................
17
21,124
6.75%,
09/15/37
.................
29
37,410
DT
Midstream,
Inc.
(d)
:
4.13%,
06/15/29
.................
36
36,506
4.38%,
06/15/31
.................
44
45,320
Endeavor
Energy
Resources
LP,
5.50%,
01/30/26
(d)
....................
64
66,714
Energy
Transfer
LP,
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.69%),
6.50%
(h)(i)
...........
51
53,110
EnLink
Midstream
LLC:
5.63%,
01/15/28
(d)
................
14
14,906
5.38%,
06/01/29
.................
8
8,464
EnLink
Midstream
Partners
LP:
4.40%,
04/01/24
.................
17
17,670
4.85%,
07/15/26
.................
2
2,100
5.60%,
04/01/44
.................
20
19,100
5.05%,
04/01/45
.................
2
1,825
EQM
Midstream
Partners
LP:
6.00%,
07/01/25
(d)
................
17
18,635
4.13%,
12/01/26
.................
5
5,136
6.50%,
07/01/27
(d)
................
30
33,743
4.50%,
01/15/29
(d)
................
11
11,412
4.75%,
01/15/31
(d)
................
35
36,401
EQT
Corp.:
3.13%,
05/15/26
(d)
................
15
15,377
BlackRock
High
Yield
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
3.90%,
10/01/27
.................
USD
23
$
24,891
5.00%,
01/15/29
.................
2
2,252
7.50%,
02/01/30
(k)
................
18
23,170
3.63%,
05/15/31
(d)
................
4
4,168
Genesis
Energy
LP:
6.50%,
10/01/25
.................
4
3,980
8.00%,
01/15/27
.................
10
10,125
7.75%,
02/01/28
.................
12
11,989
Great
Western
Petroleum
LLC,
12.00%,
09/01/25
(d)
....................
17
17,260
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(d)
.
5
5,326
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(d)
....................
20
20,225
Independence
Energy
Finance
LLC,
7.25%,
05/01/26
(d)
....................
34
35,010
ITT
Holdings
LLC,
6.50%,
08/01/29
(d)
.....
27
27,236
Matador
Resources
Co.,
5.88%,
09/15/26
..
57
58,921
Murphy
Oil
Corp.:
5.75%,
08/15/25
.................
13
13,419
6.37%,
12/01/42
(k)
................
3
3,023
New
Fortress
Energy,
Inc.
(d)
:
6.75%,
09/15/25
.................
88
84,700
6.50%,
09/30/26
.................
93
88,931
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(d)
13
13,244
NGPL
PipeCo
LLC,
7.77%,
12/15/37
(d)
....
25
35,828
Northern
Oil
and
Gas,
Inc.,
8.13%,
03/01/28
(d)
41
43,798
NuStar
Logistics
LP:
5.75%,
10/01/25
.................
12
12,930
6.00%,
06/01/26
.................
13
14,040
6.38%,
10/01/30
.................
2
2,200
Occidental
Petroleum
Corp.:
6.95%,
07/01/24
.................
6
6,780
5.50%,
12/01/25
.................
8
8,860
5.55%,
03/15/26
.................
3
3,330
8.88%,
07/15/30
.................
2
2,717
6.13%,
01/01/31
.................
19
22,809
4.30%,
08/15/39
.................
43
42,410
6.20%,
03/15/40
.................
58
68,307
4.50%,
07/15/44
.................
21
21,101
4.63%,
06/15/45
.................
38
38,855
6.60%,
03/15/46
.................
2
2,510
4.40%,
04/15/46
.................
37
36,902
4.10%,
02/15/47
.................
5
4,754
4.20%,
03/15/48
.................
33
31,597
4.40%,
08/15/49
.................
7
6,869
Ovintiv
Exploration,
Inc.,
5.38%,
01/01/26
..
2
2,261
Ovintiv,
Inc.:
7.38%,
11/01/31
.................
6
8,139
6.50%,
08/15/34
.................
6
8,092
Parkland
Corp.,
5.88%,
07/15/27
(d)(e)
.....
23
24,380
PDC
Energy,
Inc.:
6.13%,
09/15/24
.................
4
4,060
6.25%,
12/01/25
.................
4
4,060
Range
Resources
Corp.:
4.88%,
05/15/25
.................
5
5,279
9.25%,
02/01/26
.................
3
3,270
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(d)
.
16
16,240
SM
Energy
Co.:
10.00%,
01/15/25
(d)
...............
58
64,692
5.63%,
06/01/25
.................
5
5,029
6.75%,
09/15/26
.................
14
14,298
6.50%,
07/15/28
.................
7
7,247
Southwestern
Energy
Co.:
8.38%,
09/15/28
.................
9
10,195
5.38%,
02/01/29
(d)
................
40
42,792
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Sunoco
LP:
6.00%,
04/15/27
.................
USD
6
$
6,247
5.88%,
03/15/28
.................
2
2,110
Tap
Rock
Resources
LLC,
7.00%,
10/01/26
(d)
46
47,092
Targa
Resources
Partners
LP:
6.50%,
07/15/27
.................
15
16,174
6.88%,
01/15/29
.................
7
7,843
5.50%,
03/01/30
.................
37
40,457
4.88%,
02/01/31
.................
23
24,811
4.00%,
01/15/32
(d)
................
2
2,067
TerraForm
Power
Operating
LLC
(d)
:
4.25%,
01/31/23
.................
7
7,193
4.75%,
01/15/30
.................
9
9,416
Venture
Global
Calcasieu
Pass
LLC
(d)
:
3.88%,
08/15/29
.................
64
65,923
4.13%,
08/15/31
.................
53
55,253
Vine
Energy
Holdings
LLC,
6.75%,
04/15/29
(d)
48
51,810
Western
Midstream
Operating
LP:
4.75%,
08/15/28
.................
3
3,271
5.45%,
04/01/44
.................
19
21,824
5.30%,
03/01/48
.................
26
29,965
5.50%,
08/15/48
.................
8
9,360
6.50%,
02/01/50
(k)
................
59
69,430
2,984,286
Personal
Products
—
0.1%
(d)
Edgewell
Personal
Care
Co.,
5.50%,
06/01/28
13
13,730
Prestige
Brands,
Inc.,
3.75%,
04/01/31
....
13
12,545
26,275
Pharmaceuticals
—
1.6%
Bausch
Health
Americas,
Inc.,
9.25%,
04/01/26
(d)
....................
13
13,884
Bausch
Health
Cos.,
Inc.
(d)
:
6.13%,
04/15/25
.................
3
3,062
9.00%,
12/15/25
.................
11
11,610
5.75%,
08/15/27
.................
20
20,950
7.00%,
01/15/28
.................
21
21,519
5.00%,
01/30/28
.................
21
19,923
4.88%,
06/01/28
.................
10
10,363
5.00%,
02/15/29
.................
38
35,388
6.25%,
02/15/29
.................
40
39,581
7.25%,
05/30/29
.................
30
30,745
Catalent
Pharma
Solutions,
Inc.
(d)
:
3.13%,
02/15/29
.................
15
14,729
3.50%,
04/01/30
.................
36
36,000
Elanco
Animal
Health,
Inc.,
5.90%,
08/28/28
(k)
6
7,020
Endo
DAC,
9.50%,
07/31/27
(d)
.........
24
24,053
Endo
Luxembourg
Finance
Co.
I
SARL,
6.13%,
04/01/29
(d)
....................
40
40,000
P&L
Development
LLC,
7.75%,
11/15/25
(d)
..
20
20,774
Par
Pharmaceutical,
Inc.,
7.50%,
04/01/27
(d)
83
84,556
434,157
Professional
Services
—
0.6%
(d)
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
...
8
8,240
ASGN,
Inc.,
4.63%,
05/15/28
..........
6
6,210
CoreLogic,
Inc.,
4.50%,
05/01/28
.......
30
29,813
Dun
&
Bradstreet
Corp.
(The):
6.88%,
08/15/26
.................
18
18,877
10.25%,
02/15/27
................
19
20,425
Jaguar
Holding
Co.
II:
4.63%,
06/15/25
.................
3
3,116
5.00%,
06/15/28
.................
57
61,352
KBR,
Inc.,
4.75%,
09/30/28
...........
15
15,188
BlackRock
High
Yield
Portfolio
11
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Professional
Services
(continued)
Science
Applications
International
Corp.,
4.88%,
04/01/28
................
USD
12
$
12,401
175,622
Real
Estate
Management
&
Development
—
0.5%
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
(d)
...............
20
21,700
Five
Point
Operating
Co.
LP,
7.88%,
11/15/25
(d)
23
24,035
Forestar
Group,
Inc.,
3.85%,
05/15/26
(d)
...
9
8,989
Howard
Hughes
Corp.
(The)
(d)
:
4.13%,
02/01/29
.................
15
15,019
4.38%,
02/01/31
.................
17
17,100
Kennedy-Wilson,
Inc.,
4.75%,
02/01/30
...
11
11,168
Realogy
Group
LLC
(d)
:
7.63%,
06/15/25
.................
12
12,815
5.75%,
01/15/29
.................
25
25,932
136,758
Road
&
Rail
—
0.9%
(d)
Avis
Budget
Car
Rental
LLC,
5.38%,
03/01/29
9
9,512
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
..
21
21,781
Uber
Technologies,
Inc.:
7.50%,
05/15/25
.................
13
13,858
0.00%,
12/15/25
(l)(m)
...............
27
26,261
8.00%,
11/01/26
.................
50
52,844
7.50%,
09/15/27
.................
36
39,308
6.25%,
01/15/28
.................
30
32,175
4.50%,
08/15/29
.................
37
37,254
232,993
Semiconductors
&
Semiconductor
Equipment
—
0.4%
Entegris,
Inc.
(d)
:
4.38%,
04/15/28
.................
16
16,760
3.63%,
05/01/29
.................
8
8,161
Microchip
Technology,
Inc.,
4.25%,
09/01/25
35
36,601
ON
Semiconductor
Corp.,
3.88%,
09/01/28
(d)
22
22,715
Synaptics,
Inc.,
4.00%,
06/15/29
(d)
.......
17
17,392
101,629
Software
—
2.7%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(d)
...
30
31,350
Ascend
Learning
LLC:
6.88%,
08/01/25
(d)
................
56
56,978
Boxer
Parent
Co.,
Inc.
(d)
:
7.13%,
10/02/25
.................
21
22,414
9.13%,
03/01/26
.................
53
55,574
Camelot
Finance
SA,
4.50%,
11/01/26
(d)
...
11
11,426
Castle
US
Holding
Corp.,
9.50%,
02/15/28
(d)
22
22,990
Change
Healthcare
Holdings
LLC,
5.75%,
03/01/25
(d)
....................
62
62,465
Clarivate
Science
Holdings
Corp.
(d)
:
3.88%,
07/01/28
.................
32
32,000
4.88%,
07/01/29
.................
43
43,084
Consensus
Cloud
Solutions,
Inc.
(d)
:
6.00%,
10/15/26
.................
5
5,138
6.50%,
10/15/28
.................
6
6,226
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
25
24,916
Elastic
NV,
4.13%,
07/15/29
(d)
.........
30
30,150
Fair
Isaac
Corp.,
4.00%,
06/15/28
(d)
......
5
5,125
MicroStrategy,
Inc.,
6.13%,
06/15/28
(d)
....
27
27,270
NCR
Corp.
(d)
:
5.00%,
10/01/28
.................
9
9,196
5.13%,
04/15/29
.................
10
10,313
6.13%,
09/01/29
.................
13
14,105
5.25%,
10/01/30
.................
9
9,437
PTC,
Inc.
(d)
:
3.63%,
02/15/25
.................
4
4,060
Security
Par
(000)
Par
(000)
Value
Software
(continued)
4.00%,
02/15/28
.................
USD
6
$
6,157
Rocket
Software,
Inc.,
6.50%,
02/15/29
(d)
..
34
33,660
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(d)
102
107,705
Veritas
US,
Inc.,
7.50%,
09/01/25
(d)
......
78
81,120
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(d)
32
31,840
744,699
Specialty
Retail
—
1.9%
Asbury
Automotive
Group,
Inc.:
4.50%,
03/01/28
.................
9
9,236
4.75%,
03/01/30
.................
8
8,350
BCPE
Ulysses
Intermediate,
Inc.,
7.75%,
(7.75%
Cash
or
8.50%
PIK),
04/01/27
(d)(j)
.
5
4,746
Carvana
Co.
(d)
:
5.50%,
04/15/27
.................
23
23,476
4.88%,
09/01/29
.................
18
17,825
Gap,
Inc.
(The)
(d)
:
3.63%,
10/01/29
.................
8
8,020
3.88%,
10/01/31
.................
6
6,000
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(d)
3
3,053
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(d)
..
20
20,225
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(d)
11
11,303
L
Brands,
Inc.:
6.63%,
10/01/30
(d)
................
13
14,755
6.88%,
11/01/35
.................
28
35,140
6.75%,
07/01/36
.................
5
6,200
LBM
Acquisition
LLC,
6.25%,
01/15/29
(d)
...
39
38,980
LCM
Investments
Holdings
II
LLC:
4.88%,
05/01/29
(d)
................
24
24,626
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(d)
.....
11
11,418
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
15
15,881
Penske
Automotive
Group,
Inc.:
3.50%,
09/01/25
.................
6
6,172
3.75%,
06/15/29
.................
6
6,034
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(d)
...............
20
21,000
SRS
Distribution,
Inc.
(d)
:
4.63%,
07/01/28
.................
35
35,707
6.13%,
07/01/29
.................
29
29,870
Staples,
Inc.
(d)
:
7.50%,
04/15/26
.................
55
55,782
10.75%,
04/15/27
................
21
20,449
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(d)
..
49
51,695
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(d)(j)
...........
18
18,585
504,528
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Xerox
Corp.,
4.80%,
03/01/35
.........
18
18,004
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
(d)
Crocs,
Inc.:
4.25%,
03/15/29
.................
13
13,378
4.13%,
08/15/31
.................
16
16,120
Hanesbrands,
Inc.,
5.38%,
05/15/25
.....
4
4,187
Levi
Strauss
&
Co.,
3.50%,
03/01/31
.....
10
10,100
William
Carter
Co.
(The),
5.50%,
05/15/25
..
7
7,355
Wolverine
World
Wide,
Inc.,
4.00%,
08/15/29
8
8,080
59,220
Thrifts
&
Mortgage
Finance
—
0.6%
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(d)
...
39
42,579
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(d)
.
18
16,317
Ladder
Capital
Finance
Holdings
LLLP
(d)
:
4.25%,
02/01/27
.................
14
13,860
4.75%,
06/15/29
.................
11
10,922
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
16
17,073
BlackRock
High
Yield
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Thrifts
&
Mortgage
Finance
(continued)
Nationstar
Mortgage
Holdings,
Inc.
(d)
:
6.00%,
01/15/27
.................
USD
10
$
10,468
5.50%,
08/15/28
.................
17
17,510
5.13%,
12/15/30
.................
11
11,024
Rocket
Mortgage
LLC
(d)
:
2.88%,
10/15/26
.................
15
14,658
4.00%,
10/15/33
.................
15
14,888
169,299
Trading
Companies
&
Distributors
—
0.7%
(d)
Beacon
Roofing
Supply,
Inc.,
4.13%,
05/15/29
8
7,950
Fortress
Transportation
&
Infrastructure
Investors
LLC:
6.50%,
10/01/25
.................
6
6,176
9.75%,
08/01/27
.................
5
5,663
5.50%,
05/01/28
.................
25
25,168
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
.....................
14
13,720
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
.....................
2
1,992
Herc
Holdings,
Inc.,
5.50%,
07/15/27
.....
22
23,083
Imola
Merger
Corp.,
4.75%,
05/15/29
.....
49
50,692
WESCO
Distribution,
Inc.:
7.13%,
06/15/25
.................
6
6,403
7.25%,
06/15/28
.................
43
47,622
188,469
Water
Utilities
—
0.0%
Solaris
Midstream
Holdings
LLC,
7.63%,
04/01/26
(d)
....................
9
9,645
Wireless
Telecommunication
Services
—
1.5%
Connect
Finco
SARL,
6.75%,
10/01/26
(d)(e)
..
209
218,666
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
.....................
3
3,383
Ligado
Networks
LLC,
0.00%,
(0.00%
Cash
or
15.50%
PIK),
11/01/23
(d)(i)(j)
..........
50
44,956
Sprint
Corp.,
7.63%,
03/01/26
.........
22
26,658
T-Mobile
USA,
Inc.:
2.63%,
02/15/29
.................
12
12,127
2.88%,
02/15/31
.................
41
41,348
3.50%,
04/15/31
(d)
................
30
31,639
3.50%,
04/15/31
.................
35
36,912
415,689
Total
Corporate
Bonds
—
83.4%
(Cost:
$21,859,072)
..............................
22,658,039
Floating
Rate
Loan
Interests
—
11.8%
Aerospace
&
Defense
—
0.5%
(i)
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
02/01/28
71
71,148
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
7.75%),
8.50%
,
02/01/29
25
25,469
Sequa
Mezzanine
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
7.75%
,
11/28/23
.................
19
19,290
Spirit
Aerosystems,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
5.25%),
6.00%
,
01/15/25
14
13,935
129,842
Air
Freight
&
Logistics
—
0.0%
AIT
Worldwide
Logistics
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
04/06/28
(i)
................
6
6,015
Security
Par
(000)
Par
(000)
Value
Airlines
—
0.6%
(i)
AAdvantage
Loyality
IP
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
04/20/28
(e)
................
USD
50
$
52,146
Air
Canada,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.25%
,
08/11/28
(e)
.........
28
28,093
SkyMiles
IP
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.75%
,
10/20/27
.....
26
27,408
United
AirLines,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
04/21/28
53
53,192
160,839
Auto
Components
—
0.0%
Clarios
Global
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
04/30/26
(i)
5
4,693
Automobiles
—
0.0%
Dealer
Tire
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.25%),
4.33%
,
01/01/38
(i)
.....
7
6,875
Building
Products
—
0.1%
(i)
CP
Atlas
Buyer,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.25%
,
11/23/27
.
8
7,930
CPG
International
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
3.25%
,
05/05/24
10
9,667
17,597
Chemicals
—
0.5%
(i)
Alpha
3
BV,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
3.00%
,
03/18/28
(e)
.........
39
38,846
Arc
Falcon
I,
Inc.,
Delayed
Draw
Term
Loan,
09/22/28
(n)
.....................
2
1,855
Arc
Falcon
I,
Inc.,
Term
Loan,
09/22/28
(n)
...
13
12,705
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
08/27/26
...........
38
38,648
Invictus
US
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.75%),
6.83%
,
03/30/26
5
4,776
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
3.58%
,
06/30/27
.................
6
5,608
Momentive
Performance
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.34%
,
05/15/24
...........
7
7,425
WR
Grace
Holdings
LLC,
Term
Loan,
09/22/28
(n)
.....................
25
25,078
134,941
Commercial
Services
&
Supplies
—
0.7%
(i)
Brand
Energy
&
Infrastructure
Services,
Inc.,
Term
Loan,
06/21/24
(n)
.............
177
175,070
GFL
Environmental,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.50%
,
05/30/25
(e)
3
3,078
Tempo
Acquisition
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
11/02/26
.
2
2,371
TruGreen
Ltd.
Partnership,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
8.50%),
9.25%
,
11/02/28
(c)
................
13
13,162
193,681
Construction
Materials
—
0.2%
(i)
Forterra
Finance
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
10/25/23
....
6
6,360
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
01/31/28
.................
8
8,430
BlackRock
High
Yield
Portfolio
13
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Construction
Materials
(continued)
Standard
Industries,
Inc.,
Term
Loan,
09/22/28
(n)
.....................
USD
38
$
38,020
52,810
Containers
&
Packaging
—
0.2%
(i)
Charter
NEX
US,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
12/01/27
.................
8
7,781
Kleopatra
Finco
SARL,
Facility
Term
Loan
B,
(LIBOR
USD
6
Month
+
4.75%),
5.25%
,
02/12/26
(e)
................
8
7,975
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
04/03/24
.................
25
24,771
40,527
Diversified
Consumer
Services
—
0.1%
(i)
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
3.58%
,
01/29/27
...........
7
6,895
Mileage
Plus
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
6.25%
,
06/21/27
16
16,990
Sotheby's,
Term
Loan,
(LIBOR
USD
2
Month
+
4.50%),
5.00%
,
01/15/27
...........
6
6,074
29,959
Diversified
Financial
Services
—
1.0%
(i)
Acuris
Finance
US,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.50%
,
02/16/28
8
8,147
Connect
Finco
SARL,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.50%
,
12/11/26
(e)
...
5
5,315
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.75%),
7.50%
,
04/07/28
.................
18
18,540
Delta
Topco,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
12/01/27
34
33,919
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.00%),
4.75%
,
10/01/27
.................
66
65,665
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
12/17/27
.................
5
4,652
Lealand
Finance
Co.,
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.08%
,
06/28/24
(c)(e)
1
697
Mercury
Borrower,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
2
Month
+
6.50%),
7.00%
,
08/02/29
(c)
................
11
10,890
Proofpoint,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.25%),
6.75%
,
08/31/29
(c)
29
29,290
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
3.25%
,
12/11/26
.................
6
5,980
Veritas
US,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
5.00%),
6.00%
,
09/01/25
.....
70
70,293
White
Cap
Buyer
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
10/19/27
23
22,779
WP
CPP
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.75%
,
04/30/25
.................
6
5,660
281,827
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
—
0.3%
(i)
Altice
Financing
SA,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
2.88%
,
07/15/25
(e)
....
USD
3
$
2,875
Altice
France
SA,
Term
Loan
B13,
(LIBOR
USD
3
Month
+
4.00%),
4.12%
,
08/14/26
(e)
...
5
5,084
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
05/01/28
.................
25
24,883
Northwest
Fiber
LLC,
1st
Lien
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.75%),
3.83%
,
04/30/27
.................
16
16,093
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.08%
,
03/09/27
26
25,592
74,527
Entertainment
—
0.1%
(i)
MSG
National
Properties
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
6.25%),
7.00%
,
11/12/25
(c)
................
33
33,490
Renaissance
Holding
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
05/30/25
.................
1
628
34,118
Health
Care
Providers
&
Services
—
0.5%
(i)
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
3.63%
,
07/24/26
.................
14
13,579
Envision
Healthcare
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
3.83%
,
10/10/25
60
52,979
Gentiva
Health
Services,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.75%),
2.88%
,
07/02/25
.................
11
11,352
LifePoint
Health,
Inc.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
3.83%
,
11/16/25
.................
10
9,787
Medical
Solutions
LLC,
2nd
Lien
Term
Loan,
09/24/28
(n)
.....................
9
8,910
Ortho-Clinical
Diagnostics,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.08%
,
06/30/25
(e)
................
8
8,057
Quorum
Health
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
7.00%),
8.00%
,
04/29/25
....
22
21,725
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
5.00%
,
01/08/27
.................
18
17,836
144,225
Health
Care
Technology
—
0.5%
(i)
athenahealth,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.25%),
4.38%
,
02/11/26
.................
11
10,967
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.50%
,
06/02/28
.................
31
31,058
Verscend
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.00%),
4.08%
,
08/27/25
101
101,380
143,405
Hotels,
Restaurants
&
Leisure
—
0.3%
(i)
Caesars
Resort
Collection
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.50%),
3.58%
,
07/21/25
.................
17
16,576
Golden
Nugget
Online
Gaming,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
12.00%),
13.00%
,
10/04/23
(c)
...............
5
5,113
BlackRock
High
Yield
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Golden
Nugget,
Inc.,
Term
Loan
B,
(LIBOR
USD
2
Month
+
2.50%),
3.25%
,
10/04/23
USD
32
$
31,603
IRB
Holding
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
4.25%
,
12/15/27
.....
14
13,867
Life
Time,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.75%
,
12/16/24
.....
20
20,022
Raptor
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
11/01/26
(e)(n)
....................
5
5,014
92,195
Household
Durables
—
0.1%
SWF
Holdings
I
Corp.,
Term
Loan
B,
09/17/28
(i)
(n)
...........................
21
20,829
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Calpine
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
2.08%
,
08/12/26
(i)
.....
1
1,476
Industrial
Conglomerates
—
0.1%
AVSC
Holding
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
8.25%
,
09/01/25
(i)
................
26
20,476
Insurance
—
0.2%
(i)
Alliant
Holdings
Intermediate
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
11/05/27
.................
12
11,948
Asurion
LLC,
Term
Loan
B8,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
12/23/26
.....
4
3,782
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan:
(LIBOR
USD
1
Month
+
3.25%),
3.33%, 12/31/25
...............
6
5,982
(LIBOR
USD
1
Month
+
3.75%),
3.83%, 09/03/26
...............
22
22,412
(LIBOR
USD
1
Month
+
4.25%),
5.25%, 09/03/26
...............
7
6,866
50,990
Interactive
Media
&
Services
—
0.1%
(i)
Camelot
US
Acquisition
1
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
10/30/26
.................
11
10,941
Grab
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
5.50%
,
01/29/26
(e)
....
14
14,046
24,987
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
(i)
................
19
18,917
IT
Services
—
0.3%
(i)
Epicor
Software
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.75%),
8.75%
,
07/31/28
.................
8
8,210
Epicor
Software
Corp.,
Term
Loan
C,
(LIBOR
USD
1
Month
+
3.25%),
4.00%
,
07/30/27
6
5,932
Flexential
Intermediate
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
7.33%
,
08/01/25
.................
7
6,419
Mitchell
International,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
11/29/24
.................
3
3,248
Mitchell
International,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
7.33%
,
12/01/25
.................
10
9,977
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
Pug
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
3.58%
,
02/12/27
...........
USD
15
$
15,056
Sophia
LP,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
10/07/27
...........
34
33,810
TierPoint
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
05/05/26
6
5,554
88,206
Life
Sciences
Tools
&
Services
—
0.3%
(i)
ICON
Luxembourg
SARL,
Term
Loan:
(LIBOR
USD
3
Month
+
2.50%),
3.00%, 07/03/28
...............
8
7,792
(LIBOR
USD
3
Month
+
2.50%),
3.00%, 07/03/28
(e)
..............
31
31,271
Parexel
International
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
2.83%
,
09/27/24
29
29,370
68,433
Machinery
—
0.5%
(i)
Madison
IAQ
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
06/21/28
.....
8
7,987
MHI
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
5.08%
,
09/21/26
.....
38
37,723
Titan
Acquisition
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.17%
,
03/28/25
(e)
...
82
80,084
125,794
Media
—
1.7%
Ascend
Learning
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
07/12/24
(i)
...
8
8,095
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
3.63%
,
08/21/26
(i)
................
66
64,978
DirectTV
Financing
LLC,
Term
Loan,
08/02/27
(i)
(n)
...........................
40
40,012
Intelsat
Jackson
Holdings
SA,
Term
Loan
B3,
11/27/23
(e)(i)(n)
....................
20
20,186
Intelsat
Jackson
Holdings
SA,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
5.50%),
8.75%
,
01/02/24
(e)(i)
...............
33
33,087
Intelsat
Jackson
Holdings
SA,
Term
Loan
B5,
8.63%
,
01/02/24
(e)(o)
...............
164
166,746
Intelsat
Jackson
Holdings
SA.,
Term
Loan,
07/13/22
(e)(i)(n)
...................
83
83,878
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.25%
,
12/01/23
(i)
................
7
6,609
Radiate
Holdco
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
4.25%
,
09/25/26
(i)
3
2,961
Xplornet
Communications,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
4.84%
,
12/31/28
(e)(i)
...............
23
22,600
449,152
Metals
&
Mining
—
0.0%
Grinding
Media,
Inc.,
Term
Loan
B,
09/22/28
(c)(i)
(n)
...........................
8
8,010
Oil,
Gas
&
Consumable
Fuels
—
0.5%
Ascent
Resources
Utica
Holdings
LLC,
2nd
Lien
Term
Loan,
11/01/25
(i)(n)
.........
135
147,694
Pharmaceuticals
—
0.2%
Endo
Luxembourg
Finance
Co.
I
SARL,
Term
Loan,
(LIBOR
USD
3
Month
+
5.00%),
5.75%
,
03/27/28
(e)(i)
...............
41
39,571
BlackRock
High
Yield
Portfolio
15
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Professional
Services
—
0.0%
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.34%
,
02/06/26
(i)
................
USD
9
$
8,518
Software
—
1.9%
Barracuda
Networks,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
7.50%
,
10/30/28
(i)
................
15
15,252
BMC
Software,
Inc.,
2nd
Lien
Term
Loan,
02/27/26
(c)(i)(n)
....................
32
32,360
Boxer
Parent
Co.,
Inc.,
Term
Loan,
10/02/25
(i)(n)
19
19,151
Castle
US
Holding
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
3.88%
,
01/29/27
(i)
19
18,596
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
08/10/29
(c)
(i)(n)
...........................
21
20,895
Cloudera,
Inc.,
Term
Loan,
07/08/28
(i)(n)
....
60
59,888
Greeneden
US
Holdings
I
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.75%
,
12/01/27
(i)
................
23
22,841
Helios
Software
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
3.92%
,
03/11/28
(i)
................
10
9,928
Informatica
LLC,
2nd
Lien
Term
Loan,
7.13%
,
02/25/25
(o)
................
39
39,507
Informatica
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.33%
,
02/25/27
(i)
.....
3
2,785
Magenta
Buyer
LLC,
1st
Lien
Term
Loan,
07/27/28
(i)(n)
.....................
65
64,980
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
07/27/29
(c)(i)(n)
....................
34
33,958
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.25%),
6.34%
,
02/23/29
(i)
5
5,070
Planview
Parent,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
8.00%
,
12/18/28
(c)(i)
...............
13
12,935
Project
Alpha
Intermediate
Holding,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.09%
,
04/26/24
(i)
................
15
14,874
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
08/31/28
(i)
20
19,890
RealPage,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
04/24/28
(i)
27
26,907
Sabre
GLBL,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
12/17/27
(i)
...
12
12,328
Sabre
GLBL,
Inc.,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
12/17/27
(i)
...
20
19,651
Severin
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.34%
,
08/01/25
(i)
................
9
8,701
Sovos
Compliance
LLC,
1st
Lien
Delayed
Draw
Term
Loan,
08/11/28
(i)(n)
.............
2
2,005
Sovos
Compliance
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
5.00%
,
08/11/28
(i)
................
12
11,607
TIBCO
Software,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
7.34%
,
03/03/28
(i)
................
26
26,247
UKG,
Inc.,
1st
Lien
Term
Loan
(i)
:
(LIBOR
USD
1
Month
+
3.75%),
3.83%, 05/04/26
...............
10
9,614
(LIBOR
USD
3
Month
+
3.25%),
4.00%, 05/04/26
...............
17
16,853
526,823
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
—
0.2%
(i)
PetSmart
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
02/11/28
......
USD
46
$
46,066
Staples,
Inc.,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
5.00%),
5.13%
,
04/16/26
.....
12
11,363
57,429
Transportation
Infrastructure
—
0.0%
(i)(n)
KKR
Apple
Bidco
LLC,
1st
Lien
Term
Loan,
09/22/28
......................
9
8,987
KKR
Apple
Bidco
LLC,
2nd
Lien
Term
Loan,
09/21/29
......................
2
2,029
11,016
Total
Floating
Rate
Loan
Interests
—
11.8%
(Cost:
$3,187,506)
..............................
3,216,397
Shares
Shares
Investment
Companies
—
0.0%
Western
Midstream
Partners
LP
.........
191
4,003
Total
Investment
Companies
—
0.0%
(Cost:
$3,180)
.................................
4,003
Beneficial
Interest
(000)
Other
Interests
—
0.0%
(p)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings
Capital
Trust
Escrow
Bonds
(a)(f)
.................
140
952
Total
Other
Interests
—
0.0%
(Cost:
$0)
....................................
952
Par
(000)
Pa
r
(
000)
Capital
Trusts
—
1.9%
Banks
—
1.4%
(h)(i)
Bank
of
America
Corp.:
Series
X,
(LIBOR
USD
3
Month
+
3.71%),
6.25%
......................
42
46,200
Series
AA,
(LIBOR
USD
3
Month
+
3.90%),
6.10%
......................
116
129,355
CIT
Group,
Inc.,
Series
A,
(LIBOR
USD
3
Month
+
3.97%),
5.80%
............
26
26,552
JPMorgan
Chase
&
Co.:
Series
Q,
(LIBOR
USD
3
Month
+
3.25%),
5.15%
......................
20
20,575
Series
R,
(LIBOR
USD
3
Month
+
3.30%),
6.00%
......................
4
4,220
Series
U,
(LIBOR
USD
3
Month
+
3.33%),
6.13%
......................
7
7,534
Series
FF,
(SOFR
+
3.38%),
5.00%
....
71
74,106
Series
HH,
(SOFR
+
3.13%),
4.60%
....
26
26,585
Wells
Fargo
&
Co.,
Series
BB,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%),
3.90%
.............
35
36,094
371,221
BlackRock
High
Yield
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Security
Par
(000)
Par
(000)
Value
Capital
Markets
—
0.5%
(h)(i)
Charles
Schwab
Corp.
(The),
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
.....
USD
59
$
60,858
Goldman
Sachs
Group,
Inc.
(The),
Series
R,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%),
4.95%
70
74,200
135,058
Consumer
Finance
—
0.0%
General
Motors
Financial
Co.,
Inc.,
Series
C,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.00%),
5.70%
(h)
(i)
............................
10
11,513
Total
Capital
Trusts
—
1.9%
(Cost:
$492,301)
................................
517,792
Total
Long-Term
Investments
—
99.7%
(Cost:
$26,070,780)
..............................
27,088,530
Security
Shares
Shares
Value
Short-Term
Securities
—
0.9%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
(q)(r)
.................
237,532
$
237,532
Total
Short-Term
Securities
—
0.9%
(Cost:
$237,532)
................................
237,532
Total
Investments
—
100.6%
(Cost:
$26,308,312
)
..............................
27,326,062
Liabilities
in
Excess
of
Other
Assets
—
(0.6)%
............
(169,426)
Net
Assets
—
100.0%
..............................
$
27,156,636
(a)
Non-income
producing
security.
(b)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$49,439,
representing
0.18%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$40,008.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(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)
U.S.
dollar
denominated
security
issued
by
foreign
domiciled
entity.
(f)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(g)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(h)
Perpetual
security
with
no
stated
maturity
date.
(i)
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.
(j)
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.
(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)
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.
(o)
Fixed
rate.
(p)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(q)
Annualized
7-day
yield
as
of
period
end.
(r)
Affiliate
of
the
Fund.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
September
30,
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
09/30/21
Shares
Held
at
09/30/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
171,880
$
65,652
$
—
$
—
$
—
$
237,532
237,532
$
45
$
—
—
—
(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
17
Schedule
of
Investments
(unaudited)
(continued)
September
30,
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
471,355
Toronto
Dominion
Bank
12/15/21
$
(9,611)
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
$
(61)
$
(272)
$
211
Lumen
Technologies,
Inc.
1.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
6
(236)
(593)
357
$
(297)
$
(865)
$
568
(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
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
BlackRock
High
Yield
Portfolio
18
Schedule
of
Investments
(unaudited)
(continued)
September
30,
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
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:
Common
Stocks:
Auto
Components
......................................
$
6,885
$
—
$
—
$
6,885
Building
Products
.......................................
621
—
—
621
Chemicals
............................................
58,465
—
—
58,465
Communications
Equipment
................................
6,972
—
—
6,972
Electrical
Equipment
.....................................
21,231
25,448
—
46,679
Energy
Equipment
&
Services
..............................
—
—
1,307
1,307
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
135,549
—
—
135,549
Hotels,
Restaurants
&
Leisure
..............................
12,520
—
—
12,520
Life
Sciences
Tools
&
Services
..............................
58,690
—
—
58,690
Media
...............................................
21,772
—
—
21,772
Metals
&
Mining
........................................
31,945
—
—
31,945
Oil,
Gas
&
Consumable
Fuels
...............................
275,647
23,991
—
299,638
Road
&
Rail
...........................................
10,304
—
—
10,304
Corporate
Bonds:
Aerospace
&
Defense
....................................
—
723,473
—
723,473
Airlines
..............................................
—
493,976
—
493,976
Auto
Components
......................................
—
584,032
—
584,032
Automobiles
..........................................
—
39,871
—
39,871
Banks
...............................................
—
16,796
—
16,796
Biotechnology
.........................................
—
17,862
—
17,862
Building
Products
.......................................
—
308,667
—
308,667
Capital
Markets
........................................
—
130,041
—
130,041
Chemicals
............................................
—
456,586
—
456,586
Commercial
Services
&
Supplies
.............................
—
923,794
—
923,794
Communications
Equipment
................................
—
225,672
—
225,672
Construction
&
Engineering
................................
—
89,419
—
89,419
Consumer
Finance
......................................
—
390,491
—
390,491
Containers
&
Packaging
..................................
—
322,236
—
322,236
Distributors
...........................................
—
30,305
—
30,305
Diversified
Consumer
Services
..............................
—
75,533
—
75,533
BlackRock
High
Yield
Portfolio
19
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Level
1
Level
2
Level
3
Total
Diversified
Financial
Services
...............................
$
—
$
302,035
$
—
$
302,035
Diversified
Telecommunication
Services
........................
—
1,480,249
—
1,480,249
Electric
Utilities
........................................
—
284,326
—
284,326
Electrical
Equipment
.....................................
—
33,543
—
33,543
Electronic
Equipment,
Instruments
&
Components
.................
—
72,873
—
72,873
Energy
Equipment
&
Services
..............................
—
159,220
63,733
222,953
Entertainment
.........................................
—
239,224
—
239,224
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
712,901
—
712,901
Food
&
Staples
Retailing
..................................
—
153,636
—
153,636
Food
Products
.........................................
—
671,496
—
671,496
Gas
Utilities
...........................................
—
11,412
—
11,412
Health
Care
Equipment
&
Supplies
...........................
—
324,590
—
324,590
Health
Care
Providers
&
Services
............................
—
1,487,816
—
1,487,816
Hotels,
Restaurants
&
Leisure
..............................
—
1,439,168
—
1,439,168
Household
Durables
.....................................
—
300,868
—
300,868
Household
Products
.....................................
—
75,165
—
75,165
Independent
Power
and
Renewable
Electricity
Producers
............
—
128,656
—
128,656
Insurance
............................................
—
531,916
—
531,916
Interactive
Media
&
Services
...............................
—
50,607
—
50,607
Internet
&
Direct
Marketing
Retail
............................
—
64,639
—
64,639
IT
Services
...........................................
—
354,513
—
354,513
Leisure
Products
.......................................
—
45,932
—
45,932
Life
Sciences
Tools
&
Services
..............................
—
60,765
—
60,765
Machinery
............................................
—
309,200
—
309,200
Marine
..............................................
—
26,541
—
26,541
Media
...............................................
—
1,425,651
—
1,425,651
Metals
&
Mining
........................................
—
779,310
—
779,310
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
3,006
—
3,006
Multiline
Retail
.........................................
—
35,021
—
35,021
Oil,
Gas
&
Consumable
Fuels
...............................
—
2,984,286
—
2,984,286
Personal
Products
......................................
—
26,275
—
26,275
Pharmaceuticals
.......................................
—
434,157
—
434,157
Professional
Services
....................................
—
175,622
—
175,622
Real
Estate
Management
&
Development
.......................
—
136,758
—
136,758
Road
&
Rail
...........................................
—
232,993
—
232,993
Semiconductors
&
Semiconductor
Equipment
....................
—
101,629
—
101,629
Software
.............................................
—
744,699
—
744,699
Specialty
Retail
........................................
—
504,528
—
504,528
Technology
Hardware,
Storage
&
Peripherals
....................
—
18,004
—
18,004
Textiles,
Apparel
&
Luxury
Goods
............................
—
59,220
—
59,220
Thrifts
&
Mortgage
Finance
................................
—
169,299
—
169,299
Trading
Companies
&
Distributors
............................
—
188,469
—
188,469
Water
Utilities
.........................................
—
9,645
—
9,645
Wireless
Telecommunication
Services
.........................
—
415,689
—
415,689
Floating
Rate
Loan
Interests:
Aerospace
&
Defense
....................................
—
129,842
—
129,842
Air
Freight
&
Logistics
....................................
—
6,015
—
6,015
Airlines
..............................................
—
160,839
—
160,839
Auto
Components
......................................
—
4,693
—
4,693
Automobiles
..........................................
—
6,875
—
6,875
Building
Products
.......................................
—
17,597
—
17,597
Chemicals
............................................
—
134,941
—
134,941
Commercial
Services
&
Supplies
.............................
—
180,519
13,162
193,681
Construction
Materials
....................................
—
52,810
—
52,810
Containers
&
Packaging
..................................
—
40,527
—
40,527
Diversified
Consumer
Services
..............................
—
29,959
—
29,959
Diversified
Financial
Services
...............................
—
240,950
40,877
281,827
Diversified
Telecommunication
Services
........................
—
74,527
—
74,527
Entertainment
.........................................
—
628
33,490
34,118
Health
Care
Providers
&
Services
............................
—
144,225
—
144,225
Health
Care
Technology
..................................
—
143,405
—
143,405
Hotels,
Restaurants
&
Leisure
..............................
—
87,082
5,113
92,195
Household
Durables
.....................................
—
20,829
—
20,829
Independent
Power
and
Renewable
Electricity
Producers
............
—
1,476
—
1,476
Industrial
Conglomerates
..................................
—
20,476
—
20,476
Insurance
............................................
—
50,990
—
50,990
BlackRock
High
Yield
Portfolio
20
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Level
1
Level
2
Level
3
Total
Interactive
Media
&
Services
...............................
$
—
$
24,987
$
—
$
24,987
Internet
&
Direct
Marketing
Retail
............................
—
18,917
—
18,917
IT
Services
...........................................
—
88,206
—
88,206
Life
Sciences
Tools
&
Services
..............................
—
68,433
—
68,433
Machinery
............................................
—
125,794
—
125,794
Media
...............................................
—
449,152
—
449,152
Metals
&
Mining
........................................
—
—
8,010
8,010
Oil,
Gas
&
Consumable
Fuels
...............................
—
147,694
—
147,694
Pharmaceuticals
.......................................
—
39,571
—
39,571
Professional
Services
....................................
—
8,518
—
8,518
Software
.............................................
—
426,675
100,148
526,823
Specialty
Retail
........................................
—
57,429
—
57,429
Transportation
Infrastructure
...............................
—
11,016
—
11,016
Investment
Companies
....................................
4,003
—
—
4,003
Other
Interests
..........................................
—
952
—
952
Capital
Trusts
...........................................
—
517,792
—
517,792
Short-Term
Securities
.......................................
237,532
—
—
237,532
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
316
—
316
$
882,136
$
26,178,402
$
265,840
$
27,326,378
Derivative
Financial
Instruments
(b)
Assets:
Credit
contracts
...........................................
$
—
$
568
$
—
$
568
Liabilities:
Foreign
currency
exchange
contracts
............................
—
(9,611)
—
(9,611)
$
—
$
(9,043)
$
—
$
(9,043)
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
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.