Schedule
of
Investments
(unaudited)
September
30,
2023
BlackRock
High
Yield
Portfolio
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Capital
Markets
—
0.0%
Ardagh
MP
USA,
Inc.
,
(Acquired
08/02/21
,
cost
$
25,124
)
(a)
(b)
....................
2,555
$
7,997
Chemicals
—
0.0%
Element
Solutions,
Inc.
...............
629
12,335
Financial
Services
—
0.0%
Block,
Inc.,
Class
A
(a)
................
58
2,567
Ground
Transportation
—
0.0%
Uber
Technologies,
Inc.
(a)
.............
201
9,244
Hotels,
Restaurants
&
Leisure
—
0.1%
Aramark
.........................
205
7,114
Carnival
Corp.
(a)
....................
764
10,482
17,596
IT
Services
—
0.0%
Twilio,
Inc.,
Class
A
(a)
................
29
1,697
Metals
&
Mining
—
0.2%
Constellium
SE,
Class
A
(a)
.............
1,837
33,433
Pharmaceuticals
—
0.1%
Catalent,
Inc.
(a)
....................
353
16,072
Software
—
0.1%
Informatica,
Inc.,
Class
A
(a)
............
702
14,791
Total
Common
Stocks
—
0
.5
%
(Cost:
$
131,704
)
................................
115,732
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
4.1%
Bombardier,
Inc.
(c)
7.13%
,
06/15/26
.................
USD
78
75,571
7.88%
,
04/15/27
.................
42
40,982
6.00%
,
02/15/28
.................
68
61,689
7.50%
,
02/01/29
.................
28
26,571
BWX
Technologies,
Inc.
(c)
4.13%
,
06/30/28
.................
10
8,841
4.13%
,
04/15/29
.................
19
16,625
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
(c)
....................
3
2,740
Spirit
AeroSystems,
Inc.
(c)
7.50%
,
04/15/25
.................
2
1,962
9.38%
,
11/30/29
.................
47
47,829
TransDigm,
Inc.
6.25%
,
03/15/26
(c)
................
323
317,374
7.50%
,
03/15/27
.................
10
10,018
6.75%
,
08/15/28
(c)
................
179
176,223
6.88%
,
12/15/30
(c)
................
13
12,747
Triumph
Group,
Inc.,
9.00%,
03/15/28
(c)
...
56
55,373
854,545
Air
Freight
&
Logistics
—
0.1%
Forward
Air
Corp.,
9.50%,
10/15/31
(c)
.....
24
23,983
Automobile
Components
—
2.2%
Clarios
Global
LP
(c)
6.75%
,
05/15/25
.................
28
27,789
6.25%
,
05/15/26
.................
57
55,771
8.50%
,
05/15/27
.................
201
200,423
6.75%
,
05/15/28
.................
53
51,742
Dealer
Tire
LLC,
8.00%,
02/01/28
(c)
......
8
7,500
Security
Par
(000)
Par
(000)
Value
Automobile
Components
(continued)
Goodyear
Tire
&
Rubber
Co.
(The)
9.50%
,
05/31/25
.................
USD
5
$
5,075
5.00%
,
07/15/29
.................
9
7,752
5.63%
,
04/30/33
.................
2
1,637
Icahn
Enterprises
LP
4.75%
,
09/15/24
.................
13
12,521
6.25%
,
05/15/26
.................
12
11,149
5.25%
,
05/15/27
.................
51
44,828
4.38%
,
02/01/29
.................
23
18,392
Tenneco,
Inc.,
8.00%,
11/17/28
(c)
.......
12
9,765
454,344
Automobiles
—
0.4%
Ford
Motor
Co.
3.25%
,
02/12/32
.................
46
35,451
6.10%
,
08/19/32
.................
40
37,676
73,127
Banks
—
0.5%
Banco
Espirito
Santo
SA,
4.75%,
01/15/18
(a)
(d)
(e)
EUR
100
27,488
Citigroup,
Inc.
(f)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.21%),
7.63%
(g)
.....................
USD
14
13,658
(1-day
SOFR
+
2.66%),
6.17%
,
05/25/34
30
28,669
Wells
Fargo
&
Co.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.61%),
7.63%
(f)
(g)
...............
29
29,237
99,052
Broadline
Retail
—
0.5%
(c)
ANGI
Group
LLC,
3.88%,
08/15/28
......
17
13,302
Go
Daddy
Operating
Co.
LLC
5.25%
,
12/01/27
.................
5
4,716
3.50%
,
03/01/29
.................
16
13,462
LCM
Investments
Holdings
II
LLC,
8.25%,
08/01/31
.....................
17
16,514
Match
Group
Holdings
II
LLC
4.63%
,
06/01/28
.................
15
13,448
4.13%
,
08/01/30
.................
6
4,951
3.63%
,
10/01/31
.................
26
20,517
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
...
10
9,381
96,291
Building
Products
—
1.0%
(c)
Advanced
Drainage
Systems,
Inc.
5.00%
,
09/30/27
.................
27
25,223
6.38%
,
06/15/30
.................
25
24,011
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
.....................
14
13,505
JELD-WEN,
Inc.,
4.63%,
12/15/25
......
18
17,283
Masonite
International
Corp.
5.38%
,
02/01/28
.................
8
7,441
3.50%
,
02/15/30
.................
17
13,813
New
Enterprise
Stone
&
Lime
Co.,
Inc.
5.25%
,
07/15/28
.................
21
18,843
9.75%
,
07/15/28
.................
7
6,912
Smyrna
Ready
Mix
Concrete
LLC,
6.00%,
11/01/28
.....................
42
38,786
Standard
Industries,
Inc.
5.00%
,
02/15/27
.................
2
1,854
4.75%
,
01/15/28
.................
5
4,510
4.38%
,
07/15/30
.................
24
19,877
3.38%
,
01/15/31
.................
18
13,913
Summit
Materials
LLC,
5.25%,
01/15/29
...
3
2,724
208,695
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
Portfolio
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
—
0.4%
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(c)
....................
USD
10
$
10,061
Ares
Capital
Corp.,
7.00%,
01/15/27
.....
10
10,000
Blackstone
Private
Credit
Fund
7.05%
,
09/29/25
.................
5
5,008
3.25%
,
03/15/27
.................
5
4,343
Blue
Owl
Capital
Corp.
3.75%
,
07/22/25
.................
5
4,685
3.40%
,
07/15/26
.................
4
3,586
Blue
Owl
Credit
Income
Corp.
5.50%
,
03/21/25
.................
11
10,640
3.13%
,
09/23/26
.................
3
2,637
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(c)
...............
19
16,612
Northern
Trust
Corp.,
6.13%,
11/02/32
....
8
7,899
75,471
Chemicals
—
2.0%
Ashland,
Inc.,
3.38%,
09/01/31
(c)
........
13
10,109
Avient
Corp.,
7.13%,
08/01/30
(c)
........
9
8,842
Celanese
US
Holdings
LLC
6.35%
,
11/15/28
.................
11
10,862
6.55%
,
11/15/30
.................
9
8,808
6.70%
,
11/15/33
.................
16
15,574
Chemours
Co.
(The)
(c)
5.75%
,
11/15/28
.................
13
11,283
4.63%
,
11/15/29
.................
5
4,022
Element
Solutions,
Inc.,
3.88%,
09/01/28
(c)
.
149
128,585
Gates
Global
LLC,
6.25%,
01/15/26
(c)
.....
19
18,515
HB
Fuller
Co.,
4.25%,
10/15/28
........
10
8,824
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(c)
...
22
20,778
Ingevity
Corp.,
3.88%,
11/01/28
(c)
.......
9
7,421
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(c)
(f)
20
14,600
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(c)
..
11
9,145
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(c)
20
18,344
NOVA
Chemicals
Corp.,
4.88%,
06/01/24
(c)
.
4
3,930
Scotts
Miracle-Gro
Co.
(The)
4.00%
,
04/01/31
.................
6
4,584
4.38%
,
02/01/32
.................
3
2,252
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(c)
....................
36
28,851
WR
Grace
Holdings
LLC
(c)
4.88%
,
06/15/27
.................
15
13,762
5.63%
,
08/15/29
.................
66
53,377
7.38%
,
03/01/31
.................
24
23,268
425,736
Commercial
Services
&
Supplies
—
3.9%
ADT
Security
Corp.
(The)
(c)
4.13%
,
08/01/29
.................
2
1,691
4.88%
,
07/15/32
.................
4
3,340
Allied
Universal
Holdco
LLC
(c)
9.75%
,
07/15/27
.................
137
122,535
4.63%
,
06/01/28
.................
200
166,672
APi
Group
DE,
Inc.
(c)
4.13%
,
07/15/29
.................
14
11,765
4.75%
,
10/15/29
.................
8
6,999
APX
Group,
Inc.
(c)
6.75%
,
02/15/27
.................
14
13,443
5.75%
,
07/15/29
.................
22
18,538
Aramark
Services,
Inc.
(c)
5.00%
,
04/01/25
.................
8
7,863
6.38%
,
05/01/25
.................
17
17,271
5.00%
,
02/01/28
.................
46
42,542
Brink's
Co.
(The),
5.50%,
07/15/25
(c)
.....
4
3,921
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Clean
Harbors,
Inc.
(c)
4.88%
,
07/15/27
.................
USD
2
$
1,885
5.13%
,
07/15/29
.................
11
10,119
6.38%
,
02/01/31
.................
7
6,806
Covanta
Holding
Corp.
4.88%
,
12/01/29
(c)
................
12
9,845
5.00%
,
09/01/30
.................
9
7,182
Garda
World
Security
Corp.
(c)
4.63%
,
02/15/27
.................
25
22,877
9.50%
,
11/01/27
.................
4
3,824
7.75%
,
02/15/28
.................
37
36,275
GFL
Environmental,
Inc.
(c)
4.25%
,
06/01/25
.................
10
9,610
3.75%
,
08/01/25
.................
16
15,166
5.13%
,
12/15/26
.................
23
21,910
4.00%
,
08/01/28
.................
38
33,203
3.50%
,
09/01/28
.................
7
6,026
4.38%
,
08/15/29
.................
37
32,139
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(c)
....................
9
8,820
Madison
IAQ
LLC,
5.88%,
06/30/29
(c)
.....
28
22,547
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(c)
.
18
16,295
Prime
Security
Services
Borrower
LLC
(c)
5.75%
,
04/15/26
.................
16
15,523
6.25%
,
01/15/28
.................
36
33,342
Stericycle,
Inc.,
3.88%,
01/15/29
(c)
.......
9
7,761
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(c)
...
63
58,828
Williams
Scotsman,
Inc.,
7.38%,
10/01/31
(c)
.
27
26,853
823,416
Communications
Equipment
—
0.7%
(c)
CommScope
Technologies
LLC,
6.00%,
06/15/25
.....................
23
21,895
CommScope,
Inc.
6.00%
,
03/01/26
.................
33
30,796
4.75%
,
09/01/29
.................
18
13,240
Viasat,
Inc.
5.63%
,
09/15/25
.................
43
39,721
5.63%
,
04/15/27
.................
26
22,526
7.50%
,
05/30/31
.................
4
2,642
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
....
15
12,194
143,014
Construction
&
Engineering
—
0.7%
(c)
Arcosa,
Inc.,
4.38%,
04/15/29
.........
40
34,908
Brand
Industrial
Services,
Inc.,
10.38%,
08/01/30
.....................
102
102,157
Dycom
Industries,
Inc.,
4.50%,
04/15/29
...
11
9,515
MasTec,
Inc.,
4.50%,
08/15/28
.........
4
3,597
150,177
Consumer
Finance
—
1.8%
Capital
One
Financial
Corp.,
(1-day
SOFR
+
2.86%),
6.38%,
06/08/34
(f)
..........
10
9,437
Ford
Motor
Credit
Co.
LLC,
4.39%,
01/08/26
200
188,766
Global
Aircraft
Leasing
Co.
Ltd.
(c)(h)
6.50%
,
(
6.50
%
Cash
or
7.25
%
PIK),
09/15/24
....................
21
19,805
Series
2021,
6.50%
,
(
6.50
%
Cash
or
7.25
%
PIK),
09/15/24
(f)
................
15
13,818
Macquarie
Airfinance
Holdings
Ltd.
(c)
8.38%
,
05/01/28
.................
6
6,083
8.13%
,
03/30/29
.................
12
12,016
Navient
Corp.
5.88%
,
10/25/24
.................
2
1,968
5.50%
,
03/15/29
.................
11
9,240
9.38%
,
07/25/30
.................
10
9,863
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
Portfolio
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
OneMain
Finance
Corp.
6.88%
,
03/15/25
.................
USD
14
$
13,889
7.13%
,
03/15/26
.................
22
21,546
3.50%
,
01/15/27
.................
7
5,994
6.63%
,
01/15/28
.................
29
26,757
9.00%
,
01/15/29
.................
2
1,994
5.38%
,
11/15/29
.................
13
10,888
4.00%
,
09/15/30
.................
17
12,756
SLM
Corp.,
3.13%,
11/02/26
..........
14
12,143
376,963
Consumer
Staples
Distribution
&
Retail
—
0.9%
(c)
Albertsons
Cos.,
Inc.
3.25%
,
03/15/26
.................
20
18,525
4.63%
,
01/15/27
.................
4
3,777
5.88%
,
02/15/28
.................
27
25,987
6.50%
,
02/15/28
.................
10
9,884
3.50%
,
03/15/29
.................
30
25,578
4.88%
,
02/15/30
.................
21
18,921
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
.....................
31
26,779
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
6
4,574
US
Foods,
Inc.
6.88%
,
09/15/28
.................
13
12,972
4.75%
,
02/15/29
.................
27
24,132
4.63%
,
06/01/30
.................
3
2,606
7.25%
,
01/15/32
.................
15
14,985
188,720
Containers
&
Packaging
—
3.7%
Ardagh
Metal
Packaging
Finance
USA
LLC,
4.00%,
09/01/29
(c)
...............
200
156,514
Ball
Corp.
6.00%
,
06/15/29
.................
14
13,592
3.13%
,
09/15/31
.................
15
11,746
Clydesdale
Acquisition
Holdings,
Inc.
(c)
6.63%
,
04/15/29
.................
63
58,577
8.75%
,
04/15/30
.................
38
32,591
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
4
4,060
Graphic
Packaging
International
LLC,
4.75%,
07/15/27
(c)
....................
9
8,484
LABL,
Inc.
(c)
5.88%
,
11/01/28
.................
17
15,261
9.50%
,
11/01/28
.................
30
30,750
Mauser
Packaging
Solutions
Holding
Co.
(c)
7.88%
,
08/15/26
.................
207
199,700
9.25%
,
04/15/27
.................
6
5,245
Owens-Brockway
Glass
Container,
Inc.
(c)
6.63%
,
05/13/27
.................
3
2,924
7.25%
,
05/15/31
.................
16
15,640
Sealed
Air
Corp.
(c)
4.00%
,
12/01/27
.................
13
11,600
6.13%
,
02/01/28
.................
11
10,654
5.00%
,
04/15/29
.................
3
2,697
Trident
TPI
Holdings,
Inc.,
12.75%,
12/31/28
(c)
7
7,315
Trivium
Packaging
Finance
BV,
8.50%,
08/15/27
(c)
(i)
...................
200
182,777
770,127
Distributors
—
0.2%
(c)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
.............
4
3,333
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
24
22,794
Resideo
Funding,
Inc.,
4.00%,
09/01/29
...
5
4,108
Ritchie
Bros
Holdings,
Inc.,
6.75%,
03/15/28
5
4,988
35,223
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
—
1.0%
Graham
Holdings
Co.,
5.75%,
06/01/26
(c)
..
USD
3
$
2,895
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(c)
..
11
9,292
Service
Corp.
International
5.13%
,
06/01/29
.................
2
1,849
4.00%
,
05/15/31
.................
20
16,420
Sotheby's,
7.38%,
10/15/27
(c)
..........
200
184,083
214,539
Diversified
REITs
—
0.7%
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(c)
..
7
5,420
GLP
Capital
LP,
3.25%,
01/15/32
.......
31
24,059
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(c)
...
16
14,221
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(c)
......
15
12,329
RHP
Hotel
Properties
LP,
7.25%,
07/15/28
(c)
48
47,159
VICI
Properties
LP
(c)
4.63%
,
12/01/29
.................
28
24,837
4.13%
,
08/15/30
.................
25
21,260
149,285
Diversified
Telecommunication
Services
—
6.2%
Altice
France
SA,
8.13%,
02/01/27
(c)
.....
200
177,359
CCO
Holdings
LLC
(c)
5.38%
,
06/01/29
.................
22
19,739
6.38%
,
09/01/29
.................
51
47,556
4.75%
,
03/01/30
.................
20
16,789
4.50%
,
08/15/30
.................
5
4,104
4.25%
,
02/01/31
.................
36
28,657
7.38%
,
03/01/31
.................
134
129,421
4.75%
,
02/01/32
.................
50
40,000
4.25%
,
01/15/34
.................
21
15,462
Frontier
Communications
Holdings
LLC
(c)
5.88%
,
10/15/27
.................
28
25,465
5.00%
,
05/01/28
.................
49
41,837
8.75%
,
05/15/30
.................
79
75,009
Iliad
Holding
SASU,
6.50%,
10/15/26
(c)
....
200
187,903
Level
3
Financing,
Inc.
(c)
3.40%
,
03/01/27
.................
59
55,246
4.63%
,
09/15/27
.................
68
48,903
3.63%
,
01/15/29
.................
7
3,920
10.50%
,
05/15/30
................
62
62,409
Lumen
Technologies,
Inc.,
4.00%,
02/15/27
(c)
32
21,070
Telecom
Italia
Capital
SA
6.38%
,
11/15/33
.................
13
11,272
6.00%
,
09/30/34
.................
31
25,847
7.20%
,
07/18/36
.................
6
5,339
7.72%
,
06/04/38
.................
2
1,830
Uniti
Group
LP,
10.50%,
02/15/28
(c)
......
47
46,034
Zayo
Group
Holdings,
Inc.
(c)
4.00%
,
03/01/27
.................
235
174,343
6.13%
,
03/01/28
.................
65
41,777
1,307,291
Electric
Utilities
—
0.4%
Clearway
Energy
Operating
LLC,
3.75%,
02/15/31
(c)
....................
2
1,578
NextEra
Energy
Operating
Partners
LP,
3.88%,
10/15/26
(c)
....................
9
8,149
NRG
Energy,
Inc.
5.75%
,
01/15/28
.................
4
3,750
7.00%
,
03/15/33
(c)
................
15
14,493
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(c)
....................
20
17,370
Vistra
Operations
Co.
LLC
(c)
5.50%
,
09/01/26
.................
2
1,907
5.00%
,
07/31/27
.................
2
1,839
7.75%
,
10/15/31
.................
22
21,671
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
Portfolio
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
6.95%
,
10/15/33
.................
USD
15
$
14,712
85,469
Electrical
Equipment
—
0.6%
(c)
Regal
Rexnord
Corp.
6.05%
,
04/15/28
.................
33
32,098
6.30%
,
02/15/30
.................
15
14,490
6.40%
,
04/15/33
.................
10
9,632
Sensata
Technologies
BV,
5.63%,
11/01/24
.
9
8,895
Vertiv
Group
Corp.,
4.13%,
11/15/28
.....
70
61,531
126,646
Electronic
Equipment,
Instruments
&
Components
—
0.5%
(c)
Coherent
Corp.,
5.00%,
12/15/29
.......
35
30,346
Sensata
Technologies,
Inc.
4.38%
,
02/15/30
.................
72
62,172
3.75%
,
02/15/31
.................
8
6,475
98,993
Energy
Equipment
&
Services
—
3.6%
Archrock
Partners
LP
(c)
6.88%
,
04/01/27
.................
27
26,118
6.25%
,
04/01/28
.................
42
39,103
Enerflex
Ltd.,
9.00%,
10/15/27
(c)
........
16
15,800
Nabors
Industries
Ltd.
(c)
7.25%
,
01/15/26
.................
12
11,595
7.50%
,
01/15/28
.................
17
15,716
Nabors
Industries,
Inc.
5.75%
,
02/01/25
.................
49
47,959
7.38%
,
05/15/27
(c)
................
4
3,869
Noble
Finance
II
LLC,
8.00%,
04/15/30
(c)
...
20
20,262
Oceaneering
International,
Inc.,
6.00%,
02/01/28
(c)
....................
5
4,710
Patterson-UTI
Energy,
Inc.,
7.15%,
10/01/33
10
10,036
Precision
Drilling
Corp.,
6.88%,
01/15/29
(c)
.
5
4,736
Tervita
Corp.,
11.00%,
12/01/25
(c)
.......
7
7,318
Transocean
Aquila
Ltd.,
8.00%,
09/30/28
(c)
.
9
9,000
Transocean
Titan
Financing
Ltd.,
8.38%,
02/01/28
(c)
....................
8
8,140
Transocean,
Inc.
(c)
7.50%
,
01/15/26
.................
36
35,183
11.50%
,
01/30/27
................
37
38,804
8.00%
,
02/01/27
.................
17
16,362
8.75%
,
02/15/30
.................
67
68,968
USA
Compression
Partners
LP
6.88%
,
04/01/26
.................
51
49,957
6.88%
,
09/01/27
.................
24
23,267
Valaris
Ltd.,
8.38%,
04/30/30
(c)
.........
50
50,038
Venture
Global
LNG,
Inc.
(c)
8.13%
,
06/01/28
.................
92
91,093
8.38%
,
06/01/31
.................
128
125,832
Weatherford
International
Ltd.
(c)
6.50%
,
09/15/28
.................
13
13,001
8.63%
,
04/30/30
.................
27
27,207
764,074
Entertainment
—
0.7%
(c)
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
.....................
16
10,549
Live
Nation
Entertainment,
Inc.
4.88%
,
11/01/24
.................
3
2,947
5.63%
,
03/15/26
.................
4
3,841
6.50%
,
05/15/27
.................
90
88,739
4.75%
,
10/15/27
.................
24
21,975
3.75%
,
01/15/28
.................
13
11,473
Playtika
Holding
Corp.,
4.25%,
03/15/29
...
5
4,175
143,699
Security
Par
(000)
Par
(000)
Value
Financial
Services
—
2.7%
Block,
Inc.
2.75%
,
06/01/26
.................
USD
39
$
35,077
3.50%
,
06/01/31
.................
89
69,915
Blue
Owl
Credit
Income
Corp.,
7.75%,
09/16/27
21
20,831
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(c)
...
39
38,411
Freedom
Mortgage
Corp.
(c)
12.00%
,
10/01/28
................
7
7,118
12.25%
,
10/01/30
................
7
7,155
GGAM
Finance
Ltd.
(c)
7.75%
,
05/15/26
.................
3
2,970
8.00%
,
06/15/28
.................
3
2,994
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
16
14,899
Nationstar
Mortgage
Holdings,
Inc.
(c)
5.00%
,
02/01/26
.................
86
80,332
6.00%
,
01/15/27
.................
5
4,725
5.13%
,
12/15/30
.................
8
6,496
5.75%
,
11/15/31
.................
10
8,272
Permian
Resources
Operating
LLC,
7.00%,
01/15/32
(c)
....................
12
11,835
Rocket
Mortgage
LLC
(c)
2.88%
,
10/15/26
.................
59
51,961
3.88%
,
03/01/31
.................
7
5,581
4.00%
,
10/15/33
.................
5
3,776
Shift4
Payments
LLC,
4.63%,
11/01/26
(c)
...
61
57,515
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(c)
.
140
140,024
569,887
Food
Products
—
1.2%
(c)
B&G
Foods,
Inc.,
8.00%,
09/15/28
......
8
8,011
Chobani
LLC
7.50%
,
04/15/25
.................
91
90,143
4.63%
,
11/15/28
.................
70
61,738
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
..
45
42,603
Lamb
Weston
Holdings,
Inc.
4.88%
,
05/15/28
.................
8
7,379
4.13%
,
01/31/30
.................
24
20,524
4.38%
,
01/31/32
.................
17
14,241
Post
Holdings,
Inc.
4.63%
,
04/15/30
.................
4
3,425
4.50%
,
09/15/31
.................
2
1,665
Simmons
Foods,
Inc.,
4.63%,
03/01/29
...
13
10,664
260,393
Gas
Utilities
—
0.2%
(c)
AmeriGas
Partners
LP,
9.38%,
06/01/28
...
19
19,261
Howard
Midstream
Energy
Partners
LLC,
8.88%,
07/15/28
................
17
17,149
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
.....................
8
6,678
43,088
Ground
Transportation
—
1.3%
Hertz
Corp.
(The)
(c)
4.63%
,
12/01/26
.................
10
8,862
5.00%
,
12/01/29
.................
6
4,698
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(c)
.
21
18,428
Uber
Technologies,
Inc.
7.50%
,
05/15/25
(c)
................
52
52,325
0.00%
,
12/15/25
(j)
(k)
...............
27
25,189
8.00%
,
11/01/26
(c)
................
15
15,176
7.50%
,
09/15/27
(c)
................
32
32,266
6.25%
,
01/15/28
(c)
................
30
29,336
4.50%
,
08/15/29
(c)
................
68
60,782
Williams
Scotsman
International,
Inc.
(c)
6.13%
,
06/15/25
.................
11
10,890
4.63%
,
08/15/28
.................
12
10,740
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
Portfolio
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
(continued)
XPO
Escrow
Sub
LLC,
7.50%,
11/15/27
(c)
..
USD
6
$
6,066
274,758
Health
Care
Equipment
&
Supplies
—
1.4%
Avantor
Funding,
Inc.
(c)
4.63%
,
07/15/28
.................
33
30,086
3.88%
,
11/01/29
.................
33
28,204
Bausch
&
Lomb
Escrow
Corp.,
8.38%,
10/01/28
(c)
....................
81
81,241
Embecta
Corp.,
6.75%,
02/15/30
(c)
......
3
2,452
Garden
Spinco
Corp.,
8.63%,
07/20/30
(c)
...
13
13,570
Medline
Borrower
LP
(c)
3.88%
,
04/01/29
.................
27
22,827
5.25%
,
10/01/29
.................
132
114,087
Teleflex,
Inc.
4.63%
,
11/15/27
.................
2
1,835
4.25%
,
06/01/28
(c)
................
10
8,945
303,247
Health
Care
Providers
&
Services
—
2.7%
Acadia
Healthcare
Co.,
Inc.
(c)
5.50%
,
07/01/28
.................
5
4,650
5.00%
,
04/15/29
.................
6
5,394
AdaptHealth
LLC
(c)
6.13%
,
08/01/28
.................
6
5,179
5.13%
,
03/01/30
.................
2
1,549
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(c)
28
23,520
Community
Health
Systems,
Inc.
(c)
5.63%
,
03/15/27
.................
34
29,163
6.00%
,
01/15/29
.................
33
26,650
5.25%
,
05/15/30
.................
41
31,167
4.75%
,
02/15/31
.................
43
30,432
Encompass
Health
Corp.
4.50%
,
02/01/28
.................
5
4,556
4.75%
,
02/01/30
.................
26
23,002
4.63%
,
04/01/31
.................
21
17,801
HealthEquity,
Inc.,
4.50%,
10/01/29
(c)
.....
40
34,455
Legacy
LifePoint
Health
LLC,
4.38%,
02/15/27
(c)
....................
9
7,740
LifePoint
Health,
Inc.
9.88%
,
08/15/30
(c)
................
22
21,299
Class
B,
11.00%
,
10/15/30
..........
26
26,000
ModivCare,
Inc.,
5.88%,
11/15/25
(c)
......
25
23,764
Molina
Healthcare,
Inc.
(c)
4.38%
,
06/15/28
.................
18
16,129
3.88%
,
11/15/30
.................
7
5,793
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(c)
.
15
12,956
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(c)
....................
2
1,849
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(c)
...............
6
5,809
Surgery
Center
Holdings,
Inc.
(c)
6.75%
,
07/01/25
.................
22
21,421
10.00%
,
04/15/27
................
12
12,135
Tenet
Healthcare
Corp.
4.88%
,
01/01/26
.................
44
42,153
6.25%
,
02/01/27
.................
7
6,773
5.13%
,
11/01/27
.................
18
16,751
4.63%
,
06/15/28
.................
7
6,301
6.13%
,
10/01/28
.................
17
15,959
6.13%
,
06/15/30
.................
14
13,126
6.75%
,
05/15/31
(c)
................
82
79,087
572,563
Health
Care
REITs
—
0.3%
MPT
Operating
Partnership
LP
4.63%
,
08/01/29
.................
21
14,874
Security
Par
(000)
Par
(000)
Value
Health
Care
REITs
(continued)
3.50%
,
03/15/31
.................
USD
64
$
39,966
54,840
Hotel
&
Resort
REITs
—
0.3%
RHP
Hotel
Properties
LP
4.75%
,
10/15/27
.................
35
31,850
4.50%
,
02/15/29
(c)
................
16
13,711
RLJ
Lodging
Trust
LP
(c)
3.75%
,
07/01/26
.................
11
9,948
4.00%
,
09/15/29
.................
8
6,552
Service
Properties
Trust,
7.50%,
09/15/25
..
9
8,842
70,903
Hotels,
Restaurants
&
Leisure
—
7.5%
1011778
BC
ULC
(c)
3.88%
,
01/15/28
.................
11
9,867
4.38%
,
01/15/28
.................
15
13,520
4.00%
,
10/15/30
.................
14
11,634
Boyd
Gaming
Corp.
4.75%
,
12/01/27
.................
12
11,047
4.75%
,
06/15/31
(c)
................
13
11,063
Boyne
USA,
Inc.,
4.75%,
05/15/29
(c)
.....
16
13,994
Caesars
Entertainment,
Inc.
(c)
6.25%
,
07/01/25
.................
72
71,014
8.13%
,
07/01/27
.................
66
66,315
4.63%
,
10/15/29
.................
40
33,882
7.00%
,
02/15/30
.................
90
87,576
Caesars
Resort
Collection
LLC,
5.75%,
07/01/25
(c)
....................
4
3,983
Carnival
Corp.
(c)
7.63%
,
03/01/26
.................
14
13,619
5.75%
,
03/01/27
.................
56
50,693
9.88%
,
08/01/27
.................
21
21,922
4.00%
,
08/01/28
.................
59
51,158
6.00%
,
05/01/29
.................
45
38,384
7.00%
,
08/15/29
.................
11
10,846
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
05/01/28
(c)
....................
154
165,129
CCM
Merger,
Inc.,
6.38%,
05/01/26
(c)
.....
9
8,608
CDI
Escrow
Issuer,
Inc.,
5.75%,
04/01/30
(c)
.
36
32,523
Cedar
Fair
LP
5.50%
,
05/01/25
(c)
................
6
5,875
5.38%
,
04/15/27
.................
6
5,620
6.50%
,
10/01/28
.................
5
4,727
Churchill
Downs,
Inc.
(c)
5.50%
,
04/01/27
.................
38
36,221
4.75%
,
01/15/28
.................
28
25,257
6.75%
,
05/01/31
.................
47
44,415
Fertitta
Entertainment
LLC
(c)
4.63%
,
01/15/29
.................
12
10,170
6.75%
,
01/15/30
.................
2
1,630
Hilton
Domestic
Operating
Co.,
Inc.
5.38%
,
05/01/25
(c)
................
12
11,791
5.75%
,
05/01/28
(c)
................
15
14,501
3.75%
,
05/01/29
(c)
................
9
7,783
4.88%
,
01/15/30
.................
12
10,921
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
.....................
4
3,805
IRB
Holding
Corp.,
7.00%,
06/15/25
(c)
....
16
16,004
Life
Time,
Inc.
(c)
5.75%
,
01/15/26
.................
27
26,163
8.00%
,
04/15/26
.................
19
18,667
Light
&
Wonder
International,
Inc.
(c)
7.00%
,
05/15/28
.................
13
12,778
7.25%
,
11/15/29
.................
14
13,720
7.50%
,
09/01/31
.................
13
12,848
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
Portfolio
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
05/15/28
(c)
....................
USD
17
$
16,963
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(c)
23
21,534
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(c)
17
13,991
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(c)
....................
11
9,365
NCL
Corp.
Ltd.
(c)
5.88%
,
03/15/26
.................
27
24,928
8.38%
,
02/01/28
.................
9
9,129
7.75%
,
02/15/29
.................
3
2,784
NCL
Finance
Ltd.,
6.13%,
03/15/28
(c)
.....
11
9,708
Ontario
Gaming
GTA
LP,
8.00%,
08/01/30
(c)
.
11
11,000
Premier
Entertainment
Sub
LLC
(c)
5.63%
,
09/01/29
.................
10
7,700
5.88%
,
09/01/31
.................
10
7,375
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(c)
.
15
14,044
Royal
Caribbean
Cruises
Ltd.
(c)
11.50%
,
06/01/25
................
4
4,223
4.25%
,
07/01/26
.................
6
5,501
5.50%
,
08/31/26
.................
11
10,383
5.38%
,
07/15/27
.................
12
11,106
11.63%
,
08/15/27
................
13
14,104
5.50%
,
04/01/28
.................
16
14,672
8.25%
,
01/15/29
.................
13
13,415
9.25%
,
01/15/29
.................
40
42,257
7.25%
,
01/15/30
.................
19
18,831
Scientific
Games
Holdings
LP,
6.63%,
03/01/30
(c)
....................
8
6,900
Six
Flags
Entertainment
Corp.,
7.25%,
05/15/31
(c)
....................
42
39,433
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(c)
13
12,967
Station
Casinos
LLC
(c)
4.50%
,
02/15/28
.................
16
13,957
4.63%
,
12/01/31
.................
21
16,798
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(c)
.....
14
13,925
Viking
Cruises
Ltd.
(c)
5.88%
,
09/15/27
.................
16
14,603
7.00%
,
02/15/29
.................
3
2,760
9.13%
,
07/15/31
.................
42
42,020
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(c)
....................
10
9,050
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(c)
....................
16
14,371
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(c)
..
28
26,045
Wynn
Resorts
Finance
LLC
(c)
5.13%
,
10/01/29
.................
49
42,832
7.13%
,
02/15/31
.................
22
20,883
1,569,230
Household
Durables
—
0.8%
Ashton
Woods
USA
LLC
(c)
6.63%
,
01/15/28
.................
7
6,604
4.63%
,
08/01/29
.................
8
6,751
4.63%
,
04/01/30
.................
8
6,549
Brookfield
Residential
Properties,
Inc.
(c)
5.00%
,
06/15/29
.................
17
13,992
4.88%
,
02/15/30
.................
15
12,199
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(c)
13
12,527
Dream
Finders
Homes,
Inc.,
8.25%,
08/15/28
(c)
8
8,054
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(c)
....................
13
11,966
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(c)
....................
4
4,077
KB
Home,
7.25%,
07/15/30
...........
5
4,912
Mattamy
Group
Corp.
(c)
5.25%
,
12/15/27
.................
14
12,777
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
4.63%
,
03/01/30
.................
USD
11
$
9,362
Meritage
Homes
Corp.,
5.13%,
06/06/27
...
4
3,770
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(c)
26
16,632
Taylor
Morrison
Communities,
Inc.
(c)
5.88%
,
06/15/27
.................
9
8,556
5.13%
,
08/01/30
.................
5
4,369
Tempur
Sealy
International,
Inc.
(c)
4.00%
,
04/15/29
.................
12
10,015
3.88%
,
10/15/31
.................
7
5,400
TRI
Pointe
Homes,
Inc.,
5.70%,
06/15/28
..
5
4,588
163,100
Household
Products
—
0.2%
Central
Garden
&
Pet
Co.
4.13%
,
10/15/30
.................
18
15,007
4.13%
,
04/30/31
(c)
................
16
13,045
Spectrum
Brands,
Inc.
(c)
5.00%
,
10/01/29
.................
9
8,155
5.50%
,
07/15/30
.................
3
2,720
38,927
Independent
Power
and
Renewable
Electricity
Producers
—
0.4%
Calpine
Corp.
(c)
5.13%
,
03/15/28
.................
34
30,275
5.00%
,
02/01/31
.................
5
4,043
Clearway
Energy
Operating
LLC
(c)
4.75%
,
03/15/28
.................
15
13,416
3.75%
,
01/15/32
.................
27
20,989
Talen
Energy
Supply
LLC,
8.63%,
06/01/30
(c)
9
9,226
TransAlta
Corp.,
7.75%,
11/15/29
.......
7
7,087
85,036
Industrial
Conglomerates
—
0.9%
Emerald
Debt
Merger
Sub
LLC,
6.63%,
12/15/30
(c)
....................
189
181,946
Insurance
—
3.9%
(c)
Acrisure
LLC,
6.00%,
08/01/29
.........
11
9,244
Alliant
Holdings
Intermediate
LLC
4.25%
,
10/15/27
.................
98
87,743
6.75%
,
10/15/27
.................
158
146,942
6.75%
,
04/15/28
.................
32
30,882
5.88%
,
11/01/29
.................
89
77,076
AmWINS
Group,
Inc.,
4.88%,
06/30/29
....
22
19,277
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
..
20
19,659
HUB
International
Ltd.
7.00%
,
05/01/26
.................
57
56,874
7.25%
,
06/15/30
.................
99
98,819
Jones
Deslauriers
Insurance
Management,
Inc.
8.50%
,
03/15/30
.................
32
32,235
10.50%
,
12/15/30
................
17
17,296
NFP
Corp.
4.88%
,
08/15/28
.................
72
63,385
6.88%
,
08/15/28
.................
136
116,508
7.50%
,
10/01/30
.................
8
7,683
8.50%
,
10/01/31
.................
13
13,020
Ryan
Specialty
LLC,
4.38%,
02/01/30
....
12
10,450
807,093
IT
Services
—
0.8%
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(c)
.
14
11,826
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(c)
....
9
7,673
Booz
Allen
Hamilton,
Inc.,
4.00%,
07/01/29
(c)
19
16,758
Central
Parent
LLC,
8.00%,
06/15/29
(c)
....
28
27,896
Gartner,
Inc.,
4.50%,
07/01/28
(c)
........
11
10,035
Northwest
Fiber
LLC,
4.75%,
04/30/27
(c)
...
20
17,800
Presidio
Holdings,
Inc.,
4.88%,
02/01/27
(c)
..
2
1,849
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(c)
.
15
14,644
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
Portfolio
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
Twilio,
Inc.
3.63%
,
03/15/29
.................
USD
12
$
10,046
3.88%
,
03/15/31
.................
58
47,159
165,686
Leisure
Products
—
0.1%
Acushnet
Co.,
7.38%,
10/15/28
(c)
.......
6
6,045
Mattel,
Inc.
6.20%
,
10/01/40
.................
14
12,469
5.45%
,
11/01/41
.................
13
10,723
29,237
Life
Sciences
Tools
&
Services
—
0.4%
(c)
Charles
River
Laboratories
International,
Inc.
4.25%
,
05/01/28
.................
12
10,761
4.00%
,
03/15/31
.................
2
1,693
Fortrea
Holdings,
Inc.,
7.50%,
07/01/30
...
13
12,649
Star
Parent,
Inc.,
9.00%,
10/01/30
.......
57
57,599
82,702
Machinery
—
2.1%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(c)
.
15
14,138
ATS
Corp.,
4.13%,
12/15/28
(c)
.........
9
7,954
Chart
Industries,
Inc.
(c)
7.50%
,
01/01/30
.................
61
61,334
9.50%
,
01/01/31
.................
6
6,377
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
16
15,340
GrafTech
Global
Enterprises,
Inc.,
9.88%,
12/15/28
(c)
....................
22
20,845
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(c)
(h)
........
31
30,691
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(c)
3
2,613
OT
Merger
Corp.,
7.88%,
10/15/29
(c)
.....
9
5,507
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(c)
....................
10
8,601
Terex
Corp.,
5.00%,
05/15/29
(c)
........
29
25,970
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(c)
...
46
45,080
Titan
International,
Inc.,
7.00%,
04/30/28
..
7
6,542
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(c)
200
183,306
Wabash
National
Corp.,
4.50%,
10/15/28
(c)
.
17
14,320
448,618
Media
—
4.4%
AMC
Networks,
Inc.,
4.75%,
08/01/25
....
12
11,071
Cable
One,
Inc.
0.00%
,
03/15/26
(j)
(k)
...............
5
4,090
1.13%
,
03/15/28
(j)
................
17
12,648
4.00%
,
11/15/30
(c)
................
17
12,951
Clear
Channel
Outdoor
Holdings,
Inc.
(c)
5.13%
,
08/15/27
.................
111
98,567
7.75%
,
04/15/28
.................
15
11,976
9.00%
,
09/15/28
.................
68
67,343
7.50%
,
06/01/29
.................
59
45,114
CMG
Media
Corp.,
8.88%,
12/15/27
(c)
....
20
15,654
CSC
Holdings
LLC,
6.50%,
02/01/29
(c)
....
200
165,687
DirecTV
Financing
LLC,
5.88%,
08/15/27
(c)
.
44
38,904
DISH
DBS
Corp.
5.25%
,
12/01/26
(c)
................
46
39,093
5.13%
,
06/01/29
.................
22
12,197
DISH
Network
Corp.,
11.75%,
11/15/27
(c)
..
67
67,500
GCI
LLC,
4.75%,
10/15/28
(c)
..........
12
10,350
Gray
Television,
Inc.
(c)
5.88%
,
07/15/26
.................
10
8,985
7.00%
,
05/15/27
.................
11
9,460
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
.....................
6
5,395
Midcontinent
Communications,
5.38%,
08/15/27
(c)
....................
16
14,800
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Nexstar
Media,
Inc.,
5.63%,
07/15/27
(c)
....
USD
5
$
4,450
Outfront
Media
Capital
LLC
(c)
5.00%
,
08/15/27
.................
35
30,838
4.25%
,
01/15/29
.................
23
18,251
4.63%
,
03/15/30
.................
4
3,144
Radiate
Holdco
LLC
(c)
4.50%
,
09/15/26
.................
24
18,232
6.50%
,
09/15/28
.................
52
27,300
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(c)
....................
21
13,021
Sirius
XM
Radio,
Inc.
(c)
3.13%
,
09/01/26
.................
24
21,390
5.00%
,
08/01/27
.................
45
41,103
Stagwell
Global
LLC,
5.63%,
08/15/29
(c)
...
8
6,460
TEGNA,
Inc.,
4.75%,
03/15/26
(c)
........
2
1,895
Univision
Communications,
Inc.
(c)
5.13%
,
02/15/25
.................
9
8,772
6.63%
,
06/01/27
.................
5
4,656
8.00%
,
08/15/28
.................
22
21,329
7.38%
,
06/30/30
.................
13
11,881
Warnermedia
Holdings,
Inc.
5.14%
,
03/15/52
.................
36
26,750
5.39%
,
03/15/62
.................
21
15,510
926,767
Metals
&
Mining
—
2.3%
Arsenal
AIC
Parent
LLC,
8.00%,
10/01/30
(c)
.
9
8,955
ATI,
Inc.
5.88%
,
12/01/27
.................
24
22,740
4.88%
,
10/01/29
.................
8
7,038
7.25%
,
08/15/30
.................
36
35,730
5.13%
,
10/01/31
.................
21
18,172
Big
River
Steel
LLC,
6.63%,
01/31/29
(c)
...
129
127,457
Carpenter
Technology
Corp.
6.38%
,
07/15/28
.................
6
5,787
7.63%
,
03/15/30
.................
21
21,026
ERO
Copper
Corp.,
6.50%,
02/15/30
(c)
....
14
12,084
Kaiser
Aluminum
Corp.
(c)
4.63%
,
03/01/28
.................
29
25,323
4.50%
,
06/01/31
.................
25
19,803
Mineral
Resources
Ltd.,
9.25%,
10/01/28
(c)
.
5
5,050
New
Gold,
Inc.,
7.50%,
07/15/27
(c)
......
39
36,406
Novelis
Corp.
(c)
3.25%
,
11/15/26
.................
61
54,479
4.75%
,
01/30/30
.................
46
39,811
3.88%
,
08/15/31
.................
54
43,123
482,984
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
Ladder
Capital
Finance
Holdings
LLLP
(c)
5.25%
,
10/01/25
.................
3
2,889
4.25%
,
02/01/27
.................
8
6,997
4.75%
,
06/15/29
.................
4
3,231
13,117
Oil,
Gas
&
Consumable
Fuels
—
8.8%
Aethon
United
BR
LP,
8.25%,
02/15/26
(c)
...
35
34,724
Antero
Midstream
Partners
LP
(c)
5.75%
,
03/01/27
.................
16
15,271
5.38%
,
06/15/29
.................
17
15,565
Antero
Resources
Corp.,
7.63%,
02/01/29
(c)
.
6
6,081
Apache
Corp.,
5.35%,
07/01/49
........
9
6,895
Ascent
Resources
Utica
Holdings
LLC
(c)
9.00%
,
11/01/27
.................
36
45,360
8.25%
,
12/31/28
.................
58
57,397
5.88%
,
06/30/29
.................
34
30,573
Baytex
Energy
Corp.,
8.50%,
04/30/30
(c)
...
9
9,106
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
Portfolio
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Buckeye
Partners
LP
4.13%
,
03/01/25
(c)
................
USD
3
$
2,850
5.85%
,
11/15/43
.................
8
5,840
5.60%
,
10/15/44
.................
8
5,692
Callon
Petroleum
Co.
6.38%
,
07/01/26
.................
12
11,777
8.00%
,
08/01/28
(c)
................
38
38,054
7.50%
,
06/15/30
(c)
................
58
56,236
Chesapeake
Energy
Corp.
(c)
5.88%
,
02/01/29
.................
1
941
6.75%
,
04/15/29
.................
36
35,230
CITGO
Petroleum
Corp.
(c)
7.00%
,
06/15/25
.................
25
24,628
6.38%
,
06/15/26
.................
20
19,751
8.38%
,
01/15/29
.................
33
32,957
Civitas
Resources,
Inc.
(c)
8.38%
,
07/01/28
.................
53
53,928
8.75%
,
07/01/31
.................
41
41,880
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(c)
11
9,156
CNX
Resources
Corp.,
7.38%,
01/15/31
(c)
..
7
6,862
Comstock
Resources,
Inc.
(c)
6.75%
,
03/01/29
.................
25
22,997
5.88%
,
01/15/30
.................
36
31,163
Crescent
Energy
Finance
LLC
(c)
7.25%
,
05/01/26
.................
73
71,540
9.25%
,
02/15/28
.................
30
30,629
Crestwood
Midstream
Partners
LP
(c)
5.63%
,
05/01/27
.................
12
11,501
6.00%
,
02/01/29
.................
19
18,341
8.00%
,
04/01/29
.................
2
2,051
7.38%
,
02/01/31
.................
6
6,111
CrownRock
LP
(c)
5.63%
,
10/15/25
.................
56
55,101
5.00%
,
05/01/29
.................
2
1,874
Diamond
Foreign
Asset
Co.,
8.50%,
10/01/30
(c)
15
15,002
DT
Midstream,
Inc.
(c)
4.13%
,
06/15/29
.................
19
16,436
4.38%
,
06/15/31
.................
12
10,091
Earthstone
Energy
Holdings
LLC
(c)
8.00%
,
04/15/27
.................
17
17,400
9.88%
,
07/15/31
.................
21
22,837
Enbridge,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.43%),
8.50%,
01/15/84
(f)
...............
13
12,893
EnLink
Midstream
LLC
5.63%
,
01/15/28
(c)
................
24
22,692
5.38%
,
06/01/29
.................
19
17,575
6.50%
,
09/01/30
(c)
................
16
15,520
EnLink
Midstream
Partners
LP,
5.60%,
04/01/44
.....................
20
16,600
EQM
Midstream
Partners
LP
6.00%
,
07/01/25
(c)
................
9
8,860
4.13%
,
12/01/26
.................
5
4,628
6.50%
,
07/01/27
(c)
................
30
29,294
4.50%
,
01/15/29
(c)
................
3
2,670
7.50%
,
06/01/30
(c)
................
6
6,026
4.75%
,
01/15/31
(c)
................
11
9,468
FTAI
Infra
Escrow
Holdings
LLC,
10.50%,
06/01/27
(c)
....................
7
6,965
Genesis
Energy
LP
6.50%
,
10/01/25
.................
6
5,897
7.75%
,
02/01/28
.................
4
3,792
8.88%
,
04/15/30
.................
9
8,787
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(c)
..
3
2,503
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(c)
.
5
4,833
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(c)
....................
USD
13
$
10,962
Hilcorp
Energy
I
LP
(c)
6.25%
,
11/01/28
.................
7
6,564
5.75%
,
02/01/29
.................
13
11,739
6.00%
,
04/15/30
.................
1
902
ITT
Holdings
LLC,
6.50%,
08/01/29
(c)
.....
27
22,886
Kinetik
Holdings
LP,
5.88%,
06/15/30
(c)
....
17
15,938
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
08/01/26
(c)
....................
2
1,930
Matador
Resources
Co.
5.88%
,
09/15/26
.................
16
15,442
6.88%
,
04/15/28
(c)
................
17
16,691
Murphy
Oil
Corp.
5.75%
,
08/15/25
.................
3
2,996
5.88%
,
12/01/27
.................
4
3,882
5.87%
,
12/01/42
(f)
(i)
...............
3
2,425
New
Fortress
Energy,
Inc.
(c)
6.75%
,
09/15/25
.................
50
47,730
6.50%
,
09/30/26
.................
22
20,256
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(c)
19
18,792
Northern
Oil
&
Gas,
Inc.
(c)
8.13%
,
03/01/28
.................
77
76,908
8.75%
,
06/15/31
.................
22
22,165
NuStar
Logistics
LP
5.75%
,
10/01/25
.................
6
5,835
6.00%
,
06/01/26
.................
13
12,613
6.38%
,
10/01/30
.................
2
1,894
Occidental
Petroleum
Corp.,
6.20%,
03/15/40
10
9,532
PBF
Holding
Co.
LLC,
7.88%,
09/15/30
(c)
..
9
8,964
PDC
Energy,
Inc.,
5.75%,
05/15/26
......
2
1,993
Permian
Resources
Operating
LLC
(c)
5.38%
,
01/15/26
.................
9
8,616
7.75%
,
02/15/26
.................
41
41,265
6.88%
,
04/01/27
.................
22
21,686
5.88%
,
07/01/29
.................
30
28,221
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(c)
.
27
24,299
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29
(c)
....................
2
1,781
Sitio
Royalties
Operating
Partnership
LP,
7.88%,
11/01/28
(c)
...............
23
23,057
SM
Energy
Co.
5.63%
,
06/01/25
.................
11
10,766
6.75%
,
09/15/26
.................
10
9,816
6.50%
,
07/15/28
.................
6
5,760
Southwestern
Energy
Co.,
5.38%,
02/01/29
.
16
14,736
Sunoco
LP
6.00%
,
04/15/27
.................
6
5,815
5.88%
,
03/15/28
.................
2
1,919
7.00%
,
09/15/28
(c)
................
13
12,828
Tallgrass
Energy
Partners
LP
(c)
7.50%
,
10/01/25
.................
2
1,994
6.00%
,
03/01/27
.................
3
2,820
5.50%
,
01/15/28
.................
2
1,820
6.00%
,
12/31/30
.................
2
1,765
6.00%
,
09/01/31
.................
4
3,487
TerraForm
Power
Operating
LLC,
4.75%,
01/15/30
(c)
....................
9
7,690
Venture
Global
Calcasieu
Pass
LLC
(c)
3.88%
,
08/15/29
.................
65
54,696
4.13%
,
08/15/31
.................
33
27,081
3.88%
,
11/01/33
.................
47
36,492
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(c)
..
7
6,623
Vital
Energy,
Inc.
10.13%
,
01/15/28
................
15
15,289
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
9.75%
,
10/15/30
.................
USD
15
$
15,334
Western
Midstream
Operating
LP
5.45%
,
04/01/44
.................
10
8,061
5.30%
,
03/01/48
.................
19
14,830
5.50%
,
08/15/48
.................
10
7,951
5.25%
,
02/01/50
(f)
(i)
...............
14
10,907
1,845,275
Passenger
Airlines
—
1.1%
Air
Canada,
3.88%,
08/15/26
(c)
.........
41
37,210
Allegiant
Travel
Co.,
7.25%,
08/15/27
(c)
....
5
4,706
American
Airlines,
Inc.
(c)
11.75%
,
07/15/25
................
3
3,225
5.50%
,
04/20/26
.................
16
15,420
7.25%
,
02/15/28
.................
4
3,825
5.75%
,
04/20/29
.................
49
45,883
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(c)
...............
8
7,197
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(c)
26
26,091
Spirit
Loyalty
Cayman
Ltd.
8.00%
,
09/20/25
(c)
................
9
9,365
United
Airlines
Pass-Through
Trust,
Series
2020-1,
Class
B,
4.88%,
01/15/26
.....
3
3,129
United
Airlines,
Inc.
(c)
4.38%
,
04/15/26
.................
33
30,518
4.63%
,
04/15/29
.................
39
33,522
VistaJet
Malta
Finance
plc
(c)
7.88%
,
05/01/27
.................
9
7,751
6.38%
,
02/01/30
.................
12
9,269
237,111
Personal
Care
Products
—
0.1%
(c)
Coty,
Inc.
4.75%
,
01/15/29
.................
2
1,803
6.63%
,
07/15/30
.................
17
16,598
Prestige
Brands,
Inc.,
3.75%,
04/01/31
....
10
8,050
26,451
Pharmaceuticals
—
0.5%
Catalent
Pharma
Solutions,
Inc.
(c)
5.00%
,
07/15/27
.................
6
5,504
3.13%
,
02/15/29
.................
39
31,988
3.50%
,
04/01/30
.................
10
8,233
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
3.15%,
10/01/26
.............
60
53,351
99,076
Professional
Services
—
0.8%
(c)
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
...
8
6,789
CoreLogic,
Inc.,
4.50%,
05/01/28
.......
76
57,667
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
75
64,660
KBR,
Inc.,
4.75%,
09/30/28
...........
20
17,600
Science
Applications
International
Corp.,
4.88%,
04/01/28
................
14
12,706
159,422
Real
Estate
Management
&
Development
—
0.4%
Anywhere
Real
Estate
Group
LLC
Series
AI,
7.00%
,
04/15/30
..........
23
20,938
7.00%
,
04/15/30
(c)
................
11
9,928
Cushman
&
Wakefield
US
Borrower
LLC
(c)
6.75%
,
05/15/28
.................
22
20,297
8.88%
,
09/01/31
.................
10
9,675
Howard
Hughes
Corp.
(The)
(c)
4.13%
,
02/01/29
.................
25
20,000
4.38%
,
02/01/31
.................
11
8,440
89,278
Security
Par
(000)
Par
(000)
Value
Retail
REITs
—
0.1%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(c)
....................
USD
12
$
10,000
Semiconductors
&
Semiconductor
Equipment
—
0.7%
(c)
Entegris
Escrow
Corp.
4.75%
,
04/15/29
.................
120
107,881
5.95%
,
06/15/30
.................
21
19,475
NCR
Atleos
Escrow
Corp.,
9.50%,
04/01/29
.
15
14,508
Synaptics,
Inc.,
4.00%,
06/15/29
........
15
12,375
154,239
Software
—
5.8%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(c)
...
20
19,389
Alteryx,
Inc.,
8.75%,
03/15/28
(c)
........
15
14,933
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
(c)
160
133,841
Boxer
Parent
Co.,
Inc.
(c)
7.13%
,
10/02/25
.................
11
10,945
9.13%
,
03/01/26
.................
55
54,846
Camelot
Finance
SA,
4.50%,
11/01/26
(c)
...
39
36,004
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
(c)
.
22
21,478
Central
Parent,
Inc.,
7.25%,
06/15/29
(c)
....
55
53,323
Clarivate
Science
Holdings
Corp.
(c)
3.88%
,
07/01/28
.................
95
82,242
4.88%
,
07/01/29
.................
61
51,993
Cloud
Software
Group,
Inc.
(c)
6.50%
,
03/31/29
.................
266
235,232
9.00%
,
09/30/29
.................
110
95,590
Consensus
Cloud
Solutions,
Inc.
(c)
6.00%
,
10/15/26
.................
5
4,602
6.50%
,
10/15/28
.................
6
5,114
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
2
1,685
Elastic
NV,
4.13%,
07/15/29
(c)
.........
30
25,550
Fair
Isaac
Corp.,
4.00%,
06/15/28
(c)
......
19
16,988
McAfee
Corp.,
7.38%,
02/15/30
(c)
.......
72
60,278
MicroStrategy,
Inc.,
6.13%,
06/15/28
(c)
....
39
34,637
NCR
Corp.
(c)
5.00%
,
10/01/28
.................
9
8,056
6.13%
,
09/01/29
.................
13
13,332
Open
Text
Corp.,
6.90%,
12/01/27
(c)
......
63
63,143
PTC,
Inc.,
3.63%,
02/15/25
(c)
..........
4
3,844
Sabre
GLBL,
Inc.,
8.63%,
06/01/27
(c)
.....
34
28,825
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(c)
63
59,449
Veritas
US,
Inc.,
7.50%,
09/01/25
(c)
......
27
22,559
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(c)
62
51,674
1,209,552
Specialized
REITs
—
0.5%
Iron
Mountain,
Inc.,
7.00%,
02/15/29
(c)
....
47
45,968
SBA
Communications
Corp.
3.88%
,
02/15/27
.................
25
22,907
3.13%
,
02/01/29
.................
43
35,865
104,740
Specialty
Retail
—
1.9%
Arko
Corp.,
5.13%,
11/15/29
(c)
.........
14
11,291
Asbury
Automotive
Group,
Inc.
4.50%
,
03/01/28
.................
9
8,057
4.75%
,
03/01/30
.................
2
1,709
5.00%
,
02/15/32
(c)
................
9
7,457
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(c)
..
31
26,704
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(c)
11
9,394
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(c)
....................
24
20,405
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(c)
.....
11
9,271
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
15
13,524
Penske
Automotive
Group,
Inc.,
3.50%,
09/01/25
.....................
30
28,389
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
Portfolio
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(c)
...............
USD
5
$
4,676
SRS
Distribution,
Inc.
(c)
4.63%
,
07/01/28
.................
51
44,059
6.13%
,
07/01/29
.................
39
33,215
6.00%
,
12/01/29
.................
47
39,480
Staples,
Inc.,
7.50%,
04/15/26
(c)
........
11
9,046
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(c)
..
123
108,709
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(c)
(h)
...........
20
19,296
394,682
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
Seagate
HDD
Cayman
(c)
8.25%
,
12/15/29
.................
24
24,648
8.50%
,
07/15/31
.................
30
30,773
55,421
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
(c)
Crocs,
Inc.,
4.13%,
08/15/31
..........
16
12,379
Hanesbrands,
Inc.
4.88%
,
05/15/26
.................
11
10,085
9.00%
,
02/15/31
.................
7
6,672
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
....
8
6,611
Levi
Strauss
&
Co.,
3.50%,
03/01/31
.....
20
15,816
William
Carter
Co.
(The),
5.63%,
03/15/27
..
19
18,273
69,836
Trading
Companies
&
Distributors
—
1.7%
(c)
Aircastle
Ltd.,
6.50%,
07/18/28
.........
8
7,845
Beacon
Roofing
Supply,
Inc.
4.13%
,
05/15/29
.................
10
8,550
6.50%
,
08/01/30
.................
17
16,475
Fortress
Transportation
&
Infrastructure
Investors
LLC
6.50%
,
10/01/25
.................
43
42,262
9.75%
,
08/01/27
.................
19
19,653
5.50%
,
05/01/28
.................
41
37,170
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
.....................
7
5,826
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
.....................
2
1,708
Herc
Holdings,
Inc.,
5.50%,
07/15/27
.....
38
35,935
Imola
Merger
Corp.,
4.75%,
05/15/29
.....
22
19,281
United
Rentals
North
America,
Inc.,
6.00%,
12/15/29
.....................
113
110,022
WESCO
Distribution,
Inc.
7.13%
,
06/15/25
.................
6
6,014
7.25%
,
06/15/28
.................
45
45,218
355,959
Wireless
Telecommunication
Services
—
0.9%
(c)
Connect
Finco
SARL,
6.75%,
10/01/26
....
200
186,540
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/23
(f)
(h)
.........
18
6,381
192,921
Total
Corporate
Bonds
—
94
.7
%
(Cost:
$
21,190,258
)
..............................
19,836,965
Security
Shares
Shares
Value
Investment
Companies
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(l)
.........................
1,300
$
95,836
Total
Investment
Companies
—
0
.4
%
(Cost:
$
94,432
)
................................
95,836
Beneficial
Interest
(000)
Other
Interests
(m)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings
Capital
Trust
Escrow
Bonds
(a)
(d)
................
USD
140
210
Total
Other
Interests
—
0
.0
%
(Cost:
$
—
)
....................................
210
Par
(000)
Pa
r
(
000)
Preferred
Securities
Capital
Trusts
—
1.1%
Banks
—
0.3%
(f)(g)
Citigroup,
Inc.
,
Series
Y
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.00%),
4.15
%
..................
10
8,004
JPMorgan
Chase
&
Co.
,
Series
Q
,
(3-mo.
CME
Term
SOFR
+
3.51%),
8.88
%
........
20
20,038
PNC
Financial
Services
Group,
Inc.
(The)
Series
V
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
6.20
%
......................
20
18,380
Series
W
,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.81%),
6.25
%
......................
17
14,573
60,995
Capital
Markets
—
0.3%
Goldman
Sachs
Group,
Inc.
(The)
,
Series
R
,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.22%),
4.95
%
(f)
(g)
...
70
64,822
Consumer
Finance
—
0.0%
General
Motors
Financial
Co.,
Inc.
,
Series
C
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.00%),
5.70
%
(f)
(g)
10
8,546
Electric
Utilities
—
0.2%
(f)(g)
Edison
International
,
Series
B
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.90%),
5.00
%
...........
15
12,820
NRG
Energy,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.92%),
10.25
%
(c)
................
28
27,423
40,243
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Vistra
Corp.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.74%),
7.00
%
(c)
(f)
(g)
.....................
17
15,512
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
September
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
—
0.2%
Energy
Transfer
LP
,
Series
H
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.69%),
6.50
%
(f)
(g)
.........
USD
35
$
32,160
Total
Preferred
Securities
—
1
.1
%
(Cost:
$
241,656
)
................................
222,278
Total
Long-Term
Investments
—
96.7%
(Cost:
$
21,658,050
)
..............................
20,271,021
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
0.2%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.23
%
(l)
(n)
.................
43,007
$
43,007
Total
Short-Term
Securities
—
0
.2
%
(Cost:
$
43,007
)
................................
43,007
Total
Investments
—
96
.9
%
(Cost:
$
21,701,057
)
..............................
20,314,028
Other
Assets
Less
Liabilities
—
3.1
%
...................
639,374
Net
Assets
—
100.0%
..............................
$
20,953,402
(a)
Non-income
producing
security.
(b)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$7,997,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$25,124.
(c)
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.
(d)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
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.
(g)
Perpetual
security
with
no
stated
maturity
date.
(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
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.
(j)
Convertible
security.
(k)
Zero-coupon
bond.
(l)
Affiliate
of
the
Fund.
(m)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(n)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/23
Shares
Held
at
09/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
378,880
$
—
$
(
335,873
)
(a)
$
—
$
—
$
43,007
43,007
$
11,882
$
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
......
95,719
—
—
—
117
95,836
1,300
3,835
—
$
—
$
117
$
138,843
$
15,717
$
—
—
—
(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.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
Portfolio
13
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
—
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds.
There
may
not
be
a
secondary
market,
and/
or
there
are
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
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.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
5-Year
Note
....................................................
1
12/29/23
$
105
$
(
697
)
Short
Contracts
U.S.
Treasury
Ultra
Bond
.....................................................
1
12/19/23
119
8,234
$
7,537
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
41.V1
...........
5
.00
%
Quarterly
12/20/28
B+
USD
200
$
1,904
$
2,311
$
(
407
)
(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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Capital
Markets
........................................
$
—
$
7,997
$
—
$
7,997
Chemicals
............................................
12,335
—
—
12,335
Financial
Services
......................................
2,567
—
—
2,567
Ground
Transportation
...................................
9,244
—
—
9,244
Hotels,
Restaurants
&
Leisure
..............................
17,596
—
—
17,596
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
High
Yield
Portfolio
14
Level
1
Level
2
Level
3
Total
IT
Services
...........................................
$
1,697
$
—
$
—
$
1,697
Metals
&
Mining
........................................
33,433
—
—
33,433
Pharmaceuticals
.......................................
16,072
—
—
16,072
Software
.............................................
14,791
—
—
14,791
Corporate
Bonds
........................................
—
19,836,965
—
19,836,965
Investment
Companies
....................................
95,836
—
—
95,836
Other
Interests
..........................................
—
210
—
210
Preferred
Securities
.......................................
—
222,278
—
222,278
Short-Term
Securities
Money
Market
Funds
......................................
43,007
—
—
43,007
$
246,578
$
20,067,450
$
—
$
20,314,028
Derivative
Financial
Instruments
(a)
Assets
Interest
rate
contracts
.......................................
$
8,234
$
—
$
—
$
8,234
Liabilities
Credit
contracts
...........................................
—
(
407
)
—
(
407
)
Interest
rate
contracts
.......................................
(
697
)
—
—
(
697
)
$
7,537
$
(
407
)
$
—
$
7,130
(a)
Derivative
financial
instruments
are
swaps
and
futures
contracts.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Currency
Abbreviation
EUR
Euro
USD
United
States
Dollar
Portfolio
Abbreviation
CDI
Crest
Depository
Interests
DAC
Designated
Activity
Company
ETF
Exchange-Traded
Fund
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
Fair
Value
Hierarchy
as
of
Period
End
(continued)