Schedule
of
Investments
(unaudited)
March
31,
2024
BlackRock
High
Yield
Portfolio
1
(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
$
8,662
Containers
&
Packaging
—
0.1%
Crown
Holdings,
Inc.
.................
201
15,931
Electrical
Equipment
—
0.1%
Sensata
Technologies
Holding
plc
.........
588
21,603
Hotels,
Restaurants
&
Leisure
—
0.1%
Aramark
..........................
387
12,585
Metals
&
Mining
—
0.2%
Constellium
SE
,
Class
A
(a)
..............
1,837
40,616
Oil,
Gas
&
Consumable
Fuels
—
0.0%
NGL
Energy
Partners
LP
(a)
..............
1,229
7,079
Specialized
REITs
—
0.2%
VICI
Properties,
Inc.
..................
1,736
51,716
Total
Common
Stocks
—
0
.7
%
(Cost:
$
153,353
)
.................................
158,192
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
4.0%
(c)
AAR
Escrow
Issuer
LLC,
6.75%,
03/15/29
...
USD
17
17,131
Bombardier,
Inc.
7.13%
,
06/15/26
..................
40
40,576
7.88%
,
04/15/27
..................
10
10,007
6.00%
,
02/15/28
..................
36
35,412
7.50%
,
02/01/29
..................
2
2,059
8.75%
,
11/15/30
..................
30
32,033
7.25%
,
07/01/31
..................
18
18,037
BWX
Technologies,
Inc.
4.13%
,
06/30/28
..................
10
9,323
4.13%
,
04/15/29
..................
8
7,382
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
......................
3
2,889
Spirit
AeroSystems,
Inc.
9.38%
,
11/30/29
..................
40
43,632
9.75%
,
11/15/30
..................
32
35,794
TransDigm,
Inc.
6.75%
,
08/15/28
..................
141
142,861
6.38%
,
03/01/29
..................
158
158,492
7.13%
,
12/01/31
..................
49
50,497
6.63%
,
03/01/32
..................
158
159,626
Triumph
Group,
Inc.,
9.00%,
03/15/28
.....
61
64,308
830,059
Automobile
Components
—
1.9%
Champions
Financing,
Inc.,
8.75%,
02/15/29
(c)
20
20,953
Clarios
Global
LP
(c)
8.50%
,
05/15/27
..................
163
163,247
6.75%
,
05/15/28
..................
56
56,763
Dealer
Tire
LLC,
8.00%,
02/01/28
(c)
.......
8
7,963
Goodyear
Tire
&
Rubber
Co.
(The)
5.00%
,
07/15/29
..................
9
8,403
5.63%
,
04/30/33
..................
2
1,826
Icahn
Enterprises
LP
6.25%
,
05/15/26
..................
10
9,654
5.25%
,
05/15/27
..................
61
55,128
9.75%
,
01/15/29
(c)
.................
20
20,876
4.38%
,
02/01/29
..................
22
18,757
Security
Par
(000)
Par
(000)
Value
Automobile
Components
(continued)
Phinia,
Inc.,
6.75%,
04/15/29
(c)
..........
USD
10
$
10,096
Tenneco,
Inc.,
8.00%,
11/17/28
(c)
........
20
18,249
391,915
Automobiles
—
0.1%
Ford
Motor
Co.,
6.10%,
08/19/32
........
22
22,293
Banks
—
0.5%
Banco
Espirito
Santo
SA,
4.75%,
01/15/18
(a)
(d)
(e)
EUR
100
30,208
Citigroup,
Inc.
(f)
Series
AA
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.21%),
7.63%
(g)
......................
USD
15
15,748
(1-day
SOFR
+
2.66%),
6.17%
,
05/25/34
.
12
12,186
JPMorgan
Chase
&
Co.,
Series
NN,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.74%),
6.88%
(f)
(g)
..........
14
14,487
Wells
Fargo
&
Co.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.61%),
7.63%
(f)
(g)
................
29
30,992
103,621
Broadline
Retail
—
0.5%
(c)
Go
Daddy
Operating
Co.
LLC
5.25%
,
12/01/27
..................
3
2,934
3.50%
,
03/01/29
..................
16
14,430
LCM
Investments
Holdings
II
LLC
4.88%
,
05/01/29
..................
28
25,735
8.25%
,
08/01/31
..................
25
26,154
Match
Group
Holdings
II
LLC
4.13%
,
08/01/30
..................
15
13,346
3.63%
,
10/01/31
..................
26
22,094
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
....
10
9,793
114,486
Building
Products
—
0.8%
(c)
Advanced
Drainage
Systems,
Inc.,
6.38%,
06/15/30
......................
23
23,119
Builders
FirstSource,
Inc.,
6.38%,
03/01/34
..
13
13,054
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
......................
14
14,381
JELD-WEN,
Inc.,
4.63%,
12/15/25
.......
18
17,564
New
Enterprise
Stone
&
Lime
Co.,
Inc.
5.25%
,
07/15/28
..................
21
20,118
9.75%
,
07/15/28
..................
7
7,161
Standard
Industries,
Inc.
4.75%
,
01/15/28
..................
5
4,772
4.38%
,
07/15/30
..................
16
14,377
3.38%
,
01/15/31
..................
20
16,769
Summit
Materials
LLC,
7.25%,
01/15/31
....
28
29,103
160,418
Capital
Markets
—
0.7%
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(c)
.....................
10
10,352
Apollo
Debt
Solutions
BDC,
6.90%,
04/13/29
(c)
15
15,143
Ares
Capital
Corp.,
5.88%,
03/01/29
......
10
9,970
Aretec
Group,
Inc.,
10.00%,
08/15/30
(c)
.....
10
10,923
Blackstone
Private
Credit
Fund
3.25%
,
03/15/27
..................
5
4,614
6.25%
,
01/25/31
(c)
.................
9
9,038
Blue
Owl
Capital
Corp.,
3.75%,
07/22/25
...
5
4,850
Blue
Owl
Capital
Corp.
II,
8.45%,
11/15/26
(c)
.
9
9,270
Blue
Owl
Credit
Income
Corp.
5.50%
,
03/21/25
..................
7
6,952
7.75%
,
09/16/27
..................
21
21,513
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(c)
................
19
18,053
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Portfolio
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Oaktree
Strategic
Credit
Fund,
8.40%,
11/14/28
(c)
.....................
USD
10
$
10,607
State
Street
Corp.,
Series
I,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.61%),
6.70%
(f)
(g)
..........
17
17,250
148,535
Chemicals
—
1.7%
Chemours
Co.
(The)
5.38%
,
05/15/27
..................
11
10,545
5.75%
,
11/15/28
(c)
.................
25
23,052
4.63%
,
11/15/29
(c)
.................
9
7,759
Element
Solutions,
Inc.,
3.88%,
09/01/28
(c)
..
83
76,140
HB
Fuller
Co.,
4.25%,
10/15/28
.........
10
9,266
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(c)
....
22
21,703
Ingevity
Corp.,
3.88%,
11/01/28
(c)
........
9
8,129
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(c)
..
21
17,016
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(c)
...
11
9,905
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(c)
20
19,123
Scotts
Miracle-Gro
Co.
(The)
4.50%
,
10/15/29
..................
2
1,810
4.00%
,
04/01/31
..................
6
5,174
4.38%
,
02/01/32
..................
10
8,622
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(c)
.....................
44
39,220
WR
Grace
Holdings
LLC
(c)
4.88%
,
06/15/27
..................
15
14,256
5.63%
,
08/15/29
..................
68
60,852
7.38%
,
03/01/31
..................
18
18,226
350,798
Commercial
Services
&
Supplies
—
4.1%
ADT
Security
Corp.
(The)
(c)
4.13%
,
08/01/29
..................
2
1,832
4.88%
,
07/15/32
..................
16
14,483
Allied
Universal
Holdco
LLC
(c)
9.75%
,
07/15/27
..................
104
104,313
4.63%
,
06/01/28
..................
200
182,634
7.88%
,
02/15/31
..................
62
62,793
APi
Group
DE,
Inc.
(c)
4.13%
,
07/15/29
..................
14
12,614
4.75%
,
10/15/29
..................
8
7,373
APX
Group,
Inc.
(c)
6.75%
,
02/15/27
..................
14
14,057
5.75%
,
07/15/29
..................
22
21,153
Aramark
Services,
Inc.,
5.00%,
02/01/28
(c)
...
39
37,642
Clean
Harbors,
Inc.,
6.38%,
02/01/31
(c)
.....
5
5,037
Covanta
Holding
Corp.
4.88%
,
12/01/29
(c)
.................
12
10,755
5.00%
,
09/01/30
..................
9
7,931
Garda
World
Security
Corp.
(c)
4.63%
,
02/15/27
..................
19
18,206
9.50%
,
11/01/27
..................
8
8,019
7.75%
,
02/15/28
..................
41
42,045
6.00%
,
06/01/29
..................
8
7,160
GFL
Environmental,
Inc.
(c)
4.00%
,
08/01/28
..................
38
35,024
4.38%
,
08/15/29
..................
26
23,953
6.75%
,
01/15/31
..................
41
42,017
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(c)
.....................
9
8,916
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(c)
..
23
21,748
Prime
Security
Services
Borrower
LLC,
6.25%,
01/15/28
(c)
.....................
46
45,061
Stericycle,
Inc.,
3.88%,
01/15/29
(c)
........
9
8,158
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(c)
....
79
77,805
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Williams
Scotsman,
Inc.
(c)
4.63%
,
08/15/28
..................
USD
12
$
11,349
7.38%
,
10/01/31
..................
27
28,063
860,141
Communications
Equipment
—
0.5%
(c)
CommScope
Technologies
LLC,
6.00%,
06/15/25
......................
21
18,264
CommScope,
Inc.
6.00%
,
03/01/26
..................
33
30,195
4.75%
,
09/01/29
..................
6
4,320
Viasat,
Inc.
5.63%
,
09/15/25
..................
20
19,496
5.63%
,
04/15/27
..................
26
24,621
7.50%
,
05/30/31
..................
4
2,898
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
.....
7
6,006
105,800
Construction
&
Engineering
—
0.9%
(c)
Arcosa,
Inc.,
4.38%,
04/15/29
..........
40
36,861
Brand
Industrial
Services,
Inc.,
10.38%,
08/01/30
......................
122
132,085
Dycom
Industries,
Inc.,
4.50%,
04/15/29
....
7
6,543
MasTec,
Inc.,
4.50%,
08/15/28
..........
4
3,804
Pike
Corp.,
8.63%,
01/31/31
...........
6
6,376
185,669
Construction
Materials
—
0.4%
Smyrna
Ready
Mix
Concrete
LLC
(c)
6.00%
,
11/01/28
..................
42
41,049
8.88%
,
11/15/31
..................
45
48,100
89,149
Consumer
Finance
—
1.1%
Bread
Financial
Holdings,
Inc.,
9.75%,
03/15/29
(c)
.....................
9
9,366
Global
Aircraft
Leasing
Co.
Ltd.
(c)(h)
Series
2021
,
6.50%
,
(
6.50
%
Cash
or
7.25
%
PIK),
09/15/24
(f)
.................
15
14,297
6.50%
,
(
6.50
%
Cash
or
7.25
%
PIK),
09/15/24
.....................
22
20,334
Macquarie
Airfinance
Holdings
Ltd.
(c)
8.38%
,
05/01/28
..................
6
6,360
6.40%
,
03/26/29
..................
5
5,079
8.13%
,
03/30/29
..................
20
21,153
6.50%
,
03/26/31
..................
10
10,178
Navient
Corp.
5.50%
,
03/15/29
..................
11
10,242
9.38%
,
07/25/30
..................
18
19,256
OneMain
Finance
Corp.
7.13%
,
03/15/26
..................
7
7,127
3.50%
,
01/15/27
..................
7
6,498
6.63%
,
01/15/28
..................
8
8,026
9.00%
,
01/15/29
..................
27
28,650
5.38%
,
11/15/29
..................
23
21,625
7.88%
,
03/15/30
..................
27
27,853
4.00%
,
09/15/30
..................
17
14,549
230,593
Consumer
Staples
Distribution
&
Retail
—
0.6%
Albertsons
Cos.,
Inc.
(c)
4.63%
,
01/15/27
..................
2
1,936
5.88%
,
02/15/28
..................
8
7,920
6.50%
,
02/15/28
..................
8
8,085
3.50%
,
03/15/29
..................
21
18,849
4.88%
,
02/15/30
..................
11
10,466
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
(c)
.....................
16
14,663
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Portfolio
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Consumer
Staples
Distribution
&
Retail
(continued)
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(c)
USD
6
$
4,983
US
Foods,
Inc.
(c)
4.75%
,
02/15/29
..................
27
25,630
4.63%
,
06/01/30
..................
3
2,783
7.25%
,
01/15/32
..................
15
15,611
Walgreens
Boots
Alliance,
Inc.
3.20%
,
04/15/30
..................
2
1,738
4.80%
,
11/18/44
..................
9
7,571
4.10%
,
04/15/50
..................
9
6,599
126,834
Containers
&
Packaging
—
1.9%
Ball
Corp.,
3.13%,
09/15/31
...........
15
12,748
Clydesdale
Acquisition
Holdings,
Inc.
(c)
6.63%
,
04/15/29
..................
26
25,979
8.75%
,
04/15/30
..................
47
46,179
LABL,
Inc.
(c)
6.75%
,
07/15/26
..................
4
3,952
5.88%
,
11/01/28
..................
17
15,633
9.50%
,
11/01/28
..................
30
30,347
Mauser
Packaging
Solutions
Holding
Co.
(c)
7.88%
,
08/15/26
..................
207
210,882
9.25%
,
04/15/27
..................
4
3,968
Owens-Brockway
Glass
Container,
Inc.
(c)
6.63%
,
05/13/27
..................
3
3,002
7.25%
,
05/15/31
..................
12
12,222
Sealed
Air
Corp.
(c)
4.00%
,
12/01/27
..................
13
12,185
5.00%
,
04/15/29
..................
3
2,879
Trident
TPI
Holdings,
Inc.,
12.75%,
12/31/28
(c)
7
7,468
387,444
Distributors
—
0.2%
(c)
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
29
28,318
Resideo
Funding,
Inc.,
4.00%,
09/01/29
....
5
4,471
32,789
Diversified
Consumer
Services
—
1.3%
Mavis
Tire
Express
Services
Topco
Corp.,
6.50%,
05/15/29
(c)
................
11
10,462
Service
Corp.
International,
4.00%,
05/15/31
.
28
24,807
Sotheby's,
7.38%,
10/15/27
(c)
...........
200
186,216
Wand
NewCo
3,
Inc.,
7.63%,
01/30/32
(c)
....
39
40,335
261,820
Diversified
REITs
—
0.9%
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(c)
...
7
5,990
HAT
Holdings
I
LLC
(c)
3.38%
,
06/15/26
..................
16
15,070
8.00%
,
06/15/27
..................
13
13,555
Highwoods
Realty
LP,
7.65%,
02/01/34
....
5
5,453
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(c)
.......
22
20,092
MPT
Operating
Partnership
LP
5.25%
,
08/01/26
..................
2
1,831
5.00%
,
10/15/27
..................
3
2,512
4.63%
,
08/01/29
..................
19
14,582
3.50%
,
03/15/31
..................
59
40,511
RHP
Hotel
Properties
LP,
6.50%,
04/01/32
(c)
.
38
38,128
VICI
Properties
LP
(c)
4.63%
,
12/01/29
..................
18
17,023
4.13%
,
08/15/30
..................
16
14,549
189,296
Diversified
Telecommunication
Services
—
5.0%
CCO
Holdings
LLC
(c)
5.00%
,
02/01/28
..................
34
31,651
5.38%
,
06/01/29
..................
25
22,886
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
6.38%
,
09/01/29
..................
USD
34
$
32,255
4.75%
,
03/01/30
..................
20
17,173
4.50%
,
08/15/30
..................
5
4,190
4.25%
,
02/01/31
..................
33
26,949
7.38%
,
03/01/31
..................
105
102,972
4.75%
,
02/01/32
..................
8
6,529
4.25%
,
01/15/34
..................
29
21,891
Frontier
Communications
Holdings
LLC
(c)
5.88%
,
10/15/27
..................
10
9,681
5.00%
,
05/01/28
..................
49
45,483
8.75%
,
05/15/30
..................
113
115,624
8.63%
,
03/15/31
..................
15
15,320
Level
3
Financing,
Inc.
(c)
10.50%
,
04/15/29
.................
59
60,180
4.88%
,
06/15/29
..................
68
45,390
11.00%
,
11/15/29
.................
43
45,223
10.50%
,
05/15/30
.................
72
73,620
3.88%
,
10/15/30
..................
7
4,130
Lumen
Technologies,
Inc.
(c)
4.13%
,
04/15/29
..................
14
8,568
4.13%
,
04/15/30
..................
14
8,432
Telecom
Italia
Capital
SA
6.38%
,
11/15/33
..................
9
8,515
6.00%
,
09/30/34
..................
34
31,098
7.20%
,
07/18/36
..................
11
10,737
7.72%
,
06/04/38
..................
2
2,003
Uniti
Group
LP,
10.50%,
02/15/28
(c)
.......
88
91,232
Windstream
Escrow
LLC,
7.75%,
08/15/28
(c)
.
9
8,330
Zayo
Group
Holdings,
Inc.
(c)
4.00%
,
03/01/27
..................
203
167,098
6.13%
,
03/01/28
..................
53
37,088
1,054,248
Electric
Utilities
—
0.8%
FirstEnergy
Corp.
4.00%
,
05/01/26
(c)
(i)
................
27
26,838
2.65%
,
03/01/30
..................
4
3,438
NextEra
Energy
Operating
Partners
LP
(c)
3.88%
,
10/15/26
..................
5
4,663
7.25%
,
01/15/29
..................
11
11,255
NRG
Energy,
Inc.,
7.00%,
03/15/33
(c)
......
15
16,006
Pacific
Gas
&
Electric
Co.,
6.95%,
03/15/34
..
13
14,232
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(c)
.....................
18
16,779
PG&E
Corp.,
4.25%,
12/01/27
(c)
(i)
........
27
27,121
Vistra
Operations
Co.
LLC
(c)
5.00%
,
07/31/27
..................
2
1,937
7.75%
,
10/15/31
..................
32
33,513
6.95%
,
10/15/33
..................
15
16,010
171,792
Electrical
Equipment
—
0.3%
Vertiv
Group
Corp.,
4.13%,
11/15/28
(c)
.....
74
68,853
Electronic
Equipment,
Instruments
&
Components
—
0.4%
(c)
Coherent
Corp.,
5.00%,
12/15/29
........
35
32,965
Sensata
Technologies,
Inc.
4.38%
,
02/15/30
..................
28
25,484
3.75%
,
02/15/31
..................
17
14,705
73,154
Energy
Equipment
&
Services
—
4.5%
Archrock
Partners
LP
(c)
6.88%
,
04/01/27
..................
27
27,082
6.25%
,
04/01/28
..................
42
41,556
Enerflex
Ltd.,
9.00%,
10/15/27
(c)
.........
16
16,439
Kodiak
Gas
Services
LLC,
7.25%,
02/15/29
(c)
.
33
33,613
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Portfolio
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Energy
Equipment
&
Services
(continued)
Nabors
Industries
Ltd.
(c)
7.25%
,
01/15/26
..................
USD
5
$
4,969
7.50%
,
01/15/28
..................
17
15,945
Nabors
Industries,
Inc.,
9.13%,
01/31/30
(c)
...
11
11,436
Noble
Finance
II
LLC,
8.00%,
04/15/30
(c)
....
20
20,833
Oceaneering
International,
Inc.,
6.00%,
02/01/28
......................
5
4,926
Patterson-UTI
Energy,
Inc.,
7.15%,
10/01/33
.
10
10,750
Precision
Drilling
Corp.,
6.88%,
01/15/29
(c)
..
5
4,991
Transocean
Aquila
Ltd.,
8.00%,
09/30/28
(c)
..
9
9,238
Transocean
Titan
Financing
Ltd.,
8.38%,
02/01/28
(c)
.....................
8
8,326
Transocean,
Inc.
(c)
7.50%
,
01/15/26
..................
42
41,737
11.50%
,
01/30/27
.................
37
38,562
8.00%
,
02/01/27
..................
22
21,837
8.75%
,
02/15/30
..................
64
66,627
USA
Compression
Partners
LP
6.88%
,
04/01/26
..................
45
44,948
6.88%
,
09/01/27
..................
24
24,057
7.13%
,
03/15/29
(c)
.................
26
26,324
Valaris
Ltd.,
8.38%,
04/30/30
(c)
..........
52
53,640
Venture
Global
LNG,
Inc.
(c)
8.13%
,
06/01/28
..................
57
58,151
9.50%
,
02/01/29
..................
126
135,811
8.38%
,
06/01/31
..................
89
91,783
9.88%
,
02/01/32
..................
77
82,986
Weatherford
International
Ltd.
(c)
6.50%
,
09/15/28
..................
9
9,282
8.63%
,
04/30/30
..................
40
41,759
947,608
Entertainment
—
0.2%
(c)
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
......................
16
12,241
Live
Nation
Entertainment,
Inc.
4.75%
,
10/15/27
..................
24
22,916
3.75%
,
01/15/28
..................
13
12,027
Playtika
Holding
Corp.,
4.25%,
03/15/29
....
5
4,328
51,512
Financial
Services
—
3.8%
Block,
Inc.,
3.50%,
06/01/31
...........
85
73,979
Blue
Owl
Credit
Income
Corp.,
6.65%,
03/15/31
(c)
.....................
20
19,517
Blue
Owl
Technology
Finance
Corp.
II,
6.75%,
04/04/29
(c)
.....................
5
4,938
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(c)
....
33
32,993
Freedom
Mortgage
Corp.
(c)
12.00%
,
10/01/28
.................
7
7,630
12.25%
,
10/01/30
.................
7
7,699
Freedom
Mortgage
Holdings
LLC,
9.25%,
02/01/29
(c)
.....................
4
4,094
GGAM
Finance
Ltd.
(c)
7.75%
,
05/15/26
..................
3
3,062
8.00%
,
02/15/27
..................
25
25,813
8.00%
,
06/15/28
..................
7
7,310
6.88%
,
04/15/29
..................
16
16,060
Global
Payments,
Inc.,
1.50%,
03/01/31
(c)
(i)
..
34
35,938
HPS
Corporate
Lending
Fund,
6.75%,
01/30/29
(c)
.....................
15
14,973
MGIC
Investment
Corp.,
5.25%,
08/15/28
...
14
13,600
Nationstar
Mortgage
Holdings,
Inc.
(c)
5.00%
,
02/01/26
..................
91
89,053
6.00%
,
01/15/27
..................
5
4,929
5.13%
,
12/15/30
..................
11
9,980
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
5.75%
,
11/15/31
..................
USD
12
$
11,068
7.13%
,
02/01/32
..................
39
38,733
NCR
Atleos
Corp.,
9.50%,
04/01/29
(c)
......
16
17,114
PennyMac
Financial
Services,
Inc.,
7.88%,
12/15/29
(c)
.....................
18
18,496
Permian
Resources
Operating
LLC
(c)
8.00%
,
04/15/27
..................
15
15,449
5.88%
,
07/01/29
..................
38
37,367
9.88%
,
07/15/31
..................
21
23,400
7.00%
,
01/15/32
..................
22
22,823
Rocket
Mortgage
LLC
(c)
2.88%
,
10/15/26
..................
47
43,424
3.88%
,
03/01/31
..................
15
13,068
4.00%
,
10/15/33
..................
5
4,236
Shift4
Payments
LLC,
4.63%,
11/01/26
(c)
....
39
37,707
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(c)
..
140
140,393
794,846
Food
Products
—
1.1%
(c)
Chobani
LLC
4.63%
,
11/15/28
..................
70
65,278
7.63%
,
07/01/29
..................
74
75,017
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
...
22
21,802
Fiesta
Purchaser,
Inc.,
7.88%,
03/01/31
....
10
10,327
Lamb
Weston
Holdings,
Inc.
4.13%
,
01/31/30
..................
24
21,883
4.38%
,
01/31/32
..................
15
13,451
Post
Holdings,
Inc.
4.50%
,
09/15/31
..................
4
3,598
6.25%
,
02/15/32
..................
17
17,124
Simmons
Foods,
Inc.,
4.63%,
03/01/29
....
13
11,488
239,968
Gas
Utilities
—
0.7%
(c)
AmeriGas
Partners
LP,
9.38%,
06/01/28
....
19
19,675
Howard
Midstream
Energy
Partners
LLC,
8.88%,
07/15/28
.................
17
17,939
NGL
Energy
Operating
LLC
8.13%
,
02/15/29
..................
32
32,774
8.38%
,
02/15/32
..................
67
68,682
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
......................
8
7,293
146,363
Ground
Transportation
—
0.7%
Avis
Budget
Car
Rental
LLC,
8.00%,
02/15/31
(c)
15
14,975
GN
Bondco
LLC,
9.50%,
10/15/31
(c)
......
22
21,961
Lyft,
Inc.,
0.63%,
03/01/29
(c)
(i)
...........
10
11,681
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(c)
..
21
19,868
RXO,
Inc.,
7.50%,
11/15/27
(c)
...........
4
4,105
Uber
Technologies,
Inc.
0.00%
,
12/15/25
(i)
(j)
................
6
6,735
Series
2028
,
0.88%
,
12/01/28
(c)
(i)
.......
21
25,977
4.50%
,
08/15/29
(c)
.................
40
37,953
143,255
Health
Care
Equipment
&
Supplies
—
1.6%
(c)
Avantor
Funding,
Inc.,
3.88%,
11/01/29
....
23
20,733
Bausch
+
Lomb
Corp.,
8.38%,
10/01/28
....
98
101,397
Medline
Borrower
LP
3.88%
,
04/01/29
..................
27
24,576
6.25%
,
04/01/29
..................
26
26,116
5.25%
,
10/01/29
..................
136
128,543
Neogen
Food
Safety
Corp.,
8.63%,
07/20/30
.
13
14,004
Teleflex,
Inc.,
4.25%,
06/01/28
..........
10
9,384
324,753
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Portfolio
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
—
2.6%
Acadia
Healthcare
Co.,
Inc.,
5.50%,
07/01/28
(c)
USD
3
$
2,920
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(c)
.
30
27,300
Community
Health
Systems,
Inc.
(c)
5.63%
,
03/15/27
..................
20
18,408
6.00%
,
01/15/29
..................
35
30,576
5.25%
,
05/15/30
..................
46
37,509
4.75%
,
02/15/31
..................
46
35,500
Encompass
Health
Corp.
4.75%
,
02/01/30
..................
26
24,361
4.63%
,
04/01/31
..................
23
20,912
HealthEquity,
Inc.,
4.50%,
10/01/29
(c)
......
42
38,751
Legacy
LifePoint
Health
LLC,
4.38%,
02/15/27
(c)
9
8,576
LifePoint
Health,
Inc.
(c)
9.88%
,
08/15/30
..................
13
13,599
11.00%
,
10/15/30
.................
37
39,545
ModivCare,
Inc.,
5.88%,
11/15/25
(c)
.......
27
26,294
Molina
Healthcare,
Inc.
(c)
4.38%
,
06/15/28
..................
18
16,920
3.88%
,
11/15/30
..................
7
6,224
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(c)
..
15
13,753
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(c)
.....................
2
1,989
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(c)
................
6
6,008
Surgery
Center
Holdings,
Inc.
(c)
6.75%
,
07/01/25
..................
22
21,585
10.00%
,
04/15/27
.................
12
12,022
7.25%
,
04/15/32
..................
37
37,288
Tenet
Healthcare
Corp.
4.63%
,
06/15/28
..................
7
6,665
6.13%
,
06/15/30
..................
12
11,973
6.75%
,
05/15/31
(c)
.................
73
74,331
533,009
Health
Care
Technology
—
0.8%
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
(c)
.
178
162,802
IQVIA,
Inc.,
6.25%,
02/01/29
...........
5
5,192
167,994
Hotel
&
Resort
REITs
—
0.8%
RHP
Hotel
Properties
LP
(c)
7.25%
,
07/15/28
..................
46
47,371
4.50%
,
02/15/29
..................
16
14,940
RLJ
Lodging
Trust
LP
(c)
3.75%
,
07/01/26
..................
11
10,476
4.00%
,
09/15/29
..................
8
7,052
Service
Properties
Trust
7.50%
,
09/15/25
..................
7
7,095
8.63%
,
11/15/31
(c)
.................
76
81,049
167,983
Hotels,
Restaurants
&
Leisure
—
6.6%
1011778
BC
ULC,
4.00%,
10/15/30
(c)
......
19
16,929
Boyd
Gaming
Corp.,
4.75%,
06/15/31
(c)
....
13
11,946
Boyne
USA,
Inc.,
4.75%,
05/15/29
(c)
......
18
16,685
Caesars
Entertainment,
Inc.
(c)
8.13%
,
07/01/27
..................
57
58,377
4.63%
,
10/15/29
..................
30
27,356
7.00%
,
02/15/30
..................
106
108,807
6.50%
,
02/15/32
..................
43
43,379
Carnival
Corp.
(c)
4.00%
,
08/01/28
..................
11
10,192
6.00%
,
05/01/29
..................
66
65,123
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
05/01/28
(c)
.....................
168
183,264
CCM
Merger,
Inc.,
6.38%,
05/01/26
(c)
......
9
8,992
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Cedar
Fair
LP
5.50%
,
05/01/25
(c)
.................
USD
6
$
5,975
5.38%
,
04/15/27
..................
6
5,910
6.50%
,
10/01/28
..................
5
5,017
Churchill
Downs,
Inc.
(c)
4.75%
,
01/15/28
..................
28
26,655
5.75%
,
04/01/30
..................
23
22,202
6.75%
,
05/01/31
..................
37
37,207
Fertitta
Entertainment
LLC
(c)
4.63%
,
01/15/29
..................
16
14,671
6.75%
,
01/15/30
..................
4
3,592
GLP
Capital
LP,
3.25%,
01/15/32
........
21
17,678
Hilton
Domestic
Operating
Co.,
Inc.
4.88%
,
01/15/30
..................
2
1,918
6.13%
,
04/01/32
(c)
.................
13
13,055
Hilton
Grand
Vacations
Borrower
Escrow
LLC,
6.63%,
01/15/32
(c)
................
15
15,061
Life
Time,
Inc.,
8.00%,
04/15/26
(c)
........
19
19,229
Light
&
Wonder
International,
Inc.
(c)
7.00%
,
05/15/28
..................
11
11,081
7.25%
,
11/15/29
..................
14
14,372
7.50%
,
09/01/31
..................
22
22,878
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
05/15/28
(c)
.....................
17
17,977
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(c)
.
23
23,178
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(c)
23
21,571
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(c)
.....................
11
10,186
NCL
Corp.
Ltd.
(c)
5.88%
,
03/15/26
..................
27
26,653
8.38%
,
02/01/28
..................
7
7,394
8.13%
,
01/15/29
..................
8
8,465
7.75%
,
02/15/29
..................
13
13,498
NCL
Finance
Ltd.,
6.13%,
03/15/28
(c)
......
11
10,863
Ontario
Gaming
GTA
LP,
8.00%,
08/01/30
(c)
..
11
11,330
Premier
Entertainment
Sub
LLC
(c)
5.63%
,
09/01/29
..................
10
7,634
5.88%
,
09/01/31
..................
10
7,311
Raising
Cane's
Restaurants
LLC,
9.38%,
05/01/29
(c)
.....................
9
9,727
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(c)
..
13
12,505
Royal
Caribbean
Cruises
Ltd.
(c)
4.25%
,
07/01/26
..................
6
5,790
5.38%
,
07/15/27
..................
10
9,859
5.50%
,
04/01/28
..................
14
13,838
8.25%
,
01/15/29
..................
13
13,750
9.25%
,
01/15/29
..................
16
17,161
6.25%
,
03/15/32
..................
21
21,167
Scientific
Games
Holdings
LP,
6.63%,
03/01/30
(c)
.....................
18
17,401
Six
Flags
Entertainment
Corp.,
7.25%,
05/15/31
(c)
.....................
59
59,773
Station
Casinos
LLC
(c)
4.50%
,
02/15/28
..................
16
15,073
4.63%
,
12/01/31
..................
15
13,482
6.63%
,
03/15/32
..................
14
14,142
Viking
Cruises
Ltd.
(c)
5.88%
,
09/15/27
..................
16
15,698
7.00%
,
02/15/29
..................
3
3,013
9.13%
,
07/15/31
..................
54
59,055
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(c)
.....................
8
7,785
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(c)
.....................
9
8,367
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(c)
...
26
25,465
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Portfolio
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Wynn
Resorts
Finance
LLC
(c)
5.13%
,
10/01/29
..................
USD
49
$
46,420
7.13%
,
02/15/31
..................
35
36,222
1,379,304
Household
Durables
—
0.7%
(c)
Ashton
Woods
USA
LLC
6.63%
,
01/15/28
..................
7
7,028
4.63%
,
04/01/30
..................
8
7,309
Beazer
Homes
USA,
Inc.,
7.50%,
03/15/31
..
6
6,060
Brookfield
Residential
Properties,
Inc.
5.00%
,
06/15/29
..................
17
15,421
4.88%
,
02/15/30
..................
15
13,454
Dream
Finders
Homes,
Inc.,
8.25%,
08/15/28
.
8
8,351
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
......................
11
10,706
LGI
Homes,
Inc.,
8.75%,
12/15/28
........
8
8,441
Mattamy
Group
Corp.
5.25%
,
12/15/27
..................
12
11,634
4.63%
,
03/01/30
..................
11
9,980
New
Home
Co.,
Inc.
(The)
8.25%
,
10/15/27
(k)
.................
1
1,004
9.25%
,
10/01/29
..................
14
14,070
STL
Holding
Co.
LLC,
8.75%,
02/15/29
....
8
8,210
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
..
11
8,135
Taylor
Morrison
Communities,
Inc.,
5.13%,
08/01/30
......................
5
4,775
Tempur
Sealy
International,
Inc.
4.00%
,
04/15/29
..................
2
1,815
3.88%
,
10/15/31
..................
4
3,397
139,790
Household
Products
—
0.1%
Central
Garden
&
Pet
Co.
4.13%
,
10/15/30
..................
13
11,662
4.13%
,
04/30/31
(c)
.................
9
7,933
Spectrum
Brands,
Inc.
(c)
5.00%
,
10/01/29
..................
7
6,860
3.88%
,
03/15/31
..................
4
3,853
30,308
Independent
Power
and
Renewable
Electricity
Producers
—
0.4%
Calpine
Corp.
(c)
5.13%
,
03/15/28
..................
23
22,074
5.00%
,
02/01/31
..................
8
7,339
Clearway
Energy
Operating
LLC
(c)
4.75%
,
03/15/28
..................
4
3,802
3.75%
,
01/15/32
..................
27
22,699
NextEra
Energy
Partners
LP
(c)(i)
0.00%
,
11/15/25
(j)
.................
12
10,650
2.50%
,
06/15/26
..................
12
10,799
Talen
Energy
Supply
LLC,
8.63%,
06/01/30
(c)
.
9
9,624
TransAlta
Corp.,
7.75%,
11/15/29
........
5
5,197
92,184
Industrial
Conglomerates
—
1.2%
(c)
EMRLD
Borrower
LP,
6.63%,
12/15/30
.....
189
190,813
Husky
Injection
Molding
Systems
Ltd.,
9.00%,
02/15/29
......................
49
50,672
241,485
Insurance
—
7.6%
(c)
Alliant
Holdings
Intermediate
LLC
4.25%
,
10/15/27
..................
98
92,263
6.75%
,
10/15/27
..................
141
138,916
6.75%
,
04/15/28
..................
29
29,205
5.88%
,
11/01/29
..................
86
79,893
7.00%
,
01/15/31
..................
69
69,691
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
AmWINS
Group,
Inc.
6.38%
,
02/15/29
..................
USD
10
$
10,054
4.88%
,
06/30/29
..................
21
19,601
AssuredPartners,
Inc.,
7.50%,
02/15/32
....
24
23,584
Howden
UK
Refinance
plc
7.25%
,
02/15/31
..................
107
107,404
8.13%
,
02/15/32
..................
59
59,501
HUB
International
Ltd.
7.25%
,
06/15/30
..................
229
235,343
7.38%
,
01/31/32
..................
250
251,683
Jones
Deslauriers
Insurance
Management,
Inc.
8.50%
,
03/15/30
..................
34
35,441
10.50%
,
12/15/30
.................
17
17,939
NFP
Corp.
4.88%
,
08/15/28
..................
39
39,088
6.88%
,
08/15/28
..................
136
137,736
7.50%
,
10/01/30
..................
8
8,428
8.50%
,
10/01/31
..................
13
14,307
Panther
Escrow
Issuer
LLC,
7.13%,
06/01/31
.
172
174,874
Ryan
Specialty
LLC,
4.38%,
02/01/30
.....
9
8,412
USI,
Inc.,
7.50%,
01/15/32
............
30
30,055
1,583,418
IT
Services
—
0.3%
Central
Parent
LLC,
8.00%,
06/15/29
(c)
.....
38
39,392
Newfold
Digital
Holdings
Group,
Inc.,
11.75%,
10/15/28
(c)
.....................
6
6,495
Twilio,
Inc.
3.63%
,
03/15/29
..................
12
10,793
3.88%
,
03/15/31
..................
17
14,841
71,521
Leisure
Products
—
0.2%
Acushnet
Co.,
7.38%,
10/15/28
(c)
........
4
4,145
Amer
Sports
Co.,
6.75%,
02/16/31
(c)
......
19
18,854
Mattel,
Inc.,
6.20%,
10/01/40
...........
9
8,989
31,988
Life
Sciences
Tools
&
Services
—
0.6%
(c)
Charles
River
Laboratories
International,
Inc.
4.25%
,
05/01/28
..................
12
11,318
4.00%
,
03/15/31
..................
2
1,787
Fortrea
Holdings,
Inc.,
7.50%,
07/01/30
....
13
13,420
Star
Parent,
Inc.,
9.00%,
10/01/30
........
86
91,014
117,539
Machinery
—
2.2%
ATS
Corp.,
4.13%,
12/15/28
(c)
..........
9
8,249
Chart
Industries,
Inc.
(c)
7.50%
,
01/01/30
..................
68
70,614
9.50%
,
01/01/31
..................
8
8,712
Esab
Corp.,
6.25%,
04/15/29
(c)
..........
18
18,084
GrafTech
Global
Enterprises,
Inc.,
9.88%,
12/15/28
(c)
.....................
6
4,454
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(c)
(h)
.........
31
31,052
Madison
IAQ
LLC,
5.88%,
06/30/29
(c)
......
34
31,106
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(c)
3
2,721
OT
Merger
Corp.,
7.88%,
10/15/29
(c)
......
9
6,427
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(c)
.....................
10
9,156
Terex
Corp.,
5.00%,
05/15/29
(c)
.........
10
9,441
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(c)
....
48
47,943
Titan
International,
Inc.,
7.00%,
04/30/28
...
3
2,960
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(c)
200
193,218
Wabash
National
Corp.,
4.50%,
10/15/28
(c)
..
17
15,590
459,727
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Portfolio
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Media
—
5.0%
Cable
One,
Inc.
0.00%
,
03/15/26
(i)
(j)
................
USD
5
$
4,355
1.13%
,
03/15/28
(i)
.................
17
12,760
4.00%
,
11/15/30
(c)
.................
22
17,170
Clear
Channel
Outdoor
Holdings,
Inc.
(c)
5.13%
,
08/15/27
..................
30
28,279
7.75%
,
04/15/28
..................
15
13,137
9.00%
,
09/15/28
..................
99
103,120
7.50%
,
06/01/29
..................
50
41,352
7.88%
,
04/01/30
..................
54
53,684
CMG
Media
Corp.,
8.88%,
12/15/27
(c)
.....
20
13,254
CSC
Holdings
LLC,
11.75%,
01/31/29
(c)
....
200
200,312
DirecTV
Financing
LLC,
5.88%,
08/15/27
(c)
..
67
63,384
DISH
DBS
Corp.,
5.25%,
12/01/26
(c)
......
46
36,221
DISH
Network
Corp.,
11.75%,
11/15/27
(c)
...
75
76,570
GCI
LLC,
4.75%,
10/15/28
(c)
...........
12
11,003
Gray
Television,
Inc.
(c)
5.88%
,
07/15/26
..................
14
13,634
7.00%
,
05/15/27
..................
30
27,901
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
......................
8
6,658
Midcontinent
Communications,
5.38%,
08/15/27
(c)
.....................
16
15,186
Nexstar
Media,
Inc.,
5.63%,
07/15/27
(c)
.....
7
6,715
Outfront
Media
Capital
LLC
(c)
5.00%
,
08/15/27
..................
24
23,099
4.25%
,
01/15/29
..................
25
22,649
4.63%
,
03/15/30
..................
6
5,381
7.38%
,
02/15/31
..................
18
18,854
Radiate
Holdco
LLC
(c)
4.50%
,
09/15/26
..................
24
19,084
6.50%
,
09/15/28
..................
28
13,354
Sirius
XM
Radio,
Inc.
(c)
3.13%
,
09/01/26
..................
27
25,292
5.00%
,
08/01/27
..................
56
53,877
4.00%
,
07/15/28
..................
4
3,659
Stagwell
Global
LLC,
5.63%,
08/15/29
(c)
....
8
7,265
Univision
Communications,
Inc.
(c)
6.63%
,
06/01/27
..................
5
4,890
8.00%
,
08/15/28
..................
90
91,689
7.38%
,
06/30/30
..................
13
12,855
1,046,643
Metals
&
Mining
—
2.5%
Arsenal
AIC
Parent
LLC
(c)
8.00%
,
10/01/30
..................
30
31,497
11.50%
,
10/01/31
.................
53
59,029
ATI,
Inc.
5.88%
,
12/01/27
..................
22
21,662
4.88%
,
10/01/29
..................
8
7,528
7.25%
,
08/15/30
..................
34
35,143
5.13%
,
10/01/31
..................
21
19,455
Big
River
Steel
LLC,
6.63%,
01/31/29
(c)
....
77
77,433
Carpenter
Technology
Corp.
6.38%
,
07/15/28
..................
4
3,993
7.63%
,
03/15/30
..................
21
21,665
ERO
Copper
Corp.,
6.50%,
02/15/30
(c)
.....
18
17,078
Kaiser
Aluminum
Corp.
(c)
4.63%
,
03/01/28
..................
31
29,088
4.50%
,
06/01/31
..................
33
29,196
Mineral
Resources
Ltd.,
9.25%,
10/01/28
(c)
..
5
5,266
New
Gold,
Inc.,
7.50%,
07/15/27
(c)
.......
44
44,099
Novelis
Corp.
(c)
3.25%
,
11/15/26
..................
63
58,702
4.75%
,
01/30/30
..................
39
35,983
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
3.88%
,
08/15/31
..................
USD
36
$
30,924
527,741
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
(c)
Ladder
Capital
Finance
Holdings
LLLP
4.25%
,
02/01/27
..................
8
7,485
4.75%
,
06/15/29
..................
4
3,636
Starwood
Property
Trust,
Inc.,
7.25%,
04/01/29
11
11,087
22,208
Oil,
Gas
&
Consumable
Fuels
—
7.9%
Aethon
United
BR
LP,
8.25%,
02/15/26
(c)
....
37
37,427
Antero
Midstream
Partners
LP
(c)
5.75%
,
03/01/27
..................
14
13,825
5.38%
,
06/15/29
..................
17
16,348
6.63%
,
02/01/32
..................
19
19,083
Apache
Corp.,
5.35%,
07/01/49
.........
6
5,072
Ascent
Resources
Utica
Holdings
LLC
(c)
9.00%
,
11/01/27
..................
27
33,981
8.25%
,
12/31/28
..................
53
54,446
5.88%
,
06/30/29
..................
34
32,417
Baytex
Energy
Corp.,
8.50%,
04/30/30
(c)
....
17
17,751
Buckeye
Partners
LP
5.85%
,
11/15/43
..................
8
6,816
5.60%
,
10/15/44
..................
8
6,394
Callon
Petroleum
Co.
(c)
8.00%
,
08/01/28
..................
19
19,854
7.50%
,
06/15/30
..................
29
30,667
Chesapeake
Energy
Corp.,
6.75%,
04/15/29
(c)
25
25,268
CITGO
Petroleum
Corp.
(c)
7.00%
,
06/15/25
..................
25
24,969
8.38%
,
01/15/29
..................
33
34,671
Civitas
Resources,
Inc.
(c)
8.38%
,
07/01/28
..................
45
47,372
8.63%
,
11/01/30
..................
17
18,254
8.75%
,
07/01/31
..................
79
84,535
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(c)
11
9,804
CNX
Resources
Corp.,
7.38%,
01/15/31
(c)
...
7
7,129
Comstock
Resources,
Inc.
(c)
6.75%
,
03/01/29
..................
25
23,841
5.88%
,
01/15/30
..................
51
46,186
Crescent
Energy
Finance
LLC
(c)
9.25%
,
02/15/28
..................
39
41,180
7.63%
,
04/01/32
..................
37
37,285
Diamond
Foreign
Asset
Co.,
8.50%,
10/01/30
(c)
15
15,831
DT
Midstream,
Inc.
(c)
4.13%
,
06/15/29
..................
19
17,467
4.38%
,
06/15/31
..................
12
10,868
Enbridge,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.43%),
8.50%,
01/15/84
(f)
................
13
14,125
Energy
Transfer
LP
(f)
Series
B
,
(3-mo.
LIBOR
USD
+
4.16%),
6.63%
(g)
......................
7
6,538
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.02%),
8.00%
,
05/15/54
.....................
37
38,808
EnLink
Midstream
LLC
5.63%
,
01/15/28
(c)
.................
22
21,790
5.38%
,
06/01/29
..................
9
8,836
6.50%
,
09/01/30
(c)
.................
11
11,317
EnLink
Midstream
Partners
LP,
5.60%,
04/01/44
20
17,807
EQM
Midstream
Partners
LP
4.13%
,
12/01/26
..................
5
4,808
4.50%
,
01/15/29
(c)
.................
3
2,813
6.38%
,
04/01/29
(c)
.................
22
22,162
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Portfolio
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
7.50%
,
06/01/30
(c)
.................
USD
4
$
4,276
4.75%
,
01/15/31
(c)
.................
11
10,229
FTAI
Infra
Escrow
Holdings
LLC,
10.50%,
06/01/27
(c)
.....................
9
9,377
Genesis
Energy
LP
7.75%
,
02/01/28
..................
9
9,046
8.25%
,
01/15/29
..................
20
20,532
8.88%
,
04/15/30
..................
8
8,374
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(c)
..
5
5,070
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(c)
.....................
9
8,270
Hilcorp
Energy
I
LP
(c)
6.25%
,
11/01/28
..................
5
4,995
5.75%
,
02/01/29
..................
13
12,662
6.00%
,
04/15/30
..................
1
979
8.38%
,
11/01/33
..................
70
75,894
ITT
Holdings
LLC,
6.50%,
08/01/29
(c)
......
27
24,640
Kinetik
Holdings
LP
(c)
6.63%
,
12/15/28
..................
4
4,071
5.88%
,
06/15/30
..................
11
10,759
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
08/01/26
(c)
.....................
2
1,967
Matador
Resources
Co.
(c)
6.88%
,
04/15/28
..................
19
19,438
6.50%
,
04/15/32
..................
19
19,023
Murphy
Oil
Corp.,
5.88%,
12/01/42
(k)
......
3
2,692
New
Fortress
Energy,
Inc.
(c)
6.75%
,
09/15/25
..................
21
20,857
8.75%
,
03/15/29
..................
53
52,798
Northern
Oil
&
Gas,
Inc.
(c)
8.13%
,
03/01/28
..................
79
80,184
8.75%
,
06/15/31
..................
20
21,119
PBF
Holding
Co.
LLC,
7.88%,
09/15/30
(c)
...
13
13,484
Prairie
Acquiror
LP,
9.00%,
08/01/29
(c)
.....
12
12,353
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(c)
..
35
32,754
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29
(c)
.....................
2
1,869
Sitio
Royalties
Operating
Partnership
LP,
7.88%,
11/01/28
(c)
................
25
25,858
SM
Energy
Co.,
6.75%,
09/15/26
........
8
8,008
Southwestern
Energy
Co.,
5.38%,
02/01/29
..
14
13,597
Sunoco
LP,
7.00%,
09/15/28
(c)
..........
2
2,044
Tallgrass
Energy
Partners
LP
(c)
6.00%
,
03/01/27
..................
3
2,953
5.50%
,
01/15/28
..................
5
4,818
7.38%
,
02/15/29
..................
30
30,179
6.00%
,
09/01/31
..................
4
3,733
Talos
Production,
Inc.
(c)
9.00%
,
02/01/29
..................
12
12,744
9.38%
,
02/01/31
..................
10
10,660
Venture
Global
Calcasieu
Pass
LLC
(c)
3.88%
,
08/15/29
..................
63
56,709
4.13%
,
08/15/31
..................
9
8,003
3.88%
,
11/01/33
..................
31
26,338
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(c)
...
7
6,835
Vital
Energy,
Inc.
9.75%
,
10/15/30
..................
22
24,058
7.88%
,
04/15/32
(c)
.................
31
31,492
Western
Midstream
Operating
LP,
5.25%,
02/01/50
(k)
.....................
2
1,789
1,645,275
Passenger
Airlines
—
0.7%
(c)
American
Airlines,
Inc.
5.75%
,
04/20/29
..................
39
38,664
8.50%
,
05/15/29
..................
31
32,750
Security
Par
(000)
Par
(000)
Value
Passenger
Airlines
(continued)
United
Airlines,
Inc.,
4.63%,
04/15/29
......
USD
70
$
65,100
VistaJet
Malta
Finance
plc
7.88%
,
05/01/27
..................
9
7,609
6.38%
,
02/01/30
..................
12
8,845
152,968
Personal
Care
Products
—
0.1%
Coty,
Inc.
(c)
4.75%
,
01/15/29
..................
2
1,893
6.63%
,
07/15/30
..................
15
15,232
17,125
Pharmaceuticals
—
0.7%
1375209
BC
Ltd.,
9.00%,
01/30/28
(c)
......
14
13,720
Catalent
Pharma
Solutions,
Inc.
(c)
5.00%
,
07/15/27
..................
14
13,786
3.13%
,
02/15/29
..................
45
43,001
3.50%
,
04/01/30
..................
14
13,334
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
3.15%,
10/01/26
..............
60
55,930
139,771
Professional
Services
—
0.7%
(c)
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
....
8
7,185
CoreLogic,
Inc.,
4.50%,
05/01/28
........
89
79,803
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
35
32,307
KBR,
Inc.,
4.75%,
09/30/28
............
20
18,391
Science
Applications
International
Corp.,
4.88%,
04/01/28
.................
14
13,368
151,054
Real
Estate
Management
&
Development
—
0.4%
Anywhere
Real
Estate
Group
LLC
Series
AI
,
7.00%
,
04/15/30
...........
23
20,658
7.00%
,
04/15/30
(c)
.................
11
9,795
Cushman
&
Wakefield
US
Borrower
LLC
(c)
6.75%
,
05/15/28
..................
22
21,725
8.88%
,
09/01/31
..................
10
10,567
Howard
Hughes
Corp.
(The)
(c)
4.13%
,
02/01/29
..................
18
16,178
4.38%
,
02/01/31
..................
11
9,552
88,475
Retail
REITs
—
0.1%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(c)
.....................
12
10,953
Semiconductors
&
Semiconductor
Equipment
—
0.5%
(c)
Entegris,
Inc.,
4.75%,
04/15/29
.........
88
84,335
Synaptics,
Inc.,
4.00%,
06/15/29
.........
15
13,500
97,835
Software
—
5.2%
(c)
Boxer
Parent
Co.,
Inc.
7.13%
,
10/02/25
..................
11
11,010
9.13%
,
03/01/26
..................
59
58,978
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
...
22
22,828
Central
Parent,
Inc.,
7.25%,
06/15/29
......
59
60,228
Clarivate
Science
Holdings
Corp.
3.88%
,
07/01/28
..................
75
69,389
4.88%
,
07/01/29
..................
66
61,059
Cloud
Software
Group,
Inc.
6.50%
,
03/31/29
..................
231
219,210
9.00%
,
09/30/29
..................
122
117,012
Elastic
NV,
4.13%,
07/15/29
...........
30
26,997
Fair
Isaac
Corp.,
4.00%,
06/15/28
........
19
17,747
McAfee
Corp.,
7.38%,
02/15/30
.........
41
37,599
MicroStrategy,
Inc.,
6.13%,
06/15/28
......
39
37,624
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Portfolio
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Sabre
GLBL,
Inc.
8.63%
,
06/01/27
..................
USD
32
$
28,081
11.25%
,
12/15/27
.................
2
1,877
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
..
55
53,777
UKG,
Inc.,
6.88%,
02/01/31
............
199
202,727
Veritas
US,
Inc.,
7.50%,
09/01/25
........
27
24,755
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
50
45,009
1,095,907
Specialized
REITs
—
0.4%
Iron
Mountain,
Inc.,
7.00%,
02/15/29
(c)
.....
37
37,705
SBA
Communications
Corp.,
3.13%,
02/01/29
43
37,948
75,653
Specialty
Retail
—
1.3%
Arko
Corp.,
5.13%,
11/15/29
(c)
..........
10
8,277
Asbury
Automotive
Group,
Inc.
4.50%
,
03/01/28
..................
9
8,569
4.75%
,
03/01/30
..................
2
1,842
5.00%
,
02/15/32
(c)
.................
9
8,154
Carvana
Co.
(c)(h)
12.00%
,
(
12.00
%
Cash
or
12.00
%
PIK),
12/01/28
.....................
10
9,371
13.00%
,
(
13.00
%
Cash
or
13.00
%
PIK),
06/01/30
.....................
7
6,518
14.00%
,
(
14.00
%
Cash
or
14.00
%
PIK),
06/01/31
.....................
12
11,013
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(c)
...
31
28,820
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(c)
11
10,174
Penske
Automotive
Group,
Inc.,
3.50%,
09/01/25
......................
30
29,196
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(c)
................
5
4,966
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(c)
...
129
126,529
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(c)
(h)
............
24
23,977
277,406
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
Seagate
HDD
Cayman
(c)
8.25%
,
12/15/29
..................
30
32,234
8.50%
,
07/15/31
..................
32
34,581
66,815
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
(c)
Crocs,
Inc.,
4.13%,
08/15/31
...........
16
13,863
Hanesbrands,
Inc.,
4.88%,
05/15/26
......
10
9,736
Levi
Strauss
&
Co.,
3.50%,
03/01/31
......
24
21,055
44,654
Trading
Companies
&
Distributors
—
2.4%
(c)
Beacon
Roofing
Supply,
Inc.,
6.50%,
08/01/30
15
15,221
Fortress
Transportation
&
Infrastructure
Investors
LLC
6.50%
,
10/01/25
..................
45
44,933
9.75%
,
08/01/27
..................
19
19,673
5.50%
,
05/01/28
..................
47
45,539
7.88%
,
12/01/30
..................
43
45,155
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
......................
7
6,437
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
2
1,831
Herc
Holdings,
Inc.,
5.50%,
07/15/27
......
36
35,359
Imola
Merger
Corp.,
4.75%,
05/15/29
......
15
14,065
SRS
Distribution,
Inc.
4.63%
,
07/01/28
..................
51
51,373
6.13%
,
07/01/29
..................
42
42,829
6.00%
,
12/01/29
..................
55
56,183
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
(continued)
United
Rentals
North
America,
Inc.
6.00%
,
12/15/29
..................
USD
63
$
63,417
6.13%
,
03/15/34
..................
11
11,014
WESCO
Distribution,
Inc.
7.25%
,
06/15/28
..................
19
19,398
6.38%
,
03/15/29
..................
14
14,144
6.63%
,
03/15/32
..................
14
14,226
500,797
Transportation
Infrastructure
—
0.0%
Rand
Parent
LLC,
8.50%,
02/15/30
(c)
......
2
1,981
Total
Corporate
Bonds
—
93
.8
%
(Cost:
$
19,617,752
)
...............................
19,587,523
Floating
Rate
Loan
Interests
Diversified
Telecommunication
Services
—
0.0%
Lumen
Technologies,
Inc.,
Term
Loan
,
01/01/28
(f)
(l)
(m)
....................
4
3,435
Total
Floating
Rate
Loan
Interests
—
0
.0
%
(Cost:
$
3,994
)
..................................
3,435
Shares
Shares
Investment
Companies
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(n)
(o)
........................
5,700
443,061
Total
Investment
Companies
—
2
.1
%
(Cost:
$
420,670
)
.................................
443,061
Beneficial
Interest
(000)
Other
Interests
(p)
Capital
Markets
—
0.0%
(a)(d)
Lehman
Brothers
Holdings
Capital
Trust
Escrow
Bonds
.........................
110
110
Lehman
Brothers
Holdings
Capital
Trust
Escrow
Bonds
.........................
30
30
Total
Other
Interests
—
0
.0
%
(Cost:
$
—
)
.....................................
140
Par
(000)
Pa
r
(
000)
Preferred
Securities
Capital
Trusts
—
1.3%
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
9,211
JPMorgan
Chase
&
Co.
,
Series
Q
,
(3-mo.
CME
Term
SOFR
+
3.51%),
8.82
%
.........
20
19,991
PNC
Financial
Services
Group,
Inc.
(The)
Series
V
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
6.20
%
.......................
20
19,948
Series
W
,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.81%),
6.25
%
.......................
17
16,476
65,626
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
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)
....
USD
70
$
68,843
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
9,588
Electric
Utilities
—
0.3%
(f)(g)
Edison
International
Series
A
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.70%),
5.38
%
.......................
10
9,677
Series
B
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.90%),
5.00
%
.......................
19
18,000
NRG
Energy,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.92%),
10.25
%
(c)
.................
29
31,109
58,786
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
Vistra
Corp.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.74%),
7.00
%
(c)
(f)
(g)
......................
34
33,665
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
$
34,305
Total
Preferred
Securities
—
1
.3
%
(Cost:
$
272,401
)
.................................
270,813
Total
Long-Term
Investments
—
97.9%
(Cost:
$
20,468,170
)
...............................
20,463,164
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
1.6%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.19
%
(n)
(q)
..................
324,415
324,415
Total
Short-Term
Securities
—
1
.6
%
(Cost:
$
324,415
)
.................................
324,415
Total
Investments
—
99
.5
%
(Cost:
$
20,792,585
)
...............................
20,787,579
Other
Assets
Less
Liabilities
—
0.5
%
....................
99,851
Net
Assets
—
100.0%
...............................
$
20,887,430
(a)
Non-income
producing
security.
(b)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$8,662,
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)
Convertible
security.
(j)
Zero-coupon
bond.
(k)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(l)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(m)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(n)
Affiliate
of
the
Fund.
(o)
All
or
a
portion
of
the
security
has
been
pledged
and/or
segregated
as
collateral
in
connection
with
outstanding
exchange-traded
options
written.
(p)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(q)
Annualized
7-day
yield
as
of
period
end.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Portfolio
11
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
March
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/24
Shares
Held
at
03/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
258,917
$
65,498
(a)
$
—
$
—
$
—
$
324,415
324,415
$
5,102
$
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
....
441,123
—
—
—
1,938
443,061
5,700
4,686
—
$
—
$
1,938
$
767,476
$
9,788
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
For
purposes
of
this
report,
industry
and
sector
sub-classifications
may
differ
from
those
utilized
by
the
Fund
for
compliance
purposes.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Portfolio
12
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
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
EUR
404,000
USD
440,501
Citibank
NA
06/20/24
$
(
3,231
)
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
42.V1
...........
5
.00
%
Quarterly
06/20/29
B+
USD
200
$
14,667
$
13,911
$
756
(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
........................................
$
—
$
8,662
$
—
$
8,662
Containers
&
Packaging
..................................
15,931
—
—
15,931
Electrical
Equipment
.....................................
21,603
—
—
21,603
Hotels,
Restaurants
&
Leisure
..............................
12,585
—
—
12,585
Metals
&
Mining
........................................
40,616
—
—
40,616
Oil,
Gas
&
Consumable
Fuels
...............................
7,079
—
—
7,079
Specialized
REITs
......................................
51,716
—
—
51,716
Corporate
Bonds
........................................
—
19,587,523
—
19,587,523
Floating
Rate
Loan
Interests
.................................
—
—
3,435
3,435
Investment
Companies
....................................
443,061
—
—
443,061
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Portfolio
13
Level
1
Level
2
Level
3
Total
Other
Interests
..........................................
$
—
$
140
$
—
$
140
Preferred
Securities
.......................................
—
270,813
—
270,813
Short-Term
Securities
Money
Market
Funds
......................................
324,415
—
—
324,415
$
917,006
$
19,867,138
$
3,435
$
20,787,579
Derivative
Financial
Instruments
(a)
Assets
Credit
contracts
...........................................
$
—
$
756
$
—
$
756
Liabilities
Foreign
currency
exchange
contracts
............................
—
(
3,231
)
—
(
3,231
)
$
—
$
(
2,475
)
$
—
$
(
2,475
)
(a)
Derivative
financial
instruments
are
swaps
and
forward
foreign
currency
exchange
contracts.
Swaps
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Currency
Abbreviation
EUR
Euro
USD
United
States
Dollar
Portfolio
Abbreviation
DAC
Designated
Activity
Company
ETF
Exchange-Traded
Fund
LIBOR
London
Interbank
Offered
Rate
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
Fair
Value
Hierarchy
as
of
Period
End
(continued)