BlackRock

High

Yield

Portfolio

2

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

September

30,

2022

Security

Shares

Shares

Value

Common

Stocks

Building

Products

—

0.0%

AZEK

Co.,

Inc.

(The)

(a)

...............

17

$

283

Chemicals

—

0.1%

Diversey

Holdings

Ltd.

(a)

..............

2,327

11,309

Element

Solutions,

Inc.

...............

922

15,001

26,310

Electrical

Equipment

—

0.1%

Ardagh

Metal

Packaging

SA,

(Acquired

08/02/21,

cost

$25,124)

(a)(b)

..........

2,555

11,881

IT

Services

—

0.0%

(a)

Block,

Inc.,

Class

A

.................

58

3,189

Twilio

,

Inc.,

Class

A

.................

29

2,005

5,194

Life

Sciences

Tools

&

Services

—

0.1%

Syneos

Health,

Inc.

(a)

................

350

16,503

Media

—

0.0%

Clear

Channel

Outdoor

Holdings,

Inc.

(a)

....

3,730

5,110

Metals

&

Mining

—

0.1%

Constellium

SE,

Class

A

(a)

.............

1,837

18,627

Oil,

Gas

&

Consumable

Fuels

—

0.3%

Cheniere

Energy,

Inc.

................

78

12,941

Chesapeake

Energy

Corp.

............

330

31,089

Energy

Transfer

LP

.................

1,139

12,563

56,593

Road

&

Rail

—

0.0%

Uber

Technologies,

Inc.

(a)

.............

201

5,327

Software

—

0.1%

Informatica

,

Inc.,

Class

A

(a)

............

702

14,089

Total

Common

Stocks

—

0.8%

(Cost:

$201,955)

................................

159,917

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

3.5%

Bombardier,

Inc.

(c)

7.50%,

03/15/25

.................

USD

2

1,945

7.13%,

06/15/26

.................

99

90,800

7.88%,

04/15/27

.................

42

38,640

6.00%,

02/15/28

.................

35

29,283

BWX

Technologies,

Inc.

(c)

4.13%,

06/30/28

.................

10

8,734

4.13%,

04/15/29

.................

19

16,435

Maxar

Technologies,

Inc.,

7.75%,

06/15/27

(c)

6

5,639

Spirit

AeroSystems

,

Inc.

(c)

5.50%,

01/15/25

.................

14

13,230

7.50%,

04/15/25

.................

2

1,885

TransDigm

,

Inc.

8.00%,

12/15/25

(c)

................

26

26,369

6.25%,

03/15/26

(c)

................

334

323,980

6.38%,

06/15/26

.................

5

4,724

7.50%,

03/15/27

.................

10

9,520

5.50%,

11/15/27

.................

17

14,785

4.63%,

01/15/29

.................

15

12,075

4.88%,

05/01/29

.................

25

20,208

Triumph

Group,

Inc.,

8.88%,

06/01/24

(c)

...

37

36,552

654,804

Security

Par

(000)

Par

(000)

Value

Airlines

—

2.3%

Air

Canada,

3.88%,

08/15/26

(c)

.........

USD

41

$

35,209

Allegiant

Travel

Co.,

7.25%,

08/15/27

(c)

....

8

7,540

American

Airlines,

Inc.

(c)

11.75%,

07/15/25

................

69

72,059

5.50%,

04/20/26

.................

40

37,567

5.75%,

04/20/29

.................

67

58,246

Delta

Air

Lines,

Inc.

(c)

7.00%,

05/01/25

.................

13

13,084

4.75%,

10/20/28

.................

5

4,614

Hawaiian

Brand

Intellectual

Property

Ltd.,

5.75%,

01/20/26

(c)

...............

21

18,522

Mileage

Plus

Holdings

LLC,

6.50%,

06/20/27

(c)

51

50,211

Spirit

Loyalty

Cayman

Ltd.,

8.00%,

09/20/25

(c)

3

3,389

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

B,

4.88%,

01/15/26

4

3,717

Series

2020-1,

Class

A,

5.88%,

10/15/27

38

36,321

United

Airlines,

Inc.

(c)

4.38%,

04/15/26

.................

30

26,775

4.63%,

04/15/29

.................

73

60,403

427,657

Auto

Components

—

2.1%

Allison

Transmission,

Inc.,

5.88%,

06/01/29

(c)

11

9,955

Clarios

Global

LP

(c)

6.75%,

05/15/25

.................

20

19,585

6.25%,

05/15/26

.................

76

72,580

8.50%,

05/15/27

.................

184

175,626

Dealer

Tire

LLC,

8.00%,

02/01/28

(c)

......

13

11,440

Dornoch

Debt

Merger

Sub,

Inc.,

6.63%,

10/15/29

(c)

....................

9

6,489

Goodyear

Tire

&

Rubber

Co.

(The)

9.50%,

05/31/25

.................

17

17,637

5.00%,

07/15/29

.................

11

8,980

5.63%,

04/30/33

.................

2

1,603

Icahn

Enterprises

LP

4.75%,

09/15/24

.................

13

12,162

6.25%,

05/15/26

.................

7

6,542

5.25%,

05/15/27

.................

40

35,020

4.38%,

02/01/29

.................

21

16,903

394,522

Automobiles

—

0.4%

Ford

Motor

Co.

4.35%,

12/08/26

.................

5

4,589

3.25%,

02/12/32

.................

46

33,135

6.10%,

08/19/32

.................

13

11,461

4.75%,

01/15/43

.................

9

5,963

5.29%,

12/08/46

.................

10

7,050

Thor

Industries,

Inc.,

4.00%,

10/15/29

(c)

...

7

5,261

Winnebago

Industries,

Inc.,

6.25%,

07/15/28

(c)

6

5,550

73,009

Banks

—

0.1%

Banco

Espirito

Santo

SA,

4.75%,

01/15/18

(a)(d)(e)

EUR

100

11,761

JPMorgan

Chase

&

Co.,

(SOFR

+

2.58%),

5.72%,

09/14/33

(f)

...............

USD

13

12,293

24,054

Building

Products

—

1.1%

(c)

Advanced

Drainage

Systems,

Inc.

5.00%,

09/30/27

.................

20

18,393

6.38%,

06/15/30

.................

31

30,034

Camelot

Return

Merger

Sub,

Inc.,

8.75%,

08/01/28

.....................

14

11,539

JELD-WEN,

Inc.,

6.25%,

05/15/25

......

13

12,220

Masonite

International

Corp.

5.38%,

02/01/28

.................

8

7,076

BlackRock

High

Yield

Portfolio

3

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Building

Products

(continued)

3.50%,

02/15/30

.................

USD

17

$

12,997

New

Enterprise

Stone

&

Lime

Co.,

Inc.

5.25%,

07/15/28

.................

7

5,786

9.75%,

07/15/28

.................

7

5,904

SRM

Escrow

Issuer

LLC,

6.00%,

11/01/28

..

55

44,701

Standard

Industries,

Inc.

4.75%,

01/15/28

.................

2

1,690

4.38%,

07/15/30

.................

45

34,425

3.38%,

01/15/31

.................

19

13,362

Summit

Materials

LLC,

5.25%,

01/15/29

...

16

14,080

212,207

Capital

Markets

—

0.5%

AG

TTMT

Escrow

Issuer

LLC,

8.63%,

09/30/27

(c)

....................

10

9,400

Aretec

Escrow

Issuer,

Inc.,

7.50%,

04/01/29

(c)

9

7,532

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(c)

...............

19

14,910

MSCI,

Inc.

(c)

3.63%,

09/01/30

.................

14

11,519

3.63%,

11/01/31

.................

11

8,826

3.25%,

08/15/33

.................

14

10,811

OWL

Rock

Core

Income

Corp.

5.50%,

03/21/25

.................

11

10,349

7.75%,

09/16/27

(c)

................

14

13,787

87,134

Chemicals

—

2.5%

Ashland

LLC,

3.38%,

09/01/31

(c)

........

23

17,777

Avient

Corp.,

7.13%,

08/01/30

(c)

........

11

10,152

Celanese

US

Holdings

LLC,

6.17%,

07/15/27

15

14,196

Chemours

Co.

(The),

5.75%,

11/15/28

(c)

...

10

8,179

Diamond

BC

BV,

4.63%,

10/01/29

(c)

......

63

43,837

Element

Solutions,

Inc.,

3.88%,

09/01/28

(c)

.

145

116,754

EverArc

Escrow

SARL,

5.00%,

10/30/29

(c)

..

43

34,712

Gates

Global

LLC,

6.25%,

01/15/26

(c)

.....

32

29,440

GCP

Applied

Technologies,

Inc.,

5.50%,

04/15/26

(c)

....................

27

27,371

HB

Fuller

Co.,

4.25%,

10/15/28

........

10

8,414

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(c)

...

24

19,920

Ingevity

Corp.,

3.88%,

11/01/28

(c)

.......

9

7,441

Kobe

U.S.

Midco

2,

Inc.,

9.25%,

11/01/26

(c)(f)

20

15,800

LSF11

A5

HoldCo

LLC,

6.63%,

10/15/29

(c)

..

9

6,750

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(c)

20

17,407

NOVA

Chemicals

Corp.,

4.88%,

06/01/24

(c)

.

4

3,758

Scotts

Miracle-

Gro

Co.

(The)

4.00%,

04/01/31

.................

8

5,632

4.38%,

02/01/32

.................

3

2,134

WR

Grace

Holdings

LLC,

5.63%,

08/15/29

(c)

101

75,750

465,424

Commercial

Services

&

Supplies

—

3.7%

ADT

Security

Corp.

(The)

(c)

4.13%,

08/01/29

.................

2

1,660

4.88%,

07/15/32

.................

2

1,613

Allied

Universal

Holdco

LLC

(c)

9.75%,

07/15/27

.................

124

101,926

4.63%,

06/01/28

.................

200

154,064

APi

Group

DE,

Inc.

(c)

4.13%,

07/15/29

.................

14

11,095

4.75%,

10/15/29

.................

8

6,629

APX

Group,

Inc.

(c)

6.75%,

02/15/27

.................

20

18,683

5.75%,

07/15/29

.................

22

17,393

Aramark

Services,

Inc.

(c)

5.00%,

04/01/25

.................

2

1,910

6.38%,

05/01/25

.................

17

16,660

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

5.00%,

02/01/28

.................

USD

35

$

31,175

Brink's

Co.

(The),

5.50%,

07/15/25

(c)

.....

4

3,786

Clean

Harbors,

Inc.

(c)

4.88%,

07/15/27

.................

2

1,823

5.13%,

07/15/29

.................

11

10,128

Covanta

Holding

Corp.

4.88%,

12/01/29

(c)

................

7

5,658

5.00%,

09/01/30

.................

14

10,972

Garda

World

Security

Corp.,

4.63%,

02/15/27

(c)

14

12,005

GFL

Environmental,

Inc.

(c)

4.25%,

06/01/25

.................

8

7,503

3.75%,

08/01/25

.................

6

5,490

5.13%,

12/15/26

.................

43

40,044

4.00%,

08/01/28

.................

38

31,672

3.50%,

09/01/28

.................

3

2,530

4.75%,

06/15/29

.................

23

19,377

4.38%,

08/15/29

.................

13

10,839

IAA,

Inc.,

5.50%,

06/15/27

(c)

..........

11

10,037

Legends

Hospitality

Holding

Co.

LLC,

5.00%,

02/01/26

(c)

....................

9

7,707

Madison

IAQ

LLC,

5.88%,

06/30/29

(c)

.....

22

15,324

Nielsen

Finance

LLC

(c)

5.63%,

10/01/28

.................

11

10,918

5.88%,

10/01/30

.................

20

19,917

Prime

Security

Services

Borrower

LLC

(c)

5.75%,

04/15/26

.................

27

25,405

6.25%,

01/15/28

.................

29

24,748

Stericycle,

Inc.,

3.88%,

01/15/29

(c)

.......

13

10,766

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(c)

...

49

43,048

692,505

Communications

Equipment

—

0.9%

Avaya,

Inc.,

6.13%,

09/15/28

(c)

.........

52

25,870

Ciena

Corp.,

4.00%,

01/31/30

(c)

........

8

6,680

CommScope

Technologies

LLC,

6.00%,

06/15/25

(c)

....................

42

37,315

CommScope

,

Inc.

(c)

6.00%,

03/01/26

.................

3

2,762

8.25%,

03/01/27

.................

3

2,479

7.13%,

07/01/28

.................

9

6,947

4.75%,

09/01/29

.................

30

24,470

Nokia

OYJ,

6.63%,

05/15/39

..........

8

7,416

Viasat

,

Inc.

(c)

5.63%,

09/15/25

.................

19

14,750

6.50%,

07/15/28

.................

18

11,970

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

(c)

...

26

20,802

161,461

Construction

&

Engineering

—

0.2%

(c)

Arcosa,

Inc.,

4.38%,

04/15/29

.........

28

23,800

Dycom

Industries,

Inc.,

4.50%,

04/15/29

...

9

7,584

MasTec,

Inc.,

4.50%,

08/15/28

.........

15

13,093

44,477

Consumer

Finance

—

2.0%

American

Express

Co.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.55%

(f)(g)

..............

60

46,241

Ford

Motor

Credit

Co.

LLC,

4.39%,

01/08/26

200

181,021

Global

Aircraft

Leasing

Co.

Ltd.

(c)(h)

6.50%,

(6.50%

Cash

or

7.25%

PIK),

09/15/24

....................

21

15,580

Series

2021,

6.50%,

(6.50%

Cash

or

7.25%

PIK),

09/15/24

(f)

................

15

10,916

Navient

Corp.

7.25%,

09/25/23

.................

4

3,984

6.13%,

03/25/24

.................

6

5,843

BlackRock

High

Yield

Portfolio

4

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

5.88%,

10/25/24

.................

USD

2

$

1,895

5.50%,

03/15/29

.................

41

31,166

OneMain

Finance

Corp.

6.88%,

03/15/25

.................

10

9,398

7.13%,

03/15/26

.................

14

12,620

3.50%,

01/15/27

.................

7

5,453

6.63%,

01/15/28

.................

18

15,444

4.00%,

09/15/30

.................

21

14,736

SLM

Corp.,

3.13%,

11/02/26

..........

14

11,589

VistaJet

Malta

Finance

plc,

6.38%,

02/01/30

(c)

12

9,810

375,696

Containers

&

Packaging

—

2.7%

Ardagh

Metal

Packaging

Finance

USA

LLC,

4.00%,

09/01/29

(c)

...............

200

146,471

Ball

Corp.

2.88%,

08/15/30

.................

3

2,302

3.13%,

09/15/31

.................

42

31,658

Clydesdale

Acquisition

Holdings,

Inc.

(c)

6.63%,

04/15/29

.................

49

44,587

8.75%,

04/15/30

.................

40

33,081

Crown

Cork

&

Seal

Co.,

Inc.,

7.38%,

12/15/26

4

4,000

Graphic

Packaging

International

LLC,

4.75%,

07/15/27

(c)

....................

9

8,240

LABL,

Inc.,

5.88%,

11/01/28

(c)

.........

20

16,198

Mauser

Packaging

Solutions

Holding

Co.,

5.50%,

04/15/24

(c)

...............

21

19,950

Sealed

Air

Corp.,

4.00%,

12/01/27

(c)

.....

24

20,768

Silgan

Holdings,

Inc.,

4.13%,

02/01/28

....

5

4,435

Trivium

Packaging

Finance

BV,

8.50%,

08/15/27

(c)(i)

...................

200

176,562

508,252

Distributors

—

0.1%

(c)

American

Builders

&

Contractors

Supply

Co.,

Inc.

4.00%,

01/15/28

.................

13

11,372

3.88%,

11/15/29

.................

4

3,133

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

9

7,804

Resideo

Funding,

Inc.,

4.00%,

09/01/29

...

5

4,030

26,339

Diversified

Consumer

Services

—

0.3%

Graham

Holdings

Co.,

5.75%,

06/01/26

(c)

..

3

2,909

Metis

Merger

Sub

LLC,

6.50%,

05/15/29

(c)

..

18

14,040

Service

Corp.

International

5.13%,

06/01/29

.................

2

1,818

4.00%,

05/15/31

.................

43

34,580

53,347

Diversified

Financial

Services

—

1.3%

(c)

MPH

Acquisition

Holdings

LLC,

5.50%,

09/01/28

.....................

16

13,207

Sabre

GLBL,

Inc.

9.25%,

04/15/25

.................

14

13,404

7.38%,

09/01/25

.................

21

18,808

Shift4

Payments

LLC,

4.63%,

11/01/26

....

51

46,506

Verscend

Escrow

Corp.,

9.75%,

08/15/26

..

165

159,225

251,150

Diversified

Telecommunication

Services

—

6.5%

Altice

France

Holding

SA,

10.50%,

05/15/27

(c)

200

156,651

CCO

Holdings

LLC

5.38%,

06/01/29

(c)

................

22

19,257

6.38%,

09/01/29

(c)

................

51

46,823

4.75%,

03/01/30

(c)

................

26

21,093

4.50%,

08/15/30

(c)

................

36

28,470

4.25%,

02/01/31

(c)

................

73

55,994

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

4.75%,

02/01/32

(c)

................

USD

54

$

42,054

4.50%,

05/01/32

.................

19

14,491

4.50%,

06/01/33

(c)

................

28

20,685

4.25%,

01/15/34

(c)

................

55

39,368

Consolidated

Communications,

Inc.,

6.50%,

10/01/28

(c)

....................

27

20,183

Frontier

Communications

Holdings

LLC

(c)

5.88%,

10/15/27

.................

28

25,095

5.00%,

05/01/28

.................

37

31,753

6.75%,

05/01/29

.................

28

23,100

6.00%,

01/15/30

.................

25

19,641

8.75%,

05/15/30

.................

22

22,014

Level

3

Financing,

Inc.

(c)

3.40%,

03/01/27

.................

6

5,025

4.63%,

09/15/27

.................

9

7,448

4.25%,

07/01/28

.................

15

11,700

3.63%,

01/15/29

.................

11

8,144

3.75%,

07/15/29

.................

41

30,033

Lumen

Technologies,

Inc.

Series

Y,

7.50%,

04/01/24

..........

6

6,180

5.13%,

12/15/26

(c)

................

36

30,975

4.00%,

02/15/27

(c)

................

40

33,591

4.50%,

01/15/29

(c)

................

27

18,967

5.38%,

06/15/29

(c)

................

47

34,929

Series

U,

7.65%,

03/15/42

..........

12

8,121

Sprint

Capital

Corp.

6.88%,

11/15/28

.................

77

78,604

8.75%,

03/15/32

.................

90

104,287

Telecom

Italia

Capital

SA

6.38%,

11/15/33

.................

14

10,884

6.00%,

09/30/34

.................

29

21,611

7.20%,

07/18/36

.................

6

4,702

Zayo

Group

Holdings,

Inc.

(c)

4.00%,

03/01/27

.................

145

116,356

6.13%,

03/01/28

.................

172

120,671

1,238,900

Electric

Utilities

—

0.8%

Edison

International,

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.90%),

5.00%

(f)(g)

...........

15

11,850

FirstEnergy

Corp.

2.65%,

03/01/30

.................

9

7,267

Series

B,

2.25%,

09/01/30

..........

2

1,539

Series

C,

3.40%,

03/01/50

..........

63

41,265

FirstEnergy

Transmission

LLC

(c)

5.45%,

07/15/44

.................

35

31,653

4.55%,

04/01/49

.................

15

11,716

NRG

Energy,

Inc.

5.75%,

01/15/28

.................

4

3,692

5.25%,

06/15/29

(c)

................

3

2,625

3.63%,

02/15/31

(c)

................

24

18,720

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(c)

....................

22

19,073

Vistra

Operations

Co.

LLC

(c)

5.50%,

09/01/26

.................

2

1,855

5.00%,

07/31/27

.................

2

1,806

4.38%,

05/01/29

.................

4

3,327

156,388

Electrical

Equipment

—

0.3%

(c)

Sensata

Technologies

BV,

5.63%,

11/01/24

.

9

8,949

Vertiv

Group

Corp.,

4.13%,

11/15/28

.....

70

56,350

65,299

BlackRock

High

Yield

Portfolio

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Electronic

Equipment,

Instruments

&

Components

—

0.7%

CDW

LLC

3.28%,

12/01/28

.................

USD

6

$

5,007

3.25%,

02/15/29

.................

5

4,060

Coherent

Corp.,

5.00%,

12/15/29

(c)

......

49

40,533

Sensata

Technologies,

Inc.

(c)

4.38%,

02/15/30

.................

85

71,018

3.75%,

02/15/31

.................

8

6,302

126,920

Energy

Equipment

&

Services

—

1.1%

Archrock

Partners

LP

(c)

6.88%,

04/01/27

.................

18

16,120

6.25%,

04/01/28

.................

42

36,918

Nabors

Industries

Ltd.

(c)

7.25%,

01/15/26

.................

12

10,442

7.50%,

01/15/28

.................

18

14,693

Nabors

Industries,

Inc.

5.75%,

02/01/25

.................

19

17,201

7.38%,

05/15/27

(c)

................

28

25,842

Tervita

Corp.,

11.00%,

12/01/25

(c)

.......

7

7,543

Transocean,

Inc.,

11.50%,

01/30/27

(c)

.....

11

10,174

USA

Compression

Partners

LP

6.88%,

04/01/26

.................

30

27,600

6.88%,

09/01/27

.................

20

18,177

Weatherford

International

Ltd.

(c)

11.00%,

12/01/24

................

2

2,035

6.50%,

09/15/28

.................

13

11,700

8.63%,

04/30/30

.................

17

14,804

213,249

Entertainment

—

1.6%

(c)

AMC

Entertainment

Holdings,

Inc.,

7.50%,

02/15/29

.....................

4

3,090

Lions

Gate

Capital

Holdings

LLC,

5.50%,

04/15/29

.....................

50

37,250

Live

Nation

Entertainment,

Inc.

4.88%,

11/01/24

.................

3

2,902

6.50%,

05/15/27

.................

90

86,602

4.75%,

10/15/27

.................

38

32,991

3.75%,

01/15/28

.................

13

11,018

Playtika

Holding

Corp.,

4.25%,

03/15/29

...

40

31,989

Warnermedia

Holdings,

Inc.

5.14%,

03/15/52

.................

84

61,053

5.39%,

03/15/62

.................

44

31,896

WMG

Acquisition

Corp.,

3.88%,

07/15/30

..

14

11,470

310,261

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.9%

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(c)

....................

14

11,479

CTR

Partnership

LP,

3.88%,

06/30/28

(c)

...

5

4,113

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(c)

..

11

8,580

HAT

Holdings

I

LLC,

3.38%,

06/15/26

(c)

...

16

12,840

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

(c)

......

15

11,611

Iron

Mountain,

Inc.

(c)

5.25%,

07/15/30

.................

10

8,275

5.63%,

07/15/32

.................

24

19,200

MPT

Operating

Partnership

LP

4.63%,

08/01/29

.................

41

32,987

3.50%,

03/15/31

.................

108

75,195

RHP

Hotel

Properties

LP,

4.75%,

10/15/27

.

54

46,980

RLJ

Lodging

Trust

LP

(c)

3.75%,

07/01/26

.................

11

9,395

4.00%,

09/15/29

.................

8

6,267

SBA

Communications

Corp.

3.88%,

02/15/27

.................

25

22,173

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

3.13%,

02/01/29

.................

USD

33

$

26,541

Uniti

Group

LP

(c)

4.75%,

04/15/28

.................

6

4,740

6.50%,

02/15/29

.................

18

12,064

VICI

Properties

LP

(c)

3.50%,

02/15/25

.................

9

8,319

4.63%,

06/15/25

.................

2

1,882

4.50%,

09/01/26

.................

2

1,827

4.25%,

12/01/26

.................

2

1,805

4.50%,

01/15/28

.................

7

6,210

3.88%,

02/15/29

.................

3

2,517

4.63%,

12/01/29

.................

14

12,145

4.13%,

08/15/30

.................

18

15,034

362,179

Food

&

Staples

Retailing

—

0.7%

(c)

Albertsons

Cos.,

Inc.

3.25%,

03/15/26

.................

18

15,810

5.88%,

02/15/28

.................

27

24,908

4.88%,

02/15/30

.................

10

8,460

Performance

Food

Group,

Inc.,

4.25%,

08/01/29

.....................

38

31,639

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

4

3,658

US

Foods,

Inc.

6.25%,

04/15/25

.................

23

22,593

4.75%,

02/15/29

.................

27

23,112

4.63%,

06/01/30

.................

3

2,482

132,662

Food

Products

—

1.9%

Chobani

LLC

(c)

7.50%,

04/15/25

.................

89

81,419

4.63%,

11/15/28

.................

53

45,079

Darling

Ingredients,

Inc.,

6.00%,

06/15/30

(c)

.

39

37,116

JBS

USA

LUX

SA,

3.75%,

12/01/31

(c)

.....

26

20,814

Kraft

Heinz

Foods

Co.

6.50%,

02/09/40

.................

15

15,073

4.88%,

10/01/49

.................

25

20,605

5.50%,

06/01/50

.................

39

35,084

Lamb

Weston

Holdings,

Inc.

(c)

4.88%,

05/15/28

.................

8

7,257

4.13%,

01/31/30

.................

24

20,310

4.38%,

01/31/32

.................

52

42,965

Pilgrim's

Pride

Corp.,

3.50%,

03/01/32

(c)

...

14

10,554

Post

Holdings,

Inc.

(c)

5.50%,

12/15/29

.................

8

6,916

4.63%,

04/15/30

.................

4

3,285

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(c)

...

23

18,802

365,279

Gas

Utilities

—

0.0%

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

(c)

....................

8

6,566

Health

Care

Equipment

&

Supplies

—

1.2%

Avantor

Funding,

Inc.

(c)

4.63%,

07/15/28

.................

48

42,718

3.88%,

11/01/29

.................

31

25,178

Embecta

Corp.,

6.75%,

02/15/30

(c)

......

11

10,155

Garden

Spinco

Corp.,

8.63%,

07/20/30

(c)

...

13

13,431

Hologic,

Inc.,

3.25%,

02/15/29

(c)

........

6

4,907

Medline

Borrower

LP

(c)

3.88%,

04/01/29

.................

19

15,232

5.25%,

10/01/29

.................

105

79,275

Teleflex,

Inc.

4.63%,

11/15/27

.................

2

1,802

BlackRock

High

Yield

Portfolio

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Health

Care

Equipment

&

Supplies

(continued)

4.25%,

06/01/28

(c)

................

USD

33

$

28,702

221,400

Health

Care

Providers

&

Services

—

3.9%

Acadia

Healthcare

Co.,

Inc.

(c)

5.50%,

07/01/28

.................

5

4,563

5.00%,

04/15/29

.................

4

3,542

AdaptHealth

LLC

(c)

6.13%,

08/01/28

.................

6

5,374

5.13%,

03/01/30

.................

2

1,649

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(c)

28

21,700

Cano

Health

LLC,

6.25%,

10/01/28

(c)

.....

10

9,446

Centene

Corp.

2.45%,

07/15/28

.................

40

32,569

3.00%,

10/15/30

.................

114

90,281

2.50%,

03/01/31

.................

90

67,840

2.63%,

08/01/31

.................

27

20,349

Community

Health

Systems,

Inc.

(c)

5.63%,

03/15/27

.................

24

18,473

6.00%,

01/15/29

.................

33

24,254

5.25%,

05/15/30

.................

8

5,570

Encompass

Health

Corp.

4.50%,

02/01/28

.................

5

4,283

4.75%,

02/01/30

.................

43

35,375

4.63%,

04/01/31

.................

17

13,434

HCA,

Inc.,

4.63%,

03/15/52

(c)

..........

20

15,022

HealthEquity,

Inc.,

4.50%,

10/01/29

(c)

.....

64

54,063

Legacy

LifePoint

Health

LLC

(c)

6.75%,

04/15/25

.................

16

15,140

4.38%,

02/15/27

.................

7

5,784

LifePoint

Health,

Inc.,

5.38%,

01/15/29

(c)

...

13

9,064

ModivCare,

Inc.,

5.88%,

11/15/25

(c)

......

5

4,614

Molina

Healthcare,

Inc.

(c)

4.38%,

06/15/28

.................

15

13,538

3.88%,

11/15/30

.................

18

15,107

3.88%,

05/15/32

.................

3

2,457

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(c)

.

15

12,675

Owens

&

Minor,

Inc.,

6.63%,

04/01/30

(c)

...

2

1,760

Prime

Healthcare

Services,

Inc.,

7.25%,

11/01/25

(c)

....................

34

30,347

RegionalCare

Hospital

Partners

Holdings,

Inc.,

9.75%,

12/01/26

(c)

...............

7

6,264

Surgery

Center

Holdings,

Inc.

(c)

6.75%,

07/01/25

.................

44

40,277

10.00%,

04/15/27

................

38

36,955

Tenet

Healthcare

Corp.

(c)

4.63%,

09/01/24

.................

13

12,582

4.88%,

01/01/26

.................

38

35,312

6.25%,

02/01/27

.................

7

6,532

5.13%,

11/01/27

.................

16

14,357

4.63%,

06/15/28

.................

7

6,118

6.13%,

10/01/28

.................

17

14,893

4.25%,

06/01/29

.................

3

2,485

6.13%,

06/15/30

.................

27

24,732

738,780

Hotels,

Restaurants

&

Leisure

—

6.5%

1011778

BC

ULC

(c)

3.88%,

01/15/28

.................

16

13,923

4.38%,

01/15/28

.................

26

22,529

4.00%,

10/15/30

.................

19

14,964

Boyd

Gaming

Corp.

4.75%,

12/01/27

.................

14

12,390

4.75%,

06/15/31

(c)

................

27

21,862

Boyne

USA,

Inc.,

4.75%,

05/15/29

(c)

.....

16

13,404

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Caesars

Entertainment,

Inc.

(c)

6.25%,

07/01/25

.................

USD

81

$

78,064

8.13%,

07/01/27

.................

85

81,182

4.63%,

10/15/29

.................

59

45,081

Caesars

Resort

Collection

LLC,

5.75%,

07/01/25

(c)

....................

16

15,438

Carnival

Corp.

(c)

7.63%,

03/01/26

.................

10

7,600

5.75%,

03/01/27

.................

58

40,632

9.88%,

08/01/27

.................

29

28,420

4.00%,

08/01/28

.................

80

64,539

6.00%,

05/01/29

.................

46

30,202

CCM

Merger,

Inc.,

6.38%,

05/01/26

(c)

.....

15

13,688

CDI

Escrow

Issuer,

Inc.,

5.75%,

04/01/30

(c)

.

53

46,286

Cedar

Fair

LP

5.50%,

05/01/25

(c)

................

19

18,277

6.50%,

10/01/28

.................

5

4,625

Churchill

Downs,

Inc.

(c)

5.50%,

04/01/27

.................

33

30,536

4.75%,

01/15/28

.................

18

15,572

Fertitta

Entertainment

LLC

(c)

4.63%,

01/15/29

.................

48

39,720

6.75%,

01/15/30

.................

2

1,519

Hilton

Domestic

Operating

Co.,

Inc.

5.38%,

05/01/25

(c)

................

12

11,728

5.75%,

05/01/28

(c)

................

8

7,480

3.75%,

05/01/29

(c)

................

9

7,432

4.88%,

01/15/30

.................

19

16,530

4.00%,

05/01/31

(c)

................

22

17,784

3.63%,

02/15/32

(c)

................

9

6,893

Hilton

Worldwide

Finance

LLC,

4.88%,

04/01/27

.....................

4

3,670

IRB

Holding

Corp.,

7.00%,

06/15/25

(c)

....

16

15,899

Life

Time,

Inc.

(c)

5.75%,

01/15/26

.................

22

20,020

8.00%,

04/15/26

.................

17

14,535

Lindblad

Expeditions

LLC,

6.75%,

02/15/27

(c)

23

20,240

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(c)

17

11,721

MGM

Resorts

International,

6.00%,

03/15/23

10

10,003

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(c)

....................

18

14,828

NCL

Corp.

Ltd.

(c)

5.88%,

03/15/26

.................

23

17,497

7.75%,

02/15/29

.................

8

6,038

NCL

Finance

Ltd.,

6.13%,

03/15/28

(c)

.....

11

8,112

Peninsula

Pacific

Entertainment

LLC,

8.50%,

11/15/27

(c)

....................

22

23,677

Premier

Entertainment

Sub

LLC

(c)

5.63%,

09/01/29

.................

10

6,922

5.88%,

09/01/31

.................

10

6,750

Raptor

Acquisition

Corp.,

4.88%,

11/01/26

(c)

.

15

12,900

Royal

Caribbean

Cruises

Ltd.

(c)

10.88%,

06/01/23

................

10

10,225

11.50%,

06/01/25

................

12

12,750

5.50%,

08/31/26

.................

8

6,120

5.38%,

07/15/27

.................

18

13,240

11.63%,

08/15/27

................

13

11,830

5.50%,

04/01/28

.................

29

20,319

8.25%,

01/15/29

.................

13

12,654

9.25%,

01/15/29

.................

18

17,736

Scientific

Games

International,

Inc.

(c)

8.63%,

07/01/25

.................

18

18,428

7.00%,

05/15/28

.................

13

12,257

7.25%,

11/15/29

.................

14

13,030

Six

Flags

Theme

Parks,

Inc.,

7.00%,

07/01/25

(c)

13

12,995

BlackRock

High

Yield

Portfolio

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Station

Casinos

LLC

(c)

4.50%,

02/15/28

.................

USD

33

$

27,085

4.63%,

12/01/31

.................

21

15,861

Vail

Resorts,

Inc.,

6.25%,

05/15/25

(c)

.....

14

13,810

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(c)

....................

15

11,662

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(c)

....................

16

14,064

Wynn

Las

Vegas

LLC,

5.25%,

05/15/27

(c)

..

28

24,646

Wynn

Resorts

Finance

LLC

(c)

7.75%,

04/15/25

.................

17

16,606

5.13%,

10/01/29

.................

30

24,246

Yum!

Brands,

Inc.

5.38%,

04/01/32

.................

5

4,433

5.35%,

11/01/43

.................

2

1,588

1,236,697

Household

Durables

—

0.9%

Ashton

Woods

USA

LLC

(c)

6.63%,

01/15/28

.................

7

5,866

4.63%,

08/01/29

.................

8

5,809

4.63%,

04/01/30

.................

8

5,729

Brookfield

Residential

Properties,

Inc.

(c)

5.00%,

06/15/29

.................

17

12,585

4.88%,

02/15/30

.................

17

12,584

CD&R

Smokey

Buyer,

Inc.,

6.75%,

07/15/25

(c)

13

11,783

Installed

Building

Products,

Inc.,

5.75%,

02/01/28

(c)

....................

13

11,634

K.

Hovnanian

Enterprises,

Inc.,

7.75%,

02/15/26

(c)

....................

20

19,200

KB

Home,

7.25%,

07/15/30

...........

5

4,538

Mattamy

Group

Corp.

(c)

5.25%,

12/15/27

.................

14

11,604

4.63%,

03/01/30

.................

11

8,401

Meritage

Homes

Corp.,

5.13%,

06/06/27

...

4

3,545

Picasso

Finance

Sub,

Inc.,

6.13%,

06/15/25

(c)

11

10,781

SWF

Escrow

Issuer

Corp.,

6.50%,

10/01/29

(c)

26

15,405

Taylor

Morrison

Communities,

Inc.

(c)

5.88%,

06/15/27

.................

7

6,519

5.13%,

08/01/30

.................

5

4,036

Tempur

Sealy

International,

Inc.

(c)

4.00%,

04/15/29

.................

14

11,032

3.88%,

10/15/31

.................

11

8,058

TRI

Pointe

Homes,

Inc.,

5.70%,

06/15/28

..

5

4,253

173,362

Household

Products

—

0.2%

Central

Garden

&

Pet

Co.

4.13%,

10/15/30

.................

18

14,328

4.13%,

04/30/31

(c)

................

16

12,580

Energizer

Holdings,

Inc.

(c)

6.50%,

12/31/27

.................

8

7,101

4.38%,

03/31/29

.................

2

1,484

Spectrum

Brands,

Inc.

(c)

5.00%,

10/01/29

.................

9

7,159

5.50%,

07/15/30

.................

3

2,346

44,998

Independent

Power

and

Renewable

Electricity

Producers

—

0.4%

(c)

Calpine

Corp.

5.13%,

03/15/28

.................

55

47,238

5.00%,

02/01/31

.................

5

3,973

Clearway

Energy

Operating

LLC

4.75%,

03/15/28

.................

15

13,356

3.75%,

01/15/32

.................

22

17,055

81,622

Security

Par

(000)

Par

(000)

Value

Insurance

—

3.2%

(c)

Acrisure

LLC,

6.00%,

08/01/29

.........

USD

19

$

14,630

Alliant

Holdings

Intermediate

LLC

4.25%,

10/15/27

.................

103

87,980

6.75%,

10/15/27

.................

124

106,862

5.88%,

11/01/29

.................

119

96,655

AmWINS

Group,

Inc.,

4.88%,

06/30/29

....

22

18,261

GTCR

AP

Finance,

Inc.,

8.00%,

05/15/27

..

22

20,239

HUB

International

Ltd.

7.00%,

05/01/26

.................

62

58,802

5.63%,

12/01/29

.................

3

2,505

NFP

Corp.

4.88%,

08/15/28

.................

82

69,972

6.88%,

08/15/28

.................

142

110,760

7.50%,

10/01/30

.................

8

7,591

Ryan

Specialty

Group

LLC,

4.38%,

02/01/30

10

8,481

602,738

Interactive

Media

&

Services

—

0.2%

Twitter,

Inc.

(c)

3.88%,

12/15/27

.................

32

30,007

5.00%,

03/01/30

.................

3

2,875

32,882

Internet

&

Direct

Marketing

Retail

—

0.4%

(c)

ANGI

Group

LLC,

3.88%,

08/15/28

......

22

15,517

Go

Daddy

Operating

Co.

LLC

5.25%,

12/01/27

.................

5

4,605

3.50%,

03/01/29

.................

16

13,086

Match

Group

Holdings

II

LLC

4.63%,

06/01/28

.................

15

13,106

4.13%,

08/01/30

.................

16

13,140

3.63%,

10/01/31

.................

29

21,895

81,349

IT

Services

—

1.7%

Ahead

DB

Holdings

LLC,

6.63%,

05/01/28

(c)

.

14

11,933

Arches

Buyer,

Inc.,

4.25%,

06/01/28

(c)

....

9

7,020

Black

Knight

InfoServ

LLC,

3.63%,

09/01/28

(c)

35

29,838

Block,

Inc.,

3.50%,

06/01/31

..........

118

91,487

Booz

Allen

Hamilton,

Inc.

(c)

3.88%,

09/01/28

.................

13

11,183

4.00%,

07/01/29

.................

30

25,667

Endurance

International

Group

Holdings,

Inc.,

6.00%,

02/15/29

(c)

...............

10

6,639

Gartner,

Inc.

(c)

4.50%,

07/01/28

.................

13

11,625

3.63%,

06/15/29

.................

17

14,152

3.75%,

10/01/30

.................

6

4,912

Global

Payments,

Inc.,

4.95%,

08/15/27

...

10

9,527

Northwest

Fiber

LLC

(c)

4.75%,

04/30/27

.................

20

17,400

6.00%,

02/15/28

.................

41

31,782

10.75%,

06/01/28

................

9

8,382

Tempo

Acquisition

LLC,

5.75%,

06/01/25

(c)

.

15

14,617

Twilio,

Inc.,

3.88%,

03/15/31

..........

44

34,539

330,703

Leisure

Products

—

0.2%

Mattel,

Inc.

3.75%,

04/01/29

(c)

................

7

5,886

6.20%,

10/01/40

.................

14

13,178

5.45%,

11/01/41

.................

26

21,782

40,846

Life

Sciences

Tools

&

Services

—

0.4%

(c)

Charles

River

Laboratories

International,

Inc.

4.25%,

05/01/28

.................

10

8,709

3.75%,

03/15/29

.................

3

2,495

BlackRock

High

Yield

Portfolio

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Life

Sciences

Tools

&

Services

(continued)

4.00%,

03/15/31

.................

USD

7

$

5,645

Syneos

Health,

Inc.,

3.63%,

01/15/29

....

76

60,517

77,366

Machinery

—

1.9%

Amsted

Industries,

Inc.,

5.63%,

07/01/27

(c)

.

15

13,800

ATS

Automation

Tooling

Systems,

Inc.,

4.13%,

12/15/28

(c)

....................

9

7,462

EnPro

Industries,

Inc.,

5.75%,

10/15/26

...

16

15,400

GrafTech

Finance,

Inc.,

4.63%,

12/15/28

(c)

..

11

8,223

Husky

III

Holding

Ltd.,

13.00%,

(13.00%

Cash

or

13.75%

PIK),

02/15/25

(c)(h)

........

31

29,063

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

(c)

8

6,808

OT

Merger

Corp.,

7.88%,

10/15/29

(c)

.....

9

6,098

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/29

(c)

....................

10

8,435

Stevens

Holding

Co.,

Inc.,

6.13%,

10/01/26

(c)

20

19,546

Terex

Corp.,

5.00%,

05/15/29

(c)

........

29

24,889

Titan

Acquisition

Ltd.,

7.75%,

04/15/26

(c)

...

42

33,198

Titan

International,

Inc.,

7.00%,

04/30/28

..

7

6,351

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

(c)

200

170,042

Wabash

National

Corp.,

4.50%,

10/15/28

(c)

.

17

13,178

362,493

Marine

—

0.1%

Seaspan

Corp.,

5.50%,

08/01/29

(c)

......

26

20,540

Media

—

5.7%

AMC

Networks,

Inc.

4.75%,

08/01/25

.................

14

12,509

4.25%,

02/15/29

.................

10

7,394

Block

Communications,

Inc.,

4.88%,

03/01/28

(c)

12

10,380

Cable

One,

Inc.

1.13%,

03/15/28

(j)

................

17

12,240

4.00%,

11/15/30

(c)

................

25

19,460

Charter

Communications

Operating

LLC

5.25%,

04/01/53

.................

16

12,252

5.50%,

04/01/63

.................

16

12,088

Clear

Channel

Outdoor

Holdings,

Inc.

(c)

5.13%,

08/15/27

.................

100

84,474

7.75%,

04/15/28

.................

76

57,380

7.50%,

06/01/29

.................

97

70,325

CMG

Media

Corp.,

8.88%,

12/15/27

(c)

....

41

31,323

CSC

Holdings

LLC

5.25%,

06/01/24

.................

23

21,275

6.50%,

02/01/29

(c)

................

200

176,500

Directv

Financing

LLC,

5.88%,

08/15/27

(c)

..

35

30,174

DISH

DBS

Corp.

5.25%,

12/01/26

(c)

................

82

67,178

5.75%,

12/01/28

(c)

................

38

28,718

5.13%,

06/01/29

.................

31

18,213

GCI

LLC,

4.75%,

10/15/28

(c)

..........

17

14,114

Lamar

Media

Corp.,

3.75%,

02/15/28

.....

2

1,747

Liberty

Broadband

Corp.

(c)(j)

1.25%,

09/30/50

.................

33

31,185

2.75%,

09/30/50

.................

66

63,276

Midcontinent

Communications,

5.38%,

08/15/27

(c)

....................

16

14,255

Outfront

Media

Capital

LLC

(c)

5.00%,

08/15/27

.................

26

22,712

4.25%,

01/15/29

.................

13

10,212

4.63%,

03/15/30

.................

2

1,558

Radiate

Holdco

LLC

(c)

4.50%,

09/15/26

.................

38

31,169

6.50%,

09/15/28

.................

81

56,497

Scripps

Escrow

II,

Inc.,

3.88%,

01/15/29

(c)

..

2

1,594

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Sinclair

Television

Group,

Inc.,

4.13%,

12/01/30

(c)

....................

USD

40

$

30,100

Sirius

XM

Radio,

Inc.

(c)

3.13%,

09/01/26

.................

24

21,077

5.00%,

08/01/27

.................

14

12,845

4.00%,

07/15/28

.................

12

10,207

4.13%,

07/01/30

.................

9

7,316

3.88%,

09/01/31

.................

29

22,488

Stagwell

Global

LLC,

5.63%,

08/15/29

(c)

...

8

6,581

Univision

Communications,

Inc.

(c)

5.13%,

02/15/25

.................

11

10,443

6.63%,

06/01/27

.................

9

8,493

7.38%,

06/30/30

.................

15

14,315

Videotron

Ltd.,

3.63%,

06/15/29

(c)

.......

13

10,530

1,074,597

Metals

&

Mining

—

3.6%

Arconic

Corp.

(c)

6.00%,

05/15/25

.................

15

14,438

6.13%,

02/15/28

.................

45

39,750

ATI,

Inc.

4.88%,

10/01/29

.................

8

6,642

5.13%,

10/01/31

.................

16

13,071

Big

River

Steel

LLC,

6.63%,

01/31/29

(c)

...

102

93,879

Carpenter

Technology

Corp.

6.38%,

07/15/28

.................

4

3,710

7.63%,

03/15/30

.................

18

17,330

Commercial

Metals

Co.

4.13%,

01/15/30

.................

5

4,105

4.38%,

03/15/32

.................

6

4,740

Constellium

SE,

5.88%,

02/15/26

(c)

......

250

229,375

ERO

Copper

Corp.,

6.50%,

02/15/30

(c)

....

11

8,257

FMG

Resources

August

2006

Pty.

Ltd.,

6.13%,

04/15/32

(c)

....................

27

23,200

Kaiser

Aluminum

Corp.

(c)

4.63%,

03/01/28

.................

31

25,293

4.50%,

06/01/31

.................

31

22,684

Mineral

Resources

Ltd.,

8.50%,

05/01/30

(c)

.

9

8,698

New

Gold,

Inc.,

7.50%,

07/15/27

(c)

......

39

30,810

Novelis

Corp.

(c)

3.25%,

11/15/26

.................

50

41,736

4.75%,

01/30/30

.................

66

54,120

3.88%,

08/15/31

.................

54

40,280

United

States

Steel

Corp.,

6.88%,

03/01/29

.

6

5,453

687,571

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

Starwood

Property

Trust,

Inc.,

4.38%,

01/15/27

(c)

....................

6

5,115

Multiline

Retail

—

0.2%

NMG

Holding

Co.,

Inc.,

7.13%,

04/01/26

(c)

..

31

28,484

Oil,

Gas

&

Consumable

Fuels

—

12.0%

Aethon

United

BR

LP,

8.25%,

02/15/26

(c)

...

46

44,452

Antero

Midstream

Partners

LP

(c)

5.75%,

03/01/27

.................

16

14,798

5.38%,

06/15/29

.................

17

15,009

Antero

Resources

Corp.,

7.63%,

02/01/29

(c)

.

6

5,989

Apache

Corp.

4.25%,

01/15/30

.................

15

13,117

5.10%,

09/01/40

.................

14

11,302

5.35%,

07/01/49

.................

11

8,635

Ascent

Resources

Utica

Holdings

LLC

(c)

9.00%,

11/01/27

.................

54

65,869

5.88%,

06/30/29

.................

46

40,940

BlackRock

High

Yield

Portfolio

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Buckeye

Partners

LP

4.13%,

03/01/25

(c)

................

USD

3

$

2,746

5.85%,

11/15/43

.................

14

10,370

5.60%,

10/15/44

.................

8

5,616

Callon

Petroleum

Co.

6.38%,

07/01/26

.................

7

6,307

7.50%,

06/15/30

(c)

................

57

49,904

Cheniere

Energy

Partners

LP

4.50%,

10/01/29

.................

67

58,986

4.00%,

03/01/31

.................

52

43,601

3.25%,

01/31/32

.................

42

32,250

Chesapeake

Energy

Corp.

(c)

5.88%,

02/01/29

.................

1

927

6.75%,

04/15/29

.................

38

36,428

CITGO

Petroleum

Corp.

(c)

7.00%,

06/15/25

.................

25

23,888

6.38%,

06/15/26

.................

20

18,670

Civitas

Resources,

Inc.,

5.00%,

10/15/26

(c)

.

7

6,359

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(c)

8

6,279

CNX

Resources

Corp.

(c)

6.00%,

01/15/29

.................

7

6,388

7.38%,

01/15/31

.................

14

13,693

Colgate

Energy

Partners

III

LLC

(c)

7.75%,

02/15/26

.................

37

36,317

5.88%,

07/01/29

.................

27

24,101

Comstock

Resources,

Inc.

(c)

6.75%,

03/01/29

.................

39

35,970

5.88%,

01/15/30

.................

55

47,903

Crescent

Energy

Finance

LLC,

7.25%,

05/01/26

(c)

....................

39

35,038

Crestwood

Midstream

Partners

LP

(c)

5.63%,

05/01/27

.................

12

10,860

6.00%,

02/01/29

.................

6

5,370

8.00%,

04/01/29

.................

5

4,812

CrownRock

LP,

5.63%,

10/15/25

(c)

.......

58

55,527

DCP

Midstream

Operating

LP

5.63%,

07/15/27

.................

4

3,863

5.13%,

05/15/29

.................

4

3,748

6.45%,

11/03/36

(c)

................

13

11,877

6.75%,

09/15/37

(c)

................

20

19,393

Diamondback

Energy,

Inc.,

4.25%,

03/15/52

15

10,950

DT

Midstream,

Inc.

(c)

4.13%,

06/15/29

.................

31

26,195

4.38%,

06/15/31

.................

20

16,494

Earthstone

Energy

Holdings

LLC,

8.00%,

04/15/27

(c)

....................

20

18,850

Energy

Transfer

LP,

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.69%),

6.50%

(f)(g)

...........

53

46,169

EnLink

Midstream

LLC

5.63%,

01/15/28

(c)

................

28

26,180

5.38%,

06/01/29

.................

23

21,045

6.50%,

09/01/30

(c)

................

16

15,624

EnLink

Midstream

Partners

LP

4.85%,

07/15/26

.................

2

1,837

5.60%,

04/01/44

.................

22

16,735

5.05%,

04/01/45

.................

2

1,402

5.45%,

06/01/47

.................

2

1,461

EQM

Midstream

Partners

LP

6.00%,

07/01/25

(c)

................

7

6,472

4.13%,

12/01/26

.................

5

4,236

6.50%,

07/01/27

(c)

................

30

27,723

4.50%,

01/15/29

(c)

................

3

2,417

7.50%,

06/01/30

(c)

................

6

5,670

4.75%,

01/15/31

(c)

................

29

23,019

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Genesis

Energy

LP

6.50%,

10/01/25

.................

USD

6

$

5,425

7.75%,

02/01/28

.................

12

10,440

Gulfport

Energy

Corp.,

8.00%,

05/17/26

(c)

..

3

2,487

Harvest

Midstream

I

LP,

7.50%,

09/01/28

(c)

.

5

4,673

Hess

Midstream

Operations

LP,

4.25%,

02/15/30

(c)

....................

20

16,150

Hilcorp

Energy

I

LP

(c)

6.25%,

11/01/28

.................

7

6,459

5.75%,

02/01/29

.................

4

3,497

6.00%,

04/15/30

.................

1

871

ITT

Holdings

LLC,

6.50%,

08/01/29

(c)

.....

27

20,946

Kinetik

Holdings

LP,

5.88%,

06/15/30

(c)

....

50

45,783

Magnolia

Oil

&

Gas

Operating

LLC,

6.00%,

08/01/26

(c)

....................

2

1,917

Matador

Resources

Co.,

5.88%,

09/15/26

..

16

15,435

MPLX

LP,

4.95%,

03/14/52

...........

28

21,912

Murphy

Oil

Corp.

5.75%,

08/15/25

.................

5

4,822

5.88%,

12/01/27

.................

4

3,739

6.13%,

12/01/42

(

i

)

................

3

2,386

New

Fortress

Energy,

Inc.

(c)

6.75%,

09/15/25

.................

89

84,301

6.50%,

09/30/26

.................

83

76,684

NGL

Energy

Operating

LLC,

7.50%,

02/01/26

(c)

11

9,786

NGPL

PipeCo

LLC,

7.77%,

12/15/37

(c)

....

25

25,267

Northern

Oil

&

Gas,

Inc.,

8.13%,

03/01/28

(c)

.

82

76,875

NuStar

Logistics

LP

5.75%,

10/01/25

.................

12

11,121

6.00%,

06/01/26

.................

13

11,900

6.38%,

10/01/30

.................

2

1,712

Occidental

Petroleum

Corp.

6.95%,

07/01/24

.................

6

6,165

8.00%,

07/15/25

.................

2

2,120

5.88%,

09/01/25

.................

2

2,006

8.88%,

07/15/30

.................

7

7,793

6.63%,

09/01/30

.................

71

72,065

7.50%,

05/01/31

.................

10

10,450

6.45%,

09/15/36

.................

14

14,000

6.20%,

03/15/40

.................

58

56,115

6.60%,

03/15/46

.................

6

6,180

Parkland

Corp.,

5.88%,

07/15/27

(c)

......

23

21,321

PDC

Energy,

Inc.,

6.13%,

09/15/24

......

2

1,968

Permian

Resources

Operating

LLC

(c)

5.38%,

01/15/26

.................

9

8,213

6.88%,

04/01/27

.................

20

19,349

Range

Resources

Corp.,

4.88%,

05/15/25

..

5

4,713

Rockcliff

Energy

II

LLC,

5.50%,

10/15/29

(c)

.

36

31,521

Rockies

Express

Pipeline

LLC,

4.95%,

07/15/29

(c)

....................

2

1,716

SM

Energy

Co.

5.63%,

06/01/25

.................

5

4,800

6.75%,

09/15/26

.................

18

17,325

Southwestern

Energy

Co.

5.38%,

02/01/29

.................

26

23,577

4.75%,

02/01/32

.................

11

9,219

Sunoco

LP

6.00%,

04/15/27

.................

6

5,721

5.88%,

03/15/28

.................

2

1,815

Tallgrass

Energy

Partners

LP

(c)

6.00%,

03/01/27

.................

3

2,722

6.00%,

12/31/30

.................

2

1,700

6.00%,

09/01/31

.................

10

8,450

Tap

Rock

Resources

LLC,

7.00%,

10/01/26

(c)

79

72,220

BlackRock

High

Yield

Portfolio

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

TerraForm

Power

Operating

LLC,

4.75%,

01/15/30

(c)

....................

USD

9

$

7,639

Venture

Global

Calcasieu

Pass

LLC

(c)

3.88%,

08/15/29

.................

69

59,194

4.13%,

08/15/31

.................

53

43,962

3.88%,

11/01/33

.................

120

93,300

Vermilion

Energy,

Inc.,

6.88%,

05/01/30

(c)

..

11

10,120

Western

Midstream

Operating

LP

4.75%,

08/15/28

.................

3

2,730

5.45%,

04/01/44

.................

19

15,587

5.30%,

03/01/48

.................

19

15,627

5.50%,

08/15/48

.................

10

8,087

5.50%,

02/01/50

(

i

)

................

52

41,990

2,285,849

Personal

Products

—

0.1%

(c)

Coty,

Inc.,

4.75%,

01/15/29

...........

2

1,692

Prestige

Brands,

Inc.,

3.75%,

04/01/31

....

13

10,100

11,792

Pharmaceuticals

—

0.3%

Catalent

Pharma

Solutions,

Inc.

(c)

3.13%,

02/15/29

.................

33

25,451

3.50%,

04/01/30

.................

31

24,388

Elanco

Animal

Health,

Inc.,

6.40%,

08/28/28

(i)

6

5,297

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

3.15%,

10/01/26

.............

8

6,519

61,655

Professional

Services

—

0.7%

(c)

AMN

Healthcare,

Inc.,

4.00%,

04/15/29

...

8

6,741

CoreLogic,

Inc.,

4.50%,

05/01/28

.......

42

28,560

Dun

&

Bradstreet

Corp.

(The),

5.00%,

12/15/29

76

62,700

KBR,

Inc.,

4.75%,

09/30/28

...........

20

17,182

Science

Applications

International

Corp.,

4.88%,

04/01/28

................

14

12,455

127,638

Real

Estate

Management

&

Development

—

0.5%

(c)

Cushman

&

Wakefield

US

Borrower

LLC,

6.75%,

05/15/28

................

22

20,406

Howard

Hughes

Corp.

(The)

4.13%,

02/01/29

.................

35

27,038

4.38%,

02/01/31

.................

14

10,056

Realogy

Group

LLC

5.75%,

01/15/29

.................

25

18,031

5.25%,

04/15/30

.................

10

6,791

WeWork

Cos.

LLC,

5.00%,

07/10/25

.....

14

8,122

90,444

Road

&

Rail

—

1.5%

Avis

Budget

Car

Rental

LLC,

5.38%,

03/01/29

(c)

4

3,285

Hertz

Corp.

(The)

(c)

4.63%,

12/01/26

.................

10

8,124

5.00%,

12/01/29

.................

6

4,462

NESCO

Holdings

II,

Inc.,

5.50%,

04/15/29

(c)

.

21

17,503

Uber

Technologies,

Inc.

7.50%,

05/15/25

(c)

................

52

51,870

0.00%,

12/15/25

(j)(k)

...............

27

22,408

8.00%,

11/01/26

(c)

................

8

7,987

7.50%,

09/15/27

(c)

................

70

68,600

6.25%,

01/15/28

(c)

................

30

27,900

4.50%,

08/15/29

(c)

................

69

58,003

Williams

Scotsman

International,

Inc.,

4.63%,

08/15/28

(c)

....................

25

21,874

292,016

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

—

0.7%

(c)

Entegris

Escrow

Corp.,

4.75%,

04/15/29

...

USD

107

$

94,248

Entegris

,

Inc.

4.38%,

04/15/28

.................

11

9,326

3.63%,

05/01/29

.................

10

7,914

Synaptics,

Inc.,

4.00%,

06/15/29

........

20

16,101

127,589

Software

—

4.7%

(c)

ACI

Worldwide,

Inc.,

5.75%,

08/15/26

....

20

18,894

AthenaHealth

Group,

Inc.,

6.50%,

02/15/30

.

85

67,199

Boxer

Parent

Co.,

Inc.

7.13%,

10/02/25

.................

11

10,781

9.13%,

03/01/26

.................

53

50,933

Camelot

Finance

SA,

4.50%,

11/01/26

....

35

31,668

Central

Parent,

Inc.,

7.25%,

06/15/29

.....

50

47,535

Change

Healthcare

Holdings

LLC,

5.75%,

03/01/25

.....................

66

65,600

Clarivate

Science

Holdings

Corp.

3.88%,

07/01/28

.................

73

60,210

4.88%,

07/01/29

.................

46

36,018

Condor

Merger

Sub,

Inc.,

7.38%,

02/15/30

.

77

62,953

Consensus

Cloud

Solutions,

Inc.

6.00%,

10/15/26

.................

5

4,406

6.50%,

10/15/28

.................

6

5,093

Elastic

NV,

4.13%,

07/15/29

..........

30

23,695

Fair

Isaac

Corp.,

4.00%,

06/15/28

.......

19

16,190

MicroStrategy,

Inc.,

6.13%,

06/15/28

.....

39

32,134

NCR

Corp.

5.00%,

10/01/28

.................

9

7,081

5.13%,

04/15/29

.................

10

7,500

6.13%,

09/01/29

.................

13

11,193

NortonLifeLock,

Inc.,

7.13%,

09/30/30

....

16

15,475

Open

Text

Corp.,

3.88%,

12/01/29

......

19

14,634

Open

Text

Holdings,

Inc.,

4.13%,

02/15/30

.

28

22,361

Picard

Midco,

Inc.,

6.50%,

03/31/29

......

135

114,035

PTC,

Inc.

3.63%,

02/15/25

.................

4

3,726

4.00%,

02/15/28

.................

6

5,248

SS&C

Technologies,

Inc.,

5.50%,

09/30/27

.

80

72,976

Veritas

US,

Inc.,

7.50%,

09/01/25

.......

31

23,741

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

71

57,932

889,211

Specialty

Retail

—

2.1%

Arko

Corp.,

5.13%,

11/15/29

(c)

.........

14

10,920

Asbury

Automotive

Group,

Inc.

4.50%,

03/01/28

.................

9

7,605

4.75%,

03/01/30

.................

2

1,562

5.00%,

02/15/32

(c)

................

12

9,241

Carvana

Co.

(c)

5.50%,

04/15/27

.................

20

10,900

4.88%,

09/01/29

.................

18

8,775

10.25%,

05/01/30

................

11

7,342

Group

1

Automotive,

Inc.,

4.00%,

08/15/28

(c)

3

2,416

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(c)

..

20

15,213

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(c)

11

8,990

LBM

Acquisition

LLC,

6.25%,

01/15/29

(c)

...

6

4,065

LCM

Investments

Holdings

II

LLC,

4.88%,

05/01/29

(c)

....................

24

18,585

Lithia

Motors,

Inc.,

3.88%,

06/01/29

(c)

.....

11

8,827

Murphy

Oil

USA,

Inc.,

4.75%,

09/15/29

....

15

13,275

Penske

Automotive

Group,

Inc.

3.50%,

09/01/25

.................

30

27,462

3.75%,

06/15/29

.................

6

4,769

Sonic

Automotive,

Inc.,

4.63%,

11/15/29

(c)

..

5

3,925

BlackRock

High

Yield

Portfolio

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

Specialty

Building

Products

Holdings

LLC,

6.38%,

09/30/26

(c)

...............

USD

5

$

4,137

SRS

Distribution,

Inc.

(c)

4.63%,

07/01/28

.................

64

54,975

6.13%,

07/01/29

.................

39

31,321

6.00%,

12/01/29

.................

47

37,484

Staples,

Inc.,

7.50%,

04/15/26

(c)

........

26

21,830

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(c)

..

76

62,013

White

Cap

Parent

LLC,

8.25%,

(8.25%

Cash

or

9.00%

PIK),

03/15/26

(c)(h)

...........

18

15,250

390,882

Technology

Hardware,

Storage

&

Peripherals

—

0.0%

Xerox

Corp.,

4.80%,

03/01/35

.........

2

1,303

Textiles,

Apparel

&

Luxury

Goods

—

0.3%

(c)

Crocs,

Inc.

4.25%,

03/15/29

.................

2

1,590

4.13%,

08/15/31

.................

25

19,029

Kontoor

Brands,

Inc.,

4.13%,

11/15/29

....

8

6,374

Levi

Strauss

&

Co.,

3.50%,

03/01/31

.....

18

14,040

William

Carter

Co.

(The),

5.63%,

03/15/27

..

19

17,764

58,797

Thrifts

&

Mortgage

Finance

—

0.6%

Enact

Holdings,

Inc.,

6.50%,

08/15/25

(c)

...

39

37,272

Home

Point

Capital,

Inc.,

5.00%,

02/01/26

(c)

.

14

8,768

Ladder

Capital

Finance

Holdings

LLLP

(c)

4.25%,

02/01/27

.................

8

6,442

4.75%,

06/15/29

.................

4

2,994

MGIC

Investment

Corp.,

5.25%,

08/15/28

..

16

14,294

Nationstar

Mortgage

Holdings,

Inc.

(c)

6.00%,

01/15/27

.................

5

4,269

5.13%,

12/15/30

.................

8

5,801

5.75%,

11/15/31

.................

8

5,867

Rocket

Mortgage

LLC,

2.88%,

10/15/26

(c)

..

34

27,880

113,587

Trading

Companies

&

Distributors

—

0.7%

(c)

Beacon

Roofing

Supply,

Inc.,

4.13%,

05/15/29

10

8,099

Fortress

Transportation

&

Infrastructure

Investors

LLC

6.50%,

10/01/25

.................

4

3,758

9.75%,

08/01/27

.................

5

4,889

5.50%,

05/01/28

.................

15

11,998

Foundation

Building

Materials,

Inc.,

6.00%,

03/01/29

.....................

9

6,568

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

.....................

2

1,570

Herc

Holdings,

Inc.,

5.50%,

07/15/27

.....

20

18,000

Imola

Merger

Corp.,

4.75%,

05/15/29

.....

40

33,746

WESCO

Distribution,

Inc.

7.13%,

06/15/25

.................

6

6,003

7.25%,

06/15/28

.................

45

44,076

138,707

Wireless

Telecommunication

Services

—

0.1%

Ligado

Networks

LLC,

15.50%,

(15.50%

Cash

or

15.50%

PIK),

11/01/23

(c)(f)(h)

........

15

5,903

Sprint

Corp.,

7.63%,

03/01/26

.........

20

20,687

26,590

Total

Corporate

Bonds

—

94.2%

(Cost:

$20,879,302)

..............................

17,887,344

Security

Beneficial

Interest

(000)

Value

Other

Interests

(l)

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings

Capital

Trust

Escrow

Bonds

(a)(d)

................

USD

140

$

518

Total

Other

Interests

—

0.0%

(Cost:

$—)

....................................

518

Par

(000)

Pa

r

(

000)

Preferred

Securities

Capital

Trusts

—

1.5%

Banks

—

0.9%

(f)(g)

Citigroup,

Inc.,

Series

Y,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%),

4.15%

.................

10

7,950

JPMorgan

Chase

&

Co.

Series

Q,

(LIBOR

USD

3

Month

+

3.25%),

5.15%

......................

20

19,299

Series

FF,

(SOFR

+

3.38%),

5.00%

....

71

64,024

Series

HH,

(SOFR

+

3.13%),

4.60%

....

26

22,649

PNC

Financial

Services

Group,

Inc.

(The),

Series

V,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.24%),

6.20%

........................

20

18,900

Wells

Fargo

&

Co.,

Series

BB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%),

3.90%

.............

35

29,597

162,419

Capital

Markets

—

0.5%

(f)(g)

Charles

Schwab

Corp.

(The),

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

.....

59

43,341

Goldman

Sachs

Group,

Inc.

(The),

Series

R,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.95%

70

63,350

106,691

Consumer

Finance

—

0.0%

General

Motors

Financial

Co.,

Inc.,

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.00%),

5.70%

(f)

(g)

...........................

10

8,571

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Vistra

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.74%),

7.00%

(c)(f)(g)

.....................

17

14,841

Total

Preferred

Securities

—

1.5%

(Cost:

$338,891)

................................

292,522

Total

Long-Term

Investments

—

96.5%

(Cost:

$21,420,148)

..............................

18,340,301

BlackRock

High

Yield

Portfolio

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

2.7%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

2.79%

(m)(n)

.................

508,969

$

508,969

Total

Short-Term

Securities

—

2.7%

(Cost:

$508,969)

................................

508,969

Total

Investments

—

99.2%

(Cost:

$21,929,117

)

..............................

18,849,270

Other

Assets

Less

Liabilities

—

0.8%

...................

149,675

Net

Assets

—

100.0%

..............................

$

18,998,945

(a)

Non-income

producing

security.

(b)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$11,881,

representing

0.06%

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)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(m)

Annualized

7-day

yield

as

of

period

end.

(n)

Affiliate

of

the

Fund.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

352,402

$

156,567

(a)

$

—

$

—

$

—

$

508,969

508,969

$

5,349

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

BlackRock

High

Yield

Portfolio

13

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Short

Contracts

U.S.

Treasury

10

Year

Note

...................................................

3

12/20/22

$

336

$

16,277

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

404,000

USD

396,703

State

Street

Bank

and

Trust

Co.

12/21/22

$

1,746

OTC

Credit

Default

Swap

s

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Lumen

Technologies,

Inc.

1.00

%

Quarterly

Barclays

Bank

plc

12/20/23

NR

USD

8

$

(121)

$

(150)

$

29

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

EUR

Euro

USD

United

States

Dollar

Portfolio

Abbreviation

LIBOR

London

Interbank

Offered

Rate

OTC

Over-the-counter

PIK

Payment-In-Kind

SOFR

Secured

Overnight

Financing

Rate

BlackRock

High

Yield

Portfolio

14

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Building

Products

.......................................

$

283

$

—

$

—

$

283

Chemicals

............................................

26,310

—

—

26,310

Electrical

Equipment

.....................................

—

11,881

—

11,881

IT

Services

...........................................

5,194

—

—

5,194

Life

Sciences

Tools

&

Services

..............................

16,503

—

—

16,503

Media

...............................................

5,110

—

—

5,110

Metals

&

Mining

........................................

18,627

—

—

18,627

Oil,

Gas

&

Consumable

Fuels

...............................

56,593

—

—

56,593

Road

&

Rail

...........................................

5,327

—

—

5,327

Software

.............................................

14,089

—

—

14,089

Corporate

Bonds

........................................

—

17,887,344

—

17,887,344

Other

Interests

..........................................

—

518

—

518

Capital

Trusts

...........................................

—

292,522

—

292,522

Short-Term

Securities

Money

Market

Funds

......................................

508,969

—

—

508,969

$

657,005

$

18,192,265

$

—

$

18,849,270

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

...........................................

$

—

$

29

$

—

$

29

Foreign

currency

exchange

contracts

............................

—

1,746

—

1,746

Interest

rate

contracts

.......................................

16,277

—

—

16,277

$

16,277

$

1,775

$

—

$

18,052

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.