BlackRock Series Fund II NPORT-P BlackRock High Yield Portfolio (Sep 2023 report)

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)