NPORT-EX 2 BLK_Strat_Inc_Opps.htm 03.31 BLK STRAT INC OPPS PART F
Consolidated
Schedule
of
Investments
(unaudited)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
1
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Asset-Backed
Securities
Bermuda
—
0.1%
(a)(b)
AREIT
LLC,
Series
2023-CRE8,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.21%
Floor
+
2.11%),
7.44%,
08/17/41
.
USD
5,640
$
5,599,042
BPCRE
Ltd.,
Series
2022-FL2,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.40%),
7.73%,
01/16/37
.
6,476
6,463,416
OHA
Credit
Funding
11
Ltd.,
Series
2022-11A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.25%
Floor
+
7.25%),
12.56%,
07/19/33
......
250
252,971
OHA
Credit
Funding
13
Ltd.,
Series
2022-13A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.55%
Floor
+
8.55%),
13.87%,
07/20/35
......
7,675
7,834,250
Symphony
CLO
38
Ltd.,
Series
2023-
38A,
Class
C1,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
8.22%,
04/24/36
............
2,500
2,525,004
Symphony
CLO
39
Ltd.,
Series
2023-
39A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.19%
Floor
+
6.19%),
11.60%,
04/25/34
...........
5,000
4,993,856
Symphony
CLO
40
Ltd.,
Series
2023-
40A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.00%
Floor
+
5.00%),
10.34%,
01/14/34
...........
3,350
3,395,241
TSTAT
Ltd.,
Series
2022-1A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
4.75%
Floor
+
4.75%),
10.07%,
07/20/31
.................
5,000
4,999,817
36,063,597
Canada
—
0.1%
Fairstone
Financial
Issuance
Trust
I
(a)
Series
2020-1A,
Class
A,
2.51%,
10/20/39
...............
CAD
8,997
6,498,001
Series
2020-1A,
Class
B,
3.74%,
10/20/39
...............
18,261
12,794,900
Series
2020-1A,
Class
C,
5.16%,
10/20/39
...............
2,125
1,456,195
Series
2020-1A,
Class
D,
6.87%,
10/20/39
...............
150
104,680
20,853,776
Cayman
Islands
—
6.1%
522
Funding
CLO
Ltd.
(a)(b)
Series
2019-4A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.66%),
7.98%,
04/20/30
...
USD
500
500,080
Series
2019-4A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.65%
Floor
+
3.91%),
9.23%,
04/20/30
...
3,500
3,450,344
ABPCI
DIRECT
LENDING
FUND
CLO
V
Ltd.,
Series
2019-5A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
7.53%,
01/20/36
(a)
(b)
6,250
6,274,487
ACAS
CLO
Ltd.
(a)(b)
Series
2015-1A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
0.89%
Floor
+
1.15%),
6.45%,
10/18/28
...
2,008
2,010,221
Series
2015-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
+
1.86%),
7.16%,
10/18/28
..........
500
498,705
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2015-1A,
Class
CRR,
(3-mo.
CME
Term
SOFR
+
2.46%),
7.76%,
10/18/28
..........
USD
3,690
$
3,688,141
AGL
CLO
3
Ltd.,
Series
2020-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.56%),
8.88%,
01/15/33
(a)
(b)
375
372,886
AGL
CLO
5
Ltd.,
Series
2020-5A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
6.98%,
07/20/34
(a)
(b)
...............
390
389,304
AGL
CLO
9
Ltd.,
Series
2020-9A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.26%
Floor
+
7.52%),
12.84%,
01/20/34
(a)
(b)
...............
1,220
1,211,685
AIMCO
CLO,
Series
2015-AA,
Class
X,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.53%,
10/17/34
(a)
(b)
1,458
1,458,595
AIMCO
CLO
12
Ltd.,
Series
2020-12A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
8.22%,
01/17/32
(a)
(b)
...............
610
606,677
AIMCO
CLO
14
Ltd.,
Series
2021-14A,
Class
SUB,
0.00%,
04/20/34
(a)
(b)
..
20,000
15,254,000
Allegro
CLO
II-S
Ltd.
(a)(b)
Series
2014-1RA,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.73%,
10/21/28
...
2,740
2,740,302
Series
2014-1RA,
Class
C,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.58%,
10/21/28
...
7,480
7,466,581
Allegro
CLO
V
Ltd.,
Series
2017-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.53%,
10/16/30
(a)
(b)
...............
7,583
7,580,336
Allegro
CLO
VI
Ltd.,
Series
2017-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.71%,
01/17/31
(a)
(b)
...............
987
987,095
Allegro
CLO
VIII
Ltd.
(a)(b)
Series
2018-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
07/15/31
...
8,518
8,525,469
Series
2018-2A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.67%
Floor
+
1.93%),
7.25%,
07/15/31
...
500
500,042
Allegro
CLO
XI
Ltd.,
Series
2019-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.57%,
01/19/33
(a)
(b)
...............
560
561,352
ALM
Ltd.
(a)(b)
Series
2020-1A,
Class
A2,
(3-mo.
CME
Term
SOFR
+
2.11%),
7.43%,
10/15/29
..........
12,790
12,823,239
Series
2020-1A,
Class
B,
(3-mo.
CME
Term
SOFR
+
2.26%),
7.58%,
10/15/29
..........
500
500,675
ALM
VII
Ltd.,
Series
2012-7A,
Class
SUB,
0.00%,
10/15/2116
(a)
(b)
(c)
...
12,160
1
AMMC
CLO
21
Ltd.,
Series
2017-21A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.51%),
6.83%,
11/02/30
(a)
(b)
...............
1,058
1,058,731
Anchorage
Capital
CLO
3-R
Ltd.
(a)(b)
Series
2014-3RA,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.31%),
6.63%,
01/28/31
...
3,148
3,146,398
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2014-3RA,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.08%,
01/28/31
...
USD
9,800
$
9,789,334
Anchorage
Capital
CLO
4-R
Ltd.,
Series
2014-4RA,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.43%,
01/28/31
(a)
(b)
....
1,500
1,498,128
Anchorage
Capital
CLO
6
Ltd.,
Series
2015-6A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.31%),
6.63%,
07/15/30
(a)
(b)
....
3,087
3,084,292
Anchorage
Capital
CLO
7
Ltd.
(a)(b)
Series
2015-7A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.35%),
6.67%,
01/28/31
...
12,223
12,139,369
Series
2015-7A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
01/28/31
...
8,000
8,023,929
Series
2015-7A,
Class
D1R2,
(3-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.76%),
9.08%,
01/28/31
...
8,860
8,842,007
Anchorage
Capital
CLO
Ltd.
(a)(b)
Series
2013-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.51%),
6.83%,
10/13/30
..........
1,459
1,455,474
Series
2013-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
+
1.91%),
7.23%,
10/13/30
..........
3,680
3,683,334
Series
2013-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
+
2.41%),
7.73%,
10/13/30
..........
1,160
1,161,200
Series
2013-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
+
3.46%),
8.78%,
10/13/30
..........
1,583
1,582,894
Series
2018-1RA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
6.57%,
04/13/31
...
5,447
5,434,200
Anchorage
Credit
Funding
14
Ltd.,
Series
2021-14A,
Class
A,
3.00%,
01/21/40
(a)
................
20,250
19,402,801
Anchorage
Credit
Funding
3
Ltd.
(a)
Series
2016-3A,
Class
A1R,
2.87%,
01/28/39
...............
22,000
19,876,312
Series
2016-3A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.68%,
01/28/39
(b)
..
4,045
4,024,660
Series
2016-3A,
Class
SUBR,
0.00%,
01/28/39
(b)
.........
7,500
4,675,500
Anchorage
Credit
Funding
Ltd.,
Series
2021-14A,
Class
SUB,
0.00%,
01/21/40
(a)
(b)
...............
10,000
6,987,000
Antares
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.59%
Floor
+
1.85%),
7.17%,
04/20/33
...
3,250
3,249,836
Series
2019-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
7.26%,
01/23/36
...
8,470
8,464,955
Series
2021-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.53%
Floor
+
1.79%),
7.12%,
07/25/33
...
3,250
3,237,879
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Apidos
CLO
XII,
Series
2013-12A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.66%,
04/15/31
(a)
(b)
...............
USD
20,612
$
20,627,070
Apidos
CLO
XV,
Series
2013-15A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.01%
Floor
+
1.27%),
6.59%,
04/20/31
(a)
(b)
..........
5,774
5,783,648
Apidos
CLO
XVIII,
Series
2018-18A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
6.47%,
10/22/30
(a)
(b)
...............
27,894
28,105,485
Apidos
CLO
XX,
Series
2015-20A,
Class
A1RA,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
07/16/31
(a)
(b)
..........
1,810
1,811,317
Apidos
CLO
XXII
(a)(b)
Series
2015-22A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.32%),
6.64%,
04/20/31
...
1,591
1,592,449
Series
2015-22A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.53%,
04/20/31
...
3,250
3,251,006
Series
2015-22A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.53%,
04/20/31
...
800
802,562
Apidos
CLO
XXIV,
Series
2016-24A,
Class
A1AL,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.53%,
10/20/30
(a)
(b)
..........
21,287
21,297,613
Apidos
CLO
Xxv,
Series
2016-25A,
Class
AJR2,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
6.81%,
10/20/31
(a)
(b)
..........
5,000
4,987,500
Apidos
CLO
XXV,
Series
2016-25A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
6.46%,
10/20/31
(a)
(b)
..........
11,805
11,775,488
Apidos
CLO
XXVI
(a)(b)
Series
2017-26A,
Class
A1AR,
(3-
mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.16%),
6.46%,
07/18/29
2,115
2,115,629
Series
2017-26A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.51%,
07/18/29
...
2,750
2,752,417
Apidos
CLO
XXVII,
Series
2017-27A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.93%
Floor
+
1.19%),
6.51%,
07/17/30
(a)
(b)
...............
7,515
7,508,900
Apidos
CLO
XXVIII,
Series
2017-28A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.50%
Floor
+
5.76%),
11.08%,
01/20/31
(a)
(b)
...............
270
270,427
Apidos
CLO
XXXI,
Series
2019-31A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.13%,
04/15/31
(a)
(b)
...............
250
250,256
Apidos
CLO
XXXII,
Series
2019-32A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.76%),
9.08%,
01/20/33
(a)
(b)
...............
300
300,037
Apidos
CLO
XXXVI,
Series
2021-36A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
07/20/34
(a)
(b)
...............
1,320
1,321,074
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Apidos
CLO
XXXVII,
Series
2021-37A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.30%
Floor
+
6.56%),
11.88%,
10/22/34
(a)
(b)
...............
USD
850
$
857,826
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2022-FL2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.85%),
7.18%,
05/15/37
(a)
(b)
19,738
19,688,756
Ares
LI
CLO
Ltd.,
Series
2019-51A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.85%
Floor
+
7.11%),
12.43%,
07/15/34
(a)
(b)
...............
300
299,572
Ares
LII
CLO
Ltd.,
Series
2019-52A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.31%),
6.63%,
04/22/31
(a)
(b)
...............
2,000
2,001,365
Ares
Loan
Funding
I
Ltd.
(a)(b)
Series
2021-ALFA,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.70%
Floor
+
6.96%),
12.28%,
10/15/34
..
10,850
10,963,884
Series
2021-ALFA,
Class
SUB,
0.00%,
10/15/34
..........
14,000
9,731,400
Ares
Loan
Funding
III
Ltd.,
Series
2022-ALF3A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.58%
Floor
+
7.58%),
12.90%,
07/25/35
(a)
(b)
...
800
800,532
Ares
LV
CLO
Ltd.,
Series
2020-55A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.73%,
07/15/34
(a)
(b)
...............
750
753,978
Ares
XL
CLO
Ltd.,
Series
2016-40A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
0.87%
Floor
+
1.13%),
6.45%,
01/15/29
(a)
(b)
..........
3,009
3,007,648
Ares
XLV
CLO
Ltd.,
Series
2017-45A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
10/15/30
(a)
(b)
...............
1,125
1,126,412
Ares
XLVII
CLO
Ltd.,
Series
2018-47A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.92%
Floor
+
1.18%),
6.50%,
04/15/30
(a)
(b)
...............
1,860
1,853,682
Ares
XXXVII
CLO
Ltd.,
Series
2015-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.75%,
10/15/30
(a)
(b)
...............
1,151
1,152,069
Assurant
CLO
Ltd.,
Series
2018-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.04%
Floor
+
1.30%),
6.62%,
04/20/31
(a)
(b)
...............
1,044
1,045,094
Atrium
IX
(a)(b)
Series
9A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
0.99%
Floor
+
1.25%),
6.59%,
05/28/30
....
2,253
2,253,640
Series
9A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.10%,
05/28/30
....
325
325,549
Atrium
VIII,
Series
8A,
Class
SUB,
0.00%,
10/23/24
(a)
(b)
..........
13,300
5,054
Atrium
XV,
Series
15A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.58%,
01/23/31
(a)
(b)
....
1,450
1,448,255
Bain
Capital
Credit
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.55%,
07/20/30
...
719
719,445
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2017-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.08%,
07/20/30
...
USD
1,400
$
1,398,479
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
1.22%),
6.54%,
04/23/31
...
11,242
11,238,908
Series
2018-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.65%,
07/19/31
...
4,795
4,784,624
Ballyrock
CLO
14
Ltd.
(a)(b)
Series
2020-14A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.56%
Floor
+
2.56%),
7.88%,
01/20/34
...
250
251,026
Series
2020-14A,
Class
D,
(3-mo.
CME
Term
SOFR
at
7.26%
Floor
+
7.26%),
12.58%,
01/20/34
..
250
251,273
Ballyrock
CLO
25
Ltd.,
Series
2023-
25A,
Class
C,
(3-mo.
CME
Term
SOFR
at
4.70%
Floor
+
4.70%),
10.02%,
01/25/36
(a)
(b)
.........
1,750
1,770,656
Ballyrock
CLO
Ltd.
(a)(b)
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.58%,
04/20/31
..........
569
569,050
Series
2018-1A,
Class
A2,
(3-mo.
CME
Term
SOFR
+
1.86%),
7.18%,
04/20/31
..........
2,300
2,307,037
Series
2020-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
6.15%
Floor
+
6.41%),
11.73%,
10/20/31
..
1,340
1,347,688
Bardot
CLO
Ltd.,
Series
2019-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.58%,
10/22/32
(a)
(b)
...............
940
938,793
Barings
CLO
Ltd.
(a)(b)
Series
2015-IA,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.99%
Floor
+
1.25%),
6.57%,
01/20/31
...
2,917
2,918,268
Series
2015-IA,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
6.98%,
01/20/31
...
250
249,920
Series
2018-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.53%,
07/20/29
...
1,327
1,326,496
Battalion
CLO
IX
Ltd.,
Series
2015-9A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.83%,
07/15/31
(a)
(b)
...............
450
444,195
Battalion
CLO
VIII
Ltd.,
Series
2015-8A,
Class
A2R2,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.11%,
07/18/30
(a)
(b)
..........
11,000
11,000,120
Bean
Creek
CLO
Ltd.,
Series
2015-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
6.60%,
04/20/31
(a)
(b)
...............
1,560
1,559,469
Benefit
Street
Partners
CLO
V-B
Ltd.,
Series
2018-5BA,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.35%),
6.67%,
04/20/31
(a)
(b)
....
3,442
3,444,745
Benefit
Street
Partners
CLO
VIII
Ltd.,
Series
2015-8A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
01/20/31
(a)
(b)
....
2,837
2,839,084
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Benefit
Street
Partners
CLO
XII
Ltd.,
Series
2017-12A,
Class
B,
(3-mo.
CME
Term
SOFR
+
2.26%),
7.58%,
10/15/30
(a)
(b)
...............
USD
1,375
$
1,376,104
Benefit
Street
Partners
CLO
XX
Ltd.,
Series
2020-20A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.75%
Floor
+
7.01%),
12.33%,
07/15/34
(a)
(b)
...
1,000
1,002,521
Benefit
Street
Partners
CLO
XXIII
Ltd.,
Series
2021-23A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.81%
Floor
+
7.07%),
12.40%,
04/25/34
(a)
(b)
...
1,250
1,249,801
Betony
CLO
2
Ltd.,
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.66%,
04/30/31
(a)
(b)
...............
17,190
17,198,282
Birch
Grove
CLO
2
Ltd.,
Series
2021-
2A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.56%),
8.87%,
10/19/34
(a)
(b)
..........
5,250
5,209,163
Birch
Grove
CLO
Ltd.
(a)(b)
Series
19A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.34%,
06/15/31
....
2,000
2,002,345
Series
19A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.61%),
8.94%,
06/15/31
....
4,795
4,786,022
BlueMountain
CLO
Ltd.
(a)(b)
Series
2013-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.76%,
10/22/30
...
2,655
2,657,112
Series
2013-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
10/22/30
...
4,000
4,003,958
Series
2015-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.58%,
04/20/31
...
215
215,648
Series
2016-2A,
Class
C1R2,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.68%,
08/20/32
...
250
243,693
Series
2016-3A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
6.51%,
11/15/30
...
2,000
2,000,000
Series
2016-3A,
Class
A2R2,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
7.01%,
11/15/30
...
7,400
7,400,000
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
07/30/30
...
273
272,846
Series
2018-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.11%
Floor
+
1.37%),
6.68%,
08/15/31
...
1,137
1,140,860
Series
2018-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.27%,
08/15/31
...
2,750
2,752,054
Series
2018-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.19%),
6.51%,
10/25/30
...
14,950
14,949,904
Series
2018-3A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
6.92%,
10/25/30
...
9,000
8,999,960
BlueMountain
CLO
XXII
Ltd.,
Series
2018-22A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.66%,
07/15/31
(a)
(b)
....
1,410
1,410,770
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
BlueMountain
CLO
XXIX
Ltd.,
Series
2020-29A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.74%,
07/25/34
(a)
(b)
....
USD
250
$
245,533
BlueMountain
CLO
XXVIII
Ltd.
(a)(b)
Series
2021-28A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.52%),
6.84%,
04/15/34
...
450
450,191
Series
2021-28A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.48%,
04/15/34
...
2,000
1,953,270
BlueMountain
CLO
XXX
Ltd.,
Series
2020-30A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.70%
Floor
+
6.70%),
12.01%,
04/15/35
(a)
(b)
...
250
231,679
BlueMountain
CLO
XXXIII
Ltd.,
Series
2021-33A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.76%),
9.08%,
11/20/34
(a)
(b)
....
1,510
1,463,056
BlueMountain
Fuji
US
CLO
I
Ltd.,
Series
2017-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.56%,
07/20/29
(a)
(b)
....
23,950
23,949,738
BlueMountain
Fuji
US
CLO
II
Ltd.,
Series
2017-2A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.58%,
10/20/30
(a)
(b)
...............
3,599
3,600,850
Bristol
Park
CLO
Ltd.
(a)(b)
Series
2016-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
7.03%,
04/15/29
...
6,250
6,258,100
Series
2016-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.53%,
04/15/29
...
500
496,814
Buttermilk
Park
CLO
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.68%,
10/15/31
(a)
(b)
..........
875
863,015
Canyon
CLO
Ltd.,
Series
2020-3A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.25%
Floor
+
7.51%),
12.83%,
01/15/34
(a)
(b)
...............
1,430
1,412,199
Carbone
CLO
Ltd.,
Series
2017-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.72%,
01/20/31
(a)
(b)
...............
3,238
3,238,309
Carlyle
Global
Market
Strategies
CLO
Ltd.
(a)(b)
Series
2013-4A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.58%,
01/15/31
...
1,361
1,355,338
Series
2014-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.55%,
04/17/31
...
20,404
20,405,785
Series
2014-2RA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.31%),
6.62%,
05/15/31
...
3,260
3,262,707
Series
2014-3RA,
Class
A1A,
(3-mo.
CME
Term
SOFR
+
1.31%),
6.63%,
07/27/31
..........
31,337
31,341,000
Series
2015-1A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.56%,
07/20/31
...
440
440,499
Series
2015-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.60%),
6.92%,
07/20/32
..........
400
400,060
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Carlyle
US
CLO
Ltd.
(a)(b)
Series
2017-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.31%),
6.63%,
07/20/31
...
USD
4,636
$
4,642,868
Series
2017-3A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.16%),
6.48%,
07/20/29
...
1,867
1,868,686
Series
2017-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.76%,
01/15/30
...
1,831
1,832,314
Series
2018-4A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.38%,
01/20/31
...
550
549,175
Series
2019-1A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.66%,
04/20/31
...
1,000
1,000,500
CarVal
CLO
I
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
+
3.15%),
8.47%,
07/16/31
(a)
(b)
....
1,705
1,693,431
CarVal
CLO
II
Ltd.
(a)(b)
Series
2019-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.26%
Floor
+
2.26%),
7.58%,
04/20/32
...
700
700,584
Series
2019-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.46%
Floor
+
3.46%),
8.78%,
04/20/32
...
2,000
1,991,484
CarVal
CLO
III
Ltd.,
Series
2019-2A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.70%
Floor
+
6.70%),
12.02%,
07/20/32
(a)
(b)
...............
1,300
1,284,976
CarVal
CLO
VC
Ltd.
(a)(b)
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.83%,
10/15/34
...
500
497,871
Series
2021-2A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.75%
Floor
+
7.01%),
12.33%,
10/15/34
..
250
248,027
Cathedral
Lake
CLO
Ltd.,
Series
2013-
1A,
Class
A1R3,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
6.60%,
10/15/29
(a)
(b)
..........
6,966
6,965,764
CBAM
Ltd.
(a)(b)
Series
2017-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.51%),
6.83%,
07/20/30
..........
12,801
12,824,430
Series
2017-1A,
Class
C,
(3-mo.
CME
Term
SOFR
+
2.66%),
7.98%,
07/20/30
..........
750
750,478
Series
2018-7A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
07/20/31
...
1,000
999,000
Series
2019-9A,
Class
B2,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.48%,
02/12/30
...
4,750
4,712,281
Cedar
Funding
IX
CLO
Ltd.
(a)(b)
Series
2018-9A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.56%,
04/20/31
...
25,651
25,666,718
Series
2018-9A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.86%),
8.18%,
04/20/31
...
250
249,185
Cedar
Funding
V
CLO
Ltd.,
Series
2016-5A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
07/17/31
(a)
(b)
....
5,036
5,039,043
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Cedar
Funding
VII
CLO
Ltd.
(a)(b)
Series
2018-7A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.58%,
01/20/31
...
USD
2,990
$
2,990,531
Series
2018-7A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.71%,
01/20/31
...
250
250,405
Series
2018-7A,
Class
E,
(3-mo.
CME
Term
SOFR
at
4.55%
Floor
+
4.81%),
10.13%,
01/20/31
..
2,963
2,784,724
Series
2018-7A,
Class
SUB,
0.00%,
01/20/31
...............
1,750
450,659
Cedar
Funding
XI
CLO
Ltd.,
Series
2019-11A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.61%),
6.95%,
05/29/32
(a)
(b)
....
1,000
998,661
Cedar
Funding
XIV
CLO
Ltd.
(a)(b)
Series
2021-14A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
07/15/33
...
4,000
3,981,718
Series
2021-14A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.83%,
07/15/33
...
13,750
13,174,267
Series
2021-14A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.34%
Floor
+
6.60%),
11.92%,
07/15/33
..
4,975
4,868,944
Series
2021-14A,
Class
SUB,
0.00%,
07/15/33
..........
15,290
7,272,997
CIFC
Funding
2013-IV
Ltd.,
Series
2013-4A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.32%),
6.64%,
04/27/31
(a)
(b)
....
4,850
4,853,327
CIFC
Funding
2018-III
Ltd.,
Series
2018-3A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.36%),
6.66%,
07/18/31
(a)
(b)
7,563
7,564,291
CIFC
Funding
2019-III
Ltd.,
Series
2019-3A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
6.80%
Floor
+
7.06%),
12.38%,
10/16/34
(a)
(b)
...
2,275
2,280,560
CIFC
Funding
2022-VII
Ltd.,
Series
2022-7A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.94%
Floor
+
8.94%),
14.26%,
10/22/35
(a)
(b)
.........
1,200
1,225,909
CIFC
Funding
Ltd.
(a)(b)
Series
2013-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
07/16/30
...
1,250
1,253,125
Series
2013-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
3.55%
Floor
+
3.81%),
9.13%,
07/16/30
...
500
500,152
Series
2013-2A,
Class
A1L2,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.56%,
10/18/30
...
20,048
20,047,965
Series
2013-3RA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.56%,
04/24/31
...
11,224
11,237,751
Series
2013-3RA,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.43%,
04/24/31
...
650
647,606
Series
2013-3RA,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.48%,
04/24/31
...
1,050
1,042,159
Series
2013-4A,
Class
DRR,
(3-mo.
CME
Term
SOFR
at
2.80%
Floor
+
3.06%),
8.38%,
04/27/31
...
250
248,432
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2014-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
+
1.36%),
6.66%,
01/18/31
..........
USD
540
$
539,661
Series
2014-2RA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.31%),
6.63%,
04/24/30
...
8,662
8,663,501
Series
2014-2RA,
Class
B1,
(3-mo.
CME
Term
SOFR
at
2.80%
Floor
+
3.06%),
8.38%,
04/24/30
...
650
650,248
Series
2014-3A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
+
1.46%),
6.78%,
10/22/31
..........
827
827,797
Series
2014-5A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.78%,
10/17/31
...
1,000
1,000,282
Series
2015-1A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.11%
Floor
+
1.37%),
6.69%,
01/22/31
...
31,276
31,285,517
Series
2015-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
7.03%,
01/22/31
...
400
399,385
Series
2015-3A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.87%
Floor
+
1.13%),
6.44%,
04/19/29
...
4,307
4,308,352
Series
2015-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.72%,
04/19/29
...
8,750
8,736,179
Series
2017-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.53%,
04/20/30
...
8,275
8,280,244
Series
2017-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.48%),
6.80%,
07/20/30
...
8,471
8,474,374
Series
2017-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.53%,
10/24/30
...
15,044
15,056,051
Series
2017-5A,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.44%),
6.76%,
11/16/30
..........
14,853
14,868,238
Series
2017-5A,
Class
C,
(3-mo.
CME
Term
SOFR
+
3.11%),
8.43%,
11/16/30
..........
800
797,226
Series
2018-1A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.56%,
04/18/31
..........
230
229,825
Series
2018-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.30%),
6.62%,
04/20/31
..........
6,646
6,654,242
Series
2018-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
10/17/31
...
22,798
22,813,852
Series
2021-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.58%
Floor
+
1.84%),
7.16%,
07/15/33
...
500
499,827
Clear
Creek
CLO
Ltd.
(a)(b)
Series
2015-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.78%,
10/20/30
...
1,232
1,233,364
Series
2015-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.53%,
10/20/30
...
2,900
2,894,210
Crown
City
CLO
III,
Series
2021-1A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.75%,
07/20/34
(a)
(b)
...............
250
249,157
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Crown
Point
CLO
9
Ltd.,
Series
2020-
9A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.75%
Floor
+
4.01%),
9.33%,
07/14/34
(a)
(b)
..........
USD
1,000
$
982,698
Deer
Creek
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.44%),
6.76%,
10/20/30
..........
1,670
1,672,707
Series
2017-1A,
Class
B,
(3-mo.
CME
Term
SOFR
+
1.91%),
7.23%,
10/20/30
..........
1,750
1,733,503
Series
2017-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.53%,
10/20/30
...
900
898,381
Series
2017-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.35%
Floor
+
6.61%),
11.93%,
10/20/30
..
1,500
1,503,358
Diameter
Capital
CLO
2
Ltd.,
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
6.32%
Floor
+
6.32%),
11.64%,
10/15/36
(a)
(b)
.........
1,500
1,479,586
Dryden
106
CLO
Ltd.,
Series
2022-
106A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.87%
Floor
+
8.87%),
14.18%,
10/15/35
(a)
(b)
.........
500
508,285
Dryden
30
Senior
Loan
Fund,
Series
2013-30A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.82%
Floor
+
1.08%),
6.39%,
11/15/28
(a)
(b)
....
12,111
12,076,660
Dryden
36
Senior
Loan
Fund,
Series
2014-36A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
6.60%,
04/15/29
(a)
(b)
....
7,972
7,974,550
Dryden
37
Senior
Loan
Fund,
Series
2015-37A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
01/15/31
(a)
(b)
....
1,370
1,370,166
Dryden
41
Senior
Loan
Fund,
Series
2015-41A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.55%,
04/15/31
(a)
(b)
....
4,309
4,301,994
Dryden
45
Senior
Loan
Fund,
Series
2016-45A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.78%,
10/15/30
(a)
(b)
....
375
373,935
Dryden
49
Senior
Loan
Fund
(a)(b)
Series
2017-49A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.51%,
07/18/30
...
653
652,868
Series
2017-49A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.16%,
07/18/30
...
1,000
1,001,123
Dryden
50
Senior
Loan
Fund,
Series
2017-50A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
07/15/30
(a)
(b)
....
250
249,655
Dryden
55
CLO
Ltd.,
Series
2018-55A,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.28%),
6.60%,
04/15/31
(a)
(b)
....
679
679,452
Dryden
58
CLO
Ltd.,
Series
2018-58A,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.58%,
07/17/31
(a)
(b)
....
3,742
3,741,623
Dryden
65
CLO
Ltd.,
Series
2018-65A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.16%,
07/18/30
(a)
(b)
...............
700
701,763
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Dryden
77
CLO
Ltd.,
Series
2020-77A,
Class
XR,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.58%,
05/20/34
(a)
(b)
...............
USD
141
$
140,540
Dryden
78
CLO
Ltd.,
Series
2020-78A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.58%,
04/17/33
(a)
(b)
...............
250
247,834
Dryden
Senior
Loan
Fund,
Series
2017-
47A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.56%,
04/15/28
(a)
(b)
..........
2,839
2,839,462
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-26A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.16%),
6.48%,
04/15/29
(a)
(b)
....
2,457
2,457,921
Dryden
XXVIII
Senior
Loan
Fund,
Series
2013-28A,
Class
A1LR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.77%,
08/15/30
(a)
(b)
20,338
20,337,563
Elevation
CLO
Ltd.,
Series
2014-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.49%),
6.81%,
10/15/29
(a)
(b)
...
44
43,672
Elmwood
CLO
14
Ltd.,
Series
2022-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.35%
Floor
+
6.35%),
11.67%,
04/20/35
(a)
(b)
...............
4,900
4,897,147
Elmwood
CLO
22
Ltd.,
Series
2023-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.65%
Floor
+
7.65%),
12.97%,
04/17/36
(a)
(b)
...............
2,000
2,001,222
Elmwood
CLO
II
Ltd.
(a)(b)
Series
2019-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.58%,
04/20/34
...
750
747,199
Series
2019-2A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.80%
Floor
+
7.06%),
12.38%,
04/20/34
..
14,750
14,777,397
Series
2019-2A,
Class
FR,
(3-mo.
CME
Term
SOFR
at
8.00%
Floor
+
8.26%),
13.58%,
04/20/34
..
7,500
7,056,041
Series
2019-2A,
Class
SUB,
0.00%,
04/20/34
...............
4,000
3,178,000
Elmwood
CLO
III
Ltd.,
Series
2019-3A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.76%),
12.08%,
10/20/34
(a)
(b)
...............
500
503,734
Elmwood
CLO
IV
Ltd.,
Series
2020-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.60%
Floor
+
6.86%),
12.18%,
04/15/33
(a)
(b)
...............
4,300
4,340,540
Elmwood
CLO
V
Ltd.,
Series
2020-2A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.10%
Floor
+
6.36%),
11.68%,
10/20/34
(a)
(b)
...............
5,350
5,401,890
Elmwood
CLO
X
Ltd.
(a)(b)
Series
2021-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.04%
Floor
+
1.30%),
6.62%,
10/20/34
...
1,000
1,000,800
Series
2021-3A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.85%
Floor
+
6.11%),
11.43%,
10/20/34
..
3,000
2,985,095
Flatiron
CLO
18
Ltd.,
Series
2018-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.53%,
04/17/31
(a)
(b)
...............
1,150
1,150,824
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Flatiron
CLO
19
Ltd.,
Series
2019-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.59%,
11/16/34
(a)
(b)
...............
USD
800
$
799,870
FS
Rialto,
Series
2021-FL3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
6.69%,
11/16/36
(a)
(b)
2,184
2,172,890
Galaxy
31
CLO
Ltd.,
Series
2023-31A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.43%
Floor
+
8.43%),
13.74%,
04/15/36
(a)
(b)
...............
650
660,853
Galaxy
XIX
CLO
Ltd.,
Series
2015-19A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.53%,
07/24/30
(a)
(b)
..........
2,156
2,156,698
Galaxy
XV
CLO
Ltd.,
Series
2013-15A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.55%,
10/15/30
(a)
(b)
...............
3,907
3,907,094
Galaxy
XVIII
CLO
Ltd.,
Series
2018-
28A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
07/15/31
(a)
(b)
..........
2,484
2,486,087
Galaxy
XXII
CLO
Ltd.,
Series
2016-
22A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.78%,
04/16/34
(a)
(b)
..........
850
852,281
Galaxy
XXVI
CLO
Ltd.,
Series
2018-
26A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.46%
Floor
+
1.46%),
6.79%,
11/22/31
(a)
(b)
..........
855
855,176
Galaxy
XXVII
CLO
Ltd.,
Series
2018-
27A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
6.61%,
05/16/31
(a)
(b)
..........
16,390
16,393,622
Galaxy
XXVIII
CLO
Ltd.,
Series
2018-
28A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.56%),
6.88%,
07/15/31
(a)
(b)
..........
488
489,409
Generate
CLO
2
Ltd.,
Series
2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
01/22/31
(a)
(b)
...............
15,788
15,791,980
Generate
CLO
4
Ltd.
(a)(b)
Series
2016-2A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.75%
Floor
+
7.01%),
12.33%,
04/20/32
..
250
249,836
Series
4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.35%),
6.67%,
04/20/32
....
930
929,681
Series
4A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.13%,
04/20/32
....
2,750
2,752,825
Series
4A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.73%,
04/20/32
....
1,500
1,496,930
Generate
CLO
5
Ltd.,
Series
5A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
10/22/31
(a)
(b)
1,750
1,756,678
Generate
CLO
8
Ltd.,
Series
8A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.95%
Floor
+
7.21%),
12.53%,
10/20/34
(a)
(b)
...............
4,250
4,271,902
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Gilbert
Park
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.45%),
6.77%,
10/15/30
...
USD
2,583
$
2,584,611
Series
2017-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.53%,
10/15/30
...
7,160
7,168,866
Series
2017-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.53%,
10/15/30
...
11,473
11,475,617
GoldenTree
Loan
Management
US
CLO
3
Ltd.,
Series
2018-3A,
Class
D,
(3-mo.
CME
Term
SOFR
+
3.11%),
8.43%,
04/20/30
(a)
(b)
....
750
750,642
GoldenTree
Loan
Management
US
CLO
5
Ltd.,
Series
2019-5A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.13%,
10/20/32
(a)
(b)
...............
2,040
2,041,499
GoldenTree
Loan
Opportunities
XI
Ltd.,
Series
2015-11A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.63%,
01/18/31
(a)
(b)
....
3,244
3,247,425
GoldentTree
Loan
Management
US
CLO
1
Ltd.,
Series
2021-11A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.35%
Floor
+
5.61%),
10.93%,
10/20/34
(a)
(b)
...............
5,765
5,567,364
Golub
Capital
Partners
CLO
37B
Ltd.,
Series
2018-37A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.75%
Floor
+
6.01%),
11.33%,
07/20/30
(a)
(b)
....
7,500
7,480,973
Golub
Capital
Partners
CLO
46M
Ltd.,
Series
2019-46A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.91%),
8.23%,
04/20/32
(a)
(b)
....
2,000
2,020,328
Golub
Capital
Partners
CLO
55B
Ltd.,
Series
2021-55A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.56%
Floor
+
6.82%),
12.14%,
07/20/34
(a)
(b)
...
2,690
2,678,009
Golub
Capital
Partners
CLO
56M
Ltd.,
Series
2021-56A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.53%
Floor
+
1.79%),
7.12%,
10/25/33
(a)
(b)
....
6,250
6,259,664
Golub
Capital
Partners
CLO
Ltd.,
Series
2019-41A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
01/20/34
(a)
(b)
....
2,000
1,998,675
Gracie
Point
International
Funding,
Series
2023-1A,
Class
D,
(SOFR90A
+
4.50%),
9.86%,
09/01/26
(a)
(b)
...
1,512
1,537,779
Gracie
Point
International
Funding
LLC,
Series
2023-1A,
Class
A,
(SOFR90A
+
1.95%),
7.31%,
09/01/26
(a)
(b)
...
4,818
4,849,725
Greystone
CRE
Notes
Ltd.,
Series
2021-FL3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.13%),
6.46%,
07/15/39
(a)
(b)
....
3,230
3,189,483
GT
Loan
Financing
I
Ltd.,
Series
2013-
1A,
Class
CR,
(3-mo.
CME
Term
SOFR
+
2.36%),
7.68%,
07/28/31
(a)
(b)
500
500,527
Halsey
Point
CLO
I
Ltd.,
Series
2019-
1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.61%),
9.93%,
01/20/33
(a)
(b)
..........
2,500
2,470,074
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Highbridge
Loan
Management
Ltd.
(a)(b)
Series
12A-18,
Class
A1B,
(3-mo.
CME
Term
SOFR
+
1.51%),
6.81%,
07/18/31
..........
USD
930
$
935,607
Series
3A-2014,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.44%),
6.74%,
07/18/29
..........
378
378,596
HPS
Loan
Management
Ltd.
(a)(b)
Series
11A-17,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
6.57%,
05/06/30
...
17,131
17,131,403
Series
6A-2015,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.53%,
02/05/31
..........
6,987
6,965,858
IVY
Hill
Middle
Market
Credit
Fund
XII
Ltd.,
Series
12A,
Class
A1TR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
07/20/33
(a)
(b)
....
12,500
12,562,568
Ivy
Hill
Middle
Market
Credit
Fund
XX
Ltd.,
Series
20A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.40%),
7.72%,
04/20/35
(a)
(b)
....
2,000
2,019,253
Ivy
Hill
Middle
Market
Credit
Fund
XXI
Ltd.,
Series
21A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.45%),
7.75%,
07/18/35
(a)
(b)
....
19,750
19,956,709
KKR
CLO
10
Ltd.,
Series
10,
Class
BR,
(3-mo.
CME
Term
SOFR
+
1.96%),
7.29%,
09/15/29
(a)
(b)
..........
3,000
2,999,341
LCM
26
Ltd.,
Series
26A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.76%),
8.08%,
01/20/31
(a)
(b)
400
373,666
LCM
XIII
LP,
Series
13A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
0.87%
Floor
+
1.13%),
6.44%,
07/19/27
(a)
(b)
23
22,965
LCM
XIV
LP,
Series
14A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.30%),
6.62%,
07/20/31
(a)
(b)
..........
634
635,537
LCM
XVIII
LP,
Series
18A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
6.60%,
04/20/31
(a)
(b)
7,800
7,802,108
LCM
XXIV
Ltd.,
Series
24A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.56%,
03/20/30
(a)
(b)
580
579,892
LoanCore
Issuer
Ltd.,
Series
2022-
CRE7,
Class
A,
(SOFR
30
day
Average
at
1.55%
Floor
+
1.55%),
6.87%,
01/17/37
(a)
(b)
..........
6,214
6,144,720
Loanpal
Solar
Loan
Ltd.
(a)
Series
2020-2GF,
Class
A,
2.75%,
07/20/47
...............
3,489
2,814,056
Series
2021-1GS,
Class
A,
2.29%,
01/20/48
...............
8,258
6,624,358
Madison
Park
Funding
LIV
Ltd.,
Series
2022-54A,
Class
E1,
(3-mo.
CME
Term
SOFR
at
8.95%
Floor
+
8.95%),
14.27%,
10/21/34
(a)
(b)
...
250
254,842
Madison
Park
Funding
LXIII
Ltd.,
Series
2023-63A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.57%
Floor
+
8.57%),
13.89%,
04/21/35
(a)
(b)
...
2,250
2,314,723
Madison
Park
Funding
XI
Ltd.,
Series
2013-11A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.16%),
6.48%,
07/23/29
(a)
(b)
....
7,002
7,002,217
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Madison
Park
Funding
XIII
Ltd.
(a)(b)
Series
2014-13A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.52%,
04/19/30
...
USD
5,884
$
5,884,720
Series
2014-13A,
Class
BR2,
(3-mo.
CME
Term
SOFR
+
1.76%),
7.07%,
04/19/30
..........
8,300
8,309,292
Madison
Park
Funding
XIV
Ltd.,
Series
2014-14A,
Class
DRR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.53%,
10/22/30
(a)
(b)
....
1,000
996,859
Madison
Park
Funding
XLII
Ltd.,
Series
13A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
6.47%,
11/21/30
(a)
(b)
..........
51,960
51,959,345
Madison
Park
Funding
XLV
Ltd.,
Series
2020-45A,
Class
SUB,
0.00%,
07/15/34
(a)
(b)
...............
2,000
1,479,600
Madison
Park
Funding
XLVIII
Ltd.,
Series
2021-48A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.51%
Floor
+
6.51%),
11.82%,
04/19/33
(a)
(b)
....
500
499,317
Madison
Park
Funding
XVII
Ltd.,
Series
2015-17A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.58%,
07/21/30
(a)
(b)
....
5,861
5,862,361
Madison
Park
Funding
XVIII
Ltd.
(a)(b)
Series
2015-18A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
0.94%
Floor
+
1.20%),
6.52%,
10/21/30
...
51,210
51,200,447
Series
2015-18A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.53%,
10/21/30
...
2,750
2,695,637
Madison
Park
Funding
XX
Ltd.,
Series
2016-20A,
Class
BR,
(3-mo.
CME
Term
SOFR
+
1.81%),
7.13%,
07/27/30
(a)
(b)
...............
2,000
2,003,716
Madison
Park
Funding
XXIII
Ltd.
(a)(b)
Series
2017-23A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.55%,
07/27/31
...
19,740
19,735,850
Series
2017-23A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.13%,
07/27/31
...
2,000
2,001,921
Series
2017-23A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
07/27/31
...
3,000
3,001,842
Madison
Park
Funding
XXIV
Ltd.,
Series
2016-24A,
Class
BR,
(3-mo.
CME
Term
SOFR
+
2.01%),
7.33%,
10/20/29
(a)
(b)
...............
7,250
7,266,088
Madison
Park
Funding
XXIX
Ltd.,
Series
2018-29A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.70%
Floor
+
5.96%),
11.26%,
10/18/30
(a)
(b)
....
1,750
1,753,636
Madison
Park
Funding
XXV
Ltd.
(a)(b)
Series
2017-25A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.56%,
04/25/29
...
8,039
8,036,650
Series
2017-25A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.24%,
04/25/29
...
6,500
6,500,538
Madison
Park
Funding
XXVI
Ltd.,
Series
2017-26A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.46%),
6.78%,
07/29/30
(a)
(b)
...............
4,127
4,129,866
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Madison
Park
Funding
XXVII
Ltd.
(a)(b)
Series
2018-27A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
1.29%),
6.61%,
04/20/30
...
USD
1,860
$
1,860,481
Series
2018-27A,
Class
C,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
2.86%),
8.18%,
04/20/30
...
2,125
2,122,344
Madison
Park
Funding
XXX
Ltd.
(b)
Series
2018-30A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
1.01%),
6.33%,
04/15/29
(a)
..
22,208
22,208,495
Series
2018-30A,
Class
E,
(3-mo.
CME
Term
SOFR
at
4.95%
Floor
+
5.21%),
10.53%,
04/15/29
(a)
.
2,050
2,034,807
Series
2018-30X,
Class
E,
(3-mo.
CME
Term
SOFR
at
4.95%
Floor
+
5.21%),
10.53%,
04/15/29
(d)
.
1,000
992,588
Madison
Park
Funding
XXXI
Ltd.,
Series
2018-31A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.58%,
01/23/31
(a)
(b)
....
5,500
5,509,260
Madison
Park
Funding
XXXIV
Ltd.
(a)(b)
Series
2019-34A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.71%,
04/25/32
...
250
250,401
Series
2019-34A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.61%),
8.94%,
04/25/32
...
250
250,500
Madison
Park
Funding
XXXVIII
Ltd.,
Series
2021-38A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.48%,
07/17/34
(a)
(b)
....
250
248,517
Maranon
Loan
Funding
Ltd.,
Series
2020-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.21%
Floor
+
2.21%),
7.53%,
01/15/34
(a)
(b)
..........
3,300
3,318,160
Marble
Point
CLO
XXIII
Ltd.,
Series
2021-4A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.65%
Floor
+
3.91%),
9.23%,
01/22/35
(a)
(b)
....
500
498,479
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-FL7,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.19%),
6.52%,
10/16/36
(a)
(b)
1,808
1,794,741
MidOcean
Credit
CLO
XI
Ltd.,
Series
2022-11A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.65%),
8.02%,
10/18/33
(a)
(b)
....
2,000
2,002,844
Milos
CLO
Ltd.,
Series
2017-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.65%,
10/20/30
(a)
(b)
...............
208
208,263
Myers
Park
CLO
Ltd.
(a)(b)
Series
2018-1A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
10/20/30
...
250
249,574
Series
2018-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
10/20/30
...
1,000
996,949
Neuberger
Berman
CLO
XIV
Ltd.,
Series
2013-14A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.03%
Floor
+
1.29%),
6.61%,
01/28/30
(a)
(b)
....
1,712
1,713,305
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Neuberger
Berman
CLO
XV,
Series
2013-15A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
0.92%
Floor
+
1.18%),
6.50%,
10/15/29
(a)
(b)
....
USD
15,014
$
15,015,445
Neuberger
Berman
CLO
XVII
Ltd.
(a)(b)
Series
2014-17A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.03%
Floor
+
1.29%),
6.61%,
04/22/29
...
9,542
9,545,765
Series
2014-17A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
04/22/29
...
5,350
5,323,511
Series
2014-17A,
Class
DR2A,
(3-
mo.
CME
Term
SOFR
at
2.80%
Floor
+
3.06%),
8.38%,
04/22/29
1,500
1,487,356
Neuberger
Berman
CLO
XX
Ltd.
(a)(b)
Series
2015-20A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.74%,
07/15/34
...
439
438,780
Series
2015-20A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
07/15/34
...
500
498,233
Neuberger
Berman
CLO
XXII
Ltd.
(a)(b)
Series
2016-22A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
10/17/30
...
400
400,151
Series
2016-22A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.78%,
10/17/30
...
250
250,007
Neuberger
Berman
Loan
Advisers
CLO
25
Ltd.
(a)(b)
Series
2017-25A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.93%
Floor
+
1.19%),
6.49%,
10/18/29
...
1,844
1,844,274
Series
2017-25A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.85%
Floor
+
3.11%),
8.41%,
10/18/29
...
1,040
1,040,377
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.,
Series
2017-26A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.92%
Floor
+
1.18%),
6.48%,
10/18/30
(a)
(b)
27,165
27,155,462
Neuberger
Berman
Loan
Advisers
CLO
32
Ltd.,
Series
2019-32A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.10%
Floor
+
6.36%),
11.67%,
01/20/32
(a)
(b)
825
824,503
Neuberger
Berman
Loan
Advisers
CLO
36
Ltd.,
Series
2020-36A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.50%),
7.82%,
04/20/33
(a)
(b)
...............
6,700
6,699,866
Neuberger
Berman
Loan
Advisers
CLO
37
Ltd.,
Series
2020-37A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.75%
Floor
+
6.01%),
11.33%,
07/20/31
(a)
(b)
250
247,471
Neuberger
Berman
Loan
Advisers
CLO
46
Ltd.,
Series
2021-46A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
01/20/36
(a)
(b)
750
750,832
New
Mountain
CLO
3
Ltd.,
Series
CLO-
3A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
10/20/34
(a)
(b)
..........
3,000
2,998,588
OCP
CLO
Ltd.
(a)
Series
2014-5A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.67%,
04/26/31
(b)
..
2,603
2,606,112
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2014-5A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.49%,
04/26/31
(b)
..
USD
1,430
$
1,394,375
Series
2014-6A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.52%),
6.84%,
10/17/30
(b)
..
1,268
1,269,313
Series
2014-7A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
+
1.38%),
6.70%,
07/20/29
(b)
.........
506
506,264
Series
2014-7A,
Class
A2RR,
(3-mo.
CME
Term
SOFR
+
1.91%),
7.23%,
07/20/29
(b)
.........
1,600
1,601,140
Series
2014-7A,
Class
B1RR,
(3-mo.
CME
Term
SOFR
+
2.51%),
7.83%,
07/20/29
(b)
.........
500
500,536
Series
2014-7A,
Class
B2RR,
5.11%,
07/20/29
..........
3,830
3,547,932
Series
2017-13A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
0.96%
Floor
+
1.22%),
6.54%,
07/15/30
(b)
..............
16,491
16,499,841
Series
2017-14A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
11/20/30
(b)
..
2,451
2,454,892
Series
2017-14A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.53%,
11/20/30
(b)
..
1,200
1,199,976
Series
2019-16A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.59%,
04/10/33
(b)
..
500
501,585
Series
2019-16A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.74%,
04/10/33
(b)
..
2,200
2,151,327
Series
2019-17A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.76%
Floor
+
6.76%),
12.08%,
07/20/32
(b)
.
1,500
1,501,522
Series
2020-18A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.35%),
6.67%,
07/20/32
(b)
..
1,000
1,000,533
Series
2020-18A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.20%
Floor
+
3.46%),
8.78%,
07/20/32
(b)
..
2,750
2,746,425
Series
2020-20A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
4.21%
Floor
+
4.21%),
9.54%,
10/09/33
(b)
..
2,500
2,524,593
Series
2020-20A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.92%
Floor
+
7.92%),
13.25%,
10/09/33
(b)
.
1,500
1,505,936
Series
2022-25A,
Class
E1,
(3-mo.
CME
Term
SOFR
at
6.15%
Floor
+
6.15%),
11.47%,
07/20/35
(b)
.
2,250
2,213,759
Series
2022-25A,
Class
E2,
(3-mo.
CME
Term
SOFR
at
8.60%
Floor
+
7.85%),
13.17%,
07/20/35
(b)
.
4,950
4,959,170
Octagon
64
Ltd.,
Series
2022-1A,
Class
X,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
6.47%,
07/21/37
(a)
(b)
1,143
1,142,160
Octagon
Investment
Partners
18-R
Ltd.,
Series
2018-18A,
Class
A1A,
(3-mo.
CME
Term
SOFR
+
1.22%),
6.54%,
04/16/31
(a)
(b)
...............
9,488
9,494,128
Octagon
Investment
Partners
30
Ltd.,
Series
2017-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.58%,
03/17/30
(a)
(b)
...............
1,826
1,825,550
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Octagon
Investment
Partners
32
Ltd.,
Series
2017-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.53%,
07/15/29
(a)
(b)
....
USD
5,261
$
5,263,053
Octagon
Investment
Partners
33
Ltd.,
Series
2017-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.45%),
6.77%,
01/20/31
(a)
(b)
....
2,310
2,310,908
Octagon
Investment
Partners
35
Ltd.,
Series
2018-1A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.32%),
6.64%,
01/20/31
(a)
(b)
....
2,607
2,608,874
Octagon
Investment
Partners
36
Ltd.,
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.55%,
04/15/31
(a)
(b)
....
52,268
52,252,576
Octagon
Investment
Partners
37
Ltd.,
Series
2018-2A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.58%
Floor
+
1.84%),
7.17%,
07/25/30
(a)
(b)
....
1,000
999,624
Octagon
Investment
Partners
XIV
Ltd.,
Series
2012-1A,
Class
AARR,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.53%,
07/15/29
(a)
(b)
....
3,218
3,219,079
Octagon
Investment
Partners
XV
Ltd.
(a)
(b)
Series
2013-1A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.54%,
07/19/30
...
11,629
11,621,529
Series
2013-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
+
1.61%),
6.92%,
07/19/30
..........
1,000
999,634
Octagon
Investment
Partners
XVI
Ltd.,
Series
2013-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
6.60%,
07/17/30
(a)
(b)
....
2,846
2,846,286
Octagon
Investment
Partners
XXI
Ltd.,
Series
2014-1A,
Class
AAR3,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.57%,
02/14/31
(a)
(b)
....
4,750
4,750,000
Octagon
Loan
Funding
Ltd.,
Series
2014-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
11/18/31
(a)
(b)
....
250
250,266
OHA
Credit
Funding
2
Ltd.,
Series
2019-2A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.36%
Floor
+
6.62%),
11.94%,
04/21/34
(a)
(b)
....
2,100
2,113,998
OHA
Credit
Funding
3
Ltd.,
Series
2019-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
07/02/35
(a)
(b)
....
250
250,294
OHA
Credit
Funding
4
Ltd.,
Series
2019-4A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
10/22/36
(a)
(b)
....
500
500,412
OHA
Credit
Funding
6
Ltd.,
Series
2020-6A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.72%,
07/20/34
(a)
(b)
....
1,000
1,000,659
OHA
Credit
Partners
XI
Ltd.
(a)(b)
Series
2015-11A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.73%,
01/20/32
...
300
300,405
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2015-11A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.53%,
01/20/32
...
USD
1,000
$
995,317
OHA
Credit
Partners
XIII
Ltd.,
Series
2016-13A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
10/25/34
(a)
(b)
....
750
751,734
OHA
Loan
Funding
Ltd.,
Series
2013-
2A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.30%),
6.62%,
05/23/31
(a)
(b)
14,159
14,177,757
OSD
CLO
Ltd.
(a)(b)
Series
2021-23A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.00%
Floor
+
6.26%),
11.58%,
04/17/31
..
500
493,682
Series
2023-27A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.25%
Floor
+
8.25%),
13.56%,
04/16/35
..
3,500
3,514,040
OZLM
Funding
IV
Ltd.
(a)(b)
Series
2013-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.51%),
6.83%,
10/22/30
...
417
417,211
Series
2013-4A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
10/22/30
...
960
958,715
OZLM
VI
Ltd.,
Series
2014-6A,
Class
SUB,
0.00%,
04/17/31
(a)
(b)
......
3,200
107,667
OZLM
VIII
Ltd.
(a)(b)
Series
2014-8A,
Class
A2R3,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
10/17/29
...
3,815
3,843,627
Series
2014-8A,
Class
CRR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.73%,
10/17/29
...
1,835
1,831,751
OZLM
XX
Ltd.,
Series
2018-20A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
04/20/31
(a)
(b)
...............
250
250,325
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2013-2A,
Class
A2R3,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.08%,
10/17/31
...
1,250
1,248,632
Series
2014-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.71%,
01/17/31
...
1,202
1,203,091
Series
2015-2A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
3.01%),
8.33%,
07/20/30
...
500
500,116
Series
2021-2A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.61%
Floor
+
6.61%),
11.93%,
07/15/34
..
250
251,592
Series
2021-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
6.73%,
01/15/35
...
250
250,575
Series
2022-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.35%
Floor
+
6.35%),
11.67%,
04/20/35
..
3,500
3,498,485
Series
2023-4A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.75%
Floor
+
6.75%),
12.16%,
10/20/33
..
2,700
2,729,716
Palmer
Square
Loan
Funding
Ltd.
(a)(b)
Series
2021-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.16%),
6.48%,
04/20/29
...
4,332
4,325,347
Series
2021-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
6.26%
Floor
+
6.26%),
11.58%,
04/20/29
..
3,000
2,997,237
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2021-2A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.51%),
6.83%,
05/20/29
...
USD
11,750
$
11,777,926
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.00%
Floor
+
5.26%),
10.58%,
05/20/29
..
500
491,742
Series
2021-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.80%
Floor
+
1.06%),
6.38%,
07/20/29
...
11,251
11,252,986
Series
2021-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.76%),
8.08%,
07/20/29
...
5,250
5,174,728
Series
2021-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.00%
Floor
+
5.26%),
10.58%,
07/20/29
..
4,875
4,793,990
Series
2021-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.80%
Floor
+
1.06%),
6.38%,
10/15/29
...
1,892
1,885,041
Series
2021-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
10/15/29
...
500
500,595
Series
2021-4A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.86%),
8.18%,
10/15/29
...
2,000
2,002,236
Series
2021-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.00%
Floor
+
5.26%),
10.58%,
10/15/29
..
10,000
9,819,863
Series
2022-2A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
7.21%,
10/15/30
...
25,000
25,012,340
Series
2022-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
7.51%,
10/15/30
...
10,500
10,500,279
Series
2022-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
8.41%,
10/15/30
...
6,000
5,951,044
Series
2022-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
6.20%
Floor
+
6.20%),
11.51%,
10/15/30
..
11,750
11,717,960
Series
2022-3A,
Class
A1BR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
6.72%,
04/15/31
...
5,000
4,999,953
Series
2022-3A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
5.90%
Floor
+
5.90%),
11.22%,
04/15/31
..
5,000
4,950,088
Series
2023-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.35%),
9.70%,
01/25/32
...
5,325
5,323,889
Park
Avenue
Institutional
Advisers
CLO
Ltd.,
Series
2019-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.48%
Floor
+
1.74%),
7.05%,
05/15/32
(a)
(b)
500
501,540
Pikes
Peak
CLO
1,
Series
2018-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.76%,
07/24/31
(a)
(b)
...............
2,179
2,182,342
Pikes
Peak
CLO
4,
Series
2019-4A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.83%,
07/15/34
(a)
(b)
...............
375
370,238
Pikes
Peak
CLO
6,
Series
2020-6A,
Class
ER2,
(3-mo.
CME
Term
SOFR
at
6.43%
Floor
+
6.69%),
12.01%,
05/18/34
(a)
(b)
...............
500
487,821
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Post
CLO
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.53%,
04/16/31
(a)
(b)
USD
2,250
$
2,253,521
Prima
Capital
CRE
Securitization
Ltd.,
Series
2015-4A,
Class
C,
4.00%,
08/24/49
(a)
................
2,680
2,615,709
Race
Point
IX
CLO
Ltd.,
Series
2015-
9A,
Class
A1A2,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
6.52%,
10/15/30
(a)
(b)
..........
4,064
4,045,451
Rad
CLO
16
Ltd.,
Series
2022-16A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.22%
Floor
+
8.22%),
13.53%,
10/15/34
(a)
(b)
...............
750
760,074
Rad
CLO
17
Ltd.,
Series
2022-17A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.30%
Floor
+
8.30%),
13.62%,
10/20/35
(a)
(b)
...............
500
507,732
Rad
CLO
3
Ltd.
(a)(b)
Series
2019-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.13%,
04/15/32
...
400
398,883
Series
2019-3A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.11%),
7.43%,
04/15/32
...
700
697,225
Series
2019-3A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
3.01%),
8.33%,
04/15/32
...
750
735,142
Rad
CLO
4
Ltd.
(a)(b)
Series
2019-4A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.80%
Floor
+
3.06%),
8.39%,
04/25/32
...
1,425
1,425,015
Series
2019-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.85%
Floor
+
4.11%),
9.44%,
04/25/32
...
2,000
2,018,397
Rad
CLO
5
Ltd.,
Series
2019-5A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.73%,
07/24/32
(a)
(b)
...............
250
248,735
Rad
CLO
6
Ltd.,
Series
2019-6A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.53%
Floor
+
7.79%),
13.11%,
01/20/33
(a)
(b)
250
250,367
Rad
CLO
7
Ltd.
(a)(b)
Series
2020-7A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
6.68%,
04/17/36
...
250
249,692
Series
2020-7A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.60%),
7.93%,
04/17/36
...
500
499,987
Series
2020-7A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
4.15%
Floor
+
4.15%),
9.48%,
04/17/36
...
500
499,989
Rad
CLO
9
Ltd.
(a)(b)
Series
2020-9A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.48%,
01/15/34
...
500
500,374
Series
2020-9A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.59%
Floor
+
7.85%),
13.17%,
01/15/34
..
3,500
3,479,163
Recette
CLO
Ltd.,
Series
2015-1A,
Class
DRR,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.83%,
04/20/34
(a)
(b)
..........
1,000
984,709
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Regatta
IX
Funding
Ltd.
(a)(b)
Series
2017-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.38%,
04/17/30
...
USD
1,250
$
1,255,071
Series
2017-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.71%),
8.03%,
04/17/30
...
2,320
2,323,253
Regatta
VI
Funding
Ltd.,
Series
2016-
1A,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.68%,
04/20/34
(a)
(b)
..........
3,000
3,027,003
Regatta
VII
Funding
Ltd.
(a)(b)
Series
2016-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.74%,
06/20/34
...
1,300
1,300,467
Series
2016-1A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.19%,
06/20/34
...
250
250,317
Regatta
VIII
Funding
Ltd.
(a)(b)
Series
2017-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
10/17/30
...
5,020
5,039,544
Series
2017-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.20%
Floor
+
3.46%),
8.78%,
10/17/30
...
840
845,157
Regatta
XI
Funding
Ltd.,
Series
2018-
1A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.33%),
6.65%,
07/17/31
(a)
(b)
2,863
2,866,331
Regatta
XIII
Funding
Ltd.,
Series
2018-2A,
Class
C,
(3-mo.
CME
Term
SOFR
+
3.36%),
8.68%,
07/15/31
(a)
(b)
625
619,855
Regatta
XIV
Funding
Ltd.,
Series
2018-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.45%),
6.78%,
10/25/31
(a)
(b)
..........
1,349
1,349,146
Regatta
XVI
Funding
Ltd.,
Series
2019-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
01/15/33
(a)
(b)
..........
250
250,252
Regatta
XVII
Funding
Ltd.
(a)(b)
Series
2020-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.15%
Floor
+
4.41%),
9.73%,
10/15/33
...
600
601,441
Series
2020-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.61%
Floor
+
7.87%),
13.19%,
10/15/33
..
500
501,235
Regatta
XXIV
Funding
Ltd.,
Series
2021-5A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.68%,
01/20/35
(a)
(b)
..........
500
497,170
Regatta
XXV
Funding
Ltd.,
Series
2023-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.41%
Floor
+
8.41%),
13.72%,
07/15/36
(a)
(b)
.........
1,000
1,021,940
Rockford
Tower
CLO
Ltd.
(a)(b)
Series
2017-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.48%,
10/15/29
...
1,250
1,251,458
Series
2017-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.85%
Floor
+
3.11%),
8.43%,
10/15/29
...
5,360
5,357,810
Series
2017-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.45%),
6.77%,
10/20/30
...
11,135
11,141,009
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2017-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.91%),
8.23%,
10/20/30
...
USD
430
$
428,290
Series
2017-3A,
Class
SUB,
0.00%,
10/20/30
...............
1,750
454,862
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.72%
Floor
+
1.98%),
7.30%,
05/20/31
...
250
250,548
Series
2018-1A,
Class
SUB,
0.00%,
05/20/31
...............
1,750
455,568
Series
2018-2A,
Class
SUB,
0.00%,
10/20/31
...............
1,750
514,522
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
07/20/34
...
250
249,477
Rockford
Tower
Credit
Funding
I
Ltd.,
Series
2022-1A,
Class
SUB,
0.00%,
04/20/40
(a)
(b)
...............
5,000
3,043,000
Romark
CLO
II
Ltd.,
Series
2018-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.76%,
07/25/31
(a)
(b)
...............
6,168
6,185,695
Romark
CLO
IV
Ltd.,
Series
2021-4A,
Class
C1,
(3-mo.
CME
Term
SOFR
at
3.20%
Floor
+
3.46%),
8.79%,
07/10/34
(a)
(b)
...............
3,500
3,362,560
Romark
CLO
Ltd.,
Series
2017-1A,
Class
B,
(3-mo.
CME
Term
SOFR
+
2.41%),
7.73%,
10/23/30
(a)
(b)
....
1,650
1,648,690
Romark
WM-R
Ltd.,
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.03%
Floor
+
1.29%),
6.61%,
04/20/31
(a)
(b)
...............
15,460
15,484,749
RR
16
Ltd.,
Series
2021-16A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
07/15/36
(a)
(b)
3,750
3,752,760
RR
17
Ltd.,
Series
2021-17A,
Class
SUB,
0.00%,
07/15/34
(a)
(b)
......
475
319,295
RR
18
Ltd.,
Series
2021-18A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
10/15/34
(a)
(b)
1,750
1,751,351
RR
3
Ltd.,
Series
2018-3A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.35%),
6.67%,
01/15/30
(a)
(b)
1,642
1,642,698
RR
4
Ltd.,
Series
2018-4A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
1.81%),
7.13%,
04/15/30
(a)
(b)
2,000
2,005,376
RRX
3
Ltd.,
Series
2021-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.58%),
6.90%,
04/15/34
(a)
(b)
1,000
1,001,660
RRX
7
Ltd.,
Series
2022-7A,
Class
D,
(3-mo.
CME
Term
SOFR
at
6.85%
Floor
+
6.85%),
12.17%,
07/15/35
(a)
(b)
...............
250
254,067
Sandstone
Peak
II
Ltd.,
Series
2023-
1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.79%
Floor
+
8.79%),
14.11%,
07/20/36
(a)
(b)
.........
3,000
3,066,012
Shackleton
CLO
Ltd.
(a)(b)
Series
2015-7RA,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.61%),
7.93%,
07/15/31
...
250
250,009
Series
2017-10A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
0.89%
Floor
+
1.15%),
6.47%,
04/20/29
...
4,188
4,185,376
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Signal
Peak
CLO
7
Ltd.,
Series
2019-
1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.89%
Floor
+
7.15%),
12.47%,
04/30/32
(a)
(b)
.........
USD
1,250
$
1,242,409
Sixth
Street
CLO
XIX
Ltd.,
Series
2021-
19A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.90%
Floor
+
6.16%),
11.48%,
07/20/34
(a)
(b)
.........
6,000
5,890,282
Sixth
Street
CLO
XVII
Ltd.,
Series
2021-17A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.20%
Floor
+
6.46%),
11.78%,
01/20/34
(a)
(b)
....
2,250
2,225,569
Sixth
Street
CLO
XVIII
Ltd.,
Series
2021-18A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.76%),
12.08%,
04/20/34
(a)
(b)
...
4,000
3,996,038
Sound
Point
CLO
II
Ltd.,
Series
2013-
1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.66%,
01/26/31
(a)
(b)
..........
406
406,444
Sound
Point
CLO
III-R
Ltd.,
Series
2013-2RA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.53%,
04/15/29
(a)
(b)
....
1,227
1,226,675
Sound
Point
CLO
XII
Ltd.
(a)(b)
Series
2016-2A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.08%,
10/20/28
...
2,613
2,613,137
Series
2016-2A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
10/20/28
...
4,000
3,999,868
Sound
Point
CLO
XV
Ltd.
(a)(b)
Series
2017-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.08%,
01/23/29
...
2,000
2,000,000
Series
2017-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
01/23/29
...
3,350
3,350,367
Sound
Point
CLO
XXIX
Ltd.,
Series
2021-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.76%
Floor
+
3.76%),
9.09%,
04/25/34
(a)
(b)
..........
345
338,307
Steele
Creek
CLO
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.51%),
6.83%,
10/15/30
(a)
(b)
...............
334
334,449
Strata
CLO
I
Ltd.
(a)(b)
Series
2018-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.08%
Floor
+
7.34%),
12.66%,
01/15/31
..
1,690
1,692,195
Series
2018-1A,
Class
USUB,
0.00%,
01/15/2118
.........
7,680
4,205,195
Stratus
CLO
Ltd.
(a)(b)
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.06%),
6.38%,
12/29/29
...
1,475
1,474,592
Series
2021-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.76%
Floor
+
2.76%),
8.08%,
12/29/29
...
3,680
3,692,880
Series
2021-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.26%
Floor
+
5.26%),
10.58%,
12/29/29
..
3,750
3,679,542
Series
2021-1A,
Class
SUB,
0.00%,
12/29/29
...............
2,820
1,754,068
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2021-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.16%),
6.48%,
12/28/29
...
USD
1,276
$
1,276,215
Series
2021-2A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.75%
Floor
+
6.01%),
11.33%,
12/28/29
..
1,250
1,250,070
Series
2021-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.31%
Floor
+
2.31%),
7.63%,
12/29/29
...
250
250,112
Series
2021-3A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.01%
Floor
+
6.01%),
11.33%,
12/29/29
..
600
600,710
Symphony
CLO
XVI
Ltd.,
Series
2015-
16A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
10/15/31
(a)
(b)
..........
297
296,875
Symphony
CLO
XVII
Ltd.,
Series
2016-
17A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.78%,
04/15/28
(a)
(b)
..........
4,788
4,788,981
Symphony
CLO
XXII
Ltd.,
Series
2020-
22A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.71%,
04/18/33
(a)
(b)
..........
1,500
1,489,941
Symphony
CLO
XXIII
Ltd.
(a)(b)
Series
2020-23A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
01/15/34
...
510
510,682
Series
2020-23A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.15%
Floor
+
6.41%),
11.73%,
01/15/34
..
510
511,094
Symphony
Static
CLO
I
Ltd.,
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.44%,
10/25/29
(a)
(b)
..........
1,500
1,484,411
TCI-Flatiron
CLO
Ltd.,
Series
2016-1A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.10%),
6.42%,
01/17/32
(a)
(b)
...............
38,432
38,430,841
TCI-Symphony
CLO
Ltd.,
Series
2017-
1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.93%
Floor
+
1.19%),
6.51%,
07/15/30
(a)
(b)
..........
17,788
17,784,630
TIAA
CLO
III
Ltd.
(a)(b)
Series
2017-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
01/16/31
...
205
205,288
Series
2017-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.08%,
01/16/31
...
750
749,263
TICP
CLO
IX
Ltd.
(a)(b)
Series
2017-9A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.72%,
01/20/31
...
1,822
1,822,893
Series
2017-9A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
01/20/31
...
250
250,632
Series
2017-9A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.48%,
01/20/31
...
500
503,070
TICP
CLO
V
Ltd.,
Series
2016-5A,
Class
DR,
(3-mo.
CME
Term
SOFR
+
3.41%),
8.73%,
07/17/31
(a)
(b)
...
250
251,277
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
TICP
CLO
XI
Ltd.
(a)(b)
Series
2018-11A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.76%,
10/20/31
...
USD
2,040
$
2,040,298
Series
2018-11A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.73%
Floor
+
1.99%),
7.31%,
10/20/31
...
2,000
2,000,000
Series
2018-11A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.63%,
10/20/31
...
250
251,537
TICP
CLO
XII
Ltd.
(a)(b)
Series
2018-12A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.75%,
07/15/34
...
1,000
1,000,566
Series
2018-12A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
07/15/34
...
925
927,781
Series
2018-12A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.25%
Floor
+
6.51%),
11.83%,
07/15/34
..
250
248,961
TICP
CLO
XIII
Ltd.,
Series
2019-13A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.96%
Floor
+
1.96%),
7.28%,
04/15/34
(a)
(b)
...............
3,000
2,989,289
TICP
CLO
XV
Ltd.
(a)(b)
Series
2020-15A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.54%),
6.86%,
04/20/33
...
250
250,228
Series
2020-15A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.15%
Floor
+
6.41%),
11.73%,
04/20/33
..
500
499,901
Trestles
CLO
II
Ltd.,
Series
2018-2A,
Class
D,
(3-mo.
CME
Term
SOFR
+
6.01%),
11.34%,
07/25/31
(a)
(b)
....
250
248,984
Trestles
CLO
IV
Ltd.,
Series
2021-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.75%,
07/21/34
(a)
(b)
...............
1,000
1,000,000
Trestles
CLO
Ltd.,
Series
2017-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.49%,
04/25/32
(a)
(b)
...............
2,500
2,453,653
Trestles
CLO
VI
Ltd.,
Series
2023-6A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.50%),
11.86%,
01/25/36
(a)
(b)
...............
5,000
4,926,770
Triaxx
Prime
CDO
Ltd.
(a)(b)
Series
2006-1A,
Class
A2,
(3-mo.
LIBOR
USD
at
0.45%
Floor
+
0.45%),
6.05%,
03/03/39
....
52,840
41,818
Series
2006-1A,
Class
B,
(3-mo.
LIBOR
USD
at
0.65%
Floor
+
0.65%),
6.25%,
03/03/39
....
12,800
1,216
Trimaran
CAVU
Ltd.
(a)(b)
Series
2019-1A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.48%,
07/20/32
...
1,250
1,251,283
Series
2019-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.78%,
07/20/32
...
250
250,079
Series
2019-1A,
Class
C1,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.73%,
07/20/32
...
500
500,011
Series
2019-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
4.72%
Floor
+
4.98%),
10.28%,
11/26/32
..
575
575,257
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2021-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.76%),
12.08%,
04/23/32
..
USD
8,500
$
8,442,149
Series
2021-2A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.84%,
10/25/34
...
1,550
1,531,884
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.83%
Floor
+
5.83%),
11.15%,
10/22/35
..
2,000
2,035,796
Series
2022-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
9.08%
Floor
+
9.08%),
14.40%,
10/22/35
..
2,600
2,653,500
Series
2022-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
6.12%
Floor
+
6.12%),
11.44%,
01/20/36
..
3,000
3,096,861
Series
2022-2A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.81%
Floor
+
8.81%),
14.13%,
01/20/36
..
3,500
3,555,788
Series
2023-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.94%
Floor
+
8.94%),
14.26%,
07/20/36
..
3,000
3,064,936
Trinitas
CLO
IV
Ltd.,
Series
2016-4A,
Class
A2L2,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
6.96%,
10/18/31
(a)
(b)
..........
900
899,210
Trinitas
CLO
XIV
Ltd.,
Series
2020-14A,
Class
C,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.59%,
01/25/34
(a)
(b)
...............
625
625,572
Voya
CLO
Ltd.
(a)(b)
Series
2013-1A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
+
1.47%),
6.79%,
10/15/30
..........
3,549
3,552,406
Series
2013-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.56%,
04/25/31
...
1,334
1,334,955
Series
2013-3A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.71%,
10/18/31
...
1,416
1,415,505
Series
2014-1A,
Class
AAR2,
(3-mo.
CME
Term
SOFR
+
1.25%),
6.55%,
04/18/31
..........
16,593
16,588,384
Series
2014-2A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
6.60%,
04/17/30
...
4,480
4,486,940
Series
2014-4A,
Class
BR2,
(3-mo.
CME
Term
SOFR
+
2.35%),
7.67%,
07/14/31
..........
1,200
1,197,355
Series
2015-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.16%),
6.46%,
01/18/29
...
2,319
2,318,882
Series
2015-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.45%),
6.77%,
10/20/31
...
2,381
2,381,936
Series
2016-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
6.65%,
01/20/31
...
842
842,882
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.91%
Floor
+
2.91%),
8.23%,
01/20/31
...
1,085
1,044,137
Series
2016-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.41%),
6.72%,
07/19/28
..........
899
899,497
Series
2017-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.56%,
06/07/30
...
696
696,351
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2017-2A,
Class
A2AR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
06/07/30
...
USD
750
$
750,966
Series
2017-3A,
Class
DR,
(3-mo.
CME
Term
SOFR
+
7.21%),
12.53%,
04/20/34
.........
500
488,744
Series
2017-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.71%,
10/15/30
...
2,594
2,596,886
Series
2017-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
7.03%,
10/15/30
...
750
749,626
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.21%),
6.52%,
04/19/31
..........
565
564,858
Series
2018-3A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
10/15/31
...
275
275,113
Series
2019-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.32%),
6.64%,
04/15/31
...
3,356
3,357,462
Series
2019-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
10/17/32
...
1,300
1,299,135
Series
2021-1A,
Class
X,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
1.01%),
6.33%,
07/15/34
...
412
412,393
Whitebox
CLO
I
Ltd.
(a)(b)
Series
2019-1A,
Class
ANAR,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.71%,
07/24/32
...
5,000
5,002,272
Series
2019-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.63%,
07/24/32
...
8,780
8,640,629
Series
2019-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
6.40%
Floor
+
6.66%),
11.98%,
07/24/32
..
5,050
4,901,143
Series
2019-1A,
Class
SUB,
0.00%,
07/24/32
...............
4,300
2,592,470
Whitebox
CLO
II
Ltd.
(a)(b)
Series
2020-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.61%),
8.93%,
10/24/34
...
6,750
6,701,821
Series
2020-2A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
7.10%
Floor
+
7.36%),
12.68%,
10/24/34
..
2,000
2,013,465
Series
2020-2A,
Class
SUB,
0.00%,
10/24/34
...............
4,734
2,922,298
Whitebox
CLO
III
Ltd.
(a)(b)
Series
2021-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.61%),
8.93%,
10/15/34
...
5,750
5,706,732
Series
2021-3A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.85%
Floor
+
7.11%),
12.43%,
10/15/34
..
6,970
6,997,819
Whitebox
CLO
IV
Ltd.,
Series
2023-4A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.01%
Floor
+
8.01%),
13.33%,
04/20/36
(a)
(b)
...............
7,000
7,101,420
2,245,037,615
Security
Par
(000)
Par
(000)
Value
France
—
0.0%
(b)(d)
Cars
Alliance
Auto
Leases
France
V,
Series
2023-1FRV,
Class
B,
(1-mo.
EURIBOR
+
1.30%),
5.16%,
10/21/38
.................
EUR
4,000
$
4,347,908
FCT
Noria
Series
2021-1,
Class
B,
(1-mo.
EURIBOR
+
0.70%),
4.55%,
10/25/49
...............
592
636,713
Series
2021-1,
Class
C,
(1-mo.
EURIBOR
+
1.10%),
4.95%,
10/25/49
...............
410
440,801
Series
2021-1,
Class
D,
(1-mo.
EURIBOR
+
1.50%),
5.35%,
10/25/49
...............
820
874,516
FCT
Pixel,
Series
2021-1,
Class
D,
(3-mo.
EURIBOR
+
1.75%),
5.69%,
02/25/38
.................
141
150,787
6,450,725
Germany
—
0.0%
(b)(d)
FCT
Autonoria
DE
Series
2023-DE,
Class
B,
(1-mo.
EURIBOR
+
1.15%),
5.00%,
01/26/43
...............
323
350,097
Series
2023-DE,
Class
C,
(1-mo.
EURIBOR
+
2.10%),
5.95%,
01/26/43
...............
1,290
1,396,483
Series
2023-DE,
Class
D,
(1-mo.
EURIBOR
+
3.05%),
6.90%,
01/26/43
...............
404
436,606
Series
2023-DE,
Class
E,
(1-mo.
EURIBOR
+
5.50%),
9.35%,
01/26/43
...............
322
348,681
Series
2023-DE,
Class
F,
(1-mo.
EURIBOR
+
7.50%),
11.35%,
01/26/43
...............
81
89,607
Red
&
Black
Auto
Germany
10
UG
Series
10,
Class
B,
(1-mo.
EURIBOR
+
1.20%),
5.06%,
09/15/32
...............
1,100
1,191,991
Series
10,
Class
C,
(1-mo.
EURIBOR
+
2.10%),
5.96%,
09/15/32
...............
600
657,996
Red
&
Black
Auto
Germany
8
UG
Series
8,
Class
B,
(1-mo.
EURIBOR
+
0.75%),
4.61%,
09/15/30
...
293
316,721
Series
8,
Class
C,
(1-mo.
EURIBOR
+
0.95%),
4.81%,
09/15/30
...
235
250,842
Series
8,
Class
D,
(1-mo.
EURIBOR
+
1.35%),
5.21%,
09/15/30
...
59
62,387
5,101,411
Ireland
—
1.0%
(b)
AlbaCore
Euro
CLO
IV
DAC,
Series
4X,
Class
D,
(3-mo.
EURIBOR
at
4.60%
Floor
+
4.60%),
8.54%,
07/15/35
(d)
2,605
2,768,702
Anchorage
Capital
Europe
CLO
2
DAC
(a)
Series
2A,
Class
B1R,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
5.54%,
04/15/34
....
2,563
2,719,499
Series
2A,
Class
DR,
(3-mo.
EURIBOR
at
3.55%
Floor
+
3.55%),
7.48%,
04/15/34
....
2,110
2,260,219
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Anchorage
Capital
Europe
CLO
DAC,
Series
4A,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
7.15%,
04/25/34
(a)
...........
EUR
590
$
628,043
Aqueduct
European
CLO
DAC
Series
2017-2X,
Class
B1,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
5.14%,
10/15/30
(d)
...
2,518
2,714,534
Series
2017-2X,
Class
E,
(3-mo.
EURIBOR
at
4.40%
Floor
+
4.40%),
8.34%,
10/15/30
(d)
...
534
572,526
Series
2019-3X,
Class
AR,
(3-mo.
EURIBOR
at
0.93%
Floor
+
0.93%),
4.83%,
08/15/34
(d)
...
5,000
5,346,771
Series
2020-5A,
Class
CR,
(3-mo.
EURIBOR
at
2.00%
Floor
+
2.00%),
5.97%,
04/20/34
(a)
...
1,250
1,314,088
Series
2022-7X,
Class
A,
(3-mo.
EURIBOR
at
2.05%
Floor
+
2.05%),
5.99%,
03/15/36
(d)
...
5,114
5,535,253
Ares
European
CLO
VII
DAC,
Series
7X,
Class
AAR,
(3-mo.
EURIBOR
at
1.50%
Floor
+
1.50%),
5.44%,
10/15/30
(a)
(d)
...............
1,200
1,289,178
Ares
European
CLO
X
DAC,
Series
10A,
Class
DR,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
6.74%,
10/15/31
(a)
................
2,000
2,111,495
Ares
European
CLO
XII
DAC,
Series
12A,
Class
B1R,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
5.67%,
04/20/32
(a)
................
862
919,306
Arini
European
CLO
I
DAC
(d)
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
1.90%
Floor
+
1.90%),
5.83%,
07/15/36
....
5,000
5,435,991
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
6.04%
Floor
+
6.04%),
9.97%,
07/15/36
....
1,000
1,082,096
Arini
European
CLO
II
DAC
Series
2A,
Class
D,
(3-mo.
EURIBOR
at
4.20%
Floor
+
4.20%),
0.00%,
04/15/38
(a)
...
4,228
4,561,378
Series
2X,
Class
A,
(3-mo.
EURIBOR
at
1.55%
Floor
+
1.55%),
0.00%,
04/15/38
(d)
...
5,750
6,203,387
Series
2X,
Class
D,
(3-mo.
EURIBOR
at
4.20%
Floor
+
4.20%),
0.00%,
04/15/38
(d)
...
1,500
1,618,275
Armada
Euro
CLO
III
DAC,
Series
3A,
Class
DR,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
7.24%,
07/15/31
(a)
................
2,800
3,014,798
Aurium
CLO,
Series
11A,
Class
D,
(3-mo.
EURIBOR
at
4.75%
Floor
+
4.75%),
8.78%,
01/18/38
(a)
.....
1,325
1,436,253
Aurium
CLO
IV
DAC,
Series
4X,
Class
AR,
(3-mo.
EURIBOR
at
0.73%
Floor
+
0.73%),
4.67%,
01/16/31
(d)
2,094
2,242,846
Aurium
CLO
VIII
DAC
(d)
Series
8X,
Class
A,
(3-mo.
EURIBOR
at
0.85%
Floor
+
0.85%),
4.78%,
06/23/34
....
5,000
5,320,089
Series
8X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
6.93%,
06/23/34
....
750
792,866
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Aurium
CLO
X
DAC,
Series
10A,
Class
D,
(3-mo.
EURIBOR
at
4.30%
Floor
+
4.30%),
8.23%,
07/17/35
(a)
....
EUR
3,500
$
3,784,902
Avoca
CLO,
Series
28A,
Class
B1,
(3-mo.
EURIBOR
at
2.85%
Floor
+
2.85%),
6.79%,
04/15/37
(a)
.....
3,400
3,680,238
Avoca
CLO
XIV
DAC
(d)
Series
14X,
Class
ER,
(3-mo.
EURIBOR
at
4.70%
Floor
+
4.70%),
8.64%,
01/12/31
....
2,240
2,401,899
Series
14X,
Class
FR,
(3-mo.
EURIBOR
at
6.35%
Floor
+
6.35%),
10.29%,
01/12/31
....
1,100
1,153,774
Series
14X,
Class
SUB,
0.00%,
01/12/31
...............
4,510
2,393,882
Avoca
CLO
XV
DAC
(d)
Series
15X,
Class
B2R,
(3-mo.
EURIBOR
at
1.05%
Floor
+
1.05%),
4.99%,
04/15/31
....
150
157,471
Series
15X,
Class
ER,
(3-mo.
EURIBOR
at
4.13%
Floor
+
4.13%),
8.07%,
04/15/31
....
1,305
1,383,340
Series
15X,
Class
FR,
(3-mo.
EURIBOR
at
5.84%
Floor
+
5.84%),
9.78%,
04/15/31
....
1,760
1,824,531
Series
15X,
Class
M1,
0.00%,
04/15/31
...............
3,100
1,918,368
Avoca
CLO
XVIII
DAC
(d)
Series
18X,
Class
B1,
(3-mo.
EURIBOR
at
1.25%
Floor
+
1.25%),
5.19%,
04/15/31
....
5,800
6,208,866
Series
18X,
Class
C,
(3-mo.
EURIBOR
at
1.75%
Floor
+
1.75%),
5.69%,
04/15/31
....
150
161,148
Avoca
CLO
XXII
DAC
Series
22A,
Class
D,
(3-mo.
EURIBOR
at
2.90%
Floor
+
2.90%),
6.84%,
04/15/35
(a)
...
970
1,022,930
Series
22X,
Class
B1,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
5.24%,
04/15/35
(d)
...
710
747,473
Avoca
CLO
XXIII
DAC,
Series
23A,
Class
D,
(3-mo.
EURIBOR
at
3.05%
Floor
+
3.05%),
6.99%,
04/15/34
(a)
750
794,657
Avoca
CLO
Xxx
DAC,
Series
30A,
Class
SUB,
0.00%,
07/15/37
(a)
...
4,550
4,381,075
BBAM
European
CLO
I
DAC,
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
0.87%
Floor
+
0.87%),
4.84%,
07/22/34
(d)
................
5,000
5,319,942
Bilbao
CLO
I
DAC,
Series
1X,
Class
A2A,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
5.27%,
07/20/31
(d)
4,300
4,602,330
BlueMountain
CLO
DAC,
Series
2021-1X,
Class
E,
(3-mo.
EURIBOR
at
5.41%
Floor
+
5.41%),
9.35%,
04/15/34
(d)
................
1,050
1,112,079
Bridgepoint
CLO
IV
DAC,
Series
4X,
Class
A,
(3-mo.
EURIBOR
at
2.20%
Floor
+
2.20%),
6.17%,
01/20/37
(d)
11,650
12,613,878
Cabinteely
Park
CLO
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
3.35%
Floor
+
3.35%),
7.25%,
08/15/34
(d)
1,500
1,578,956
Cairn
CLO
IX
DAC,
Series
2018-9X,
Class
A,
(3-mo.
EURIBOR
at
0.71%
Floor
+
0.71%),
4.66%,
04/25/32
(d)
2,613
2,806,198
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Cairn
CLO
XVI
DAC
Series
2023-16A,
Class
C,
(3-mo.
EURIBOR
at
3.85%
Floor
+
3.85%),
7.79%,
01/15/37
(a)
...
EUR
1,520
$
1,644,658
Series
2023-16A,
Class
D,
(3-mo.
EURIBOR
at
5.20%
Floor
+
5.20%),
9.14%,
01/15/37
(a)
...
939
1,015,239
Series
2023-16X,
Class
D,
(3-mo.
EURIBOR
at
5.20%
Floor
+
5.20%),
9.14%,
01/15/37
(d)
...
617
667,095
Capital
Four
CLO
V
DAC,
Series
5X,
Class
A,
(3-mo.
EURIBOR
at
1.84%
Floor
+
1.84%),
5.79%,
04/25/36
(d)
7,585
8,263,222
Carlyle
Euro
CLO
DAC
(a)
Series
2021-2A,
Class
B,
(3-mo.
EURIBOR
at
2.25%
Floor
+
2.25%),
6.19%,
10/15/35
....
250
264,484
Series
2021-2A,
Class
C,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
7.24%,
10/15/35
....
2,690
2,835,457
CIFC
European
Funding
CLO
I
DAC,
Series
1X,
Class
DR,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
7.14%,
07/15/32
(d)
...........
450
477,749
CIFC
European
Funding
CLO
II
DAC,
Series
2X,
Class
B1,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
5.54%,
04/15/33
(d)
...........
400
424,690
CIFC
European
Funding
CLO
III
DAC
Series
3A,
Class
C,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
6.44%,
01/15/34
(a)
...
500
535,693
Series
3X,
Class
B1,
(3-mo.
EURIBOR
at
1.50%
Floor
+
1.50%),
5.44%,
01/15/34
(d)
...
4,500
4,765,468
Series
3X,
Class
E,
(3-mo.
EURIBOR
at
5.61%
Floor
+
5.61%),
9.55%,
01/15/34
(d)
...
850
911,718
Citizen
Irish
Auto
Receivables
Trust
(d)
Series
2023-1,
Class
A,
(1-mo.
EURIBOR
+
0.77%),
4.65%,
12/15/32
...............
4,706
5,087,437
Series
2023-1,
Class
B,
(1-mo.
EURIBOR
+
1.40%),
5.28%,
12/15/32
...............
1,000
1,087,119
Clontarf
Park
CLO
DAC,
Series
1X,
Class
CE,
(3-mo.
EURIBOR
at
3.05%
Floor
+
3.05%),
6.93%,
08/05/30
(d)
................
1,470
1,586,234
Contego
CLO
VI
DAC,
Series
6X,
Class
AR,
(3-mo.
EURIBOR
at
0.79%
Floor
+
0.79%),
4.73%,
04/15/34
(d)
11,500
12,239,353
Contego
CLO
VII
DAC,
Series
7X,
Class
D,
(3-mo.
EURIBOR
at
3.95%
Floor
+
3.95%),
7.91%,
05/14/32
(d)
350
376,571
Cumulus
Static
CLO
Series
2024-1A,
Class
D,
(3-mo.
EURIBOR
at
3.70%
Floor
+
3.70%),
0.00%,
11/15/33
(a)
...
974
1,050,800
Series
2024-1X,
Class
D,
(3-mo.
EURIBOR
at
3.70%
Floor
+
3.70%),
0.00%,
11/15/33
(d)
...
499
538,346
CVC
Cordatus
Loan
Fund
IV
DAC,
Series
4X,
Class
BR1,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
5.24%,
02/22/34
(d)
...........
1,120
1,178,130
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
CVC
Cordatus
Loan
Fund
XIX
DAC,
Series
19A,
Class
D,
(3-mo.
EURIBOR
at
3.80%
Floor
+
3.80%),
7.73%,
12/23/33
(a)
...........
EUR
400
$
432,055
CVC
Cordatus
Loan
Fund
XXII
DAC,
Series
22X,
Class
D,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
7.09%,
12/15/34
(d)
...........
755
794,646
CVC
Cordatus
Loan
Fund
XXIII
DAC,
Series
23A,
Class
E,
(3-mo.
EURIBOR
at
7.26%
Floor
+
7.26%),
11.21%,
04/25/36
(a)
..........
1,000
1,084,862
CVC
Cordatus
Loan
Fund
XXIV
DAC,
Series
24A,
Class
ER,
(3-mo.
EURIBOR
at
6.50%
Floor
+
6.50%),
10.40%,
10/23/34
(a)
..........
750
809,138
CVC
Cordatus
Loan
Fund
XXIX
DAC,
Series
29A,
Class
D,
(3-mo.
EURIBOR
at
5.40%
Floor
+
5.40%),
9.45%,
02/15/37
(a)
...........
1,000
1,078,402
CVC
Cordatus
Loan
Fund
XXVII
DAC,
Series
27X,
Class
D2,
(3-mo.
EURIBOR
at
6.58%
Floor
+
6.58%),
10.52%,
04/15/35
(d)
..........
1,300
1,407,698
CVC
Cordatus
Loan
Fund
XXX
DAC
Series
30A,
Class
D,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
0.00%,
05/15/37
(a)
...
4,233
4,531,964
Series
30X,
Class
A,
(3-mo.
EURIBOR
at
1.48%
Floor
+
1.48%),
0.00%,
05/15/37
(d)
...
5,750
6,187,122
Series
30X,
Class
D,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
0.00%,
05/15/37
(d)
...
1,500
1,605,941
CVC
Cordatus
Opportunity
Loan
Fund
DAC
Series
1A,
Class
D,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.91%,
08/15/33
(a)
...
5,000
5,347,918
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.91%,
08/15/33
(d)
...
1,500
1,618,137
Dryden
46
Euro
CLO
DAC,
Series
2016-46A,
Class
CRR,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
6.44%,
04/15/34
(a)
...........
250
264,570
Edmondstown
Park
CLO
DAC,
Series
1A,
Class
E,
(3-mo.
EURIBOR
at
6.77%
Floor
+
6.77%),
10.74%,
07/21/35
(a)
................
1,100
1,198,028
Euro-Galaxy
III
CLO
DAC
(a)
Series
2013-3A,
Class
CRRR,
(3-
mo.
EURIBOR
at
2.35%
Floor
+
2.35%),
6.29%,
04/24/34
....
700
745,520
Series
2013-3A,
Class
DRRR,
(3-
mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
7.19%,
04/24/34
....
1,380
1,465,041
Fair
Oaks
Loan
Funding
I
DAC,
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
0.85%
Floor
+
0.85%),
4.79%,
04/15/34
(d)
................
5,000
5,327,147
Fidelity
Grand
Harbour
CLO
DAC
Series
2021-1A,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
7.53%,
10/15/34
(a)
...
1,490
1,579,530
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Series
2023-1X,
Class
D,
(3-mo.
EURIBOR
at
5.90%
Floor
+
5.90%),
9.80%,
08/15/36
(d)
...
EUR
1,193
$
1,296,592
Series
2023-2A,
Class
D,
(3-mo.
EURIBOR
at
4.10%
Floor
+
4.10%),
8.02%,
04/15/38
(a)
...
1,980
2,136,123
Finance
Ireland
Auto
Receivables
No.
1
DAC,
Series
1,
Class
C,
(1-mo.
EURIBOR
+
2.30%),
6.18%,
09/12/33
(d)
................
510
554,199
Fortuna
Consumer
Loan
ABS
DAC
(d)
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
+
1.35%),
5.21%,
02/18/34
...............
7,200
7,824,696
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
+
2.30%),
6.16%,
02/18/34
...............
4,900
5,335,634
Glenbrook
Park
CLO
DAC,
Series
1A,
Class
E,
(3-mo.
EURIBOR
at
7.58%
Floor
+
7.58%),
11.55%,
07/21/36
(a)
3,800
4,148,771
GoldenTree
Loan
Management
EUR
CLO
DAC,
Series
6A,
Class
B1,
(3-mo.
EURIBOR
at
2.60%
Floor
+
2.60%),
6.57%,
01/20/36
(a)
.....
5,000
5,420,049
Harvest
CLO
XVIII
DAC,
Series
18X,
Class
B,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
5.14%,
10/15/30
(d)
700
744,620
Harvest
CLO
XXIII
DAC
(d)
Series
23X,
Class
A,
(3-mo.
EURIBOR
at
0.95%
Floor
+
0.95%),
4.92%,
10/20/32
....
1,817
1,950,797
Series
23X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
6.97%,
10/20/32
....
1,360
1,436,518
Henley
CLO
I
DAC,
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
0.95%
Floor
+
0.95%),
4.90%,
07/25/34
(d)
3,800
4,064,588
Henley
CLO
IV
DAC
Series
4A,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
6.95%,
04/25/34
(a)
...
500
537,708
Series
4X,
Class
B1,
(3-mo.
EURIBOR
at
1.35%
Floor
+
1.35%),
5.30%,
04/25/34
(d)
...
450
473,865
Series
4X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
6.95%,
04/25/34
(d)
...
1,000
1,075,417
Holland
Park
CLO
DAC,
Series
1X,
Class
A1RR,
(3-mo.
EURIBOR
at
0.92%
Floor
+
0.92%),
4.83%,
11/14/32
(d)
................
625
670,235
Invesco
Euro
CLO
II
DAC,
Series
2X,
Class
DR,
(3-mo.
EURIBOR
at
3.40%
Floor
+
3.40%),
7.30%,
08/15/34
(d)
................
4,000
4,073,938
Invesco
Euro
CLO
III
DAC
(d)
Series
3X,
Class
B1,
(3-mo.
EURIBOR
at
1.75%
Floor
+
1.75%),
5.69%,
07/15/32
....
450
479,292
Series
3X,
Class
F,
(3-mo.
EURIBOR
at
8.07%
Floor
+
8.07%),
12.01%,
07/15/32
....
647
679,772
Invesco
Euro
CLO
IV
DAC,
Series
4A,
Class
B1,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
5.64%,
04/15/33
(a)
................
625
662,334
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Invesco
Euro
CLO
IX
DAC,
Series
9X,
Class
A,
(3-mo.
EURIBOR
at
1.65%
Floor
+
1.65%),
5.62%,
04/20/36
(d)
EUR
8,500
$
9,186,381
Invesco
Euro
CLO
V
DAC,
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
3.80%
Floor
+
3.80%),
7.74%,
01/15/34
(d)
450
478,611
Lt
Autorahoitus
IV
DAC
(d)
Series
4,
Class
A,
(1-mo.
EURIBOR
+
0.69%),
4.53%,
07/18/33
...
1,802
1,949,333
Series
4,
Class
B,
(1-mo.
EURIBOR
+
2.05%),
5.89%,
07/18/33
...
5,800
6,424,251
LT
Autorahoitus
V
DAC,
Series
5,
Class
B,
(1-mo.
EURIBOR
+
0.90%),
4.78%,
05/18/35
(d)
...........
1,800
1,943,039
Madison
Park
Euro
Funding
X
DAC
(d)
Series
10X,
Class
A1,
(3-mo.
EURIBOR
at
0.74%
Floor
+
0.74%),
4.69%,
10/25/30
....
2,680
2,865,276
Series
10X,
Class
B1,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
5.15%,
10/25/30
....
1,850
1,955,376
Madison
Park
Euro
Funding
XI
DAC,
Series
11X,
Class
C,
(3-mo.
EURIBOR
at
1.85%
Floor
+
1.85%),
5.75%,
02/15/31
(d)
...........
1,350
1,433,768
Madison
Park
Euro
Funding
XVI
DAC,
Series
16A,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
7.14%,
05/25/34
(a)
...........
1,250
1,323,309
Man
GLG
Euro
CLO
VI
DAC,
Series
6A,
Class
DR,
(3-mo.
EURIBOR
at
3.50%
Floor
+
3.50%),
7.44%,
10/15/32
(a)
................
950
992,988
Margay
CLO
I
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
6.40%
Floor
+
6.40%),
10.34%,
07/15/36
(d)
...
570
616,644
Neuberger
Berman
Loan
Advisers
Euro
CLO,
Series
2021-1X,
Class
E,
(3-mo.
EURIBOR
at
5.52%
Floor
+
5.52%),
9.45%,
04/17/34
(d)
.....
658
708,332
Northwoods
Capital
19
Euro
DAC,
Series
2019-19A,
Class
C,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
6.45%,
11/25/33
(a)
...........
500
527,378
OAK
Hill
European
Credit
Partners
V
DAC,
Series
2016-5A,
Class
BR,
(3-mo.
EURIBOR
at
1.90%
Floor
+
1.90%),
5.87%,
01/21/35
(a)
.....
425
454,877
OAK
Hill
European
Credit
Partners
VI
DAC,
Series
2017-6X,
Class
B1,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
5.17%,
01/20/32
(d)
.....
450
480,642
Ocp
Euro
CLO,  
(3-mo.
EURIBOR
+
4.80%),
8.73%,
07/20/36
(a)
.....
3,370
3,571,828
OCP
Euro
CLO
DAC
Series
2017-2X,
Class
B,
(3-mo.
EURIBOR
at
1.35%
Floor
+
1.35%),
5.29%,
01/15/32
(d)
...
200
214,836
Series
2017-2X,
Class
E,
(3-mo.
EURIBOR
at
5.00%
Floor
+
5.00%),
8.94%,
01/15/32
(d)
...
897
965,864
Series
2017-2X,
Class
F,
(3-mo.
EURIBOR
at
6.40%
Floor
+
6.40%),
10.34%,
01/15/32
(d)
..
600
644,940
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Series
2019-3A,
Class
CR,
(3-mo.
EURIBOR
at
2.30%
Floor
+
2.30%),
6.27%,
04/20/33
(a)
...
EUR
250
$
267,540
Series
2019-3A,
Class
DR,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
7.27%,
04/20/33
(a)
...
250
266,509
Palmer
Square
European
CLO
DAC
(d)
Series
2022-2X,
Class
DR,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.92%,
01/15/38
....
1,119
1,208,416
Series
2023-1X,
Class
D,
(3-mo.
EURIBOR
at
6.20%
Floor
+
6.20%),
10.14%,
07/15/36
....
1,382
1,533,829
Palmer
Square
European
Loan
Funding
DAC,
Series
2023-3A,
Class
D,
(3-mo.
EURIBOR
at
5.55%
Floor
+
5.55%),
9.54%,
05/15/33
(a)
.....
1,000
1,097,327
Penta
CLO
11
DAC,
Series
2022-11A,
Class
D,
(3-mo.
EURIBOR
at
4.80%
Floor
+
4.80%),
8.70%,
11/15/34
(a)
2,030
2,202,560
Penta
CLO
16
DAC,
Series
2024-16A,
Class
D,
(3-mo.
EURIBOR
at
3.95%
Floor
+
3.95%),
7.88%,
10/18/36
(a)
1,650
1,780,103
Penta
CLO
6
DAC,
Series
2019-6A,
Class
CR,
(3-mo.
EURIBOR
at
2.30%
Floor
+
2.30%),
6.25%,
07/25/34
(a)
................
500
530,884
Penta
CLO
DAC,
Series
2022-11A,
Class
B,
(3-mo.
EURIBOR
at
2.45%
Floor
+
2.45%),
6.35%,
11/15/34
(a)
2,600
2,809,920
Prodigy
Finance
DAC
(a)
Series
2021-1A,
Class
A,
(1-mo.
CME
Term
SOFR
+
1.36%),
6.69%,
07/25/51
..........
USD
3,686
3,658,292
Series
2021-1A,
Class
B,
(1-mo.
CME
Term
SOFR
+
2.61%),
7.94%,
07/25/51
..........
375
378,330
Series
2021-1A,
Class
C,
(1-mo.
CME
Term
SOFR
+
3.86%),
9.19%,
07/25/51
..........
216
218,157
Series
2021-1A,
Class
D,
(1-mo.
CME
Term
SOFR
+
6.01%),
11.34%,
07/25/51
.........
217
221,000
Providus
CLO
IX
DAC,
Series
9A,
Class
B,
(3-mo.
EURIBOR
at
2.45%
Floor
+
2.45%),
6.37%,
07/18/36
(a)
....
EUR
5,200
5,661,643
Providus
CLO
V
DAC,
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
2.95%
Floor
+
2.95%),
6.85%,
02/15/35
(d)
....
1,000
1,051,635
Providus
CLO
VI
DAC,
Series
6X,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
7.12%,
05/20/34
(d)
....
1,000
1,056,018
Rockfield
Park
CLO
DAC,
Series
1X,
Class
C,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
6.93%,
07/16/34
(d)
2,000
2,121,013
Rockford
Tower
Europe
CLO
DAC
(d)
Series
2018-1X,
Class
B,
(3-mo.
EURIBOR
at
1.85%
Floor
+
1.85%),
5.78%,
12/20/31
....
2,550
2,743,159
Series
2018-1X,
Class
C,
(3-mo.
EURIBOR
at
2.47%
Floor
+
2.47%),
6.40%,
12/20/31
....
1,640
1,761,684
Series
2019-1X,
Class
B1,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
5.57%,
01/20/33
....
5,012
5,321,920
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
RRE
18
Loan
Management
DAC
Series
18A,
Class
SUB,
0.00%,
04/15/39
(a)
..............
EUR
5,000
$
4,811,671
Series
18X,
Class
A1,
(3-mo.
EURIBOR
at
1.47%
Floor
+
1.47%),
0.00%,
04/15/39
(d)
...
5,750
6,203,387
RRE
9
Loan
Management
DAC,
Series
9A,
Class
A2,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
5.63%,
10/15/36
(a)
................
1,720
1,838,254
Sound
Point
Euro
CLO
III
Funding
DAC,
Series
3X,
Class
C,
(3-mo.
EURIBOR
at
2.30%
Floor
+
2.30%),
6.24%,
04/15/33
(d)
...........
750
800,015
Sound
Point
Euro
CLO
X
Funding
DAC,
Series
10A,
Class
D,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.83%,
04/20/38
(a)
...........
1,863
2,009,898
St
Paul's
CLO
XII
DAC,
Series
12X,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
7.14%,
04/15/33
(d)
1,880
1,996,912
St.
Paul's
CLO
XII
DAC,
Series
12X,
Class
B1,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
5.54%,
04/15/33
(d)
................
1,350
1,436,122
Sutton
Park
CLO
DAC
(d)
Series
1X,
Class
A2A,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
5.60%,
11/15/31
.....
345
368,651
Series
1X,
Class
BE,
(3-mo.
EURIBOR
at
2.35%
Floor
+
2.35%),
6.25%,
11/15/31
.....
500
534,629
Tikehau
CLO
VI
DAC,
Series
6X,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
7.54%,
01/15/35
(d)
....
1,000
1,064,734
Tikehau
CLO
VII
DAC,
Series
7X,
Class
A,
(3-mo.
EURIBOR
at
2.00%
Floor
+
2.00%),
5.97%,
10/20/35
(d)
....
11,500
12,452,300
Toro
European
CLO
2
DAC,
Series
2A,
Class
CRR,
(3-mo.
EURIBOR
at
2.45%
Floor
+
2.45%),
6.40%,
07/25/34
(a)
................
320
341,191
Voya
Euro
CLO
I
DAC
(d)
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
0.75%
Floor
+
0.75%),
4.69%,
10/15/30
....
3,785
4,068,122
Series
1X,
Class
B1NE,
(3-mo.
EURIBOR
at
1.15%
Floor
+
1.15%),
5.09%,
10/15/30
....
750
798,131
Voya
Euro
CLO
II
DAC
(a)
Series
2A,
Class
B1R,
(3-mo.
EURIBOR
at
1.67%
Floor
+
1.67%),
5.60%,
07/15/35
....
250
266,252
Series
2A,
Class
CR,
(3-mo.
EURIBOR
at
2.15%
Floor
+
2.15%),
6.08%,
07/15/35
....
250
265,719
Voya
Euro
CLO
III
DAC,
Series
3X,
Class
B1,
(3-mo.
EURIBOR
at
1.65%
Floor
+
1.65%),
5.58%,
04/15/33
(d)
................
439
465,972
Voya
Euro
CLO
IV
DAC,
Series
4X,
Class
DR,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
7.04%,
10/15/34
(d)
................
900
948,158
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Voya
Euro
CLO
V
DAC,
Series
5A,
Class
D,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
7.04%,
04/15/35
(a)
EUR
660
$
694,524
357,920,114
Italy
—
0.1%
(b)(d)
AutoFlorence
2
SRL
Series
2,
Class
B,
(1-mo.
EURIBOR
+
0.75%),
4.60%,
12/24/44
...
461
494,850
Series
2,
Class
C,
(1-mo.
EURIBOR
+
1.15%),
5.00%,
12/24/44
...
213
228,441
Series
2,
Class
D,
(1-mo.
EURIBOR
+
2.35%),
6.20%,
12/24/44
...
114
122,347
AutoFlorence
3
SRL
Series
3,
Class
A,
(1-mo.
EURIBOR
+
0.95%),
4.80%,
12/25/46
...
8,256
8,946,729
Series
3,
Class
B,
(1-mo.
EURIBOR
+
2.35%),
6.20%,
12/25/46
...
682
745,483
Series
3,
Class
C,
(1-mo.
EURIBOR
+
3.35%),
7.20%,
12/25/46
...
887
975,887
Series
3,
Class
D,
(1-mo.
EURIBOR
+
5.35%),
9.20%,
12/25/46
...
619
673,211
Brignole
Co.
SRL
Series
2021,
Class
B,
(1-mo.
EURIBOR
+
0.80%),
4.65%,
07/24/36
...............
143
154,261
Series
2021,
Class
D,
(1-mo.
EURIBOR
+
1.60%),
5.45%,
07/24/36
...............
100
107,686
Golden
Bar
Securitisation
SRL
Series
2023-2,
Class
B,
(3-mo.
EURIBOR
+
2.90%),
6.82%,
09/22/43
...............
2,706
2,964,052
Series
2023-2,
Class
C,
(3-mo.
EURIBOR
+
3.60%),
7.52%,
09/22/43
...............
3,309
3,635,455
Series
2023-2,
Class
D,
(3-mo.
EURIBOR
+
5.70%),
9.62%,
09/22/43
...............
2,785
3,102,448
Koromo
Italy
SRL,
Series
1,
Class
A,
(1-mo.
EURIBOR
+
0.80%),
4.65%,
02/26/35
.................
3,315
3,580,765
Quarzo
SRL,
Series
2023-1,
Class
A2,
(3-mo.
EURIBOR
+
0.95%),
4.89%,
12/15/39
.................
4,063
4,398,271
Red
&
Black
Auto
Italy
SRL
Series
1,
Class
D,
(1-mo.
EURIBOR
+
2.85%),
6.68%,
12/28/31
...
358
383,499
Series
2,
Class
A1,
(1-mo.
EURIBOR
+
1.00%),
4.83%,
07/28/34
...............
2,528
2,739,698
Series
2,
Class
B,
(1-mo.
EURIBOR
+
1.80%),
5.63%,
07/28/34
...
929
1,007,023
Series
2,
Class
C,
(1-mo.
EURIBOR
+
2.80%),
6.63%,
07/28/34
...
1,012
1,099,485
Series
2,
Class
D,
(1-mo.
EURIBOR
+
3.80%),
7.63%,
07/28/34
...
355
387,204
Sunrise
SPV
50
SRL,
Series
2023-2,
Class
A1,
(1-mo.
EURIBOR
+
1.00%),
4.84%,
07/27/48
.......
2,950
3,195,557
38,942,352
Security
Par
(000)
Par
(000)
Value
Jersey,
Channel
Islands
—
0.1%
(a)(b)
AGL
CLO
25
Ltd.,
Series
2023-25A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.66%
Floor
+
8.66%),
13.98%,
07/21/36
.................
USD
250
$
256,734
AIMCO
CLO
17
Ltd.,
Series
2022-17A,
Class
F,
(3-mo.
CME
Term
SOFR
at
8.71%
Floor
+
8.71%),
14.03%,
07/20/35
.................
950
935,317
AIMCO
CLO
18
Ltd.,
Series
2022-18A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.65%
Floor
+
8.65%),
13.97%,
07/20/35
.................
1,500
1,528,170
Apidos
CLO
XL
Ltd.,
Series
2022-40A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.69%
Floor
+
7.69%),
13.00%,
07/15/35
.................
1,500
1,497,937
Ares
Loan
Funding
IV
Ltd.,
Series
2023-ALF4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.68%
Floor
+
4.68%),
10.03%,
10/15/36
......
500
508,285
Ares
LXVIII
CLO
Ltd.,
Series
2023-68A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.55%
Floor
+
8.55%),
13.87%,
04/25/35
.................
2,000
2,032,485
Ballyrock
CLO
21
Ltd.,
Series
2022-
21A,
Class
D,
(3-mo.
CME
Term
SOFR
at
8.76%
Floor
+
8.76%),
14.08%,
10/20/35
...........
1,000
1,016,657
Ballyrock
CLO
23
Ltd.,
Series
2023-
23A,
Class
C,
(3-mo.
CME
Term
SOFR
at
5.20%
Floor
+
5.20%),
10.52%,
04/25/36
...........
1,000
1,012,036
Benefit
Street
Partners
CLO
XXVII
Ltd.,
Series
2022-27A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.12%
Floor
+
8.12%),
13.44%,
07/20/35
......
570
577,955
Benefit
Street
Partners
CLO
XXX
Ltd.,
Series
2023-30A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.60%
Floor
+
5.60%),
10.92%,
04/25/36
......
1,835
1,862,101
Golub
Capital
Partners
CLO
64B
Ltd.,
Series
2022-64A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.50%
Floor
+
5.50%),
10.82%,
10/25/35
......
3,000
3,042,070
Pikes
Peak
CLO
12
Ltd.,
Series
2023-
12A,
Class
E,
(3-mo.
CME
Term
SOFR
at
9.15%
Floor
+
9.15%),
14.47%,
04/20/36
...........
1,280
1,304,523
Stratus
Static
CLO
Ltd.,
Series
2022-
3A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.60%),
8.92%,
10/20/31
............
1,000
999,921
Valley
Stream
Park
CLO
Ltd.,
Series
2022-1A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.85%
Floor
+
6.85%),
12.17%,
10/20/34
......
13,575
13,753,116
30,327,307
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Luxembourg
—
0.0%
(b)(d)
Compartment
BL
Consumer
Credit,
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
+
0.90%),
4.75%,
09/25/41
.................
EUR
1,236
$
1,333,455
SC
Germany
SA
Compartment
Consumer
Series
2020-1,
Class
C,
(1-mo.
EURIBOR
+
1.75%),
5.60%,
11/14/34
...............
1,174
1,268,879
Series
2020-1,
Class
D,
(1-mo.
EURIBOR
+
2.50%),
6.35%,
11/14/34
...............
482
519,594
SC
Germany
SA
Compartment
Leasing
Series
2023-1,
Class
C,
(1-mo.
EURIBOR
+
2.00%),
5.85%,
12/14/32
...............
1,100
1,188,621
Series
2023-1,
Class
D,
(1-mo.
EURIBOR
+
3.00%),
6.85%,
12/14/32
...............
1,000
1,080,658
5,391,207
Netherlands
—
0.0%
(b)(d)
Aurorus
BV
Series
2023-1,
Class
B,
(1-mo.
EURIBOR
+
1.30%),
5.16%,
08/13/49
...............
4,621
5,020,024
Series
2023-1,
Class
C,
(1-mo.
EURIBOR
+
2.10%),
5.96%,
08/13/49
...............
917
995,872
Series
2023-1,
Class
D,
(1-mo.
EURIBOR
+
3.20%),
7.06%,
08/13/49
...............
1,331
1,455,819
Hill
FL
Series
2024-1FL,
Class
B,
(1-mo.
EURIBOR
+
1.10%),
4.94%,
02/18/32
...............
800
866,400
Series
2024-1FL,
Class
C,
(1-mo.
EURIBOR
+
2.05%),
5.89%,
02/18/32
...............
900
977,910
Series
2024-1FL,
Class
D,
(1-mo.
EURIBOR
+
3.20%),
7.04%,
02/18/32
...............
200
216,207
OZLME
IV
DAC,
Series
4X,
Class
B,
(3-mo.
EURIBOR
at
1.35%
Floor
+
1.35%),
5.28%,
07/27/32
.......
2,890
3,060,923
12,593,155
Portugal
—
0.0%
TAGUS
-
Sociedade
de
Titularizacao
de
Creditos
SA,
Series
2,
Class
D,
(1-mo.
EURIBOR
+
2.85%),
6.70%,
09/23/38
(b)
(d)
...............
571
591,687
Spain
—
0.0%
(d)
Autonoria
Spain
(b)
Series
2021-SP,
Class
B,
(1-mo.
EURIBOR
+
0.80%),
4.65%,
01/31/39
...............
637
684,819
Series
2021-SP,
Class
C,
(1-mo.
EURIBOR
+
1.05%),
4.90%,
01/31/39
...............
1,028
1,098,209
Series
2021-SP,
Class
D,
(1-mo.
EURIBOR
+
1.55%),
5.40%,
01/31/39
...............
441
467,709
Series
2021-SP,
Class
E,
(1-mo.
EURIBOR
+
2.65%),
6.50%,
01/31/39
...............
245
261,362
Security
Par
(000)
Par
(000)
Value
Spain
(continued)
Series
2021-SP,
Class
F,
(1-mo.
EURIBOR
+
3.90%),
7.75%,
01/31/39
...............
EUR
98
$
103,428
Series
2022-SP,
Class
C,
(1-mo.
EURIBOR
+
2.80%),
6.65%,
01/27/40
...............
1,188
1,298,518
Series
2022-SP,
Class
D,
(1-mo.
EURIBOR
+
4.20%),
8.05%,
01/28/40
...............
297
325,127
Series
2022-SP,
Class
E,
(1-mo.
EURIBOR
+
7.00%),
10.85%,
01/29/40
...............
1,707
1,875,688
Autonoria
Spain
2023
FT
(b)
Series
2023-SP,
Class
A,
(1-mo.
EURIBOR
+
0.70%),
4.55%,
09/30/41
...............
5,600
6,053,226
Series
2023-SP,
Class
B,
(1-mo.
EURIBOR
+
1.15%),
5.00%,
09/30/41
...............
500
542,430
Series
2023-SP,
Class
C,
(1-mo.
EURIBOR
+
2.00%),
5.85%,
09/30/41
...............
1,700
1,842,775
Series
2023-SP,
Class
D,
(1-mo.
EURIBOR
+
2.90%),
6.75%,
09/30/41
...............
600
648,624
FT
Santander
Consumer
Spain
Auto
Series
2020-1,
Class
B,
(3-mo.
EURIBOR
+
0.95%),
4.88%,
03/21/33
(b)
..............
272
291,007
Series
2020-1,
Class
C,
(3-mo.
EURIBOR
+
1.95%),
5.88%,
03/21/33
(b)
..............
82
87,820
Series
2020-1,
Class
D,
3.50%,
03/21/33
...............
136
141,206
15,721,948
United
Kingdom
—
0.3%
Delamare
Cards
MTN
Issuer
plc,
Series
2023-1,
Class
A1,
(Sterling
Overnight
Index
Average
+
0.80%),
6.00%,
04/19/31
(b)
(d)
..........
GBP
3,454
4,374,149
Dowson
plc
(b)(d)
Series
2021-2,
Class
C,
(Sterling
Overnight
Index
Average
+
1.60%),
6.80%,
10/20/28
....
1,138
1,437,974
Series
2022-1,
Class
C,
(Sterling
Overnight
Index
Average
+
2.25%),
7.45%,
01/20/29
....
2,528
3,212,147
Series
2022-1,
Class
D,
(Sterling
Overnight
Index
Average
+
2.70%),
7.90%,
01/20/29
....
725
920,436
Series
2022-2,
Class
C,
(Sterling
Overnight
Index
Average
+
3.70%),
8.90%,
08/20/29
....
1,814
2,328,007
Series
2022-2,
Class
D,
(Sterling
Overnight
Index
Average
+
5.25%),
10.45%,
08/20/29
....
989
1,267,354
Greene
King
Finance
plc
Series
A6,  4.06%,
03/15/35
(d)
...
3,201
3,678,475
Series
B1,  (Sterling
Overnight
Index
Average
+
1.92%),
7.12%,
12/15/34
(b)
..............
2,472
2,581,873
Series
B2,  (1D
GBOIS
at
0.83%
Floor
+
2.20%),
7.39%,
03/15/36
(b)
(d)
.............
100
100,988
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Hermitage
2023
plc,
Series
2023-
1,
Class
B,
(Sterling
Overnight
Index
Average
+
2.45%),
7.65%,
09/21/33
(b)
(d)
...............
GBP
891
$
1,129,565
London
Cards
No.
1
plc,
Series
1,
Class
B,
(Sterling
Overnight
Index
Average
+
3.75%),
8.95%,
05/15/33
(b)
(d)
...
1,425
1,804,396
NewDay
Funding
(b)(d)
Series
2024-1X,
Class
A,
(Sterling
Overnight
Index
Average
+
1.18%),
0.00%,
03/15/32
....
1,910
2,412,274
Series
2024-1X,
Class
B,
(Sterling
Overnight
Index
Average
+
1.65%),
0.00%,
03/15/32
....
3,309
4,179,169
Series
2024-1X,
Class
C,
(Sterling
Overnight
Index
Average
+
2.40%),
0.00%,
03/15/32
....
3,128
3,950,571
Newday
Funding
Master
Issuer
plc
(b)(d)
Series
2021-3X,
Class
A1,
(Sterling
Overnight
Index
Average
+
0.90%),
6.10%,
11/15/29
.....
2,321
2,931,275
Series
2021-3X,
Class
B,
(Sterling
Overnight
Index
Average
+
1.35%),
6.55%,
11/15/29
.....
677
854,262
Series
2022-2X,
Class
C,
(Sterling
Overnight
Index
Average
+
5.00%),
10.20%,
07/15/30
....
3,271
4,231,234
Series
2023-1X,
Class
B,
(Sterling
Overnight
Index
Average
+
2.70%),
7.90%,
11/15/31
.....
4,377
5,634,069
Series
2023-1X,
Class
C,
(Sterling
Overnight
Index
Average
+
3.70%),
8.90%,
11/15/31
.....
5,555
7,215,467
PCL
Funding
VI
plc
(b)(d)
Series
2022-1,
Class
A,
(Sterling
Overnight
Index
Average
+
1.40%),
6.60%,
07/15/26
....
14,896
18,843,665
Series
2022-1,
Class
B,
(Sterling
Overnight
Index
Average
+
3.10%),
8.30%,
07/15/26
....
1,937
2,452,779
PCL
Funding
VIII
plc
(b)(d)
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
+
1.18%),
6.38%,
05/15/28
....
6,070
7,711,570
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
+
2.50%),
7.70%,
05/15/28
....
1,125
1,425,977
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
+
3.50%),
8.70%,
05/15/28
....
712
904,785
Satus
plc
(b)(d)
Series
2021-1,
Class
B,
(Sterling
Overnight
Index
Average
+
1.20%),
6.40%,
08/17/28
....
67
85,168
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.60%),
6.80%,
08/17/28
....
300
379,591
Series
2021-1,
Class
D,
(Sterling
Overnight
Index
Average
+
1.90%),
7.10%,
08/17/28
....
200
253,042
Series
2021-1,
Class
E,
(Sterling
Overnight
Index
Average
+
3.20%),
8.40%,
08/17/28
....
166
210,582
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Tower
Bridge
Funding
plc
(b)(d)
Series
2022-1X,
Class
A,
(Sterling
Overnight
Index
Average
+
0.72%),
5.92%,
12/20/63
....
GBP
2,333
$
2,941,080
Series
2023-1X,
Class
B,
(Sterling
Overnight
Index
Average
+
2.20%),
7.44%,
10/20/64
....
1,469
1,873,935
Series
2023-1X,
Class
C,
(Sterling
Overnight
Index
Average
+
3.15%),
8.39%,
10/20/64
....
993
1,270,803
Series
2023-1X,
Class
D,
(Sterling
Overnight
Index
Average
+
4.30%),
9.54%,
10/20/64
....
1,116
1,431,513
Trafford
Centre
Finance
Ltd.
(The),
Series
B2,  (Sterling
Overnight
Index
Average
+
0.94%),
6.18%,
07/28/35
(b)
(d)
...............
3,400
3,013,100
Unique
Pub
Finance
Co.
plc
(The)
(d)
Series
A4,  5.66%,
06/30/27
....
4,277
5,317,364
Series
N,  6.46%,
03/30/32
(e)
....
6,965
9,167,166
111,525,805
United
States
—
6.4%
510
Loan
Acquisition
Trust,
Series
2020-1,
Class
A,
8.11%,
09/25/60
(a)
(e)
USD
7,327
7,287,124
522
Funding
CLO
Ltd.
(a)(b)
Series
2018-3A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.04%
Floor
+
1.30%),
6.62%,
10/20/31
...
242
242,444
Series
2018-3A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
10/20/31
...
750
750,076
AccessLex
Institute,
Series
2007-A,
Class
A3,
(3-mo.
CME
Term
SOFR
+
0.56%),
5.89%,
05/25/36
(b)
.....
1,837
1,803,396
ACE
Securities
Corp.
Home
Equity
Loan
Trust
(b)
Series
2007-HE4,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.26%
Floor
+
0.37%),
5.70%,
05/25/37
...
7,093
1,180,702
Series
2007-HE4,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.60%
Floor
+
0.71%),
6.04%,
05/25/37
...
350
58,866
ACE
Securities
Manufactured
Housing
Loan
Trust,
Series
2003-MH1,
Class
B2,
0.00%,
08/15/30
(a)
........
3,021
2,645,794
ACREC
LLC,
Series
2023-FL2,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.23%
Floor
+
2.23%),
7.56%,
02/19/38
(a)
(b)
11,660
11,653,747
Affirm
Asset
Securitization
Trust,
Series
2024-A,
Class
A,
5.61%,
02/15/29
(a)
7,128
7,111,057
Ajax
Mortgage
Loan
Trust
(a)
Series
2017-D,
Class
B,
0.00%,
12/25/57
(b)
..............
57
19,351
Series
2020-C,
Class
C,
0.00%,
09/27/60
...............
1,448
1,234,936
Series
2021-C,
Class
A,
2.12%,
01/25/61
(e)
..............
17,855
17,315,119
Series
2021-C,
Class
B,
3.72%,
01/25/61
(e)
..............
6,014
5,761,684
Series
2021-C,
Class
C,
0.00%,
01/25/61
...............
14,900
14,432,895
Series
2021-D,
Class
A,
2.00%,
03/25/60
(e)
..............
38,842
37,012,277
Series
2021-D,
Class
B,
4.00%,
03/25/60
(b)
..............
10,911
9,950,250
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-D,
Class
C,
0.00%,
03/25/60
(b)
..............
USD
15,939
$
15,391,924
Series
2021-E,
Class
A1,
1.74%,
12/25/60
(b)
..............
41,592
35,269,463
Series
2021-E,
Class
A2,
2.69%,
12/25/60
(b)
..............
8,637
6,415,952
Series
2021-E,
Class
B1,
3.73%,
12/25/60
(b)
..............
5,214
3,521,729
Series
2021-E,
Class
B3,
3.96%,
12/25/60
(b)
..............
12,689
3,434,629
Series
2021-E,
Class
M1,
2.94%,
12/25/60
(b)
..............
8,544
5,876,633
Series
2021-E,
Class
SA,
0.00%,
12/25/60
(b)
..............
142
65,412
Series
2021-E,
Class
XS,
0.00%,
12/25/60
(b)
..............
173,342
6,839,093
Series
2021-F,
Class
A,
1.87%,
06/25/61
(e)
..............
72,510
68,898,249
Series
2021-F,
Class
B,
3.75%,
06/25/61
(e)
..............
11,970
11,339,824
Series
2021-F,
Class
C,
0.00%,
06/25/61
...............
22,168
18,058,593
Series
2021-G,
Class
A,
1.87%,
06/25/61
(b)
..............
66,947
63,590,081
Series
2021-G,
Class
B,
3.75%,
06/25/61
(b)
..............
14,966
14,902,979
Series
2021-G,
Class
C,
0.00%,
06/25/61
...............
26,916
23,481,656
Series
2023-B,
Class
A,
4.25%,
10/25/62
(e)
..............
30,512
29,593,089
Series
2023-B,
Class
B,
4.25%,
10/25/62
(e)
..............
3,314
2,958,292
Series
2023-B,
Class
C,
0.00%,
10/25/62
...............
7,830
2,722,620
Series
2023-B,
Class
SA,
0.00%,
10/25/62
...............
1,358
1,008,778
American
Homes
4
Rent
Trust,
Series
2015-SFR1,
Class
XS,
0.00%,
04/17/52
(a)
(b)
...............
21,901
219
AMSR
Trust
(a)
Series
2020-SFR1,
Class
E,
3.22%,
04/17/37
...............
2,102
2,029,839
Series
2020-SFR4,
Class
E2,
2.46%,
11/17/37
..........
4,080
3,809,226
Series
2020-SFR4,
Class
F,
2.86%,
11/17/37
...............
4,520
4,239,096
Series
2020-SFR4,
Class
G2,
4.87%,
11/17/37
..........
4,542
4,354,162
Series
2021-SFR1,
Class
F,
3.60%,
06/17/38
...............
5,128
4,396,233
Series
2021-SFR2,
Class
F1,
3.28%,
08/17/38
...............
6,744
6,094,148
Series
2023-SFR2,
Class
F2,
3.95%,
06/17/40
...............
5,000
4,007,886
Aqua
Finance
Trust,
Series
2021-A,
Class
A,
1.54%,
07/17/46
(a)
.....
764
682,806
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
(a)(b)
Series
2021-FL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.08%),
6.41%,
12/15/35
...
910
905,400
Series
2021-FL4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.46%),
6.79%,
11/15/36
...
4,512
4,488,943
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2022-FL1,
Class
A,
(SOFR
30
day
Average
at
1.45%
Floor
+
1.45%),
6.77%,
01/15/37
....
USD
1,959
$
1,947,367
Argent
Mortgage
Loan
Trust,
Series
2005-W1,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.24%
Floor
+
0.59%),
5.92%,
05/25/35
(b)
.....
5,269
4,147,272
Argent
Securities
Trust
(b)
Series
2006-M1,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.41%),
5.74%,
07/25/36
...
6,990
1,774,611
Series
2006-W2,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.29%
Floor
+
0.69%),
6.02%,
03/25/36
...
1,880
1,007,522
Arm
Master
Trust
LLC,
Series
2021-T1,
Class
A,
2.43%,
11/15/27
(a)
.....
4,554
4,379,092
BankAmerica
Manufactured
Housing
Contract
Trust
(b)
Series
1997-2,
Class
B1,
7.07%,
02/10/22
...............
4,500
873,072
Series
1998-2,
Class
B1,
7.29%,
12/10/25
...............
8,475
1,307,282
Bankers
Healthcare
Group
Securitization
Trust,
Series
2020-A,
Class
C,
5.17%,
09/17/31
(a)
.....
750
726,968
Battalion
CLO
XII
Ltd.,
Series
2018-
12A,
Class
B2R,
(3-mo.
CME
Term
SOFR
at
2.08%
Floor
+
2.34%),
7.66%,
05/17/31
(a)
(b)
..........
250
250,645
Bayview
Financial
Revolving
Asset
Trust
(a)(b)
Series
2004-B,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.11%),
6.44%,
05/28/39
...
19,237
15,233,507
Series
2004-B,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.65%
Floor
+
1.41%),
6.74%,
05/28/39
...
778
393,064
Series
2005-A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.11%),
6.44%,
02/28/40
...
9,358
8,543,550
Series
2005-E,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.11%),
6.44%,
12/28/40
...
492
486,208
BCMSC
Trust
(b)
Series
2000-A,
Class
A2,
7.58%,
06/15/30
...............
7,777
815,768
Series
2000-A,
Class
A3,
7.83%,
06/15/30
...............
7,219
782,792
Series
2000-A,
Class
A4,
8.29%,
06/15/30
...............
5,207
597,766
Bear
Stearns
Asset-Backed
Securities
I
Trust
(b)
Series
2004-HE7,
Class
M2,
(1-mo.
CME
Term
SOFR
at
1.73%
Floor
+
1.84%),
7.17%,
08/25/34
...
57
55,001
Series
2006-HE1,
Class
1M4,
(1-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.13%),
5.64%,
12/25/35
...
4,521
6,755,944
Series
2006-HE7,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
5.78%,
09/25/36
...
1,783
1,755,563
Series
2006-HE8,
Class
1A3,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
5.96%,
10/25/36
...
2,391
2,165,814
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2007-FS1,
Class
1A3,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
5.78%,
05/25/35
...
USD
215
$
213,480
Series
2007-HE2,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
5.76%,
03/25/37
...
3,055
2,670,270
Series
2007-HE2,
Class
22A,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.25%),
5.58%,
03/25/37
...
1,776
1,628,328
Series
2007-HE2,
Class
23A,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.25%),
5.58%,
03/25/37
...
2,182
2,013,922
Series
2007-HE3,
Class
1A3,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
+
0.36%),
5.69%,
04/25/37
...
860
1,331,824
Series
2007-HE3,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
5.79%,
04/25/37
...
18,480
19,151,058
BHG
Securitization
Trust
(a)
Series
2021-A,
Class
A,
1.42%,
11/17/33
...............
2,273
2,168,889
Series
2021-A,
Class
B,
2.79%,
11/17/33
...............
1,995
1,811,954
Series
2021-A,
Class
C,
3.69%,
11/17/33
...............
160
145,171
Series
2021-B,
Class
C,
2.24%,
10/17/34
...............
1,600
1,418,417
Series
2022-C,
Class
B,
5.93%,
10/17/35
...............
3,675
3,640,469
Brex
Commercial
Charge
Card
Master
Trust,
Series
2024-1,
Class
A1,
6.05%,
07/15/27
(a)
...........
6,223
6,226,646
Carlyle
Global
Market
Strategies
CLO
Ltd.,
Series
2013-1A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.52%,
08/14/30
(a)
(b)
748
746,866
Carrington
Mortgage
Loan
Trust
(b)
Series
2006-NC1,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.74%),
6.07%,
01/25/36
...
1,620
1,301,852
Series
2006-NC4,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.16%
Floor
and
12.50%
Cap
+
0.27%),
5.60%,
10/25/36
..........
904
874,786
Cascade
MH
Asset
Trust,
Series
2019-
MH1,
Class
A,
4.00%,
11/25/44
(a)
(b)
15,872
15,226,137
C-BASS
Trust,
Series
2006-CB7,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
5.76%,
10/25/36
(b)
................
1,103
710,516
C-BASS
TRUST,
Series
2006-CB9,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
+
0.57%),
5.90%,
11/25/36
(b)
................
648
288,472
CIT
Mortgage
Loan
Trust,
Series
2007-
1,
Class
1M2,
(1-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.86%),
7.19%,
10/25/37
(a)
(b)
..........
3,538
3,245,396
Citigroup
Mortgage
Loan
Trust
(b)
Series
2007-AHL2,
Class
A3B,
(1-
mo.
CME
Term
SOFR
at
0.20%
Floor
+
0.31%),
5.64%,
05/25/37
11,955
7,906,828
Series
2007-AHL2,
Class
A3C,
(1-
mo.
CME
Term
SOFR
at
0.27%
Floor
+
0.38%),
5.71%,
05/25/37
5,431
3,592,006
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2007-AHL3,
Class
A3B,
(1-
mo.
CME
Term
SOFR
at
0.17%
Floor
+
0.28%),
5.61%,
07/25/45
USD
5,720
$
4,018,008
Series
2007-AMC1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.16%
Floor
+
0.43%),
5.76%,
12/25/36
(a)
..
6,616
3,573,838
College
Ave
Student
Loans
Trust,
Series
2024-A,
Class
A1B,
(SOFR
30
day
Average
at
1.75%
Floor
+
1.75%),
7.07%,
06/25/54
(a)
(b)
....
17,198
17,197,650
College
Avenue
Student
Loans
LLC
(a)
Series
2021-A,
Class
B,
2.32%,
07/25/51
...............
5,115
4,516,848
Series
2021-A,
Class
C,
2.92%,
07/25/51
...............
978
867,981
Series
2021-B,
Class
B,
2.42%,
06/25/52
...............
1,552
1,358,217
Series
2021-B,
Class
C,
2.72%,
06/25/52
...............
707
624,110
Series
2021-B,
Class
D,
3.78%,
06/25/52
...............
220
197,700
Series
2021-C,
Class
D,
4.11%,
07/26/55
...............
530
468,156
Conseco
Finance
Corp.
(b)
Series
1996-10,
Class
B1,
7.24%,
11/15/28
...............
1,962
1,940,148
Series
1997-3,
Class
M1,
7.53%,
03/15/28
...............
1,838
1,791,449
Series
1997-6,
Class
M1,
7.21%,
01/15/29
...............
1,321
1,309,960
Series
1998-4,
Class
M1,
6.83%,
04/01/30
...............
554
520,553
Series
1998-6,
Class
M1,
6.63%,
06/01/30
...............
1,517
1,454,947
Series
1999-5,
Class
A5,
7.86%,
03/01/30
...............
2,505
815,490
Series
1999-5,
Class
A6,
7.50%,
03/01/30
...............
2,687
837,120
Conseco
Finance
Securitizations
Corp.
Series
2000-1,
Class
A5,
8.06%,
09/01/29
(b)
..............
4,152
745,741
Series
2000-4,
Class
A6,
8.31%,
05/01/32
(b)
..............
5,128
932,489
Series
2000-5,
Class
A6,
7.96%,
05/01/31
...............
6,271
1,582,414
Series
2000-5,
Class
A7,
8.20%,
05/01/31
...............
11,418
2,968,135
Corda
Diversified
Technologies,  
(3-mo.
EURIBOR
at
6.50%
Floor
+
6.50%),
10.40%,
10/23/34
(a)
(b)
.........
EUR
600
647,310
Credit-Based
Asset
Servicing
&
Securitization
LLC
Series
2006-CB2,
Class
AF4,
3.05%,
12/25/36
(e)
..............
USD
1,005
831,393
Series
2006-MH1,
Class
B1,
6.75%,
10/25/36
(a)
(e)
.............
1,229
1,197,901
Series
2006-MH1,
Class
B2,
6.75%,
10/25/36
(a)
(e)
.............
5,709
4,262,992
Series
2006-SL1,
Class
A2,
6.06%,
09/25/36
(a)
(e)
.............
11,696
632,061
Series
2007-CB6,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
5.78%,
07/25/37
(a)
(b)
.
1,370
884,399
CSMC
Trust,
Series
2017-2,
Class
CERT,
0.00%,
02/01/47
(a)
......
2,075
1,888,886
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
CWABS
Asset-Backed
Certificates
Trust
(b)
Series
2005-16,
Class
1AF,
4.55%,
04/25/36
...............
USD
5,488
$
4,714,962
Series
2006-11,
Class
3AV2,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
5.76%,
09/25/46
...
2
1,899
Series
2006-17,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
+
0.59%),
5.92%,
03/25/47
...
96
78,488
Series
2006-18,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.45%
Floor
+
0.56%),
5.89%,
03/25/37
...
12,841
9,855,686
Series
2006-22,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.23%
Floor
+
0.34%),
5.67%,
05/25/47
...
1,544
1,265,273
CWABS
Revolving
Home
Equity
Loan
Trust,
Series
2004-U,
Class
2A,
(1-mo.
CME
Term
SOFR
at
0.27%
Floor
and
16.00%
Cap
+
0.38%),
5.71%,
03/15/34
(b)
...........
168
165,975
CWHEQ
Home
Equity
Loan
Trust
Series
2006-S3,
Class
A4,
5.50%,
01/25/29
(e)
..............
115
264,145
Series
2006-S5,
Class
A5,
6.16%,
06/25/35
...............
232
378,776
CWHEQ
Revolving
Home
Equity
Loan
Resuritization
Trust,
Series
2006-
RES,
Class
5B1B,
(1-mo.
CME
Term
SOFR
at
0.19%
Floor
and
16.00%
Cap
+
0.30%),
5.63%,
05/15/35
(a)
(b)
42
41,284
CWHEQ
Revolving
Home
Equity
Loan
Trust
(b)
Series
2005-B,
Class
2A,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
and
16.00%
Cap
+
0.29%),
5.62%,
05/15/35
..........
319
316,975
Series
2006-C,
Class
2A,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
and
16.00%
Cap
+
0.29%),
5.62%,
05/15/36
..........
1,491
1,452,829
Series
2006-H,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
and
16.00%
Cap
+
0.26%),
5.59%,
11/15/36
..........
868
851,562
Series
2006-I,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.25%),
5.58%,
01/15/37
...
495
453,156
Dewolf
Park
CLO
Ltd.,
Series
2017-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.18%),
6.50%,
10/15/30
(a)
(b)
...............
9,229
9,227,226
Diameter
Capital
CLO
1
Ltd.
(a)(b)
Series
2021-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
6.31%
Floor
+
6.31%),
11.63%,
07/15/36
..
5,000
4,872,548
Series
2021-1A,
Class
SUB,
0.00%,
07/15/36
...............
5,000
4,170,500
Diameter
Capital
CLO
3
Ltd.,
Series
2022-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
6.80%
Floor
+
6.80%),
12.11%,
04/15/37
(a)
(b)
.........
2,300
2,264,078
Eaton
Vance
CLO
Ltd.
(a)(b)
Series
2014-1RA,
Class
A2,
(3-mo.
CME
Term
SOFR
+
1.75%),
7.07%,
07/15/30
..........
1,750
1,753,390
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2018-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.78%,
10/15/30
...
USD
1,000
$
994,001
Series
2019-1A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.76%),
12.08%,
04/15/31
..
2,500
2,482,247
Education
Funding
Trust,
Series
2020-
A,
Class
R,
0.00%,
07/25/41
(a)
(c)
..
75
1,500,000
EDvestinU
Private
Education
Loan
Issue
No.
3
LLC,
Series
2021-A,
Class
B,
3.50%,
11/25/50
(a)
.....
1,660
1,326,555
EDvestinU
Private
Education
Loan
Issue
No.
4
LLC,
Series
2022-A,
Class
A,
5.25%,
11/25/40
(a)
.....
6,311
6,211,390
ELFI
Graduate
Loan
Program
LLC,
Series
2020-A,
Class
B,
2.98%,
08/25/45
(a)
(b)
...............
2,068
1,795,913
Elmwood
CLO
15
Ltd.,
Series
2022-2A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.25%
Floor
+
7.25%),
12.57%,
04/22/35
(a)
(b)
...............
1,800
1,798,134
First
Franklin
Mortgage
Loan
Trust
(b)
Series
2004-FFH3,
Class
M3,
(1-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.16%),
6.49%,
10/25/34
...
2,818
2,595,116
Series
2006-FF13,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.12%
Floor
+
0.35%),
5.68%,
10/25/36
...
4,504
2,920,934
Series
2006-FF13,
Class
A2C,
(1-
mo.
CME
Term
SOFR
at
0.16%
Floor
+
0.43%),
5.76%,
10/25/36
2,641
1,679,148
Series
2006-FF16,
Class
2A4,
(1-
mo.
CME
Term
SOFR
at
0.21%
Floor
+
0.53%),
5.86%,
12/25/36
4,998
2,051,912
FirstKey
Homes
Trust
(a)
Series
2020-SFR1,
Class
G,
4.78%,
08/17/37
...............
6,572
6,291,289
Series
2021-SFR1,
Class
F1,
3.24%,
08/17/38
...............
8,036
7,238,739
Series
2022-SFR1,
Class
E2,
5.00%,
05/19/39
..........
5,000
4,784,644
Series
2022-SFR2,
Class
E1,
4.50%,
07/17/39
..........
4,977
4,658,139
Series
2022-SFR3,
Class
E2,
3.50%,
07/17/38
..........
8,285
7,613,877
Flatiron
CLO
17
Ltd.,
Series
2017-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.55%,
05/15/30
(a)
(b)
...............
3,864
3,867,738
Foundation
Finance
Trust
(a)
Series
2021-2A,
Class
A,
2.19%,
01/15/42
...............
6,394
5,879,913
Series
2023-1A,
Class
A,
5.67%,
12/15/43
...............
7,135
7,087,725
Series
2024-1A,
Class
B,
5.95%,
12/15/49
...............
1,833
1,833,000
Fremont
Home
Loan
Trust
(b)
Series
2006-3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.39%),
5.72%,
02/25/37
...
5,043
3,796,482
Series
2006-3,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.17%
Floor
+
0.45%),
5.78%,
02/25/37
...
5,263
1,761,891
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
FS
Rialto
Issuer
LLC
(a)(b)
Series
2022-FL5,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.30%),
7.63%,
06/19/37
...
USD
9,954
$
9,953,925
Series
2022-FL6,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.63%
Floor
+
2.58%),
7.91%,
08/17/37
...
24,153
24,278,037
Series
2022-FL7,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
8.22%,
10/19/39
...
11,152
11,211,093
GAM
Resecuritization
Trust,
Series
2018-B,
Class
A1,
(US
Prime
Rate
-
2.00%),
6.50%,
08/27/51
(a)
(b)
....
5,765
5,543,879
GoldenTree
Loan
Opportunities
X
Ltd.,
Series
2015-10A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.70%,
07/20/31
(a)
(b)
....
4,405
4,410,381
Goldman
Home
Improvement
Trust
Issuer
Trust
(a)
Series
2021-GRN2,
Class
B,
1.97%,
06/25/51
...............
4,515
4,134,417
Series
2022-GRN2,
Class
A,
6.80%,
10/25/52
...............
5,015
5,035,525
Golub
Capital
BDC
3
CLO
LLC,
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
04/15/33
(a)
(b)
..........
10,000
10,037,596
Golub
Capital
Partners
CLO
69M,
Series
2023-69A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
7.76%,
11/09/36
(a)
(b)
....
2,500
2,529,155
Golub
Capital
Partners
CLO
71
M,
Series
2024-71A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
7.27%,
02/09/37
(a)
(b)
....
14,000
14,059,100
GoodLeap
Sustainable
Home
Solutions
Trust
(a)
Series
2021-3CS,
Class
A,
2.10%,
05/20/48
...............
10,524
8,269,470
Series
2022-3CS,
Class
A,
4.95%,
07/20/49
...............
3,852
3,617,379
Series
2023-1GS,
Class
A,
5.52%,
02/22/55
...............
5,831
5,661,713
Series
2023-3C,
Class
A,
6.50%,
07/20/55
...............
10,459
10,791,968
Gracie
Point
International
Funding
LLC,
Series
2024-1A,
Class
A,
(SOFR90A
at
1.70%
Floor
+
1.70%),
7.06%,
03/01/28
(a)
(b)
...............
14,644
14,681,762
Greenpoint
Manufactured
Housing
(b)
Series
1999-5,
Class
M1B,
8.29%,
12/15/29
...............
155
154,594
Series
1999-5,
Class
M2,
9.23%,
12/15/29
...............
2,749
2,673,510
Greenwood
Park
CLO
Ltd.,
Series
2018-1A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.01%
Floor
+
1.27%),
6.59%,
04/15/31
(a)
(b)
....
9,325
9,335,424
Grippen
Park
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.52%),
6.84%,
01/20/30
...
991
991,505
Series
2017-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
01/20/30
...
5,000
4,979,226
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2017-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.56%),
8.88%,
01/20/30
...
USD
3,950
$
3,949,692
GSAA
Home
Equity
Trust
(b)
Series
2005-14,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
+
0.81%),
6.14%,
12/25/35
...
5,333
2,282,989
Series
2006-4,
Class
1A1,
4.21%,
03/25/36
...............
3,700
2,500,332
Series
2006-18,
Class
AF2A,
5.63%,
11/25/36
...............
213
62,925
Series
2006-18,
Class
AF3A,
5.77%,
11/25/36
...............
2,097
623,915
Series
2007-2,
Class
AF3,
5.92%,
03/25/37
...............
1,431
269,715
GSAMP
Trust
(b)
Series
2007-H1,
Class
A1B,
(1-mo.
CME
Term
SOFR
at
0.20%
Floor
+
0.51%),
5.84%,
01/25/47
...
2,914
1,456,612
Series
2007-HS1,
Class
M6,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
3.49%),
8.82%,
02/25/47
...
3,414
3,249,324
Hipgnosis
Music
Assets
LP,
Series
2022-1,
Class
A,
5.00%,
05/16/62
(a)
11,293
10,863,654
Home
Equity
Asset
Trust
(b)
Series
2006-3,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.60%
Floor
+
0.71%),
6.04%,
07/25/36
...
4,008
3,656,483
Series
2007-1,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
5.74%,
05/25/37
...
4,688
3,659,552
Home
Equity
Mortgage
Loan
Asset-
Backed
Trust,
Series
2004-A,
Class
M2,
(1-mo.
CME
Term
SOFR
at
2.03%
Floor
+
2.14%),
4.02%,
07/25/34
(b)
................
863
825,826
Home
Equity
Mortgage
Trust,
Series
2006-2,
Class
1A1,
5.87%,
07/25/36
(e)
................
6,982
723,830
Irwin
Home
Equity
Loan
Trust,
Series
2006-P1,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
and
13.00%
Cap
+
0.39%),
5.72%,
12/25/36
(a)
(b)
...............
64
61,593
J.P.
Morgan
Mortgage
Acquisition
Trust
Series
2006-CW1,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.27%
Floor
+
0.52%),
5.85%,
05/25/36
(b)
..
1,940
1,877,357
Series
2007-CH1,
Class
MF1,
4.55%,
11/25/36
(e)
.........
11,339
10,921,598
KeyCorp
Student
Loan
Trust
(b)
Series
2004-A,
Class
2D,
(3-mo.
LIBOR
USD
at
1.25%
Floor
+
1.25%),
6.83%,
07/28/42
....
5,796
5,407,212
Series
2005-A,
Class
2C,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.56%),
6.87%,
12/27/38
...
10,211
9,756,482
Legacy
Mortgage
Asset
Trust
(a)
Series
2019-SL2,
Class
A,
3.38%,
02/25/59
(b)
..............
7,362
6,984,677
Series
2019-SL2,
Class
B,
0.00%,
02/25/59
...............
4,491
768,831
Series
2019-SL2,
Class
M,
4.25%,
02/25/59
(b)
..............
5,056
4,022,102
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Lehman
ABS
Manufactured
Housing
Contract
Trust
Series
2001-B,
Class
M1,
6.63%,
04/15/40
(b)
..............
USD
5,490
$
5,501,806
Series
2002-A,
Class
C,
0.00%,
06/15/33
...............
520
484,818
Lehman
ABS
Mortgage
Loan
Trust,
Series
2007-1,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.09%
Floor
+
0.20%),
5.53%,
06/25/37
(a)
(b)
....
894
580,253
Lending
Funding
Trust,
Series
2020-2A,
Class
B,
3.54%,
04/21/31
(a)
.....
3,340
3,042,901
Lendmark
Funding
Trust
(a)
Series
2020-2A,
Class
D,
6.77%,
04/21/31
...............
400
366,960
Series
2021-2A,
Class
C,
3.09%,
04/20/32
...............
5,450
4,636,492
Series
2021-2A,
Class
D,
4.46%,
04/20/32
...............
1,420
1,156,471
Series
2022-1A,
Class
A,
5.12%,
07/20/32
...............
19,321
19,096,061
Series
2023-1A,
Class
A,
5.59%,
05/20/33
...............
13,585
13,507,048
Series
2023-1A,
Class
D,
8.69%,
05/20/33
...............
8,082
8,349,251
Series
2024-1A,
Class
B,
5.88%,
06/21/32
...............
3,993
3,991,197
Series
2024-1A,
Class
C,
6.40%,
06/21/32
...............
2,283
2,286,963
Series
2024-1A,
Class
D,
7.21%,
06/21/32
...............
1,790
1,814,506
Litigation
Systems,
Inc.,
Series
2020-1,
Class
A,
4.00%,
10/30/27
(c)
.....
4,328
4,268,794
Loanpal
Solar
Loan
Ltd.,
Series
2020-
3GS,
Class
A,
2.47%,
12/20/47
(a)
.
17,559
13,582,219
Long
Beach
Mortgage
Loan
Trust
(b)
Series
2006-5,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
5.74%,
06/25/36
...
8,064
3,732,462
Series
2006-7,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.16%
Floor
+
0.43%),
5.76%,
08/25/36
...
18,249
7,178,273
Long
Point
Park
CLO
Ltd.,
Series
2017-
1A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.64%),
6.95%,
01/17/30
(a)
(b)
..........
3,750
3,751,089
Madison
Avenue
Manufactured
Housing
Contract
Trust,
Series
2002-A,
Class
B2,
(1-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.36%),
8.69%,
03/25/32
(b)
................
127
127,003
Mariner
Finance
Issuance
Trust
(a)
Series
2019-AA,
Class
C,
4.01%,
07/20/32
...............
1,525
1,520,590
Series
2020-AA,
Class
A,
2.19%,
08/21/34
...............
6,877
6,776,630
Series
2020-AA,
Class
B,
3.21%,
08/21/34
...............
6,926
6,676,184
Series
2020-AA,
Class
C,
4.10%,
08/21/34
...............
2,530
2,405,727
Series
2020-AA,
Class
D,
5.75%,
08/21/34
...............
3,350
3,136,037
Series
2021-AA,
Class
C,
2.96%,
03/20/36
...............
1,190
1,055,003
Series
2021-AA,
Class
D,
3.83%,
03/20/36
...............
1,180
1,039,712
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-AA,
Class
E,
5.40%,
03/20/36
...............
USD
5,040
$
4,353,026
Series
2021-BA,
Class
D,
3.42%,
11/20/36
...............
1,130
976,838
Series
2021-BA,
Class
E,
4.68%,
11/20/36
...............
2,520
2,120,024
Series
2022-AA,
Class
A,
6.45%,
10/20/37
...............
18,710
18,756,176
Series
2023-AA,
Class
D,
8.85%,
10/22/35
...............
12,900
13,228,549
MASTR
Asset-Backed
Securities
Trust
(b)
Series
2006-AM2,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.26%
Floor
+
0.63%),
5.96%,
06/25/36
(a)
..
3,100
2,784,995
Series
2007-HE1,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
5.72%,
05/25/37
...
5,000
3,909,276
MASTR
Specialized
Loan
Trust,
Series
2006-3,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.26%
Floor
+
0.63%),
5.96%,
06/25/46
(a)
(b)
..........
724
693,356
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust
(b)
Series
2007-2,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
+
0.59%),
5.92%,
05/25/37
...
3,830
2,674,243
Series
2007-H1,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.61%),
8.94%,
10/25/37
...
3,667
3,345,658
Merrill
Lynch
Mortgage
Investors
Trust
(b)
Series
2006-OPT1,
Class
M1,
(1-
mo.
CME
Term
SOFR
at
0.39%
Floor
+
0.50%),
5.83%,
08/25/37
1,120
953,980
Series
2006-RM3,
Class
A2B,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
+
0.29%),
5.62%,
06/25/37
...
2,757
571,469
MF1
LLC,
Series
2023-FL12,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.07%
Floor
+
2.07%),
7.39%,
10/19/38
(a)
(b)
4,192
4,179,989
MF1
Multifamily
Housing
Mortgage
Loan
Trust
(a)(b)
Series
2022-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.64%
Floor
+
2.64%),
7.96%,
09/17/37
...
5,160
5,172,452
Series
2024-FL14,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
7.06%,
03/19/39
...
3,340
3,343,139
Mill
City
Solar
Loan
Ltd.
(a)
Series
2019-1A,
Class
A,
4.34%,
03/20/43
...............
9,410
8,714,669
Series
2019-2GS,
Class
A,
3.69%,
07/20/43
...............
16,025
14,329,126
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust
(b)
Series
2005-HE5,
Class
M4,
(1-mo.
CME
Term
SOFR
at
0.87%
Floor
+
0.98%),
6.31%,
09/25/35
...
7,600
6,089,539
Series
2007-SEA1,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
3.80%
Floor
+
3.91%),
9.24%,
02/25/47
(a)
..............
719
663,002
Morgan
Stanley
Home
Equity
Loan
Trust,
Series
2006-3,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.16%
Floor
+
0.43%),
5.76%,
04/25/36
(b)
2,304
1,615,153
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Morgan
Stanley
Mortgage
Loan
Trust
Series
2006-12XS,
Class
A4,
6.51%,
10/25/36
(e)
..............
USD
3,604
$
872,422
Series
2006-12XS,
Class
A6A,
6.23%,
10/25/36
(e)
.........
1,397
414,852
Series
2006-16AX,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.61%),
5.94%,
11/25/36
(b)
..............
1,955
552,446
Mosaic
Solar
Loan
Trust
(a)
Series
2018-2GS,
Class
A,
4.20%,
02/22/44
...............
8,509
7,904,173
Series
2018-2GS,
Class
C,
5.97%,
02/22/44
...............
2,023
1,707,477
Series
2019-1A,
Class
A,
4.37%,
12/21/43
...............
12,570
11,793,621
Series
2022-3A,
Class
A,
6.10%,
06/20/53
...............
3,235
3,322,801
Series
2023-1A,
Class
A,
5.32%,
06/20/53
...............
9,219
9,112,010
Nationstar
Home
Equity
Loan
Trust,
Series
2007-B,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.41%
Floor
+
0.52%),
5.85%,
04/25/37
(b)
.....
5,455
5,061,181
Navient
Private
Education
Loan
Trust
(a)
Series
2014-AA,
Class
B,
3.50%,
08/15/44
...............
14,970
14,057,831
Series
2015-AA,
Class
B,
3.50%,
12/15/44
...............
10,722
9,761,885
Navient
Private
Education
Refi
Loan
Trust
(a)
Series
2019-CA,
Class
A2,
3.13%,
02/15/68
...............
135
129,416
Series
2020-FA,
Class
B,
2.69%,
07/15/69
...............
4,310
3,406,275
Series
2021-DA,
Class
A,
(US
Prime
Rate
-
1.99%),
6.51%,
04/15/60
(b)
12,259
11,787,401
Series
2021-DA,
Class
B,
2.61%,
04/15/60
...............
3,100
2,840,327
Series
2021-DA,
Class
C,
3.48%,
04/15/60
...............
7,980
7,050,693
Series
2021-DA,
Class
D,
4.00%,
04/15/60
...............
2,550
2,311,615
Series
2023-A,
Class
A,
5.51%,
10/15/71
...............
17,723
17,795,030
Nelnet
Student
Loan
Trust
(a)
Series
2021-A,
Class
B1,
2.85%,
04/20/62
...............
4,023
3,330,747
Series
2021-A,
Class
B2,
2.85%,
04/20/62
...............
41,500
34,358,933
Series
2021-A,
Class
C,
3.75%,
04/20/62
...............
3,133
2,559,333
Series
2021-A,
Class
D,
4.93%,
04/20/62
...............
4,268
3,556,266
Series
2021-BA,
Class
B,
2.68%,
04/20/62
...............
24,341
20,140,230
Series
2021-BA,
Class
C,
3.57%,
04/20/62
...............
1,556
1,261,240
Series
2021-BA,
Class
D,
4.75%,
04/20/62
...............
2,780
2,283,398
Series
2021-CA,
Class
B,
2.53%,
04/20/62
...............
23,450
19,057,135
Series
2021-CA,
Class
C,
3.36%,
04/20/62
...............
1,230
997,277
Series
2021-CA,
Class
D,
4.44%,
04/20/62
...............
1,880
1,523,253
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-DA,
Class
B,
2.90%,
04/20/62
...............
USD
13,044
$
10,822,483
Series
2021-DA,
Class
C,
3.50%,
04/20/62
...............
2,110
1,676,730
Series
2021-DA,
Class
D,
4.38%,
04/20/62
...............
651
515,556
Series
2023-PL1A,
Class
A1A,
(SOFR
30
day
Average
+
2.25%),
7.57%,
11/25/53
(b)
.........
9,255
9,227,913
New
Century
Home
Equity
Loan
Trust,
Series
2005-C,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.45%
Floor
+
0.79%),
6.12%,
12/25/35
(b)
.....
3,942
3,199,490
New
Residential
Mortgage
Loan
Trust,
Series
2022-SFR2,
Class
F,
4.00%,
09/04/39
(a)
................
6,607
5,648,984
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2006-
S5,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.51%),
5.84%,
10/25/36
(a)
(b)
..........
87
101,529
Oakwood
Mortgage
Investors,
Inc.
(b)
Series
2001-D,
Class
A2,
5.26%,
01/15/19
...............
1,535
642,228
Series
2001-D,
Class
A4,
6.93%,
09/15/31
...............
1,255
623,081
OneMain
Financial
Issuance
Trust
(a)
Series
2019-2A,
Class
D,
4.05%,
10/14/36
...............
13,070
11,457,846
Series
2020-2A,
Class
D,
3.45%,
09/14/35
...............
10,930
9,692,774
Series
2021-1A,
Class
A2,
(SOFR
30
day
Average
+
0.76%),
6.08%,
06/16/36
(b)
..............
4,537
4,520,809
Series
2021-1A,
Class
C,
2.22%,
06/16/36
...............
800
687,201
Series
2022-2A,
Class
B,
5.24%,
10/14/34
...............
17,533
17,212,746
Series
2022-3A,
Class
A,
5.94%,
05/15/34
...............
38,260
38,467,652
Series
2023-1A,
Class
D,
7.49%,
06/14/38
...............
12,005
12,350,790
Series
2023-2A,
Class
D,
7.52%,
09/15/36
...............
25,921
26,574,362
Option
One
Mortgage
Loan
Trust
Series
2005-4,
Class
M3,
(1-mo.
CME
Term
SOFR
at
0.49%
Floor
+
0.85%),
6.18%,
11/25/35
(b)
..
6,618
5,337,072
Series
2007-CP1,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.21%
Floor
+
0.32%),
5.65%,
03/25/37
(b)
..
6,755
5,426,501
Series
2007-FXD1,
Class
1A1,
5.87%,
01/25/37
(e)
.........
14,191
11,590,519
Series
2007-FXD1,
Class
2A1,
5.87%,
01/25/37
(e)
.........
12,037
10,051,855
Series
2007-FXD2,
Class
1A1,
5.82%,
03/25/37
(e)
.........
5,779
5,014,662
Origen
Manufactured
Housing
Contract
Trust
(b)
Series
2001-A,
Class
M1,
7.82%,
03/15/32
...............
2,630
2,561,020
Series
2007-B,
Class
A1,
(1-mo.
LIBOR
USD
at
1.20%
Floor
and
18.00%
Cap
+
1.20%),
6.64%,
10/15/37
(a)
..............
1,123
1,099,314
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Owl
Rock
CLO
VII
LLC,
Series
2022-
7A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
7.42%,
07/20/33
(a)
(b)
..........
USD
1,300
$
1,308,689
Ownit
Mortgage
Loan
Trust,
Series
2006-2,
Class
A2C,
6.50%,
01/25/37
(e)
................
4,346
3,812,206
Pagaya
AI
Debt
Selection
Trust,
Series
2021-2,
Class
NOTE,
3.00%,
01/25/29
(a)
................
1,576
1,536,195
Pagaya
AI
Technology
in
Housing
Trust,
Series
2023-1,
Class
F,
3.60%,
10/25/40
(a)
................
6,577
4,676,416
Pennantpark
CLO
IX
LLC,
Series
2024-
9A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.98%
Floor
+
1.98%),
7.29%,
04/20/37
(a)
(b)
..........
9,000
9,000,000
PennantPark
CLO
VI
LLC,
Series
2023-6A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.68%
Floor
+
2.68%),
8.00%,
04/22/35
(a)
(b)
..........
1,000
1,010,226
Pennantpark
CLO
VIII
LLC,
Series
2024-8A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.30%),
7.62%,
04/18/36
(a)
(b)
....
8,000
8,079,878
PFS
Financing
Corp.,
Series
2022-
E,  7.00%,
10/15/26
(a)
(c)
........
25,000
25,200,000
PPM
CLO
6-R
Ltd.
(a)(b)
Series
2022-6RA,
Class
C1R,
(3-mo.
CME
Term
SOFR
at
3.45%
Floor
+
3.45%),
8.80%,
01/20/37
...
2,110
2,122,450
Series
2022-6RA,
Class
DR,
(3-mo.
CME
Term
SOFR
at
5.65%
Floor
+
5.65%),
11.00%,
01/20/37
..
1,690
1,697,891
PRET
LLC
(a)
Series
2021-NPL6,
Class
A1,
2.49%,
07/25/51
(e)
..............
11,624
11,241,395
Series
2021-RN4,
Class
A1,
2.49%,
10/25/51
(b)
..............
10,400
10,169,148
Series
2023-RN2,
Class
A1,
8.11%,
11/25/53
(e)
..............
15,307
15,334,047
Series
2024-NPL1,
Class
A1,
7.14%,
01/25/54
(e)
..............
23,764
25,466,150
Progress
Residential
Trust
(a)
Series
2020-SFR2,
Class
B,
2.58%,
06/17/37
...............
950
913,367
Series
2020-SFR3,
Class
E,
2.30%,
10/17/27
...............
4,710
4,408,280
Series
2020-SFR3,
Class
F,
2.80%,
10/17/27
...............
8,860
8,314,493
Series
2021-SFR1,
Class
F,
2.76%,
04/17/38
...............
5,100
4,624,217
Series
2021-SFR10,
Class
E2,
3.67%,
12/17/40
..........
1,709
1,508,971
Series
2021-SFR10,
Class
F,
4.61%,
12/17/40
...............
6,898
6,092,627
Series
2021-SFR2,
Class
F,
3.40%,
04/19/38
...............
10,966
10,018,034
Series
2021-SFR3,
Class
F,
3.44%,
05/17/26
...............
12,190
11,155,303
Series
2021-SFR4,
Class
F,
3.41%,
05/17/38
...............
15,230
13,832,440
Series
2021-SFR5,
Class
F,
3.16%,
07/17/38
...............
3,192
2,887,860
Series
2021-SFR6,
Class
F,
3.42%,
07/17/38
...............
6,423
5,827,467
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-SFR9,
Class
F,
4.05%,
11/17/40
...............
USD
2,637
$
2,280,210
Series
2022-SFR1,
Class
F,
4.88%,
02/17/41
...............
5,383
4,728,310
Series
2022-SFR1,
Class
G,
5.52%,
02/17/41
...............
5,383
4,601,049
Series
2022-SFR3,
Class
E1,
5.20%,
04/17/39
..........
4,500
4,301,573
Series
2022-SFR5,
Class
E1,
6.62%,
06/17/39
..........
4,054
4,003,953
Series
2023-SFR2,
Class
E1,
4.75%,
10/17/28
..........
2,773
2,548,310
Series
2024-SFR2,
Class
E1,
3.40%,
04/17/41
(b)
.........
3,875
3,323,595
Series
2024-SFR2,
Class
E2,
3.65%,
04/17/41
(b)
.........
1,988
1,695,876
RAMP
Series
Trust,
Series
2004-RS7,
Class
A2A,
(1-mo.
LIBOR
USD
at
0.31%
Floor
and
14.00%
Cap
+
0.62%),
5.38%,
07/25/34
(b)
.....
2,204
1,697,796
RASC
Trust,
Series
2006-EMX9,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.24%
Floor
and
14.00%
Cap
+
0.35%),
5.92%,
11/25/36
(b)
......
2,548
2,027,116
RCO
VII
Mortgage
LLC,
Series
2024-1,
Class
A1,
7.02%,
01/25/29
(a)
(e)
...
14,714
14,669,650
Ready
Capital
Mortgage
Financing
LLC,
Series
2023-FL11,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.37%
Floor
+
2.37%),
7.70%,
10/25/39
(a)
(b)
....
11,051
11,060,664
Redwood
Funding
Trust,
Series
2023-1,
Class
A,
7.50%,
07/25/59
(a)
(e)
....
989
987,923
Regional
Management
Issuance
Trust
(a)
Series
2020-1,
Class
A,
2.34%,
10/15/30
...............
7,152
7,023,091
Series
2020-1,
Class
B,
3.23%,
10/15/30
...............
1,140
1,092,992
Series
2020-1,
Class
C,
3.80%,
10/15/30
...............
1,500
1,400,897
Series
2021-1,
Class
A,
1.68%,
03/17/31
...............
1,910
1,851,558
Series
2021-1,
Class
C,
3.04%,
03/17/31
...............
2,500
2,278,338
Series
2021-2,
Class
A,
1.90%,
08/15/33
...............
2,361
2,115,971
Series
2021-2,
Class
B,
2.35%,
08/15/33
...............
560
482,392
Series
2021-2,
Class
C,
3.23%,
08/15/33
...............
1,339
1,127,503
Series
2022-1,
Class
A,
3.07%,
03/15/32
...............
9,895
9,480,684
Series
2022-1,
Class
B,
3.71%,
03/15/32
...............
1,698
1,595,011
Series
2022-1,
Class
C,
4.46%,
03/15/32
...............
1,117
1,021,903
Series
2022-1,
Class
D,
6.72%,
03/15/32
...............
3,555
3,322,317
Series
2022-2B,
Class
A,
7.10%,
11/17/32
...............
23,215
23,446,173
Republic
Finance
Issuance
Trust
(a)
Series
2020-A,
Class
A,
2.47%,
11/20/30
...............
4,225
4,175,628
Series
2020-A,
Class
B,
3.54%,
11/20/30
...............
9,340
9,105,951
Series
2020-A,
Class
C,
4.05%,
11/20/30
...............
2,420
2,320,601
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-A,
Class
A,
2.30%,
12/22/31
...............
USD
28,426
$
27,165,423
Series
2021-A,
Class
B,
2.80%,
12/22/31
...............
5,960
5,535,904
Series
2021-A,
Class
C,
3.53%,
12/22/31
...............
2,040
1,871,029
Series
2021-A,
Class
D,
5.23%,
12/22/31
...............
2,860
2,592,847
RMIT
Cash
Management
LLC,
Series
2021-3,
Class
A,
3.88%,
10/17/33
(a)
(c)
43,330
39,486,629
Saxon
Asset
Securities
Trust
Series
2004-2,
Class
MF5,
3.24%,
08/25/35
(e)
..............
829
584,931
Series
2007-1,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.29%
Floor
+
0.40%),
5.73%,
01/25/47
(b)
..
6,001
5,507,227
Securitized
Asset-Backed
Receivables
LLC
Trust
(b)
Series
2006-OP1,
Class
M6,
(1-mo.
CME
Term
SOFR
at
0.67%
Floor
+
1.12%),
6.45%,
10/25/35
...
570
423,507
Series
2007-BR1,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.11%
Floor
+
0.33%),
5.66%,
02/25/37
...
668
284,726
Series
2007-BR1,
Class
A2B,
(1-mo.
CME
Term
SOFR
at
0.27%
Floor
+
0.65%),
5.98%,
02/25/37
...
7,117
3,034,842
Series
2007-NC2,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.22%
Floor
+
0.55%),
5.88%,
01/25/37
...
1,092
749,446
Service
Experts
Issuer
LLC,
Series
2021-1A,
Class
A,
2.67%,
02/02/32
(a)
8,377
7,817,011
Sesac
Finance
LLC
(a)
Series
2019-1,
Class
A2,
5.22%,
07/25/49
...............
22,747
22,171,069
Series
2024-1,
Class
A2,
6.42%,
01/25/54
...............
2,434
2,441,380
SG
Mortgage
Securities
Trust
(b)
Series
2006-FRE2,
Class
A2C,
(1-
mo.
CME
Term
SOFR
at
0.16%
Floor
+
0.43%),
5.76%,
07/25/36
2,334
496,790
Series
2006-OPT2,
Class
A3D,
(1-
mo.
CME
Term
SOFR
at
0.21%
Floor
+
0.32%),
5.65%,
10/25/36
4,623
3,244,973
Signal
Peak
CLO
2
LLC
(a)(b)
Series
2015-1A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.56%,
04/20/29
...
695
695,362
Series
2015-1A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.08%,
04/20/29
...
23,708
23,612,858
Series
2015-1A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.48%,
04/20/29
...
14,000
14,006,804
Series
2015-1A,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
2.85%
Floor
+
3.11%),
8.43%,
04/20/29
...
1,500
1,499,952
SLM
Private
Education
Loan
Trust,
Series
2010-C,
Class
A5,
(1-mo.
CME
Term
SOFR
at
4.75%
Floor
+
4.86%),
10.19%,
10/15/41
(a)
(b)
...
19,349
20,780,505
SMB
Private
Education
Loan
Trust
(a)
Series
2015-B,
Class
B,
3.50%,
12/17/40
...............
7,510
7,318,222
Series
2015-C,
Class
B,
3.50%,
09/15/43
...............
4,255
4,128,012
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2020-A,
Class
B,
3.00%,
08/15/45
...............
USD
5,930
$
5,179,349
Series
2020-PTA,
Class
C,
3.20%,
09/15/54
...............
4,455
3,527,325
Series
2021-A,
Class
C,
2.99%,
01/15/53
...............
15,983
13,586,144
Series
2021-C,
Class
C,
3.00%,
01/15/53
...............
929
783,167
Series
2024-A,
Class
A1B,
(SOFR
30
day
Average
at
1.45%
Floor
+
1.45%),
6.77%,
03/15/56
(b)
...
20,978
21,063,957
Series
2024-A,
Class
B,
5.88%,
03/15/56
...............
19,727
19,770,455
SoFi
Personal
Loan
Trust
(a)
  0.00%,
10/15/30
...........
351
20,332,919
  6.00%,
11/12/30
...........
29,302
29,313,793
  6.06%,
02/12/31
...........
27,883
27,881,782
SoFi
Professional
Loan
Program
LLC,
Series
2018-A,
Class
B,
3.61%,
02/25/42
(a)
................
1,014
920,686
SoFi
Professional
Loan
Program
Trust
(a)
Series
2018-B,
Class
BFX,
3.83%,
08/25/47
...............
538
491,392
Series
2018-D,
Class
BFX,
4.14%,
02/25/48
...............
273
247,370
Series
2020-A,
Class
BFX,
3.12%,
05/15/46
...............
789
638,836
Soundview
Home
Loan
Trust
(b)
Series
2004-WMC1,
Class
M2,
(1-
mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
6.24%,
01/25/35
98
83,546
Series
2005-OPT3,
Class
M4,
(1-
mo.
CME
Term
SOFR
at
0.68%
Floor
+
1.13%),
6.46%,
11/25/35
69
49,434
Series
2007-NS1,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
5.79%,
01/25/37
...
1,076
979,477
Splitrock
Services,
Inc.,  
0.00%,
02/12/31
(a)
................
304
15,208,886
SpringCastle
America
Funding
LLC
(a)
Series
2020-AA,
Class
A,
1.97%,
09/25/37
...............
6,996
6,491,143
Series
2020-AA,
Class
B,
2.66%,
09/25/37
...............
19,740
17,923,703
STAR
Trust,
Series
2021-SFR1,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.51%
Floor
+
2.51%),
7.84%,
04/17/38
(a)
(b)
1,870
1,810,219
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust,
Series
2007-
GEL2,
Class
M1,
(1-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.16%),
6.49%,
05/25/37
(a)
(b)
..........
4,025
2,934,775
Sunrun
Xanadu
Issuer
LLC,
Series
2019-1A,
Class
A,
3.98%,
06/30/54
(a)
8,671
8,091,716
Tricon
American
Homes
Trust
(a)
Series
2018-SFR1,
Class
E,
4.56%,
05/17/37
...............
2,360
2,322,116
Series
2018-SFR1,
Class
F,
4.96%,
05/17/37
...............
1,630
1,607,693
Series
2020-SFR1,
Class
F,
4.88%,
07/17/38
...............
7,772
7,509,736
Upstart
Pass-Through
Trust,
Series
2020-ST6,
Class
A,
3.00%,
01/20/27
(a)
................
587
580,694
VOLT
CVI
LLC,
Series
2021-NP12,
Class
A1,
2.73%,
12/26/51
(a)
(e)
...
18,469
17,666,838
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Washington
Mutual
Asset-Backed
CertificatesTrust
(b)
Series
2006-HE4,
Class
2A2,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
5.80%,
09/25/36
...
USD
12,598
$
3,414,439
Series
2006-HE5,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.31%
Floor
+
0.42%),
4.66%,
10/25/36
...
3,651
2,686,471
Yale
Mortgage
Loan
Trust,
Series
2007-
1,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.51%),
5.84%,
06/25/37
(a)
(b)
...............
5,416
1,708,943
2,366,039,294
Total
Asset-Backed
Securities
—
14.2%
(Cost:
$
5,498,836,113
)
...........................
5,252,559,993
Shares
Shares
Common
Stocks
Canada
—
0.0%
Agnico
Eagle
Mines
Ltd.
.........
13,325
794,552
Hydro
One
Ltd.
(a)
(d)
.............
21,501
626,990
Intact
Financial
Corp.
...........
3,813
619,403
Northern
Graphite
Corp.
(f)
........
435,208
51,407
2,092,352
China
—
0.0%
BYD
Co.
Ltd.
,
Class
H
..........
184,981
4,736,449
Prosus
NV
..................
21,956
687,232
5,423,681
France
—
0.0%
Accor
SA
...................
14,795
690,726
Hermes
International
SCA
........
256
654,280
Unibail-Rodamco-Westfield
(f)
(g)
.....
10,810
869,625
2,214,631
Germany
—
0.1%
ADLER
Group
SA
(f)
............
432,415
83,039
ADLER
Group
SA
(a)
(d)
(f)
..........
356,120
68,964
Bayerische
Motoren
Werke
AG
....
11,162
1,287,859
Covestro
AG
(a)
(d)
(f)
..............
134,578
7,361,411
Deutsche
Telekom
AG
(Registered)
.
26,798
650,508
Fresenius
SE
&
Co.
KGaA
........
243,129
6,556,415
Heidelberg
Materials
AG
.........
6,605
727,087
K+S
AG
(Registered)
...........
227,359
3,548,202
RWE
AG
...................
18,967
644,635
TUI
AG
(f)
....................
538,980
4,436,953
25,365,073
Greece
—
0.0%
(f)
National
Bank
of
Greece
SA
......
117,136
916,957
Piraeus
Financial
Holdings
SA
.....
66,337
277,164
1,194,121
Hungary
—
0.0%
MOL
Hungarian
Oil
&
Gas
plc
.....
86,164
698,719
OTP
Bank
Nyrt.
...............
19,005
874,707
1,573,426
India
—
0.1%
Aditya
Birla
Capital
Ltd.
(f)
.........
282,357
596,064
Axis
Bank
Ltd.
................
124,560
1,569,879
Bharat
Electronics
Ltd.
..........
372,007
900,991
Bharat
Petroleum
Corp.
Ltd.
......
121,513
880,278
Security
Shares
Shares
Value
India
(continued)
Cipla
Ltd.
...................
78,018
$
1,402,509
GAIL
India
Ltd.
...............
697,946
1,519,190
Godrej
Consumer
Products
Ltd.
....
95,329
1,435,326
HCL
Technologies
Ltd.
..........
74,200
1,379,567
Hero
MotoCorp
Ltd.
............
25,893
1,470,129
Larsen
&
Toubro
Ltd.
...........
17,096
773,240
Maruti
Suzuki
India
Ltd.
.........
7,927
1,200,001
Reliance
Industries
Ltd.
.........
48,023
1,717,216
ReNew
Energy
Global
plc
,
Class
A
(f)
.
460,000
2,760,000
UltraTech
Cement
Ltd.
..........
7,567
886,118
18,490,508
Indonesia
—
0.0%
Astra
International
Tbk.
PT
.......
2,745,700
892,052
Bank
Central
Asia
Tbk.
PT
........
2,570,000
1,634,360
Bank
Mandiri
Persero
Tbk.
PT
.....
2,042,200
929,187
Bank
Syariah
Indonesia
Tbk.
PT
....
2,845,600
486,387
Ciputra
Development
Tbk.
PT
.....
5,533,700
453,725
4,395,711
Italy
—
0.0%
UniCredit
SpA
................
140,000
5,317,102
Malaysia
—
0.0%
CIMB
Group
Holdings
Bhd.
.......
328,000
454,362
Frontken
Corp.
Bhd.
............
1,186,900
971,601
1,425,963
Netherlands
—
0.0%
Adyen
NV
(a)
(d)
(f)
................
407
687,479
Koninklijke
KPN
NV
............
174,381
652,256
Shell
plc
....................
151,536
5,076,774
Shell
plc
,
ADR
................
10,800
724,032
7,140,541
Peru
—
0.0%
Credicorp
Ltd.
................
2,570
435,435
Philippines
—
0.0%
Ayala
Land,
Inc.
...............
2,064,600
1,186,644
Bloomberry
Resorts
Corp.
(f)
.......
4,424,100
868,844
Jollibee
Foods
Corp.
...........
90,700
407,746
Metropolitan
Bank
&
Trust
Co.
.....
460,130
534,400
2,997,634
Poland
—
0.0%
LPP
SA
....................
98
375,094
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
.................
65,221
967,730
Powszechny
Zaklad
Ubezpieczen
SA
35,583
434,601
1,777,425
South
Africa
—
0.0%
Shoprite
Holdings
Ltd.
..........
32,872
429,453
Spain
—
0.0%
Banco
Bilbao
Vizcaya
Argentaria
SA
.
64,213
764,680
Naturgy
Energy
Group
SA
........
26,677
578,962
1,343,642
Sweden
—
0.0%
Swedbank
AB
,
Class
A
..........
29,286
581,261
Thailand
—
0.0%
Advanced
Info
Service
PCL
.......
197,100
1,102,533
CP
ALL
PCL
.................
569,400
851,809
True
Corp.
PCL
,
NVDR
(f)
.........
2,261,300
477,797
2,432,139
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
Kingdom
—
0.1%
Genius
Sports
Ltd.
(f)
............
1,345,384
$
7,682,142
Mobico
Group
plc
.............
2,543,814
2,234,630
NEW
Look
Retailers
(c)
(f)
..........
4,100,922
52
Standard
Chartered
plc
..........
76,051
644,739
10,561,563
United
States
—
1.5%
Advanced
Micro
Devices,
Inc.
(f)
....
4
722
Aiven,
Inc.
,
Series
D
(c)
(f)
..........
169,258
11,663,569
Altice
USA,
Inc.
,
Class
A
(f)
........
1,480,193
3,863,304
Amazon.com,
Inc.
(f)
(h)
...........
109,232
19,703,268
Amkor
Technology,
Inc.
..........
33,300
1,073,592
Applied
Materials,
Inc.
..........
40,000
8,249,200
Astra
Space,
Inc.
,
Class
A
(f)
.......
69,879
47,657
Avaya,
Inc.
(f)
.................
4,218
23,199
BOK
Financial
Corp.
............
13,107
1,205,844
Boyd
Gaming
Corp.
............
44,825
3,017,619
Caesars
Entertainment,
Inc.
(f)
......
278,230
12,169,780
California
Resources
Corp.
(h)
......
108,619
5,984,907
Carlson
Travel,
Inc.
(f)
...........
17,611
61,639
Carnival
Corp.
(f)
...............
40,932
668,829
Cheniere
Energy,
Inc.
...........
39,968
6,446,039
Chesapeake
Energy
Corp.
.......
29,530
2,623,150
Chubb
Ltd.
..................
45,000
11,660,850
Citigroup,
Inc.
................
132,710
8,392,580
Colgate-Palmolive
Co.
..........
7,389
665,379
Comerica,
Inc.
................
35,114
1,930,919
Costco
Wholesale
Corp.
.........
855
626,399
Crowdstrike
Holdings,
Inc.
,
Class
A
(f)
.
9,250
2,965,458
Crown
PropTech
Acquisitions
(c)
(f)
....
229,536
48,203
Crown
PropTech
Acquisitions
(c)
(f)
....
49,900
—
Crown
PropTech
Acquisitions
,
Class
A
(f)
133,068
1,429,150
Customers
Bancorp,
Inc.
(f)
........
10,456
554,795
Davidson
Kempner
Merchant
Co-Invest
Fund
LP
,
(Acquired
12/31/23
,
cost
$
6,788,939
)
(f)
(i)
(j)
.............
—
(k)
36,259,371
Deckers
Outdoor
Corp.
(f)
.........
3,000
2,823,780
Dell
Technologies,
Inc.
,
Class
C
....
6,870
783,936
Delta
Air
Lines,
Inc.
............
196,628
9,412,582
DiamondRock
Hospitality
Co.
......
412,567
3,964,769
Dynatrace,
Inc.
(f)
..............
100,000
4,644,000
Eaton
Corp.
plc
...............
2,232
697,902
Eli
Lilly
&
Co.
(h)
...............
19,682
15,311,809
EPAM
Systems,
Inc.
(f)
...........
4,389
1,212,066
Exxon
Mobil
Corp.
.............
90,000
10,461,600
Fanatics
Holdings,
Inc.
,
Class
A
,
(Acquired
12/15/21
,
cost
$
27,387,008
)
(c)
(f)
(i)
............
403,700
30,382,462
Farmers
Business
Network,
Inc.
(c)
(f)
..
217,669
785,785
First
Citizens
BancShares,
Inc.
,
Class
A
1,410
2,305,350
Ford
Motor
Co.
...............
320,713
4,259,069
Forestar
Group,
Inc.
(f)
...........
118,660
4,768,945
Freewire
Technologies,
Inc.
(c)
(f)
.....
328
1,331,680
General
Dynamics
Corp.
.........
27,232
7,692,768
General
Motors
Co.
............
110,202
4,997,661
Global
Payments,
Inc.
..........
50,000
6,683,000
Golden
Entertainment,
Inc.
.......
79,939
2,944,153
Green
Plains,
Inc.
(f)
............
308,129
7,123,942
HawkEye
360,
Inc.
,
Series
D1
(c)
(f)
...
1,684,066
15,644,973
HCA
Healthcare,
Inc.
(h)
..........
35,033
11,684,556
Informatica,
Inc.
,
Class
A
(f)
........
276,289
9,670,115
Intel
Corp.
..................
170,000
7,508,900
International
Bancshares
Corp.
....
16,386
919,910
Intuit,
Inc.
...................
960
624,000
Lam
Research
Corp.
...........
11,970
11,629,693
Landsea
Homes
Corp.
(f)
.........
271,780
3,948,963
Security
Shares
Shares
Value
United
States
(continued)
Las
Vegas
Sands
Corp.
.........
94,912
$
4,906,950
Latch,
Inc.
(f)
..................
715,325
557,954
Lions
Gate
Entertainment
Corp.
,
Class
A
(f)
......................
661,236
6,579,298
Lions
Gate
Entertainment
Corp.
,
Class
B
(f)
......................
28,919
269,236
M/I
Homes,
Inc.
(f)
..............
43,739
5,961,188
Marathon
Petroleum
Corp.
.......
70,673
14,240,610
Marsh
&
McLennan
Cos.,
Inc.
.....
3,159
650,691
McDonald's
Corp.
.............
40,746
11,488,335
Meta
Platforms,
Inc.
,
Class
A
......
30,914
15,011,220
MGM
Resorts
International
(f)
......
250,000
11,802,500
Micron
Technology,
Inc.
..........
54,000
6,366,060
Mr
Cooper
Group,
Inc.
(f)
.........
70,349
5,483,705
MSCI,
Inc.
..................
1,122
628,825
New
Look
Builders,
Inc.
(c)
(f)
........
8,689,610
87
New
York
Community
Bancorp,
Inc.
.
183,400
590,548
Northrop
Grumman
Corp.
........
17,958
8,595,776
Nucor
Corp.
.................
3,335
659,997
NVIDIA
Corp.
................
7,554
6,825,492
Opendoor
Technologies,
Inc.
(f)
.....
1,367,000
4,142,010
Palladyne
AI
Corp.
(f)
............
73,917
133,790
Palladyne
AI
Corp.
(f)
............
20,157
36,484
Paramount
Global
,
Class
B
.......
129,922
1,529,182
Park
Hotels
&
Resorts,
Inc.
.......
221,093
3,866,917
Playstudios,
Inc.
(f)
.............
1,145,983
3,185,833
Progressive
Corp.
(The)
.........
3,338
690,365
RXO,
Inc.
(f)
..................
20,000
437,400
Salesforce,
Inc.
...............
27,800
8,372,804
Sarcos
Technology
&
Robotics
Corp.
(f)
833,632
1,508,874
Schlumberger
NV
.............
90,000
4,932,900
Screaming
Eagle
Acquisition
Corp.
,
Class
A
(f)
.................
303,603
3,248,552
Service
Properties
Trust
.........
768,304
5,209,101
Smith
Douglas
Homes
Corp.
(f)
.....
176,990
5,256,603
Snorkel
AI,
Inc.
,
(Acquired
06/30/21
,
cost
$
609,993
)
(c)
(f)
(i)
...........
40,613
309,471
Sonder
Holdings,
Inc.
,
Class
A
(f)
....
60,116
177,944
Space
Exploration
Technologies
Corp.
,
Class
A
,
(Acquired
08/21/23
,
cost
$
7,985,223
)
(c)
(f)
(i)
.............
98,583
9,562,551
Space
Exploration
Technologies
Corp.
,
Class
C
,
(Acquired
08/21/23
,
cost
$
8,570,448
)
(c)
(f)
(i)
.............
105,808
10,263,376
Sunstone
Hotel
Investors,
Inc.
.....
248,338
2,766,485
Synchrony
Financial
............
15,562
671,033
Texas
Capital
Bancshares,
Inc.
(f)
....
34,883
2,147,049
Transocean
Ltd.
(f)
(l)
.............
2,193,850
13,777,378
Travelers
Cos.,
Inc.
(The)
........
2,906
668,787
United
States
Steel
Corp.
........
103,688
4,228,397
Valero
Energy
Corp.
............
66,332
11,322,209
Visa,
Inc.
,
Class
A
.............
25,000
6,977,000
Vistra
Corp.
.................
121,250
8,445,063
Walmart,
Inc.
.................
171,991
10,348,698
Welltower,
Inc.
................
8,944
835,727
Wynn
Resorts
Ltd.
.............
91,000
9,302,930
560,527,176
Zambia
—
0.0%
First
Quantum
Minerals
Ltd.
.......
245,319
2,636,924
Total
Common
Stocks
—
1.8%
(Cost:
$
675,855,719
)
.............................
658,355,761
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Corporate
Bonds
Argentina
—
0.0%
Generacion
Mediterranea
SA
,
9.88%
,
12/01/27
(a)
................
USD
6,008
$
5,470,161
Australia
—
0.4%
AngloGold
Ashanti
Holdings
plc
,
3.75%
,
10/01/30
.................
5,540
4,813,429
Aurizon
Network
Pty.
Ltd.
,
6.10%
,
09/12/31
(d)
................
AUD
2,590
1,705,961
Australia
&
New
Zealand
Banking
Group
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.70%),
2.57%
,
11/25/35
(b)
(d)
...............
USD
10,000
8,192,748
BHP
Billiton
Finance
Ltd.
,
(5-Year
EUR
Swap
Annual
+
4.80%),
5.63%
,
10/22/79
(b)
(d)
...............
EUR
6,900
7,464,536
Brisbane
Airport
Corp.
Pty.
Ltd.
,
5.90%
,
03/08/34
(d)
................
AUD
1,380
908,941
Commonwealth
Bank
of
Australia
,
2.69%
,
03/11/31
(d)
...........
USD
10,000
8,317,299
FMG
Resources
August
2006
Pty.
Ltd.
(a)
4.50%
,
09/15/27
............
275
264,168
4.38%
,
04/01/31
............
500
446,733
6.13%
,
04/15/32
............
225
222,464
Glencore
Capital
Finance
DAC
,
1.13%
,
03/10/28
(d)
................
EUR
7,600
7,448,683
Glencore
Finance
Europe
Ltd.
(d)
3.13%
,
03/26/26
............
GBP
8,000
9,675,359
1.50%
,
10/15/26
............
EUR
5,200
5,312,319
Glencore
Funding
LLC
,
5.37%
,
04/04/29
(a)
................
USD
4,845
4,854,606
Macquarie
Group
Ltd.
,
(1-day
SOFR
+
1.53%),
2.87%
,
01/14/33
(b)
(d)
....
10,000
8,317,182
Mineral
Resources
Ltd.
(a)
8.00%
,
11/01/27
............
375
382,655
9.25%
,
10/01/28
............
7,157
7,537,749
National
Australia
Bank
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.70%),
3.35%
,
01/12/37
(b)
(d)
...............
10,000
8,457,732
Oceana
Australian
Fixed
Income
Trust
(c)
12.00%
,
07/31/25
...........
AUD
11,002
7,183,075
12.50%
,
07/31/26
...........
16,502
10,821,276
12.50%
,
07/31/27
...........
27,503
18,124,852
Origin
Energy
Finance
Ltd.
,
1.00%
,
09/17/29
(d)
................
EUR
18,101
17,086,176
Westpac
Banking
Corp.
(b)
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
1.88%),
5.75%
,
04/03/34
(d)
..............
AUD
3,400
2,217,703
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.75%),
2.67%
,
11/15/35
.....
USD
10,000
8,248,194
148,003,840
Austria
—
0.1%
ams-OSRAM
AG
0.00%
,
03/05/25
(d)
(m)
(n)
........
EUR
9,600
9,525,556
2.13%
,
11/03/27
(d)
(n)
..........
6,300
4,907,257
10.50%
,
03/30/29
(d)
..........
8,629
9,206,993
12.25%
,
03/30/29
(a)
..........
USD
2,405
2,416,001
Security
Par
(000)
Par
(000)
Value
Austria
(continued)
Lenzing
AG
(5-Year
EUR
Swap
Annual
+
11.21%),
5.75%
(b)
(d)
(o)
.......
EUR
16,000
$
15,086,638
41,142,445
Belgium
—
0.3%
(d)
Anheuser-Busch
InBev
SA
9.75%
,
07/30/24
............
GBP
27,461
35,098,141
4.00%
,
09/24/25
............
3,266
4,065,345
3.95%
,
03/22/44
............
EUR
13,130
14,464,613
Azelis
Finance
NV
,
5.75%
,
03/15/28
.
3,242
3,594,152
Elia
Transmission
Belgium
SA
,
3.75%
,
01/16/36
.................
10,700
11,661,187
FLUVIUS
System
Operator
CVBA
,
3.88%
,
03/18/31
............
20,200
22,329,526
KBC
Group
NV
(b)
(GUKG1
+
0.92%),
1.25%
,
09/21/27
GBP
3,300
3,796,284
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.93%),
8.00%
(o)
..........
EUR
2,400
2,767,250
(5-Year
EUR
Swap
Annual
+
2.25%),
4.75%
,
04/17/35
....
9,000
9,832,303
KBC
IFIMA
SA
,
(3-mo.
EURIBOR
+
0.35%),
4.29%
,
03/04/26
(b)
.....
8,000
8,634,773
UCB
SA
,
4.25%
,
03/20/30
........
7,900
8,599,758
124,843,332
Brazil
—
0.3%
3R
Lux
SARL
,
9.75%
,
02/05/31
(a)
...
USD
13,339
13,930,918
Azul
Secured
Finance
LLP
,
11.93%
,
08/28/28
(a)
................
16,095
16,364,108
Banco
Votorantim
SA
,
4.50%
,
09/24/24
(d)
................
3,212
3,182,450
Braskem
Netherlands
Finance
BV
8.50%
,
01/12/31
(a)
...........
4,617
4,750,893
8.50%
,
01/12/31
(d)
...........
5,000
5,145,000
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
8.22%),
8.50%
,
01/23/81
(a)
(b)
..
2,587
2,595,893
Cosan
Luxembourg
SA
,
7.25%
,
06/27/31
(a)
................
4,605
4,682,134
CSN
Resources
SA
,
5.88%
,
04/08/32
(a)
1,235
1,072,999
Embraer
Netherlands
Finance
BV
6.95%
,
01/17/28
(a)
...........
4,050
4,198,078
6.95%
,
01/17/28
(d)
...........
1,042
1,080,098
7.00%
,
07/28/30
(a)
...........
6,171
6,439,130
Gol
Finance
SA
,
(1M
Sofr
FWD
at
3.50%
Floor
+
10.50%),
15.82%
,
05/02/25
(a)
(b)
...............
3,890
3,889,697
MC
Brazil
Downstream
Trading
SARL
7.25%
,
06/30/31
(a)
...........
7,102
6,402,555
7.25%
,
06/30/31
(d)
...........
3,416
3,079,569
Petrorio
Luxembourg
Trading
SARL
,
6.13%
,
06/09/26
(a)
...........
5,763
5,649,181
Raizen
Fuels
Finance
SA
(a)
6.45%
,
03/05/34
............
5,400
5,515,749
6.95%
,
03/05/54
............
2,247
2,303,815
Samarco
Mineracao
SA
,
9.00%
,
(
9.00
%
Cash
or
9.00
%
PIK),
06/30/31
(d)
(p)
.
24,182
21,751,629
St
Marys
Cement,
Inc.
,
5.75%
,
04/02/34
(a)
................
2,930
2,900,700
Suzano
Austria
GmbH
5.00%
,
01/15/30
............
2,575
2,469,586
Series
DM3N
,
3.13%
,
01/15/32
..
3,566
2,958,665
7.00%
,
03/16/47
(a)
...........
400
419,109
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Brazil
(continued)
Tupy
Overseas
SA
,
4.50%
,
02/16/31
(d)
USD
2,500
$
2,147,656
122,929,612
Canada
—
0.7%
1011778
BC
ULC
(a)
3.88%
,
01/15/28
............
838
787,565
4.38%
,
01/15/28
............
1,175
1,111,469
3.50%
,
02/15/29
............
850
776,260
4.00%
,
10/15/30
............
650
579,151
ARI
FCP
Investments
LP
,
0.00%
,
01/30/25
(b)
................
2,892
2,848,439
Bank
of
Montreal
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.45%),
7.70%
,
05/26/84
(b)
................
14,112
14,277,830
Bombardier,
Inc.
(a)
7.13%
,
06/15/26
............
625
633,996
7.50%
,
02/01/29
............
3,300
3,398,122
8.75%
,
11/15/30
............
700
747,443
Brookfield
Residential
Properties,
Inc.
(a)
6.25%
,
09/15/27
............
4,534
4,435,737
5.00%
,
06/15/29
............
2,902
2,632,490
4.88%
,
02/15/30
............
175
156,963
Enbridge,
Inc.
(b)
Series
20-A
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
5.75%
,
07/15/80
...............
5,388
5,099,193
Series
NC5
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.79%),
8.25%
,
01/15/84
...............
4,991
5,193,620
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.43%),
8.50%
,
01/15/84
....
25,228
27,411,105
Garda
World
Security
Corp.
(a)
9.50%
,
11/01/27
............
2,793
2,799,720
7.75%
,
02/15/28
............
1,621
1,662,319
HR
Ottawa
LP
,
11.00%
,
03/31/31
(a)
..
99,478
107,077,155
Mattamy
Group
Corp.
(a)
5.25%
,
12/15/27
............
4,681
4,538,481
4.63%
,
03/01/30
............
7,171
6,505,833
Methanex
Corp.
5.13%
,
10/15/27
............
500
483,615
5.25%
,
12/15/29
............
150
143,516
Open
Text
Corp.
,
3.88%
,
02/15/28
(a)
.
400
370,433
Open
Text
Holdings,
Inc.
(a)
4.13%
,
02/15/30
............
200
179,175
4.13%
,
12/01/31
............
350
307,157
Parkland
Corp.
(a)
5.88%
,
07/15/27
............
250
247,834
4.50%
,
10/01/29
............
200
184,984
4.63%
,
05/01/30
............
400
368,759
Toronto-Dominion
Bank
(The)
(d)
2.88%
,
04/05/27
............
GBP
3,266
3,884,142
3.19%
,
02/16/29
............
EUR
41,620
45,186,145
Transcanada
Trust
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.99%),
5.60%
,
03/07/82
(b)
................
USD
1,019
930,247
Videotron
Ltd.
(a)
5.13%
,
04/15/27
............
275
269,172
3.63%
,
06/15/29
............
200
180,777
245,408,847
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
—
0.0%
Takumi
Capital
Ltd.
,
0.00%
,
09/18/30
(c)
(d
JPY
—
(q)
$
898,401
Chile
—
0.1%
AES
Andes
SA
,
6.30%
,
03/15/29
(a)
..
USD
3,240
3,271,298
Banco
de
Credito
e
Inversiones
SA
,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.94%),
8.75%
(a)
(b)
(o)
................
3,612
3,714,202
Engie
Energia
Chile
SA
,
3.40%
,
01/28/30
(d)
................
4,412
3,832,925
Kenbourne
Invest
SA
6.88%
,
11/26/24
(a)
...........
17,203
8,354,207
6.88%
,
11/26/24
(d)
...........
9,623
4,673,169
4.70%
,
01/22/28
(a)
...........
1,288
457,240
4.70%
,
01/22/28
(d)
...........
7,292
2,588,660
26,891,701
China
—
0.3%
China
City
Construction
International
Co.
Ltd.
,
5.35%
,
07/03/17
(c)
(d)
(f)
(r)
..
CNY
2,990
—
China
Development
Bank
Financial
Leasing
Co.
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.75%),
2.88%
,
09/28/30
(b)
(d)
...............
USD
8,084
7,722,746
China
Modern
Dairy
Holdings
Ltd.
,
2.13%
,
07/14/26
(d)
...........
10,000
9,065,625
eHi
Car
Services
Ltd.
,
12.00%
,
09/26/27
(d)
................
965
914,338
European
TopSoho
SARL
,
Series
SMCP
,
4.00%
,
10/14/24
(d)
(f)
(n)
(r)
...
EUR
13,600
5,868,944
Fantasia
Holdings
Group
Co.
Ltd.
(d)(f)(r)
11.75%
,
04/17/24
...........
USD
10,550
158,250
11.88%
,
06/01/24
...........
3,142
47,130
7.95%
,
07/05/24
............
5,938
89,070
9.88%
,
10/19/24
............
3,695
55,425
6.95%
,
12/17/24
............
3,180
47,700
Fortune
Star
BVI
Ltd.
,
5.95%
,
10/19/25
(d)
................
2,561
2,337,465
Geely
Automobile
Holdings
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.45%),
4.00%
(b)
(d)
(o)
................
3,800
3,737,063
Haidilao
International
Holding
Ltd.
,
2.15%
,
01/14/26
(d)
...........
10,000
9,350,000
Huarong
Finance
2019
Co.
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
6.98%),
4.25%
(b)
(d)
(o)
................
800
759,000
iQIYI,
Inc.
,
6.50%
,
03/15/28
(d)
(n)
....
14,400
13,608,000
Luye
Pharma
Group
Ltd.
,
6.25%
,
07/06/28
(d)
(n)
...............
8,084
6,567,824
Meituan
,
3.05%
,
10/28/30
(d)
.......
1,500
1,285,005
Nickel
Resources
International
Holdings
Co.
Ltd.
,
Series
1
,
12.00%
,
12/12/18
(c)
(d)
(f)
(r)
..............
HKD
8,000
—
NXP
BV
4.40%
,
06/01/27
............
USD
8,300
8,135,411
3.40%
,
05/01/30
............
12,472
11,306,828
Tencent
Holdings
Ltd.
,
3.93%
,
01/19/38
(d)
................
3,000
2,569,020
Tencent
Music
Entertainment
Group
,
2.00%
,
09/03/30
............
2,860
2,344,885
Weibo
Corp.
,
1.38%
,
12/01/30
(a)
(n)
...
12,467
12,317,396
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
China
(continued)
Zhongsheng
Group
Holdings
Ltd.
,
0.00%
,
05/21/25
(d)
(m)
(n)
.........
HKD
14,000
$
1,945,215
100,232,340
Colombia
—
0.1%
ABRA
Global
Finance
,
11.50%
,
(
11.50
%
Cash
or
11.50
%
PIK),
03/02/28
(a)
(p)
USD
8,816
8,070,265
Bancolombia
SA
(b)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.93%),
6.91%
,
10/18/27
....
1,722
1,715,594
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.94%),
4.63%
,
12/18/29
....
2,405
2,325,936
Geopark
Ltd.
,
5.50%
,
01/17/27
(a)
...
400
363,000
Gran
Tierra
Energy,
Inc.
,
9.50%
,
10/15/29
(a)
................
15,001
13,955,655
Oleoducto
Central
SA
,
4.00%
,
07/14/27
(d)
................
6,049
5,642,583
Promigas
SA
ESP
,
3.75%
,
10/16/29
(a)
3,653
3,212,357
SierraCol
Energy
Andina
LLC
,
6.00%
,
06/15/28
(d)
................
3,190
2,791,250
SURA
Asset
Management
SA
,
4.88%
,
04/17/24
(d)
................
2,698
2,690,095
40,766,735
Costa
Rica
—
0.0%
Liberty
Costa
Rica
Senior
Secured
Finance
,
10.88%
,
01/15/31
(a)
....
1,713
1,801,862
Cyprus
—
0.1%
ASG
Finance
DAC
,
7.88%
,
12/03/24
(a)
7,021
6,902,486
Bank
of
Cyprus
PCL
,
(1-Year
EUR
Swap
Annual
+
2.79%),
2.50%
,
06/24/27
(b)
(d)
...............
EUR
7,339
7,517,441
14,419,927
Czech
Republic
—
0.0%
Allwyn
Entertainment
Financing
UK
plc
7.25%
,
04/30/30
(d)
...........
12,601
14,274,318
Denmark
—
0.2%
(d)
AP
Moller
-
Maersk
A/S
,
3.75%
,
03/05/32
.................
10,825
11,797,673
Danske
Bank
A/S
(b)
(1-Year
EUR
Swap
Annual
+
0.85%),
1.38%
,
02/17/27
....
15,000
15,457,763
(GUKG1
+
1.65%),
2.25%
,
01/14/28
GBP
23,500
27,300,971
(1-Year
EUR
Swap
Annual
+
1.35%),
4.50%
,
11/09/28
.....
EUR
10,000
11,048,200
(1-Year
EUR
Swap
Annual
+
1.25%),
4.13%
,
01/10/31
....
6,000
6,669,248
Nassa
Topco
A/S
,
2.88%
,
04/06/24
..
3,200
3,443,551
75,717,406
Dominican
Republic
—
0.0%
Aeropuertos
Dominicanos
Siglo
XXI
SA
,
6.75%
,
03/30/29
(a)
........
USD
6,184
6,288,355
Finland
—
0.1%
Ahlstrom
Holding
3
Oy
3.63%
,
02/04/28
(d)
...........
EUR
6,573
6,648,076
4.88%
,
02/04/28
(a)
...........
USD
4,120
3,769,800
Nordea
Bank
Abp
,
(3-mo.
EURIBOR
+
0.68%),
4.38%
,
09/06/26
(b)
(d)
....
EUR
12,000
13,050,417
Security
Par
(000)
Par
(000)
Value
Finland
(continued)
OP
Mortgage
Bank
,
3.38%
,
02/15/27
(d)
EUR
25,030
$
27,167,041
50,635,334
France
—
2.8%
Accor
SA
,
(5-Year
EUR
Swap
Annual
+
3.25%),
2.63%
(b)
(d)
(o)
..........
3,900
4,127,572
Altice
France
SA
2.50%
,
01/15/25
(d)
...........
5,851
5,633,774
5.88%
,
02/01/27
(d)
...........
14,016
11,681,097
8.13%
,
02/01/27
(a)
...........
USD
2,550
1,993,228
11.50%
,
02/01/27
(d)
..........
EUR
1,455
1,341,332
5.50%
,
01/15/28
(a)
...........
USD
1,000
710,243
5.13%
,
07/15/29
(a)
...........
1,250
845,042
4.25%
,
10/15/29
(d)
...........
EUR
1,139
856,992
Arkema
SA
,
(5-Year
EUR
Swap
Annual
+
1.57%),
1.50%
(b)
(d)
(o)
.........
2,300
2,351,084
Atos
SE
(d)
0.00%
,
11/06/24
(m)
(n)
.........
11,700
1,893,848
1.75%
,
05/07/25
............
300
49,325
AXA
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.84%),
6.38%
(b)
(d)
(o)
.....
3,050
3,417,736
Banijay
Entertainment
SASU
,
7.00%
,
05/01/29
(d)
................
8,856
10,020,545
Banque
Federative
du
Credit
Mutuel
SA
(d)
3.00%
,
09/11/25
............
11,000
11,706,903
4.88%
,
09/25/25
............
GBP
21,000
26,358,683
4.38%
,
05/02/30
............
EUR
22,000
24,572,867
3.75%
,
02/03/34
............
5,200
5,680,987
Banque
Stellantis
France
SACA
,
3.50%
,
07/19/27
(d)
...........
10,000
10,752,294
BNP
Paribas
SA
(5-Year
USD
Swap
Semi
+
5.15%),
7.38%
(b)
(d)
(o)
..............
USD
734
735,741
3.38%
,
01/23/26
(d)
...........
GBP
13,266
16,217,763
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.20%),
4.63%
(a)
(b)
(o)
........
USD
1,754
1,590,466
(3-mo.
EURIBOR
+
0.70%),
0.25%
,
04/13/27
(b)
(d)
.............
EUR
27,000
27,132,743
1.88%
,
12/14/27
(d)
...........
GBP
3,300
3,742,588
(3-mo.
EURIBOR
+
1.37%),
2.75%
,
07/25/28
(b)
(d)
.............
EUR
9,000
9,412,321
(5-Year
EUR
Swap
Annual
+
4.65%),
6.88%
(b)
(d)
(o)
........
3,200
3,602,496
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.63%),
7.38%
(b)
(d)
(o)
........
5,400
6,226,313
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.34%),
4.63%
(a)
(b)
(o)
........
USD
18,441
15,212,475
(5-Year
EUR
Swap
Annual
+
1.20%),
1.13%
,
01/15/32
(b)
(d)
..
EUR
15,100
14,918,800
(3-mo.
EURIBOR
+
0.95%),
4.13%
,
09/26/32
(b)
(d)
.............
18,800
21,113,755
Series
TMO
,
(BFRTMO
-
0.25%),
2.82%
(b)
(o)
...............
1,983
2,033,733
BPCE
SA
(b)(d)
(3-mo.
EURIBOR
+
1.00%),
0.50%
,
09/15/27
...............
15,000
14,965,775
(5-year
SONIA
Mid-Swaps
Rate
+
1.83%),
2.50%
,
11/30/32
.....
GBP
8,000
8,944,928
(3-mo.
EURIBOR
+
1.45%),
4.13%
,
03/08/33
...............
EUR
32,000
34,993,406
(5-Year
EUR
Swap
Annual
+
1.57%),
1.75%
,
02/02/34
....
8,000
7,663,080
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
(continued)
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.30%),
4.88%
,
02/26/36
....
EUR
13,400
$
14,749,278
Burger
King
France
SAS
,
(3-mo.
EURIBOR
at
4.75%
Floor
+
4.75%),
8.65%
,
11/01/26
(b)
(d)
..........
3,800
4,125,384
Casino
Guichard
Perrachon
SA
(b)(f)(o)(r)
(10-Year
EURIBOR
ICE
Swap
Rate  at
9.00%
Cap
+
1.00%),
3.69%
.................
11,374
52,151
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.82%),
3.99%
(d)
..........
9,500
25,676
Cie
de
Saint-Gobain
SA
,
3.75%
,
11/29/26
(d)
................
23,100
25,103,511
Clariane
SE
,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
9.08%),
4.13%
(b)
(d)
(o)
..........
GBP
9,000
7,047,341
Cofiroute
SA
,
1.13%
,
10/13/27
(d)
....
EUR
2,400
2,415,725
Credit
Agricole
SA
2.63%
,
03/17/27
(d)
...........
11,500
12,000,701
(GUKG1
+
2.60%),
5.75%
,
11/29/27
(b)
(d)
.............
GBP
27,500
35,137,019
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
4.75%
(a)
(b)
(o)
........
USD
20,514
18,017,313
(5-Year
EUR
Swap
Annual
+
1.90%),
1.63%
,
06/05/30
(b)
(d)
..
EUR
21,500
22,460,681
4.38%
,
11/27/33
(d)
...........
6,500
7,388,663
Elior
Group
SA
,
3.75%
,
07/15/26
(d)
..
5,906
5,949,819
Elis
SA
,
3.75%
,
03/21/30
(d)
.......
4,100
4,402,531
Engie
SA
(d)
3.63%
,
12/06/26
............
13,700
14,840,460
3.75%
,
09/06/27
............
9,900
10,800,259
1.38%
,
06/22/28
............
3,300
3,285,685
3.88%
,
12/06/33
............
7,900
8,737,369
4.50%
,
09/06/42
............
14,000
16,032,125
4.25%
,
03/06/44
............
12,000
13,319,387
Eutelsat
SA
(d)
1.50%
,
10/13/28
............
8,900
7,147,554
9.75%
,
04/13/29
............
2,145
2,348,845
Forvia
SE
(d)
7.25%
,
06/15/26
............
970
1,097,500
2.75%
,
02/15/27
............
8,652
8,914,171
3.75%
,
06/15/28
............
5,185
5,426,022
5.50%
,
06/15/31
............
3,553
3,928,983
Goldstory
SAS
(d)
6.75%
,
02/01/30
............
4,094
4,505,917
(3-mo.
EURIBOR
+
4.00%),
7.91%
,
02/01/30
(b)
..............
1,359
1,478,253
Holding
d'Infrastructures
des
Metiers
de
l'Environnement
(d)
0.13%
,
09/16/25
............
9,300
9,477,058
0.63%
,
09/16/28
............
17,684
16,748,226
Iliad
Holding
SASU
5.13%
,
10/15/26
(d)
...........
4,419
4,709,752
6.50%
,
10/15/26
(a)
...........
USD
1,650
1,634,545
5.63%
,
10/15/28
(d)
...........
EUR
300
320,041
7.00%
,
10/15/28
(a)
...........
USD
1,375
1,360,855
Iliad
SA
(d)
5.38%
,
06/14/27
............
EUR
9,200
10,110,926
5.38%
,
02/15/29
............
13,600
14,907,616
5.63%
,
02/15/30
............
7,100
7,862,055
JCDecaux
SE
,
2.63%
,
04/24/28
(d)
...
8,300
8,657,883
Kering
SA
,
5.13%
,
11/23/26
(d)
......
GBP
18,900
23,978,011
La
Banque
Postale
SA
,
4.00%
,
05/03/28
(d)
................
EUR
9,700
10,684,921
Security
Par
(000)
Par
(000)
Value
France
(continued)
La
Financiere
Atalian
SASU
,
8.50%
,
06/30/28
(c)
................
EUR
9,662
$
7,138,898
Lion/Polaris
Lux
4
SA
,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.94%
,
07/01/26
(b)
(d)
..........
1,331
1,436,954
Loxam
SAS
(d)
3.75%
,
07/15/26
............
6,681
7,117,699
4.50%
,
02/15/27
............
921
987,550
4.50%
,
04/15/27
............
500
521,894
5.75%
,
07/15/27
............
828
889,983
6.38%
,
05/15/28
............
2,073
2,322,470
6.38%
,
05/31/29
............
5,298
5,940,319
Novafives
SAS
(d)
5.00%
,
06/15/25
............
2,727
2,912,604
(3-mo.
EURIBOR
at
4.50%
Floor
+
4.50%),
8.44%
,
06/15/25
(b)
...
4,450
4,752,873
Paprec
Holding
SA
(d)
6.50%
,
11/17/27
............
3,951
4,476,260
7.25%
,
11/17/29
............
4,089
4,698,601
Picard
Bondco
SA
,
5.38%
,
07/01/27
(d)
1,670
1,756,529
Picard
Groupe
SAS
,
3.88%
,
07/01/26
(d)
9,451
9,969,855
RCI
Banque
SA
(d)
4.13%
,
12/01/25
............
8,108
8,775,640
(5-Year
EUR
Swap
Annual
+
2.85%),
2.63%
,
02/18/30
(b)
...
27,500
28,957,224
Sabena
Technics
SAS
,
(Acquired
10/28/22
,
cost
$
16,982,711
)
,
(3-
mo.
EURIBOR
+
5.00%),
8.96%
,
09/30/29
(b)
(c)
(i)
...............
15,039
16,224,321
Societe
Generale
SA
1.88%
,
10/03/24
(d)
...........
GBP
3,300
4,092,148
(5-Year
USD
Swap
Rate
+
5.87%),
8.00%
(a)
(b)
(o)
..............
USD
3,010
3,023,945
(3-mo.
EURIBOR
+
0.50%),
4.40%
,
01/19/26
(b)
(d)
.............
EUR
16,200
17,538,366
(3-mo.
EURIBOR
+
1.50%),
1.13%
,
04/21/26
(b)
(d)
.............
17,500
18,329,942
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.39%),
9.38%
(a)
(b)
(o)
........
USD
3,240
3,355,224
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.51%),
5.38%
(a)
(b)
(o)
........
21,982
18,522,310
(5-Year
EUR
Swap
Annual
+
1.60%),
1.13%
,
06/30/31
(b)
(d)
..
EUR
9,000
9,029,353
Teleperformance
SE
(d)
5.25%
,
11/22/28
............
7,800
8,634,713
5.75%
,
11/22/31
............
2,900
3,273,372
TotalEnergies
Capital
Canada
Ltd.
,
2.13%
,
09/18/29
(d)
...........
7,800
7,933,438
TotalEnergies
Capital
International
SA
,
1.66%
,
07/22/26
(d)
...........
GBP
3,300
3,903,810
TotalEnergies
SE
(b)(d)(o)
(5-Year
EUR
Swap
Annual
+
1.77%),
1.75%
...........
EUR
42,478
45,762,315
(5-Year
EUR
Swap
Annual
+
2.15%),
2.63%
...........
14,270
15,087,625
Series
NC7
,
(5-Year
EUR
Swap
Annual
+
1.99%),
1.63%
.....
31,000
30,183,526
Vallourec
SACA
,
8.50%
,
06/30/26
(d)
.
11,512
12,528,630
Veolia
Environnement
SA
(b)(d)(o)
(5-Year
EUR
Swap
Annual
+
2.71%),
2.25%
...........
6,400
6,567,141
(5-Year
EUR
Swap
Annual
+
2.08%),
2.00%
...........
22,200
21,585,361
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
(continued)
Worldline
SA
(d)(m)(n)
0.00%
,
07/30/25
............
EUR
5,617
$
6,707,780
0.00%
,
07/30/26
............
13,062
12,744,538
1,041,373,358
Germany
—
2.8%
ADLER
Group
SA
,
21.00%
,
(
21.00
%
Cash
or
21.00
%
PIK),
07/31/25
(d)
(p)
4,300
4,173,278
Agps
Bondco
plc
(d)(f)(r)
6.00%
,
08/05/25
............
11,000
4,717,272
5.50%
,
11/13/26
............
8,700
3,599,003
5.00%
,
04/27/27
............
2,800
1,147,896
5.00%
,
01/14/29
............
14,200
5,767,856
Allianz
SE
(b)(o)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.97%),
3.50%
(a)
..........
USD
2,000
1,855,006
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.17%),
3.20%
(a)
..........
2,000
1,637,231
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.17%),
3.20%
(d)
..........
18,800
15,389,979
Aroundtown
SA
(d)
(5-Year
GBP
Swap
+
4.38%),
4.75%
(b)
(o)
...............
GBP
4,476
3,367,597
(5-Year
EUR
Swap
Annual
+
3.98%),
3.38%
(b)
(o)
.........
EUR
4,400
2,819,682
0.00%
,
07/16/26
............
4,200
3,998,667
2.00%
,
11/02/26
............
2,000
1,952,589
0.38%
,
04/15/27
............
7,700
6,949,986
1.45%
,
07/09/28
............
3,900
3,449,784
AT
Securities
BV
,
(5-Year
USD
Swap
Semi
+
3.55%),
7.75%
(b)
(d)
(o)
.....
USD
6,250
3,767,500
ATF
Netherlands
BV
,
(5-Year
EUR
Swap
Annual
+
4.38%),
7.08%
(b)
(d)
(o)
EUR
13,400
9,077,987
Bayer
AG
(d)
4.00%
,
08/26/26
............
16,230
17,637,416
4.63%
,
05/26/33
............
16,998
18,927,392
(5-Year
EUR
Swap
Annual
+
2.55%),
3.75%
,
07/01/74
(b)
...
5,200
5,542,812
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.65%),
2.38%
,
11/12/79
(b)
...
64,600
66,811,875
(5-Year
EUR
Swap
Annual
+
3.75%),
4.50%
,
03/25/82
(b)
...
15,000
15,130,871
Series
NC5
,
(5-Year
EUR
Swap
Annual
+
3.43%),
6.63%
,
09/25/83
(b)
..............
12,100
12,962,998
(5-Year
EUR
Swap
Annual
+
3.90%),
7.00%
,
09/25/83
(b)
...
11,400
12,376,586
Bayer
Capital
Corp.
BV
,
2.13%
,
12/15/29
(d)
................
1,800
1,751,209
Bertelsmann
SE
&
Co.
KGaA
,
(5-Year
EUR
Swap
Annual
+
3.21%),
3.50%
,
04/23/75
(b)
(d)
...............
7,900
8,203,306
BRANICKS
Group
AG
,
2.25%
,
09/22/26
(d)
................
4,200
1,441,365
Cheplapharm
Arzneimittel
GmbH
(d)
3.50%
,
02/11/27
............
5,297
5,520,905
4.38%
,
01/15/28
............
10,392
10,837,217
7.50%
,
05/15/30
............
1,328
1,511,512
Commerzbank
AG
(b)(d)
(5-Year
EUR
Swap
Annual
+
6.36%),
6.13%
(o)
..........
16,200
17,237,056
(5-Year
EUR
Swap
Annual
+
6.36%),
6.13%
(o)
..........
6,600
7,022,505
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
(5-Year
EUR
Swap
Annual
+
6.74%),
6.50%
(o)
..........
EUR
3,800
$
3,976,641
(5-Year
EUR
Swap
Annual
+
4.35%),
4.00%
,
12/05/30
....
8,500
9,054,038
(3-mo.
EURIBOR
+
2.10%),
4.63%
,
01/17/31
...............
1,600
1,768,627
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.25%),
8.63%
,
02/28/33
..........
GBP
8,800
11,821,806
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.70%),
6.75%
,
10/05/33
....
EUR
5,800
6,723,401
Daimler
Truck
Finance
North
America
LLC
,
5.38%
,
01/18/34
(a)
.......
USD
4,413
4,435,663
DEMIRE
Deutsche
Mittelstand
Real
Estate
AG
,
1.88%
,
10/15/24
(d)
...
EUR
14,900
10,368,288
Deutsche
Bahn
Finance
GmbH
,
(5-
Year
EUR
Swap
Annual
+
1.26%),
0.95%
(b)
(d)
(o)
................
32,400
33,609,402
Deutsche
Bank
AG
(b)
(USISOA05
+
4.36%),
4.79%
(d)
(o)
.
USD
3,000
2,778,804
(1-day
SOFR
+
1.59%),
5.71%
,
02/08/28
...............
15,503
15,480,490
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.30%),
4.00%
,
06/24/32
(d)
...
EUR
9,100
9,501,410
Deutsche
Lufthansa
AG
(d)
2.00%
,
07/14/24
............
5,300
5,680,144
3.75%
,
02/11/28
............
1,900
2,036,881
3.50%
,
07/14/29
............
1,900
2,008,753
Douglas
Service
GmbH
,
6.00%
,
04/08/26
(d)
................
2,722
2,974,806
E.ON
SE
,
4.13%
,
03/25/44
(d)
......
7,930
8,752,189
EnBW
Energie
Baden-Wuerttemberg
AG
(b)(d)
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.73%),
1.63%
,
08/05/79
....
14,800
14,470,076
(5-Year
EUR
Swap
Annual
+
1.42%),
1.13%
,
11/05/79
.....
9,100
9,622,362
(5-Year
EUR
Swap
Annual
+
2.18%),
2.13%
,
08/31/81
....
22,400
19,302,784
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.66%),
5.25%
,
01/23/84
....
2,300
2,536,590
EnBW
International
Finance
BV
,
4.30%
,
05/23/34
(d)
................
29,730
33,685,747
Envalior
,
(6-mo.
EURIBOR
+
9.50%),
13.63%
,
03/31/31
(b)
(c)
.........
20,087
20,316,332
Eurogrid
GmbH
(d)
3.60%
,
02/01/29
............
4,600
4,993,876
3.72%
,
04/27/30
............
15,400
16,824,394
3.92%
,
02/01/34
............
4,400
4,837,493
Fresenius
SE
&
Co.
KGaA
,
4.25%
,
05/28/26
(d)
................
13,500
14,705,197
Gruenenthal
GmbH
(d)
3.63%
,
11/15/26
............
7,590
8,004,231
4.13%
,
05/15/28
............
3,348
3,490,085
6.75%
,
05/15/30
............
833
950,031
HT
Troplast
GmbH
,
9.38%
,
07/15/28
(d)
8,390
9,468,828
IHO
Verwaltungs
GmbH
(p)
3.75%
,
(
3.75
%
Cash
or
4.50
%
PIK),
09/15/26
(d)
..............
6,023
6,398,690
3.88%
,
(
3.88
%
Cash
or
4.63
%
PIK),
05/15/27
(b)
(d)
.............
2,941
3,109,848
6.00%
,
(
6.00
%
Cash
or
6.75
%
PIK),
05/15/27
(a)
..............
USD
400
399,482
8.75%
,
(
8.75
%
Cash
or
9.50
%
PIK),
05/15/28
(b)
(d)
.............
EUR
1,618
1,889,590
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
PCF
GmbH
(d)
4.75%
,
04/15/26
............
EUR
1,566
$
1,277,432
(3-mo.
EURIBOR
at
4.75%
Floor
+
4.75%),
8.69%
,
04/15/26
(b)
...
5,069
4,274,329
Phoenix
PIB
Dutch
Finance
BV
,
2.38%
,
08/05/25
(d)
................
3,000
3,136,217
ProGroup
AG
(d)
5.13%
,
04/15/29
............
4,087
4,410,724
5.38%
,
04/15/31
............
5,287
5,689,962
RWE
AG
,
2.75%
,
05/24/30
(d)
......
5,000
5,169,482
Sartorius
Finance
BV
(d)
4.25%
,
09/14/26
............
4,500
4,905,218
4.38%
,
09/14/29
............
10,000
11,174,944
4.88%
,
09/14/35
............
10,000
11,618,352
Schaeffler
AG
(d)
4.50%
,
08/14/26
............
11,900
12,936,785
4.75%
,
08/14/29
............
2,800
3,067,149
Siemens
Financieringsmaatschappij
NV
,
3.63%
,
02/22/44
(d)
........
10,000
10,907,173
Techem
Verwaltungsgesellschaft
674
mbH
,
6.00%
,
07/30/26
(d)
.......
7,115
7,645,381
Techem
Verwaltungsgesellschaft
675
mbH
,
2.00%
,
07/15/25
(d)
.......
15,866
16,779,486
Tele
Columbus
AG
,
10.00%
,
03/19/29
(d)
8,088
5,619,831
TK
Elevator
Holdco
GmbH
,
6.63%
,
07/15/28
(d)
................
4,151
4,332,553
TK
Elevator
Midco
GmbH
4.38%
,
07/15/27
(d)
...........
6,229
6,459,885
Traton
Finance
Luxembourg
SA
(d)
0.13%
,
03/24/25
............
7,900
8,213,908
3.75%
,
03/27/27
............
8,400
9,069,590
TUI
Cruises
GmbH
,
6.50%
,
05/15/26
(d)
1,098
1,191,839
Volkswagen
Bank
GmbH
,
4.25%
,
01/07/26
(d)
................
4,600
4,983,821
Volkswagen
Financial
Services
NV
(d)
1.88%
,
12/03/24
............
GBP
1,800
2,220,312
4.25%
,
10/09/25
............
1,400
1,739,730
5.50%
,
12/07/26
............
26,400
33,515,953
6.50%
,
09/18/27
............
17,000
22,283,743
Volkswagen
International
Finance
NV
(b)(d)
Series
NC6
,
(6-Year
EUR
Swap
Annual
+
2.97%),
3.38%
(o)
....
EUR
61,800
66,270,359
(3-mo.
EURIBOR
+
0.65%),
4.55%
,
03/27/26
...............
15,400
16,639,378
(5-Year
EUR
Swap
Annual
+
2.92%),
3.75%
(o)
..........
1,700
1,728,587
(9-Year
EUR
Swap
Annual
+
3.96%),
3.88%
(o)
..........
5,600
5,589,306
Volkswagen
Leasing
GmbH
,
0.63%
,
07/19/29
(d)
................
15,631
14,444,030
Wintershall
Dea
Finance
2
BV
(b)(d)(o)
Series
NC5
,
(5-Year
EUR
Swap
Annual
+
2.92%),
2.50%
.....
53,300
53,046,245
Series
NC8
,
(5-Year
EUR
Swap
Annual
+
3.32%),
3.00%
.....
1,800
1,704,083
Wintershall
Dea
Finance
BV
(d)
1.33%
,
09/25/28
............
23,600
22,599,059
1.82%
,
09/25/31
............
11,400
10,362,455
ZF
Europe
Finance
BV
(d)
2.00%
,
02/23/26
............
1,300
1,339,864
2.50%
,
10/23/27
............
1,900
1,919,139
4.75%
,
01/31/29
............
800
867,228
ZF
Finance
GmbH
(d)
3.00%
,
09/21/25
............
7,900
8,360,775
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
5.75%
,
08/03/26
............
EUR
5,100
$
5,658,032
2.00%
,
05/06/27
............
1,800
1,805,995
2.75%
,
05/25/27
............
3,100
3,180,725
2.25%
,
05/03/28
............
1,900
1,880,590
3.75%
,
09/21/28
............
10,700
11,139,666
1,013,722,632
Ghana
—
0.0%
Kosmos
Energy
Ltd.
,
7.50%
,
03/01/28
(d)
USD
4,038
3,913,074
Greece
—
0.0%
Danaos
Corp.
,
8.50%
,
03/01/28
(a)
...
4,300
4,388,154
National
Bank
of
Greece
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.15%),
5.88%
,
06/28/35
(b)
(d)
..........
EUR
7,500
8,154,100
12,542,254
Guatemala
—
0.0%
Millicom
International
Cellular
SA
6.63%
,
10/15/26
(a)
...........
USD
4,708
4,662,563
5.13%
,
01/15/28
(d)
...........
2,124
2,019,791
7.38%
,
04/02/32
(a)
...........
3,205
3,205,000
9,887,354
Hong
Kong
—
0.4%
AIA
Group
Ltd.
(d)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.76%),
2.70%
(b)
(o)
.........
10,000
9,337,500
5.38%
,
04/05/34
............
8,000
7,985,840
Cathay
Pacific
Finance
III
Ltd.
,
2.75%
,
02/05/26
(d)
(n)
...............
HKD
20,000
2,791,654
Cheung
Kong
Infrastructure
Finance
BVI
Ltd.
,
1.00%
,
12/12/24
(d)
.....
EUR
10,000
10,513,178
Elect
Global
Investments
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.89%),
4.10%
(b)
(d)
(o)
................
USD
10,000
9,109,375
FWD
Group
Holdings
Ltd.
,
8.40%
,
04/05/29
(a)
................
90,765
93,941,775
Goodman
HK
Finance
,
4.38%
,
06/19/24
(d)
................
3,298
3,284,214
HKT
Capital
No.
4
Ltd.
,
3.00%
,
07/14/26
(d)
................
225
213,399
Link
CB
Ltd.
,
4.50%
,
12/12/27
(d)
(n)
...
HKD
40,000
5,110,743
Melco
Resorts
Finance
Ltd.
4.88%
,
06/06/25
(a)
...........
USD
625
609,375
4.88%
,
06/06/25
(d)
...........
1,000
975,000
5.25%
,
04/26/26
(d)
...........
2,900
2,793,062
5.63%
,
07/17/27
(d)
...........
4,200
4,014,938
5.75%
,
07/21/28
(a)
...........
200
189,160
5.38%
,
12/04/29
(a)
...........
3,042
2,768,798
5.38%
,
12/04/29
(d)
...........
1,500
1,365,285
REXLot
Holdings
Ltd.
(c)(d)(f)(n)(r)
6.00%
,
04/28/17
............
HKD
1,103
—
4.50%
,
04/17/19
............
15,091
—
155,003,296
India
—
0.8%
ABJA
Investment
Co.
Pte.
Ltd.
,
5.95%
,
07/31/24
(d)
................
USD
10,400
10,361,312
Adani
Electricity
Mumbai
Ltd.
,
3.95%
,
02/12/30
(d)
................
8,000
6,800,000
Adani
Green
Energy
Ltd.
,
4.38%
,
09/08/24
(d)
................
9,000
8,899,740
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
India
(continued)
Adani
Green
Energy
UP
Ltd.
,
6.70%
,
03/12/42
(a)
................
USD
2,434
$
2,342,725
Adani
Ports
&
Special
Economic
Zone
Ltd.
,
4.20%
,
08/04/27
(d)
........
10,000
9,237,500
Adani
Renewable
Energy
RJ
Ltd.
,
4.63%
,
10/15/39
(d)
...........
2,191
1,815,480
Axis
Bank
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.32%),
4.10%
(b)
(d)
(o)
...
9,000
8,364,375
Azure
Power
Energy
Ltd.
,
3.58%
,
08/19/26
(d)
................
6,853
6,188,679
Azure
Power
Solar
Energy
Pvt
Ltd.
,
5.65%
,
12/24/24
(d)
...........
4,000
3,887,500
CA
Magnum
Holdings
,
5.38%
,
10/31/26
(d)
................
9,657
9,270,720
Continuum
Energy
Aura
Pte.
Ltd.
9.50%
,
02/24/27
(a)
...........
2,370
2,463,319
9.50%
,
02/24/27
(d)
...........
8,500
8,834,687
Continuum
Energy
Levanter
Pte.
Ltd.
4.50%
,
02/09/27
(a)
...........
4,484
4,341,020
4.50%
,
02/09/27
(d)
...........
755
730,488
Delhi
International
Airport
Ltd.
,
6.13%
,
10/31/26
(d)
................
15,000
14,854,687
Diamond
II
Ltd.
7.95%
,
07/28/26
(a)
...........
2,208
2,245,950
7.95%
,
07/28/26
(d)
...........
12,000
12,206,250
GMR
Hyderabad
International
Airport
Ltd.
(d)
4.75%
,
02/02/26
............
1,090
1,054,510
4.25%
,
10/27/27
............
15,000
13,898,437
Greenko
Dutch
BV
,
3.85%
,
03/29/26
(d)
241
225,772
Greenko
Solar
Mauritius
Ltd.
(d)
5.55%
,
01/29/25
............
200
197,687
5.95%
,
07/29/26
............
6,000
5,835,600
Greenko
Wind
Projects
Mauritius
Ltd.
,
5.50%
,
04/06/25
(d)
...........
6,000
5,895,000
HDFC
Bank
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.93%),
3.70%
(b)
(d)
(o)
...
10,000
9,196,875
HPCL-Mittal
Energy
Ltd.
,
5.45%
,
10/22/26
(d)
................
5,000
4,868,750
India
Airport
Infra
,
6.25%
,
10/25/25
(d)
.
13,057
13,057,000
India
Green
Power
Holdings
,
4.00%
,
02/22/27
(d)
................
9,546
8,868,638
Indiabulls
Housing
Finance
Ltd.
,
9.70%
,
07/03/27
(d)
................
675
673,988
JSW
Hydro
Energy
Ltd.
,
4.13%
,
05/18/31
(d)
................
4,140
3,664,002
Network
i2i
Ltd.
(b)(d)(o)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.27%),
5.65%
...........
2,162
2,142,407
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.39%),
3.98%
...........
10,000
9,490,625
Oil
India
International
Pte.
Ltd.
,
4.00%
,
04/21/27
(d)
................
15,000
14,376,563
ONGC
Videsh
Ltd.
,
4.63%
,
07/15/24
(d)
10,000
9,948,500
Periama
Holdings
LLC
,
5.95%
,
04/19/26
(d)
................
11,500
11,359,844
REC
Ltd.
(d)
3.88%
,
07/07/27
............
1,000
948,750
5.63%
,
04/11/28
............
8,000
8,052,500
ReNew
Pvt
Ltd.
,
5.88%
,
03/05/27
(d)
..
9,000
8,753,580
Security
Par
(000)
Par
(000)
Value
India
(continued)
ReNew
Wind
Energy
AP2
,
4.50%
,
07/14/28
(d)
................
USD
9,000
$
8,232,188
Shriram
Finance
Ltd.
,
6.63%
,
04/22/27
(d)
................
9,155
9,174,225
TML
Holdings
Pte.
Ltd.
,
4.35%
,
06/09/26
(d)
................
5,799
5,565,228
Vedanta
Resources
Finance
II
plc
(e)
13.88%
,
12/09/28
(a)
..........
10,839
9,863,817
13.88%
,
12/09/28
(d)
..........
6,152
5,598,466
Vedanta
Resources
Ltd.
,
13.88%
,
12/09/28
(a)
(e)
...............
2,594
2,270,100
Videocon
Industries
Ltd.
,
2.84%
,
12/31/20
(c)
(d)
(e)
(f)
(n)
(r)
...........
735
—
286,057,484
Indonesia
—
0.2%
Cikarang
Listrindo
Tbk.
PT
,
4.95%
,
09/14/26
(d)
................
10,000
9,678,125
Freeport
Indonesia
PT
(d)
4.76%
,
04/14/27
............
3,643
3,553,746
5.32%
,
04/14/32
............
10,000
9,762,500
Indofood
CBP
Sukses
Makmur
Tbk.
PT
,
3.40%
,
06/09/31
(d)
...........
10,000
8,684,375
LLPL
Capital
Pte.
Ltd.
,
6.88%
,
02/04/39
(d)
................
7,742
7,688,774
Medco
Laurel
Tree
Pte.
Ltd.
,
6.95%
,
11/12/28
(d)
................
200
193,738
Medco
Maple
Tree
Pte.
Ltd.
8.96%
,
04/27/29
(a)
...........
7,101
7,389,478
8.96%
,
04/27/29
(d)
...........
10,000
10,406,250
Minejesa
Capital
BV
(d)
4.63%
,
08/10/30
............
1,860
1,764,295
5.63%
,
08/10/37
............
10,000
9,043,750
Pakuwon
Jati
Tbk.
PT
,
4.88%
,
04/29/28
(d)
................
375
350,977
Pertamina
Geothermal
Energy
PT
,
5.15%
,
04/27/28
(d)
...........
850
846,281
PT
Tower
Bersama
Infrastructure
Tbk.
,
4.25%
,
01/21/25
(d)
...........
10,000
9,853,125
Star
Energy
Geothermal
Darajat
II
,
3.25%
,
04/14/29
(d)
...........
1,328
1,247,617
Theta
Capital
Pte.
Ltd.
,
8.13%
,
01/22/25
(d)
................
1,763
1,674,445
82,137,476
Ireland
—
0.1%
AerCap
Ireland
Capital
DAC
,
3.30%
,
01/30/32
.................
7,754
6,650,266
AIB
Group
plc
,
(1-Year
EUR
Swap
Annual
+
2.00%),
3.63%
,
07/04/26
(b)
(d)
...............
EUR
19,550
21,039,632
Bank
of
Ireland
Group
plc
(b)(d)
(5-Year
EUR
Swap
Annual
+
7.92%),
7.50%
(o)
..........
8,629
9,447,623
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.10%),
1.88%
,
06/05/26
....
7,000
7,372,259
Fidelity
Grand
Harbour
CLO
DAC
,
Series
2023-2X
,
Class
D
,
(3-mo.
EURIBOR
at
4.10%
Floor
+
4.10%),
8.02%
,
04/15/38
(b)
(c)
(d)
.........
781
842,582
Smurfit
Kappa
Treasury
ULC
,
5.78%
,
04/03/54
(a)
................
USD
2,375
2,402,303
47,754,665
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Israel
—
0.1%
Energean
Israel
Finance
Ltd.
8.50%
,
09/30/33
(a)
(d)
..........
USD
3,692
$
3,654,728
Leviathan
Bond
Ltd.
,
6.75%
,
06/30/30
(a)
(d)
...............
1,385
1,286,413
Teva
Pharmaceutical
Finance
Netherlands
II
BV
1.88%
,
03/31/27
(d)
...........
EUR
2,710
2,680,053
3.75%
,
05/09/27
............
4,876
5,085,825
7.38%
,
09/15/29
............
11,486
13,712,003
4.38%
,
05/09/30
............
4,764
4,946,905
31,365,927
Italy
—
1.6%
ASTM
SpA
(d)
1.50%
,
01/25/30
............
2,600
2,444,230
2.38%
,
11/25/33
............
2,075
1,904,720
Azzurra
Aeroporti
SpA
(d)
2.13%
,
05/30/24
............
32,746
35,156,893
2.63%
,
05/30/27
............
14,163
14,439,366
Banco
BPM
SpA
(d)
3.88%
,
09/18/26
............
49,840
54,214,346
(3-mo.
EURIBOR
+
2.80%),
6.00%
,
06/14/28
(b)
..............
7,150
8,127,884
(3-mo.
EURIBOR
+
2.35%),
4.88%
,
01/17/30
(b)
..............
9,225
10,236,552
(5-Year
EUR
Swap
Annual
+
3.80%),
3.25%
,
01/14/31
(b)
...
10,700
11,211,144
(5-Year
EUR
Swap
Annual
+
3.17%),
2.88%
,
06/29/31
(b)
...
3,685
3,806,601
(5-Year
EUR
Swap
Annual
+
3.40%),
3.38%
,
01/19/32
(b)
...
6,650
6,885,297
Cedacri
Mergeco
SpA
(b)(d)
(3-mo.
EURIBOR
at
4.63%
Floor
+
4.63%),
8.53%
,
05/15/28
....
1,281
1,383,345
(3-mo.
EURIBOR
+
5.50%),
9.40%
,
05/15/28
...............
4,182
4,517,390
Cerved
Group
SpA
,
(3-mo.
EURIBOR
at
5.25%
Floor
+
5.25%),
9.19%
,
02/15/29
(b)
(d)
...............
2,944
3,061,349
Davide
Campari-Milano
NV
,
2.38%
,
01/17/29
(d)
(n)
...............
9,200
10,192,920
doValue
SpA
,
3.38%
,
07/31/26
(d)
...
5,415
5,140,936
Enel
Finance
International
NV
,
3.38%
,
07/23/28
(d)
................
8,550
9,240,051
Engineering
-
Ingegneria
Informatica
-
SpA
,
11.13%
,
05/15/28
(d)
.......
11,944
13,852,218
Eni
SpA
(d)
Series
NC5.
,
(5-Year
EUR
Swap
Annual
+
3.17%),
2.63%
(b)
(o)
...
34,200
35,725,643
Series
NC9
,
(5-Year
EUR
Swap
Annual
+
2.77%),
2.75%
(b)
(o)
...
26,000
24,700,469
4.25%
,
05/19/33
............
14,230
16,014,814
3.88%
,
01/15/34
............
9,370
10,223,034
Fiber
Bidco
SpA
(d)
11.00%
,
10/25/27
...........
8,972
10,503,356
(3-mo.
EURIBOR
+
4.00%),
7.89%
,
01/15/30
(b)
..............
4,326
4,684,945
FIS
Fabbrica
Italiana
Sintetici
SpA
,
5.63%
,
08/01/27
(d)
...........
5,703
5,924,786
Iccrea
Banca
SpA
,
4.00%
,
11/08/27
(d)
33,040
36,251,315
IMA
Industria
Macchine
Automatiche
SpA
,
3.75%
,
01/15/28
(d)
.......
7,872
8,019,663
Infrastrutture
Wireless
Italiane
SpA
(d)
1.63%
,
10/21/28
............
12,405
12,373,645
1.75%
,
04/19/31
............
6,226
5,992,715
Security
Par
(000)
Par
(000)
Value
Italy
(continued)
Intesa
Sanpaolo
SpA
5.02%
,
06/26/24
(a)
...........
USD
6,100
$
6,079,851
(5-Year
EUR
Swap
Annual
+
6.07%),
5.88%
(b)
(d)
(o)
........
EUR
5,555
5,963,047
1.63%
,
04/21/25
(d)
...........
6,800
7,174,740
5.71%
,
01/15/26
(a)
...........
USD
525
520,436
0.63%
,
02/24/26
(d)
...........
EUR
7,000
7,118,136
(5-Year
EUR
Swap
Annual
+
7.19%),
7.75%
(b)
(d)
(o)
........
1,100
1,228,855
(5-Year
EURIBOR
ICE
Swap
Rate
+
6.26%),
9.13%
(b)
(d)
(o)
........
4,150
4,994,302
5.15%
,
06/10/30
(d)
...........
GBP
16,909
19,954,057
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.60%),
4.20%
,
06/01/32
(a)
(b)
..
USD
225
188,110
8.51%
,
09/20/32
(d)
...........
GBP
821
1,153,408
Lottomatica
SpA
(b)(d)
(3-mo.
EURIBOR
+
4.13%),
8.07%
,
06/01/28
...............
EUR
8,198
8,921,801
(3-mo.
EURIBOR
+
4.00%),
7.94%
,
12/15/30
...............
6,167
6,736,434
Nexi
SpA
,
0.00%
,
02/24/28
(d)
(m)
(n)
....
20,500
18,963,514
Rekeep
SpA
,
7.25%
,
02/01/26
(d)
....
12,197
11,818,648
Rossini
SARL
(d)
6.75%
,
10/30/25
............
16,810
18,135,469
(3-mo.
EURIBOR
at
3.88%
Floor
+
3.88%),
7.76%
,
10/30/25
(b)
...
1,558
1,680,848
Snam
SpA
,
3.38%
,
02/19/28
(d)
.....
4,140
4,466,305
Taurus
Law
130
Securities
SRL
,
(Acquired
07/14/23
,
cost
$
22,430,009
)
,
(3-mo.
EURIBOR
+
3.25%),
7.17%
,
08/22/27
(b)
(c)
(i)
....
20,682
21,626,932
Telecom
Italia
Capital
SA
6.38%
,
11/15/33
............
USD
565
534,526
6.00%
,
09/30/34
............
5,119
4,682,112
7.20%
,
07/18/36
............
11,146
10,879,557
7.72%
,
06/04/38
............
1,382
1,384,348
Telecom
Italia
SpA
(d)
4.00%
,
04/11/24
............
EUR
2,555
2,753,705
2.75%
,
04/15/25
............
1,975
2,077,546
3.00%
,
09/30/25
............
600
628,732
2.88%
,
01/28/26
............
1,100
1,148,084
6.88%
,
02/15/28
............
10,353
11,798,950
7.88%
,
07/31/28
............
13,324
15,758,296
1.63%
,
01/18/29
............
5,945
5,509,217
5.25%
,
03/17/55
............
800
772,008
UniCredit
SpA
(b)
(5-Year
EUR
Swap
Annual
+
4.93%),
5.38%
(d)
(o)
.........
2,200
2,340,502
(3-mo.
EURIBOR
+
2.55%),
2.20%
,
07/22/27
(d)
..............
13,650
14,175,362
(3-mo.
EURIBOR
+
1.60%),
4.45%
,
02/16/29
(d)
..............
5,275
5,802,271
(5-Year
EUR
Swap
Annual
+
2.40%),
2.00%
,
09/23/29
(d)
...
200
212,652
(5-Year
EUR
Swap
Annual
+
2.80%),
2.73%
,
01/15/32
(d)
...
800
818,840
(5-Year
USD
Swap
Rate
+
3.70%),
5.86%
,
06/19/32
(a)
.........
USD
375
366,187
(5-Year
USD
Swap
Rate
+
4.91%),
7.30%
,
04/02/34
(a)
.........
9,675
9,943,325
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.75%),
5.46%
,
06/30/35
(a)
...
200
187,811
604,728,551
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Jamaica
—
0.0%
Digicel
Group
Holdings
Ltd.
,
8.00%
,
04/01/25
(a)
(f)
(r)
...............
USD
5,084
$
1,169,208
Digicel
Intermediate
Holdings
Ltd.
,
10.50%
,
(
10.50
%
Cash
or
10.50
%
PIK),
05/25/27
(p)
.............
4,845
4,716,930
Digicel
International
Finance
Ltd.
,
8.00%
,
12/31/26
(a)
(f)
(r)
.........
1,933
38,670
Digicel
Midco
Ltd.
,
10.50%
,
11/25/28
.
3,179
2,487,438
8,412,246
Japan
—
0.5%
Daiwa
House
Industry
Co.
Ltd.
,
0.00%
,
03/30/29
(d)
(m)
(n)
..............
JPY
10,000
66,885
East
Japan
Railway
Co.
,
4.11%
,
02/22/43
(d)
................
EUR
18,567
20,982,721
Ibiden
Co.
Ltd.
,
0.00%
,
03/14/31
(d)
(m)
(n)
JPY
1,010,000
7,362,498
INFRONEER
Holdings,
Inc.
,
0.00%
,
03/30/29
(d)
(m)
(n)
..............
720,000
4,879,715
JFE
Holdings,
Inc.
,
0.00%
,
09/28/28
(d)
(m)
2,170,000
15,710,926
Kansai
Paint
Co.
Ltd.
(d)(m)(n)
0.00%
,
03/08/29
............
10,000
67,292
0.00%
,
03/07/31
............
10,000
65,795
Koei
Tecmo
Holdings
Co.
Ltd.
,
0.00%
,
12/20/24
(d)
(m)
(n)
..............
700,000
4,594,060
Mizuho
Financial
Group,
Inc.
,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.25%),
3.26%
,
05/22/30
(b)
...........
USD
15,000
13,691,640
Nissan
Motor
Co.
Ltd.
2.65%
,
03/17/26
(d)
...........
EUR
3,940
4,141,503
4.81%
,
09/17/30
(a)
...........
USD
1,123
1,048,630
4.81%
,
09/17/30
(d)
...........
10,000
9,337,760
Rohm
Co.
Ltd.
,
0.00%
,
12/05/24
(d)
(m)
(n)
JPY
1,400,000
9,224,993
SoftBank
Group
Corp.
(d)
2.13%
,
07/06/24
............
EUR
21,715
23,192,955
4.50%
,
04/20/25
............
689
742,302
4.75%
,
07/30/25
............
5,081
5,495,341
3.13%
,
09/19/25
............
4,788
5,032,263
4.00%
,
07/06/26
............
USD
2,879
2,724,254
2.88%
,
01/06/27
............
EUR
2,832
2,891,081
5.00%
,
04/15/28
............
3,813
4,101,906
3.38%
,
07/06/29
............
9,813
9,713,771
4.00%
,
09/19/29
............
645
654,622
3.88%
,
07/06/32
............
100
96,557
3.88%
,
07/06/32
............
7,787
7,518,900
Sumitomo
Life
Insurance
Co.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.84%),
5.88%
(a)
(b)
(o)
................
USD
5,533
5,511,271
Sumitomo
Mitsui
Financial
Group,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.28%),
6.60%
(b)
(o)
...........
29,073
29,109,894
Wessex
Ltd.
,
0.00%
,
09/19/30
(c)
(d)
(m)
..
JPY
—
(q)
218,655
188,178,190
Jersey,
Channel
Islands
—
0.2%
Aston
Martin
Capital
Holdings
Ltd.
10.00%
,
03/31/29
(a)
..........
USD
7,053
7,181,153
10.38%
,
03/31/29
(d)
..........
GBP
4,745
6,090,234
TER
Finance
Jersey
Ltd.
,
Series
21
,
0.00%
,
01/02/25
(a)
(c)
(m)
.........
USD
50,000
47,103,455
60,374,842
Security
Par
(000)
Par
(000)
Value
Kuwait
—
0.0%
Ahli
United
Sukuk
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.01%),
3.88%
(b)
(d)
(o)
................
USD
1,551
$
1,432,736
MEGlobal
BV
4.25%
,
11/03/26
(d)
...........
3,853
3,701,288
2.63%
,
04/28/28
(d)
...........
2,389
2,130,689
2.63%
,
04/28/28
(a)
...........
5,577
4,973,987
MEGlobal
Canada
ULC
,
5.88%
,
05/18/30
(d)
................
1,500
1,514,063
13,752,763
Luxembourg
—
0.5%
Adler
Financing
SARL
,
12.50%
,
(
12.50
%
Cash
or
12.50
%
PIK),
06/30/25
(d)
(p)
...............
EUR
13,265
14,943,012
Altice
Financing
SA
2.25%
,
01/15/25
(d)
...........
4,861
4,987,320
9.63%
,
07/15/27
(a)
...........
USD
3,821
3,654,740
4.25%
,
08/15/29
(d)
...........
EUR
6,070
5,311,075
5.75%
,
08/15/29
(a)
...........
USD
4,628
3,708,145
Cidron
Aida
Finco
SARL
,
6.25%
,
04/01/28
(d)
................
GBP
8,608
10,401,930
Cullinan
Holdco
Scsp
(d)
4.63%
,
10/15/26
............
EUR
5,952
5,729,406
(3-mo.
EURIBOR
at
4.75%
Floor
+
4.75%),
8.68%
,
10/15/26
(b)
...
3,100
3,178,417
Ephios
Subco
3
SARL
,
7.88%
,
01/31/31
(d)
................
10,367
11,732,028
Garfunkelux
Holdco
3
SA
(d)
6.75%
,
11/01/25
............
12,730
9,659,228
7.75%
,
11/01/25
............
GBP
9,994
8,829,749
INEOS
Finance
plc
,
6.38%
,
04/15/29
(d)
EUR
9,664
10,426,423
Intelsat
Jackson
Holdings
SA
,
6.50%
,
03/15/30
(a)
................
USD
3,550
3,298,197
Kleopatra
Finco
SARL
(d)
4.25%
,
03/01/26
............
EUR
3,034
2,762,607
4.25%
,
03/01/26
............
2,422
2,205,351
Kleopatra
Holdings
2
SCA
,
6.50%
,
09/01/26
(d)
................
3,369
1,911,824
Monitchem
HoldCo
3
SA
,
8.75%
,
05/01/28
(d)
................
2,815
3,078,539
SES
SA
,
(5-Year
EUR
Swap
Annual
+
3.19%),
2.88%
(b)
(d)
(o)
..........
45,450
46,336,877
Summer
BC
Holdco
B
SARL
,
5.75%
,
10/31/26
(d)
................
6,306
6,667,164
Vivion
Investments
SARL
(d)
3.00%
,
08/08/24
............
3,500
3,662,696
7.90%
,
(
7.90
%
Cash
or
7.90
%
PIK),
02/28/29
(p)
..............
3,785
3,356,689
165,841,417
Macau
—
0.2%
MGM
China
Holdings
Ltd.
5.38%
,
05/15/24
(a)
...........
USD
327
326,183
5.25%
,
06/18/25
(a)
...........
425
419,023
5.88%
,
05/15/26
(a)
...........
327
322,504
5.88%
,
05/15/26
(d)
...........
350
345,187
4.75%
,
02/01/27
(a)
...........
400
380,222
4.75%
,
02/01/27
(d)
...........
10,466
9,948,509
Sands
China
Ltd.
(e)
5.12%
,
08/08/25
............
800
788,480
4.05%
,
01/08/26
............
4,556
4,379,455
5.40%
,
08/08/28
............
6,988
6,855,158
2.85%
,
03/08/29
............
4,000
3,467,280
4.62%
,
06/18/30
............
1,750
1,601,399
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Macau
(continued)
Studio
City
Co.
Ltd.
,
7.00%
,
02/15/27
(d)
USD
6,000
$
6,005,625
Studio
City
Finance
Ltd.
6.00%
,
07/15/25
(a)
...........
225
221,344
6.00%
,
07/15/25
(d)
...........
500
491,875
6.50%
,
01/15/28
(a)
...........
650
618,312
5.00%
,
01/15/29
(a)
...........
4,000
3,515,000
5.00%
,
01/15/29
(d)
...........
5,000
4,393,750
Wynn
Macau
Ltd.
4.88%
,
10/01/24
(a)
...........
747
740,464
4.88%
,
10/01/24
(d)
...........
200
198,250
5.50%
,
01/15/26
(a)
...........
3,947
3,832,261
5.50%
,
01/15/26
(d)
...........
1,700
1,650,581
5.63%
,
08/26/28
(a)
...........
600
568,125
5.63%
,
08/26/28
(d)
...........
10,003
9,471,591
4.50%
,
03/07/29
(a)
(n)
..........
17,667
18,735,853
5.13%
,
12/15/29
(a)
...........
2,100
1,912,312
81,188,743
Malaysia
—
0.1%
(d)
Khazanah
Capital
Ltd.
,
4.88%
,
06/01/33
3,540
3,489,113
Petronas
Capital
Ltd.
,
3.50%
,
03/18/25
10,000
9,810,100
TNB
Global
Ventures
Capital
Bhd
,
3.24%
,
10/19/26
............
7,000
6,650,000
TNB
Global
Ventures
Capital
Bhd.
,
4.85%
,
11/01/28
............
1,250
1,237,109
21,186,322
Mexico
—
0.1%
Banco
Mercantil
del
Norte
SA
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.64%),
5.88%
(a)
(b)
(o)
................
3,645
3,467,306
Braskem
Idesa
SAPI
,
6.99%
,
02/20/32
(a)
................
9,936
7,666,618
Food
Service
Project
SA
,
5.50%
,
01/21/27
(d)
................
EUR
4,287
4,601,905
Gruma
SAB
de
CV
,
4.88%
,
12/01/24
(d)
USD
7,000
6,945,312
Grupo
Posadas
SAB
de
CV
,
7.00%
,
12/30/27
(d)
(e)
...............
11,058
10,218,355
Metalsa
SA
de
CV
,
3.75%
,
05/04/31
(d)
4,661
3,766,671
Trust
Fibra
Uno
,
4.87%
,
01/15/30
(d)
..
3,189
2,833,227
39,499,394
Netherlands
—
1.0%
ABN
AMRO
Bank
NV
(d)
4.38%
,
10/20/28
............
EUR
32,300
36,028,163
(5-Year
EUR
Swap
Annual
+
4.24%),
6.88%
(b)
(o)
.........
4,600
5,123,006
Boels
Topholding
BV
,
6.25%
,
02/15/29
(d)
3,652
4,058,159
Cooperatieve
Rabobank
UA
(b)(d)
(5-Year
EUR
Swap
Annual
+
4.68%),
4.38%
(o)
..........
5,800
5,975,938
(GUKG1
+
1.05%),
1.88%
,
07/12/28
GBP
3,300
3,779,799
(5-Year
EUR
Swap
Annual
+
1.95%),
3.88%
,
11/30/32
.....
EUR
8,300
8,901,498
IMCD
NV
(d)
2.13%
,
03/31/27
............
6,945
7,105,350
4.88%
,
09/18/28
............
22,370
25,028,276
ING
Groep
NV
(5-Year
USD
Swap
Semi
+
4.45%),
6.50%
(b)
(o)
...............
USD
800
790,063
3.00%
,
02/18/26
(d)
...........
GBP
12,300
14,943,520
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.34%),
5.75%
(b)
(o)
.........
USD
5,930
5,645,637
Security
Par
(000)
Par
(000)
Value
Netherlands
(continued)
(3-mo.
EURIBOR
+
0.85%),
1.25%
,
02/16/27
(b)
(d)
.............
EUR
34,100
$
35,077,224
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.86%),
3.88%
(b)
(o)
.........
USD
11,690
9,771,667
(3-mo.
EURIBOR
+
1.85%),
4.88%
,
11/14/27
(b)
(d)
.............
EUR
12,000
13,327,207
(3-mo.
EURIBOR
+
1.72%),
3.88%
,
08/12/29
(b)
(d)
.............
13,000
14,101,683
(5-Year
EUR
Swap
Annual
+
1.35%),
2.00%
,
03/22/30
(b)
(d)
..
8,400
8,847,689
JDE
Peet's
NV
(d)
0.63%
,
02/09/28
............
7,500
7,228,139
4.50%
,
01/23/34
............
16,000
17,922,236
Koninklijke
KPN
NV
,
(5-Year
EUR
Swap
Annual
+
2.34%),
2.00%
(b)
(d)
(o)
....
6,200
6,546,731
Louis
Dreyfus
Co.
Finance
BV
,
2.38%
,
11/27/25
(d)
................
3,992
4,201,029
Pluxee
NV
,
3.50%
,
09/04/28
(d)
.....
21,800
23,509,255
Q-Park
Holding
I
BV
(d)
(3-mo.
EURIBOR
at
2.00%
Floor
+
2.00%),
5.94%
,
03/01/26
(b)
...
3,412
3,685,343
2.00%
,
03/01/27
............
1,488
1,505,798
5.13%
,
03/01/29
............
3,678
4,007,246
REWE
International
Finance
BV
,
4.88%
,
09/13/30
(d)
...........
6,700
7,644,934
Titan
Holdings
II
BV
,
5.13%
,
07/15/29
(d)
6,200
5,952,345
Trivium
Packaging
Finance
BV
3.75%
,
08/15/26
(d)
(e)
..........
1,106
1,154,229
5.50%
,
08/15/26
(a)
(e)
..........
USD
5,328
5,253,288
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
7.65%
,
08/15/26
(b)
(d)
..
EUR
1,483
1,592,917
8.50%
,
08/15/27
(a)
(e)
..........
USD
2,231
2,203,171
UPCB
Finance
VII
Ltd.
,
3.63%
,
06/15/29
(d)
................
EUR
4,450
4,549,316
Viterra
Finance
BV
(d)
0.38%
,
09/24/25
............
13,300
13,589,403
1.00%
,
09/24/28
............
15,131
14,533,426
VZ
Secured
Financing
BV
3.50%
,
01/15/32
(d)
...........
2,030
1,918,143
5.00%
,
01/15/32
(a)
...........
USD
3,700
3,176,832
VZ
Vendor
Financing
II
BV
,
2.88%
,
01/15/29
(d)
................
EUR
16,609
15,454,953
Ziggo
BV
2.88%
,
01/15/30
(d)
...........
2,701
2,570,008
4.88%
,
01/15/30
(a)
...........
USD
625
561,085
347,264,706
New
Zealand
—
0.0%
Chorus
Ltd.
,
3.63%
,
09/07/29
(d)
....
EUR
7,900
8,535,768
Nigeria
—
0.0%
IHS
Holding
Ltd.
,
6.25%
,
11/29/28
(a)
.
USD
3,371
2,961,213
Norway
—
0.0%
Var
Energi
ASA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.77%),
7.86%
,
11/15/83
(b)
(d)
...............
EUR
6,960
8,072,226
Peru
—
0.0%
Inkia
Energy
Ltd.
,
5.88%
,
11/09/27
(d)
.
USD
696
679,783
Intercorp
Peru
Ltd.
,
3.88%
,
08/15/29
(a)
2,971
2,614,480
3,294,263
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Philippines
—
0.1%
(d)
Globe
Telecom,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.53%),
4.20%
(b)
(o)
.................
USD
8,000
$
7,685,000
Metropolitan
Bank
&
Trust
Co.
,
5.38%
,
03/06/29
.................
8,020
8,036,040
Petron
Corp.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.57%),
5.95%
(b)
(o)
..........
10,000
9,621,875
Rizal
Commercial
Banking
Corp.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
6.24%),
6.50%
(b)
(o)
.........
6,000
5,896,875
5.50%
,
01/18/29
............
4,995
5,024,970
Royal
Capital
BV
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.40%),
5.00%
(b)
(o)
....
8,000
7,877,500
44,142,260
Portugal
—
0.1%
(d)
Banco
Espirito
Santo
SA
(f)(r)
2.63%
,
05/08/17
............
EUR
6,100
1,842,676
4.75%
,
01/15/18
............
15,500
4,682,209
4.00%
,
01/21/25
............
19,000
5,739,482
EDP
-
Energias
de
Portugal
SA
(b)
(5-Year
EUR
Swap
Annual
+
1.84%),
1.70%
,
07/20/80
....
13,300
13,775,905
(5-Year
EUR
Swap
Annual
+
2.38%),
1.88%
,
08/02/81
....
6,000
6,068,531
EDP
Finance
BV
,
3.88%
,
03/11/30
..
6,900
7,602,474
EDP
Servicios
Financieros
Espana
SA
,
3.50%
,
07/16/30
............
9,670
10,418,813
50,130,090
Romania
—
0.1%
RCS
&
RDS
SA
(d)
2.50%
,
02/05/25
............
5,400
5,686,030
3.25%
,
02/05/28
............
11,200
11,250,472
16,936,502
Saudi
Arabia
—
0.1%
Alinma
Tier
1
Sukuk
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.20%),
6.50%
(b)
(d)
(o)
................
USD
7,670
7,741,944
EIG
Pearl
Holdings
SARL
(a)
3.55%
,
08/31/36
............
3,348
2,859,401
4.39%
,
11/30/46
............
2,474
1,933,382
Gaci
First
Investment
Co.
,
5.13%
,
02/14/53
(d)
................
4,128
3,581,040
16,115,767
Singapore
—
0.2%
(d)
DBS
Bank
Ltd.
,
3.21%
,
08/19/26
...
EUR
21,840
23,541,302
DBS
Group
Holdings
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.92%),
3.30%
(b)
(o)
.................
USD
9,332
9,098,700
Oversea-Chinese
Banking
Corp.
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.58%),
1.83%
,
09/10/30
(b)
.....
8,000
7,562,500
Puma
International
Financing
SA
,
5.00%
,
01/24/26
............
22,684
21,989,302
ST
Engineering
RHQ
Ltd.
,
1.50%
,
04/29/25
.................
10,000
9,590,625
Security
Par
(000)
Par
(000)
Value
Singapore
(continued)
STT
GDC
Pte.
Ltd.
,
(SDSOA6
+
3.98%),
5.70%
(b)
(o)
...........
SGD
4,250
$
3,257,337
United
Overseas
Bank
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.23%),
2.00%
,
10/14/31
(b)
................
USD
8,000
7,325,920
82,365,686
Slovenia
—
0.1%
(d)
Summer
BidCo
BV
,
10.00%
,
02/15/29
EUR
1,543
1,685,457
United
Group
BV
3.13%
,
02/15/26
............
5,001
5,168,186
4.00%
,
11/15/27
............
4,978
5,111,656
4.63%
,
08/15/28
............
2,108
2,169,602
(3-mo.
EURIBOR
at
4.25%
Floor
+
4.25%),
8.13%
,
02/01/29
(b)
...
2,784
3,007,273
6.75%
,
02/15/31
............
562
619,962
(3-mo.
EURIBOR
+
4.25%),
8.13%
,
02/15/31
(b)
..............
5,618
6,060,979
23,823,115
South
Africa
—
0.2%
Anglo
American
Capital
plc
(d)
1.63%
,
09/18/25
............
11,800
12,344,952
4.50%
,
09/15/28
............
3,360
3,748,727
5.00%
,
03/15/31
............
20,030
22,931,859
4.13%
,
03/15/32
............
9,120
9,862,431
4.75%
,
09/21/32
............
16,250
18,362,998
Sasol
Financing
USA
LLC
4.38%
,
09/18/26
............
USD
1,377
1,294,380
6.50%
,
09/27/28
............
5,051
4,811,078
8.75%
,
05/03/29
(a)
...........
4,367
4,444,787
77,801,212
South
Korea
—
0.5%
GS
Caltex
Corp.
,
3.00%
,
06/04/24
(d)
.
545
541,839
Hana
Bank
(d)
4.38%
,
09/30/24
............
10,000
9,911,000
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.41%),
3.50%
(b)
(o)
.........
4,000
3,746,250
Hanwha
Life
Insurance
Co.
Ltd.
,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.85%),
3.38%
,
02/04/32
(b)
(d)
..........
9,000
8,344,687
Hyundai
Assan
Otomotiv
Sanayi
ve
Ticaret
A/S
,
1.63%
,
07/12/26
(d)
...
1,260
1,146,994
Hyundai
Capital
Services,
Inc.
(d)
5.13%
,
02/05/27
............
6,725
6,670,359
5.13%
,
02/05/29
............
6,075
6,014,250
KB
Capital
Co.
Ltd.
,
1.50%
,
10/28/25
(d)
7,427
6,918,715
KB
Kookmin
Card
Co.
Ltd.
,
4.00%
,
06/09/25
(d)
................
10,000
9,800,000
Kodit
Global
2022
The
1st
Securitization
Specialty
Co.
Ltd.
,
3.62%
,
05/27/25
(d)
...........
8,698
8,516,386
Kookmin
Bank
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.64%),
4.35%
(b)
(d)
(o)
...
10,000
9,920,000
Korea
East-West
Power
Co.
Ltd.
(d)
1.75%
,
05/06/25
............
8,862
8,518,598
3.60%
,
05/06/25
............
5,405
5,298,589
Korea
Southern
Power
Co.
Ltd.
,
5.38%
,
09/21/26
(d)
................
10,000
10,025,000
Korea
Western
Power
Co.
Ltd.
,
4.13%
,
06/28/25
(d)
................
1,163
1,143,374
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
South
Korea
(continued)
Korean
Air
Lines
Co.
Ltd.
,
4.75%
,
09/23/25
(d)
................
USD
500
$
495,550
KT
Corp.
,
4.00%
,
08/08/25
(d)
......
7,326
7,193,216
LOTTE
Property
&
Development
Co.
Ltd.
,
4.50%
,
08/01/25
(d)
........
1,845
1,816,753
POSCO
5.63%
,
01/17/26
(a)
...........
2,319
2,323,348
5.63%
,
01/17/26
(d)
...........
200
200,375
4.88%
,
01/23/27
(d)
...........
4,860
4,796,212
5.75%
,
01/17/28
(a)
...........
2,511
2,544,742
5.75%
,
01/17/28
(d)
...........
200
202,687
5.88%
,
01/17/33
(a)
...........
602
622,694
Shinhan
Bank
Co.
Ltd.
(d)
3.88%
,
03/24/26
............
10,000
9,651,460
3.75%
,
09/20/27
............
10,000
9,440,625
Shinhan
Card
Co.
Ltd.
,
2.50%
,
01/27/27
(d)
................
3,445
3,176,936
Shinhan
Financial
Group
Co.
Ltd.
,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.06%),
2.88%
(b)
(d)
(o)
................
1,229
1,139,941
SK
Battery
America,
Inc.
,
4.88%
,
01/23/27
(d)
................
4,570
4,526,128
SK
Broadband
Co.
Ltd.
,
4.88%
,
06/28/28
(d)
................
570
563,944
SK
Hynix,
Inc.
(d)
6.25%
,
01/17/26
............
800
808,250
5.50%
,
01/16/27
............
5,000
4,996,875
6.38%
,
01/17/28
............
1,250
1,284,765
5.50%
,
01/16/29
............
4,490
4,478,775
6.50%
,
01/17/33
............
500
532,969
SK
On
Co.
Ltd.
,
5.38%
,
05/11/26
(d)
..
645
645,605
Tongyang
Life
Insurance
Co.
Ltd.
,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.98%),
5.25%
(b)
(d)
(o)
................
10,000
9,628,125
Woori
Bank
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.66%),
4.25%
(b)
(d)
(o)
.........
10,000
9,862,500
Woori
Card
Co.
Ltd.
,
1.75%
,
03/23/26
(d)
5,476
5,060,153
182,508,669
Spain
—
1.5%
Abertis
Infraestructuras
Finance
BV
(b)
(d)(o)
(5-Year
EUR
Swap
Annual
+
3.69%),
3.25%
...........
EUR
200
208,755
(5-Year
EUR
Swap
Annual
+
3.69%),
3.25%
...........
9,900
10,333,367
Amadeus
IT
Group
SA
,
3.50%
,
03/21/29
(d)
................
7,000
7,595,751
Banco
Bilbao
Vizcaya
Argentaria
SA
(b)(d)
(3-mo.
EURIBOR
+
0.67%),
4.13%
,
05/10/26
...............
6,400
6,921,280
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.40%),
4.88%
,
02/08/36
....
10,900
11,854,928
Banco
de
Credito
Social
Cooperativo
SA
,
(1-Year
EUR
Swap
Annual
+
2.15%),
1.75%
,
03/09/28
(b)
(d)
....
4,200
4,173,407
Banco
de
Sabadell
SA
(b)(d)
(1-Year
EUR
Swap
Annual
+
2.40%),
5.25%
,
02/07/29
....
2,400
2,689,376
(1-Year
EURIBOR
ICE
Swap
Rate
+
2.40%),
5.50%
,
09/08/29
....
3,500
3,976,759
Security
Par
(000)
Par
(000)
Value
Spain
(continued)
(1-Year
EUR
Swap
Annual
+
1.60%),
4.00%
,
01/15/30
....
EUR
16,800
$
18,366,463
(5-Year
EUR
Swap
Annual
+
2.20%),
2.00%
,
01/17/30
....
3,500
3,679,990
(5-Year
EUR
Swap
Annual
+
2.95%),
2.50%
,
04/15/31
....
6,300
6,469,831
(5-Year
EUR
Swap
Annual
+
3.15%),
6.00%
,
08/16/33
....
3,800
4,224,127
Banco
Santander
SA
(b)(d)
(5-Year
EUR
Swap
Annual
+
4.10%),
4.75%
(o)
..........
1,600
1,651,514
(5-Year
EUR
Swap
Annual
+
4.53%),
4.38%
(o)
..........
4,600
4,645,235
(1-Year
EUR
Swap
Annual
+
1.05%),
3.63%
,
09/27/26
....
32,900
35,402,164
(GUKG1
+
1.80%),
3.13%
,
10/06/26
GBP
11,200
13,629,047
(1-Year
EUR
Swap
Annual
+
1.25%),
4.63%
,
10/18/27
....
EUR
27,700
30,385,900
(1-Year
EUR
Swap
Annual
+
0.95%),
3.50%
,
01/09/28
....
21,500
23,067,794
(1-Year
EUR
Swap
Annual
+
1.15%),
3.50%
,
01/09/30
....
20,000
21,480,551
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.50%),
5.00%
,
04/22/34
....
13,000
14,309,057
Bankinter
SA
(b)(d)
(5-Year
EUR
Swap
Annual
+
6.71%),
6.25%
(o)
..........
3,200
3,431,019
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.35%),
5.00%
,
06/25/34
....
4,400
4,747,035
CaixaBank
SA
(b)(d)
(5-Year
EUR
Swap
Annual
+
4.50%),
5.25%
(o)
..........
4,800
4,951,082
(5-Year
EUR
Swap
Annual
+
6.35%),
5.88%
(o)
..........
4,800
5,087,857
(5-Year
EUR
Swap
Annual
+
1.68%),
2.25%
,
04/17/30
....
13,400
14,092,024
Cellnex
Finance
Co.
SA
1.00%
,
09/15/27
(d)
...........
4,800
4,739,977
1.50%
,
06/08/28
(d)
...........
6,700
6,638,365
2.00%
,
02/15/33
(d)
...........
8,000
7,484,802
3.88%
,
07/07/41
(a)
...........
USD
600
470,937
Cellnex
Telecom
SA
(d)
1.88%
,
06/26/29
............
EUR
3,400
3,362,127
2.13%
,
08/11/30
(n)
...........
12,600
13,915,649
1.75%
,
10/23/30
............
5,000
4,799,642
0.75%
,
11/20/31
(n)
...........
19,700
18,157,736
Cirsa
Finance
International
SARL
(d)
10.38%
,
11/30/27
...........
257
299,217
7.88%
,
07/31/28
............
3,507
4,001,102
(3-mo.
EURIBOR
+
4.50%),
8.41%
,
07/31/28
(b)
..............
5,988
6,573,207
6.50%
,
03/15/29
............
3,078
3,397,362
Deutsche
Bank
AG
,
3.63%
,
11/23/26
(d)
39,400
42,827,871
Grifols
SA
,
3.20%
,
05/01/25
(d)
.....
6,136
6,090,979
Grupo
Antolin-Irausa
SA
,
3.50%
,
04/30/28
(d)
................
2,296
1,963,321
Kaixo
Bondco
Telecom
SA
,
5.13%
,
09/30/29
(d)
................
3,163
3,299,650
Lorca
Telecom
Bondco
SA
,
4.00%
,
09/18/27
(d)
................
7,472
7,808,724
Natural
Foods
,
(6-mo.
EURIBOR
+
6.75%),
10.62%
,
10/13/29
(b)
(c)
...
21,501
22,964,497
Naturgy
Finance
BV
(b)(d)(o)
(9-Year
EUR
Swap
Annual
+
3.08%),
3.38%
...........
3,700
3,981,766
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Spain
(continued)
(5-Year
EUR
Swap
Annual
+
2.44%),
2.37%
...........
EUR
5,200
$
5,231,231
Repsol
International
Finance
BV
(d)
2.00%
,
12/15/25
............
2,400
2,523,406
(5-Year
EUR
Swap
Annual
+
4.00%),
3.75%
(b)
(o)
.........
2,029
2,145,469
(5-Year
EUR
Swap
Annual
+
2.77%),
2.50%
(b)
(o)
.........
31,425
31,867,198
(5-Year
EUR
Swap
Annual
+
4.41%),
4.25%
(b)
(o)
.........
3,323
3,522,281
Telefonica
Emisiones
SA
(d)
5.38%
,
02/02/26
............
GBP
27,294
34,610,275
3.70%
,
01/24/32
............
EUR
15,300
16,644,267
Telefonica
Europe
BV
(b)(d)(o)
(8-Year
EUR
Swap
Annual
+
2.97%),
3.88%
...........
13,600
14,370,931
(7-Year
EUR
Swap
Annual
+
3.35%),
6.14%
...........
15,000
16,770,993
(8-Year
EUR
Swap
Annual
+
3.62%),
6.75%
...........
400
467,142
(EUAMDB08
+
3.12%),
5.75%
..
10,200
11,131,920
559,436,357
Sweden
—
0.3%
Balder
Finland
OYJ
,
1.00%
,
01/20/29
(d)
4,323
3,791,678
Fastighets
AB
Balder
,
1.13%
,
01/29/27
(d)
................
2,171
2,097,220
Heimstaden
Bostad
AB
(d)
(5-Year
EUR
Swap
Annual
+
3.67%),
3.25%
(b)
(o)
.........
3,300
2,563,348
1.13%
,
01/21/26
............
800
776,478
(5-Year
EUR
Swap
Annual
+
3.15%),
2.63%
(b)
(o)
.........
9,577
6,188,832
Heimstaden
Bostad
Treasury
BV
(d)
0.63%
,
07/24/25
............
800
794,120
1.38%
,
03/03/27
............
4,416
4,043,759
1.00%
,
04/13/28
............
2,600
2,197,601
Intrum
AB
(d)
3.50%
,
07/15/26
............
350
243,551
3.00%
,
09/15/27
............
6,465
4,045,531
9.25%
,
03/15/28
............
1,440
995,511
Stena
International
SA
(a)
7.25%
,
01/15/31
............
USD
11,575
11,545,518
7.63%
,
02/15/31
............
3,200
3,238,525
Svenska
Handelsbanken
AB
,
(3-mo.
EURIBOR
+
0.45%),
4.39%
,
03/08/27
(b)
(d)
...............
EUR
24,700
26,650,580
Swedbank
AB
,
(GUKG1
+
1.00%),
1.38%
,
12/08/27
(b)
(d)
..........
GBP
3,266
3,735,670
Verisure
Holding
AB
(d)
3.88%
,
07/15/26
............
EUR
5,079
5,388,377
9.25%
,
10/15/27
............
1,230
1,418,216
7.13%
,
02/01/28
............
1,800
2,024,190
Volvo
Treasury
AB
(d)
2.63%
,
02/20/26
............
10,134
10,735,505
4.75%
,
06/15/26
............
GBP
13,460
16,896,929
3.63%
,
05/25/27
............
EUR
8,730
9,474,569
118,845,708
Switzerland
—
1.1%
Argentum
Netherlands
BV
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.76%),
5.52%
(b)
(d)
(o)
................
USD
13,101
12,740,224
Credit
Suisse
AG
7.95%
,
01/09/25
............
10,000
10,165,795
Security
Par
(000)
Par
(000)
Value
Switzerland
(continued)
3.70%
,
02/21/25
............
USD
23,000
$
22,606,301
2.95%
,
04/09/25
............
8,000
7,788,525
1.25%
,
08/07/26
............
12,000
10,932,998
5.00%
,
07/09/27
............
8,000
7,927,092
0.25%
,
09/01/28
(d)
...........
EUR
27,677
25,992,488
Credit
Suisse
Group
AG
,
(5-Year
USD
Swap
Semi
+
3.46%),
6.25%
(a)
(b)
(f)
(o)
(r)
USD
200
22,000
Julius
Baer
Group
Ltd.
,
(5-Year
EUR
Swap
Annual
+
3.85%),
6.63%
(b)
(d)
(o)
EUR
4,058
4,214,500
UBS
AG
5.13%
,
05/15/24
(d)
...........
USD
21,403
21,349,491
5.65%
,
09/11/28
............
12,000
12,283,937
UBS
Group
AG
(5-Year
USD
Swap
Semi
+
4.87%),
7.00%
(b)
(d)
(o)
..............
8,900
8,880,420
(5-Year
USD
Swap
Semi
+
4.59%),
6.88%
(b)
(d)
(o)
..............
2,829
2,797,174
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.10%),
3.88%
(b)
(d)
(o)
........
2,302
2,102,320
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.86%),
5.13%
(b)
(d)
(o)
........
7,974
7,575,300
(1-Year
EUR
Swap
Annual
+
1.60%),
2.13%
,
10/13/26
(b)
(d)
..
EUR
31,600
33,184,822
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.40%),
4.88%
(a)
(b)
(o)
........
USD
1,833
1,683,092
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.40%),
4.88%
(b)
(d)
(o)
........
2,275
2,088,944
(1-Year
EURIBOR
ICE
Swap
Rate
+
0.77%),
0.65%
,
01/14/28
(b)
(d)
..
EUR
14,900
14,749,332
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.75%),
9.25%
(a)
(b)
(o)
........
USD
9,622
10,425,196
(3-mo.
LIBOR
USD
+
1.41%),
3.87%
,
01/12/29
(a)
(b)
........
8,748
8,272,396
(1-Year
EURIBOR
ICE
Swap
Rate
+
4.95%),
7.75%
,
03/01/29
(b)
(d)
..
EUR
13,500
16,605,832
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.31%),
4.38%
(a)
(b)
(o)
........
USD
39,150
32,193,879
(1-Year
EUR
Swap
Annual
+
1.95%),
2.88%
,
04/02/32
(b)
(d)
..
EUR
61,000
61,705,948
0.63%
,
01/18/33
(d)
...........
15,000
12,318,245
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.76%),
9.25%
(a)
(b)
(o)
........
USD
26,051
29,399,517
UBS
Switzerland
AG
,
3.30%
,
03/05/29
(d)
................
EUR
16,150
17,621,776
VistaJet
Malta
Finance
plc
(a)
9.50%
,
06/01/28
............
USD
2,150
1,828,173
6.38%
,
02/01/30
............
300
221,137
399,676,854
Thailand
—
0.2%
Bangkok
Bank
PCL
5.30%
,
09/21/28
(a)
...........
7,347
7,374,404
5.30%
,
09/21/28
(d)
...........
10,000
10,037,300
5.50%
,
09/21/33
(a)
...........
7,352
7,412,287
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.90%),
3.73%
,
09/25/34
(b)
(d)
..
8,577
7,634,130
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Thailand
(continued)
Krung
Thai
Bank
PCL
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.53%),
4.40%
(b)
(d)
(o)
................
USD
7,980
$
7,571,025
Minor
International
PCL
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.92%),
2.70%
(b)
(d)
(o)
................
5,300
4,954,069
Thaioil
Treasury
Center
Co.
Ltd.
,
3.75%
,
06/18/50
(d)
...........
2,145
1,531,664
TMBThanachart
Bank
PCL
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.26%),
4.90%
(b)
(d)
(o)
................
8,067
7,966,163
54,481,042
Turkey
—
0.0%
Turkish
Airlines
Pass-Through
Trust
,
Series
2015-1
,
Class
A
,
4.20%
,
03/15/27
(a)
................
3,737
3,524,248
Ukraine
—
0.2%
Metinvest
BV
8.50%
,
04/23/26
(d)
...........
5,516
4,412,800
8.50%
,
04/23/26
(a)
...........
1,200
960,000
7.65%
,
10/01/27
(d)
...........
5,678
4,059,770
MHP
Lux
SA
,
6.25%
,
09/19/29
(d)
....
13,826
9,894,231
NAK
Naftogaz
Ukraine
(f)(r)
7.13%
,
07/19/26
(d)
...........
EUR
19,399
12,661,810
7.63%
,
11/08/28
(a)
...........
USD
20,601
12,463,605
VF
Ukraine
PAT
,
6.20%
,
02/11/25
(d)
..
13,208
10,896,600
55,348,816
United
Arab
Emirates
—
0.2%
Abu
Dhabi
Commercial
Bank
PJSC
,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.52%),
8.00%
(b)
(d)
(o)
................
3,173
3,400,980
Abu
Dhabi
National
Energy
Co.
PJSC
,
4.70%
,
04/24/33
(a)
...........
915
894,412
Aldar
Investment
Properties
Sukuk
Ltd.
,
4.88%
,
05/24/33
(d)
...........
5,600
5,458,600
Alpha
Star
Holding
VIII
Ltd.
,
8.38%
,
04/12/27
(d)
................
7,000
7,179,375
DAE
Funding
LLC
(d)
1.55%
,
08/01/24
............
2,021
1,991,317
2.63%
,
03/20/25
............
3,914
3,791,687
DIB
Sukuk
Ltd.
,
5.24%
,
03/04/29
(d)
..
8,000
7,979,680
DP
World
Salaam
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.75%),
6.00%
(b)
(d)
(o)
...
5,807
5,796,112
GEMS
MENASA
Cayman
Ltd.
7.13%
,
07/31/26
(a)
...........
4,906
4,910,121
7.13%
,
07/31/26
(d)
...........
2,106
2,107,769
MAF
Global
Securities
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.54%),
6.38%
(b)
(d)
(o)
................
3,127
3,125,046
MDGH
GMTN
RSC
Ltd.
,
4.38%
,
11/22/33
(a)
................
4,100
3,900,125
Shelf
Drilling
Holdings
Ltd.
,
9.63%
,
04/15/29
(a)
................
23,230
22,416,950
Shelf
Drilling
North
Sea
Holdings
Ltd.
,
10.25%
,
10/31/25
(a)
..........
7,620
7,658,100
80,610,274
Security
Par
(000)
Par
(000)
Value
United
Kingdom
—
3.9%
10x
Future
Technologies
Services
Ltd.
,
(Acquired
12/19/23
,
cost
$
5,977,672
)
,
15.00%
,
06/19/26
(c)
(i)
GBP
4,838
$
6,166,794
AA
Bond
Co.
Ltd.
,
6.27%
,
07/31/25
(d)
.
4,196
5,304,762
Ardonagh
Finco
Ltd.
,
6.88%
,
02/15/31
(d)
EUR
14,152
15,038,867
Avianca
Midco
2
plc
,
9.00%
,
12/01/28
(a)
USD
7,118
6,844,699
Babcock
International
Group
plc
(d)
1.88%
,
10/05/26
............
GBP
9,600
11,155,348
1.38%
,
09/13/27
............
EUR
2,000
1,988,877
Barclays
plc
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.67%),
8.00%
(b)
(o)
.........
USD
8,741
8,718,084
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.58%),
7.13%
(b)
(o)
...............
GBP
4,642
5,759,299
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.87%),
6.13%
(b)
(o)
.........
USD
1,541
1,487,266
3.00%
,
05/08/26
(d)
...........
GBP
3,266
3,936,461
3.25%
,
02/12/27
(d)
...........
3,266
3,898,628
(1-day
SOFR
+
1.49%),
5.67%
,
03/12/28
(b)
..............
USD
15,000
15,053,357
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.41%),
4.38%
(b)
(o)
.........
20,096
16,474,472
(USISSO05
+
5.78%),
9.63%
(b)
(o)
.
57,930
61,429,088
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.75%),
3.75%
,
11/22/30
(b)
(d)
........
GBP
5,000
6,052,653
(5-Year
EUR
Swap
Annual
+
1.55%),
1.13%
,
03/22/31
(b)
(d)
..
EUR
8,900
8,928,028
(1-Year
EUR
Swap
Annual
+
2.55%),
5.26%
,
01/29/34
(b)
(d)
..
21,000
24,435,014
BCP
V
Modular
Services
Finance
II
plc
(d)
4.75%
,
11/30/28
............
2,888
2,913,197
6.13%
,
11/30/28
............
GBP
1,200
1,389,627
Bellis
Acquisition
Co.
plc
(d)
3.25%
,
02/16/26
............
11,266
13,406,972
4.50%
,
02/16/26
............
24,444
29,695,045
BG
Energy
Capital
plc
(d)
5.13%
,
12/01/25
............
5,989
7,571,686
2.25%
,
11/21/29
............
EUR
10,960
11,157,784
BP
Capital
Markets
plc
(b)(o)
(5-Year
EUR
Swap
Annual
+
3.52%),
3.25%
(d)
..........
40,442
42,444,965
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.15%),
6.45%
...........
USD
21,355
22,115,003
British
Telecommunications
plc
1.75%
,
03/10/26
(d)
...........
EUR
6,843
7,129,570
5.75%
,
12/07/28
(d)
...........
GBP
11,495
15,188,859
4.25%
,
01/06/33
(d)
...........
EUR
20,070
22,535,932
(5-Year
EUR
Swap
Annual
+
2.13%),
1.87%
,
08/18/80
(b)
(d)
..
49,015
50,896,839
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.99%),
4.25%
,
11/23/81
(a)
(b)
..
USD
4,700
4,428,095
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.99%),
4.25%
,
11/23/81
(b)
(d)
..
14,800
13,943,787
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.49%),
4.88%
,
11/23/81
(a)
(b)
..
3,600
3,198,655
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.82%),
8.38%
,
12/20/83
(b)
(d)
........
GBP
10,700
$
14,397,956
Chanel
Ceres
plc
,
0.50%
,
07/31/26
(d)
.
EUR
3,518
3,523,006
Channel
Link
Enterprises
Finance
plc
(b)(d)
Series
A8
,
(6-mo.
EURIBOR
+
5.90%),
2.71%
,
06/30/50
....
4,400
4,402,359
Series
A5
,
(Sterling
Overnight
Index
Average
+
0.28%),
3.04%
,
06/30/50
...............
GBP
3,075
3,412,844
CK
Hutchison
Group
Telecom
Finance
SA
,
2.63%
,
10/17/34
(d)
........
9,615
8,854,065
CK
Hutchison
International
23
Ltd.
,
4.88%
,
04/21/33
(d)
...........
USD
965
956,556
Connect
Finco
SARL
,
6.75%
,
10/01/26
(a)
................
16,370
16,047,103
CPUK
Finance
Ltd.
(d)
3.59%
,
08/28/25
............
GBP
806
988,691
4.88%
,
08/28/25
............
9,842
12,140,298
6.50%
,
08/28/26
............
300
374,859
4.50%
,
08/28/27
............
4,550
5,221,303
DS
Smith
plc
,
4.50%
,
07/27/30
(d)
...
EUR
13,820
15,568,060
EC
Finance
plc
,
3.00%
,
10/15/26
(d)
..
3,651
3,825,197
EnQuest
plc
,
11.63%
,
11/01/27
(a)
...
USD
2,160
2,159,711
Galaxy
Bidco
Ltd.
,
6.50%
,
07/31/26
(d)
GBP
21,930
27,253,247
Global
Switch
Finance
BV
,
1.38%
,
10/07/30
(d)
................
EUR
6,793
6,757,259
Heathrow
Finance
plc
(d)
5.75%
,
03/03/25
(e)
...........
GBP
1,486
1,866,177
3.88%
,
03/01/27
(e)
...........
5,212
6,158,957
4.13%
,
09/01/29
(e)
...........
1,956
2,256,121
6.63%
,
03/01/31
............
3,897
4,864,494
HSBC
Holdings
plc
(b)
(BPISDS01
+
1.32%),
2.26%
,
11/13/26
(d)
..............
35,500
42,664,672
(3-mo.
EURIBOR
+
1.45%),
3.02%
,
06/15/27
(d)
..............
EUR
21,000
22,300,153
(Sterling
Overnight
Index
Average
+
1.31%),
1.75%
,
07/24/27
....
GBP
29,675
34,558,784
(5-Year
EUR
Swap
Annual
+
3.30%),
6.36%
,
11/16/32
(d)
...
EUR
7,700
8,866,116
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.30%),
6.21%
,
03/21/34
(d)
..............
AUD
4,190
2,759,531
INEOS
Quattro
Finance
2
plc
(d)
2.50%
,
01/15/26
............
EUR
100
104,334
8.50%
,
03/15/29
............
11,714
13,309,972
Series
APR
,
8.50%
,
03/15/29
...
6,864
7,719,948
Informa
plc
(d)
2.13%
,
10/06/25
............
18,950
19,923,248
3.13%
,
07/05/26
............
GBP
24,147
29,091,341
International
Consolidated
Airlines
Group
SA
,
3.75%
,
03/25/29
(d)
...
EUR
5,400
5,735,747
Intu
Jersey
2
Ltd.
,
2.88%
,
11/01/24
(d)
(f)
(n)
GBP
3,990
906,448
ITV
plc
,
1.38%
,
09/26/26
(d)
........
EUR
2,500
2,549,673
Jaguar
Land
Rover
Automotive
plc
,
4.50%
,
10/01/27
(a)
...........
USD
550
519,998
Lloyds
Banking
Group
plc
(5-Year
USD
Swap
Semi
+
4.76%),
7.50%
(b)
(o)
...............
3,359
3,338,805
2.25%
,
10/16/24
(d)
...........
GBP
6,659
8,256,247
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.29%),
4.95%
(b)
(d)
(o)
........
EUR
8,540
9,049,473
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
(GUKG1
+
1.30%),
1.88%
,
01/15/26
(b)
(d)
.............
GBP
24,119
$
29,568,725
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.91%),
8.00%
(b)
(o)
.........
USD
19,016
19,146,564
Market
Bidco
Finco
plc
,
5.50%
,
11/04/27
(d)
................
GBP
8,725
10,026,662
Metrocentre
Finance
plc
,
8.75%
,
(
8.75
%
Cash
or
8.75
%
PIK),
12/05/24
(p)
................
1,108
706,373
Mitchells
&
Butlers
Finance
plc
,
Series
D1
,
(Sterling
Overnight
Index
Average
+
2.36%),
7.56%
,
06/15/36
(b)
(d)
...............
2,225
2,245,064
Mobico
Group
plc
(d)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.14%),
4.25%
(b)
(o)
...............
5,138
5,928,650
4.88%
,
09/26/31
............
EUR
11,046
11,791,849
Motability
Operations
Group
plc
(d)
0.13%
,
07/20/28
............
6,809
6,403,970
3.63%
,
07/24/29
............
21,750
23,759,004
3.50%
,
07/17/31
............
14,155
15,335,871
National
Grid
Electricity
Distribution
South
West
plc
,
5.88%
,
03/25/27
(d)
GBP
3,275
4,231,300
National
Grid
plc
,
3.25%
,
03/30/34
(d)
.
EUR
15,500
15,867,873
Nationwide
Building
Society
(b)(d)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.39%),
5.88%
(o)
................
GBP
4,556
5,691,932
(3-mo.
EURIBOR
+
0.93%),
1.50%
,
03/08/26
...............
EUR
15,000
15,824,982
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.63%),
5.75%
(o)
................
GBP
4,500
5,374,392
NatWest
Group
plc
(b)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.63%),
6.00%
(o)
..........
USD
3,300
3,222,419
(3-mo.
EURIBOR
+
1.08%),
1.75%
,
03/02/26
(d)
..............
EUR
14,000
14,807,954
(BPSW1
+
1.49%),
2.88%
,
09/19/26
(d)
..............
GBP
13,408
16,307,994
(BPSW1
+
2.01%),
3.13%
,
03/28/27
(d)
..............
3,266
3,945,670
(5-Year
EUR
Swap
Annual
+
1.27%),
1.04%
,
09/14/32
(d)
...
EUR
22,000
21,236,623
Neptune
Energy
Bondco
plc
,
6.63%
,
05/15/25
(a)
................
USD
25,554
25,553,716
NGG
Finance
plc
,
(5-Year
EUR
Swap
Annual
+
2.14%),
1.63%
,
12/05/79
(b)
(d)
...............
EUR
45,185
47,724,133
NIE
Finance
plc
,
2.50%
,
10/27/25
(d)
.
GBP
4,800
5,798,018
Pinewood
Finance
Co.
Ltd.
,
3.25%
,
09/30/25
(d)
................
20,875
25,826,915
Pinewood
Finco
plc
,
6.00%
,
03/27/30
(d)
14,421
18,201,465
Pinnacle
Bidco
plc
,
10.00%
,
10/11/28
(d)
2,230
2,934,237
Premier
Foods
Finance
plc
,
3.50%
,
10/15/26
(d)
................
6,048
7,287,900
Reckitt
Benckiser
Treasury
Services
plc
(d)
3.63%
,
09/14/28
............
EUR
7,941
8,616,906
3.88%
,
09/14/33
............
14,366
15,747,979
Rolls-Royce
plc
3.63%
,
10/14/25
(a)
...........
USD
475
459,485
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
49
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
4.63%
,
02/16/26
(d)
...........
EUR
1,525
$
1,661,304
5.75%
,
10/15/27
(a)
...........
USD
600
601,639
5.75%
,
10/15/27
(d)
...........
GBP
485
618,264
1.63%
,
05/09/28
(d)
...........
EUR
1,700
1,678,151
Santander
UK
Group
Holdings
plc
(d)
(BPSWS5
+
6.07%),
6.75%
(b)
(o)
..
GBP
3,821
4,805,989
3.63%
,
01/14/26
............
3,266
4,003,133
SCC
Power
plc
(a)(p)
8.00%
,
(
8.00
%
Cash
or
8.00
%
PIK),
12/31/28
...............
USD
22,517
9,182,253
4.00%
,
(
4.00
%
Cash
or
4.00
%
PIK),
05/17/32
...............
12,241
1,531,472
SP
Distribution
plc
,
5.88%
,
07/17/26
(d)
GBP
4,200
5,399,152
SSE
plc
,
8.38%
,
11/20/28
(d)
.......
10,800
15,662,513
Standard
Chartered
plc
(b)
(3-mo.
LIBOR
USD
+
1.51%),
7.09%
(a)
(o)
...............
USD
5,000
4,783,783
(3-mo.
LIBOR
USD
+
1.51%),
7.09%
(d)
(o)
...............
800
765,405
(1-Year
EURIBOR
ICE
Swap
Rate
+
0.88%),
1.63%
,
10/03/27
(d)
...
EUR
10,400
10,622,663
(1-Year
EUR
Swap
Annual
+
0.90%),
0.85%
,
01/27/28
(d)
...
11,000
10,944,853
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.57%),
7.88%
(d)
(o)
.........
USD
8,000
7,982,500
Stonegate
Pub
Co.
Financing
2019
plc
,
(3-mo.
EURIBOR
at
5.75%
Floor
+
5.75%),
9.65%
,
07/31/25
(b)
(d)
....
EUR
3,463
3,611,423
Stonegate
Pub
Co.
Financing
plc
,
8.00%
,
07/13/25
(d)
...........
GBP
7,336
8,989,581
Synthomer
plc
,
3.88%
,
07/01/25
(d)
...
EUR
4,471
4,767,103
Tesco
Property
Finance
1
plc
,
7.62%
,
07/13/39
(d)
................
GBP
2,815
4,072,744
Tesco
Property
Finance
3
plc
,
5.74%
,
04/13/40
(d)
................
6,369
8,200,156
Tesco
Property
Finance
4
plc
,
5.80%
,
10/13/40
(d)
................
3,028
3,902,427
Thames
Water
Kemble
Finance
plc
,
4.63%
,
05/19/26
(d)
...........
4,273
1,510,779
Thames
Water
Utilities
Finance
plc
(d)
4.00%
,
06/19/25
............
16,832
20,186,532
0.88%
,
01/31/28
............
EUR
1,635
1,479,603
TSB
Bank
plc
,
3.32%
,
03/05/29
(d)
...
11,130
12,131,975
Virgin
Media
Finance
plc
,
5.00%
,
07/15/30
(a)
................
USD
2,400
2,030,779
Virgin
Media
Secured
Finance
plc
5.25%
,
05/15/29
(d)
...........
GBP
400
463,166
5.50%
,
05/15/29
(a)
...........
USD
2,625
2,426,990
4.25%
,
01/15/30
(d)
...........
GBP
2,425
2,632,214
4.50%
,
08/15/30
(a)
...........
USD
200
172,470
Virgin
Media
Vendor
Financing
Notes
III
DAC
,
4.88%
,
07/15/28
(d)
.......
GBP
2,460
2,779,062
Virgin
Money
UK
plc
,
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.20%),
4.00%
,
03/18/28
(b)
(d)
...............
EUR
3,480
3,767,253
Vmed
O2
UK
Financing
I
plc
4.00%
,
01/31/29
(d)
...........
GBP
16,822
18,577,901
3.25%
,
01/31/31
(d)
...........
EUR
7,736
7,359,421
4.25%
,
01/31/31
(a)
...........
USD
400
338,711
4.50%
,
07/15/31
(d)
...........
GBP
5,956
6,389,761
4.75%
,
07/15/31
(a)
...........
USD
875
754,149
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Vodafone
Group
plc
(b)(d)
(5-Year
EUR
Swap
Annual
+
3.43%),
4.20%
,
10/03/78
....
EUR
2,310
$
2,444,718
(5-Year
GBP
Swap
+
3.27%),
4.88%
,
10/03/78
..........
GBP
15,008
18,565,016
(5-Year
USD
Swap
Semi
+
3.05%),
6.25%
,
10/03/78
..........
USD
5,297
5,278,255
(5-Year
EUR
Swap
Annual
+
3.00%),
2.63%
,
08/27/80
....
EUR
2,845
2,942,718
Series
NC6
,
(5-Year
EUR
Swap
Annual
+
3.00%),
2.63%
,
08/27/80
...............
3,212
3,322,324
Series
60NC10
,
(5-Year
EUR
Swap
Annual
+
3.48%),
3.00%
,
08/27/80
...............
7,505
7,309,699
WPP
Finance
SA
,
4.13%
,
05/30/28
(d)
6,500
7,150,700
1,436,745,795
United
States
—
15.2%
AbbVie,
Inc.
,
5.05%
,
03/15/34
.....
USD
15,958
16,155,797
AdaptHealth
LLC
(a)
4.63%
,
08/01/29
............
675
580,868
5.13%
,
03/01/30
............
400
348,855
Adient
Global
Holdings
Ltd.
(a)
4.88%
,
08/15/26
............
250
243,720
8.25%
,
04/15/31
............
1,475
1,556,476
ADT
Security
Corp.
(The)
,
4.13%
,
08/01/29
(a)
................
450
412,277
Affinity
Interactive
,
6.88%
,
12/15/27
(a)
4,897
4,575,697
Albertsons
Cos.,
Inc.
(a)
3.25%
,
03/15/26
............
575
548,332
4.63%
,
01/15/27
............
588
569,063
5.88%
,
02/15/28
............
300
297,012
6.50%
,
02/15/28
............
500
505,307
3.50%
,
03/15/29
............
3,790
3,401,846
4.88%
,
02/15/30
............
435
413,871
Alexander
Funding
Trust
II
,
7.47%
,
07/31/28
(a)
................
18,297
19,345,428
Alexandria
Real
Estate
Equities,
Inc.
,
2.95%
,
03/15/34
............
5,310
4,362,251
Allegiant
Travel
Co.
,
7.25%
,
08/15/27
(a)
5,229
5,201,159
Alliant
Holdings
Intermediate
LLC
(a)
4.25%
,
10/15/27
............
750
706,094
6.75%
,
04/15/28
............
2,875
2,895,292
Allied
Universal
Holdco
LLC
9.75%
,
07/15/27
(a)
...........
3,247
3,256,754
3.63%
,
06/01/28
(d)
...........
EUR
11,681
11,658,154
4.63%
,
06/01/28
(a)
...........
USD
1,100
1,001,650
4.88%
,
06/01/28
(d)
...........
GBP
6,483
7,366,312
7.88%
,
02/15/31
(a)
...........
USD
4,950
5,013,345
Allison
Transmission,
Inc.
(a)
4.75%
,
10/01/27
............
325
312,766
3.75%
,
01/30/31
............
175
152,691
Ally
Financial,
Inc.
5.75%
,
11/20/25
............
375
372,299
Series
C
,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.48%),
4.70%
(b)
(o)
..
6,633
5,258,674
6.70%
,
02/14/33
............
200
202,060
Alteryx,
Inc.
,
8.75%
,
03/15/28
(a)
....
7,755
7,984,812
Ambac
Assurance
Corp.
,
5.10%
(a)
(o)
..
1,407
2,037,234
AMC
Networks,
Inc.
4.75%
,
08/01/25
............
7,070
7,061,075
10.25%
,
01/15/29
(a)
..........
5,477
5,516,763
4.25%
,
02/15/29
............
5,877
4,165,072
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
American
Airlines
Pass-Through
Trust
(c)
Series
2017-2
,
Class
A
,
4.00%
,
12/15/25
...............
USD
2,223
$
2,211,885
Series
2017-2
,
Class
A
,
3.50%
,
06/15/26
...............
29,235
27,846,147
American
Airlines,
Inc.
(a)
5.50%
,
04/20/26
............
633
628,689
7.25%
,
02/15/28
............
100
101,553
5.75%
,
04/20/29
............
800
786,364
8.50%
,
05/15/29
............
150
158,469
American
Axle
&
Manufacturing,
Inc.
6.88%
,
07/01/28
............
150
149,473
5.00%
,
10/01/29
............
650
585,433
American
Express
Co.
,
(SOFR
Index
+
1.28%),
5.28%
,
07/27/29
(b)
.....
20,369
20,495,706
American
Tower
Corp.
1.95%
,
05/22/26
............
EUR
10,100
10,480,950
0.45%
,
01/15/27
............
4,950
4,897,222
0.40%
,
02/15/27
............
12,750
12,556,780
4.13%
,
05/16/27
............
17,790
19,433,802
0.50%
,
01/15/28
............
7,900
7,597,156
American
University
(The)
,
Series
2019
,
3.67%
,
04/01/49
............
USD
4,870
3,949,986
AmeriGas
Partners
LP
5.50%
,
05/20/25
............
50
50,020
9.38%
,
06/01/28
(a)
...........
2,325
2,407,560
Amgen,
Inc.
5.50%
,
12/07/26
(d)
...........
GBP
35,798
45,959,493
5.15%
,
03/02/28
............
USD
12,000
12,076,924
4.05%
,
08/18/29
............
16,525
15,883,562
2.45%
,
02/21/30
............
4,265
3,729,452
2.30%
,
02/25/31
............
19,038
16,094,641
Amkor
Technology,
Inc.
,
6.63%
,
09/15/27
(a)
................
9,295
9,341,413
AMN
Healthcare,
Inc.
,
4.63%
,
10/01/27
(a)
................
99
94,029
Antero
Midstream
Partners
LP
(a)
5.75%
,
03/01/27
............
250
246,870
5.38%
,
06/15/29
............
475
456,788
6.63%
,
02/01/32
............
2,050
2,058,950
Aon
North
America,
Inc.
5.45%
,
03/01/34
............
23,565
23,837,006
5.75%
,
03/01/54
............
7,222
7,404,027
Aramark
Services,
Inc.
,
5.00%
,
02/01/28
(a)
................
550
530,845
Archrock
Partners
LP
,
6.25%
,
04/01/28
(a)
................
575
568,926
Ardagh
Metal
Packaging
Finance
USA
LLC
,
2.00%
,
09/01/28
(d)
.......
EUR
8,033
7,364,084
Ardagh
Packaging
Finance
plc
5.25%
,
04/30/25
(a)
...........
USD
18,592
17,960,430
2.13%
,
08/15/26
(d)
...........
EUR
12,198
11,317,438
4.13%
,
08/15/26
(a)
...........
USD
1,375
1,243,982
4.75%
,
07/15/27
(d)
...........
GBP
4,492
3,373,399
Asbury
Automotive
Group,
Inc.
4.50%
,
03/01/28
............
USD
300
285,626
4.63%
,
11/15/29
(a)
...........
500
461,413
5.00%
,
02/15/32
(a)
...........
300
271,812
Ascent
Resources
Utica
Holdings
LLC
(a)
8.25%
,
12/31/28
............
375
385,232
5.88%
,
06/30/29
............
600
572,058
Ashton
Woods
USA
LLC
(a)
6.63%
,
01/15/28
............
13,054
13,105,407
4.63%
,
08/01/29
............
1,702
1,569,947
4.63%
,
04/01/30
............
4,694
4,288,761
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
AT&T,
Inc.
2.90%
,
12/04/26
............
GBP
41,509
$
49,686,683
5.50%
,
03/15/27
(d)
...........
17,800
22,714,927
4.30%
,
11/18/34
............
EUR
8,890
10,110,692
Avantor
Funding,
Inc.
2.63%
,
11/01/25
(d)
...........
4,481
4,713,469
4.63%
,
07/15/28
(a)
...........
USD
575
544,878
3.88%
,
11/01/29
(a)
...........
250
225,360
Avient
Corp.
(a)
5.75%
,
05/15/25
............
350
348,438
7.13%
,
08/01/30
............
850
871,512
Avis
Budget
Car
Rental
LLC
(a)
5.75%
,
07/15/27
............
125
120,994
4.75%
,
04/01/28
............
400
369,947
5.38%
,
03/01/29
............
550
512,595
8.00%
,
02/15/31
............
425
424,309
Ball
Corp.
6.88%
,
03/15/28
............
2,900
2,976,829
6.00%
,
06/15/29
............
250
252,375
2.88%
,
08/15/30
............
175
149,319
Banff
Merger
Sub,
Inc.
,
8.38%
,
09/01/26
(d)
................
EUR
7,393
7,923,201
Bank
of
America
Corp.
(b)
(3-mo.
EURIBOR
+
1.20%),
1.78%
,
05/04/27
(d)
..............
11,000
11,414,611
(3-mo.
CME
Term
SOFR
+
1.77%),
3.71%
,
04/24/28
..........
USD
6,520
6,238,363
(1-day
SOFR
+
1.58%),
4.38%
,
04/27/28
...............
11,005
10,743,024
(3-mo.
CME
Term
SOFR
+
1.33%),
3.97%
,
03/05/29
..........
5,000
4,779,443
(1-day
SOFR
+
1.57%),
5.82%
,
09/15/29
...............
16,500
16,918,091
(3-mo.
CME
Term
SOFR
+
1.47%),
3.97%
,
02/07/30
..........
5,000
4,738,216
(3-mo.
CME
Term
SOFR
+
1.25%),
2.50%
,
02/13/31
..........
24,350
20,976,102
(3-mo.
EURIBOR
+
0.79%),
0.69%
,
03/22/31
(d)
..............
EUR
16,000
14,596,029
(1-day
SOFR
+
2.15%),
2.59%
,
04/29/31
...............
USD
4,150
3,577,911
(1-day
SOFR
+
1.37%),
1.92%
,
10/24/31
...............
4,150
3,381,504
(1-day
SOFR
+
1.33%),
2.97%
,
02/04/33
...............
8,350
7,101,178
(1-day
SOFR
+
1.65%),
5.47%
,
01/23/35
...............
28,154
28,337,513
Bank
of
New
York
Mellon
Corp.
(The)
,
(1-day
SOFR
+
1.85%),
6.47%
,
10/25/34
(b)
................
8,200
8,929,595
Bath
&
Body
Works,
Inc.
7.50%
,
06/15/29
............
200
207,273
6.63%
,
10/01/30
(a)
...........
2,300
2,349,448
Bausch
+
Lomb
Corp.
,
8.38%
,
10/01/28
(a)
................
1,660
1,717,536
Beazer
Homes
USA,
Inc.
,
7.25%
,
10/15/29
.................
8,623
8,735,004
Becton
Dickinson
&
Co.
0.03%
,
08/13/25
............
EUR
4,400
4,515,271
2.82%
,
05/20/30
............
USD
15,000
13,235,908
5.11%
,
02/08/34
............
15,356
15,240,319
Belden,
Inc.
(d)
3.38%
,
07/15/27
............
EUR
2,635
2,748,014
3.88%
,
03/15/28
............
3,121
3,288,941
Big
River
Steel
LLC
,
6.63%
,
01/31/29
(a)
USD
5,243
5,272,487
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
51
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Block,
Inc.
2.75%
,
06/01/26
............
USD
500
$
470,242
3.50%
,
06/01/31
............
275
239,345
Blue
Racer
Midstream
LLC
,
7.63%
,
12/15/25
(a)
................
1,592
1,600,762
Boeing
Co.
(The)
,
3.20%
,
03/01/29
..
3,000
2,680,038
Booking
Holdings,
Inc.
4.00%
,
11/15/26
............
EUR
4,700
5,147,658
4.00%
,
03/01/44
............
10,390
11,361,473
Boxer
Parent
Co.,
Inc.
,
6.50%
,
10/02/25
(d)
................
12,882
13,882,180
Boyd
Gaming
Corp.
4.75%
,
12/01/27
............
USD
375
361,251
4.75%
,
06/15/31
(a)
...........
250
229,737
Breeze
Aviation
Group,
Inc.
(Acquired
01/26/24
,
cost
$
8,026,719
)
20.00%
,
01/30/28
(c)
(i)
8,027
7,986,585
Bristol-Myers
Squibb
Co.
,
5.20%
,
02/22/34
.................
13,207
13,409,394
Broadcom,
Inc.
4.00%
,
04/15/29
(a)
...........
8,290
7,896,927
4.15%
,
11/15/30
............
21,150
19,999,149
2.45%
,
02/15/31
(a)
...........
8,000
6,744,165
3.42%
,
04/15/33
(a)
...........
12,550
10,879,589
Buckeye
Partners
LP
4.35%
,
10/15/24
............
4,975
4,917,882
4.13%
,
03/01/25
(a)
...........
2,452
2,395,741
3.95%
,
12/01/26
............
521
498,090
4.50%
,
03/01/28
(a)
...........
400
380,007
Builders
FirstSource,
Inc.
,
6.38%
,
06/15/32
(a)
................
1,025
1,040,156
Caesars
Entertainment,
Inc.
(a)
8.13%
,
07/01/27
............
3,849
3,941,996
4.63%
,
10/15/29
............
150
136,780
6.50%
,
02/15/32
............
450
453,963
California
Resources
Corp.
,
7.13%
,
02/01/26
(a)
................
2,042
2,054,021
Callon
Petroleum
Co.
,
7.50%
,
06/15/30
(a)
................
5,360
5,668,200
Calpine
Corp.
(a)
5.25%
,
06/01/26
............
125
123,706
4.50%
,
02/15/28
............
300
284,542
5.13%
,
03/15/28
............
4,315
4,141,293
4.63%
,
02/01/29
............
750
694,137
5.00%
,
02/01/31
............
225
206,392
3.75%
,
03/01/31
............
50
43,786
Calumet
Specialty
Products
Partners
LP
,
9.75%
,
07/15/28
(a)
.........
13,235
13,086,081
Carnival
Corp.
7.63%
,
03/01/26
(d)
...........
EUR
11,389
12,523,179
7.00%
,
08/15/29
(a)
...........
USD
1,225
1,275,011
Carrier
Global
Corp.
,
4.50%
,
11/29/32
EUR
5,500
6,291,179
Catalent
Pharma
Solutions,
Inc.
,
2.38%
,
03/01/28
(d)
................
8,337
8,532,403
CCO
Holdings
LLC
5.13%
,
05/01/27
(a)
...........
USD
800
762,217
5.38%
,
06/01/29
(a)
...........
6,100
5,584,232
4.75%
,
03/01/30
(a)
...........
4,725
4,057,077
4.50%
,
08/15/30
(a)
...........
4,725
3,959,773
4.25%
,
02/01/31
(a)
...........
5,100
4,164,914
4.50%
,
05/01/32
............
900
723,235
4.50%
,
06/01/33
(a)
...........
400
312,448
Cedar
Fair
LP
,
5.50%
,
05/01/25
(a)
...
102
101,577
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
CenterPoint
Energy
Houston
Electric
LLC
5.20%
,
10/01/28
............
USD
2,400
$
2,440,812
5.15%
,
03/01/34
............
14,007
14,108,449
5.30%
,
04/01/53
............
957
955,088
Century
Communities,
Inc.
,
6.75%
,
06/01/27
.................
1,186
1,190,783
Champions
Financing,
Inc.
,
8.75%
,
02/15/29
(a)
................
1,288
1,349,369
Charles
River
Laboratories
International,
Inc.
(a)
3.75%
,
03/15/29
............
475
433,506
4.00%
,
03/15/31
............
225
201,048
Charles
Schwab
Corp.
(The)
,
(1-day
SOFR
+
2.01%),
6.14%
,
08/24/34
(b)
8,000
8,345,560
Charter
Communications
Operating
LLC
6.15%
,
11/10/26
............
12,500
12,597,889
3.75%
,
02/15/28
............
8,128
7,539,397
4.20%
,
03/15/28
............
7,758
7,312,138
2.25%
,
01/15/29
............
31,294
26,622,769
5.05%
,
03/30/29
............
8,300
8,003,047
Chemours
Co.
(The)
4.00%
,
05/15/26
............
EUR
7,720
7,963,091
5.38%
,
05/15/27
............
USD
75
71,900
5.75%
,
11/15/28
(a)
...........
425
391,892
4.63%
,
11/15/29
(a)
...........
1,637
1,411,205
Chesapeake
Energy
Corp.
6.13%
,
02/15/21
(c)
(f)
(r)
.........
27,853
3
5.38%
,
06/15/21
(c)
(f)
(r)
.........
4,795
—
5.50%
,
02/01/26
(a)
...........
2,019
2,006,163
5.88%
,
02/01/29
(a)
...........
25
24,795
6.75%
,
04/15/29
(a)
...........
600
606,428
Churchill
Downs,
Inc.
(a)
5.50%
,
04/01/27
............
371
364,151
4.75%
,
01/15/28
............
427
406,489
5.75%
,
04/01/30
............
4,535
4,377,643
6.75%
,
05/01/31
............
600
603,351
Citibank
NA
,
5.80%
,
09/29/28
.....
20,700
21,427,939
Citigroup,
Inc.
(3-mo.
EURIBOR
+
1.07%),
1.50%
,
07/24/26
(b)
(d)
.............
EUR
10,500
11,000,503
1.75%
,
10/23/26
............
GBP
5,104
5,949,238
(3-mo.
CME
Term
SOFR
+
1.45%),
4.08%
,
04/23/29
(b)
.........
USD
12,280
11,756,739
(1-day
SOFR
+
1.36%),
5.17%
,
02/13/30
(b)
..............
47,462
47,240,537
(3-mo.
CME
Term
SOFR
+
1.60%),
3.98%
,
03/20/30
(b)
.........
2,075
1,955,096
(1-day
SOFR
+
1.15%),
2.67%
,
01/29/31
(b)
..............
28,685
24,860,376
(1-day
SOFR
+
2.11%),
2.57%
,
06/03/31
(b)
..............
28,500
24,353,110
Citizens
Bank
NA
(b)
(1-day
SOFR
+
1.40%),
4.12%
,
05/23/25
...............
2,673
2,662,594
(1-day
SOFR
+
1.45%),
6.06%
,
10/24/25
...............
1,750
1,742,976
Civitas
Resources,
Inc.
(a)
5.00%
,
10/15/26
............
7,623
7,452,650
8.38%
,
07/01/28
............
18,889
19,884,677
Clarios
Global
LP
4.38%
,
05/15/26
(d)
...........
EUR
5,382
5,761,824
6.25%
,
05/15/26
(a)
...........
USD
830
829,579
6.75%
,
05/15/28
(a)
...........
875
886,925
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
52
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Clean
Harbors,
Inc.
(a)
4.88%
,
07/15/27
............
USD
225
$
218,250
6.38%
,
02/01/31
............
225
226,653
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
5.13%
,
08/15/27
............
1,053
992,595
9.00%
,
09/15/28
............
2,775
2,890,482
Cleveland-Cliffs,
Inc.
5.88%
,
06/01/27
............
225
224,600
6.75%
,
04/15/30
(a)
...........
2,725
2,732,925
Cloud
Software
Group,
Inc.
(a)
6.50%
,
03/31/29
............
36,906
35,022,373
9.00%
,
09/30/29
............
5,601
5,372,016
Clydesdale
Acquisition
Holdings,
Inc.
,
8.75%
,
04/15/30
(a)
...........
4,940
4,853,744
CNX
Resources
Corp.
(a)
7.38%
,
01/15/31
............
500
509,215
7.25%
,
03/01/32
............
3,673
3,733,340
Coinbase
Global,
Inc.
,
0.25%
,
04/01/30
(a)
(n)
...............
16,643
17,532,059
Comcast
Corp.
,
0.00%
,
09/14/26
...
EUR
8,000
7,947,068
Comerica
Bank
,
(1-day
SOFR
+
2.61%),
5.33%
,
08/25/33
(b)
.....
USD
19,400
17,648,936
Commercial
Metals
Co.
4.13%
,
01/15/30
............
22,119
20,365,899
4.38%
,
03/15/32
............
7,677
6,917,194
CommScope
Technologies
LLC
,
6.00%
,
06/15/25
(a)
................
13,681
11,898,366
CommScope,
Inc.
,
6.00%
,
03/01/26
(a)
1,387
1,269,105
Community
Health
Systems,
Inc.
(a)
8.00%
,
03/15/26
............
600
598,789
5.63%
,
03/15/27
............
800
736,320
8.00%
,
12/15/27
............
450
441,419
5.25%
,
05/15/30
............
4,200
3,424,731
4.75%
,
02/15/31
............
725
559,516
Compass
Group
Diversified
Holdings
LLC
,
5.25%
,
04/15/29
(a)
.......
450
427,560
Comstock
Resources,
Inc.
(a)
6.75%
,
03/01/29
............
700
667,550
5.88%
,
01/15/30
............
1,300
1,177,291
Consumers
Energy
Co.
4.90%
,
02/15/29
............
8,400
8,426,913
4.60%
,
05/30/29
............
6,480
6,404,631
Coty,
Inc.
(a)
5.00%
,
04/15/26
............
425
418,660
6.63%
,
07/15/30
............
375
380,809
Covanta
Holding
Corp.
,
4.88%
,
12/01/29
(a)
................
6,228
5,581,848
CQP
Holdco
LP
,
7.50%
,
12/15/33
(a)
..
1,825
1,878,321
Crescent
Energy
Finance
LLC
,
7.63%
,
04/01/32
(a)
................
4,518
4,552,813
Crown
Americas
LLC
4.75%
,
02/01/26
............
500
491,697
4.25%
,
09/30/26
............
75
72,657
Crown
Castle,
Inc.
,
2.90%
,
03/15/27
.
11,000
10,288,690
Crown
European
Holdings
SA
(d)
3.38%
,
05/15/25
............
EUR
7,232
7,735,066
5.00%
,
05/15/28
............
6,151
6,817,567
CrownRock
LP
,
5.63%
,
10/15/25
(a)
..
USD
542
540,704
CRSO
Trust
,
7.12%
,
07/10/28
(a)
....
4,399
4,609,637
CSC
Holdings
LLC
(a)
5.50%
,
04/15/27
............
15,472
13,843,008
11.25%
,
05/15/28
...........
3,579
3,546,585
11.75%
,
01/31/29
...........
7,101
7,112,075
6.50%
,
02/01/29
............
5,900
4,999,133
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
4.50%
,
11/15/31
............
USD
4,075
$
2,884,965
CVS
Health
Corp.
,
1.75%
,
08/21/30
.
12,450
10,226,543
Dana
Financing
Luxembourg
SARL
(d)
3.00%
,
07/15/29
............
EUR
2,132
2,070,097
8.50%
,
07/15/31
............
4,992
5,927,337
Dana,
Inc.
5.63%
,
06/15/28
............
USD
100
97,589
4.25%
,
09/01/30
............
1,602
1,415,589
Darling
Ingredients,
Inc.
(a)
5.25%
,
04/15/27
............
400
392,960
6.00%
,
06/15/30
............
175
173,426
DaVita,
Inc.
(a)
4.63%
,
06/01/30
............
700
626,699
3.75%
,
02/15/31
............
1,775
1,486,140
Dell
International
LLC
,
6.02%
,
06/15/26
4,446
4,502,822
Delta
Air
Lines,
Inc.
7.38%
,
01/15/26
............
575
592,990
4.38%
,
04/19/28
............
100
97,026
DirecTV
Financing
LLC
(a)
5.88%
,
08/15/27
............
600
567,622
8.88%
,
02/01/30
............
1,800
1,795,653
Discover
Bank
,
2.45%
,
09/12/24
....
20,685
20,378,440
DISH
DBS
Corp.
,
5.88%
,
11/15/24
..
22,532
21,588,461
DISH
Network
Corp.
0.00%
,
12/15/25
(m)
(n)
.........
8,119
5,926,870
11.75%
,
11/15/27
(a)
..........
2,665
2,720,781
Dresdner
Funding
Trust
I
,
8.15%
,
06/30/31
(d)
................
4,994
5,465,630
DT
Midstream,
Inc.
(a)
4.13%
,
06/15/29
............
500
459,666
4.38%
,
06/15/31
............
225
203,765
Duke
Energy
Corp.
,
3.10%
,
06/15/28
EUR
10,000
10,584,080
Edgewell
Personal
Care
Co.
,
4.13%
,
04/01/29
(a)
................
USD
525
481,727
Edison
International
6.95%
,
11/15/29
............
4,150
4,446,029
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.66%),
7.88%
,
06/15/54
(b)
...
19,340
19,868,485
Elanco
Animal
Health,
Inc.
,
6.65%
,
08/28/28
(e)
................
13
13,182
Elevance
Health,
Inc.
,
2.55%
,
03/15/31
19,600
16,745,050
EMRLD
Borrower
LP
,
6.38%
,
12/15/30
(d)
................
EUR
6,945
7,865,745
Encompass
Health
Corp.
4.50%
,
02/01/28
............
USD
450
428,589
4.63%
,
04/01/31
............
375
340,950
Encore
Capital
Group,
Inc.
(d)
4.88%
,
10/15/25
............
EUR
7,437
7,943,173
5.38%
,
02/15/26
............
GBP
2,175
2,676,163
Energizer
Holdings,
Inc.
,
4.38%
,
03/31/29
(a)
................
USD
850
761,654
Energy
Transfer
LP
5.63%
,
05/01/27
(a)
...........
700
697,479
Series
B
,
(3-mo.
LIBOR
USD
+
4.16%),
6.63%
(b)
(o)
.........
5,421
5,062,684
7.38%
,
02/01/31
(a)
...........
350
366,107
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.02%),
8.00%
,
05/15/54
(b)
...
7,189
7,540,334
EnLink
Midstream
LLC
5.38%
,
06/01/29
............
425
417,250
6.50%
,
09/01/30
(a)
...........
275
282,927
EnLink
Midstream
Partners
LP
4.15%
,
06/01/25
............
425
415,734
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
53
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
4.85%
,
07/15/26
............
USD
75
$
73,526
Entegris,
Inc.
,
4.75%
,
04/15/29
(a)
...
1,500
1,437,534
EQM
Midstream
Partners
LP
(a)
6.00%
,
07/01/25
............
300
300,381
7.50%
,
06/01/27
............
5,775
5,921,656
6.50%
,
07/01/27
............
225
226,990
4.50%
,
01/15/29
............
375
351,616
7.50%
,
06/01/30
............
5,025
5,371,449
Equinix,
Inc.
1.25%
,
07/15/25
............
3,011
2,848,099
3.20%
,
11/18/29
............
9,709
8,691,780
3.40%
,
02/15/52
............
780
545,710
EquipmentShare.com,
Inc.
,
9.00%
,
05/15/28
(a)
................
21,883
22,539,306
ERAC
USA
Finance
LLC
,
5.00%
,
02/15/29
(a)
................
4,295
4,302,167
Esab
Corp.
,
6.25%
,
04/15/29
(a)
.....
4,305
4,325,160
ESC
Investments
&
Realty
Corp.,
Inc.
,
6.63%
,
08/15/20
(c)
(f)
(r)
.........
1,665
—
Exelon
Corp.
5.15%
,
03/15/28
............
4,040
4,049,883
5.15%
,
03/15/29
............
3,799
3,807,730
Fair
Isaac
Corp.
(a)
5.25%
,
05/15/26
............
300
296,653
4.00%
,
06/15/28
............
275
256,865
Ferrellgas
LP
(a)
5.38%
,
04/01/26
............
425
415,796
5.88%
,
04/01/29
............
300
285,693
Fidelity
National
Information
Services,
Inc.
0.63%
,
12/03/25
............
EUR
4,400
4,515,935
1.50%
,
05/21/27
............
17,167
17,403,084
Fiesta
Purchaser,
Inc.
,
7.88%
,
03/01/31
(a)
................
USD
3,258
3,364,537
Fifth
Third
Bancorp
,
(1-day
SOFR
+
1.84%),
5.63%
,
01/29/32
(b)
.....
4,200
4,204,300
First
Horizon
Bank
,
5.75%
,
05/01/30
.
7,350
6,954,589
FirstEnergy
Corp.
Series
B
,
4.15%
,
07/15/27
(e)
....
575
551,477
Series
B
,
2.25%
,
09/01/30
.....
275
228,762
Fiserv,
Inc.
,
2.25%
,
07/01/25
......
GBP
3,800
4,619,719
Five
Point
Operating
Co.
LP
,
10.50%
,
01/15/28
(a)
(e)
...............
USD
18,662
19,214,379
FLYR,
Inc.
(c)
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
7.74%
,
05/10/27
(b)
..............
12,083
11,494,565
8.00%
,
08/10/27
............
25,843
29,770,992
Ford
Motor
Co.
3.25%
,
02/12/32
............
2,269
1,887,367
6.10%
,
08/19/32
............
12,205
12,367,511
Ford
Motor
Credit
Co.
LLC
5.13%
,
06/16/25
............
12,600
12,487,309
3.38%
,
11/13/25
............
225
216,466
4.39%
,
01/08/26
............
225
219,461
6.95%
,
03/06/26
............
200
203,811
6.86%
,
06/05/26
............
GBP
19,640
25,471,206
2.70%
,
08/10/26
............
USD
7,300
6,804,590
4.27%
,
01/09/27
............
16,350
15,728,076
2.90%
,
02/16/28
............
20,100
18,171,541
6.13%
,
05/15/28
............
EUR
3,142
3,653,184
6.80%
,
11/07/28
............
USD
2,750
2,870,380
5.13%
,
02/20/29
............
EUR
13,950
15,754,326
5.80%
,
03/08/29
............
USD
15,000
15,059,683
7.12%
,
11/07/33
............
15,405
16,574,411
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
6.13%
,
03/08/34
............
USD
15,000
$
15,082,899
Forestar
Group,
Inc.
(a)
3.85%
,
05/15/26
............
244
233,018
5.00%
,
03/01/28
............
17,122
16,462,931
FREED
Corp.
,
12.00%
,
11/30/28
(c)
..
108,629
106,869,210
Freedom
Mortgage
Corp.
(a)
7.63%
,
05/01/26
............
125
124,806
6.63%
,
01/15/27
............
350
339,597
12.00%
,
10/01/28
...........
1,050
1,144,505
12.25%
,
10/01/30
...........
200
219,957
Freedom
Mortgage
Holdings
LLC
,
9.25%
,
02/01/29
(a)
...........
1,175
1,202,550
Freewire
Technologies,
Inc.
,
6.00%
,
02/20/28
(c)
................
19,154
13,815,633
Frontier
Communications
Holdings
LLC
(a)
5.88%
,
10/15/27
............
1,195
1,156,923
5.00%
,
05/01/28
............
2,425
2,250,916
8.75%
,
05/15/30
............
23,262
23,802,204
8.63%
,
03/15/31
............
15,465
15,794,853
Frontier
Florida
LLC
,
Series
E
,
6.86%
,
02/01/28
.................
19,615
19,031,552
Frontier
North,
Inc.
,
Series
G
,
6.73%
,
02/15/28
.................
4,850
4,607,500
Full
House
Resorts,
Inc.
,
8.25%
,
02/15/28
(a)
................
2,412
2,305,002
Gap,
Inc.
(The)
(a)
3.63%
,
10/01/29
............
2,425
2,124,224
3.88%
,
10/01/31
............
200
169,180
Gen
Digital,
Inc.
(a)
6.75%
,
09/30/27
............
9,371
9,505,192
7.13%
,
09/30/30
............
250
256,860
General
Mills,
Inc.
,
0.13%
,
11/15/25
.
EUR
9,000
9,178,532
General
Motors
Financial
Co.,
Inc.
5.15%
,
08/15/26
(d)
...........
GBP
6,800
8,543,140
2.35%
,
02/26/27
............
USD
15,000
13,849,692
Series
A
,
(3-mo.
LIBOR
USD
+
3.60%),
5.75%
(b)
(o)
.........
11,481
10,836,093
4.50%
,
11/22/27
(d)
...........
EUR
6,500
7,200,292
5.75%
,
02/08/31
............
USD
4,092
4,136,361
Genesis
Energy
LP
8.00%
,
01/15/27
............
500
505,814
8.25%
,
01/15/29
............
200
205,319
8.88%
,
04/15/30
............
2,575
2,695,387
GFL
Environmental,
Inc.
(a)
4.25%
,
06/01/25
............
475
467,244
5.13%
,
12/15/26
............
25
24,563
4.00%
,
08/01/28
............
1,950
1,797,273
6.75%
,
01/15/31
............
400
409,925
Global
Payments,
Inc.
,
4.88%
,
03/17/31
EUR
16,606
18,869,628
GLP
Capital
LP
,
4.00%
,
01/15/31
...
USD
3,678
3,281,939
Go
Daddy
Operating
Co.
LLC
(a)
5.25%
,
12/01/27
............
125
122,246
3.50%
,
03/01/29
............
350
315,665
Goldman
Sachs
Finance
Corp.
International
Ltd.
,
Series
700
,
0.00%
,
03/15/27
(d)
(m)
(n)
.........
11,500
11,841,550
Goldman
Sachs
Group,
Inc.
(The)
Series
U
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.92%),
3.65%
(b)
(o)
..
14,191
12,961,526
(1-day
SOFR
+
1.85%),
3.62%
,
03/15/28
(b)
..............
20,249
19,368,864
7.25%
,
04/10/28
............
GBP
3,332
4,546,397
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
54
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
(3-mo.
CME
Term
SOFR
+
1.56%),
4.22%
,
05/01/29
(b)
.........
USD
35,802
$
34,460,612
0.88%
,
05/09/29
(d)
...........
EUR
16,000
15,117,192
(1-day
SOFR
+
1.77%),
6.48%
,
10/24/29
(b)
..............
USD
9,005
9,474,338
(1-day
SOFR
+
1.95%),
6.56%
,
10/24/34
(b)
..............
22,000
24,001,903
Goodyear
Tire
&
Rubber
Co.
(The)
4.88%
,
03/15/27
............
300
289,880
5.00%
,
07/15/29
............
1,975
1,843,908
5.25%
,
07/15/31
............
300
273,476
5.63%
,
04/30/33
............
100
91,329
GoTo
Group,
Inc.
5.50%
,
05/01/28
(a)
...........
20,429
15,806,378
Grand
Canyon
University
,
5.13%
,
10/01/28
.................
8,775
7,935,847
Graphic
Packaging
International
LLC
3.50%
,
03/15/28
(a)
...........
400
369,293
2.63%
,
02/01/29
(d)
...........
EUR
1,246
1,246,833
Gray
Television,
Inc.
(a)
7.00%
,
05/15/27
............
USD
400
372,013
4.75%
,
10/15/30
............
2,750
1,803,556
5.38%
,
11/15/31
............
200
131,144
GXO
Logistics,
Inc.
,
2.65%
,
07/15/31
5,398
4,394,776
H&E
Equipment
Services,
Inc.
,
3.88%
,
12/15/28
(a)
................
525
480,629
Hanesbrands,
Inc.
(a)
4.88%
,
05/15/26
............
1,025
997,967
9.00%
,
02/15/31
............
600
616,467
HAT
Holdings
I
LLC
(a)
3.38%
,
06/15/26
............
375
353,214
8.00%
,
06/15/27
............
425
443,148
HCA,
Inc.
4.50%
,
02/15/27
............
20,000
19,609,286
5.20%
,
06/01/28
............
4,830
4,843,666
5.63%
,
09/01/28
............
8,921
9,031,852
5.88%
,
02/01/29
............
11,080
11,328,617
5.45%
,
04/01/31
............
14,460
14,535,427
3.63%
,
03/15/32
............
3,200
2,832,758
5.60%
,
04/01/34
............
29,465
29,668,962
6.10%
,
04/01/64
............
12,175
12,274,852
Hertz
Corp.
(The)
(a)
4.63%
,
12/01/26
............
400
363,016
5.00%
,
12/01/29
............
2,075
1,603,490
Hess
Midstream
Operations
LP
(a)
5.63%
,
02/15/26
............
525
520,803
5.13%
,
06/15/28
............
150
145,150
4.25%
,
02/15/30
............
100
91,891
Hilcorp
Energy
I
LP
(a)
5.75%
,
02/01/29
............
475
462,667
8.38%
,
11/01/33
............
2,250
2,439,439
Hilton
Domestic
Operating
Co.,
Inc.
5.75%
,
05/01/28
(a)
...........
450
449,331
4.88%
,
01/15/30
............
17
16,300
4.00%
,
05/01/31
(a)
...........
1,575
1,407,682
3.63%
,
02/15/32
(a)
...........
150
129,150
Hilton
Grand
Vacations
Borrower
Escrow
LLC
(a)
5.00%
,
06/01/29
............
1,972
1,839,090
4.88%
,
07/01/31
............
275
246,217
Hilton
Worldwide
Finance
LLC
,
4.88%
,
04/01/27
.................
975
958,556
Hologic,
Inc.
,
3.25%
,
02/15/29
(a)
....
625
560,120
Homes
By
West
Bay
LLC
,
11.00%
,
02/06/30
(c)
................
80,958
79,541,235
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Honeywell
International,
Inc.
,
3.75%
,
05/17/32
.................
EUR
7,800
$
8,639,711
Howard
Hughes
Corp.
(The)
,
5.38%
,
08/01/28
(a)
................
USD
8,796
8,436,914
HSBC
USA,
Inc.
,
5.29%
,
03/04/27
..
10,351
10,411,182
Hudson
Pacific
Properties
LP
3.95%
,
11/01/27
............
425
376,527
4.65%
,
04/01/29
............
125
106,489
3.25%
,
01/15/30
............
250
192,566
Huntington
Bancshares,
Inc.
,
(SOFR
Index
+
1.87%),
5.71%
,
02/02/35
(b)
10,525
10,494,695
Icahn
Enterprises
LP
6.38%
,
12/15/25
............
125
123,987
6.25%
,
05/15/26
............
425
410,263
5.25%
,
05/15/27
............
350
316,309
9.75%
,
01/15/29
(a)
...........
3,300
3,444,547
Imola
Merger
Corp.
,
4.75%
,
05/15/29
(a)
700
656,355
Insightful
Corp.
,
7.00%
,
01/25/29
(c)
..
4,349
4,428,078
International
Game
Technology
plc
(a)
4.13%
,
04/15/26
............
500
484,702
6.25%
,
01/15/27
............
300
302,169
IQVIA,
Inc.
(a)
5.00%
,
10/15/26
............
225
220,160
5.00%
,
05/15/27
............
375
366,160
6.50%
,
05/15/30
............
300
306,154
IRB
Holding
Corp.
,
7.00%
,
06/15/25
(a)
72
72,002
Iron
Mountain
Information
Management
Services,
Inc.
,
5.00%
,
07/15/32
(a)
.
475
433,804
Iron
Mountain
UK
plc
,
3.88%
,
11/15/25
(d)
................
GBP
6,724
8,221,468
Iron
Mountain,
Inc.
(a)
7.00%
,
02/15/29
............
USD
1,950
1,987,160
4.50%
,
02/15/31
............
4,150
3,744,287
Jazz
Securities
DAC
,
4.38%
,
01/15/29
(a)
675
628,788
JPMorgan
Chase
&
Co.
(b)
(1-day
SOFR
+
0.49%),
0.77%
,
08/09/25
...............
10,000
9,811,194
(Sterling
Overnight
Index
Average
+
0.68%),
0.99%
,
04/28/26
(d)
...
GBP
20,248
24,436,895
Series
KK
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.85%),
3.65%
(o)
...
USD
15,185
14,421,759
(3-mo.
EURIBOR
+
0.76%),
1.09%
,
03/11/27
(d)
..............
EUR
13,000
13,354,827
(3-mo.
EURIBOR
+
0.84%),
1.64%
,
05/18/28
(d)
..............
14,100
14,371,821
(3-mo.
CME
Term
SOFR
+
1.38%),
4.01%
,
04/23/29
..........
USD
6,234
5,975,418
(1-day
SOFR
+
1.02%),
2.07%
,
06/01/29
...............
6,544
5,804,879
(1-day
SOFR
+
1.57%),
6.09%
,
10/23/29
...............
12,949
13,461,937
(3-mo.
EURIBOR
+
1.13%),
1.96%
,
03/23/30
(d)
..............
EUR
19,800
19,928,233
(3-mo.
CME
Term
SOFR
+
1.42%),
3.70%
,
05/06/30
..........
USD
22,213
20,811,345
(3-mo.
EURIBOR
+
0.98%),
3.76%
,
03/21/34
(d)
..............
EUR
9,020
9,859,143
(1-day
SOFR
+
1.81%),
6.25%
,
10/23/34
...............
USD
22,000
23,504,636
(1-day
SOFR
+
1.62%),
5.34%
,
01/23/35
...............
9,687
9,724,852
Series
u
,
(3-mo.
CME
Term
SOFR
+
1.21%),
6.53%
,
02/02/37
....
23,223
21,277,618
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
55
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
W
,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.57%
,
05/15/47
...
USD
7,463
$
6,641,956
Keurig
Dr
Pepper,
Inc.
,
3.95%
,
04/15/29
20,275
19,362,210
KeyCorp
,
(SOFR
Index
+
2.42%),
6.40%
,
03/06/35
(b)
...........
24,795
25,320,789
Kohl's
Corp.
,
4.63%
,
05/01/31
(e)
....
1,450
1,220,211
Kraft
Heinz
Foods
Co.
4.13%
,
07/01/27
(d)
...........
GBP
1,960
2,428,622
3.75%
,
04/01/30
............
USD
6,225
5,839,284
Kronos
International,
Inc.
(d)
3.75%
,
09/15/25
............
EUR
1,305
1,383,261
9.50%
,
03/15/29
............
9,516
10,933,648
Lamar
Media
Corp.
3.75%
,
02/15/28
............
USD
810
756,736
4.88%
,
01/15/29
............
425
409,519
4.00%
,
02/15/30
............
175
159,049
Lamb
Weston
Holdings,
Inc.
(a)
4.88%
,
05/15/28
............
250
242,984
4.38%
,
01/31/32
............
400
358,686
Landsea
Homes
Corp.
,
11.00%
,
07/17/28
(c)
................
78,968
84,890,600
Las
Vegas
Sands
Corp.
2.90%
,
06/25/25
............
900
865,908
3.50%
,
08/18/26
............
475
449,627
3.90%
,
08/08/29
............
100
91,012
Lessen,
Inc.
,
(3-mo.
CME
Term
SOFR
+
8.50%),
13.40%
,
01/05/28
(a)
(b)
(c)
..
41,789
38,187,026
Level
3
Financing,
Inc.
(a)
4.63%
,
09/15/27
............
11,090
7,374,850
11.00%
,
11/15/29
...........
19,243
20,012,979
LGI
Homes,
Inc.
,
8.75%
,
12/15/28
(a)
.
14,770
15,584,314
Liberty
Mutual
Group,
Inc.
,
(5-Year
EUR
Swap
Annual
+
3.70%),
3.63%
,
05/23/59
(b)
(d)
...............
EUR
14,047
15,086,410
Light
&
Wonder
International,
Inc.
(a)
7.00%
,
05/15/28
............
USD
569
573,192
7.50%
,
09/01/31
............
1,375
1,429,867
Lightning
eMotors,
Inc.
,
7.50%
,
05/15/24
(a)
(n)
...............
4,313
129,390
Linde
plc
,
3.00%
,
02/14/28
(d)
......
EUR
9,100
9,774,672
Lions
Gate
Capital
Holdings
LLC
,
5.50%
,
04/15/29
(a)
...........
USD
33,936
25,962,279
Lithia
Motors,
Inc.
(a)
3.88%
,
06/01/29
............
1,000
901,204
4.38%
,
01/15/31
............
1,700
1,522,736
Live
Nation
Entertainment,
Inc.
(a)
6.50%
,
05/15/27
............
975
985,656
4.75%
,
10/15/27
............
375
358,060
3.75%
,
01/15/28
............
150
138,772
Lowe's
Cos.,
Inc.
4.50%
,
04/15/30
............
5,225
5,109,042
1.70%
,
10/15/30
............
12,800
10,458,821
2.63%
,
04/01/31
............
16,300
14,025,839
M/I
Homes,
Inc.
,
4.95%
,
02/01/28
...
225
214,619
Macy's
Retail
Holdings
LLC
(a)
5.88%
,
04/01/29
............
600
588,611
5.88%
,
03/15/30
............
175
170,109
6.13%
,
03/15/32
............
100
96,928
Marriott
International,
Inc.
4.88%
,
05/15/29
............
3,947
3,906,938
5.30%
,
05/15/34
............
4,614
4,563,566
Masonite
International
Corp.
,
5.38%
,
02/01/28
(a)
................
9
9,012
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Massachusetts
Institute
of
Technology
,
3.96%
,
07/01/38
............
USD
8,375
$
7,774,615
Matador
Resources
Co.
5.88%
,
09/15/26
............
475
475,051
6.50%
,
04/15/32
(a)
...........
5,953
5,960,220
Match
Group
Holdings
II
LLC
(a)
4.63%
,
06/01/28
............
450
424,671
3.63%
,
10/01/31
............
200
169,950
Mauser
Packaging
Solutions
Holding
Co.
,
7.88%
,
08/15/26
(a)
........
33,172
33,794,008
McDonald's
Corp.
,
3.63%
,
11/28/27
(d)
EUR
7,940
8,649,845
Medline
Borrower
LP
,
3.88%
,
04/01/29
(a)
................
USD
23,832
21,692,041
Medtronic
Global
Holdings
SCA
,
2.63%
,
10/15/25
.................
EUR
4,940
5,240,676
Metropolitan
Life
Global
Funding
I
,
4.85%
,
01/08/29
(a)
...........
USD
10,000
9,923,748
MGM
Resorts
International
5.75%
,
06/15/25
............
121
120,857
4.63%
,
09/01/26
............
75
73,369
5.50%
,
04/15/27
............
125
123,893
4.75%
,
10/15/28
............
1,450
1,379,039
MicroStrategy,
Inc.
,
0.88%
,
03/15/31
(a)
(n)
7,000
7,101,500
MidAmerican
Energy
Co.
,
5.30%
,
02/01/55
.................
2,857
2,826,143
Midwest
Gaming
Borrower
LLC
,
4.88%
,
05/01/29
(a)
................
5,385
4,986,275
Molina
Healthcare,
Inc.
(a)
4.38%
,
06/15/28
............
375
352,511
3.88%
,
11/15/30
............
175
155,588
3.88%
,
05/15/32
............
100
87,072
Morgan
Stanley
(b)
(1-day
SOFR
+
0.86%),
1.51%
,
07/20/27
...............
9,393
8,620,914
(3-mo.
EURIBOR
+
0.70%),
0.41%
,
10/29/27
...............
EUR
18,000
17,917,644
(1-day
SOFR
+
1.00%),
2.48%
,
01/21/28
...............
USD
8,250
7,674,367
(1-day
SOFR
+
1.61%),
4.21%
,
04/20/28
...............
31,932
31,029,329
(3-mo.
CME
Term
SOFR
+
1.40%),
3.77%
,
01/24/29
..........
14,000
13,326,242
(1-day
SOFR
+
1.59%),
5.16%
,
04/20/29
...............
10,000
9,991,929
(3-mo.
EURIBOR
+
0.87%),
0.50%
,
10/26/29
...............
EUR
7,900
7,428,044
(1-day
SOFR
+
1.83%),
6.41%
,
11/01/29
...............
USD
24,375
25,558,721
(1-day
SOFR
+
1.45%),
5.17%
,
01/16/30
...............
2,100
2,101,779
(1-day
SOFR
+
1.14%),
2.70%
,
01/22/31
...............
20,200
17,648,434
(1-day
SOFR
+
2.05%),
6.63%
,
11/01/34
...............
22,000
24,070,339
(1-day
SOFR
+
1.73%),
5.47%
,
01/18/35
...............
33,042
33,337,346
(3-mo.
EURIBOR
+
1.24%),
3.96%
,
03/21/35
...............
EUR
10,100
11,057,194
Morgan
Stanley
Bank
NA
,
(1-day
SOFR
+
1.08%),
4.95%
,
01/14/28
(b)
....
USD
8,588
8,552,626
Motorola
Solutions,
Inc.
,
4.60%
,
05/23/29
.................
8,240
8,076,141
Murphy
Oil
Corp.
,
5.88%
,
12/01/27
..
325
322,387
Murphy
Oil
USA,
Inc.
,
3.75%
,
02/15/31
(a)
................
900
786,063
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
56
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
National
Grid
North
America,
Inc.
(d)
4.15%
,
09/12/27
............
EUR
9,350
$
10,254,877
1.05%
,
01/20/31
............
3,871
3,517,195
4.67%
,
09/12/33
............
9,440
10,816,710
Nationstar
Mortgage
Holdings,
Inc.
(a)
6.00%
,
01/15/27
............
USD
2,068
2,038,661
5.50%
,
08/15/28
............
5,771
5,523,316
5.13%
,
12/15/30
............
5,463
4,956,476
5.75%
,
11/15/31
............
2,581
2,380,588
7.13%
,
02/01/32
............
5,030
4,995,553
Navient
Corp.
5.00%
,
03/15/27
............
150
143,706
9.38%
,
07/25/30
............
275
294,190
11.50%
,
03/15/31
...........
675
751,226
NCL
Corp.
Ltd.
(a)
8.38%
,
02/01/28
............
625
660,202
8.13%
,
01/15/29
............
3,275
3,465,556
NCR
Atleos
Corp.
,
9.50%
,
04/01/29
(a)
12,840
13,733,780
Neogen
Food
Safety
Corp.
,
8.63%
,
07/20/30
(a)
................
2,639
2,842,871
Neptune
Bidco
US,
Inc.
,
9.29%
,
04/15/29
(a)
................
1,050
992,852
Nestle
Finance
International
Ltd.
,
3.00%
,
01/23/31
(d)
...........
EUR
13,290
14,314,085
Netflix,
Inc.
,
3.63%
,
05/15/27
......
11,800
12,839,402
New
Home
Co.,
Inc.
(The)
,
8.25%
,
10/15/27
(a)
(e)
...............
USD
2,117
2,155,106
New
York
Life
Global
Funding
,
4.35%
,
09/16/25
(d)
................
GBP
3,899
4,879,648
Newell
Brands,
Inc.
5.20%
,
04/01/26
(e)
...........
USD
660
648,234
6.38%
,
09/15/27
............
1,250
1,229,248
6.63%
,
09/15/29
............
475
464,353
News
Corp.
(a)
3.88%
,
05/15/29
............
475
434,365
5.13%
,
02/15/32
............
125
117,386
Nexstar
Media,
Inc.
(a)
5.63%
,
07/15/27
............
3,106
2,979,648
4.75%
,
11/01/28
............
525
478,361
NGL
Energy
Operating
LLC
,
8.38%
,
02/15/32
(a)
................
575
589,437
Nissan
Motor
Acceptance
Co.
LLC
,
2.75%
,
03/09/28
(d)
...........
10,000
8,883,103
Nordstrom,
Inc.
,
4.25%
,
08/01/31
...
1,025
900,009
Northern
Oil
&
Gas,
Inc.
,
8.75%
,
06/15/31
(a)
................
2,082
2,198,513
Northern
States
Power
Co.
2.90%
,
03/01/50
............
7,107
4,731,018
5.40%
,
03/15/54
............
6,037
6,079,385
Novelis
Corp.
(a)
3.25%
,
11/15/26
............
350
326,123
3.88%
,
08/15/31
............
1,225
1,052,282
NRG
Energy,
Inc.
5.75%
,
01/15/28
............
14
13,922
3.38%
,
02/15/29
(a)
...........
950
844,005
5.25%
,
06/15/29
(a)
...........
13
12,428
3.63%
,
02/15/31
(a)
...........
2,750
2,373,134
3.88%
,
02/15/32
(a)
...........
50
42,847
NuStar
Logistics
LP
5.75%
,
10/01/25
............
375
373,126
5.63%
,
04/28/27
............
300
296,916
6.38%
,
10/01/30
............
300
301,940
OI
European
Group
BV
(d)
2.88%
,
02/15/25
............
EUR
4,879
5,184,754
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
6.25%
,
05/15/28
............
EUR
7,549
$
8,486,948
Olin
Corp.
5.13%
,
09/15/27
............
USD
500
488,437
5.00%
,
02/01/30
............
200
189,800
Olympus
Water
US
Holding
Corp.
7.13%
,
10/01/27
(a)
...........
3,940
3,979,896
9.63%
,
11/15/28
(d)
...........
EUR
8,056
9,308,727
9.75%
,
11/15/28
(a)
...........
USD
28,566
30,428,979
Oncor
Electric
Delivery
Co.
LLC
,
5.75%
,
03/15/29
............
9,586
9,911,943
OneMain
Finance
Corp.
7.13%
,
03/15/26
............
625
636,341
9.00%
,
01/15/29
............
575
610,139
7.88%
,
03/15/30
............
5,150
5,312,591
4.00%
,
09/15/30
............
150
128,377
OPENLANE,
Inc.
,
5.13%
,
06/01/25
(a)
.
117
115,131
Oracle
Corp.
6.15%
,
11/09/29
............
12,675
13,358,633
2.95%
,
04/01/30
............
8,400
7,474,722
2.88%
,
03/25/31
............
8,300
7,216,657
Organon
&
Co.
2.88%
,
04/30/28
(d)
...........
EUR
8,200
8,225,930
4.13%
,
04/30/28
(a)
...........
USD
1,125
1,048,378
5.13%
,
04/30/31
(a)
...........
1,000
889,107
Outfront
Media
Capital
LLC
(a)
5.00%
,
08/15/27
............
294
282,963
4.25%
,
01/15/29
............
2,025
1,834,606
4.63%
,
03/15/30
............
427
382,947
Pacific
Gas
&
Electric
Co.
5.55%
,
05/15/29
............
15,000
15,130,978
6.95%
,
03/15/34
............
13,033
14,268,052
Pactiv
Evergreen
Group
Issuer
LLC
,
4.38%
,
10/15/28
(a)
...........
200
186,574
Pactiv
Evergreen
Group
Issuer,
Inc.
,
4.00%
,
10/15/27
(a)
...........
350
326,493
Palomino
Funding
Trust
I
,
7.23%
,
05/17/28
(a)
................
4,440
4,657,193
Paramount
Global
7.88%
,
07/30/30
............
3,310
3,457,886
5.25%
,
04/01/44
............
22,973
17,083,477
4.90%
,
08/15/44
............
1,760
1,258,254
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.00%),
6.38%
,
03/30/62
(b)
...
19,102
17,649,753
Park
Intermediate
Holdings
LLC
,
4.88%
,
05/15/29
(a)
...........
9,502
8,836,117
PBF
Holding
Co.
LLC
,
7.88%
,
09/15/30
(a)
................
1,625
1,685,561
PDC
Energy,
Inc.
,
5.75%
,
05/15/26
..
271
270,545
PennyMac
Financial
Services,
Inc.
(a)
5.38%
,
10/15/25
............
100
98,832
7.88%
,
12/15/29
............
6,311
6,484,836
5.75%
,
09/15/31
............
50
46,379
Penske
Truck
Leasing
Co.
LP
,
5.55%
,
05/01/28
(a)
................
10,000
10,107,157
Performance
Food
Group,
Inc.
,
4.25%
,
08/01/29
(a)
................
1,025
939,323
Permian
Resources
Operating
LLC
(a)
5.38%
,
01/15/26
............
32,104
31,734,666
7.75%
,
02/15/26
............
1,526
1,545,772
6.88%
,
04/01/27
............
5,013
5,014,885
8.00%
,
04/15/27
............
9,512
9,796,770
5.88%
,
07/01/29
............
2,835
2,787,776
7.00%
,
01/15/32
............
3,634
3,769,963
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
57
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Perrigo
Finance
Unlimited
Co.
4.38%
,
03/15/26
............
USD
525
$
510,854
4.65%
,
06/15/30
(e)
...........
200
183,852
PG&E
Corp.
5.00%
,
07/01/28
............
450
433,378
5.25%
,
07/01/30
............
100
95,023
Pilgrim's
Pride
Corp.
4.25%
,
04/15/31
............
750
676,081
6.25%
,
07/01/33
............
12,804
13,084,241
Pioneer,
Inc.
,
10.50%
,
11/18/30
(a)
(b)
(c)
.
30,583
30,470,100
Pitney
Bowes,
Inc.
,
6.88%
,
03/15/27
(a)
30,040
27,429,906
Playtika
Holding
Corp.
,
4.25%
,
03/15/29
(a)
................
1,694
1,466,518
PNC
Bank
NA
,
3.25%
,
01/22/28
....
8,500
7,950,429
PNC
Financial
Services
Group,
Inc.
(The)
(b)
Series
U
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.00%),
6.00%
(o)
...
13,149
12,853,778
(1-day
SOFR
+
1.84%),
5.58%
,
06/12/29
...............
3,400
3,441,414
(1-day
SOFR
+
1.90%),
5.68%
,
01/22/35
...............
6,145
6,200,970
Post
Holdings,
Inc.
(a)
5.63%
,
01/15/28
............
350
343,846
4.63%
,
04/15/30
............
925
849,157
4.50%
,
09/15/31
............
2,500
2,248,730
Premier
Entertainment
Sub
LLC
(a)
5.63%
,
09/01/29
............
1,350
1,030,630
5.88%
,
09/01/31
............
525
383,807
Prime
Security
Services
Borrower
LLC
(a)
5.75%
,
04/15/26
............
450
448,687
3.38%
,
08/31/27
............
125
114,816
6.25%
,
01/15/28
............
425
416,321
Prologis
Targeted
US
Logistics
Fund
LP
,
5.25%
,
04/01/29
(a)
.........
3,449
3,439,110
Public
Service
Electric
&
Gas
Co.
4.65%
,
03/15/33
............
3,000
2,924,049
5.20%
,
03/01/34
............
18,125
18,337,699
Rand
Parent
LLC
,
8.50%
,
02/15/30
(a)
16,557
16,395,735
Range
Resources
Corp.
4.88%
,
05/15/25
............
400
397,343
8.25%
,
01/15/29
............
400
416,081
Realty
Income
Corp.
,
5.13%
,
07/06/34
EUR
6,300
7,415,300
Resorts
World
Las
Vegas
LLC
4.63%
,
04/16/29
(d)
...........
USD
4,000
3,627,960
4.63%
,
04/06/31
(a)
...........
6,000
5,214,240
RHP
Hotel
Properties
LP
4.75%
,
10/15/27
............
836
804,910
7.25%
,
07/15/28
(a)
...........
250
257,453
4.50%
,
02/15/29
(a)
...........
350
326,813
RingCentral,
Inc.
,
8.50%
,
08/15/30
(a)
.
19,015
19,770,542
Rocket
Mortgage
LLC
(a)
2.88%
,
10/15/26
............
16,542
15,283,533
3.63%
,
03/01/29
............
5,455
4,907,021
3.88%
,
03/01/31
............
926
806,730
4.00%
,
10/15/33
............
100
84,709
Rockies
Express
Pipeline
LLC
(a)
3.60%
,
05/15/25
............
375
366,054
4.95%
,
07/15/29
............
150
140,188
RTX
Corp.
,
2.15%
,
05/18/30
......
EUR
14,800
14,653,728
Sabre
GLBL,
Inc.
(a)
8.63%
,
06/01/27
............
USD
16,414
14,403,648
11.25%
,
12/15/27
...........
10,062
9,443,271
Sally
Holdings
LLC
,
6.75%
,
03/01/32
6,824
6,770,650
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
San
Diego
Gas
&
Electric
Co.
,
4.95%
,
08/15/28
.................
USD
9,007
$
9,040,785
SBA
Communications
Corp.
3.88%
,
02/15/27
............
450
427,990
3.13%
,
02/01/29
............
2,700
2,382,765
SC
Johnson
&
Son,
Inc.
,
3.35%
,
09/30/24
(a)
................
1,210
1,195,410
SCIL
IV
LLC
(d)
4.38%
,
11/01/26
............
EUR
2,376
2,527,717
(3-mo.
EURIBOR
at
4.38%
Floor
+
4.38%),
8.27%
,
11/01/26
(b)
...
2,347
2,531,453
9.50%
,
07/15/28
............
6,719
7,899,155
Scotts
Miracle-Gro
Co.
(The)
4.50%
,
10/15/29
............
USD
575
520,371
4.38%
,
02/01/32
............
500
431,069
Seagate
HDD
Cayman
4.88%
,
06/01/27
............
200
194,654
8.25%
,
12/15/29
(a)
...........
6,213
6,675,645
8.50%
,
07/15/31
(a)
...........
5,057
5,464,913
9.63%
,
12/01/32
............
14,005
15,955,868
Sealed
Air
Corp.
(a)
5.50%
,
09/15/25
............
400
398,548
4.00%
,
12/01/27
............
300
281,190
6.13%
,
02/01/28
............
75
75,155
SeaWorld
Parks
&
Entertainment,
Inc.
,
8.75%
,
05/01/25
(a)
...........
310
310,290
Select
Medical
Corp.
,
6.25%
,
08/15/26
(a)
................
15,766
15,795,262
Sensata
Technologies
BV
(a)
5.00%
,
10/01/25
............
450
444,483
4.00%
,
04/15/29
............
250
228,272
Sensata
Technologies,
Inc.
,
3.75%
,
02/15/31
(a)
................
925
800,127
Service
Corp.
International
4.63%
,
12/15/27
............
425
410,740
3.38%
,
08/15/30
............
150
129,907
4.00%
,
05/15/31
............
825
730,914
Service
Properties
Trust
4.50%
,
03/15/25
............
2,878
2,811,791
7.50%
,
09/15/25
............
8,374
8,486,882
4.95%
,
02/15/27
............
525
485,602
5.50%
,
12/15/27
............
1,793
1,709,159
3.95%
,
01/15/28
............
1,100
941,421
4.38%
,
02/15/30
............
525
400,748
8.63%
,
11/15/31
(a)
...........
11,673
12,448,519
Silgan
Holdings,
Inc.
,
3.25%
,
03/15/25
EUR
6,300
6,712,141
Sirius
XM
Radio,
Inc.
(a)
5.00%
,
08/01/27
............
USD
1,856
1,785,625
4.00%
,
07/15/28
............
3,800
3,476,510
5.50%
,
07/01/29
............
898
855,310
4.13%
,
07/01/30
............
900
786,751
3.88%
,
09/01/31
............
700
583,670
Sitio
Royalties
Operating
Partnership
LP
,
7.88%
,
11/01/28
(a)
.........
5,259
5,439,389
Six
Flags
Entertainment
Corp.
(a)
5.50%
,
04/15/27
............
150
146,522
7.25%
,
05/15/31
............
2,475
2,507,445
SM
Energy
Co.
,
6.75%
,
09/15/26
...
614
614,614
Solventum
Corp.
(a)
5.45%
,
02/25/27
............
5,999
6,019,716
5.45%
,
03/13/31
............
94,196
93,952,517
5.60%
,
03/23/34
............
71,578
71,812,087
5.90%
,
04/30/54
............
39,629
39,531,436
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
58
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Sonder
Holdings,
Inc.
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
9.00%),
13.99%
,
01/19/27
(b)
(c)
...
USD
34,968
$
30,859,271
Southern
California
Edison
Co.
5.30%
,
03/01/28
............
5,525
5,586,494
2.85%
,
08/01/29
............
3,800
3,421,975
2.75%
,
02/01/32
............
11,150
9,433,759
5.20%
,
06/01/34
............
11,000
10,889,750
Southern
Co.
(The)
,
(5-Year
EUR
Swap
Annual
+
2.11%),
1.88%
,
09/15/81
(b)
EUR
47,749
45,024,274
Southern
Power
Co.
,
1.85%
,
06/20/26
5,500
5,701,443
Southwestern
Energy
Co.
5.38%
,
02/01/29
............
USD
350
339,932
5.38%
,
03/15/30
............
150
144,369
4.75%
,
02/01/32
............
375
345,209
Spectrum
Brands,
Inc.
,
3.88%
,
03/15/31
(a)
................
300
288,980
Spirit
AeroSystems,
Inc.
(a)
9.38%
,
11/30/29
............
11,530
12,576,774
9.75%
,
11/15/30
............
26,400
29,530,143
Sprint
Spectrum
Co.
LLC
(a)
4.74%
,
03/20/25
............
3,575
3,555,295
5.15%
,
03/20/28
............
1,476
1,472,649
SS&C
Technologies,
Inc.
,
5.50%
,
09/30/27
(a)
................
675
659,986
Standard
Industries,
Inc.
(a)
5.00%
,
02/15/27
............
334
323,989
4.75%
,
01/15/28
............
310
295,858
4.38%
,
07/15/30
............
600
539,127
3.38%
,
01/15/31
............
575
482,117
Starwood
Property
Trust,
Inc.
(a)
3.63%
,
07/15/26
............
50
46,913
4.38%
,
01/15/27
............
550
517,358
State
Street
Corp.
(b)
(1-day
SOFR
+
1.48%),
5.68%
,
11/21/29
...............
10,000
10,269,777
(3-mo.
CME
Term
SOFR
+
1.26%),
6.59%
,
06/15/47
..........
58,948
50,252,841
Steel
Dynamics,
Inc.
,
3.45%
,
04/15/30
16,450
15,091,148
Stem,
Inc.
,
0.50%
,
12/01/28
(a)
(n)
....
1,234
601,511
STL
Holding
Co.
LLC
,
8.75%
,
02/15/29
(a)
................
4,671
4,793,801
Sun
Country
Airlines
Pass-Through
Trusts
,
Series
2022-1A
,
4.84%
,
03/15/31
(c)
................
7,259
7,132,141
Sun
Country,
Inc.
,
Series
2019-1B
,
4.70%
,
12/15/25
(c)
...........
3,214
3,149,477
Sunoco
LP
5.88%
,
03/15/28
............
3,502
3,468,501
7.00%
,
09/15/28
(a)
...........
575
587,505
4.50%
,
04/30/30
............
7,111
6,511,691
Surgery
Center
Holdings,
Inc.
,
7.25%
,
04/15/32
(a)
................
5,532
5,574,960
Tallgrass
Energy
Partners
LP
(a)
6.00%
,
03/01/27
............
50
49,221
5.50%
,
01/15/28
............
700
674,438
7.38%
,
02/15/29
............
525
528,138
6.00%
,
09/01/31
............
400
373,300
Talos
Production,
Inc.
,
9.38%
,
02/01/31
(a)
................
2,440
2,601,182
Taylor
Morrison
Communities,
Inc.
(a)
5.88%
,
06/15/27
............
5,398
5,391,762
5.75%
,
01/15/28
............
1,139
1,131,031
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
TEGNA,
Inc.
4.75%
,
03/15/26
(a)
...........
USD
175
$
171,571
4.63%
,
03/15/28
............
1,533
1,402,166
5.00%
,
09/15/29
............
525
470,628
Tempur
Sealy
International,
Inc.
(a)
4.00%
,
04/15/29
............
275
249,565
3.88%
,
10/15/31
............
450
382,143
Tenet
Healthcare
Corp.
4.63%
,
06/15/28
............
775
737,948
4.25%
,
06/01/29
............
25,200
23,423,894
4.38%
,
01/15/30
............
8,752
8,089,225
6.13%
,
06/15/30
............
6,609
6,593,839
6.75%
,
05/15/31
(a)
...........
575
585,482
Tenneco,
Inc.
,
8.00%
,
11/17/28
(a)
...
10,398
9,487,531
Texas
Capital
Bancshares,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.15%),
4.00%
,
05/06/31
(b)
...........
3,480
3,002,127
Texas
Capital
Bank
NA
,
(1-mo.
LIBOR
USD
+
4.50%),
9.94%
,
09/30/24
(a)
(b)
24,145
24,037,258
T-Mobile
USA,
Inc.
4.75%
,
02/01/28
............
3,358
3,313,438
3.38%
,
04/15/29
............
17,510
16,193,784
3.88%
,
04/15/30
............
20,395
19,105,678
2.88%
,
02/15/31
............
8,400
7,294,966
3.50%
,
04/15/31
............
6,225
5,621,655
TransDigm,
Inc.
7.50%
,
03/15/27
............
100
100,083
6.75%
,
08/15/28
(a)
...........
4,275
4,331,421
4.63%
,
01/15/29
............
4,300
3,990,423
4.88%
,
05/01/29
............
300
279,063
6.88%
,
12/15/30
(a)
...........
475
484,213
Transocean
Titan
Financing
Ltd.
,
8.38%
,
02/01/28
(a)
...........
2,888
3,005,573
Transocean,
Inc.
,
8.75%
,
02/15/30
(a)
.
2,729
2,845,254
Travel
+
Leisure
Co.
6.63%
,
07/31/26
(a)
...........
590
594,129
6.00%
,
04/01/27
(e)
...........
125
124,940
4.50%
,
12/01/29
(a)
...........
100
91,953
TRI
Pointe
Homes,
Inc.
5.25%
,
06/01/27
............
6,120
5,977,501
5.70%
,
06/15/28
............
18
17,723
Truist
Financial
Corp.
(b)
Series
P
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.61%),
4.95%
(o)
...
7,327
7,188,399
(1-day
SOFR
+
0.86%),
1.89%
,
06/07/29
...............
11,500
9,982,262
(1-day
SOFR
+
2.45%),
7.16%
,
10/30/29
...............
28,292
30,170,620
(1-day
SOFR
+
1.62%),
5.44%
,
01/24/30
...............
4,423
4,417,841
Series
Q
,
(10-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.35%),
5.10%
(o)
...
6,431
5,982,368
(1-day
SOFR
+
2.36%),
5.87%
,
06/08/34
...............
8,225
8,325,846
(1-day
SOFR
+
1.92%),
5.71%
,
01/24/35
...............
28,532
28,655,185
Uber
Technologies,
Inc.
(a)
7.50%
,
09/15/27
............
850
870,407
6.25%
,
01/15/28
............
300
301,227
Series
2028
,
0.88%
,
12/01/28
(n)
..
7,653
9,466,761
4.50%
,
08/15/29
............
600
569,290
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
59
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
UGI
International
LLC
,
2.50%
,
12/01/29
(d)
................
EUR
7,204
$
6,954,231
United
Airlines,
Inc.
(a)
4.38%
,
04/15/26
............
USD
675
652,548
4.63%
,
04/15/29
............
1,425
1,325,250
United
Rentals
North
America,
Inc.
5.50%
,
05/15/27
............
525
523,449
4.88%
,
01/15/28
............
350
340,604
5.25%
,
01/15/30
............
2,600
2,536,073
3.75%
,
01/15/32
............
525
458,317
United
Wholesale
Mortgage
LLC
(a)
5.50%
,
11/15/25
............
275
272,521
5.75%
,
06/15/27
............
228
221,678
5.50%
,
04/15/29
............
1,075
1,016,734
Uniti
Group
LP
(a)
10.50%
,
02/15/28
...........
16,673
17,285,371
4.75%
,
04/15/28
............
2,450
2,139,158
Univision
Communications,
Inc.
(a)
6.63%
,
06/01/27
............
350
342,312
8.00%
,
08/15/28
............
10,530
10,727,554
4.50%
,
05/01/29
............
4,000
3,574,617
7.38%
,
06/30/30
............
150
148,326
US
Bancorp
(b)
Series
J
,
(3-mo.
CME
Term
SOFR
+
3.18%),
5.30%
(o)
..........
10,856
10,393,599
(1-day
SOFR
+
0.73%),
2.22%
,
01/27/28
...............
14,000
12,913,581
(1-day
SOFR
+
1.56%),
5.38%
,
01/23/30
...............
3,172
3,186,011
(1-day
SOFR
+
2.26%),
5.84%
,
06/12/34
...............
8,225
8,383,362
(1-day
SOFR
+
1.86%),
5.68%
,
01/23/35
...............
10,180
10,279,046
US
Foods,
Inc.
(a)
6.88%
,
09/15/28
............
650
665,377
4.63%
,
06/01/30
............
50
46,385
7.25%
,
01/15/32
............
1,400
1,457,021
USA
Compression
Partners
LP
6.88%
,
04/01/26
............
400
399,540
6.88%
,
09/01/27
............
175
175,416
Vantage
Drilling
International
,
9.50%
,
02/15/28
(a)
................
9,053
9,143,530
Venture
Global
Calcasieu
Pass
LLC
(a)
6.25%
,
01/15/30
............
2,850
2,867,279
3.88%
,
11/01/33
............
225
191,161
Venture
Global
LNG,
Inc.
,
8.13%
,
06/01/28
(a)
................
3,047
3,108,507
Verizon
Communications,
Inc.
4.07%
,
06/18/24
............
GBP
841
1,058,216
1.13%
,
11/03/28
............
3,266
3,549,265
3.15%
,
03/22/30
............
USD
12,450
11,256,380
1.68%
,
10/30/30
............
13,225
10,774,729
1.13%
,
09/19/35
............
EUR
1,823
1,519,549
Viasat,
Inc.
(a)
5.63%
,
04/15/27
............
USD
5,311
5,029,254
7.50%
,
05/30/31
............
3,628
2,628,805
VICI
Properties
LP
3.50%
,
02/15/25
(a)
...........
12,437
12,164,087
4.50%
,
09/01/26
(a)
...........
434
420,962
4.25%
,
12/01/26
(a)
...........
544
523,038
5.75%
,
02/01/27
(a)
...........
4,802
4,795,936
3.75%
,
02/15/27
(a)
...........
327
309,915
3.88%
,
02/15/29
(a)
...........
5,000
4,601,842
4.63%
,
12/01/29
(a)
...........
5,361
5,070,030
4.95%
,
02/15/30
............
7,775
7,518,850
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
4.13%
,
08/15/30
(a)
...........
USD
5,000
$
4,546,531
Vistra
Operations
Co.
LLC
(a)
5.50%
,
09/01/26
............
17
16,737
5.00%
,
07/31/27
............
6,026
5,835,135
7.75%
,
10/15/31
............
9,385
9,828,723
Vital
Energy,
Inc.
,
7.88%
,
04/15/32
(a)
.
3,060
3,108,556
Walgreens
Boots
Alliance,
Inc.
3.45%
,
06/01/26
............
375
357,637
3.20%
,
04/15/30
............
450
391,113
Warnermedia
Holdings,
Inc.
,
6.41%
,
03/15/26
.................
9,938
9,938,170
Washington
Mutual
Bank
(c)(f)(r)
0.00%
,
09/21/17
(b)
...........
25,126
2
0.00%
,
09/21/17
(m)
..........
15,753
2
Washington
Mutual
Escrow
Bonds
(c)(f)(r)
0.00%
,
11/06/09
............
45,161
451,610
0.00%
,
09/19/17
(m)
..........
2,631
—
Washington
Mutual,
Inc.
,
0.00%
,
10/03/17
(b)
(c)
(f)
(r)
..............
14,745
1
Weekley
Homes
LLC
,
4.88%
,
09/15/28
(a)
................
3,099
2,865,021
Wells
Fargo
&
Co.
2.00%
,
07/28/25
(d)
...........
GBP
9,000
10,900,432
2.00%
,
04/27/26
(d)
...........
EUR
13,000
13,560,849
(1-day
SOFR
+
1.51%),
3.53%
,
03/24/28
(b)
..............
USD
6,000
5,710,736
(Sterling
Overnight
Index
Average
+
1.28%),
3.47%
,
04/26/28
(b)
(d)
..
GBP
11,300
13,564,441
(1-day
SOFR
+
1.74%),
5.57%
,
07/25/29
(b)
..............
USD
8,377
8,476,286
(1-day
SOFR
+
1.79%),
6.30%
,
10/23/29
(b)
..............
33,924
35,333,205
(3-mo.
CME
Term
SOFR
+
1.43%),
2.88%
,
10/30/30
(b)
.........
35,265
31,174,047
(3-mo.
CME
Term
SOFR
+
1.26%),
2.57%
,
02/11/31
(b)
.........
10,000
8,620,146
(1-day
SOFR
+
1.99%),
5.56%
,
07/25/34
(b)
..............
20,000
20,077,235
(1-day
SOFR
+
1.78%),
5.50%
,
01/23/35
(b)
..............
38,063
38,152,611
Welltower
OP
LLC
4.25%
,
04/15/28
............
18,125
17,572,671
2.80%
,
06/01/31
............
2,000
1,715,701
2.75%
,
01/15/32
............
15,000
12,568,220
Western
Digital
Corp.
,
4.75%
,
02/15/26
800
781,507
Williams
Cos.,
Inc.
(The)
,
4.90%
,
03/15/29
.................
10,000
9,933,779
WMG
Acquisition
Corp.
3.88%
,
07/15/30
(a)
...........
550
487,288
2.25%
,
08/15/31
(d)
...........
EUR
2,330
2,174,368
Wynn
Las
Vegas
LLC
,
5.25%
,
05/15/27
(a)
................
USD
600
587,651
Wynn
Resorts
Finance
LLC
,
5.13%
,
10/01/29
(a)
................
3,138
2,972,786
Xerox
Holdings
Corp.
(a)
5.00%
,
08/15/25
............
5,156
5,087,606
5.50%
,
08/15/28
............
700
637,329
8.88%
,
11/30/29
............
5,114
5,209,950
XHR
LP
(a)
6.38%
,
08/15/25
............
2,385
2,388,029
4.88%
,
06/01/29
............
2,636
2,440,588
Yum!
Brands,
Inc.
3.63%
,
03/15/31
............
2,150
1,902,593
5.38%
,
04/01/32
............
250
241,914
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
60
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Zayo
Group
Holdings,
Inc.
,
4.00%
,
03/01/27
(a)
................
USD
5,174
$
4,258,942
5,605,738,074
Vietnam
—
0.0%
Vinpearl
JSC
,
3.25%
,
09/21/26
(d)
(n)
..
1,800
1,680,752
Zambia
—
0.0%
First
Quantum
Minerals
Ltd.
,
9.38%
,
03/01/29
(a)
................
6,298
6,533,419
Total
Corporate
Bonds
—
38.1%
(Cost:
$
14,089,828,870
)
...........................
14,073,217,420
Fixed
Rate
Loan
Interests
India
—
0.1%
Vedanta
Holdings
Mauritius
II
Ltd.,
Term
Loan
,
18.00
%
,
04/17/26
(c)
......
38,773
38,773,000
Jersey,
Channel
Islands
—
0.0%
New
Look
Corp.
Ltd.,
Term
Loan
,
0.00
%
,
11/09/29
(c)
...........
GBP
161
2,032
Spain
—
0.1%
Findango
Finance
SL,
Term
Loan
,
01/01/38
(s)
................
EUR
20,000
21,577,000
United
States
—
0.3%
AMF
MF
Portfolio,
Term
Loan
,
6.67
%
,
11/06/28
(c)
...........
USD
4,446
4,448,727
CML
ST
Regis
Aspen,
Term
Loan
,
7.27
%
,
02/07/25
(c)
...........
58,433
58,440,987
Level
3
Financing,
Inc.,
Term
Loan
B1
,
11.89
%
,
04/15/29
...........
2,870
2,845,353
Level
3
Financing,
Inc.,
Term
Loan
B2
,
11.89
%
,
04/15/30
(c)
..........
2,892
2,869,843
OD
Intermediate
SUBI
Holdco
II
LLC,
Term
Loan
,
10.00
%
,
04/01/26
(c)
..
26,871
26,010,676
94,615,586
Total
Fixed
Rate
Loan
Interests
—
0.5%
(Cost:
$
155,653,546
)
.............................
154,967,618
Floating
Rate
Loan
Interests
Australia
—
0.0%
Voyage
Australia
Pty
Ltd.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.08
%
,
07/20/28
(b)
(j)
..........
992
993,607
Austria
—
0.0%
INNIO
Group
Holding
GmbH,
Facility
Term
Loan
B
,
11/02/28
(b)
(s)
......
EUR
3,000
3,241,502
Belgium
—
0.0%
Finco
Utilitas
BV.
Facility
Term
Loan
B
,
09/26/24
(b)
(s)
...............
3,000
3,228,005
Security
Par
(000)
Par
(000)
Value
Canada
—
0.0%
(b)(j)
Air
Canada,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
2.50%),
7.83
%
,
03/14/31
............
USD
597
$
597,376
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan
B
,
02/01/29
(s)
.......
454
454,942
Ontario
Gaming
GTA
LP,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.56
%
,
08/01/30
............
413
414,221
WestJet
Loyalty
LP,
Term
Loan
,
(1-
mo.
CME
Term
SOFR
+
3.75%),
9.07
%
,
02/14/31
............
952
951,210
2,417,749
Colombia
—
0.1%
Ecopetrol
SA,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
0.00%),
10.11
%
,
09/06/30
(b)
(c)
.........
27,200
28,016,000
European
Union
—
0.0%
Casavo
Theta
Refinancing
DAC,
Facility
Term
Loan
,
(1-mo.
EURIBOR
+
3.35%),
7.21
%
,
05/12/26
(b)
(c)
...
EUR
1,325
1,428,041
Finland
—
0.0%
(b)(s)
Mehilainen
Yhtiot
Oy,
Term
Loan
,
08/08/28
.................
6,506
7,010,295
Spa
Holdings
3
Oy,
Facility
Term
Loan
B
,
02/04/28
................
3,000
3,202,501
10,212,796
France
—
0.1%
(b)
Altice
France
SA,
Term
Loan
B14
,
08/15/28
(s)
................
4,500
3,753,411
Banijay
Entertainment
SAS,
Facility
Term
Loan
B2
,
03/01/28
(s)
......
3,000
3,231,048
Bidco
SB,
Facility
Term
Loan
B
,
11/16/28
(s)
.................
3,000
3,203,084
Casper
Bidco
SAS,
Term
Loan
,
03/03/31
(s)
................
3,000
3,219,202
Circet
Europe,
Facility
Term
Loan
B
,
10/13/28
(s)
................
3,000
3,153,630
Financiere
Mendel,
Facility
Term
Loan
B
,
11/08/30
(s)
...............
3,000
3,237,909
Galileo
Global
Education
Operations
SAS,
Facility
Term
Loan
B
,
07/14/28
(s)
................
3,000
3,197,550
Holding
Socotec,
Facility
Term
Loan
B
,
06/02/28
(s)
................
3,241
3,454,502
Parts
Europe,
Facility
Term
Loan
B
,
02/03/31
(s)
................
3,000
3,228,459
SAM
Bidco,
Facility
Term
Loan
B6
,
12/13/27
(s)
................
3,000
3,238,168
Tarkett
Participation,
Facility
Term
Loan
B
,
(6-mo.
EURIBOR
+
3.70%),
7.58
%
,
04/21/28
............
4,888
5,177,900
ZF
Invest,
Facility
Term
Loan
B
,
07/12/28
(s)
................
3,000
3,162,983
41,257,846
Germany
—
0.1%
(b)
Athena
BidCo
GmbH,
Term
Loan
,
03/20/29
(s)
................
1,818
1,961,546
BK
LC
Lux
SPV
SARL,
Facility
Term
Loan
B
,
04/28/28
(j)
(s)
..........
USD
421
421,250
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
61
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
Cheplapharm
Arzneimittel
GmbH,
Facility
Term
Loan
B
,
02/22/29
(s)
..
EUR
3,000
$
3,239,981
IFCO
Management
GmbH,
Facility
Term
Loan
BB
,
11/29/29
(s)
......
2,500
2,697,637
Minimax
Viking
GmbH,
Facility
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.19
%
,
07/31/28
(j)
...........
USD
999
999,830
Rain
Carbon
Inc.,
Term
Loan
,
10/31/28
(c)
(s)
...............
EUR
3,000
3,204,184
Techem
Verwaltungsgesellschaft
675
mbH,
Term
Loan
B
,
07/15/29
(s)
...
3,000
3,227,693
Tele
Columbus
AG,
Facility
Term
Loan
A3
,
(6-mo.
EURIBOR
+
3.50%),
7.39
%
,
10/15/24
............
12,300
8,702,769
TK
Elevator
Midco
GmbH,
Facility
Term
Loan
B1
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.08
%
,
07/30/27
(j)
...........
USD
995
997,912
TK
Elevator
Midco
GmbH,
Facility
Term
Loan
B2
,
04/30/30
(s)
..........
EUR
6,138
6,604,088
Wittur
Holding
GmbH,
Facility
Term
Loan
B
,
(3-mo.
EURIBOR
+
0.00%),
9.36
%
,
09/04/28
............
4,144
3,976,387
36,033,277
Ireland
—
0.1%
Promontoria
Beech
DAC,
Term
Loan
,
(1-mo.
EURIBOR
+
0.00%),
7.61
%
,
01/01/28
(b)
(c)
..........
31,121
33,491,138
Jersey,
Channel
Islands
—
0.1%
(b)(c)
New
Look
Corp.
Ltd.,
Term
Loan
,
(6-mo.
LIBOR
USD
+
0.00%),
16.50
%
,
11/10/27
...........
GBP
272
206,073
Vita
Global
FinCo
Ltd.,
Additional
Facility
Term
Loan
,
(6-mo.
SONIA
+
7.00%),
12.21
%
,
07/06/27
......
7,341
8,929,812
Vita
Global
FinCo
Ltd.,
Facility
Term
Loan
B
,
(6-mo.
EURIBOR
+
7.00%),
10.72
%
,
07/06/27
...........
EUR
12,235
12,721,583
21,857,468
Luxembourg
—
0.1%
(b)
AI
Convoy
(Luxembourg)
SARL,
Facility
Term
Loan
B
,
01/18/27
(s)
.......
3,000
3,216,678
AI
Sirona
(Luxembourg)
Acquisition
SARL,
Facility
Term
Loan
B3
,
09/30/28
(s)
................
3,000
3,229,915
Allied
Universal
Holdco
LLC,
Term
Loan
,
05/12/28
(s)
............
2,992
3,177,040
Altice
Financing
SA,
Term
Loan
,
(3-mo.
EURIBOR
+
5.00%),
8.94
%
,
10/31/27
............
4,532
4,386,050
Cidron
Aida
Finco
SARL,
Facility
Term
Loan
B
,
05/29/28
(s)
...........
2,000
2,158,239
Claudius
Finance
Parent
SARL,
Term
Loan
,
07/10/28
(s)
............
3,000
3,230,886
EURO
Parfums
Fze,
Term
Loan
A
,
(3-mo.
CME
Term
SOFR
+
0.00%),
12.21
%
,
04/12/28
(c)
..........
USD
10,561
10,402,585
Jazz
Pharmaceuticals
plc,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.00%),
0.00
%
-
8.44
%
,
05/05/28
(j)
...........
992
996,466
Security
Par
(000)
Par
(000)
Value
Luxembourg
(continued)
Radar
Bidco
SARL,
Term
Loan
,
03/26/31
(c)
(s)
...............
EUR
2,258
$
2,423,933
Rainbow
UK
Holdco
Ltd.,
Facility
Term
Loan
B2
,
(6-mo.
EURIBOR
+
3.25%),
7.16
%
,
02/24/29
......
5,600
5,918,191
Telenet
International
Finance
SARL,
Term
Loan
,
(1-mo.
EURIBOR
+
2.25%),
6.11
%
,
04/30/29
.......
3,000
3,152,335
Tipico
Co.
Ltd,
Term
Loan
B
,
05/22/28
(s)
2,900
3,091,059
Wittur
Holding
GmbH,
Facility
Term
Loan
A
,
(6-mo.
EURIBOR
+
0.00%),
6.00
%
,
12/29/28
............
3,699
1,333,462
46,716,839
Netherlands
—
0.1%
(b)
Bach
Finance
Ltd.,
Term
Loan
,
01/31/28
(s)
................
3,000
3,240,337
Barentz
Midco
BV,
Facility
Term
Loan
B
,
(3-mo.
EURIBOR
+
4.00%),
0.00
%
,
11/30/27
............
3,000
3,237,456
Bock
Capital
Bidco
BV,
Facility
Term
Loan
B
,
(3-mo.
EURIBOR
+
3.50%),
7.40
%
,
06/29/28
............
3,000
3,183,956
Boels
Topholding
BV,
Facility
Term
Loan
B2
,
(1-mo.
EURIBOR
+
3.25%),
7.10
%
-
7.14
%
,
02/06/27
......
3,017
3,244,832
Flutter
Entertainment
plc,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.56
%
,
11/25/30
(j)
.
USD
948
947,113
Median
BV,
Facility
Term
Loan
B1
,
(3-mo.
EURIBOR
+
4.93%),
8.83
%
,
10/14/27
............
EUR
6,100
6,366,379
Odido
Holding
BV,
Facility
Term
Loan
B
,
03/30/29
(s)
................
3,000
3,226,258
Peer
Holding
III
BV,
Facility
Term
Loan
B4
,
8.56
%
,
10/28/30
(j)
.........
USD
799
799,999
Peer
Holding
III
BV,
Term
Loan
B3
,
09/29/28
(s)
................
EUR
3,000
3,237,554
Pegasus
BidCo
BV,
Term
Loan
,
(3-mo.
EURIBOR
at
0.50%
Floor
+
3.75%),
7.65
%
,
07/12/29
............
3,000
3,222,212
Stage
Entertainment
BV,
Facility
Term
Loan
B2
,
06/02/26
(s)
..........
3,208
3,439,139
Ziggo
BV,
Facility
Term
Loan
H
,
01/31/29
(s)
................
3,000
3,114,014
37,259,249
Spain
—
0.2%
(b)
Lorca
Holdco
Ltd.,
Term
Loan
B2
,
(6-mo.
EURIBOR
+
4.20%),
8.10
%
,
09/17/27
............
12,800
13,794,780
PAX
Holdco
SLU,
Term
Loan
B
,
(1-
mo.
CME
Term
SOFR
+
0.00%),
0.00
%
,
12/31/29
............
8,528
9,031,440
Promontoria
Challenger
I
SA
,
(1-mo.
EURIBOR
+
3.25%),
7.14
%
,
07/15/24
(c)
...........
26,383
28,392,602
Sirocco
Lux
SA,
Facility
Term
Loan
A
,
(3-mo.
EURIBOR
+
0.00%),
7.88
%
,
01/01/28
(c)
...........
31,628
34,122,305
85,341,127
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
62
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Sweden
—
0.0%
(b)(s)
Platea
(BC)
Bidco
AB,
Delayed
Draw
Term
Loan
,
04/02/31
.........
EUR
500
$
535,153
Platea
(BC)
Bidco
AB,
Facility
Term
Loan
B
,
04/02/31
............
2,500
2,675,764
Quimper
AB,
Facility
Term
Loan
B1
,
02/16/26
.................
3,000
3,209,686
6,420,603
United
Kingdom
—
0.5%
BCP
V
Modular
Services
Holdings
IV
Ltd.,
Facility
Term
Loan
B
,
12/15/28
(b)
(s)
...............
3,000
3,204,508
Bellis
Acquisition
Co.
PLC,
Facility
Term
Loan
B
,
02/16/26
(b)
(s)
..........
3,000
3,198,682
CD&R
Firefly
Bidco
Ltd.,
Term
Loan
B6
,
03/01/29
(b)
(s)
...............
GBP
5,875
7,354,253
CML
Project
Horizons,
Term
Loan
,
(3-mo.
SONIA
+
4.34%),
8.97
%
,
04/12/28
(b)
(c)
..........
30,990
38,956,710
Connect
Finco
SARL,
Term
Loan
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.50%),
8.83
%
,
12/11/26
(b)
(j)
........
USD
15,525
15,498,480
Eagle
Bidco
Ltd.,
Facility
Term
Loan
B
,
03/20/28
(b)
(s)
...............
EUR
3,000
3,184,280
Emerald
2
Ltd.,
1st
Lien
Term
Loan
B
,
(3-mo.
EURIBOR
+
3.75%),
7.65
%
,
07/12/28
(b)
...........
3,000
3,228,459
Entain
plc,
Facility
Term
Loan
B3
,
06/30/28
(b)
(s)
...............
3,000
3,237,780
HNVR
Holdco
Ltd.,
Facility
Term
Loan
C
,
09/12/27
(b)
(s)
.............
3,000
3,227,002
Ineos
Finance
plc,
Term
Loan
,
02/07/31
(b)
(s)
...............
3,000
3,218,749
Ineos
Quattro
Holdings
UK
Ltd.,
Term
Loan
B
,
(1-mo.
EURIBOR
+
4.50%),
8.33
%
,
04/02/29
(b)
...........
10,295
10,960,653
Ineos
US
Finance
LLC,
Term
Loan
,
(1-mo.
EURIBOR
at
0.50%
Floor
+
4.00%),
7.83
%
,
11/08/27
(b)
.....
9,036
9,717,612
Inspired
Finco
Holdings
Ltd.,
Facility
Term
Loan
B5
,
02/28/31
(b)
(s)
.....
3,472
3,735,628
Market
Bidco
Ltd.,
Facility
Term
Loan
B1
,
11/04/27
(b)
(s)
.............
3,000
3,138,839
Mercia,
Term
Loan
A1
,
(3-mo.
SONIA
+
2.40%),
7.62
%
,
04/09/25
(b)
(c)
....
GBP
9,371
11,751,435
Mercia,
Term
Loan
A2
,
(3-mo.
SONIA
+
2.40%),
7.62
%
,
04/09/25
(b)
(c)
....
28,574
35,831,407
Mercia,
Term
Loan
B1
,
(3-mo.
SONIA
+
0.00%),
7.62
%
,
04/09/25
(b)
(c)
....
1,646
2,064,008
Seashell
Bidco
SL,
Facility
Term
Loan
B
,
(6-mo.
EURIBOR
+
0.00%),
0.00
%
-
10.70
%
,
10/10/29
(b)
(c)
...
EUR
2,270
2,424,526
Virgin
Media
SFA
Finance
Ltd.,
Facility
Term
Loan
M
,
(1-mo.
SONIA
+
3.25%),
8.50
%
,
11/15/27
(b)
.....
GBP
5,100
6,362,425
VMED
O2
UK
Holdco
4
Ltd.,
Facility
Term
Loan
Z
,
10/15/31
(b)
(s)
......
EUR
3,000
3,180,946
173,476,382
United
States
—
2.5%
ABG
Intermediate
Holdings
2
LLC,
1st
Lien
Term
Loan
B1
,
12/21/28
(b)
(j)
(s)
.
USD
995
998,123
Action
Environmental
Group,
Inc.,
(The),
Delayed
Draw
Term
Loan
,
10/24/30
(b)
(c)
(j)
(s)
.............
43
42,995
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Action
Environmental
Group,
Inc.,
(The),
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.82
%
,
10/24/30
(b)
(c)
(j)
.........
USD
530
$
529,989
Adeia,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.94
%
,
06/08/28
(b)
(j)
..........
869
869,287
ADMI
Corp.,
Term
Loan
,
12/23/27
(b)
(j)
(s)
497
478,776
AHP
Health
Partners,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.94
%
,
08/24/28
(b)
(j)
992
993,607
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
(b)
(1-mo.
CME
Term
SOFR
+
3.75%),
9.19
%
,
02/02/26
..........
8,269
7,952,474
(1-mo.
CME
Term
SOFR
+
4.75%),
10.19
%
,
02/02/26
(c)
........
3,248
3,175,256
AlixPartners
LLP,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.94
%
,
02/04/28
(b)
(j)
.....
618
618,720
Allied
Universal
Holdco
LLC,
Term
Loan
(b)
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.18
%
,
05/12/28
7,313
7,300,891
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
10.08
%
,
05/12/28
(j)
........
498
498,475
Allspring
Buyer
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
11/01/28
(b)
(j)
.....
992
990,857
Alorica,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
6.88%),
12.21
%
,
12/21/27
(b)
(c)
...
21,369
20,834,933
Altar
BidCo,
Inc.,
2nd
Lien
Term
Loan
,
(12-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.60%),
10.40
%
,
02/01/30
(b)
23,428
23,091,144
Alterra
Mountain
Co.,
Term
Loan
B
,
05/31/30
(b)
(c)
(j)
(s)
.............
161
161,604
Amer
Sports
Co.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.58
%
,
02/17/31
(b)
(j)
..........
387
387,000
American
Airlines,
Inc.,
Term
Loan
,
(6-mo.
CME
Term
SOFR
+
3.50%),
8.77
%
,
06/04/29
(b)
(j)
..........
1,000
1,002,500
American
Auto
Auction
Group
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.46
%
,
12/30/27
(b)
..........
3,169
3,141,468
American
Axle
&
Manufacturing,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.92
%
,
12/13/29
(b)
(j)
..........
975
975,838
American
Rock
Salt
Co.
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.44
%
,
06/09/28
(b)
...........
2,327
2,017,833
Amynta
Agency
Borrower,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.55
%
,
02/28/28
(b)
(j)
...
549
550,959
AppLovin
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.83
%
,
10/25/28
(b)
(j)
..........
997
996,355
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
63
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.32
%
,
06/23/28
(b)
(j)
.........
USD
466
$
465,806
Arsenal
AIC
Parent
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.08
%
,
08/18/30
(b)
(j)
..........
460
460,727
Avaya,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.50%),
6.83
%
,
08/01/28
(b)
.....
91
80,670
Bakelite
US
Holdco,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.46
%
,
05/29/29
(b)
15,082
15,073,006
Baldwin
Risk
Partners
LLC,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.94
%
,
10/14/27
(b)
(j)
..........
402
401,065
Bally's
Corp.,
Facility
Term
Loan
B
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.83
%
,
10/02/28
(b)
(j)
........
30,762
28,848,668
Barnes
Group
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.50%),
0.00
%
-
7.83
%
,
08/30/30
(b)
(j)
..........
497
497,003
Barracuda
Parent
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.81
%
,
08/15/29
(b)
(j)
..........
997
990,742
Bausch
+
Lomb
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
05/10/27
(b)
(j)
992
979,523
BCPE
North
Star
US
Holdco
2,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.44
%
,
06/09/28
(b)
...........
10,003
9,321,828
Bleriot
U.S.
Bidco,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.57
%
,
10/30/28
(b)
(j)
..........
481
482,891
Boost
Newco
Borrower
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.31
%
,
01/31/31
(b)
(j)
..........
622
623,686
Boxer
Parent
Co.,
Inc.,
Term
Loan
(b)
8.33
%
,
12/29/28
............
EUR
9,576
10,322,493
(1-mo.
CME
Term
SOFR
+
4.25%),
9.58
%
,
12/29/28
(j)
.........
USD
532
534,661
Brand
Industrial
Services,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.50%),
10.81
%
,
08/01/30
(b)
(j)
.........
1,093
1,096,214
Caesars
Entertainment,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.66
%
,
02/06/30
(b)
(j)
995
996,636
Caesars
Entertainment,
Inc.,
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.04
%
,
02/06/31
(b)
(j)
..........
361
361,000
Calpine
Construction
Finance
Co.
LP,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.58
%
,
07/31/30
(b)
(j)
...
1,215
1,213,064
Cambrex
Corp.,
1st
Lien
Term
Loan
B2
,
8.93
%
,
12/04/26
(b)
(j)
..........
1,000
972,233
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Camelot
US
Acquisition
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.08
%
,
01/31/31
(b)
(j)
.....
USD
936
$
935,391
Carnival
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.32
%
,
08/09/27
(b)
(j)
.....
651
651,490
Carnival
Corp.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.69
%
,
10/18/28
(b)
(j)
.....
298
297,778
Cast
&
Crew
LLC,
Facility
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
12/29/28
(b)
(j)
..........
971
970,707
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.33
%
,
02/22/28
(b)
(c)
(j)
.........
786
786,982
Central
Parent
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.31
%
,
07/06/29
(b)
(j)
.....
997
1,000,031
Champions
Holdco,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.75%),
10.07
%
,
02/23/29
(b)
(c)
(j)
........
383
383,957
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.83
%
,
12/01/27
(b)
(j)
..........
995
996,344
Chemours
Co.
(The),
Term
Loan
B3
,
(1-mo.
EURIBOR
+
4.00%),
7.83
%
,
08/18/28
(b)
...........
EUR
10,000
10,624,407
Chemours
Co.,
(The),
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.83
%
,
08/18/28
(b)
(j)
USD
922
917,753
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan
(b)(j)
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.69
%
,
09/29/28
992
992,367
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
-
9.09
%
,
09/29/28
..........
306
306,808
Chobani
LLC,
Term
Loan
(b)(j)
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.50%),
8.94
%
,
10/25/27
497
498,253
(1-mo.
CME
Term
SOFR
+
3.75%),
9.08
%
,
10/25/27
..........
511
513,274
Chromalloy
Corp,
Term
Loan
,
03/21/31
(b)
(j)
(s)
...............
373
371,445
Citadel
Securities
LP,
Term
Loan
,
07/29/30
(b)
(j)
(s)
...............
998
996,243
City
Brewing
Co.
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
9.08
%
,
04/05/28
(b)
...........
3,897
2,991,701
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
,
03/21/31
(b)
(j)
(s)
......
378
375,403
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B
,
03/30/29
(b)
(s)
......
EUR
3,000
3,226,258
CML
Hyatt
Lost
Pines,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.55%),
8.87
%
,
09/09/26
(b)
(c)
USD
25,700
25,305,538
CML
La
Quinta
Resort,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
0.00
%
-
8.43
%
,
12/09/26
(b)
(c)
....
23,000
22,441,896
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
64
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
CML
Lake
Tahoe
Resort
Hotel,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.90%),
8.34
%
,
10/25/26
(b)
(c)
....
USD
19,245
$
18,615,142
CML
Terranea
Resort,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.35%),
9.68
%
,
01/01/28
(b)
(c)
..........
16,500
16,498,556
CML
Trigrams,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.86%),
8.18
%
,
09/15/24
(b)
(c)
..........
18,861
18,856,759
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.82
%
,
11/08/27
(b)
(j)
..........
514
514,355
Cobham
Ultra
SeniorCo
SARL,
Facility
Term
Loan
B
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.01
%
,
08/03/29
(b)
(j)
..........
995
975,733
Colorado
Plaza,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.86%),
0.00
%
,
05/15/24
(b)
(c)
(f)
(r)
........
15,894
2,064,948
Conair
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.19
%
,
05/17/28
(b)
...........
2,279
2,255,191
ConnectWise
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.06
%
,
09/29/28
(b)
.....
10,055
10,045,692
Core
&
Main
LP,
Term
Loan
C
,
(3-
mo.
CME
Term
SOFR
+
2.25%),
7.56
%
,
02/09/31
(b)
(j)
..........
768
765,120
CoreWeave
Compute
Acquisition
Co.
II
LLC,
Delayed
Draw
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
8.75%),
1.00
%
-
14.08
%
,
07/31/28
(b)
(c)
...
63,783
63,387,545
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
04/12/28
(b)
...........
12,061
11,971,003
Cotiviti
Holdings,
Inc.,
Term
Loan
02/24/31
(b)
(j)
(s)
..............
8,687
8,665,282
Covanta
Holding
Corp.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.07
%
,
11/30/28
(b)
(j)
1,882
1,878,503
Covanta
Holding
Corp.,
Term
Loan
C
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.07
%
,
11/30/28
(b)
(j)
103
102,650
CPM
Holdings,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.83
%
,
09/28/28
(b)
(j)
.....
312
312,330
Creative
Artists
Agency
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.83
%
,
11/27/28
(b)
(j)
.....
271
270,938
Crocs,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.55
%
-
7.58
%
,
02/20/29
(b)
(j)
686
687,608
Cushman
&
Wakefield
US
Borrower
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.33
%
,
01/31/30
(b)
(c)
(j)
.........
998
998,747
Dayforce,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.83
%
,
03/03/31
(b)
(j)
..........
261
260,512
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Derby
Buyer
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.58
%
,
11/01/30
(b)
(j)
.....
USD
521
$
523,767
DirecTV
Financing
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.44
%
,
08/02/27
(b)
3,747
3,748,592
DirecTV
Financing
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.25%),
10.69
%
,
08/02/29
(b)
(j)
925
923,818
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.38%),
9.68
%
,
10/04/29
(b)
(j)
..........
277
276,883
DRI
Holding,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.68
%
,
12/21/28
(b)
6,188
5,781,682
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.08
%
,
01/18/29
(b)
(j)
.....
995
994,260
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.83
%
,
08/24/28
(b)
(j)
.....
645
645,935
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.83
%
,
08/24/28
(b)
(j)
.....
249
249,056
ECL
Entertainment
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.08
%
,
09/03/30
(b)
18,755
18,806,331
EIS
Group,
Ltd.,
Term
Loan
(b)(c)
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.00%),
12.33
%
,
07/10/28
28,919
28,195,612
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.00%),
12.33
%
,
07/10/28
2,892
2,819,561
Elanco
Animal
Health,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
1.75%),
0.00
%
-
7.18
%
,
08/01/27
(b)
(j)
.....
994
990,359
Electron
Bidco,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.44
%
,
11/01/28
(b)
(j)
..........
995
996,476
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.66
%
,
07/06/29
(b)
(j)
..........
314
313,938
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.66
%
,
07/06/29
(b)
(j)
681
680,199
Ellucian
Holdings,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93
%
,
10/09/29
(b)
(j)
..........
990
994,162
Emerald
Technologies
US
AcquisitionCo.,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.25%),
11.74
%
,
12/29/27
(b)
(c)
7,588
6,828,885
Ensemble
RCM
LLC,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.32
%
,
08/01/29
(b)
(j)
..........
979
980,841
EP
Purchaser
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.07
%
,
11/06/28
(b)
(j)
992
984,218
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
65
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Fertitta
Entertainment
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
01/27/29
(b)
USD
14,855
$
14,882,471
First
Advantage
Holdings
LLC,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.19
%
,
01/31/27
(b)
(j)
1,000
997,190
First
Brands
Group
LLC,
1st
Lien
Term
Loan
,
(3-mo.
EURIBOR
at
1.00%
Floor
+
5.00%),
9.06
%
,
03/30/27
(b)
(c)
EUR
6,751
7,274,058
Fleet
Midco
I
Ltd,
Facility
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.58
%
,
02/10/31
(b)
(c)
(j)
.........
USD
478
478,000
Flexera
Software
LLC,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.19
%
,
03/03/28
(b)
(j)
..........
992
993,766
Flexsys
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.25%),
10.82
%
,
11/01/28
(b)
..........
4,464
4,354,177
Flutter
Entertainment
plc,
Term
Loan
,
07/21/26
(b)
(s)
...............
EUR
3,000
3,233,411
Focus
Financial
Partners
LLC,
Term
Loan
B7
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.08
%
,
06/30/28
(b)
(j)
..........
USD
995
991,275
Fortrea
Holdings,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
07/01/30
(b)
(j)
995
997,475
Foundation
Building
Materials,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.31
%
,
01/29/31
(b)
(j)
...
186
186,651
Galaxy
Universal
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.00%),
11.46
%
,
11/12/26
(b)
(c)
27,875
27,423,861
Gates
Global
LLC,
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
7.93
%
,
03/31/27
(b)
(j)
459
459,391
Gemini
HDPE
LLC,
Term
Loan
,
12/31/27
(b)
(j)
(s)
...............
500
498,500
Genesys
Cloud
Services
Holdings
I
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.19
%
,
12/01/27
(b)
(j)
..........
386
387,208
Genuine
Financial
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.33
%
,
09/27/30
(b)
(j)
977
969,273
GN
Loanco
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.50%),
9.83
%
,
12/19/30
(b)
(j)
.....
929
914,491
GoTo
Group,
Inc.,
Term
Loan
(b)
(1-mo.
CME
Term
SOFR
+
4.75%),
10.17
%
,
04/30/28
.........
15,239
14,458,195
(1-mo.
CME
Term
SOFR
+
4.75%),
10.17
%
,
04/30/28
.........
14,565
11,090,971
Green
Plains
Operating
Co.
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
8.00%),
13.67
%
,
07/20/26
(b)
(c)
...
22,703
22,249,028
Grifols
Worldwide
Operations
Ltd.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.46
%
,
11/15/27
(b)
(j)
.....
997
964,601
Grinding
Media,
Inc.,
1st
Lien
Term
Loan
,
9.56
%
,
10/12/28
(b)
(c)
(j)
.....
995
989,923
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Hanesbrands,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
03/08/30
(b)
(j)
.....
USD
997
$
996,234
Helios
Service
Partners
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.50%),
12.11
%
,
03/19/27
(b)
(c)
.........
895
895,422
Helios
Service
Partners
LLC,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.25%),
11.81
%
,
03/19/27
(b)
(c)
.........
4,712
4,682,784
Helios
Service
Partners
LLC,
Delayed
Draw
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.25%),
1.00
%
-
11.84
%
,
03/19/27
(b)
(c)
.........
6,764
6,722,402
Helios
Software
Holdings,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.75%),
9.08
%
,
07/18/30
(b)
(j)
.....
835
825,945
Herschend
Entertainment
Co.
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.33
%
,
08/27/28
(b)
...........
3,708
3,713,057
Hilton
Domestic
Operating
Co.,
Inc.,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.43
%
,
11/08/30
(b)
(j)
276
276,408
Hilton
Grand
Vacations
Borrower
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.08
%
,
01/17/31
(b)
(j)
...
659
660,028
Homeserve
USA
Holding
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.33
%
,
10/21/30
(b)
(j)
.....
549
550,235
Houston
Center,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.21%),
0.00
%
,
01/09/25
(b)
(c)
..........
30,825
19,071,180
HRNI
Holdings
LLC,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.70
%
,
12/11/28
(b)
31,926
31,367,332
Hunter
Douglas
Holding
BV,
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.82
%
,
02/26/29
(b)
(j)
..........
499
492,111
Hydrofarm
Holdings
Group,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.50%),
10.94
%
,
10/25/28
(b)
(c)
.........
4,387
3,531,356
INEOS
Enterprises
Holdings
US
Finco
LLC,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
3.75%),
9.19
%
,
07/08/30
(b)
(j)
..........
1,000
998,750
INNIO
Group
Holding
GmbH,
Facility
Term
Loan
B
,
9.56
%
,
11/02/28
(b)
(j)
.
664
666,756
Interface
Security
Systems
LLC
,
(1-mo.
CME
Term
SOFR
+
7.00%),
0.00
%
,
04/30/24
(b)
(c)
..........
16,345
10,133,826
Iridium
Satellite
LLC,
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
7.83
%
,
09/20/30
(b)
(j)
1,138
1,136,815
J&J
Ventures
Gaming
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.44
%
,
04/26/28
(b)
7,890
7,819,231
Jack
Ohio
Finance
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.19
%
,
10/04/28
(b)
6,027
6,023,489
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
66
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
JFL-Tiger
Acquisition
Co.,
Inc.
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.32
%
,
10/17/30
(b)
(j)
.........
USD
299
$
299,343
Jump
Financial
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
10.07
%
,
08/07/28
(b)
(c)
(j)
...
996
981,228
Kaman
Corp.,
Term
Loan
,
03/27/31
(b)
(j)
(s)
278
278,175
KBR,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.58
%
,
01/17/31
(b)
(j)
..........
308
308,385
KDC/ONE
Development
Corp.,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
5.00%),
10.33
%
,
08/15/28
(b)
(j)
..
492
492,536
Kraton
Corp.,
Term
Loan
,
03/15/29
(b)
(j)
(s)
997
969,144
Kronos
Acquisition
Holdings,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.00%),
11.49
%
,
12/22/26
(b)
..........
3,279
3,282,633
Learning
Care
Group
US
No.
2,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
10.06
%
-
10.09
%
,
08/11/28
(b)
(j)
..........
207
207,003
Legence
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.93
%
,
12/16/27
(b)
(j)
883
882,546
Light
&
Wonder
International,
Inc.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.08
%
,
04/14/29
(b)
(j)
..........
995
995,915
Lumen
Technologies,
Inc.,
Term
Loan
,
01/01/28
(b)
(c)
(s)
..............
390
335,433
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.94
%
,
12/31/29
(b)
(j)
995
995,249
M6
ETX
Holdings
II
Midco
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.93
%
,
09/19/29
(b)
(j)
..........
992
993,148
Maravai
Intermediate
Holdings
LLC,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.31
%
,
10/19/27
(b)
(j)
..........
992
973,779
Maverick
Gaming
LLC,
Facility
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.50%),
13.10
%
,
09/03/26
(b)
..........
5,452
3,816,280
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.08
%
,
05/04/28
(b)
(j)
.....
992
993,086
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
7.00%),
12.43
%
,
11/01/29
(b)
..........
3,210
2,563,988
Medline
Borrower
LP,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.44
%
,
10/23/28
(b)
(j)
........
16,917
16,953,005
MH
Sub
I
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.58
%
,
05/03/28
(b)
(j)
..........
993
985,503
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Momentive
Performance
Materials,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.83
%
,
03/29/28
(b)
(j)
...
USD
992
$
974,497
MPH
Acquisition
Holdings
LLC,
Term
Loan
,
09/01/28
(b)
(j)
(s)
..........
499
481,057
Naked
Juice
LLC,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.40
%
,
01/24/30
(b)
943
759,407
NFP
Corp.,
Term
Loan
,
8.69
%
,
02/16/27
(b)
(j)
..........
992
992,496
NGL
Energy
Operating
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.83
%
,
02/03/31
(b)
(j)
..........
417
417,834
Nieslsen
Consumer,
Inc.,
Term
Loan
,
(1-mo.
EURIBOR
+
6.50%),
10.33
%
,
03/06/28
(b)
..........
EUR
5,250
5,641,602
Olaplex,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93
%
,
02/23/29
(b)
.....
USD
12,582
11,640,668
Olympus
Water
US
Holding
Corp.,
Term
Loan
,
(3-mo.
EURIBOR
+
4.00%),
7.90
%
,
11/09/28
(b)
...........
EUR
3,000
3,219,364
OMNIA
Partners
LLC
,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.75%),
9.07
%
,
07/25/30
(b)
(j)
..........
USD
941
944,143
Organon
&
Co.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.43
%
,
06/02/28
(b)
(j)
.....
1,000
1,002,920
Orion
Group
HoldCo
LLC,
Delayed
Draw
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.50%),
12.11
%
,
03/19/27
(b)
(c)
....
4,015
4,014,593
Orion
Group
HoldCo
LLC,
Delayed
Draw
Term
Loan
(b)(c)
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.00%),
11.56
%
,
03/19/27
8,951
8,951,029
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.00%),
11.61
%
,
03/19/27
1,517
1,497,567
Orion
Group
HoldCo
LLC,
Term
Loan
(b)
(c)
(3-mo.
CME
Term
SOFR
at
1.00%
Cap
+
6.00%),
11.56
%
,
03/19/27
766
765,693
(3-mo.
CME
Term
SOFR
at
1.00%
Cap
+
6.00%),
11.61
%
,
03/19/27
151
149,598
Orion
Incremental,
Delayed
Draw
Term
Loan
,
12/31/30
(b)
(c)
(s)
..........
4,726
4,667,100
Osaic
Holdings,
Inc.,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.83
%
,
08/17/28
(b)
(j)
..........
403
404,632
Oscar
AcquisitionCo
LLC,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.90
%
,
04/29/29
(b)
(j)
992
994,309
Osmosis
Buyer
Ltd.,
Delayed
Draw
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.00%),
4.25
%
-
9.58
%
,
07/31/28
(b)
(j)
..........
334
335,252
Park
River
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.81
%
,
12/28/27
(b)
...........
2,073
2,053,646
Peraton
Corp.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.18
%
,
02/01/28
(b)
(j)
989
987,450
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
67
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
PetSmart
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.18
%
,
02/11/28
(b)
(j)
.....
USD
1,244
$
1,239,854
Phoenix
Guarantor,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.58
%
,
02/14/31
(b)
(j)
..........
1,000
986,390
Planet
U.S.
Buyer
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.50%),
8.81
%
,
02/07/31
(b)
(j)
..........
961
963,883
Precision
Medicine
Group
LLC,
Term
Loan
,
11/18/27
(b)
(j)
(s)
..........
997
984,131
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1
,
(3-
mo.
CME
Term
SOFR
+
2.50%),
7.81
%
,
10/13/30
(b)
(j)
..........
354
354,112
Project
Alpha
Intermediate
Holding,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
10.06
%
,
10/28/30
(b)
(j)
.........
968
972,569
Project
Montage,
Term
Loan
(b)(c)(s)
01/01/28
.................
5,184
5,183,692
01/01/38
.................
11,663
11,663,308
Quartz
AcquireCo
LLC,
Term
Loan
(3-mo.
CME
Term
SOFR
+
3.50%),
8.81
%
,
06/28/30
(b)
(j)
........
9,019
9,030,380
Redstone
HoldCo
2
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.19
%
,
04/27/28
(b)
..........
18,077
14,876,190
Redstone
HoldCo
2
LP,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.75%),
13.19
%
,
04/27/29
(b)
..........
10,460
6,171,400
Robertshaw
US
Holding
Corp.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
8.00%),
13.45
%
,
02/28/27
(b)
(c)
.........
4,760
95,200
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.00%),
9.44
%
,
03/16/27
(b)
...........
9,057
9,069,845
Severin
Acquisition
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.31
%
,
08/01/27
(b)
(j)
.....
605
606,041
Sheraton
Austin,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
+
3.48%),
0.00
%
-
8.92
%
,
06/01/24
(b)
(c)
25,581
25,124,319
Signal
Parent,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.93
%
,
04/03/28
(b)
.....
4,717
4,457,820
Star
Parent,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.31
%
,
09/27/30
(b)
(j)
..........
1,000
993,250
Surgery
Center
Holdings,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.83
%
,
12/19/30
(b)
(j)
.....
305
306,221
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.44
%
,
10/06/28
(b)
...........
3,937
3,605,311
Topgolf
Callaway
Brands
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.33
%
,
03/15/30
(b)
(j)
.....
860
859,746
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
TransDigm,
Inc.,
Term
Loan
J
,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.56
%
,
02/28/31
(b)
(j)
..........
USD
998
$
1,002,128
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.81
%
,
03/31/28
(b)
...........
4,103
4,056,428
Truist
Insurance
Holdings,
LLC,
Term
Loan
B
,
03/24/31
(b)
(j)
(s)
.........
1,137
1,135,101
UKG
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.50%),
8.81
%
,
02/10/31
(b)
(j)
..........
995
999,650
UPC
Financing
Partnership,
Facility
Term
Loan
AX
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.44
%
,
01/31/29
(b)
(j)
1,000
995,000
USI,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.55
%
,
09/27/30
(b)
(j)
300
300,583
Vaco
Holdings
LLC,
Term
Loan
,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.43
%
,
01/21/29
(b)
.....
7,626
7,529,218
VC
GB
Holdings
I
Corp.,
1st
Lien
Term
Loan
,
8.57
%
,
07/21/28
(b)
(j)
......
995
991,339
Vestis
Corp.,
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
+
2.25%),
7.58
%
,
02/22/31
(b)
(j)
..........
262
261,672
VFH
Parent
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.43
%
,
01/13/29
(b)
(j)
.....
969
966,413
ViaSat,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.93
%
,
05/30/30
(b)
(j)
.....
466
450,759
Vinoy
St.
Petersburg
(The),
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.67%),
0.00
%
-
7.99
%
,
09/09/24
(b)
(c)
..........
26,834
25,976,324
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
Q
,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.69
%
,
01/31/29
(b)
(j)
.....
1,000
989,110
Virtusa
Corp.,
Term
Loan
B
,
9.19
%
,
02/11/28
(b)
(j)
..........
992
993,816
VS
Buyer
LLC,
Term
Loan
,
(6-mo.
CME
Term
SOFR
+
3.25%),
8.58
%
,
02/28/27
(b)
(j)
..........
995
994,202
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.75%),
0.00
%
-
9.08
%
,
01/30/31
(b)
(j)
641
642,500
Waystar
Technologies,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.33
%
,
10/22/29
(b)
(j)
...
249
249,363
WEC
US
Holdings
Ltd.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.08
%
,
01/27/31
(b)
(j)
..........
351
350,491
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.32
%
,
12/21/27
(b)
...........
3,200
2,527,825
WR
Grace
Holdings
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.32
%
,
09/22/28
(b)
(j)
997
997,449
Xerox
Corp.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.33
%
,
11/17/29
(b)
.....
5,611
5,623,263
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
68
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Ziggo
Financing
Partnership,
Facility
Term
Loan
I
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.94
%
,
04/30/28
(b)
(j)
USD
1,000
$
984,820
921,895,844
Total
Floating
Rate
Loan
Interests
—
3.9%
(Cost:
$
1,523,864,612
)
...........................
1,453,287,473
Foreign
Agency
Obligations
Argentina
—
0.1%
YPF
SA
,
9.50%
,
01/17/31
(a)
.......
22,593
22,986,344
Chile
—
0.0%
Banco
del
Estado
de
Chile
,
2.70%
,
01/09/25
(d)
................
1,296
1,264,410
Empresa
Nacional
del
Petroleo
3.75%
,
08/05/26
(d)
...........
4,905
4,673,545
6.15%
,
05/10/33
(a)
...........
2,473
2,490,775
8,428,730
Colombia
—
0.1%
Ecopetrol
SA
8.88%
,
01/13/33
............
7,089
7,446,924
8.38%
,
01/19/36
............
23,826
24,004,695
31,451,619
Denmark
—
0.0%
Orsted
A/S
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.59%),
5.13%
,
03/14/3024
(b)
(d)
..............
EUR
1,525
1,650,314
Finland
—
0.0%
Finnair
OYJ
,
4.25%
,
05/19/25
(d)
....
2,625
2,789,501
France
—
0.3%
Electricite
de
France
SA
(d)
(6-Year
EUR
Swap
Annual
+
3.44%),
4.00%
(b)
(o)
.........
11,700
12,527,876
(12-Year
EUR
Swap
Annual
+
3.79%),
5.38%
(b)
(o)
.........
11,000
11,809,580
(12-Year
EUR
Swap
Annual
+
3.04%),
5.00%
(b)
(o)
.........
900
960,517
(13-Year
GBP
Swap
Semi
+
4.23%),
6.00%
(b)
(o)
...............
GBP
11,400
14,000,020
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.37%),
2.88%
(b)
(o)
.........
EUR
14,200
14,208,381
3.75%
,
06/05/27
............
21,800
23,637,936
(5-Year
EUR
Swap
Annual
+
3.20%),
3.00%
(b)
(o)
.........
1,000
988,639
(5-Year
EUR
Swap
Annual
+
4.86%),
7.50%
(b)
(o)
.........
10,000
11,676,264
(BPISDS15
+
3.32%),
5.88%
(b)
(o)
.
GBP
3,900
4,627,042
(5-Year
EUR
Swap
Annual
+
3.97%),
3.38%
(b)
(o)
.........
EUR
7,800
7,341,272
6.13%
,
06/02/34
............
GBP
8,600
11,202,818
112,980,345
Hong
Kong
—
0.0%
(d)
Airport
Authority
,
3.83%
,
07/09/27
...
HKD
25,000
3,197,307
Hong
Kong
Mortgage
Corp.
Ltd.
(The)
4.10%
,
02/28/29
............
35,000
4,471,757
4.20%
,
02/28/34
............
11,500
1,469,292
9,138,356
Security
Par
(000)
Par
(000)
Value
Hungary
—
0.0%
(d)
Magyar
Export-Import
Bank
Zrt.
,
6.00%
,
05/16/29
.................
EUR
5,466
$
6,223,172
MFB
Magyar
Fejlesztesi
Bank
Zrt.
,
6.50%
,
06/29/28
............
USD
6,610
6,717,412
12,940,584
India
—
0.1%
(d)
NTPC
Ltd.
,
4.38%
,
11/26/24
......
10,000
9,896,875
Power
Finance
Corp.
Ltd.
4.50%
,
06/18/29
............
1,500
1,435,312
3.95%
,
04/23/30
............
8,000
7,322,500
18,654,687
Indonesia
—
0.2%
(d)
Bank
Negara
Indonesia
Persero
Tbk.
PT
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.47%),
4.30%
(b)
(o)
...........
10,000
9,271,875
Bank
Tabungan
Negara
Persero
Tbk.
PT
,
4.20%
,
01/23/25
..........
10,000
9,828,125
Hutama
Karya
Persero
PT
,
3.75%
,
05/11/30
..................
10,000
9,206,250
Pelabuhan
Indonesia
Persero
PT
,
4.88%
,
10/01/24
............
10,000
9,956,250
Pertamina
Persero
PT
,
3.65%
,
07/30/29
7,213
6,703,582
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
,
1.88%
,
11/05/31
..................
EUR
8,000
7,089,512
Sarana
Multi
Infrastruktur
Perusahaan
Perseroan
Persero
PT
,
2.05%
,
05/11/26
..................
USD
10,000
9,201,100
61,256,694
Ireland
—
0.1%
AIB
Group
plc
(b)(d)(o)
(5-Year
EUR
Swap
Annual
+
5.70%),
5.25%
...........
EUR
15,107
16,175,559
(5-Year
EUR
Swap
Annual
+
6.63%),
6.25%
...........
7,797
8,359,220
24,534,779
Italy
—
0.0%
(b)(d)
Banca
Monte
dei
Paschi
di
Siena
SpA
,
(3-mo.
EURIBOR
+
3.21%),
6.75%
,
03/02/26
.................
8,755
9,575,205
Poste
Italiane
SpA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.68%),
2.63%
(o)
3,860
3,622,994
13,198,199
Mexico
—
0.3%
Petroleos
Mexicanos
4.25%
,
01/15/25
............
USD
2,179
2,117,378
3.63%
,
11/24/25
(d)
...........
EUR
965
996,844
6.88%
,
08/04/26
............
USD
25,552
24,791,828
6.50%
,
03/13/27
............
66,144
62,176,021
8.75%
,
06/02/29
............
4,941
4,819,100
5.95%
,
01/28/31
............
5,584
4,475,018
6.70%
,
02/16/32
............
4,191
3,489,007
Series
13-2
,
7.19%
,
09/12/24
...
MXN
2,306
13,487,086
116,352,282
Morocco
—
0.0%
OCP
SA
(d)
4.50%
,
10/22/25
............
USD
4,882
4,759,950
3.75%
,
06/23/31
............
2,258
1,911,013
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
69
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Morocco
(continued)
5.13%
,
06/23/51
............
USD
2,513
$
1,893,389
8,564,352
Netherlands
—
0.1%
TenneT
Holding
BV
(d)
(5-Year
EUR
Swap
Annual
+
2.53%),
3.00%
(b)
(o)
.........
EUR
4,700
5,045,242
(5-Year
EUR
Swap
Annual
+
2.72%),
2.37%
(b)
(o)
.........
5,400
5,645,354
1.38%
,
06/05/28
............
3,900
3,972,963
2.00%
,
06/05/34
............
1,600
1,543,515
4.75%
,
10/28/42
............
4,271
5,272,669
21,479,743
Panama
—
0.0%
Aeropuerto
Internacional
de
Tocumen
SA
,
5.13%
,
08/11/61
(a)
........
USD
3,807
2,771,972
Peru
—
0.0%
Corp.
Financiera
de
Desarrollo
SA
,
4.75%
,
07/15/25
(d)
...........
7,375
7,293,359
Philippines
—
0.0%
Development
Bank
of
the
Philippines
,
2.38%
,
03/11/31
(d)
...........
10,000
8,285,200
Poland
—
0.0%
Bank
Gospodarstwa
Krajowego
,
6.25%
,
10/31/28
(a)
................
2,924
3,052,071
Singapore
—
0.0%
Clifford
Capital
Pte.
Ltd.
,
1.73%
,
09/10/24
(d)
................
800
787,736
South
Korea
—
0.1%
Korea
Development
Bank
(The)
2.13%
,
10/01/24
............
10,000
9,836,600
Korea
Electric
Power
Corp.
,
3.63%
,
06/14/25
(d)
................
10,000
9,796,875
Korea
Hydro
&
Nuclear
Power
Co.
Ltd.
(d)
3.25%
,
06/15/25
............
3,292
3,211,758
1.25%
,
04/27/26
............
4,917
4,534,396
Korea
National
Oil
Corp.
(d)
3.25%
,
07/10/24
............
1,650
1,637,840
4.75%
,
04/03/26
............
500
495,265
4.88%
,
04/03/28
............
500
497,765
4.88%
,
04/03/29
............
6,485
6,444,144
Korea
South-East
Power
Co.
Ltd.
2.13%
,
02/03/25
(d)
...........
2,786
2,711,126
39,165,769
Turkey
—
0.0%
Turkiye
Varlik
Fonu
Yonetimi
A/S
,
8.25%
,
02/14/29
(d)
...........
1,865
1,902,300
Total
Foreign
Agency
Obligations
—
1.4%
(Cost:
$
527,926,437
)
.............................
529,664,936
Foreign
Government
Obligations
Angola
—
0.0%
Republic
of
Angola
,
8.75%
,
04/14/32
(a)
9,675
8,901,000
Argentina
—
0.0%
Argentine
Republic
(The)
1.00%
,
07/09/29
............
8,480
4,520,900
3.62%
,
07/09/35
(e)
...........
16,064
6,650,599
Security
Par
(000)
Par
(000)
Value
Argentina
(continued)
4.25%
,
01/09/38
(e)
...........
USD
9,835
$
4,553,605
15,725,104
Bahrain
—
0.0%
Kingdom
of
Bahrain
(d)
6.75%
,
09/20/29
............
400
403,750
5.45%
,
09/16/32
............
4,291
3,930,288
7.50%
,
09/20/47
............
4,058
3,886,803
8,220,841
Belgium
—
0.1%
Kingdom
of
Belgium
,
3.30%
,
06/22/54
(a)
(d)
...............
EUR
18,387
19,663,142
Benin
—
0.0%
Benin
Government
Bond
4.88%
,
01/19/32
(d)
...........
553
502,639
7.96%
,
02/13/38
(a)
...........
USD
5,569
5,424,554
6.88%
,
01/19/52
(d)
...........
EUR
2,282
2,010,835
7,938,028
Brazil
—
0.4%
Federative
Republic
of
Brazil
10.00%
,
01/01/25
...........
BRL
115
22,898,250
10.00%
,
01/01/27
...........
371
73,549,105
7.13%
,
05/13/54
............
USD
40,744
41,069,952
137,517,307
Chile
—
0.0%
Republic
of
Chile
,
4.34%
,
03/07/42
..
7,527
6,569,660
China
—
0.1%
People's
Republic
of
China
,
2.29%
,
12/25/24
.................
CNY
233,310
32,247,112
Colombia
—
1.0%
Republic
of
Colombia
4.50%
,
01/28/26
............
USD
7,965
7,769,857
3.88%
,
03/22/26
............
EUR
1,268
1,349,022
7.50%
,
08/26/26
............
COP
359,136,000
89,618,613
3.88%
,
04/25/27
............
USD
4,623
4,347,931
5.75%
,
11/03/27
............
COP
363,533,200
83,823,547
6.00%
,
04/28/28
............
353,641,200
81,161,810
7.00%
,
03/26/31
............
41,357,600
9,195,185
3.13%
,
04/15/31
............
USD
6,873
5,481,218
13.25%
,
02/09/33
...........
COP
209,710,900
63,802,788
8.00%
,
04/20/33
............
USD
5,361
5,661,216
8.00%
,
11/14/35
............
2,507
2,632,350
8.75%
,
11/14/53
............
1,334
1,446,723
356,290,260
Costa
Rica
—
0.1%
Republic
of
Costa
Rica
6.13%
,
02/19/31
(d)
...........
10,199
10,320,113
6.55%
,
04/03/34
(d)
...........
3,454
3,574,890
7.30%
,
11/13/54
(a)
...........
3,430
3,645,447
17,540,450
Czech
Republic
—
0.4%
Czech
Republic
5.50%
,
12/12/28
............
CZK
681,130
31,179,265
2.75%
,
07/23/29
............
1,621,050
65,701,870
5.00%
,
09/30/30
............
987,700
44,928,072
4.20%
,
12/04/36
(d)
...........
134,540
5,844,842
147,654,049
Dominican
Republic
—
0.1%
Dominican
Republic
Government
Bond
6.88%
,
01/29/26
(d)
...........
USD
4,527
4,570,006
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
70
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Dominican
Republic
(continued)
5.95%
,
01/25/27
(d)
...........
USD
6,781
$
6,740,314
4.50%
,
01/30/30
(a)
...........
8,192
7,442,432
7.05%
,
02/03/31
(a)
...........
2,600
2,692,625
4.88%
,
09/23/32
(a)
...........
6,566
5,886,830
4.88%
,
09/23/32
(d)
...........
18,004
16,141,711
43,473,918
Egypt
—
0.3%
Arab
Republic
of
Egypt
3.88%
,
02/16/26
(d)
...........
21,312
19,580,400
4.75%
,
04/16/26
(d)
...........
EUR
20,085
20,382,123
6.38%
,
04/11/31
(d)
...........
2,600
2,325,529
7.63%
,
05/29/32
(d)
...........
USD
32,930
28,083,116
8.50%
,
01/31/47
(d)
...........
14,496
11,506,200
8.50%
,
01/31/47
(a)
...........
2,720
2,159,000
7.90%
,
02/21/48
(d)
...........
6,342
4,815,956
7.50%
,
02/16/61
(a)
...........
3,247
2,329,722
7.50%
,
02/16/61
(d)
...........
8,261
5,927,268
97,109,314
El
Salvador
—
0.0%
Republic
of
El
Salvador
,
7.65%
,
06/15/35
(d)
................
6,136
4,672,564
France
—
0.1%
French
Republic
,
3.00%
,
05/25/54
(a)
(d)
EUR
18,667
19,061,185
Gabon
—
0.0%
Gabon
Government
Bond
,
7.00%
,
11/24/31
(d)
................
USD
870
740,859
Germany
—
0.5%
Federal
Republic
of
Germany
(d)
0.10%
,
04/15/26
............
EUR
57,653
61,274,145
2.76%
,
08/15/29
(t)
...........
19,480
18,643,418
2.72%
,
08/15/31
(t)
...........
4,800
4,406,949
1.70%
,
08/15/32
............
83,140
86,043,184
0.10%
,
04/15/46
............
8,013
8,369,713
178,737,409
Guatemala
—
0.2%
Republic
of
Guatemala
4.88%
,
02/13/28
(d)
...........
USD
29,863
28,804,407
5.25%
,
08/10/29
(a)
...........
2,875
2,783,867
5.25%
,
08/10/29
(d)
...........
2,637
2,553,412
5.38%
,
04/24/32
(a)
...........
400
384,321
7.05%
,
10/04/32
(a)
...........
5,675
6,022,593
7.05%
,
10/04/32
(d)
...........
1,975
2,095,969
3.70%
,
10/07/33
(d)
...........
2,444
2,019,787
6.60%
,
06/13/36
(a)
...........
9,061
9,256,378
4.65%
,
10/07/41
(a)
...........
3,517
2,825,690
56,746,424
Honduras
—
0.0%
Republic
of
Honduras
5.63%
,
06/24/30
(a)
...........
2,433
2,161,946
Hungary
—
0.2%
Hungary
Government
Bond
6.75%
,
10/22/28
............
HUF
5,970,910
16,366,088
5.25%
,
06/16/29
(a)
...........
USD
6,946
6,876,540
4.00%
,
07/25/29
(d)
...........
EUR
42,600
45,897,884
5.38%
,
09/12/33
(d)
...........
6,369
7,246,500
5.50%
,
03/26/36
(a)
...........
USD
2,407
2,338,551
78,725,563
Security
Par
(000)
Par
(000)
Value
India
—
0.9%
Indian
Railway
Finance
Corp.
Ltd.
,
3.25%
,
02/13/30
(d)
...........
USD
638
$
566,823
Republic
of
India
7.37%
,
10/23/28
............
INR
13,274,400
161,102,457
7.18%
,
08/14/33
............
11,702,250
141,567,725
7.18%
,
07/24/37
............
3,504,100
42,120,448
345,357,453
Indonesia
—
0.7%
Bank
Negara
Indonesia
Persero
Tbk.
PT
,
3.75%
,
03/30/26
(d)
........
USD
1,980
1,891,519
Perusahaan
Penerbit
SBSN
Indonesia
III
,
4.40%
,
06/06/27
(a)
.........
3,573
3,514,169
Republic
of
Indonesia
5.50%
,
04/15/26
............
IDR
279,828,000
17,340,335
8.38%
,
09/15/26
............
456,317,000
30,000,844
7.00%
,
05/15/27
............
1,274,602,000
81,466,402
4.55%
,
01/11/28
............
USD
475
468,617
4.10%
,
04/24/28
............
6,381
6,185,582
6.88%
,
04/15/29
............
IDR
400,000,000
25,528,237
4.85%
,
01/11/33
............
USD
500
495,469
6.63%
,
02/15/34
............
IDR
28,336,000
1,771,180
8.25%
,
05/15/36
............
423,787,000
29,872,381
7.13%
,
06/15/38
............
612,430,000
39,445,637
6.75%
,
01/15/44
(d)
...........
USD
5,205
6,104,489
5.65%
,
01/11/53
............
400
416,625
5.10%
,
02/10/54
............
3,000
2,904,375
247,405,861
Israel
—
0.0%
State
of
Israel
Government
Bond
,
5.75%
,
03/12/54
............
2,844
2,723,130
Italy
—
0.2%
Republic
of
Italy
,
4.50%
,
10/01/53
(a)
(d)
EUR
47,500
54,001,372
Ivory
Coast
—
0.1%
Republic
of
Cote
d'Ivoire
6.38%
,
03/03/28
(d)
...........
USD
13,303
13,128,398
5.25%
,
03/22/30
(d)
...........
EUR
10,730
10,776,589
5.88%
,
10/17/31
(d)
...........
1,749
1,740,673
4.88%
,
01/30/32
(d)
...........
1,665
1,547,051
7.63%
,
01/30/33
(a)
...........
USD
5,077
5,038,922
6.13%
,
06/15/33
(d)
...........
13,874
12,469,258
8.25%
,
01/30/37
(a)
...........
8,753
8,763,941
53,464,832
Jamaica
—
0.0%
Jamaica
Government
Bond
,
6.75%
,
04/28/28
.................
3,408
3,513,435
Japan
—
0.7%
Japan
Government
Bond
1.50%
,
09/20/43
............
JPY
19,404,000
129,652,252
1.30%
,
12/20/43
............
17,057,500
109,908,082
239,560,334
Jordan
—
0.0%
Hashemite
Kingdom
of
Jordan
(d)
4.95%
,
07/07/25
............
USD
3,342
3,243,829
5.85%
,
07/07/30
............
11,277
10,374,840
13,618,669
Kenya
—
0.1%
Republic
of
Kenya
9.75%
,
02/16/31
(a)
...........
14,898
15,233,205
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
71
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Kenya
(continued)
8.00%
,
05/22/32
(d)
...........
USD
15,652
$
14,668,859
29,902,064
Malaysia
—
0.0%
Federation
of
Malaysia
,
4.64%
,
11/07/33
..................
MYR
61,379
13,771,565
Mexico
—
0.7%
United
Mexican
States
3.75%
,
01/11/28
............
USD
5,181
4,926,807
8.50%
,
03/01/29
............
MXN
11,559
67,305,552
8.50%
,
05/31/29
............
11,337
66,104,442
2.66%
,
05/24/31
............
USD
6,998
5,836,332
7.50%
,
05/26/33
............
MXN
6,488
34,812,416
6.35%
,
02/09/35
............
USD
6,178
6,382,646
8.50%
,
11/18/38
............
MXN
8,425
47,178,033
6.34%
,
05/04/53
............
USD
5,270
5,212,359
6.40%
,
05/07/54
............
3,535
3,531,686
241,290,273
Mongolia
—
0.0%
State
of
Mongolia
(d)
3.50%
,
07/07/27
............
8,000
7,200,000
7.88%
,
06/05/29
............
485
500,210
7,700,210
Montenegro
—
0.0%
Republic
of
Montenegro
,
2.88%
,
12/16/27
(d)
................
EUR
3,708
3,651,593
Morocco
—
0.0%
Kingdom
of
Morocco
2.38%
,
12/15/27
(a)
...........
USD
402
358,282
2.38%
,
12/15/27
(d)
...........
566
504,448
5.95%
,
03/08/28
(a)
...........
2,510
2,538,237
6.50%
,
09/08/33
(a)
...........
2,441
2,520,528
5,921,495
Nigeria
—
0.1%
Federal
Republic
of
Nigeria
8.38%
,
03/24/29
(a)
...........
4,221
4,116,794
7.14%
,
02/23/30
(d)
...........
11,885
10,793,066
7.88%
,
02/16/32
(d)
...........
12,719
11,522,619
7.63%
,
11/28/47
(d)
...........
17,427
13,554,938
9.25%
,
01/21/49
(d)
...........
7,371
6,749,072
46,736,489
North
Macedonia
—
0.0%
Republic
of
North
Macedonia
,
6.96%
,
03/13/27
(d)
................
EUR
3,034
3,426,664
Oman
—
0.0%
(d)
Oman
Government
Bond
6.50%
,
03/08/47
............
USD
3,778
3,808,696
6.75%
,
01/17/48
............
7,992
8,186,805
Oman
Sovereign
Sukuk
SAOC
,
4.40%
,
06/01/24
.................
2,110
2,102,088
14,097,589
Panama
—
0.2%
Republic
of
Panama
3.16%
,
01/23/30
............
21,432
17,795,257
7.50%
,
03/01/31
............
11,883
12,306,332
6.40%
,
02/14/35
............
16,659
15,709,437
8.00%
,
03/01/38
............
7,885
8,247,710
6.85%
,
03/28/54
............
9,424
8,514,584
62,573,320
Security
Par
(000)
Par
(000)
Value
Paraguay
—
0.0%
Republic
of
Paraguay
(d)
2.74%
,
01/29/33
............
USD
4,469
$
3,617,097
5.60%
,
03/13/48
............
3,549
3,226,263
6,843,360
Peru
—
0.4%
Republic
of
Peru
6.35%
,
08/12/28
(d)
...........
PEN
133,960
36,878,705
5.94%
,
02/12/29
(d)
...........
124,097
33,176,472
2.78%
,
01/23/31
............
USD
5,169
4,440,494
6.95%
,
08/12/31
(d)
...........
PEN
277,496
74,752,411
1.86%
,
12/01/32
............
USD
11,471
8,757,392
158,005,474
Philippines
—
0.2%
Philippine
Government
Bond
6.00%
,
01/04/27
............
PHP
501,300
8,835,624
Republic
of
Philippines
6.88%
,
01/10/29
............
484,700
8,786,666
6.13%
,
01/18/31
............
1,440,000
25,248,678
6.63%
,
08/17/33
............
973,900
17,670,460
2.65%
,
12/10/45
............
USD
1,702
1,127,043
61,668,471
Poland
—
0.4%
Republic
of
Poland
2.75%
,
10/25/29
............
PLN
540,345
118,994,134
4.88%
,
10/04/33
............
USD
4,009
3,945,056
6.00%
,
10/25/33
............
PLN
69,420
18,052,189
5.50%
,
04/04/53
............
USD
7,708
7,705,765
148,697,144
Romania
—
0.1%
Romania
Government
Bond
5.25%
,
11/25/27
(a)
...........
2,797
2,757,667
2.13%
,
03/07/28
(d)
...........
EUR
7,826
7,762,357
2.88%
,
03/11/29
(d)
...........
5,805
5,775,406
2.50%
,
02/08/30
(d)
...........
6,106
5,825,783
2.12%
,
07/16/31
(d)
...........
6,954
6,133,149
28,254,362
Russia
—
0.0%
Russian
Federation
,
6.10%
,
04/15/30
(f)
(r)
RUB
1,479,489
7,207,664
Saudi
Arabia
—
0.1%
Kingdom
of
Saudi
Arabia
4.50%
,
04/17/30
(d)
...........
USD
6,322
6,197,536
5.00%
,
01/18/53
(a)
...........
5,068
4,535,860
3.45%
,
02/02/61
(d)
...........
10,042
6,690,482
17,423,878
Senegal
—
0.0%
Republic
of
Senegal
,
6.25%
,
05/23/33
(d)
4,553
3,884,278
Singapore
—
0.0%
Republic
of
Singapore
,
3.38%
,
09/01/33
SGD
10,091
7,642,108
South
Africa
—
0.4%
Republic
of
South
Africa
10.50%
,
12/21/26
...........
ZAR
1,146,972
62,128,892
4.85%
,
09/30/29
............
USD
2,895
2,594,644
7.00%
,
02/28/31
............
ZAR
1,380,481
58,605,755
5.88%
,
04/20/32
............
USD
5,598
5,045,197
9.00%
,
01/31/40
............
ZAR
339,489
13,191,276
8.75%
,
01/31/44
............
159,303
5,863,996
5.00%
,
10/12/46
............
USD
4,476
3,005,634
150,435,394
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
72
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
South
Korea
—
0.1%
Republic
of
Korea
3.50%
,
09/10/28
............
KRW
4,732,040
$
3,535,766
4.13%
,
12/10/33
............
39,706,310
31,251,926
34,787,692
Spain
—
2.1%
Bonos
y
Obligaciones
del
Estado
3.14%
,
05/31/25
(t)
...........
EUR
136,220
141,430,512
2.55%
,
10/31/32
(a)
(d)
..........
341,625
355,688,256
3.15%
,
04/30/33
(a)
(d)
..........
30,606
33,240,402
3.25%
,
04/30/34
(a)
(d)
..........
115,920
126,058,273
3.90%
,
07/30/39
(a)
(d)
..........
23,720
26,811,185
2.90%
,
10/31/46
(a)
(d)
..........
45,767
43,985,380
3.45%
,
07/30/66
(a)
(d)
..........
42,500
42,629,625
769,843,633
Thailand
—
0.3%
Kingdom
of
Thailand
2.40%
,
03/17/29
............
THB
2,736,800
75,404,044
3.35%
,
06/17/33
............
1,201,931
35,121,585
110,525,629
Ukraine
—
0.1%
Ukraine
Government
Bond
(f)(r)
7.75%
,
09/01/25
(d)
...........
USD
3,089
1,150,652
7.75%
,
09/01/27
(d)
...........
210
71,190
7.75%
,
02/15/28
(d)
...........
1,792
640,640
7.75%
,
09/01/28
(d)
...........
9,163
3,042,116
7.75%
,
09/01/29
(d)
...........
14,930
4,926,900
4.38%
,
01/27/32
(d)
...........
EUR
11,145
3,204,338
7.25%
,
03/15/35
(d)
...........
USD
45,557
13,234,309
8.99%
,
11/16/36
(d)
...........
2,837
1,070,967
6.88%
,
06/19/37
(d)
...........
8,480
2,471,920
7.38%
,
08/17/37
(d)
...........
11,145
3,248,768
7.25%
,
10/19/39
(a)
...........
13,686
3,975,783
7.75%
,
08/01/41
(b)
(d)
..........
20,519
11,336,748
48,374,331
United
Kingdom
—
0.4%
U.K.
Treasury
Bonds
(d)
3.50%
,
01/22/45
............
GBP
33,536
37,177,836
3.75%
,
10/22/53
............
37,893
42,655,853
0.50%
,
10/22/61
............
203,531
79,656,961
159,490,650
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay
,
5.75%
,
10/28/34
.................
USD
7,177
7,576,660
Uzbekistan
—
0.0%
Republic
of
Uzbekistan
International
Bond
,
7.85%
,
10/12/28
(a)
.......
3,401
3,557,233
Total
Foreign
Government
Obligations
—
11.8%
(Cost:
$
4,357,823,659
)
...........................
4,352,630,444
Shares
Shares
Investment
Companies
Communication
Services
Select
Sector
SPDR
Fund
...............
94,000
7,676,040
Formentera
Partners
Fund
II
LP
(c)
(f)
(j)
.
–
(k)
18,179,801
Health
Care
Select
Sector
SPDR
Fund
70,000
10,341,100
Invesco
S&P
500
Equal
Weight
ETF
.
480,282
81,345,362
iShares
0-5
Year
TIPS
Bond
ETF
(u)
..
401,690
39,940,037
iShares
20+
Year
Treasury
Bond
ETF
(u)
103,000
9,745,860
Security
Shares
Shares
Value
iShares
Bitcoin
Trust
(f)
(j)
(u)
.........
88,000
$
3,561,360
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(l)
(u)
.......
727,776
79,269,362
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(l)
(u)
.........
935,611
83,896,238
iShares
Latin
America
40
ETF
(l)
(u)
...
536,067
15,245,746
iShares
MSCI
Brazil
ETF
(u)
.......
496,774
16,105,413
iShares
Russell
Mid-Cap
Growth
ETF
(l)
(u)
...................
95,766
10,930,731
SPDR
Bloomberg
High
Yield
Bond
ETF
(l)
....................
36,829
3,506,121
SPDR
S&P
Regional
Banking
ETF
..
72,141
3,627,249
VanEck
JPMorgan
EM
Local
Currency
Bond
ETF
.................
1,780,566
43,641,673
VanEck
Semiconductor
ETF
(l)
......
81,000
18,224,190
Vanguard
Intermediate-Term
Corporate
Bond
ETF
(l)
................
612,000
49,272,120
Total
Investment
Companies
—
1.4%
(Cost:
$
461,404,912
)
.............................
494,508,403
Par
(000)
Pa
r
(
000)
Municipal
Bonds
California
-
0
.1
%
Bay
Area
Toll
Authority
,
Series
2010S-1
,
RB
,
6.92
%
,
04/01/40
.........
USD
6,360
7,276,670
California
State
Public
Works
Board
,
Series
2009G,
Sub-Series
G-2
,
RB
,
8.36
%
,
10/01/34
............
6,820
8,276,444
Central
Unified
School
District
,
Series
2021A
,
GO
,
3.00
%
,
08/01/44
....
5,000
4,117,575
City
of
Riverside
,
Series
2010A
,
RB
,
7.61
%
,
10/01/40
............
3,805
4,664,238
Contra
Costa
Community
College
District
,
Series
2010B
,
GO
,
6.50
%
,
08/01/34
............
3,205
3,566,372
Golden
State
Tobacco
Securitization
Corp.
,
Series
2021B
,
RB
,
2.75
%
,
06/01/34
............
4,140
3,505,869
Los
Angeles
Unified
School
District
,
Series
2010RY
,
GO
,
6.76
%
,
07/01/34
............
3,745
4,124,302
State
of
California
Series
2009
,
GO
,
7.50
%
,
04/01/34
2,155
2,535,413
Series
2009
,
GO
,
7.55
%
,
04/01/39
4,840
5,928,041
Series
2009
,
GO
,
7.30
%
,
10/01/39
3,720
4,355,792
Series
2009
,
GO
,
7.35
%
,
11/01/39
2,270
2,687,737
51,038,453
Colorado
-
0
.1
%
City
&
County
of
Denver
,
Series
2022A
,
GO
,
5.00
%
,
08/01/37
.........
10,000
11,509,814
City
of
Greeley
Series
2022
,
RB
,
3.00
%
,
08/01/38
1,275
1,150,618
Series
2022
,
RB
,
3.00
%
,
08/01/39
1,340
1,186,547
Series
2022
,
RB
,
3.00
%
,
08/01/40
1,380
1,200,138
Colorado
Health
Facilities
Authority
,
Series
2016A
,
RB
,
4.00
%
,
11/15/46
9,245
8,851,039
Denver
City
&
County
School
District
No.
1
,
Series
2022A
,
GO
,
5.00
%
,
12/01/45
............
5,950
6,548,184
30,446,340
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
73
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Delaware
-
0
.0
%
University
of
Delaware
,
Series
2010A
,
RB
,
5.87
%
,
11/01/40
.........
USD
7,500
$
7,733,221
Florida
-
0
.0
%
Brevard
County
Health
Facilities
Authority
,
Series
2022A
,
RB
,
5.00
%
,
04/01/47
............
9,000
9,487,739
County
of
Broward
Airport
System
,
Series
2019C
,
RB
,
2.91
%
,
10/01/32
3,100
2,667,502
County
of
Miami-Dade
,
Series
2019E
,
RB
,
2.53
%
,
10/01/30
.........
7,590
6,646,439
Florida
Department
of
Management
Services
,
Series
2021A
,
COP
,
3.00
%
,
11/01/36
............
5,005
4,770,266
Sumter
Landing
Community
Development
District
,
Series
2016
,
RB
,
4.17
%
,
10/01/47
.........
2,555
2,230,451
25,802,397
Georgia
-
0
.1
%
State
of
Georgia
Series
2022A
,
GO
,
4.00
%
,
07/01/40
7,890
8,119,621
Series
2022A
,
GO
,
4.00
%
,
07/01/41
7,890
8,088,323
16,207,944
Louisiana
-
0
.0
%
Louisiana
Public
Facilities
Authority
,
Series
2020A
,
RB
,
3.00
%
,
05/15/47
8,000
5,967,883
Massachusetts
-
0
.1
%
Commonwealth
of
Massachusetts
Series
2009E
,
GO
,
5.46
%
,
12/01/39
805
821,518
Series
2019H
,
GO
,
2.90
%
,
09/01/49
1,055
759,282
Massachusetts
Housing
Finance
Agency
Series
2014B
,
RB,
AMT
,
4.50
%
,
12/01/39
..........
485
477,895
Series
2015A
,
RB,
AMT
,
4.35
%
,
12/01/40
..........
335
332,729
Massachusetts
School
Building
Authority
Series
2019B
,
RB
,
2.87
%
,
10/15/31
11,415
10,003,242
Series
2019B
,
RB
,
2.97
%
,
10/15/32
9,240
8,023,567
20,418,233
Minnesota
-
0
.0
%
State
of
Minnesota
,
Series
2021A
,
GO
,
4.00
%
,
09/01/38
............
7,785
8,156,092
New
Hampshire
-
0
.0
%
New
Hampshire
Municipal
Bond
Bank
,
Series
2022A
,
RB
,
3.00
%
,
02/15/38
1,530
1,445,098
New
Jersey
-
0
.0
%
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Series
2021
,
RB
,
3.00
%
,
07/01/51
.........
4,965
3,691,426
New
Jersey
Transportation
Trust
Fund
Authority
,
Series
2010C
,
RB
,
5.75
%
,
12/15/28
............
3,800
3,824,301
Rutgers
The
State
University
of
New
Jersey
,
Series
2019R
,
RB
,
3.27
%
,
05/01/43
............
3,750
3,045,233
10,560,960
Security
Par
(000)
Par
(000)
Value
New
York
-
0
.2
%
New
York
City
Municipal
Water
Finance
Authority
Series
2010AA-1
,
RB
,
5.75
%
,
06/15/41
..........
USD
1,610
$
1,678,456
Series
2011AA
,
RB
,
5.44
%
,
06/15/43
..........
4,775
4,790,684
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2019B,
Sub-Series
B-3
,
RB
,
3.90
%
,
08/01/31
............
11,870
11,276,882
New
York
State
Urban
Development
Corp.
Series
2020E
,
RB
,
4.00
%
,
03/15/38
4,755
4,899,075
Series
2021B
,
RB
,
2.01
%
,
03/15/30
7,085
6,116,861
Series
2021B
,
RB
,
2.50
%
,
03/15/33
9,725
8,144,654
State
of
New
York
,
Series
2019B
,
GO
,
2.80
%
,
02/15/32
............
11,215
9,931,649
State
of
New
York
Mortgage
Agency
,
Series
2014-189
,
RB,
AMT
,
3.85
%
,
10/01/34
............
10
9,957
46,848,218
North
Carolina
-
0
.0
%
City
of
Charlotte
,
Series
2021A
,
RB
,
3.00
%
,
07/01/46
............
12,525
10,309,084
Ohio
-
0
.0
%
American
Municipal
Power,
Inc.
,
Series
2010A
,
RB
,
7.83
%
,
02/15/41
....
4,015
4,912,071
JobsOhio
Beverage
System
,
Series
2013B
,
RB
,
3.99
%
,
01/01/29
....
5,315
5,204,758
State
of
Ohio
,
Series
2020C
,
GO
,
5.00
%
,
03/01/39
............
4,095
4,575,271
14,692,100
Oregon
-
0
.0
%
Oregon
School
Boards
Association
Series
2002B
,
GO
,
5.55
%
,
06/30/28
6,710
6,778,133
Series
2005A
,
GO
,
4.76
%
,
06/30/28
2,601
2,584,099
State
of
Oregon
,
Series
2003
,
GO
,
5.89
%
,
06/01/27
............
3,880
3,937,849
13,300,081
Pennsylvania
-
0
.0
%
Commonwealth
Financing
Authority
,
Series
2016A
,
RB
,
4.14
%
,
06/01/38
1,580
1,468,601
Puerto
Rico
-
0
.2
%
Commonwealth
of
Puerto
Rico
(v)
Series
2022
,
VRDN
0.00
%
,
11/01/43
8,394
4,845,395
Series
2022
,
VRDN
0.00
%
,
11/01/51
136,132
61,557,605
Puerto
Rico
Electric
Power
Authority
Series
2003NN
,
RB
,
5.50
%
,
07/01/20
..........
2,060
539,467
Series
2007TT
,
RB
,
5.00
%
,
07/01/18
(f)
(r)
........
1,915
501,495
Series
2008WW
,
RB
,
5.38
%
,
07/01/24
(f)
(r)
........
1,530
400,672
Series
2008WW
,
RB
,
5.25
%
,
07/01/33
(f)
(r)
........
2,930
767,301
Series
2008WW
,
RB
,
5.50
%
,
07/01/38
(f)
(r)
........
6,160
1,613,165
Series
2010AAA
,
RB
,
5.25
%
,
07/01/21
..........
1,710
447,810
Series
2010AAA
,
RB
,
5.25
%
,
07/01/26
..........
940
246,165
Series
2010CCC
,
RB
,
5.25
%
,
07/01/28
(f)
(r)
........
1,635
428,169
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
74
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Puerto
Rico
(continued)
Series
2010ZZ
,
RB
,
5.00
%
,
07/01/18
USD
1,225
$
320,800
Series
2010ZZ
,
RB
,
5.25
%
,
07/01/18
(f)
(r)
........
6,255
1,638,043
Series
2010ZZ
,
RB
,
5.25
%
,
07/01/23
(f)
(r)
........
500
130,939
Series
2010ZZ
,
RB
,
5.25
%
,
07/01/26
1,150
301,159
Series
2013A
,
RB
,
5.00
%
,
07/01/42
(f)
(r)
........
6,800
1,780,766
Series
2013A
,
RB
,
5.05
%
,
07/01/42
(f)
(r)
........
1,030
269,734
Series
2013A
,
RB
,
7.00
%
,
07/01/43
(f)
(r)
........
7,405
1,939,202
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Series
2018A-1
,
RB
,
4.75
%
,
07/01/53
............
2,048
2,024,704
79,752,591
Tennessee
-
0
.0
%
Tennessee
Housing
Development
Agency
Series
2018-3
,
RB
,
3.85
%
,
07/01/43
765
772,932
Series
2018-3
,
RB
,
3.95
%
,
01/01/49
615
624,456
1,397,388
Texas
-
0
.0
%
Dallas
Fort
Worth
International
Airport
,
Series
2019A
,
RB
,
3.14
%
,
11/01/45
2,360
1,829,926
Temple
College
,
Series
2021
,
GO
,
3.00
%
,
07/01/46
............
6,035
4,671,303
Texas
A&M
University
,
Series
2017B
,
RB
,
2.84
%
,
05/15/27
.........
5,965
5,659,174
University
of
Houston
,
Series
2020A
,
RB
,
3.00
%
,
02/15/44
.........
5,530
4,486,707
16,647,110
Utah
-
0
.1
%
City
of
Salt
Lake
City
,
Series
2021A
,
RB,
AMT
,
5.00
%
,
07/01/46
.....
12,445
13,002,408
Virginia
-
0
.0
%
Tobacco
Settlement
Financing
Corp.
,
Series
2007A-1
,
RB
,
6.71
%
,
06/01/46
............
9,640
8,345,692
Virginia
Small
Business
Financing
Authority
,
Series
2017
,
RB,
AMT
,
5.00
%
,
12/31/47
............
2,900
2,920,302
11,265,994
Washington
-
0
.2
%
State
of
Washington
,
Series
2022A
,
GO
,
5.00
%
,
08/01/39
.........
10,000
11,150,890
Washington
Health
Care
Facilities
Authority
,
Series
2015A
,
RB
,
4.00
%
,
10/01/45
............
17,745
17,375,120
28,526,010
Total
Municipal
Bonds
—
1.1%
(Cost:
$
463,392,012
)
.............................
414,986,206
Security
Par
(000)
Pa
r
(
000)
Value
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
4
.7
%
Cayman
Islands
—
0.0%
Prima
Capital
CRE
Securitization
Ltd.,
Series
2016-6A,
Class
C,
4.00%,
08/24/40
(a)
................
USD
17,980
$
16,516,593
Ireland
—
0.0%
(d)
Dilosk
Rmbs
No.
8
Sts
DAC
(b)
Series
8-STS,
Class
A,
(3-mo.
EURIBOR
+
0.65%),
4.57%,
05/20/62
(d)
..............
EUR
2,099
2,265,106
Series
8-STS,
Class
B,
(3-mo.
EURIBOR
+
0.90%),
4.82%,
05/20/62
(d)
..............
518
557,856
2,822,962
Netherlands
—
0.0%
(b)
Domi
BV
Series
2021-1,
Class
A,
(3-mo.
EURIBOR
+
0.63%),
4.57%,
06/15/53
(d)
..............
1,915
2,065,682
Series
2023-1,
Class
A,
(3-mo.
EURIBOR
+
1.12%),
5.02%,
02/15/55
(d)
..............
2,453
2,676,145
Series
2023-1,
Class
B,
(3-mo.
EURIBOR
+
1.70%),
5.60%,
02/15/55
(d)
..............
803
875,875
Dutch
Property
Finance
BV
Series
2021-1,
Class
B,
(3-mo.
EURIBOR
+
1.10%),
5.02%,
07/28/58
(d)
..............
740
796,547
Series
2021-2,
Class
A,
(3-mo.
EURIBOR
+
0.70%),
4.62%,
04/28/59
(d)
..............
2,028
2,187,545
Series
2021-2,
Class
B,
(3-mo.
EURIBOR
+
0.80%),
4.73%,
04/28/59
(d)
..............
820
878,425
Series
2021-2,
Class
C,
(3-mo.
EURIBOR
+
1.05%),
4.97%,
04/28/59
(d)
..............
504
534,525
Jubilee
Place,
Series
3,
Class
C,
(3-mo.
EURIBOR
+
1.60%),
5.53%,
01/17/59
(d)
................
202
214,599
10,229,343
United
Kingdom
—
0.8%
(b)
Atlas
Funding
plc
Series
2022-1,
Class
B,
(Sterling
Overnight
Index
Average
+
1.80%),
7.01%,
02/25/60
(d)
...
GBP
2,955
3,754,794
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
+
1.15%),
6.35%,
01/20/61
(d)
...
4,180
5,306,762
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
+
1.90%),
7.10%,
01/20/61
(d)
...
1,494
1,904,499
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
+
2.75%),
7.95%,
01/20/61
(d)
...
987
1,261,113
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
+
3.80%),
9.00%,
01/20/61
(d)
...
505
650,673
Barley
Hill
No.
2
plc,
Series
2,
Class
C,
(Sterling
Overnight
Index
Average
+
1.70%),
6.89%,
08/27/58
(d)
.....
520
653,067
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
75
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Brants
Bridge
plc
Series
2022-1,
Class
B,
(Sterling
Overnight
Index
Average
+
2.40%),
7.60%,
12/12/64
(d)
...
GBP
2,600
$
3,303,728
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
+
0.90%),
6.10%,
06/14/66
(d)
...
2,649
3,351,387
Canada
Square
Funding
plc
Series
2021-2,
Class
A,
(Sterling
Overnight
Index
Average
+
0.78%),
5.98%,
06/17/58
(d)
...
1,343
1,693,526
Series
2021-2,
Class
B,
(Sterling
Overnight
Index
Average
+
1.20%),
6.40%,
06/17/58
(d)
...
382
480,068
Series
2021-2,
Class
C,
(Sterling
Overnight
Index
Average
+
1.60%),
6.80%,
06/17/58
(d)
...
102
128,419
Series
6,
Class
C,
(Sterling
Overnight
Index
Average
+
1.45%),
6.69%,
01/17/59
(d)
...
2,813
3,503,427
Series
6,
Class
D,
(Sterling
Overnight
Index
Average
+
1.85%),
7.09%,
01/17/59
(d)
...
178
218,466
East
One
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
+
1.40%),
6.61%,
12/27/55
(d)
...
1,943
2,452,357
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
+
1.70%),
6.91%,
12/27/55
(d)
...
1,969
2,463,729
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
+
2.00%),
7.21%,
12/27/55
(d)
...
2,438
3,028,882
Elstree
Funding
No.
4
plc,
Series
4,
Class
A,
(Sterling
Overnight
Index
Average
+
1.12%),
6.32%,
10/21/55
(d)
................
1,915
2,427,353
Finsbury
Square
Series
2021-1GRX,
Class
AGRN,
(Sterling
Overnight
Index
Average
+
0.65%),
5.85%,
12/16/67
(d)
..
855
1,077,851
Series
2021-1GRX,
Class
B,
(Sterling
Overnight
Index
Average
+
1.00%),
6.20%,
12/16/67
(d)
..
1,470
1,850,453
Series
2021-1GRX,
Class
C,
(Sterling
Overnight
Index
Average
+
1.25%),
6.45%,
12/16/67
(d)
..
1,045
1,301,232
Finsbury
Square
plc
Series
2021-2X,
Class
A,
(Sterling
Overnight
Index
Average
+
0.80%),
6.00%,
12/16/71
(d)
...
1,113
1,405,670
Series
2021-2X,
Class
B,
(Sterling
Overnight
Index
Average
+
1.25%),
6.45%,
12/16/71
(d)
...
1,339
1,688,315
Series
2021-2X,
Class
C,
(Sterling
Overnight
Index
Average
+
1.40%),
6.60%,
12/16/71
(d)
...
371
465,683
Series
2021-2X,
Class
D,
(Sterling
Overnight
Index
Average
+
1.70%),
6.90%,
12/16/71
(d)
...
200
247,483
Gemgarto
plc
Series
2021-1X,
Class
C,
(Sterling
Overnight
Index
Average
+
1.30%),
6.50%,
12/16/67
(d)
...
218
273,932
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
+
2.00%),
7.20%,
12/16/73
(d)
...
GBP
1,294
$
1,654,229
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
+
2.50%),
7.70%,
12/16/73
(d)
...
1,236
1,521,678
Series
2023-1,
Class
E,
(Sterling
Overnight
Index
Average
+
4.50%),
9.70%,
12/16/73
(d)
...
873
1,079,727
Great
Hall
Mortgages
No.
1
plc,
Series
2007-2X,
Class
BA,
(Sterling
Overnight
Index
Average
+
0.42%),
5.62%,
06/18/39
(d)
...........
6,150
7,560,513
Harben
Finance
Series
2017-1RX,
Class
C,
(Sterling
Overnight
Index
Average
+
1.15%),
6.34%,
09/28/55
(d)
...
741
923,523
Series
2017-1RX,
Class
D,
(Sterling
Overnight
Index
Average
+
1.50%),
6.69%,
09/28/55
(d)
...
441
540,991
Hops
Hill
No.
1
plc
Series
1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.85%),
7.04%,
05/27/54
(d)
...
200
252,643
Series
1,
Class
D,
(Sterling
Overnight
Index
Average
+
2.35%),
7.54%,
05/27/54
(d)
...
100
126,363
Hops
Hill
No.
2
plc
Series
2,
Class
B,
(Sterling
Overnight
Index
Average
+
2.25%),
7.45%,
11/27/54
(d)
...
4,073
5,231,564
Series
2,
Class
C,
(Sterling
Overnight
Index
Average
+
2.85%),
8.04%,
11/27/54
(d)
...
1,077
1,376,304
Hops
Hill
No.
3
plc
Series
3,
Class
A,
(Sterling
Overnight
Index
Average
+
1.00%),
6.20%,
12/21/55
(d)
...
6,623
8,391,806
Series
3,
Class
B,
(Sterling
Overnight
Index
Average
+
1.70%),
6.90%,
12/21/55
(d)
...
5,514
7,019,341
Series
3,
Class
C,
(Sterling
Overnight
Index
Average
+
2.50%),
7.70%,
12/21/55
(d)
...
5,089
6,492,998
Jupiter
Mortgage
No.
1
plc
Series
1X,
Class
BR,
(Sterling
Overnight
Index
Average
+
1.70%),
6.94%,
07/20/55
(d)
...
29,187
36,915,548
Series
1X,
Class
CR,
(Sterling
Overnight
Index
Average
+
2.25%),
7.49%,
07/20/55
(d)
...
9,209
11,667,017
Series
1X,
Class
DR,
(Sterling
Overnight
Index
Average
+
3.00%),
8.24%,
07/20/55
(d)
...
6,280
7,917,583
Lanebrook
Mortgage
Transaction
plc
Series
2020-1,
Class
C,
(Sterling
Overnight
Index
Average
+
2.25%),
7.45%,
06/12/57
(d)
...
370
467,922
Series
2021-1,
Class
A,
(Sterling
Overnight
Index
Average
+
0.65%),
5.89%,
07/20/58
(d)
...
1,560
1,962,267
Series
2021-1,
Class
B,
(Sterling
Overnight
Index
Average
+
0.95%),
6.19%,
07/20/58
(d)
...
266
332,564
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
76
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.25%),
6.49%,
07/20/58
(d)
...
GBP
158
$
197,776
Series
2021-1,
Class
D,
(Sterling
Overnight
Index
Average
+
1.65%),
6.89%,
07/20/58
(d)
...
103
128,472
London
Wall
Mortgage
Capital
plc
Series
2021-FL1,
Class
A,
(Sterling
Overnight
Index
Average
+
0.75%),
5.97%,
05/15/51
(d)
...
1,356
1,708,082
Series
2021-FL2,
Class
A,
(Sterling
Overnight
Index
Average
+
0.80%),
6.02%,
05/15/52
(d)
...
791
997,338
Mortimer
BTL
plc
Series
2021-1,
Class
A,
(Sterling
Overnight
Index
Average
+
0.70%),
5.90%,
06/23/53
(d)
...
1,591
2,006,744
Series
2021-1,
Class
B,
(Sterling
Overnight
Index
Average
+
1.10%),
6.30%,
06/23/53
(d)
...
334
419,619
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.45%),
6.65%,
06/23/53
(d)
...
110
138,255
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
+
2.00%),
7.20%,
12/22/56
(d)
...
764
978,549
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
+
3.00%),
8.20%,
12/22/56
(d)
...
832
1,064,292
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
+
4.05%),
9.25%,
12/22/56
(d)
...
764
987,971
Newgate
Funding
plc,
Series
2006-1,
Class
BB,
(3-mo.
EURIBOR
at
0.28%
Floor
+
0.28%),
4.22%,
12/01/50
(d)
................
EUR
949
954,889
Paragon
Mortgages
No.
12
plc,
Series
12X,
Class
B1B,
(3-mo.
EURIBOR
+
0.48%),
4.38%,
11/15/38
(d)
......
488
505,746
Parkmore
Point
RMBS
plc,
Series
2022-1X,
Class
A,
(Sterling
Overnight
Index
Average
+
1.50%),
6.74%,
07/25/45
(d)
...........
GBP
10,031
12,710,366
Pierpont
Btl
plc
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
+
1.10%),
6.30%,
09/21/54
(d)
...
3,951
5,012,743
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
+
1.90%),
7.10%,
09/21/54
(d)
...
2,246
2,864,869
Pierpont
BTL
plc
Series
2021-1,
Class
A,
(Sterling
Overnight
Index
Average
+
0.80%),
6.00%,
12/22/53
(d)
...
2,552
3,219,130
Series
2021-1,
Class
B,
(Sterling
Overnight
Index
Average
+
1.25%),
6.45%,
12/22/53
(d)
...
1,728
2,176,389
PMF
plc,
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
+
0.98%),
6.18%,
07/16/60
(d)
.....
1,608
2,032,267
Polaris
plc
Series
2022-1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.50%),
6.69%,
10/23/59
(d)
...
421
531,343
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2022-1,
Class
D,
(Sterling
Overnight
Index
Average
+
2.00%),
7.19%,
10/23/59
(d)
...
GBP
307
$
380,742
Series
2022-1,
Class
E,
(Sterling
Overnight
Index
Average
+
3.40%),
8.59%,
10/23/59
(d)
...
538
662,327
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
+
1.25%),
6.44%,
02/23/61
(d)
...
5,985
7,603,553
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
+
2.75%),
7.94%,
02/23/61
(d)
...
2,389
3,077,590
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
+
3.65%),
8.84%,
02/23/61
(d)
...
1,770
2,316,090
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
+
4.35%),
9.54%,
02/23/61
(d)
...
1,093
1,420,916
Series
2023-2,
Class
A,
(Sterling
Overnight
Index
Average
+
1.25%),
6.44%,
09/27/59
(d)
...
6,820
8,671,713
Series
2023-2,
Class
B,
(Sterling
Overnight
Index
Average
+
2.25%),
7.44%,
09/27/59
(d)
...
2,321
2,995,758
Series
2023-2,
Class
C,
(Sterling
Overnight
Index
Average
+
3.20%),
8.39%,
09/27/59
(d)
...
2,150
2,758,948
Series
2023-2,
Class
D,
(Sterling
Overnight
Index
Average
+
4.25%),
9.44%,
09/27/59
(d)
...
1,337
1,717,846
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.70%),
6.91%,
02/26/61
(d)
...
1,671
2,113,296
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
+
2.70%),
7.91%,
02/26/61
(d)
...
566
715,782
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
+
4.00%),
9.21%,
02/26/61
(d)
...
356
450,183
Precise
Mortgage
Funding
plc
Series
2020-1B,
Class
B,
(Sterling
Overnight
Index
Average
+
1.45%),
6.65%,
10/16/56
(d)
...
115
145,458
Series
2020-1B,
Class
C,
(Sterling
Overnight
Index
Average
+
1.70%),
6.90%,
10/16/56
(d)
...
100
126,364
Series
2020-1B,
Class
D,
(Sterling
Overnight
Index
Average
+
1.95%),
7.15%,
10/16/56
(d)
...
100
126,059
Residential
Mortgage
Securities
32
plc,
Series
32X,
Class
C,
(Sterling
Overnight
Index
Average
+
2.20%),
7.40%,
06/20/70
(d)
...........
1,025
1,293,251
RMAC
Securities
No.1
plc
Series
2006-NS1X,
Class
M1C,
(3-
mo.
EURIBOR
+
0.25%),
4.19%,
06/12/44
(d)
..............
EUR
103
106,663
Series
2007-NS1X,
Class
A2A,
(Sterling
Overnight
Index
Average
+
0.27%),
5.47%,
06/12/44
(d)
..
GBP
260
318,344
Series
2007-NS1X,
Class
M1C,
(3-
mo.
EURIBOR
+
0.27%),
4.21%,
06/12/44
(d)
..............
EUR
1,714
1,757,673
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
77
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Stanlington
No.
2
plc
Series
2,
Class
C,
(Sterling
Overnight
Index
Average
at
10.63%
Cap
+
1.75%),
6.95%,
06/12/45
(d)
..............
GBP
534
$
667,257
Series
2,
Class
D,
(Sterling
Overnight
Index
Average
at
11.20%
Cap
+
2.20%),
7.40%,
06/12/45
(d)
..............
329
404,626
Series
2,
Class
E,
(Sterling
Overnight
Index
Average
at
12.30%
Cap
+
3.30%),
8.50%,
06/12/45
(d)
..............
450
544,781
Stratton
Mortgage
Funding
plc
Series
2024-2X,
Class
A,
(Sterling
Overnight
Index
Average
+
0.90%),
6.09%,
06/28/50
(d)
...
1,866
2,346,929
Series
2024-2X,
Class
B,
(Sterling
Overnight
Index
Average
+
1.35%),
6.54%,
06/28/50
(d)
...
1,121
1,402,450
Series
2024-2X,
Class
C,
(Sterling
Overnight
Index
Average
+
1.50%),
6.69%,
06/28/50
(d)
...
2,576
3,194,712
Together
Asset-Backed
Securitisation
plc
Series
2021-1ST1,
Class
A,
(Sterling
Overnight
Index
Average
+
0.70%),
5.95%,
07/12/63
(d)
...
699
882,573
Series
2021-1ST1,
Class
B,
(Sterling
Overnight
Index
Average
+
0.95%),
6.20%,
07/12/63
(d)
...
157
197,620
Series
2021-1ST1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.25%),
6.50%,
07/12/63
(d)
...
107
134,490
Series
2023-1ST2X,
Class
A,
(Sterling
Overnight
Index
Average
+
1.23%),
6.43%,
04/20/65
(d)
..
4,265
5,419,798
Series
2023-1ST2X,
Class
B,
(Sterling
Overnight
Index
Average
+
2.15%),
7.35%,
04/20/65
(d)
..
2,053
2,653,339
Series
2023-1ST2X,
Class
C,
(Sterling
Overnight
Index
Average
+
3.15%),
8.35%,
04/20/65
(d)
..
438
573,575
Series
2023-1ST2X,
Class
D,
(Sterling
Overnight
Index
Average
+
4.40%),
9.60%,
04/20/65
(d)
..
278
355,143
Series
2024-2ND1X,
Class
B,
(Sterling
Overnight
Index
Average
+
1.70%),
6.90%,
08/20/55
(d)
..
2,576
3,266,947
Series
2024-2ND1X,
Class
C,
(Sterling
Overnight
Index
Average
+
2.50%),
7.70%,
08/20/55
(d)
..
817
1,036,406
Series
2024-2ND1X,
Class
D,
(Sterling
Overnight
Index
Average
+
3.50%),
8.70%,
08/20/55
(d)
..
1,039
1,317,898
Tower
Bridge
Funding
plc
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.85%),
7.09%,
07/21/64
(d)
...
365
460,902
Series
2021-1,
Class
D,
(Sterling
Overnight
Index
Average
+
2.15%),
7.39%,
07/21/64
(d)
...
253
319,440
Series
2021-2,
Class
A,
(Sterling
Overnight
Index
Average
+
0.78%),
6.00%,
11/20/63
(d)
...
593
747,979
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2021-2,
Class
B,
(Sterling
Overnight
Index
Average
+
1.10%),
6.32%,
11/20/63
(d)
...
GBP
253
$
318,840
Series
2021-2,
Class
C,
(Sterling
Overnight
Index
Average
+
1.50%),
6.72%,
11/20/63
(d)
...
140
176,070
Series
2021-2,
Class
D,
(Sterling
Overnight
Index
Average
+
1.80%),
7.02%,
11/20/63
(d)
...
170
211,909
Series
2022-1X,
Class
C,
(Sterling
Overnight
Index
Average
+
1.25%),
6.45%,
12/20/63
(d)
...
264
329,443
Series
2023-2X,
Class
B,
(Sterling
Overnight
Index
Average
+
2.20%),
7.40%,
03/20/65
(d)
...
755
960,254
Series
2023-2X,
Class
C,
(Sterling
Overnight
Index
Average
+
3.20%),
8.40%,
03/20/65
(d)
...
1,119
1,427,156
Series
2023-2X,
Class
D,
(Sterling
Overnight
Index
Average
+
4.30%),
9.50%,
03/20/65
(d)
...
959
1,224,234
Series
2024-1X,
Class
C,
(Sterling
Overnight
Index
Average
+
3.00%),
8.25%,
01/20/66
(d)
...
773
983,902
Series
2024-1X,
Class
D,
(Sterling
Overnight
Index
Average
+
4.00%),
9.25%,
01/20/66
(d)
...
864
1,100,159
Twin
Bridges
plc
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.60%),
6.80%,
03/12/55
(d)
...
436
550,782
Series
2021-1,
Class
D,
(Sterling
Overnight
Index
Average
+
2.10%),
7.30%,
03/12/55
(d)
...
804
1,002,951
Series
2021-2,
Class
A,
(Sterling
Overnight
Index
Average
+
0.66%),
5.86%,
09/12/55
(d)
...
2,581
3,248,109
Series
2021-2,
Class
B,
(Sterling
Overnight
Index
Average
+
0.90%),
6.10%,
09/12/55
(d)
...
819
1,023,108
Series
2021-2,
Class
C,
(Sterling
Overnight
Index
Average
+
1.15%),
6.35%,
09/12/55
(d)
...
435
542,154
Series
2021-2,
Class
D,
(Sterling
Overnight
Index
Average
+
1.50%),
6.70%,
09/12/55
(d)
...
187
230,200
Series
2022-1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.30%),
6.50%,
12/01/55
(d)
...
830
1,029,046
Series
2022-1,
Class
D,
(Sterling
Overnight
Index
Average
+
1.70%),
6.90%,
12/01/55
(d)
...
365
445,065
Series
2022-2,
Class
B,
(Sterling
Overnight
Index
Average
+
2.00%),
7.20%,
06/12/55
(d)
...
5,709
7,280,617
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
+
0.95%),
6.15%,
06/14/55
(d)
...
2,934
3,710,361
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
+
1.60%),
6.80%,
06/14/55
(d)
...
6,190
7,855,835
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
+
2.50%),
7.70%,
06/14/55
(d)
...
2,602
3,313,366
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
78
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
+
3.50%),
8.70%,
06/14/55
(d)
...
GBP
1,672
$
2,129,772
Series
2023-2,
Class
B,
(Sterling
Overnight
Index
Average
+
2.05%),
7.34%,
05/15/56
(d)
...
891
1,144,853
Series
2023-2,
Class
D,
(Sterling
Overnight
Index
Average
+
4.05%),
9.34%,
05/15/56
(d)
...
890
1,153,643
291,039,540
United
States
—
3.9%
Agate
Bay
Mortgage
Trust
(a)(b)
Series
2015-1,
Class
B5,
3.65%,
01/25/45
...............
USD
1,323
848,034
Series
2015-3,
Class
B5,
3.50%,
04/25/45
...............
1,521
978,752
Series
2015-4,
Class
B5,
3.50%,
06/25/45
...............
1,061
641,123
Ajax
Mortgage
Loan
Trust
(a)
Series
2022-A,
Class
A1,
3.50%,
10/25/61
(e)
..............
43,761
41,547,006
Series
2022-A,
Class
A2,
3.00%,
10/25/61
(b)
..............
2,705
2,342,555
Series
2022-A,
Class
A3,
3.00%,
10/25/61
(b)
..............
1,443
1,227,201
Series
2022-A,
Class
B,
3.00%,
10/25/61
...............
10,820
7,829,725
Series
2022-A,
Class
C,
3.00%,
10/25/61
...............
5,347
4,726,245
Series
2022-A,
Class
M1,
3.00%,
10/25/61
...............
1,578
1,310,570
Series
2022-A,
Class
M2,
3.00%,
10/25/61
...............
7,078
5,669,139
Series
2022-A,
Class
M3,
3.00%,
10/25/61
...............
451
349,264
Series
2022-B,
Class
A1,
3.50%,
03/27/62
(e)
..............
49,340
46,148,625
Series
2022-B,
Class
A2,
3.00%,
03/27/62
(b)
..............
2,124
1,727,888
Series
2022-B,
Class
A3,
3.00%,
03/27/62
(b)
..............
1,821
1,464,760
Series
2022-B,
Class
B,
3.00%,
03/27/62
...............
10,116
6,818,279
Series
2022-B,
Class
C,
3.00%,
03/27/62
...............
7,629
5,905,162
Series
2022-B,
Class
M1,
3.00%,
03/27/62
...............
1,365
1,091,339
Series
2022-B,
Class
M2,
3.00%,
03/27/62
...............
6,777
5,169,908
Series
2023-A,
Class
A1,
3.50%,
07/25/62
(e)
..............
58,261
54,493,393
Series
2023-A,
Class
A2,
3.00%,
07/25/62
(b)
..............
2,667
2,269,795
Series
2023-A,
Class
A3,
2.50%,
07/25/62
(b)
..............
1,511
1,209,387
Series
2023-A,
Class
B,
2.50%,
07/25/62
(b)
..............
8,888
6,194,999
Series
2023-A,
Class
C,
2.50%,
07/25/62
(b)
..............
5,282
2,209,157
Series
2023-A,
Class
M1,
2.50%,
07/25/62
(b)
..............
4,578
3,558,945
Series
2023-C,
Class
A1,
3.50%,
05/25/63
(e)
..............
48,750
45,951,169
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2023-C,
Class
A2,
3.00%,
05/25/63
(b)
..............
USD
2,968
$
2,504,334
Series
2023-C,
Class
A3,
2.50%,
05/25/63
(b)
..............
1,583
1,265,199
Series
2023-C,
Class
C,
2.50%,
05/25/63
(b)
..............
12,843
10,361,246
Series
2023-C,
Class
M1,
2.50%,
05/25/63
(b)
..............
1,385
1,092,423
Series
2023-C,
Class
M2,
2.50%,
05/25/63
(b)
..............
8,588
6,200,902
Alternative
Loan
Trust
Series
2005-11CB,
Class
2A1,
5.50%,
06/25/35
..........
183
145,128
Series
2005-11CB,
Class
2A6,
5.50%,
06/25/25
..........
944
750,415
Series
2005-59,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.66%
Floor
and
11.00%
Cap
+
0.77%),
6.10%,
11/20/35
(b)
.........
1,340
1,206,941
Series
2005-22T1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
and
5.42%
Cap
+
0.46%),
5.42%,
06/25/35
(b)
..............
6,817
5,653,081
Series
2006-6CB,
Class
2A10,
6.00%,
05/25/36
..........
420
172,023
Series
2006-11CB,
Class
3A1,
6.50%,
05/25/36
..........
3,576
1,731,403
Series
2006-15CB,
Class
A1,
6.50%,
06/25/36
...............
633
292,830
Series
2006-23CB,
Class
2A5,
(1-
mo.
CME
Term
SOFR
at
0.40%
Floor
and
7.50%
Cap
+
0.51%),
5.84%,
08/25/36
(b)
.........
7,524
1,556,495
Series
2006-28CB,
Class
A14,
6.25%,
10/25/36
..........
2,139
1,107,986
Series
2006-34,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
and
6.25%
Cap
+
0.81%),
6.14%,
11/25/46
(b)
..............
4,733
1,668,963
Series
2006-45T1,
Class
2A2,
6.00%,
02/25/37
..........
2,403
1,288,236
Series
2006-J7,
Class
2A1,
(1-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.94%,
11/20/46
(b)
...
3,266
2,431,598
Series
2006-OA11,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.19%
Floor
+
0.49%),
5.82%,
09/25/46
(b)
..
2,488
2,091,694
Series
2006-OA14,
Class
1A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.73%
Floor
and
2.00%
Cap
+
1.73%),
6.82%,
11/25/46
(b)
...
9,349
7,249,917
Series
2006-OA16,
Class
A4C,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.79%),
6.12%,
10/25/46
(b)
..............
8,892
6,292,131
Series
2006-OA21,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.19%
Floor
+
0.30%),
5.63%,
03/20/47
(b)
..
2,968
2,382,542
Series
2006-OC1,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
+
0.57%),
5.90%,
03/25/36
(b)
..
2,238
2,132,377
Series
2006-OC7,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.61%),
5.94%,
07/25/46
(b)
..
5,141
4,302,627
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
79
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2006-OC10,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
+
0.57%),
5.90%,
11/25/36
(b)
..............
USD
4,192
$
3,370,544
Series
2007-25,
Class
1A3,
6.50%,
11/25/37
...............
20,733
9,580,847
Series
2007-3T1,
Class
1A1,
6.00%,
04/25/37
...............
705
328,961
Series
2007-9T1,
Class
1A1,
6.00%,
05/25/37
...............
3,709
1,785,872
Series
2007-OA3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
5.72%,
04/25/47
(b)
..
2,741
2,389,832
Series
2007-OA3,
Class
2A2,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
5.80%,
04/25/47
(b)
..
8
684
Series
2007-OA8,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
5.80%,
06/25/47
(b)
..
498
368,794
Series
2007-OH2,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
and
10.00%
Cap
+
0.59%),
5.92%,
08/25/47
(b)
.........
548
476,636
American
Home
Mortgage
Assets
Trust
(b)
Series
2006-3,
Class
2A11,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.94%
Floor
+
0.94%),
6.03%,
10/25/46
...............
2,429
1,600,844
Series
2006-4,
Class
1A12,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.32%),
5.65%,
10/25/46
...
5,113
2,667,210
American
Home
Mortgage
Investment
Trust,
Series
2007-1,
Class
GA1C,
(1-mo.
CME
Term
SOFR
at
0.19%
Floor
+
0.30%),
5.63%,
05/25/47
(b)
4,740
2,615,450
Angel
Oak
Mortgage
Trust,
Series
2019-5,
Class
B1,
3.96%,
10/25/49
(a)
(b)
...............
715
642,030
APS
Resecuritization
Trust
(a)(b)
Series
2016-1,
Class
1MZ,
3.01%,
07/31/57
...............
20,964
8,118,529
Series
2016-3,
Class
3A,
(1-mo.
CME
Term
SOFR
at
2.85%
Floor
+
2.96%),
8.29%,
09/27/46
...
705
705,102
Banc
of
America
Alternative
Loan
Trust,
Series
2006-7,
Class
A4,
6.50%,
10/25/36
(e)
................
3,779
1,113,881
Banc
of
America
Funding
Trust
(a)(b)
Series
2014-R2,
Class
1C,
0.00%,
11/26/36
...............
8,930
2,732,914
Series
2016-R2,
Class
1A1,
4.70%,
05/01/33
...............
2,532
2,491,591
Barclays
Mortgage
Loan
Trust
(a)
Series
2022-NQM1,
Class
A1,
4.55%,
07/25/52
(e)
.........
12,739
12,423,290
Series
2023-NQM3,
Class
A1,
6.90%,
10/25/63
(e)
.........
76,954
77,788,486
Series
2023-NQM3,
Class
A2,
7.36%,
10/25/63
(e)
.........
12,235
12,356,034
Series
2023-NQM3,
Class
A3,
7.69%,
10/25/63
(e)
.........
7,388
7,450,973
Series
2023-NQM3,
Class
B1,
8.10%,
10/25/63
(b)
.........
3,856
3,856,591
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2023-NQM3,
Class
B2,
8.10%,
10/25/63
(b)
.........
USD
3,244
$
3,150,933
Series
2023-NQM3,
Class
B3,
8.10%,
10/25/63
(b)
.........
8,876
7,909,950
Series
2023-NQM3,
Class
M1,
8.10%,
10/25/63
(b)
.........
6,427
6,497,053
Series
2023-NQM3,
Class
SA,
0.00%,
10/25/63
(b)
.........
6
5,393
Series
2024-NQM1,
Class
A1,
5.90%,
01/25/64
(e)
.........
12,801
12,721,233
Series
2024-NQM1,
Class
A2,
6.11%,
01/25/64
(e)
.........
8,720
8,611,078
Series
2024-NQM1,
Class
A3,
6.31%,
01/25/64
(e)
.........
6,660
6,623,780
Series
2024-NQM1,
Class
B1,
8.09%,
01/25/64
(b)
.........
2,900
2,900,213
Series
2024-NQM1,
Class
B2,
8.76%,
01/25/64
(b)
.........
2,658
2,647,374
Series
2024-NQM1,
Class
B3,
8.76%,
01/25/64
(b)
.........
5,704
4,741,770
Series
2024-NQM1,
Class
M1,
6.80%,
01/25/64
(b)
.........
4,979
4,937,437
Series
2024-NQM1,
Class
SA,
0.00%,
01/25/64
(b)
.........
13
12,056
Barclays
Mortgage
Trust
(a)
Series
2021-NPL1,
Class
A,
2.00%,
11/25/51
(e)
..............
45,984
43,898,988
Series
2021-NPL1,
Class
B,
4.62%,
11/25/51
(e)
..............
6,222
5,771,315
Series
2021-NPL1,
Class
C,
0.00%,
11/25/51
...............
13,577
14,505,416
Series
2022-RPL1,
Class
A,
4.25%,
02/25/28
(e)
..............
28,048
28,038,115
Series
2022-RPL1,
Class
B,
4.25%,
02/25/28
(e)
..............
4,958
3,223,292
Series
2022-RPL1,
Class
C,
0.00%,
02/25/28
...............
8,619
3,203,248
Series
2022-RPL1,
Class
SA,
0.00%,
02/25/28
..........
274
166,825
BCAP
LLC
Trust,
Series
2011-RR5,
Class
11A5,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.26%),
0.43%,
05/28/36
(a)
(b)
..........
3,072
2,911,137
Bear
Stearns
ALT-A
Trust
(b)
Series
2006-6,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.16%
Floor
and
11.50%
Cap
+
0.43%),
5.76%,
11/25/36
..........
1,862
1,547,134
Series
2007-1,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
and
11.50%
Cap
+
0.43%),
5.76%,
01/25/47
..........
1,604
1,279,174
Bear
Stearns
Asset-Backed
Securities
I
Trust
Series
2005-AC9,
Class
A5,
6.25%,
12/25/35
(e)
..............
2,146
1,983,744
Series
2006-AC1,
Class
1A2,
6.25%,
02/25/36
(e)
..............
2,599
2,514,608
Series
2006-AC2,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
and
7.50%
Cap
+
0.46%),
5.79%,
03/25/36
(b)
..............
6,201
1,740,279
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
80
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Bear
Stearns
Mortgage
Funding
Trust
(b)
Series
2006-SL1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
and
11.00%
Cap
+
0.39%),
5.72%,
08/25/36
..........
USD
883
$
861,602
Series
2007-AR2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.17%
Floor
and
10.50%
Cap
+
0.45%),
5.78%,
03/25/37
..........
92
84,333
Series
2007-AR3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
and
10.50%
Cap
+
0.25%),
5.58%,
03/25/37
..........
1,476
1,312,171
Series
2007-AR4,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.21%
Floor
and
10.50%
Cap
+
0.32%),
5.65%,
06/25/37
..........
984
912,846
Cascade
Funding
Mortgage
Trust,
Series
2019-RM3,
Class
C,
(1-mo.
LIBOR
USD
+
0.00%),
4.00%,
06/25/69
(a)
(b)
...............
1,112
1,027,951
Chase
Mortgage
Finance
Trust,
Series
2007-S6,
Class
1A1,
6.00%,
12/25/37
.................
49,829
20,509,590
CHL
Mortgage
Pass-Through
Trust
Series
2005-22,
Class
2A1,
4.70%,
11/25/35
(b)
..............
1,030
822,880
Series
2006-OA4,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.96%
Floor
+
0.96%),
6.05%,
04/25/46
(b)
..............
26,614
8,007,651
Series
2006-OA5,
Class
3A1,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.51%),
5.84%,
04/25/46
(b)
..
994
915,496
Series
2007-1,
Class
A2,
6.00%,
03/25/37
...............
795
370,730
Series
2007-9,
Class
A1,
5.75%,
07/25/37
...............
2,446
1,221,190
Series
2007-9,
Class
A11,
5.75%,
07/25/37
...............
1,337
667,367
Series
2007-15,
Class
2A2,
6.50%,
09/25/37
...............
13,134
4,702,988
CHNGE
Mortgage
Trust
(a)
Series
2022-1,
Class
A1,
3.01%,
01/25/67
(b)
..............
4,191
3,814,074
Series
2022-4,
Class
A1,
6.00%,
10/25/57
(e)
..............
1,535
1,513,523
CIM
Trust,
Series
2019-J2,
Class
B4,
3.77%,
10/25/49
(a)
(b)
..........
1,562
1,154,211
Citicorp
Mortgage
Securities
Trust
Series
2007-4,
Class
1A14,
6.00%,
05/25/37
...............
1,189
1,031,860
Series
2007-9,
Class
1A1,
6.25%,
12/25/37
...............
2,841
2,494,006
Series
2008-2,
Class
1A1,
6.50%,
06/25/38
...............
4,016
3,110,330
Citigroup
Mortgage
Loan
Trust
Series
2007-6,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
6.50%
Cap
+
0.61%),
5.94%,
05/25/37
(b)
..............
3,694
3,288,899
Series
2014-C,
Class
B2,
4.25%,
02/25/54
(a)
..............
582
536,279
Series
2022-A,
Class
A1,
6.17%,
09/25/62
(a)
(e)
.............
11,885
11,880,907
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A6,
Class
1A11,
6.00%,
06/25/37
.................
USD
795
$
690,697
COLT
Mortgage
Loan
Trust
(a)(b)
Series
2020-2,
Class
M1,
5.25%,
03/25/65
...............
2,734
2,657,126
Series
2022-3,
Class
B1,
4.22%,
02/25/67
...............
2,500
2,044,870
Credit
Suisse
Mortgage
Capital
Certificates
(a)
Series
2009-12R,
Class
3A1,
6.50%,
10/27/37
...............
21,075
8,230,325
Series
2021-JR1,
Class
A1,
2.46%,
09/27/66
(b)
..............
31,751
31,366,301
Series
2021-JR1,
Class
A2,
3.50%,
09/27/66
(b)
..............
2,752
2,431,596
Series
2021-JR1,
Class
B2,
34.24%,
09/27/66
...............
4,651
3,421,937
Series
2021-JR1,
Class
PT2,
0.00%,
07/26/60
(b)
..............
3,319
1,036,993
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
2005-10,
Class
10A1,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
and
6.25%
Cap
+
1.46%),
6.25%,
11/25/35
(b)
......
3,143
684,365
CSMC
Mortgage-Backed
Trust,
Series
2006-4,
Class
1A3,
6.00%,
05/25/36
643
354,546
CSMC
Trust
(a)(b)
Series
2014-4R,
Class
16A3,
(1-mo.
CME
Term
SOFR
at
0.20%
Floor
+
0.31%),
4.45%,
02/27/36
...
1,913
1,793,745
Series
2014-9R,
Class
9A1,
(1-mo.
CME
Term
SOFR
at
0.12%
Floor
+
0.23%),
5.68%,
08/27/36
...
2,062
1,620,360
Series
2014-SAF1,
Class
B5,
3.73%,
03/25/44
...............
2,835
2,069,281
Series
2015-4R,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.26%),
2.85%,
10/27/36
...
4,796
3,536,914
Series
2015-6R,
Class
5A2,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
+
0.29%),
5.62%,
03/27/36
...
3,039
2,269,181
Series
2020-RPL2,
Class
A12,
3.54%,
02/25/60
..........
4,298
4,308,586
Series
2021-NQM8,
Class
M1,
3.26%,
10/25/66
..........
1,453
1,018,392
Series
2022-NQM6,
Class
PT,
8.95%,
12/25/67
..........
27,136
27,468,903
Deephaven
Residential
Mortgage
Trust
(a)(b)
Series
2022-2,
Class
M1,
4.34%,
03/25/67
...............
2,349
1,991,649
Series
2022-3,
Class
B1,
5.26%,
07/25/67
...............
3,178
2,473,723
Series
2022-3,
Class
M1,
5.26%,
07/25/67
...............
5,876
5,330,980
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.17%
Floor
+
0.45%),
5.78%,
08/25/47
(b)
................
2,116
1,875,078
Deutsche
Alt-B
Securities
Mortgage
Loan
Trust
(b)
Series
2006-AB3,
Class
A3,
6.51%,
07/25/36
...............
837
690,683
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
81
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2006-AB3,
Class
A8,
(1-mo.
LIBOR
USD
+
0.00%),
6.36%,
07/25/36
...............
USD
532
$
439,207
GCAT
Trust
(a)
Series
2020-NQM2,
Class
B1,
4.85%,
04/25/65
(b)
.........
4,430
4,016,251
Series
2022-NQM4,
Class
A1,
5.27%,
08/25/67
(e)
.........
12,671
12,515,580
GreenPoint
Mortgage
Funding
Trust,
Series
2006-AR2,
Class
4A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
2.00%
Floor
and
10.50%
Cap
+
2.00%),
7.09%,
03/25/36
(b)
.....
1,220
1,065,398
GS
Mortgage-Backed
Securities
Corp.
Trust
(a)(b)
Series
2019-PJ2,
Class
B4,
4.38%,
11/25/49
...............
2,552
2,155,045
Series
2020-PJ2,
Class
B4,
3.55%,
07/25/50
...............
1,893
1,513,356
GSMPS
Mortgage
Loan
Trust
(a)(b)
Series
2005-RP1,
Class
1AF,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
5.79%,
01/25/35
...
2,612
2,245,522
Series
2005-RP2,
Class
1AF,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
5.79%,
03/25/35
...
3,780
3,430,331
Series
2006-RP1,
Class
1AF1,
(1-
mo.
CME
Term
SOFR
at
0.35%
Floor
and
9.15%
Cap
+
0.46%),
5.79%,
01/25/36
..........
2,468
1,975,631
GSR
Mortgage
Loan
Trust
Series
2005-AR1,
Class
2A1,
6.05%,
01/25/35
(b)
..............
304
285,235
Series
2007-1F,
Class
2A4,
5.50%,
01/25/37
...............
105
144,221
Series
2007-OA2,
Class
2A1,
3.11%,
06/25/47
(b)
..............
1,466
894,322
HarborView
Mortgage
Loan
Trust
(b)
Series
2006-12,
Class
1A1A,
(1-mo.
CME
Term
SOFR
at
0.21%
Floor
+
0.52%),
5.85%,
12/19/36
...
10,637
8,516,408
Series
2007-4,
Class
2A2,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
and
10.00%
Cap
+
0.61%),
5.69%,
07/19/47
..........
1,052
956,118
HIG
RCP
LLC,
Series
2023-FL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.27%
Floor
+
2.27%),
7.60%,
09/19/38
(a)
(b)
11,630
11,663,332
Homeward
Opportunities
Fund
I
Trust,
Series
2020-2,
Class
B1,
5.45%,
05/25/65
(a)
(b)
...............
6,360
6,148,112
Homeward
Opportunities
Fund
Trust
(a)
Series
2022-1,
Class
A1,
5.08%,
07/25/67
(e)
..............
12,794
12,627,374
Series
2022-1,
Class
M1,
5.05%,
07/25/67
(b)
..............
6,241
5,871,387
Impac
Secured
Assets
Trust,
Series
2006-3,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
5.78%,
11/25/36
(b)
...........
1,589
1,401,543
IndyMac
INDX
Mortgage
Loan
Trust
(b)
Series
2006-AR15,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.24%
Floor
+
0.35%),
5.68%,
07/25/36
...
579
558,595
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2006-AR35,
Class
2A1A,
(1-
mo.
CME
Term
SOFR
at
0.17%
Floor
and
10.50%
Cap
+
0.45%),
5.78%,
01/25/37
..........
USD
1,113
$
981,110
Series
2007-AR19,
Class
3A1,
3.75%,
09/25/37
..........
4,969
3,275,742
Series
2007-FLX5,
Class
2A2,
(1-
mo.
CME
Term
SOFR
at
0.24%
Floor
+
0.35%),
5.68%,
08/25/37
1,406
1,216,516
J.P.
Morgan
Alternative
Loan
Trust,
Series
2007-A2,
Class
2A1,
4.84%,
05/25/37
(b)
................
771
672,859
J.P.
Morgan
Madison
Avenue
Securities
Trust,
Series
2014-CH1,
Class
M2,
(SOFR
30
day
Average
at
4.25%
Floor
+
4.36%),
9.68%,
11/25/24
(a)
(b)
1,038
1,067,847
J.P.
Morgan
Mortgage
Trust
(b)
Series
2007-A1,
Class
4A1,
5.67%,
07/25/35
...............
3
3,426
Series
2021-4,
Class
B3,
2.90%,
08/25/51
(a)
..............
6,534
4,970,555
Series
2021-INV5,
Class
A5A,
2.50%,
12/25/51
(a)
.........
18,356
14,534,046
Series
2021-INV5,
Class
B4,
3.19%,
12/25/51
(a)
..............
2,518
1,959,124
Series
2021-INV5,
Class
B5,
3.19%,
12/25/51
(a)
..............
881
644,798
Series
2021-INV5,
Class
B6,
2.81%,
12/25/51
(a)
..............
3,006
1,238,810
Series
2021-INV7,
Class
A5A,
2.50%,
02/25/52
(a)
.........
8,395
6,646,782
Series
2021-INV7,
Class
B1,
3.27%,
02/25/52
(a)
..............
7,444
6,161,653
Series
2021-INV7,
Class
B2,
3.27%,
02/25/52
(a)
..............
1,747
1,430,441
Series
2021-INV7,
Class
B3,
3.27%,
02/25/52
(a)
..............
2,430
1,933,780
Series
2021-INV7,
Class
B4,
3.27%,
02/25/52
(a)
..............
1,291
1,005,872
Series
2021-INV7,
Class
B5,
3.27%,
02/25/52
(a)
..............
532
389,050
Series
2021-INV7,
Class
B6,
3.21%,
02/25/52
(a)
..............
1,737
705,284
Legacy
Mortgage
Asset
Trust
(a)(e)
Series
2020-SL1,
Class
A,
5.73%,
01/25/60
...............
229
229,096
Series
2021-GS2,
Class
A1,
1.75%,
04/25/61
...............
30,552
29,607,577
Lehman
XS
Trust,
Series
2007-16N,
Class
AF2,
(1-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.01%),
7.34%,
09/25/47
(b)
................
2,824
3,613,830
MASTR
Resecuritization
Trust,
Series
2008-3,
Class
A1,
7.19%,
08/25/37
(a)
(b)
...............
1,351
512,339
MCM
Trust
(c)
Series
2018-NPL2,  3.00%,
08/25/28
(a)
..............
36,839
35,378,105
Series
2021-VFN1,  3.00%,
08/28/28
28,890
18,947,422
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-OAR2,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.21%
Floor
+
0.53%),
5.86%,
04/25/37
(b)
2,765
2,195,763
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
82
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2006-AF2,
Class
AV1,
(1-mo.
CME
Term
SOFR
at
0.16%
Floor
+
0.43%),
5.76%,
09/25/37
(b)
.....
USD
1,385
$
739,632
MFA
Trust
(a)
Series
2020-NQM1,
Class
A3,
2.30%,
08/25/49
(b)
.........
205
186,553
Series
2021-NQM1,
Class
B1,
3.51%,
04/25/65
(b)
.........
6,050
4,681,345
Series
2022-NQM1,
Class
M1,
4.27%,
12/25/66
(b)
.........
4,096
3,531,672
Series
2022-NQM3,
Class
A1,
5.57%,
09/25/67
(e)
.........
10,168
10,075,036
Series
2024-RTL1,
Class
A1,
7.09%,
02/25/29
(e)
..............
10,556
10,559,351
Morgan
Stanley
Resecuritization
Trust,
Series
2013-R7,
Class
1B,
(1-mo.
CME
Term
SOFR
at
0.16%
Floor
and
10.50%
Cap
+
0.27%),
5.76%,
12/26/46
(a)
(b)
...............
1,197
1,081,698
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series
2014-1A,
Class
B3,
6.87%,
06/25/44
(a)
(b)
.......
777
772,297
Mortgage
Loan
Resecuritization
Trust,
Series
2009-RS1,
Class
A85,
(1-mo.
LIBOR
USD
at
0.34%
Floor
and
9.00%
Cap
+
0.34%),
5.78%,
04/16/36
(a)
(b)
...............
5,659
5,422,697
NACC
Reperforming
Loan
REMIC
Trust
(a)
Series
2004-R1,
Class
A1,
6.50%,
03/25/34
...............
3,020
2,605,887
Series
2004-R1,
Class
A2,
7.50%,
03/25/34
...............
693
616,545
New
Residential
Mortgage
Loan
Trust
(a)
(b)
Series
2019-2A,
Class
A1,
4.25%,
12/25/57
...............
1,784
1,709,558
Series
2020-RPL1,
Class
B3,
3.87%,
11/25/59
...............
10,258
7,200,621
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust
Series
2001-R1A,
Class
A,
7.00%,
02/19/30
(a)
(b)
.............
664
640,107
Series
2005-AP1,
Class
2A4,
6.05%,
02/25/35
(e)
..............
565
540,572
Series
2006-AF1,
Class
1A4,
7.13%,
05/25/36
(e)
..............
1,530
275,307
Series
2007-2,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.95%),
6.28%,
06/25/37
(b)
..
695
554,325
OBX
Trust,
Series
2022-NQM7,
Class
A1,
5.11%,
08/25/62
(a)
(e)
.......
8,299
8,185,422
PRET
LLC,
Series
2024-NPL2,
Class
A1,
7.02%,
02/25/54
(a)
(e)
.......
21,613
21,540,725
PRKCM
Trust
(a)(b)
Series
2021-AFC2,
Class
A1,
2.07%,
11/25/56
...............
3,253
2,755,382
Series
2022-AFC1,
Class
A1A,
4.10%,
04/25/57
..........
1,752
1,677,329
Series
2022-AFC2,
Class
A1,
5.33%,
08/25/57
...............
12,999
12,800,081
PRPM
LLC
(a)
Series
2020-4,
Class
A1,
5.61%,
10/25/25
(e)
..............
8,882
8,861,481
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-4,
Class
A1,
1.87%,
04/25/26
(e)
..............
USD
5,492
$
5,355,948
Series
2022-1,
Class
A1,
3.72%,
02/25/27
(e)
..............
1,547
1,502,945
Series
2023-1,
Class
A1,
6.88%,
02/25/28
(b)
..............
16,205
16,290,452
RALI
Trust
(b)
Series
2006-QA10,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
+
0.47%),
5.80%,
12/25/36
...
3,425
2,913,598
Series
2007-QH9,
Class
A1,
6.42%,
11/25/37
...............
550
435,422
Series
2007-QO2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.26%),
5.59%,
02/25/47
...
450
153,741
RCKT
Mortgage
Trust,
Series
2020-1,
Class
B4,
3.47%,
02/25/50
(a)
(b)
...
1,620
1,347,431
RCO
VI
Mortgage
LLC,
Series
2022-1,
Class
A1,
3.00%,
01/25/27
(a)
(e)
...
14,839
14,366,760
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.37%
Floor
+
2.55%),
7.88%,
10/25/39
(a)
(b)
....
20,774
20,878,251
Reperforming
Loan
REMIC
Trust
(a)(b)
Series
2005-R1,
Class
1AF2,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
and
8.00%
Cap
+
0.47%),
5.80%,
03/25/35
...............
429
405,421
Series
2005-R2,
Class
1AF1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
and
9.50%
Cap
+
0.45%),
5.78%,
06/25/35
...............
919
861,411
Series
2005-R3,
Class
AF,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
and
9.50%
Cap
+
0.51%),
5.84%,
09/25/35
...............
1,483
1,238,521
Residential
Mortgage
Loan
Trust
(a)(b)
Series
2019-3,
Class
B2,
5.66%,
09/25/59
...............
5,100
4,470,668
Series
2020-1,
Class
B2,
4.66%,
01/26/60
...............
2,129
1,753,211
RFMSI
Trust,
Series
2006-SA2,
Class
2A1,
5.43%,
08/25/36
(b)
........
7,520
5,220,056
RMF
Buyout
Issuance
Trust,
Series
2021-HB1,
Class
M6,
6.00%,
11/25/31
(a)
(b)
(c)
..............
4,302
3,113,751
Saluda
Grade
Alternative
Mortgage
Trust
(a)(e)
Series
2024-RTL4,
Class
A1,
7.50%,
02/25/30
...............
18,613
18,452,774
Series
2024-RTL5,
Class
A1,
7.76%,
04/25/30
...............
10,861
10,860,874
Seasoned
Credit
Risk
Transfer
Trust,
Series
2018-1,
Class
BX,
3.14%,
05/25/57
(b)
................
1,384
565,957
Seasoned
Loans
Structured
Transaction
Trust
(a)(b)
Series
2020-2,
Class
M1,
4.75%,
09/25/60
...............
19,116
18,291,598
Series
2020-3,
Class
M1,
4.75%,
04/26/60
...............
1,441
1,396,139
Sequoia
Mortgage
Trust,
Series
2007-3,
Class
2AA1,
3.95%,
07/20/37
(b)
..
1,472
1,070,358
SG
Residential
Mortgage
Trust
(a)
Series
2022-2,
Class
A1,
5.35%,
08/25/62
(e)
..............
2,660
2,642,680
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
83
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2022-2,
Class
B1,
5.30%,
08/25/62
(b)
..............
USD
4,811
$
4,337,187
Spruce
Hill
Mortgage
Loan
Trust,
Series
2022-SH1,
Class
A3,
4.10%,
07/25/57
(a)
(e)
...............
1,902
1,695,780
STARM
Mortgage
Loan
Trust,
Series
2007-2,
Class
3A3,
5.94%,
04/25/37
(b)
................
423
255,028
Starwood
Mortgage
Residential
Trust,
Series
2020-3,
Class
B1,
4.75%,
04/25/65
(a)
(b)
...............
4,942
4,368,808
Structured
Adjustable
Rate
Mortgage
Loan
Trust
(b)
Series
2005-11,
Class
1A1,
5.16%,
05/25/35
...............
653
509,898
Series
2006-3,
Class
4A,
3.96%,
04/25/36
...............
1,326
728,059
Structured
Asset
Mortgage
Investments
II
Trust
(b)
Series
2006-AR2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.23%
Floor
and
10.50%
Cap
+
0.57%),
5.90%,
02/25/36
..........
821
690,725
Series
2006-AR4,
Class
3A1,
(1-mo.
CME
Term
SOFR
at
0.19%
Floor
and
10.50%
Cap
+
0.49%),
5.82%,
06/25/36
..........
3,919
3,276,923
Series
2006-AR5,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.21%
Floor
and
10.50%
Cap
+
0.53%),
5.86%,
05/25/46
..........
991
677,660
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust
(a)
Series
2006-RF3,
Class
1A2,
6.00%,
10/25/36
...............
1,897
1,055,268
Series
2006-RF4,
Class
2A1,
6.00%,
10/25/36
...............
2,268
1,213,041
Thornburg
Mortgage
Securities
Trust,
Series
2006-3,
Class
A1,
(1M
Sofr
FWD
at
0.09%
Floor
+
0.20%),
4.06%,
06/25/46
(b)
...........
2,686
1,679,164
TVC
DSCR,
Series
2021-1,
Class
A,
2.38%,
02/01/51
(a)
(c)
..........
51,326
46,875,909
TVC
Holding,
Series
2021-1,  2.38%,
02/01/51
(c)
................
12,832
11,127,999
TVC
Mortgage
Trust,
Series
2023-
RTL1,
Class
A1,
8.25%,
11/25/27
(a)
(e)
6,749
6,753,419
Verus
Securitization
Trust
(a)(b)
Series
2019-4,
Class
B1,
3.86%,
11/25/59
...............
1,400
1,199,138
Series
2019-INV2,
Class
M1,
3.50%,
07/25/59
...............
1,415
1,327,790
Series
2020-5,
Class
M1,
2.60%,
05/25/65
...............
3,834
3,256,504
Series
2021-6,
Class
B1,
4.05%,
10/25/66
...............
540
409,827
Series
2021-6,
Class
M1,
2.94%,
10/25/66
...............
1,567
1,133,603
Series
2022-1,
Class
B1,
4.01%,
01/25/67
...............
2,802
2,069,468
Series
2022-3,
Class
B1,
4.08%,
02/25/67
...............
2,034
1,573,984
Visio
Trust
(a)(b)
Series
2019-2,
Class
B1,
3.91%,
11/25/54
...............
1,825
1,384,739
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2020-1,
Class
M1,
4.45%,
08/25/55
...............
USD
1,900
$
1,741,108
Vista
Point
Securitization
Trust,
Series
2020-2,
Class
B1,
4.90%,
04/25/65
(a)
(b)
...............
1,160
1,032,625
WaMu
Mortgage
Pass-Through
Certificates
Trust
(b)
Series
2006-AR5,
Class
A1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.99%
Floor
+
0.99%),
6.08%,
06/25/46
...............
269
230,334
Series
2007-OA5,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.75%
Floor
+
0.75%),
5.84%,
06/25/47
...............
6,701
5,340,273
Series
2007-OA5,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.25%
Floor
+
0.80%),
5.89%,
06/25/47
...............
2,039
1,596,948
Washington
Mutual
Mortgage
Pass-
Through
Certificates
WMALT
(b)
Series
2006-AR10,
Class
A2A,
(1-
mo.
CME
Term
SOFR
at
0.17%
Floor
+
0.45%),
5.78%,
12/25/36
1,264
984,766
Series
2007-OA3,
Class
5A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.25%
Floor
+
1.25%),
6.34%,
04/25/47
...............
1,901
1,565,623
Series
2007-OC2,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.31%
Floor
+
0.73%),
6.06%,
06/25/37
...
1,764
1,637,608
Washington
Mutual
Mortgage
Pass-
Through
Certificates
WMALT
Trust
Series
2005-9,
Class
5A6,
(1-mo.
CME
Term
SOFR
at
0.55%
Floor
and
9.50%
Cap
+
0.66%),
5.50%,
11/25/35
(b)
..............
665
458,649
Series
2005-9,
Class
5A9,
5.50%,
11/25/35
...............
270
205,217
Series
2006-1,
Class
4CB,
6.50%,
02/25/36
...............
1,933
1,447,150
Series
2006-4,
Class
1A1,
6.00%,
04/25/36
...............
2,648
2,360,135
Series
2006-4,
Class
3A1,
7.00%,
05/25/36
(e)
..............
2,879
2,404,539
Series
2006-4,
Class
3A5,
6.85%,
05/25/36
(e)
..............
765
639,232
Series
2007-OA1,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.72%
Floor
+
0.72%),
5.81%,
12/25/46
(b)
..............
5,323
4,035,380
Western
Alliance
Bank
(a)(b)
Series
2021-CL2,
Class
M1,
(SOFR
30
day
Average
+
3.15%),
8.47%,
07/25/59
...............
12,125
12,472,698
Series
2021-CL2,
Class
M2,
(SOFR
30
day
Average
+
3.70%),
9.02%,
07/25/59
...............
16,559
16,880,975
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
84
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
WinWater
Mortgage
Loan
Trust,
Series
2014-3,
Class
B5,
3.98%,
11/20/44
(a)
(b)
...............
USD
1,651
$
1,240,575
1,433,796,807
Commercial
Mortgage-Backed
Securities
—
4
.5
%
Bermuda
—
0.1%
(a)(b)
PFP
Ltd.,
Series
2022-9,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.27%
Floor
+
2.27%),
7.60%,
08/19/35
.
11,988
12,017,970
RIAL
Issuer
Ltd.,
Series
2022-FL8,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.58%,
01/19/37
.................
22,543
22,458,464
34,476,434
Cayman
Islands
—
0.0%
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-W10,
Class
G,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.22%),
9.55%,
12/15/34
(a)
(b)
...............
2,119
1,987,642
Ireland
—
0.2%
(b)
Agora
Securities
DAC,
Series
2021-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
1.20%
Floor
+
1.20%),
6.44%,
07/22/31
(d)
...........
GBP
1,160
1,446,317
Atom
Mortgage
Securities
DAC,
Series
1X,
Class
D,
(Sterling
Overnight
Index
Average
at
1.90%
Floor
+
1.90%),
7.14%,
07/22/31
(d)
.....
1,542
1,608,470
Frost
CMBS
DAC,
Series
2021-1X,
Class
GBA,
(Sterling
Overnight
Index
Average
at
1.35%
Floor
+
1.35%),
6.57%,
11/20/33
(d)
......
1,826
2,232,405
Haus
European
Loan
Conduit
No
39
DAC
Series
39X,
Class
A1,
(3-mo.
EURIBOR
at
0.65%
Floor
+
0.65%),
4.57%,
07/28/51
(d)
...
EUR
2,101
2,159,986
Series
39X,
Class
B,
(3-mo.
EURIBOR
at
1.10%
Floor
+
1.10%),
5.02%,
07/28/51
(d)
...
1,039
1,038,820
Last
Mile
Logistics
CMBS
UK
DAC
Series
2023-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
3.50%
Floor
+
3.50%),
8.72%,
08/17/33
(d)
..............
GBP
8,848
11,230,834
Series
2023-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
4.50%
Floor
+
4.50%),
9.72%,
08/17/33
(d)
..............
7,642
9,698,226
Last
Mile
Logistics
Pan
Euro
Finance
DAC
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
0.75%
Floor
+
0.75%),
4.66%,
08/17/33
(d)
...
EUR
1,844
1,955,587
Series
1X,
Class
B,
(3-mo.
EURIBOR
at
1.05%
Floor
+
1.05%),
4.97%,
08/17/33
(d)
...
1,125
1,181,297
Series
1X,
Class
C,
(3-mo.
EURIBOR
at
1.40%
Floor
+
1.40%),
5.32%,
08/17/33
(d)
...
1,331
1,385,326
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
1.90%
Floor
+
1.90%),
5.82%,
08/17/33
(d)
...
EUR
1,031
$
1,064,557
Last
Mile
Securities
PE
DAC
Series
2021-1X,
Class
A1,
(3-mo.
EURIBOR
at
0.90%
Floor
and
4.90%
Cap
+
0.90%),
4.82%,
08/17/31
(d)
..............
3,245
3,462,412
Series
2021-1X,
Class
B,
(3-mo.
EURIBOR
at
1.20%
Floor
and
5.20%
Cap
+
1.20%),
5.11%,
08/17/31
(d)
..............
939
998,735
Series
2021-1X,
Class
C,
(3-mo.
EURIBOR
at
1.60%
Floor
and
5.60%
Cap
+
1.60%),
5.51%,
08/17/31
(d)
..............
1,061
1,124,513
Stark
Financing
DAC,
Series
2023-
1X,
Class
B,
(Sterling
Overnight
Index
Average
+
3.10%),
8.32%,
08/17/33
(d)
................
GBP
13,404
16,949,157
Taurus
UK
DAC
Series
2021-UK1X,
Class
B,
(Sterling
Overnight
Index
Average
at
1.30%
Floor
and
5.30%
Cap
+
1.30%),
6.52%,
05/17/31
(d)
...
880
1,099,217
Series
2021-UK1X,
Class
C,
(Sterling
Overnight
Index
Average
at
1.65%
Floor
+
1.65%),
6.87%,
05/17/31
(d)
..............
536
669,283
Series
2021-UK1X,
Class
D,
(Sterling
Overnight
Index
Average
at
2.60%
Floor
+
2.60%),
7.82%,
05/17/31
(d)
..............
547
678,395
Series
2021-UK4X,
Class
C,
(Sterling
Overnight
Index
Average
at
1.75%
Floor
+
1.75%),
6.97%,
08/17/31
(d)
..............
319
403,495
Series
2021-UK4X,
Class
D,
(Sterling
Overnight
Index
Average
at
2.10%
Floor
+
2.10%),
7.32%,
08/17/31
(d)
..............
1,567
1,961,420
Vita
Scientia
DAC,
Series
2022-1X,
Class
B,
(3-mo.
EURIBOR
at
1.80%
Floor
+
1.80%),
5.73%,
02/27/33
(d)
EUR
2,700
2,772,715
65,121,167
Italy
—
0.1%
(d)
Cassia
SRL
(b)
Series
2022-1X,
Class
A,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
6.44%,
05/22/34
(d)
...
12,859
13,770,143
Series
2022-1X,
Class
B,
(3-mo.
EURIBOR
at
3.50%
Floor
+
3.50%),
7.44%,
05/22/34
(d)
...
6,145
6,193,571
19,963,714
Switzerland
—
0.0%
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2005-C2,
Class
AMFX,
4.88%,
04/15/37
...
USD
11
10,398
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
85
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
—
0.0%
(b)
Canary
Wharf
Finance
II
plc
Series
II,
Class
C2,
(Sterling
Overnight
Index
Average
+
1.49%),
6.73%,
10/22/37
(d)
...
GBP
2,100
$
2,005,954
Series
II,
Class
D2,
(Sterling
Overnight
Index
Average
at
1.26%
Floor
+
2.22%),
7.46%,
10/22/37
(d)
..............
7,826
7,267,763
Sage
AR
Funding
plc,
Series
1X,
Class
C,
(Sterling
Overnight
Index
Average
+
2.15%),
7.37%,
11/17/30
(d)
....
535
660,096
9,933,813
United
States
—
4.1%
1211
Avenue
of
the
Americas
Trust
(a)(b)
Series
2015-1211,
Class
C,
4.14%,
08/10/35
...............
USD
1,100
1,037,081
Series
2015-1211,
Class
D,
4.14%,
08/10/35
...............
1,235
1,133,038
Series
2015-1211,
Class
E,
4.14%,
08/10/35
...............
2,360
2,080,157
245
Park
Avenue
Trust
(a)(b)
Series
2017-245P,
Class
D,
3.66%,
06/05/37
...............
1,100
955,718
Series
2017-245P,
Class
E,
3.66%,
06/05/37
...............
5,691
4,656,903
280
Park
Avenue
Mortgage
Trust
(a)(b)
Series
2017-280P,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.38%),
6.71%,
09/15/34
...
1,978
1,906,960
Series
2017-280P,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.79%
Floor
+
1.84%),
7.15%,
09/15/34
...
3,660
3,381,006
Series
2017-280P,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.37%
Floor
+
2.42%),
7.74%,
09/15/34
...
15,926
14,632,366
3650R
Commercial
Mortgage
Trust,
Series
2022-PF2,
Class
A5,
5.29%,
11/15/55
(b)
................
2,100
2,106,025
Alen
Mortgage
Trust
(a)(b)
Series
2021-ACEN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
6.59%,
04/15/34
...
2,178
1,990,060
Series
2021-ACEN,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.21%),
8.54%,
04/15/34
...
4,827
3,072,443
Arbor
Multifamily
Mortgage
Securities
Trust
(a)
Series
2020-MF1,
Class
E,
1.75%,
05/15/53
...............
1,165
756,997
Series
2021-MF3,
Class
A5,
2.57%,
10/15/54
...............
3,605
3,051,237
AREIT
LLC,
Series
2022-CRE7,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.24%
Floor
+
2.24%),
7.57%,
06/17/39
(a)
(b)
11,460
11,459,926
Ashford
Hospitality
Trust
(a)(b)
Series
2018-ASHF,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.27%),
7.60%,
04/15/35
...
3,816
3,704,727
Series
2018-ASHF,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.27%),
8.60%,
04/15/35
...
61
59,429
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Atrium
Hotel
Portfolio
Trust,
Series
2017-ATRM,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.25%),
7.57%,
12/15/36
(a)
(b)
....
USD
8,386
$
7,699,007
BAMLL
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2015-200P,
Class
F,
3.60%,
04/14/33
...............
3,391
3,156,781
Series
2017-SCH,
Class
AF,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.05%),
6.37%,
11/15/33
...
250
248,834
Series
2017-SCH,
Class
BF,
(1-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.45%),
6.77%,
11/15/33
...
6,440
6,103,891
Series
2017-SCH,
Class
CL,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.55%),
6.87%,
11/15/32
...
2,560
2,536,147
Series
2017-SCH,
Class
DL,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.05%),
7.37%,
11/15/32
...
5,070
5,024,975
Series
2018-DSNY,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.45%),
6.77%,
09/15/34
...
576
574,560
Series
2018-DSNY,
Class
C,
(1-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.65%),
6.97%,
09/15/34
...
590
587,050
Series
2018-DSNY,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.00%),
7.32%,
09/15/34
...
5,767
5,723,454
Bayview
Commercial
Asset
Trust
(a)(b)
Series
2005-3A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
and
10.80%
Cap
+
0.59%),
5.92%,
11/25/35
..........
2,736
2,572,191
Series
2005-4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.56%),
5.89%,
01/25/36
...
4,881
4,527,703
Series
2005-4A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.39%
Floor
+
0.70%),
6.03%,
01/25/36
...
114
107,159
Series
2005-4A,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.45%
Floor
+
0.79%),
6.12%,
01/25/36
...
306
287,388
Series
2006-1A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.54%
Floor
+
0.65%),
5.98%,
04/25/36
...
456
419,683
Series
2006-2A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.53%),
5.86%,
07/25/36
...
816
765,179
Series
2006-3A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
+
0.49%),
5.82%,
10/25/36
...
565
535,744
Series
2006-3A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.56%),
5.89%,
10/25/36
...
612
582,333
Series
2006-4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.23%
Floor
+
0.46%),
5.79%,
12/25/36
...
1,880
1,760,845
Series
2007-1,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.27%
Floor
+
0.52%),
5.85%,
03/25/37
...
1,232
1,147,151
Series
2007-2A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.27%
Floor
+
0.52%),
5.85%,
07/25/37
...
1,790
1,636,280
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
86
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2007-4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.45%
Floor
+
0.79%),
6.12%,
09/25/37
...
USD
5,775
$
5,343,470
Series
2007-6A,
Class
A4A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.61%),
6.94%,
12/25/37
...
8,344
7,192,892
Series
2008-2,
Class
A4A,
(1-mo.
CME
Term
SOFR
at
2.50%
Floor
and
3.75%
Cap
+
2.61%),
7.94%,
04/25/38
...............
2,087
2,042,990
BBCMS
Mortgage
Trust
(a)(b)
Series
2018-CHRS,
Class
E,
4.27%,
08/05/38
...............
2,640
1,872,151
Series
2018-TALL,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.72%
Floor
+
0.92%),
6.25%,
03/15/37
...
2,229
2,140,031
Series
2018-TALL,
Class
B,
(1-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.17%),
6.49%,
03/15/37
...
2,134
1,984,956
Series
2023-5C23,
Class
D,
7.45%,
12/15/56
...............
1,148
1,102,447
BB-UBS
Trust,
Series
2012-SHOW,
Class
E,
4.03%,
11/05/36
(a)
(b)
....
2,313
2,046,036
BDS
LLC,
Series
2022-FL12,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.14%
Floor
+
2.14%),
7.46%,
08/19/38
(a)
(b)
6,880
6,905,661
Beast
Mortgage
Trust
(a)(b)
Series
2021-SSCP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
0.86%),
6.19%,
04/15/36
...
6,447
6,399,058
Series
2021-SSCP,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.21%),
6.54%,
04/15/36
...
6,584
6,455,008
Series
2021-SSCP,
Class
C,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.46%),
6.79%,
04/15/36
...
8,102
7,943,284
Series
2021-SSCP,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.71%),
7.04%,
04/15/36
...
7,613
7,408,783
Series
2021-SSCP,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.21%),
7.54%,
04/15/36
...
6,452
6,199,062
Series
2021-SSCP,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.01%),
8.34%,
04/15/36
...
6,200
5,967,168
Series
2021-SSCP,
Class
G,
(1-mo.
CME
Term
SOFR
at
3.80%
Floor
+
3.91%),
9.24%,
04/15/36
...
6,988
6,633,039
Series
2021-SSCP,
Class
H,
(1-mo.
CME
Term
SOFR
at
4.90%
Floor
+
5.02%),
10.34%,
04/15/36
..
4,913
4,653,772
BFLD
Trust,
Series
2020-EYP,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.81%),
9.14%,
10/15/35
(a)
(b)
6,517
714,251
BHMS,
Series
2018-ATLS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.55%),
6.87%,
07/15/35
(a)
(b)
15,173
15,153,223
BHP
Trust,
Series
2019-BXHP,
Class
C,
(1-mo.
CME
Term
SOFR
at
1.52%
Floor
+
1.57%),
6.90%,
08/15/36
(a)
(b)
2,699
2,688,005
BLP
Commercial
Mortgage
Trust,
Series
2023-IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
7.02%,
03/15/40
(a)
(b)
....
7,455
7,468,978
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
BOCA
Commercial
Mortgage
Trust,
Series
2022-BOCA,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.77%
Floor
+
1.77%),
7.09%,
05/15/39
(a)
(b)
....
USD
5,533
$
5,538,630
BPR
Trust
(a)(b)
Series
2021-TY,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.71%),
9.04%,
09/15/38
...
5,768
5,696,014
Series
2022-SSP,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.00%),
8.33%,
05/15/39
...
2,870
2,882,556
BWAY
Mortgage
Trust
(a)
Series
2013-1515,
Class
A2,
3.45%,
03/10/33
...............
3,024
2,872,473
Series
2013-1515,
Class
D,
3.63%,
03/10/33
...............
9,570
8,329,024
Series
2013-1515,
Class
E,
3.72%,
03/10/33
...............
650
558,826
Series
2013-1515,
Class
F,
3.93%,
03/10/33
(b)
..............
601
509,353
BX
Commercial
Mortgage
Trust
(a)
Series
2019-XL,
Class
J,
(1-mo.
CME
Term
SOFR
at
2.76%
Floor
+
2.76%),
8.09%,
10/15/36
(b)
..
18,895
18,626,287
Series
2020-VIV3,
Class
B,
3.54%,
03/09/44
(b)
..............
8,380
7,369,424
Series
2020-VIV4,
Class
A,
2.84%,
03/09/44
...............
2,733
2,363,242
Series
2020-VKNG,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.93%
Floor
+
1.04%),
6.37%,
10/15/37
(b)
..
1,007
1,005,222
Series
2020-VKNG,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.86%),
8.19%,
10/15/37
(b)
..
5,369
5,257,766
Series
2021-NWM,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.91%
Floor
+
1.02%),
6.35%,
02/15/33
(b)
..
25,114
24,677,142
Series
2021-NWM,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.26%),
7.59%,
02/15/33
(b)
..
15,394
15,194,063
Series
2021-NWM,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.36%),
9.69%,
02/15/33
(b)
..
10,302
10,277,243
Series
2021-SOAR,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.80%
Floor
+
2.91%),
8.24%,
06/15/38
(b)
..
6,733
6,644,780
Series
2021-VINO,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.92%
Floor
+
2.92%),
8.24%,
05/15/38
(b)
..
1,633
1,610,141
Series
2021-VIV5,
Class
A,
2.84%,
03/09/44
(b)
..............
2,328
1,975,508
Series
2022-CSMO,
Class
C,
(1-mo.
CME
Term
SOFR
at
3.89%
Floor
+
3.89%),
9.21%,
06/15/27
(b)
..
4,000
4,012,500
Series
2023-VLT3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.94%
Floor
+
1.94%),
7.27%,
11/15/28
(b)
..
3,410
3,409,997
Series
2023-XL3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.76%
Floor
+
1.76%),
7.09%,
12/09/40
(b)
..
11,228
11,297,789
Series
2023-XL3,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.59%
Floor
+
3.59%),
8.91%,
12/09/40
(b)
..
14,970
15,082,086
Series
2024-MF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
6.77%,
02/15/39
(b)
..
4,440
4,451,098
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
87
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-MF,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.74%
Floor
+
3.74%),
9.06%,
02/15/39
(b)
..
USD
7,188
$
7,201,119
Series
2024-XL4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
6.77%,
02/15/39
(b)
..
8,080
8,090,032
Series
2024-XL4,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.14%),
8.46%,
02/15/39
(b)
..
18,404
18,404,004
Series
2024-XL4,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.19%
Floor
+
4.19%),
9.51%,
02/15/39
(b)
..
9,940
9,882,999
Series
2024-XL5,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
6.69%,
03/15/41
(b)
..
8,500
8,504,278
BX
Trust
(a)(b)
Series
2019-OC11,
Class
E,
3.94%,
12/09/41
...............
7,318
6,314,622
Series
2021-ARIA,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.01%),
6.34%,
10/15/36
...
4,436
4,391,640
Series
2021-ARIA,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.01%),
7.33%,
10/15/36
...
4,111
4,028,780
Series
2021-ARIA,
Class
G,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.26%),
8.58%,
10/15/36
...
3,602
3,489,609
Series
2021-LBA,
Class
AJV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
6.24%,
02/15/36
...
4,253
4,234,222
Series
2021-LBA,
Class
AV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
6.24%,
02/15/36
...
4,118
4,100,125
Series
2021-LBA,
Class
FJV,
(1-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.51%),
7.84%,
02/15/36
...
11,223
10,718,099
Series
2021-LBA,
Class
FV,
(1-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.51%),
7.84%,
02/15/36
...
7,117
6,891,920
Series
2021-LBA,
Class
GJV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.44%,
02/15/36
...
2,185
2,079,148
Series
2021-LBA,
Class
GV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.44%,
02/15/36
...
7,383
7,090,490
Series
2021-MFM1,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
7.69%,
01/15/34
...
2,207
2,179,249
Series
2021-MFM1,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.44%,
01/15/34
...
3,418
3,365,237
Series
2021-MFM1,
Class
G,
(1-mo.
CME
Term
SOFR
at
3.90%
Floor
+
4.01%),
9.34%,
01/15/34
...
77
74,426
Series
2021-VIEW,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.71%),
9.04%,
06/15/36
...
10,095
9,338,514
Series
2021-VIEW,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.93%
Floor
+
4.04%),
9.37%,
06/15/36
...
2,240
1,982,400
Series
2022-GPA,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.17%
Floor
+
2.17%),
7.49%,
08/15/39
...
44,704
44,815,287
Series
2022-GPA,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.66%
Floor
+
2.66%),
7.99%,
08/15/41
...
1,186
1,188,774
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2022-GPA,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.06%
Floor
+
4.06%),
9.39%,
08/15/43
...
USD
6,784
$
6,801,371
Series
2022-LBA6,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.00%),
6.33%,
01/15/39
...
3,419
3,400,837
Series
2022-VAMF,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.85%
Floor
+
0.85%),
6.18%,
01/15/39
...
3,580
3,548,675
Series
2022-VAMF,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
6.61%,
01/15/39
...
1,449
1,432,246
Series
2023-DELC,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
8.02%,
05/15/38
...
18,097
18,323,212
Series
2023-DELC,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.39%
Floor
+
4.39%),
9.71%,
05/15/38
...
907
911,535
Series
2024-CNYN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
6.74%,
04/15/29
...
12,980
12,980,000
Series
2024-CNYN,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
7.99%,
04/15/29
...
4,150
4,153,588
Series
2024-CNYN,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.69%
Floor
+
3.69%),
8.99%,
04/15/29
...
6,780
6,775,759
Series
2024-PAT,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.09%
Floor
+
2.09%),
7.34%,
03/15/26
...
7,020
7,016,414
Series
2024-PAT,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
9.69%,
03/15/26
...
15,026
15,025,229
Series
2024-PAT,
Class
D,
(1-mo.
CME
Term
SOFR
at
5.39%
Floor
+
5.39%),
10.64%,
03/15/26
..
7,203
7,202,619
BXP
Trust
(a)(b)
Series
2017-CC,
Class
D,
(1-mo.
LIBOR
USD
+
0.00%),
3.55%,
08/13/37
...............
1,930
1,569,529
Series
2017-CC,
Class
E,
(1-mo.
LIBOR
USD
+
0.00%),
3.55%,
08/13/37
...............
3,820
2,953,469
Series
2017-GM,
Class
D,
3.42%,
06/13/39
...............
1,520
1,350,918
Series
2017-GM,
Class
E,
3.42%,
06/13/39
...............
3,300
2,877,828
Series
2021-601L,
Class
D,
2.78%,
01/15/44
...............
3,999
2,571,503
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.45%),
7.77%,
12/15/37
(a)
(b)
....
9,282
9,259,309
CD
Mortgage
Trust,
Series
2017-CD6,
Class
B,
3.91%,
11/13/50
(b)
.....
1,143
980,834
CENT
Trust,
Series
2023-CITY,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.62%
Floor
+
2.62%),
7.95%,
09/15/38
(a)
(b)
18,476
18,660,769
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
C,
4.84%,
05/10/58
(b)
................
6,142
5,728,852
CFK
Trust
(a)(b)
Series
2019-FAX,
Class
D,
4.64%,
01/15/39
...............
6,897
6,116,724
Series
2019-FAX,
Class
E,
4.64%,
01/15/39
...............
6,152
5,250,021
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
88
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Citigroup
Commercial
Mortgage
Trust
(b)
Series
2016-GC37,
Class
C,
4.91%,
04/10/49
...............
USD
2,110
$
1,946,617
Series
2020-420K,
Class
E,
3.31%,
11/10/42
(a)
..............
2,660
2,132,197
COAST
Commercial
Mortgage
Trust
(a)(b)
Series
2023-2HTL,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.59%
Floor
+
2.59%),
7.92%,
08/15/36
...
5,172
5,185,333
Series
2023-2HTL,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
9.76%,
08/15/36
...
8,751
8,750,984
Cold
Storage
Trust
(a)(b)
Series
2020-ICE5,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.01%),
6.33%,
11/15/37
...
6,359
6,345,055
Series
2020-ICE5,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.77%
Floor
+
2.88%),
8.20%,
11/15/37
...
15,600
15,570,810
Series
2020-ICE5,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.49%
Floor
+
3.61%),
8.92%,
11/15/37
...
13,381
13,329,118
Commercial
Mortgage
Trust
Series
2013-300P,
Class
D,
4.39%,
08/10/30
(a)
(b)
.............
750
609,531
Series
2015-LC19,
Class
B,
3.83%,
02/10/48
(b)
..............
942
886,633
Series
2015-LC23,
Class
A4,
3.77%,
10/10/48
...............
2,008
1,945,421
Series
2016-667M,
Class
D,
3.18%,
10/10/36
(a)
(b)
.............
1,840
1,466,291
Credit
Suisse
Mortgage
Capital
Certificates
(a)(b)
Series
2019-ICE4,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.03%),
6.35%,
05/15/36
...
3,939
3,939,208
Series
2019-ICE4,
Class
C,
(1-mo.
CME
Term
SOFR
at
1.43%
Floor
+
1.48%),
6.80%,
05/15/36
(d)
..
2,793
2,790,433
Series
2019-ICE4,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.20%),
7.52%,
05/15/36
...
14,066
14,055,193
Series
2019-ICE4,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.70%),
8.02%,
05/15/36
...
14,857
14,814,977
Series
2020-NET,
Class
D,
3.70%,
08/15/37
...............
560
514,682
CSAIL
Commercial
Mortgage
Trust,
Series
2018-CX12,
Class
C,
4.72%,
08/15/51
(b)
................
1,586
1,394,829
CSMC
Trust
(a)
Series
2017-PFHP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.00%),
6.32%,
12/15/30
(b)
..
2,310
2,209,957
Series
2017-TIME,
Class
A,
3.65%,
11/13/39
...............
2,190
1,424,356
Series
2020-FACT,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.86%
Floor
+
5.23%),
10.55%,
10/15/37
(b)
.
4,184
3,900,477
Series
2020-FACT,
Class
F,
(1-mo.
CME
Term
SOFR
at
6.16%
Floor
+
6.52%),
11.85%,
10/15/37
(b)
.
300
263,238
Series
2021-980M,
Class
E,
3.54%,
07/15/31
(b)
..............
3,955
3,488,123
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-BHAR,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
6.59%,
11/15/38
(b)
..
USD
5,892
$
5,869,905
Series
2021-BHAR,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.61%),
6.94%,
11/15/38
(b)
..
2,356
2,339,727
Series
2021-BHAR,
Class
C,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.11%),
7.44%,
11/15/38
(b)
..
3,520
3,491,479
Series
2021-BHAR,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.61%),
8.94%,
11/15/38
(b)
..
2,565
2,528,535
Series
2022-LION,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.59%
Floor
+
3.44%),
8.76%,
02/15/25
(b)
(c)
.
23,200
22,221,380
Series
2022-NWPT,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.14%),
8.47%,
09/09/24
(b)
..
12,790
12,825,707
DBGS
Mortgage
Trust,
Series
2018-
BIOD,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.60%),
6.92%,
05/15/35
(a)
(b)
..........
137
135,779
DBUBS
Mortgage
Trust
(a)(b)
Series
2017-BRBK,
Class
D,
(1-mo.
LIBOR
USD
+
0.00%),
3.53%,
10/10/34
...............
3,760
3,200,507
Series
2017-BRBK,
Class
E,
(1-mo.
LIBOR
USD
+
0.00%),
3.53%,
10/10/34
...............
8,126
6,556,953
Series
2017-BRBK,
Class
F,
3.53%,
10/10/34
...............
2,070
1,589,580
DC
Trust
(a)(b)
Series
2024-HLTN,
Class
A,
1.00%,
04/13/28
...............
1,570
1,569,883
Series
2024-HLTN,
Class
F,
1.00%,
04/13/28
...............
4,127
4,126,597
DK
Trust
(a)(b)
Series
2024-SPBX,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
6.85%,
03/15/34
...
9,090
9,105,852
Series
2024-SPBX,
Class
E,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
4.00%),
9.35%,
03/15/34
...
26,040
26,039,591
ELP
Commercial
Mortgage
Trust,
Series
2021-ELP,
Class
G,
(1-mo.
CME
Term
SOFR
at
3.12%
Floor
+
3.23%),
8.56%,
11/15/38
(a)
(b)
....
4,922
4,745,755
Extended
Stay
America
Trust
(a)(b)
Series
2021-ESH,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
7.69%,
07/15/38
...
8,961
8,949,420
Series
2021-ESH,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.85%
Floor
+
2.96%),
8.29%,
07/15/38
...
12,242
12,222,756
Series
2021-ESH,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.81%),
9.14%,
07/15/38
...
30,945
30,906,133
GCT
Commercial
Mortgage
Trust,
Series
2021-GCT,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.46%),
7.79%,
02/15/38
(a)
(b)
....
770
143,063
Grace
Trust,
Series
2020-GRCE,
Class
E,
2.68%,
12/10/40
(a)
(b)
........
2,546
1,823,836
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
89
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Great
Wolf
Trust,
Series
2024-WOLF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
6.84%,
03/15/39
(a)
(b)
...............
USD
8,900
$
8,913,906
GS
Mortgage
Securities
Corp.
II
(a)
Series
2005-ROCK,
Class
A,
5.37%,
05/03/32
...............
7,340
7,205,769
Series
2023-SHIP,
Class
E,
7.43%,
09/10/38
(b)
..............
31,848
31,903,823
GS
Mortgage
Securities
Corp.
Trust
Series
2015-GC32,
Class
C,
4.40%,
07/10/48
(b)
..............
1,786
1,676,156
Series
2017-375H,
Class
A,
3.48%,
09/10/37
(a)
(b)
.............
1,460
1,334,257
Series
2017-GPTX,
Class
A,
2.86%,
05/10/34
(a)
..............
5,920
4,146,328
Series
2017-SLP,
Class
C,
3.92%,
10/10/32
(a)
..............
1,065
1,036,968
Series
2021-DM,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.89%
Floor
+
1.00%),
6.33%,
11/15/36
(a)
(b)
.
7,136
7,098,090
Series
2021-ROSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
6.59%,
05/15/26
(a)
(b)
.
2,320
2,158,455
Series
2022-AGSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.69%),
8.02%,
11/15/27
(a)
(b)
.
19,464
19,525,093
Series
2022-ECI,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.19%),
7.52%,
08/15/39
(a)
(b)
.
11,620
11,693,121
Series
2023-FUN,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.09%
Floor
+
2.09%),
7.42%,
03/15/28
(a)
(b)
.
7,510
7,533,469
GS
Mortgage
Securities
Trust
(b)
Series
2014-GC20,
Class
B,
4.53%,
04/10/47
...............
370
359,863
Series
2015-590M,
Class
E,
3.81%,
10/10/35
(a)
..............
2,540
2,084,448
Series
2019-GSA1,
Class
C,
3.81%,
11/10/52
...............
570
479,126
Harvest
Commercial
Capital
Loan
Trust,
Series
2020-1,
Class
M4,
5.96%,
04/25/52
(a)
(b)
...............
1,181
1,075,221
HIT
Trust,
Series
2022-HI32,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.39%
Floor
+
2.39%),
7.72%,
07/15/24
(a)
(b)
2,607
2,612,687
HONO
Mortgage
Trust
(a)(b)
Series
2021-LULU,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
6.59%,
10/15/36
...
6,099
5,874,100
Series
2021-LULU,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.46%),
8.79%,
10/15/36
...
3,296
3,077,261
Series
2021-LULU,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.40%
Floor
+
4.51%),
9.84%,
10/15/36
...
3,156
2,900,901
Hudson
Yards
Mortgage
Trust,
Series
2019-55HY,
Class
F,
2.94%,
12/10/41
(a)
(b)
...............
6,663
4,864,036
ILPT
Commercial
Mortgage
Trust,
Series
2022-LPF2,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.57%,
10/15/39
(a)
(b)
....
19,025
19,007,107
IMT
Trust
(a)
Series
2017-APTS,
Class
AFX,
3.48%,
06/15/34
..........
4,090
4,054,341
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2017-APTS,
Class
DFX,
3.50%,
06/15/34
(b)
.........
USD
1,350
$
1,334,100
Series
2017-APTS,
Class
EFX,
3.50%,
06/15/34
(b)
.........
2,090
2,060,958
Independence
Plaza
Trust
(a)
Series
2018-INDP,
Class
B,
3.91%,
07/10/35
...............
1,220
1,157,132
Series
2018-INDP,
Class
C,
4.16%,
07/10/35
...............
2,655
2,492,875
INTOWN
Mortgage
Trust,
Series
2022-
STAY,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.49%
Floor
+
2.49%),
7.81%,
08/15/39
(a)
(b)
..........
12,733
12,796,665
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
(a)
Series
2016-NINE,
Class
B,
(1-mo.
LIBOR
USD
+
0.00%),
2.85%,
09/06/38
(b)
..............
6,933
6,353,777
Series
2018-AON,
Class
A,
4.13%,
07/05/31
...............
4,834
4,472,252
Series
2018-PHH,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.41%
Floor
+
1.26%),
6.58%,
06/15/35
(b)
..
3,165
2,950,381
Series
2019-MFP,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.16%
Floor
+
2.21%),
7.53%,
07/15/36
(b)
..
5,580
5,388,436
Series
2020-609M,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.77%
Floor
+
3.13%),
8.46%,
10/15/33
(b)
..
2,500
1,931,796
Series
2021-MHC,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
6.24%,
04/15/38
(b)
..
991
989,958
Series
2021-MHC,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.56%),
7.89%,
04/15/38
(b)
..
13,815
13,670,465
Series
2021-MHC,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.06%),
8.39%,
04/15/38
(b)
..
5,050
4,995,676
Series
2022-CGSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.97%
Floor
+
2.87%),
8.20%,
12/15/36
(b)
..
12,190
12,212,657
Series
2022-NLP,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.54%
Floor
+
3.54%),
8.86%,
04/15/37
(b)
..
12,552
10,169,518
Series
2022-NXSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.18%
Floor
+
2.18%),
7.50%,
09/15/39
(b)
..
19,396
19,450,479
Series
2022-OPO,
Class
D,
3.45%,
01/05/39
(b)
..............
7,412
5,339,918
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C33,
Class
D1,
4.14%,
12/15/48
(a)
(b)
...
4,214
3,738,753
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2019-COR5,
Class
A3,
3.12%,
06/13/52
.....
2,890
2,602,191
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2018-C8,
Class
AS,
4.42%,
06/15/51
.....
379
349,430
KSL
Commercial
Mortgage
Trust
(a)(b)
Series
2023-HT,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.29%
Floor
+
2.29%),
7.62%,
12/15/36
...
9,780
9,838,069
Series
2023-HT,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.29%
Floor
+
4.29%),
9.61%,
12/15/36
...
36,405
36,586,981
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
90
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Lehman
Brothers
Small
Balance
Commercial
Mortgage
Trust
(a)(b)
Series
2006-2A,
Class
M3,
(1-mo.
CME
Term
SOFR
at
0.45%
Floor
+
0.56%),
5.89%,
09/25/36
...
USD
2,079
$
1,974,048
Series
2007-3A,
Class
M2,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.11%),
7.44%,
10/25/37
...
5,850
5,054,881
LUX
Trust,
Series
2023-LION,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
8.02%,
08/15/40
(a)
(b)
4,400
4,443,522
LUXE
Trust,
Series
2021-TRIP,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.86%),
8.19%,
10/15/38
(a)
(b)
1,216
1,216,000
MAD
Mortgage
Trust
(a)(b)
Series
2017-330M,
Class
D,
3.84%,
08/15/34
...............
2,925
2,223,449
Series
2017-330M,
Class
E,
3.90%,
08/15/34
...............
4,493
3,242,837
Manhattan
West
Mortgage
Trust,
Series
2020-1MW,
Class
D,
2.33%,
09/10/39
(a)
(b)
...............
118
101,482
MCR
Mortgage
Trust,
Series
2024-HTL,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.65%
Floor
+
4.65%),
9.98%,
02/15/37
(a)
(b)
...............
5,702
5,687,631
Med
Trust
(a)(b)
Series
2021-MDLN,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.26%),
8.59%,
11/15/38
...
435
433,010
Series
2021-MDLN,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.00%
Floor
+
4.11%),
9.44%,
11/15/38
...
7,179
7,165,441
Series
2021-MDLN,
Class
G,
(1-mo.
CME
Term
SOFR
at
5.25%
Floor
+
5.36%),
10.69%,
11/15/38
..
41,162
41,084,872
MFT
Trust,
Series
2020-ABC,
Class
C,
3.48%,
02/10/42
(a)
(b)
..........
3,925
2,369,935
MHC
Commercial
Mortgage
Trust
(a)(b)
Series
2021-MHC,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.92%),
6.24%,
04/15/38
...
3,481
3,465,019
Series
2021-MHC,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.22%),
7.54%,
04/15/38
...
7,128
7,074,476
Series
2021-MHC,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.72%),
8.04%,
04/15/38
...
909
899,547
MHP
Commercial
Mortgage
Trust
(a)(b)
Series
2021-STOR,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.86%),
8.19%,
07/15/38
...
7,927
7,818,000
Series
2021-STOR,
Class
J,
(1-mo.
CME
Term
SOFR
at
3.95%
Floor
+
4.06%),
9.39%,
07/15/38
...
3,438
3,377,743
MIRA
Trust,
Series
2023-MILE,
Class
A,
6.75%,
06/10/38
(a)
...........
6,775
7,034,506
Morgan
Stanley
Capital
I
Trust
(a)
Series
2017-ASHF,
Class
G,
(1-mo.
CME
Term
SOFR
at
6.90%
Floor
+
7.20%),
12.52%,
11/15/34
(b)
.
2,925
2,717,337
Series
2017-HR2,
Class
D,
2.73%,
12/15/50
...............
625
497,208
Series
2018-MP,
Class
E,
4.28%,
07/11/40
(b)
..............
7,057
4,397,646
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2018-SUN,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.20%),
6.52%,
07/15/35
(b)
..
USD
2,330
$
2,324,175
Series
2018-SUN,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.80%
Floor
+
2.85%),
8.17%,
07/15/35
(b)
..
74
71,696
Series
2019-H7,
Class
D,
3.00%,
07/15/52
...............
750
549,828
MSWF
Commercial
Mortgage
Trust,
Series
2023-2,
Class
A5,
6.01%,
12/15/56
(b)
................
1,976
2,113,998
MTN
Commercial
Mortgage
Trust,
Series
2022-LPFL,
Class
F,
(1-mo.
CME
Term
SOFR
at
5.29%
Floor
+
5.29%),
10.62%,
03/15/39
(a)
(b)
...
2,870
2,683,526
Multi
Security
Asset
Trust
LP
Commercial
Mortgage-Backed
Securities
Pass-Through,
Series
2005-RR4A,
Class
N,
0.00%,
11/28/35
(a)
(b)
...............
2,024
1,334,690
Natixis
Commercial
Mortgage
Securities
Trust
(a)
Series
2018-FL1,
Class
A,
(US
Prime
Rate
+
1.00%),
8.50%,
06/15/35
(b)
..............
319
294,708
Series
2019-LVL,
Class
D,
4.44%,
08/15/38
...............
3,140
2,640,359
NJ
Trust,
Series
2023-GSP,
Class
A,
6.48%,
01/06/29
(a)
(b)
..........
4,750
4,963,460
Olympic
Tower
Mortgage
Trust,
Series
2017-OT,
Class
E,
3.95%,
05/10/39
(a)
(b)
...............
7,856
4,991,171
One
Bryant
Park
Trust,
Series
2019-
OBP,
Class
A,
2.52%,
09/15/54
(a)
.
4,638
3,960,642
One
Market
Plaza
Trust,
Series
2017-
1MKT,
Class
D,
4.15%,
02/10/32
(a)
3,310
2,890,005
One
New
York
Plaza
Trust
(a)(b)
Series
2020-1NYP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.06%),
6.39%,
01/15/36
...
3,402
3,317,172
Series
2020-1NYP,
Class
AJ,
(1-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.36%),
6.69%,
01/15/36
...
4,673
4,463,258
Series
2020-1NYP,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.61%),
6.94%,
01/15/36
...
3,892
3,639,665
Series
2020-1NYP,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.86%),
8.19%,
01/15/36
...
1,660
1,355,328
OPEN
Trust,
Series
2023-AIR,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.09%
Floor
+
3.09%),
8.41%,
10/15/28
(a)
(b)
5,789
5,846,906
PKHL
Commercial
Mortgage
Trust
(a)(b)
Series
2021-MF,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.46%),
8.79%,
07/15/38
...
3,276
2,134,362
Series
2021-MF,
Class
G,
(1-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.46%),
9.79%,
07/15/38
...
3,533
783,760
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL9,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.47%
Floor
+
2.47%),
7.80%,
06/25/37
(a)
(b)
....
3,863
3,867,526
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
91
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
SG
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2019-PREZ,
Class
D,
3.48%,
09/15/39
...............
USD
4,690
$
3,785,190
Series
2019-PREZ,
Class
E,
3.48%,
09/15/39
...............
3,356
2,630,533
STWD
Trust,
Series
2021-FLWR,
Class
E,
(1-mo.
CME
Term
SOFR
at
1.92%
Floor
+
2.04%),
7.36%,
07/15/36
(a)
(b)
3,122
3,078,097
Taubman
Centers
Commercial
Mortgage
Trust,
Series
2022-DPM,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.19%
Floor
+
2.19%),
7.51%,
05/15/37
(a)
(b)
...............
22,066
22,231,495
THPT
Mortgage
Trust,
Series
2023-
THL,
Class
A,
6.99%,
12/10/34
(a)
(b)
3,172
3,246,103
TPGI
Trust,
Series
2021-DGWD,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.46%),
7.79%,
06/15/26
(a)
(b)
1,231
1,228,124
TYSN
Mortgage
Trust,
Series
2023-
CRNR,
Class
A,
6.58%,
12/10/33
(a)
(b)
4,360
4,556,372
Velocity
Commercial
Capital
Loan
Trust
(a)
Series
2017-2,
Class
M3,
(3-mo.
LIBOR
USD
+
0.00%),
4.24%,
11/25/47
(b)
..............
546
475,096
Series
2017-2,
Class
M4,
5.00%,
11/25/47
(b)
..............
329
276,497
Series
2018-1,
Class
M2,
4.26%,
04/25/48
...............
291
256,081
Series
2020-1,
Class
M1,
2.80%,
02/25/50
(b)
..............
937
779,806
Series
2020-1,
Class
M2,
2.98%,
02/25/50
(b)
..............
1,125
934,722
Series
2020-1,
Class
M3,
3.19%,
02/25/50
(b)
..............
498
411,164
Series
2020-1,
Class
M4,
3.54%,
02/25/50
(b)
..............
769
617,988
Series
2020-1,
Class
M5,
4.29%,
02/25/50
(b)
..............
877
685,548
Series
2021-4,
Class
M4,
4.48%,
12/26/51
(b)
..............
2,214
1,659,094
Series
2022-4,
Class
M2,
6.97%,
08/25/52
(b)
..............
1,997
1,937,789
Series
2022-4,
Class
M3,
7.54%,
08/25/52
(b)
..............
1,875
1,699,514
Series
2023-2,
Class
A,
6.22%,
05/25/53
(b)
..............
7,808
7,831,056
Series
2024-1,
Class
M2,
7.23%,
01/25/54
(b)
..............
1,252
1,246,825
Series
2024-1,
Class
M3,
8.44%,
01/25/54
(b)
..............
1,474
1,464,307
Wells
Fargo
Commercial
Mortgage
Trust
(a)(b)
Series
2018-1745,
Class
A,
3.75%,
06/15/36
...............
2,708
2,367,049
Series
2020-SDAL,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.09%
Floor
+
2.20%),
7.53%,
02/15/37
...
5,002
4,977,133
Series
2020-SDAL,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.74%
Floor
+
2.85%),
8.18%,
02/15/37
...
2,610
2,590,537
Series
2021-FCMT,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.61%),
8.94%,
05/15/31
...
750
704,251
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
WFRBS
Commercial
Mortgage
Trust,
Series
2014-C24,
Class
B,
4.20%,
11/15/47
(b)
................
USD
1,770
$
1,639,274
WMRK
Commercial
Mortgage
Trust
(a)(b)
Series
2022-WMRK,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.79%),
8.11%,
11/15/27
...
14,598
14,652,789
Series
2022-WMRK,
Class
B,
(1-mo.
CME
Term
SOFR
at
3.44%
Floor
+
3.44%),
8.76%,
11/15/27
...
4,950
4,967,027
1,521,479,252
Interest
Only
Collateralized
Mortgage
Obligations
—
0
.1
%
United
States
—
0.1%
(b)
Barclays
Mortgage
Loan
Trust
(a)
Series
2023-NQM3,
Class
XS,
0.82%,
10/25/63
..........
118,980
2,455,909
Series
2024-NQM1,
Class
XS,
2.45%,
01/25/64
..........
95,971
4,460,871
IndyMac
IMSC
Mortgage
Loan
Trust,
Series
2007-HOA1,
Class
AXPP,
0.00%,
07/25/47
............
12,516
7,524
J.P.
Morgan
Mortgage
Trust
(a)
Series
2021-INV5,
Class
A2X,
0.50%,
12/25/51
..........
100,615
2,845,825
Series
2021-INV5,
Class
A5X,
0.50%,
12/25/51
..........
10,949
309,677
Series
2021-INV5,
Class
AX1,
0.19%,
12/25/51
..........
197,078
1,979,632
Series
2021-INV7,
Class
A2X,
0.50%,
02/25/52
..........
61,673
1,770,265
Series
2021-INV7,
Class
A3X,
0.50%,
02/25/52
..........
36,745
710,449
Series
2021-INV7,
Class
A4X,
0.50%,
02/25/52
..........
15,746
697,701
Series
2021-INV7,
Class
A5X,
0.50%,
02/25/52
..........
6,716
192,765
Series
2021-INV7,
Class
AX1,
0.27%,
02/25/52
..........
120,880
1,745,239
Reperforming
Loan
REMIC
Trust,
Series
2005-R3,
Class
AS,
0.59%,
09/25/35
(a)
................
1,221
39,980
Seasoned
Credit
Risk
Transfer
Trust,
Series
2017-3,
Class
BIO,
0.56%,
07/25/56
(a)
................
7,291
804,299
Voyager
OPTONE
Delaware
Trust,
Series
2009-1,
Class
SAA7,
(1-mo.
LIBOR
USD
+
0.25%),
3.02%,
02/25/38
(a)
................
31,381
7,104,941
25,125,077
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0
.1
%
United
States
—
0.1%
(b)
245
Park
Avenue
Trust,
Series
2017-
245P,
Class
XA,
0.15%,
06/05/37
(a)
25,000
130,125
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2016-SS1,
Class
XA,
0.56%,
12/15/35
(a)
....
19,140
132,660
BANK,
Series
2019-BN20,
Class
XB,
0.37%,
09/15/62
............
86,048
1,523,187
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust
Series
2017-BNK3,
Class
XB,
0.58%,
02/15/50
..........
31,555
482,075
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
92
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2017-BNK3,
Class
XD,
1.24%,
02/15/50
(a)
.........
USD
12,290
$
373,011
BBCMS
Mortgage
Trust,
Series
2020-
C7,
Class
XB,
0.99%,
04/15/53
..
2,706
142,403
BBCMS
Trust
(a)
Series
2015-SRCH,
Class
XA,
0.88%,
08/10/35
..........
65,768
1,484,691
Series
2015-SRCH,
Class
XB,
0.19%,
08/10/35
..........
42,790
269,265
Benchmark
Mortgage
Trust
Series
2019-B9,
Class
XA,
(1-mo.
LIBOR
USD
+
0.00%),
1.02%,
03/15/52
...............
31,369
1,177,330
Series
2020-B17,
Class
XB,
(1-mo.
LIBOR
USD
+
0.00%),
0.53%,
03/15/53
...............
13,340
306,474
Series
2021-B23,
Class
XA,
1.27%,
02/15/54
...............
47,799
2,819,842
BMO
Mortgage
Trust,
Series
2023-C5,
Class
XA,
0.73%,
06/15/56
.....
28,327
1,450,586
BX
Trust,
Series
2022-GPA,
Class
XCP,
0.00%,
08/15/39
(a)
...........
242,391
7,102
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
XB,
0.69%,
05/10/58
.................
18,700
239,508
Commercial
Mortgage
Trust
Series
2015-CR25,
Class
XA,
0.79%,
08/10/48
..........
13,827
109,722
Series
2018-COR3,
Class
XD,
1.75%,
05/10/51
(a)
.........
8,680
514,371
CSAIL
Commercial
Mortgage
Trust
Series
2017-CX10,
Class
XB,
0.17%,
11/15/50
..........
32,800
295,944
Series
2019-C16,
Class
XA,
1.54%,
06/15/52
...............
68,275
4,197,462
Series
2019-C17,
Class
XA,
1.32%,
09/15/52
...............
27,314
1,405,504
Series
2019-C17,
Class
XB,
0.54%,
09/15/52
...............
41,829
1,038,064
CSMC
OA
LLC,
Series
2014-USA,
Class
X2,
0.04%,
09/15/37
(a)
....
598,765
514,531
DBGS
Mortgage
Trust,
Series
2019-
1735,
Class
X,
0.29%,
04/10/37
(a)
.
52,590
714,925
DBJPM
Mortgage
Trust,
Series
2017-
C6,
Class
XD,
(1-mo.
LIBOR
USD
+
0.00%),
1.00%,
06/10/50
(a)
.....
15,440
402,259
GS
Mortgage
Securities
Corp.
II,
Series
2005-ROCK,
Class
X1,
0.21%,
05/03/32
(a)
................
24,000
55,229
GS
Mortgage
Securities
Trust
Series
2019-GSA1,
Class
XA,
0.81%,
11/10/52
..........
15,705
564,473
Series
2020-GSA2,
Class
XA,
1.71%,
12/12/53
(a)
.........
31,764
2,576,617
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2016-JP3,
Class
XC,
0.75%,
08/15/49
(a)
................
37,589
563,098
JPMBB
Commercial
Mortgage
Securities
Trust
Series
2014-C22,
Class
XA,
0.77%,
09/15/47
...............
5,273
1,287
Series
2015-C27,
Class
XD,
0.50%,
02/15/48
(a)
..............
31,775
151,305
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(a)
....
USD
14,670
$
235,960
Ladder
Capital
Commercial
Mortgage
Mortgage
Trust,
Series
2013-GCP,
Class
XA,
1.15%,
02/15/36
(a)
....
5,834
209,101
LSTAR
Commercial
Mortgage
Trust,
Series
2017-5,
Class
X,
0.83%,
03/10/50
(a)
................
6,658
99,404
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
(a)
Series
2014-C19,
Class
XD,
1.18%,
12/15/47
...............
51,913
364,517
Series
2014-C19,
Class
XF,
1.18%,
12/15/47
...............
13,486
160,305
Series
2015-C21,
Class
XB,
0.27%,
03/15/48
...............
15,696
39,552
Series
2015-C26,
Class
XD,
1.30%,
10/15/48
...............
18,660
336,296
Morgan
Stanley
Capital
I
Trust
Series
2017-H1,
Class
XD,
2.15%,
06/15/50
(a)
..............
8,870
497,848
Series
2019-H6,
Class
XB,
0.71%,
06/15/52
...............
53,695
1,663,730
Series
2019-L2,
Class
XA,
1.00%,
03/15/52
...............
22,128
853,746
MSWF
Commercial
Mortgage
Trust,
Series
2023-2,
Class
XA,
0.91%,
12/15/56
.................
107,439
7,113,193
Olympic
Tower
Mortgage
Trust,
Series
2017-OT,
Class
XA,
0.38%,
05/10/39
(a)
................
99,000
1,038,064
One
Market
Plaza
Trust
(a)
Series
2017-1MKT,
Class
XCP,
0.00%,
02/10/32
(c)
.........
126,326
13
Series
2017-1MKT,
Class
XNCP,
0.12%,
02/10/32
..........
25,265
65,563
UBS
Commercial
Mortgage
Trust
Series
2019-C17,
Class
XA,
1.44%,
10/15/52
...............
65,708
4,027,405
Series
2019-C18,
Class
XA,
1.00%,
12/15/52
...............
68,911
2,625,280
Wells
Fargo
Commercial
Mortgage
Trust
Series
2016-BNK1,
Class
XD,
1.24%,
08/15/49
(a)
.........
9,764
234,379
Series
2019-C50,
Class
XA,
1.41%,
05/15/52
...............
48,389
2,474,184
Series
2021-C59,
Class
XA,
1.52%,
04/15/54
...............
37,597
2,783,360
48,464,950
Principal
Only
Collateralized
Mortgage
Obligations
—
0
.0
%
United
States
—
0.0%
Seasoned
Credit
Risk
Transfer
Trust,
Series
2017-3,
Class
B,
0.00%,
07/25/56
(a)
(m)
...............
4,007
475,069
Total
Non-Agency
Mortgage-Backed
Securities
—
9.4%
(Cost:
$
3,664,359,802
)
...........................
3,481,442,761
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
93
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Preferred
Securities
Capital
Trusts
—
0
.5
%
Spain
—
0.0%
Banco
Bilbao
Vizcaya
Argentaria
SA
,
(5-Year
EUR
Swap
Annual
+
6.46%),
6.00
%
(b)
(d)
(o)
................
EUR
10,000
$
10,764,334
United
States
—
0.5%
(b)(o)
Ally
Financial,
Inc.
,
Series
B
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.87%),
4.70
%
...................
USD
9,234
7,916,636
AT&T,
Inc.
,
Series
B
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.14%),
2.88
%
.
EUR
11,200
11,779,350
Bank
of
America
Corp.
Series
RR
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.76%),
4.38
%
....
USD
13,296
12,464,235
Series
FF
,
(3-mo.
CME
Term
SOFR
+
3.19%),
5.88
%
..........
11,271
11,098,583
Capital
One
Financial
Corp.
,
Series
M
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.16%),
3.95
%
.............
5,786
5,139,562
Charles
Schwab
Corp.
(The)
,
Series
I
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.17%),
4.00
%
.............
29,947
28,017,622
Citigroup,
Inc.
Series
X
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.42%),
3.88
%
....
13,300
12,552,181
Series
Y
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.00%),
4.15
%
....
1,643
1,513,423
Discover
Financial
Services
,
Series
C
,
(3-mo.
CME
Term
SOFR
+
3.34%),
5.50
%
...................
5,701
4,888,690
Energy
Transfer
LP
,
Series
G
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
7.13
%
...................
8,782
8,573,746
General
Motors
Financial
Co.,
Inc.
,
Series
C
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.00%),
5.70
%
............
5,515
5,288,068
Goldman
Sachs
Group,
Inc.
(The)
,
Series
T
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.97%),
3.80
%
............
12,988
12,097,438
PNC
Financial
Services
Group,
Inc.
(The)
Series
T
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.60%),
3.40
%
....
14,445
12,625,505
Series
W
,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.81%),
6.25
%
....
13,149
12,743,648
US
Bancorp
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.54%),
3.70
%
............
11,606
10,066,001
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Wells
Fargo
&
Co.
,
Series
BB
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.45%),
3.90
%
...................
USD
27,053
$
25,738,936
182,503,624
Total
Capital
Trusts
—
0.5%  
(Cost:
$
189,784,367
)
.............................
193,267,958
Shares
Shares
Preferred
Stocks
—
1
.0
%
Brazil
—
0.1%
Neon
Payments
Ltd.
(c)
(f)
..........
28,089
17,103,392
China
—
0.1%
ByteDance
Ltd.
,
Series
E-1
,
(Acquired
11/11/20
,
cost
$
32,477,349
)
(c)
(f)
(i)
..
296,396
47,423,360
Germany
—
0.0%
Volocopter
GmbH
,
(Acquired
03/03/21
,
cost
$
11,751,352
)
(c)
(f)
(i)
.........
2,211
6,105,796
Israel
—
0.1%
(c)(f)(i)
Deep
Instinct
Ltd.
,
Series
D-
2
,
(Acquired
03/19/21
,
cost
$
8,210,225
)
...............
1,350,837
6,375,951
Deep
Instinct
Ltd.
,
Series
D-
4
,
(Acquired
09/20/22
,
cost
$
11,103,299
)
..............
1,574,860
8,535,741
14,911,692
Sweden
—
0.0%
Volta
Greentech
AB
,
Series
C
,
(Acquired
02/22/22
,
cost
$
5,952,131
)
(c)
(f)
(i)
.............
50,461
1
United
Kingdom
—
0.0%
10X
Future
Technologies
Holdings
Ltd.
,
Series
D
,
(Acquired
05/13/21
,
cost
$
16,122,168
)
(c)
(f)
(i)
............
425,677
8,220,204
United
States
—
0.7%
Breeze
Aviation
Group,
Inc.
,
Series
B
,
(Acquired
07/30/21
,
cost
$
7,738,156
)
(c)
(f)
(i)
.............
14,327
2,430,862
Bright
Machinery
Manufacturing
Group,
Inc.
,
Series
C-1
(c)
(f)
...........
4,079,305
4,772,787
Bright
Machines,
Inc.
,
Series
C
(c)
(f)
...
1,958,349
11,750,642
Cap
Hill
Brands
(Preference)
,
Class
E
(c)
(f)
.....................
13,277,076
3,186,498
Caresyntax,
Inc.
,
Series
C-2
(c)
(f)
....
47,019
4,495,957
Caresyntax,
Inc.
,
Series
C-3
(c)
(f)
....
6,774
547,610
Clarify
Health
Solutions,
Inc.
(c)
(f)
....
1,542,267
9,731,705
Dream
Finders
Homes,
Inc.
,
9.00
%
(c)
(o)
58,891
56,608,974
Exo
Imaging,
Inc.
,
Series
C
,
(Acquired
06/24/21
,
cost
$
5,879,165
)
(c)
(f)
(i)
..
1,003,613
2,890,405
GM
Cruise
Holdings
LLC
,
Series
G
,
(Acquired
03/25/21
,
cost
$
7,513,940
)
(c)
(f)
(i)
.............
285,159
2,569,283
HNG
Hospitality
offshore
LP
,
(Acquired
02/16/24
,
cost
$
26,198,000
)
(c)
(f)
(i)
..
26,198,000
26,198,000
Insightful
Corp.
,
Series
D
(c)
(f)
.......
12,737,258
4,366,332
JumpCloud,
Inc.
,
Series
E-1
,
(Acquired
10/30/20
,
cost
$
8,237,574
)
(c)
(f)
(i)
..
4,516,957
10,705,188
JumpCloud,
Inc.
,
Series
F
,
(Acquired
09/03/21
,
cost
$
1,779,219
)
(c)
(f)
(i)
..
297,096
704,118
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
94
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
Lessen
Holdings,
Inc.
,
Series
B
(c)
(f)
..
2,002,830
$
12,537,716
Loadsmart,
Inc.
,
Series
C
,
(Acquired
10/05/20
,
cost
$
7,500,000
)
(c)
(f)
(i)
..
877,193
6,061,403
Loadsmart,
Inc.
,
Series
D
,
(Acquired
01/27/22
,
cost
$
2,351,580
)
(c)
(f)
(i)
..
117,579
1,216,943
MNTN
Digital
,
Series
D
,
(Acquired
11/05/21
,
cost
$
6,262,132
)
(c)
(f)
(i)
...
272,678
3,672,973
Mythic
AI,
Inc.
,
Series
C
,
(Acquired
01/26/21
,
cost
$
4,357,643
)
(c)
(f)
(i)
..
6,343
—
New
York
Community
Bancorp,
Inc.
,
Series
C
(f)
.................
5,919
11,838,000
Noodle
Partners,
Inc.
,
Series
C
,
(Acquired
08/26/21
,
cost
$
7,700,677
)
(c)
(f)
(i)
.............
862,850
3,140,774
PsiQuantum
Corp.
,
Series
D
,
(Acquired
05/21/21
,
cost
$
3,512,029
)
(c)
(f)
(i)
..
133,913
3,999,981
RapidSOS,
Inc.
,
Series
C-1
(c)
(f)
.....
10,953,097
10,295,911
Relativity
Space,
Inc.
,
Series
E
,
(Acquired
05/27/21
,
cost
$
5,860,925
)
(c)
(f)
(i)
.............
256,663
5,433,556
SCI
PH
Parent,
Inc.
,
(Acquired
02/10/23
,
cost
$
7,993,000
)
,
12.50
%
,
(c)
(f)
(i)
...............
7,993
7,609,895
Snorkel
AI,
Inc.
,
Series
C
,
(Acquired
06/30/21
,
cost
$
2,440,004
)
(c)
(f)
(i)
..
162,454
1,237,899
Ursa
Major
Technologies,
Inc.
,
Series
C
,
(Acquired
09/13/21
,
cost
$
7,831,305
)
(c)
(f)
(i)
.............
1,312,920
4,017,535
Ursa
Major
Technologies,
Inc.
,
Series
D
,
(Acquired
10/14/22
,
cost
$
1,066,003
)
(c)
(f)
(i)
.............
160,843
511,481
Verge
Genomics
,
Series
B
,
(Acquired
11/05/21
,
cost
$
7,544,038
)
(c)
(f)
(i)
...
1,416,243
9,163,092
Verge
Genomics
,
Series
C
,
(Acquired
09/06/23
,
cost
$
1,205,410
)
(c)
(f)
(i)
..
167,623
1,206,886
Versa
Networks,
Inc.
,
Series
E
,
(Acquired
10/14/22
,
cost
$
27,065,882
)
,
12.00
%
,
(c)
(f)
(i)
.....
9,274,836
33,203,913
Volato
Group,
Inc.
,
Class
A
,
(Acquired
12/03/23
,
cost
$
893
)
(c)
(f)
(i)
.......
119,659
335,045
Zero
Mass
Water,
Inc.
,
Series
C-1
,
(Acquired
05/07/20
,
cost
$
6,249,999
)
(c)
(f)
(i)
.............
396,483
5,221,681
Zero
Mass
Water,
Inc.
,
Series
D
,
(Acquired
07/05/22
,
cost
$
1,171,040
)
(c)
(f)
(i)
.............
28,589
640,394
262,303,439
Total
Preferred
Stocks
—
1.0%  
(Cost:
$
427,469,881
)
.............................
356,067,884
Total
Preferred
Securities
—
1.5%
(Cost:
$
617,254,248
)
.............................
549,335,842
Par
(000)
Pa
r
(
000)
U.S.
Government
Sponsored
Agency
Securities
Collateralized
Mortgage
Obligations
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Structured
Agency
Credit
Risk
Debt
Variable
Rate
Notes
,
Series
2015-HQ2
,
Class
B
,
(SOFR
30
day
Average
+
8.06%),
13.38
%
,
05/25/25
(b)
..........
USD
1,536
1,622,255
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
,
Series
KJ48
,
Class
A2
,
5.03
%
,
10/25/31
............
USD
4,457
$
4,462,926
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)(b)
Series
2017-KGX1
,
Class
BFX
,
3.59
%
,
10/25/27
........
2,876
2,573,780
Series
2018-K80
,
Class
B
,
4.23
%
,
08/25/50
........
2,888
2,758,815
Series
2018-W5FX
,
Class
CFX
,
(1-mo.
LIBOR
USD
+
0.00%),
3.54
%
,
04/25/28
........
10,630
9,118,677
Series
2019-K99
,
Class
C
,
3.65
%
,
10/25/52
........
1,000
905,256
Government
National
Mortgage
Association
Series
2023-118
,
Class
BA
,
3.75
%
,
05/16/65
(b)
.......
2,643
2,457,212
Series
2023-119
,
Class
AD
,
2.25
%
,
04/16/65
........
2,871
2,304,780
24,581,446
Interest
Only
Collateralized
Mortgage
Obligations
—
0.4%
Federal
Home
Loan
Mortgage
Corp.
Series
389
,
Class
C45
,
3.00
%
,
10/15/52
........
43,825
7,207,180
Series
5081
,
Class
AI
,
3.50
%
,
03/25/51
........
15,610
2,914,167
Series
5112
,
Class
KI
,
3.50
%
,
06/25/51
........
31,479
5,702,766
Series
5127
,
Class
AI
,
3.00
%
,
06/25/51
........
13,014
2,115,103
Series
5185
,
Class
DI
,
3.00
%
,
11/25/49
........
25,472
4,065,813
Series
5196
,
Class
DI
,
3.00
%
,
02/25/52
........
93,912
14,423,260
Federal
National
Mortgage
Association
Series
2020-32
,
Class
PI
,
4.00
%
,
05/25/50
........
24,095
5,046,210
Series
2020-85
,
Class
IP
,
3.00
%
,
12/25/50
........
19,422
3,164,314
Series
2021-50
,
4.00
%
,
08/25/51
52,001
9,980,253
Series
427
,
Class
C71
,
3.00
%
,
10/25/49
........
35,445
5,833,456
Series
428
,
Class
C16
,
3.00
%
,
03/25/50
........
18,094
3,079,763
Series
437
,
Class
C11
,
3.00
%
,
07/25/52
........
111,754
18,952,619
Government
National
Mortgage
Association
Series
2020-146
,
Class
DI
,
2.50
%
,
10/20/50
........
22,511
2,963,787
Series
2020-149
,
Class
IA
,
2.50
%
,
10/20/50
........
18,658
2,472,033
Series
2020-175
,
Class
DI
,
2.50
%
,
11/20/50
........
7,697
987,478
Series
2020-185
,
Class
MI
,
2.50
%
,
12/20/50
........
28,219
3,696,195
Series
2021-140
,
Class
JI
,
3.00
%
,
08/20/51
........
32,473
5,131,961
Series
2021-176
,
Class
IA
,
3.50
%
,
10/20/51
........
27,312
4,356,743
Series
2021-214
,
Class
AI
,
4.00
%
,
12/20/51
........
26,699
4,490,076
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
95
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Interest
Only
Collateralized
Mortgage
Obligations
(continued)
Series
2021-215
,
Class
LI
,
3.00
%
,
12/20/51
........
USD
21,059
$
2,826,986
Series
2021-67
,
Class
QI
,
3.00
%
,
04/20/51
........
24,037
3,801,521
Series
2021-76
,
Class
JI
,
3.00
%
,
08/20/50
........
24,697
3,905,003
Series
2021-78
,
Class
IP
,
3.00
%
,
05/20/51
........
9,677
1,527,135
Series
2021-83
,
Class
PI
,
3.00
%
,
05/20/51
........
13,833
2,185,900
Series
2021-96
,
Class
MI
,
3.00
%
,
06/20/51
........
43,104
6,818,466
Series
2022-78
,
Class
D
,
3.00
%
,
08/20/51
........
81,884
12,847,604
Series
2022-85
,
Class
IK
,
3.00
%
,
05/20/51
........
6,162
973,193
141,468,985
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
,
Series
2019-KW08
,
Class
X2A
,
0.10
%
,
01/25/29
(a)
...........
271,881
960,257
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-
Through
Certificates
Variable
Rate
Notes
,
Series
KL06
,
Class
XFX
,
1.36
%
,
12/25/29
(b)
...........
11,610
602,349
Government
National
Mortgage
Association
Variable
Rate
Notes
(b)
Series
2009-80
,
1.56
%
,
09/16/51
1,905
266,333
Series
2013-30
,
0.52
%
,
09/16/53
7,304
104,295
Series
2016-36
,
0.66
%
,
08/16/57
1,617
42,941
Series
2016-96
,
0.77
%
,
12/16/57
8,562
311,438
2,287,613
Mortgage-Backed
Securities
—
41.5%
(w)
Uniform
Mortgage-Backed
Securities
6.00
%
,
03/01/38
-
03/01/54
...
107,646
109,370,556
4.50
%
,
09/01/43
-
11/01/44
...
103
100,318
4.00
%
,
09/01/44
-
06/01/52
(x)
..
285,438
268,367,966
5.00
%
,
10/01/52
..........
1
839
6.50
%
,
08/01/53
-
03/01/54
...
105,532
108,475,814
7.00
%
,
11/01/53
-
03/01/54
(x)
..
51,796
53,600,063
3.00
%
,
04/25/54
(w)
.........
38,634
33,233,656
3.50
%
,
04/25/54
-
05/25/54
(w)
..
6,547,374
5,859,096,760
4.00
%
,
04/25/54
-
05/25/54
(w)
..
62,666
58,028,818
4.50
%
,
04/25/54
(w)
.........
2,853,724
2,717,380,224
5.50
%
,
04/25/54
(w)
.........
172,011
171,157,184
6.50
%
,
04/25/54
-
05/25/54
(w)
..
1,860,454
1,900,673,630
7.00
%
,
04/25/54
-
05/25/54
(w)
..
3,906,336
4,023,573,376
15,303,059,204
Total
U.S.
Government
Sponsored
Agency
Securities
—
41
.9
%
(Cost:
$
15,492,047,044
)
...........................
15,473,019,503
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
1.38
%
,
08/15/50
............
75,000
39,606,446
1.88
%
,
02/15/51
(y)
...........
64,421
38,808,560
2.88
%
,
05/15/52
............
201,565
152,511,888
3.00
%
,
08/15/52
(x)
(y)
(z)
.........
186,365
144,760,469
3.63
%
,
02/15/53
............
3,000
2,634,375
U.S.
Treasury
Inflation
Linked
Notes
0.25
%
,
01/15/25
............
138,950
136,575,266
2.38
%
,
10/15/28
............
123,850
126,719,587
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
U.S.
Treasury
Notes
4.63
%
,
06/30/25
(y)
...........
USD
19,650
$
19,578,615
4.13
%
,
02/15/27
(y)
...........
250,000
247,890,625
2.38
%
,
05/15/29
............
1,000
914,805
3.38
%
,
05/15/33
(y)
...........
13,193
12,359,161
4.00
%
,
02/15/34
(y)
...........
140,011
137,692,068
Total
U.S.
Treasury
Obligations
—
2.9%
(Cost:
$
1,143,733,171
)
...........................
1,060,051,865
Shares
Shares
Warrants
Brazil
—
0.0%
Lavoro
Ltd.
(Issued/Exercisable
12/27/22
,
1
Share
for
1
Warrant,
Expires
12/27/27
,
Strike
Price
USD
11.50
)
(f)
..................
147,996
76,248
Germany
—
0.0%
Tonies
SE
(Issued/Exercisable
04/30/21
,
1
Share
for
1
Warrant,
Expires
04/30/26
,
Strike
Price
EUR
11.50
)
(f)
..................
196,295
31,766
Israel
—
0.0%
(f)
Deep
Instinct
Ltd.
,
(Acquired
09/20/22
,
cost
$
0
)
(Issued/Exercisable
09/20/22
,
1
Share
for
1
Warrant,
Expires
09/20/32
)
(c)
(i)
..........
111,033
16,655
Innovid
Corp.
,
Class
A
(Issued/
Exercisable
01/28/21
,
1
Share
for
1
Warrant,
Expires
12/31/27
,
Strike
Price
USD
11.50
)
............
3,266
147
16,802
Japan
—
0.0%
(c)(f)
Daiwa
House
Industry
Co.
Ltd.
(Issued/
Exercisable
02/06/24
,
1
Share
for
1
Warrant,
Expires
03/30/29
)
.....
11,000,000
387,035
Daiwa
House
Industry
Co.
Ltd.
(Issued/
Exercisable
01/29/24
,
1
Share
for
1
Warrant,
Expires
03/15/29
)
(d)
....
14,000,000
619,633
JAFCO
Group
Co.
Ltd.
(Issued/
Exercisable
09/28/23
,
1
Share
for
1
Warrant,
Expires
09/13/28
)
(d)
....
9,000,000
889,634
Money
Forward,
Inc.
(Issued/
Exercisable
08/18/23
,
1
Share
for
1
Warrant,
Expires
08/18/28
,
Strike
Price
JPY
2.50
)
.............
4,000,000
587,924
Sanrio
Co.
Ltd.
(Issued/Exercisable
12/14/23
,
1
Share
for
1
Warrant,
Expires
11/28/28
)
(d)
..........
10,000,000
2,490,740
4,974,966
Luxembourg
—
0.0%
HomeToGo
SE
(Issued/Exercisable
02/17/21
,
1
Share
for
1
Warrant,
Expires
12/31/25
,
Strike
Price
EUR
11.50
)
(f)
..................
109,138
1,177
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
96
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
Kingdom
—
0.0%
10X
Future
Technologies
Holdings
Ltd.
,
(Acquired
12/19/23
,
cost
$
0
)
(Issued/
Exercisable
12/19/23
,
1
Share
for
1
Warrant,
Expires
11/17/30
,
Strike
Price
GBP
0.01
)
(c)
(f)
(i)
..........
512,859
$
886,808
United
States
—
0.1%
(f)
Aurora
Innovation,
Inc.
(Issued/
Exercisable
05/04/21
,
1
Share
for
1
Warrant,
Expires
03/11/26
,
Strike
Price
USD
11.50
)
............
45,680
13,247
California
Resources
Corp.
(Issued/
Exercisable
10/23/20
,
1
Share
for
1
Warrant,
Expires
10/27/24
,
Strike
Price
USD
36.00
)
...........
9,137
178,720
Cano
Health,
Inc.
(Issued/Exercisable
07/06/20
,
1
Share
for
1
Warrant,
Expires
06/03/26
,
Strike
Price
USD
11.50
)
...................
178,770
18
Caresyntax,
Inc.
(Issued/Exercisable
06/14/23
,
1
Share
for
1
Warrant,
Expires
06/21/33
,
Strike
Price
USD
0.01
)
(c)
...................
5,337
510,271
Crown
PropTech
Acquisitions
(Issued/
Exercisable
01/25/21
,
1
Share
for
1
Warrant,
Expires
12/31/27
,
Strike
Price
USD
11.50
)
(c)
...........
199,600
2
Crown
PropTech
Acquisitions
(Issued/
Exercisable
02/05/21
,
1
Share
for
1
Warrant,
Expires
02/01/26
,
Strike
Price
USD
11.50
)
(c)
...........
333,560
13,476
CXApp,
Inc.
,
Class
A
(Issued/
Exercisable
02/02/21
,
1
Share
for
1
Warrant,
Expires
12/15/25
,
Strike
Price
USD
11.50
)
............
469,670
72,585
EVgo,
Inc.
(Issued/Exercisable
11/10/20
,
1
Share
for
1
Warrant,
Expires
09/15/25
,
Strike
Price
USD
11.50
)
...................
213,790
40,406
FLYR,
Inc.
(Issued/Exercisable
05/10/22
,
1
Share
for
1
Warrant,
Expires
05/10/32
,
Strike
Price
USD
3.95
)
(c)
...................
64,041
340,698
HawkEye
360,
Inc.
(Issued/Exercisable
07/07/23
,
1
Share
for
1
Warrant,
Expires
07/07/33
,
Strike
Price
USD
0.01
)
(c)
...................
515,422
2,448,254
HawkEye
360,
Inc.
(Issued/Exercisable
07/07/23
,
1
Share
for
1
Warrant,
Expires
07/07/33
,
Strike
Price
USD
0.01
)
(c)
...................
204,533
971,532
HawkEye
360,
Inc.
(Issued/Exercisable
07/07/23
,
1
Share
for
1
Warrant,
Expires
07/07/33
,
Strike
Price
USD
11.17
)
(c)
..................
81,813
200,442
Hippo
Holdings,
Inc.
(Issued/
Exercisable
01/04/21
,
1
Share
for
1
Warrant,
Expires
08/02/26
,
Strike
Price
USD
11.50
)
............
7,405
104
Latch,
Inc.
(Issued/Exercisable
12/29/20
,
1
Share
for
1
Warrant,
Expires
06/04/26
,
Strike
Price
USD
11.50
)
...................
164,855
1,665
Lightning
eMotors,
Inc.
(Issued/
Exercisable
05/06/21
,
1
Share
for
1
Warrant,
Expires
12/15/25
,
Strike
Price
USD
11.50
)
............
375,043
375
Security
Shares
Shares
Value
United
States
(continued)
New
York
Community
Bancorp,
Inc.
,
(Acquired
03/07/24
,
cost
$
0
)
(Issued/
Exercisable
03/11/24
,
1
Share
for
1
Warrant,
Expires
03/11/31
,
Strike
Price
USD
2.50
)
(i)
............
3,551
$
—
Offerpad
Solutions,
Inc.
(Issued/
Exercisable
10/13/20
,
1
Share
for
1
Warrant,
Expires
09/01/26
,
Strike
Price
USD
11.50
)
............
369,311
1,182
Palladyne
AI
Corp.
(Issued/Exercisable
12/21/20
,
1
Share
for
1
Warrant,
Expires
09/24/26
,
Strike
Price
USD
11.50
)
...................
505,097
25,760
Pear
Therapeutics,
Inc.
(Issued/
Exercisable
03/23/21
,
1
Share
for
1
Warrant,
Expires
12/03/26
,
Strike
Price
USD
11.50
)
(c)
...........
111,845
1
Pivotal
Investment
Corp.
III
,
Class
A
(Issued/Exercisable
01/19/21
,
1
Share
for
1
Warrant,
Expires
12/31/27
,
Strike
Price
USD
11.50
)
(c)
54,520
—
RapidSOS,
Inc.
(Issued/Exercisable
12/13/23
,
1
Share
for
1
Warrant,
Expires
12/13/33
,
Strike
Price
USD
0.01
)
(c)
...................
6,073,125
5,648,006
Sarcos
Technology
&
Robotics
Corp.
(Issued/Exercisable
01/15/21
,
1
Share
for
1
Warrant,
Expires
06/15/27
,
Strike
Price
USD
11.50
)
128,364
6,547
Sonder
Holdings,
Inc.
(Issued/
Exercisable
01/19/22
,
1
Share
for
1
Warrant,
Expires
11/19/26
,
Strike
Price
USD
12.50
)
(c)
..........
498,240
5
Versa
Networks,
Inc.
,
Series
E
,
(Acquired
10/14/22
,
cost
$
0
)
(Issued/
Exercisable
10/14/22
,
1
Share
for
1
Warrant,
Expires
10/07/32
,
Strike
Price
USD
0.01
)
(c)
(i)
..........
1,143,143
3,475,155
Volato
Group,
Inc.
,
(Acquired
12/03/23
,
cost
$
446,489
)
(Issued/Exercisable
12/04/23
,
1
Share
for
1
Warrant,
Expires
12/03/28
,
Strike
Price
USD
11.50
)
(c)
(i)
.................
299,148
32,906
13,981,357
Total
Warrants
—
0
.1
%
(Cost:
$
24,209,701
)
..............................
19,969,124
Total
Long-Term
Investments
—
130
.0
%
(Cost:
$
48,696,189,846
)
...........................
47,967,997,349
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
97
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Short-Term
Securities
Borrowed
Bond
Agreements
—
0.7%
(aa)
Barclays
Bank
plc
,
4.25
%
,
04/24/24
(Purchased
on
03/22/24
to
be
repurchased
at
USD
1,023,144
,
collateralized
by
GN
Bondco
LLC
,
9.50
%,
due
at
10/15/31
,
par
and
fair
value
of
USD
985,000
and
$
983,239
,
respectively)
........
USD
1,022
$
1,021,938
Barclays
Bank
plc
,
5.15
%
,
04/24/24
(Purchased
on
03/22/24
to
be
repurchased
at
USD
8,254,596
,
collateralized
by
Deutsche
Bank
AG
,
4.50
%,
due
at
04/01/25
,
par
and
fair
value
of
USD
8,200,000
and
$
8,062,697
,
respectively)
......
8,243
8,242,804
Barclays
Bank
plc
,
0.25
%
,
Open
(Purchased
on
11/14/23
to
be
repurchased
at
USD
3,134,694
,
collateralized
by
INEOS
Quattro
Finance
1
plc
,
3.75
%,
due
at
07/15/26
,
par
and
fair
value
of
EUR
3,249,000
and
$
3,391,265
,
respectively)
(ab)
.............
EUR
2,903
3,131,671
Barclays
Bank
plc
,
2.15
%
,
Open
(Purchased
on
03/26/24
to
be
repurchased
at
USD
2,218,566
,
collateralized
by
Intrum
AB
,
4.88
%,
due
at
08/15/25
,
par
and
fair
value
of
EUR
2,670,000
and
$
2,149,595
,
respectively)
(ab)
.............
2,056
2,218,036
Barclays
Bank
plc
,
3.25
%
,
Open
(Purchased
on
11/24/23
to
be
repurchased
at
USD
4,589,532
,
collateralized
by
Arkema
SA
,
0.75
%,
due
at
12/03/29
,
par
and
fair
value
of
EUR
5,000,000
and
$
4,678,466
,
respectively)
(ab)
.............
4,206
4,537,913
Barclays
Bank
plc
,
3.55
%
,
Open
(Purchased
on
11/30/23
to
be
repurchased
at
USD
4,453,754
,
collateralized
by
Akelius
Residential
Property
Financing
BV
,
0.75
%,
due
at
02/22/30
,
par
and
fair
value
of
EUR
5,550,000
and
$
4,750,935
,
respectively)
(ab)
.............
4,080
4,402,096
Barclays
Bank
plc
,
5.00
%
,
Open
(Purchased
on
01/29/24
to
be
repurchased
at
USD
5,450,837
,
collateralized
by
AthenaHealth
Group,
Inc.
,
6.50
%,
due
at
02/15/30
,
par
and
fair
value
of
USD
5,780,000
and
$
5,286,496
,
respectively)
(ab)
..
USD
5,404
5,404,300
Barclays
Bank
plc
,
5.10
%
,
Open
(Purchased
on
03/25/24
to
be
repurchased
at
USD
5,160,800
,
collateralized
by
Medline
Borrower
LP
,
5.25
%,
due
at
10/01/29
,
par
and
fair
value
of
USD
5,322,000
and
$
5,030,187
,
respectively)
(ab)
.....
5,156
5,155,688
Security
Par
(000)
Par
(000)
Value
Borrowed
Bond
Agreements
(continued)
Barclays
Bank
plc
,
5.15
%
,
Open
(Purchased
on
01/29/24
to
be
repurchased
at
USD
4,928,416
,
collateralized
by
PHH
Mortgage
Corp.
,
7.88
%,
due
at
03/15/26
,
par
and
fair
value
of
USD
5,190,000
and
$
5,025,570
,
respectively)
(ab)
.....
USD
4,885
$
4,885,088
Barclays
Bank
plc
,
5.15
%
,
Open
(Purchased
on
01/29/24
to
be
repurchased
at
USD
3,370,372
,
collateralized
by
Park
River
Holdings,
Inc.
,
5.63
%,
due
at
02/01/29
,
par
and
fair
value
of
USD
3,983,000
and
$
3,386,484
,
respectively)
(ab)
.............
3,341
3,340,741
Barclays
Capital,
Inc.
,
3.75
%
,
04/24/24
(Purchased
on
03/22/24
to
be
repurchased
at
USD
7,823,671
,
collateralized
by
Great
Lakes
Dredge
&
Dock
Corp.
,
5.25
%,
due
at
06/01/29
,
par
and
fair
value
of
USD
8,696,000
and
$
7,736,763
,
respectively)
...............
7,816
7,815,530
Barclays
Capital,
Inc.
,
3.85
%
,
04/24/24
(Purchased
on
03/22/24
to
be
repurchased
at
USD
1,751,801
,
collateralized
by
Clear
Channel
Outdoor
Holdings,
Inc.
,
7.75
%,
due
at
04/15/28
,
par
and
fair
value
of
USD
1,923,000
and
$
1,684,163
,
respectively)
...............
1,750
1,749,930
Barclays
Capital,
Inc.
,
5.15
%
,
04/24/24
(Purchased
on
03/22/24
to
be
repurchased
at
USD
7,578,818
,
collateralized
by
Valaris
Ltd.
,
8.38
%,
due
at
04/30/30
,
par
and
fair
value
of
USD
7,119,000
and
$
7,343,484
,
respectively)
...............
7,568
7,567,992
BNP
Paribas
SA
,
0.00
%
,
Open
(Purchased
on
03/27/24
to
be
repurchased
at
USD
2,192,227
,
collateralized
by
Intrum
AB
,
4.88
%,
due
at
08/15/25
,
par
and
fair
value
of
EUR
2,670,000
and
$
2,149,595
,
respectively)
(ab)
.............
EUR
2,032
2,192,227
BNP
Paribas
SA
,
2.00
%
,
Open
(Purchased
on
10/26/23
to
be
repurchased
at
USD
1,978,817
,
collateralized
by
Next
Group
plc
,
3.63
%,
due
at
05/18/28
,
par
and
fair
value
of
GBP
1,700,000
and
$
2,049,465
,
respectively)
(ab)
.....
GBP
1,554
1,961,965
BNP
Paribas
SA
,
3.50
%
,
Open
(Purchased
on
10/26/23
to
be
repurchased
at
USD
1,692,090
,
collateralized
by
Legrand
SA
,
0.38
%,
due
at
10/06/31
,
par
and
fair
value
of
EUR
2,000,000
and
$
1,790,537
,
respectively)
(ab)
.............
EUR
1,545
1,666,650
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
98
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Borrowed
Bond
Agreements
(continued)
BNP
Paribas
SA
,
3.88
%
,
Open
(Purchased
on
10/26/23
to
be
repurchased
at
USD
34,237,586
,
collateralized
by
Bonos
y
Obligaciones
del
Estado
,
0.70
%,
due
at
04/30/32
,
par
and
fair
value
of
EUR
40,000,000
and
$
36,163,052
,
respectively)
(ab)
.............
EUR
31,207
$
33,667,888
BNP
Paribas
SA
,
3.90
%
,
Open
(Purchased
on
10/26/23
to
be
repurchased
at
USD
34,320,398
,
collateralized
by
Bonos
y
Obligaciones
del
Estado
,
0.50
%,
due
at
10/31/31
,
par
and
fair
value
of
EUR
40,000,000
and
$
36,077,521
,
respectively)
(ab)
.............
31,280
33,746,428
BNP
Paribas
SA
,
5.10
%
,
Open
(Purchased
on
02/27/24
to
be
repurchased
at
USD
1,955,386
,
collateralized
by
Frontier
Communications
Holdings
LLC
,
6.75
%,
due
at
05/01/29
,
par
and
fair
value
of
USD
2,130,000
and
$
1,898,234
,
respectively)
(ab)
.....
USD
1,946
1,946,288
BNP
Paribas
SA
,
5.16
%
,
Open
(Purchased
on
02/15/24
to
be
repurchased
at
USD
6,780,625
,
collateralized
by
CrownRock
LP
,
5.00
%,
due
at
05/01/29
,
par
and
fair
value
of
USD
6,712,000
and
$
6,629,952
,
respectively)
(ab)
.....
6,737
6,737,170
BofA
Securities,
Inc.
,
5.10
%
,
04/18/24
(Purchased
on
03/14/24
to
be
repurchased
at
USD
2,802,127
,
collateralized
by
PHH
Mortgage
Corp.
,
7.88
%,
due
at
03/15/26
,
par
and
fair
value
of
USD
2,795,000
and
$
2,706,448
,
respectively)
......
2,795
2,795,000
BofA
Securities,
Inc.
,
5.10
%
,
04/18/24
(Purchased
on
03/14/24
to
be
repurchased
at
USD
10,162,148
,
collateralized
by
Deutsche
Bank
AG
,
6.12
%,
due
at
07/14/26
,
par
and
fair
value
of
USD
10,000,000
and
$
10,037,814
,
respectively)
.....
10,136
10,136,300
BofA
Securities,
Inc.
,
5.18
%
,
04/18/24
(Purchased
on
03/27/24
to
be
repurchased
at
USD
1,640,398
,
collateralized
by
Staples,
Inc.
,
7.50
%,
due
at
04/15/26
,
par
and
fair
value
of
USD
1,625,000
and
$
1,585,954
,
respectively)
......
1,639
1,639,219
Deutsche
Bank
AG
,
5.22
%
,
Open
(Purchased
on
11/24/23
to
be
repurchased
at
USD
21,449,282
,
collateralized
by
U.K.
Treasury
Inflation
Linked
Bonds
,
0.13
%,
due
at
03/22/46
,
par
and
fair
value
of
GBP
14,876,000
and
$
22,452,560
,
respectively)
(ab)
.............
GBP
16,695
21,071,641
Security
Par
(000)
Par
(000)
Value
Borrowed
Bond
Agreements
(continued)
Deutsche
Bank
AG
,
5.22
%
,
Open
(Purchased
on
11/24/23
to
be
repurchased
at
USD
4,628,408
,
collateralized
by
U.K.
Treasury
Inflation
Linked
Bonds
,
0.13
%,
due
at
03/22/46
,
par
and
fair
value
of
GBP
3,210,000
and
$
4,844,899
,
respectively)
(ab)
.............
GBP
3,603
$
4,546,919
Goldman
Sachs
International
,
3.60
%
,
Open
(Purchased
on
11/24/23
to
be
repurchased
at
USD
2,609,746
,
collateralized
by
Verisure
Midholding
AB
,
5.25
%,
due
at
02/15/29
,
par
and
fair
value
of
EUR
2,615,000
and
$
2,722,226
,
respectively)
(ab)
.............
EUR
2,389
2,577,272
J.P.
Morgan
Securities
plc
,
3.55
%
,
Open
(Purchased
on
11/24/23
to
be
repurchased
at
USD
4,001,568
,
collateralized
by
Vonovia
SE
,
0.25
%,
due
at
09/01/28
,
par
and
fair
value
of
EUR
4,500,000
and
$
4,146,360
,
respectively)
(ab)
.....
3,664
3,952,459
J.P.
Morgan
Securities
plc
,
3.60
%
,
Open
(Purchased
on
11/24/23
to
be
repurchased
at
USD
2,611,307
,
collateralized
by
Paprec
Holding
SA
,
3.50
%,
due
at
07/01/28
,
par
and
fair
value
of
EUR
2,600,000
and
$
2,669,079
,
respectively)
(ab)
..
2,390
2,578,814
J.P.
Morgan
Securities
plc
,
3.60
%
,
Open
(Purchased
on
11/24/23
to
be
repurchased
at
USD
2,045,599
,
collateralized
by
Vonovia
SE
,
0.25
%,
due
at
09/01/28
,
par
and
fair
value
of
EUR
2,300,000
and
$
2,119,251
,
respectively)
(ab)
.....
1,872
2,020,146
J.P.
Morgan
Securities
plc
,
3.65
%
,
Open
(Purchased
on
11/24/23
to
be
repurchased
at
USD
2,564,028
,
collateralized
by
Erste
Group
Bank
AG
,
0.88
%,
due
at
11/15/32
,
par
and
fair
value
of
EUR
2,800,000
and
$
2,674,422
,
respectively)
(ab)
.............
2,347
2,531,685
J.P.
Morgan
Securities
plc
,
3.70
%
,
Open
(Purchased
on
11/24/23
to
be
repurchased
at
USD
2,564,471
,
collateralized
by
Erste
Group
Bank
AG
,
0.88
%,
due
at
11/15/32
,
par
and
fair
value
of
EUR
2,800,000
and
$
2,674,423
,
respectively)
(ab)
.............
2,347
2,531,685
Merrill
Lynch
International
,
3.30
%
,
Open
(Purchased
on
11/24/23
to
be
repurchased
at
USD
13,770,977
,
collateralized
by
Arkema
SA
,
0.75
%,
due
at
12/03/29
,
par
and
fair
value
of
EUR
15,000,000
and
$
14,035,397
,
respectively)
(ab)
.............
12,619
13,613,739
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
99
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Borrowed
Bond
Agreements
(continued)
Merrill
Lynch
International
,
3.35
%
,
Open
(Purchased
on
11/24/23
to
be
repurchased
at
USD
2,588,360
,
collateralized
by
Legrand
SA
,
0.38
%,
due
at
10/06/31
,
par
and
fair
value
of
EUR
3,000,000
and
$
2,685,806
,
respectively)
(ab)
.............
EUR
2,371
$
2,558,363
Nomura
Securities
International,
Inc.
,
(
0.25
)
%
,
Open
(Purchased
on
01/29/24
to
be
repurchased
at
USD
2,123,203
,
collateralized
by
CommScope,
Inc.
,
8.25
%,
due
at
03/01/27
,
par
and
fair
value
of
USD
4,195,000
and
$
1,964,579
,
respectively)
(ab)
.............
USD
2,124
2,123,719
Nomura
Securities
International,
Inc.
,
3.35
%
,
Open
(Purchased
on
01/29/24
to
be
repurchased
at
USD
1,367,565
,
collateralized
by
GN
Bondco
LLC
,
9.50
%,
due
at
10/15/31
,
par
and
fair
value
of
USD
1,335,000
and
$
1,332,613
,
respectively)
(ab)
.............
1,357
1,356,694
Nomura
Securities
International,
Inc.
,
4.25
%
,
Open
(Purchased
on
02/08/24
to
be
repurchased
at
USD
8,089,206
,
collateralized
by
PBF
Holding
Co.
LLC
,
6.00
%,
due
at
02/15/28
,
par
and
fair
value
of
USD
7,980,000
and
$
7,852,254
,
respectively)
(ab)
.............
8,040
8,039,850
Nomura
Securities
International,
Inc.
,
4.50
%
,
Open
(Purchased
on
01/29/24
to
be
repurchased
at
USD
6,269,465
,
collateralized
by
Clear
Channel
Outdoor
Holdings,
Inc.
,
7.75
%,
due
at
04/15/28
,
par
and
fair
value
of
USD
7,000,000
and
$
6,130,600
,
respectively)
(ab)
.....
6,221
6,221,250
Nomura
Securities
International,
Inc.
,
5.05
%
,
Open
(Purchased
on
02/15/24
to
be
repurchased
at
USD
1,992,900
,
collateralized
by
CrownRock
LP
,
5.00
%,
due
at
05/01/29
,
par
and
fair
value
of
USD
1,973,000
and
$
1,948,882
,
respectively)
(ab)
.............
1,980
1,980,398
RBC
Capital
Markets
LLC
,
4.75
%
,
Open
(Purchased
on
02/08/24
to
be
repurchased
at
USD
54,685
,
collateralized
by
Viasat,
Inc.
,
5.63
%,
due
at
09/15/25
,
par
and
fair
value
of
USD
55,000
and
$
53,614
,
respectively)
(ab)
.............
54
54,313
RBC
Capital
Markets
LLC
,
5.15
%
,
Open
(Purchased
on
02/08/24
to
be
repurchased
at
USD
9,433,138
,
collateralized
by
Weatherford
International
Ltd.
,
8.63
%,
due
at
04/30/30
,
par
and
fair
value
of
USD
8,907,000
and
$
9,298,632
,
respectively)
(ab)
.....
9,363
9,363,484
Security
Par
(000)
Par
(000)
Value
Borrowed
Bond
Agreements
(continued)
RBC
Capital
Markets
LLC
,
5.15
%
,
Open
(Purchased
on
03/28/24
to
be
repurchased
at
USD
3,369,352
,
collateralized
by
Community
Health
Systems,
Inc.
,
6.00
%,
due
at
01/15/29
,
par
and
fair
value
of
USD
3,805,000
and
$
3,324,041
,
respectively)
(ab)
.....
USD
3,367
$
3,367,425
RBC
Capital
Markets
LLC
,
5.15
%
,
Open
(Purchased
on
02/08/24
to
be
repurchased
at
USD
3,860,405
,
collateralized
by
Cargo
Aircraft
Management,
Inc.
,
4.75
%,
due
at
02/01/28
,
par
and
fair
value
of
USD
4,240,000
and
$
3,834,389
,
respectively)
(ab)
.............
3,832
3,831,900
RBC
Capital
Markets
LLC
,
5.15
%
,
Open
(Purchased
on
02/08/24
to
be
repurchased
at
USD
1,897,225
,
collateralized
by
Valaris
Ltd.
,
8.38
%,
due
at
04/30/30
,
par
and
fair
value
of
USD
1,800,000
and
$
1,856,759
,
respectively)
(ab)
.....
1,883
1,883,216
RBC
Capital
Markets
LLC
,
5.16
%
,
Open
(Purchased
on
01/18/24
to
be
repurchased
at
USD
1,525,749
,
collateralized
by
DISH
DBS
Corp.
,
5.25
%,
due
at
12/01/26
,
par
and
fair
value
of
USD
2,020,000
and
$
1,590,565
,
respectively)
(ab)
..
1,510
1,509,950
RBC
Europe
Ltd.
,
3.65
%
,
Open
(Purchased
on
10/26/23
to
be
repurchased
at
USD
2,491,358
,
collateralized
by
Verisure
Midholding
AB
,
5.25
%,
due
at
02/15/29
,
par
and
fair
value
of
EUR
2,615,000
and
$
2,722,225
,
respectively)
(ab)
.....
EUR
2,273
2,452,322
Total
Borrowed
Bond
Agreements
—
0.7%
(Cost:
$
255,094,390
)
.............................
256,130,106
Commercial
Paper
—
2.7%
(t)
Bayer
Corp.
(a)
5.70%
,
08/12/24
............
USD
11,500
11,252,012
6.30%
,
09/10/24
............
16,217
15,794,552
Syngenta
Wilmington,
Inc.
,
6.12%
,
04/10/24
(a)
................
17,300
17,262,982
UBS
AG
6.20%
,
06/18/24
............
21,445
21,181,845
6.05%
,
06/25/24
(a)
...........
29,734
29,337,811
FMC
Corp.
(a)
5.95%
,
04/01/24
............
41,750
41,721,902
6.13%
,
04/22/24
............
83,250
82,897,472
General
Motors
Financial
Co.,
Inc.
,
6.18%
,
06/20/24
(a)
...........
20,412
20,145,188
Harley-Davidson
Financial
Services,
Inc.
,
6.17%
,
05/14/24
(a)
........
12,200
12,108,463
HSBC
USA,
Inc.
6.55%
,
06/24/24
............
14,500
14,306,095
6.53%
,
07/01/24
............
42,025
41,418,935
6.49%
,
08/12/24
(a)
...........
21,190
20,750,406
6.15%
,
08/16/24
............
20,636
20,195,184
6.46%
,
09/09/24
(a)
...........
24,384
23,768,761
6.53%
,
09/16/24
(a)
...........
40,618
39,545,604
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
100
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
6.52%
,
10/11/24
(a)
...........
USD
21,297
$
20,652,174
6.29%
,
11/27/24
(a)
...........
20,632
19,856,359
International
Flavors
&
Fragrances,
Inc.
,
6.09%
,
04/02/24
.........
107,690
107,608,826
Ovintiv,
Inc.
6.14%
,
04/18/24
............
18,000
17,935,509
6.12%
,
04/19/24
............
9,000
8,966,214
VF
Corp.
6.14%
,
07/23/24
............
16,897
16,599,744
6.47%
,
07/24/24
............
52,150
51,224,894
Walgreens
Boots
Alliance,
Inc.
6.44%
,
04/01/24
(a)
...........
41,597
41,568,364
6.44%
,
04/05/24
............
125,100
124,927,901
6.50%
,
04/15/24
(a)
...........
41,750
41,621,786
6.44%
,
05/10/24
............
125,100
124,177,513
Total
Commercial
Paper
—
2.7%
(Cost:
$
986,793,239
)
.............................
986,826,496
Foreign
Agency
Obligations
—
0.2%
Brazil
—
0.1%
Letras
do
Tesouro
Nacional
,
9.51%
,
10/01/24
(t)
.................
BRL
194
36,845,637
Egypt
—
0.1%
Arab
Republic
of
Egypt
Treasury
Bills
(t)
26.00%
,
10/01/24
...........
EGP
181,150
3,358,445
36.68%
,
12/10/24
...........
887,200
15,810,503
19,168,948
Total
Foreign
Agency
Obligations
—
0.2%
(Cost:
$
53,352,170
)
..............................
56,014,585
Foreign
Government
Obligations
—
0.7%
Brazil
—
0.2%
Federative
Republic
of
Brazil
Treasury
Bills
,
11.90%
,
04/01/24
(t)
.......
BRL
278
55,350,743
Egypt
—
0.1%
Arab
Republic
of
Egypt
Treasury
Bills
(t)
34.58%
,
09/17/24
...........
EGP
405,600
7,539,539
34.87%
,
03/18/25
...........
1,419,300
23,811,902
31,351,441
Mexico
—
0.4%
United
Mexican
States
Treasury
Bills
(t)
11.82%
,
10/03/24
...........
MXN
37,968
21,590,234
13.54%
,
11/28/24
...........
250,000
139,868,868
161,459,102
Total
Foreign
Government
Obligations
—
0.7%
(Cost:
$
230,310,714
)
.............................
248,161,286
Shares
Shares
Money
Market
Funds
—
4.0%
(u)(ac)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.50
%
(ad)
......
204,280,020
204,382,160
BlackRock
Liquid
Environmentally
Aware
Fund
,
Class
Direct
,
5.41
%
.
33,690,792
33,700,899
Security
Shares
Shares
Value
Money
Market
Funds
(continued)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.19
%
(j)
.....
1,243,264,100
$
1,243,264,100
Total
Money
Market
Funds
—
4
.0
%
(Cost:
$
1,481,341,615
)
...........................
1,481,347,159
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
0.3%
U.S.
Treasury
Bills
(t)
5.28
%
,
04/02/24
............
USD
100,000
99,985,498
5.34
%
,
05/09/24
............
3,214
3,196,125
Total
U.S.
Treasury
Obligations
—
0.3%
(Cost:
$
103,181,706
)
.............................
103,181,623
Total
Short-Term
Securities
—
8.6%
(Cost:
$
3,110,073,834
)
...........................
3,131,661,255
Total
Options
Purchased
—
0
.3
%
(Cost:
$
148,058,050
)
.............................
123,325,324
Total
Investments
Before
Options
Written,
Borrowed
Bonds
and
TBA
Sale
Commitments
—
138.9%
(Cost:
$
51,954,321,730
)
...........................
51,222,983,928
Total
Options
Written
—
(
0
.4
)
%
(Premiums
Received
—
$
(
167,453,949
)
)
...............
(
144,057,548
)
Borrowed
Bonds
Corporate
Bonds
—
(
0
.4
)
%
Austria
—
(0.0)%
Erste
Group
Bank
AG
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.10%),
0.88
%
,
11/15/32
(b)
...........
EUR
(
5,600
)
(
5,348,845
)
France
—
(0.1)%
Arkema
SA
,
0.75
%
,
12/03/29
......
(
20,000
)
(
18,713,862
)
Legrand
SA
,
0.38
%
,
10/06/31
.....
(
5,000
)
(
4,476,343
)
Paprec
Holding
SA
,
3.50
%
,
07/01/28
(
2,600
)
(
2,669,079
)
(
25,859,284
)
Germany
—
(0.1)%
Deutsche
Bank
AG:
4.50
%
,
04/01/25
............
USD
(
8,200
)
(
8,062,697
)
(1-day
SOFR
+
3.19%),
6.12
%
,
07/14/26
(b)
.........
(
10,000
)
(
10,037,814
)
Vonovia
SE
,
0.25
%
,
09/01/28
......
EUR
(
6,800
)
(
6,265,611
)
(
24,366,122
)
Sweden
—
(0.0)%
Akelius
Residential
Property
Financing
BV
,
0.75
%
,
02/22/30
.........
(
5,550
)
(
4,750,935
)
Intrum
AB
,
4.88
%
,
08/15/25
.......
(
5,340
)
(
4,299,190
)
Verisure
Midholding
AB
,
5.25
%
,
02/15/29
............
(
5,230
)
(
5,444,451
)
(
14,494,576
)
United
Kingdom
—
(0.0)%
INEOS
Quattro
Finance
1
plc
,
3.75
%
,
07/15/26
............
(
3,249
)
(
3,391,265
)
Next
Group
plc
,
3.63
%
,
05/18/28
...
GBP
(
1,700
)
(
2,049,465
)
(
5,440,730
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
101
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
—
(0.2)%
AthenaHealth
Group,
Inc.
,
6.50
%
,
02/15/30
(a)
...........
USD
(
5,780
)
$
(
5,286,496
)
Cargo
Aircraft
Management,
Inc.
,
4.75
%
,
02/01/28
(a)
...........
(
4,240
)
(
3,834,389
)
Clear
Channel
Outdoor
Holdings,
Inc.
,
7.75
%
,
04/15/28
(a)
...........
(
8,923
)
(
7,814,763
)
CommScope,
Inc.
,
8.25
%
,
03/01/27
(a)
(
4,195
)
(
1,964,579
)
Community
Health
Systems,
Inc.
,
6.00
%
,
01/15/29
(a)
...........
(
3,805
)
(
3,324,041
)
CrownRock
LP
,
5.00
%
,
05/01/29
(a)
..
(
8,685
)
(
8,578,834
)
DISH
DBS
Corp.
,
5.25
%
,
12/01/26
(a)
.
(
2,020
)
(
1,590,565
)
Frontier
Communications
Holdings
LLC
,
6.75
%
,
05/01/29
(a)
...........
(
2,130
)
(
1,898,234
)
GN
Bondco
LLC
,
9.50
%
,
10/15/31
(a)
.
(
2,320
)
(
2,315,852
)
Great
Lakes
Dredge
&
Dock
Corp.
,
5.25
%
,
06/01/29
(a)
...........
(
8,696
)
(
7,736,763
)
Medline
Borrower
LP
,
5.25
%
,
10/01/29
(a)
...........
(
5,322
)
(
5,030,187
)
Park
River
Holdings,
Inc.
,
5.63
%
,
02/01/29
(a)
...........
(
3,983
)
(
3,386,484
)
PBF
Holding
Co.
LLC
,
6.00
%
,
02/15/28
(
7,980
)
(
7,852,254
)
PHH
Mortgage
Corp.
,
7.88
%
,
03/15/26
(a)
...........
(
7,985
)
(
7,732,018
)
Staples,
Inc.
,
7.50
%
,
04/15/26
(a)
....
(
1,625
)
(
1,585,954
)
Valaris
Ltd.
,
8.38
%
,
04/30/30
(a)
.....
(
8,919
)
(
9,200,243
)
Viasat,
Inc.
,
5.63
%
,
09/15/25
(a)
.....
(
55
)
(
53,614
)
Weatherford
International
Ltd.
,
8.63
%
,
04/30/30
(a)
...........
(
8,907
)
(
9,298,632
)
(
88,483,902
)
Foreign
Government
Obligations
—
(
0
.3
)
%
Spain
—
(0.2)%
Bonos
y
Obligaciones
del
Estado
(a)
:
0.50
%
,
10/31/31
............
EUR
(
40,000
)
(
36,077,521
)
Security
Par
(000)
Par
(000)
Value
Spain
(continued)
0.70
%
,
04/30/32
............
EUR
(
40,000
)
$
(
36,163,052
)
(
72,240,573
)
United
Kingdom
—
(0.1)%
U.K.
Treasury
Inflation
Linked
Bonds
,
0.13
%
,
03/22/46
............
GBP
(
26,520
)
(
27,297,459
)
Total
Borrowed
Bonds
—
(
0
.7
)
%
(Proceeds:
$
(
292,784,311
)
)
........................
(
263,531,491
)
TBA
Sale
Commitments
(w)
Government
National
Mortgage
Association
4.50
%
,
04/15/54
............
USD
(
756,697
)
(
727,056,286
)
5.50
%
,
04/15/54
............
(
761,250
)
(
760,535,064
)
Uniform
Mortgage-Backed
Securities
3.00
%
,
04/25/54
............
(
3,368
)
(
2,897,191
)
4.00
%
,
04/25/54
-
05/25/54
.....
(
355,361
)
(
329,081,551
)
5.00
%
,
04/25/54
............
(
1,503,273
)
(
1,466,687,920
)
5.50
%
,
04/25/54
............
(
1,050,092
)
(
1,044,879,287
)
6.00
%
,
04/25/54
............
(
109,299
)
(
110,294,053
)
6.50
%
,
04/25/54
-
05/25/54
.....
(
4,371,306
)
(
4,464,618,146
)
7.00
%
,
04/25/54
............
(
994,200
)
(
1,024,732,986
)
3.50
%
,
05/25/54
............
(
879,762
)
(
787,828,947
)
Total
TBA
Sale
Commitments
—
(
29
.1
)
%
(Proceeds:
$
(
10,716,045,967
)
)
......................
(
10,718,611,431
)
Total
Investments
Net
of
Options
Written,
Borrowed
Bonds
and
TBA
Sale
Commitments
—
108
.7
%
(Cost:
$
40,778,037,503
)
...........................
40,096,783,458
Liabilities
in
Excess
of
Other
Assets
—
(
8.7
)
%
............
(
3,197,726,572
)
Net
Assets
—
100.0%
..............................
$
36,899,056,886
(a)
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.
(b)
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.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
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.
(f)
Non-income
producing
security.
(g)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(h)
All
or
a
portion
of
the
security
has
been
pledged
and/or
segregated
as
collateral
in
connection
with
outstanding
exchange-traded
options
written.
(i)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$352,025,747,
representing
0.95%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$348,280,349.
(j)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
(k)
Investment
does
not
issue
shares.
(l)
All
or
a
portion
of
this
security
is
on
loan.
(m)
Zero-coupon
bond.
(n)
Convertible
security.
(o)
Perpetual
security
with
no
stated
maturity
date.
(p)
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.
(q)
Rounds
to
less
than
1,000.
(r)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(s)
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.
(t)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(u)
Affiliate
of
the
Fund.
(v)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(w)
Represents
or
includes
a
TBA
transaction.
(x)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
TBA
commitments.
(y)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(z)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
borrowed
bonds.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
102
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:
(aa)
Certain
agreements
have
no
stated
maturity
and
can
be
terminated
by
either
party
at
any
time.
(ab)
The
amount
to
be
repurchased
assumes
the
maturity
will
be
the
day
after
the
period
end.
(ac)
Annualized
7-day
yield
as
of
period
end.
(ad)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
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
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
—
$
204,383,891
(a)
$
—
$
(
1,731
)
$
—
$
204,382,160
204,280,020
$
265,639
(b)
$
—
BlackRock
Liquid
Environmentally
Aware
Fund
,
Class
Direct
......
394,464,458
4,391,562
(
365,037,984
)
34,052
(
151,189
)
33,700,899
33,690,792
4,389,007
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
1,717,704,758
—
(
474,440,658
)
(a)
—
—
1,243,264,100
1,243,264,100
13,698,991
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(c)
........
206,038,791
—
(
206,051,854
)
(a)
114,199
(
101,136
)
—
—
—
—
iShares
0-5
Year
TIPS
Bond
ETF
................
39,602,617
—
—
—
337,420
39,940,037
401,690
—
—
iShares
20+
Year
Treasury
Bond
ETF
............
10,184,640
—
—
—
(
438,780
)
9,745,860
103,000
62,352
—
iShares
Bitcoin
Trust
......
—
3,667,435
—
—
(
106,075
)
3,561,360
88,000
—
—
iShares
China
Large-Cap
ETF
(c)
—
5,676,250
(
5,512,146
)
(
164,104
)
—
—
—
—
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
147,927,632
—
(
65,865,144
)
614,643
(
3,407,769
)
79,269,362
727,776
902,375
—
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
................
83,325,516
—
—
—
570,722
83,896,238
935,611
704,492
—
iShares
Latin
America
40
ETF
15,578,107
—
—
—
(
332,361
)
15,245,746
536,067
—
—
iShares
MSCI
Brazil
ETF
...
17,367,219
—
—
—
(
1,261,806
)
16,105,413
496,774
—
—
iShares
Russell
Mid-Cap
Growth
ETF
..........
10,003,716
—
—
—
927,015
10,930,731
95,766
11,305
—
$
597,059
$
(
3,963,959
)
$
1,740,041,906
$
20,034,161
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
103
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
CME
Bitcoin
(a)
............................................................
210
04/26/24
$
75,107
$
7,106,782
Euro-Bobl
...............................................................
10,984
06/06/24
1,401,273
4,513,659
SGX
Nikkei
225
Index
.......................................................
71
06/13/24
18,936
299,173
Australia
10-Year
Bond
......................................................
955
06/17/24
72,548
14,463
3-mo.
SOFR
.............................................................
300
06/18/24
71,004
(477)
Korea
3-Year
Bond
.........................................................
2,684
06/18/24
209,038
(330,551)
EURO
STOXX
Banks
Price
Index
...............................................
67
06/21/24
490
35,285
MSCI
Emerging
Markets
E-Mini
Index
............................................
242
06/21/24
12,693
(96,030)
NASDAQ
100
E-Mini
Index
...................................................
31
06/21/24
11,455
(107,050)
U.S.
Treasury
5-Year
Note
....................................................
33,813
06/28/24
3,618,519
(5,909,008)
3-mo.
EURIBOR
..........................................................
1,695
09/16/24
441,985
(79,050)
ECX
Emission
(a)
...........................................................
56
12/16/24
3,734
(553,478)
3-mo.
SONIA
Index
.........................................................
4,354
03/18/25
1,313,470
171,237
3-mo.
SOFR
.............................................................
689
09/16/25
165,222
(103,293)
90-day
Australian
Bank
Bills
...................................................
2,044
12/11/25
1,320,350
294,261
3-mo.
SONIA
Index
.........................................................
1,455
12/16/25
441,707
(243,144)
5,012,779
Short
Contracts
FTSE
China
A50
Index
......................................................
591
04/29/24
7,170
(66,767)
MSCI
Singapore
Index
......................................................
190
04/29/24
4,094
(2,171)
Euro-BTP
...............................................................
1,830
06/06/24
234,961
(809,149)
Euro-Bund
..............................................................
4,068
06/06/24
585,373
(2,710,083)
Euro-Buxl
...............................................................
970
06/06/24
142,113
(2,951,884)
Euro-OAT
...............................................................
934
06/06/24
129,150
(1,476,955)
Euro-Schatz
.............................................................
3,092
06/06/24
352,595
(448,367)
Japan
10-Year
Bond
........................................................
1,496
06/13/24
1,441,647
(3,843,781)
SGX
Nikkei
225
Index
.......................................................
30
06/13/24
3,995
(35,502)
U.S.
Treasury
10-Year
Note
...................................................
37,294
06/18/24
4,132,059
(1,885,698)
U.S.
Treasury
10-Year
Ultra
Note
...............................................
18,031
06/18/24
2,066,522
(12,687,065)
U.S.
Treasury
Long
Bond
.....................................................
4,377
06/18/24
527,155
754,035
U.S.
Treasury
Ultra
Bond
.....................................................
837
06/18/24
107,973
(496,888)
Canada
10-Year
Bond
.......................................................
262
06/19/24
23,276
123,262
EURO
STOXX
50
Index
.....................................................
700
06/21/24
38,143
(981,548)
Russell
2000
E-Mini
Index
....................................................
808
06/21/24
86,694
(2,129,842)
S&P
500
E-Mini
Index
.......................................................
439
06/21/24
116,522
(173,324)
Long
Gilt
................................................................
1,379
06/26/24
173,946
(1,377,341)
U.S.
Treasury
2-Year
Note
....................................................
29,705
06/28/24
6,074,208
3,900,945
3-mo.
CORRA
............................................................
628
09/17/24
110,365
74,575
3-mo.
SOFR
.............................................................
162
09/17/24
38,416
22,536
90-day
Australian
Bank
Bills
...................................................
1,172
12/12/24
756,312
(19,638)
3-mo.
SOFR
.............................................................
162
12/17/24
38,524
48,111
3-mo.
SONIA
Index
.........................................................
1,455
12/17/24
437,598
213,332
3-mo.
SOFR
.............................................................
3,086
03/18/25
736,127
866,724
3-mo.
EURIBOR
..........................................................
1,695
09/15/25
445,916
24,901
3-mo.
SOFR
.............................................................
690
09/14/27
166,316
(66,664)
(26,134,246)
$
(21,121,467)
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
104
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
57,398,000
BRL
285,784,642
Goldman
Sachs
International
04/02/24
$
416,574
USD
9,794,368
BRL
48,045,000
JPMorgan
Chase
Bank
NA
04/02/24
214,873
GBP
3,555,000
USD
4,486,019
State
Street
Bank
and
Trust
Co.
04/03/24
949
USD
35,857,749
EUR
33,227,463
Standard
Chartered
Bank
04/03/24
8,905
PEN
10,503,707
USD
2,823,198
Deutsche
Bank
AG
04/05/24
379
USD
42,094,718
BRL
209,816,910
HSBC
Bank
plc
04/05/24
273,582
USD
9,644,210
EUR
8,850,949
Deutsche
Bank
AG
04/05/24
94,249
USD
2,744,557
EUR
2,516,945
Morgan
Stanley
&
Co.
International
plc
04/05/24
28,834
USD
60,247,352
ZAR
1,126,192,272
Deutsche
Bank
AG
04/05/24
799,953
USD
84,778,679
IDR
1,321,360,497,757
Bank
of
America
NA
04/19/24
1,573,930
USD
26,686,447
IDR
416,442,000,000
Deutsche
Bank
AG
04/19/24
463,511
USD
91,756,364
EUR
84,167,348
Deutsche
Bank
AG
04/22/24
879,960
USD
7,405,514
EUR
6,812,228
Toronto
Dominion
Bank
04/22/24
50,277
USD
67,805,721
PLN
268,180,712
Goldman
Sachs
International
04/22/24
676,215
AUD
8,298,128
EUR
5,004,000
Morgan
Stanley
&
Co.
International
plc
04/24/24
7,568
COP
62,648,594,200
GBP
12,598,000
Morgan
Stanley
&
Co.
International
plc
04/24/24
243,194
COP
48,058,766,490
USD
12,297,000
Barclays
Bank
plc
04/24/24
88,609
COP
28,610,732,000
USD
7,372,000
Standard
Chartered
Bank
04/24/24
1,501
HUF
3,500,830,100
EUR
8,830,000
UBS
AG
04/24/24
41,396
MXN
123,384,095
USD
7,372,000
Barclays
Bank
plc
04/24/24
24,571
MXN
1,161,832,696
USD
68,917,000
Morgan
Stanley
&
Co.
International
plc
04/24/24
731,993
USD
29,445,000
CHF
26,041,618
Deutsche
Bank
AG
04/24/24
498,752
USD
21,452,000
CNY
154,143,346
UBS
AG
04/24/24
211,896
USD
14,278,000
CZK
330,660,632
Morgan
Stanley
&
Co.
International
plc
04/24/24
182,159
USD
65,488,092
EUR
60,064,000
JPMorgan
Chase
Bank
NA
04/24/24
631,097
USD
20,210,000
JPY
2,997,899,056
Morgan
Stanley
&
Co.
International
plc
04/24/24
339,598
USD
11,058,000
NOK
117,317,904
BNP
Paribas
SA
04/24/24
245,663
USD
14,745,000
SEK
156,010,947
HSBC
Bank
plc
04/24/24
157,161
USD
28,561,000
TWD
902,670,405
Citibank
NA
04/24/24
349,864
USD
10,990,000
ZAR
208,302,262
BNP
Paribas
SA
04/24/24
11,182
ZAR
293,425,037
EUR
14,200,000
Morgan
Stanley
&
Co.
International
plc
04/24/24
132,181
ZAR
588,285,817
USD
30,981,000
Citibank
NA
04/24/24
25,301
USD
33,082,730
CNY
234,341,517
Citibank
NA
04/29/24
784,571
CLP
260,198,122
USD
262,834
Citibank
NA
05/16/24
2,391
CLP
1,908,119,560
USD
1,934,742
Credit
Agricole
Corporate
&
Investment
Bank
SA
05/16/24
10,242
COP
12,834,264,000
USD
3,262,536
Morgan
Stanley
&
Co.
International
plc
05/16/24
32,801
HUF
428,641
EUR
1,080
Deutsche
Bank
AG
05/16/24
4
HUF
3,144,189
EUR
7,920
Goldman
Sachs
International
05/16/24
30
MXN
264,884,000
USD
15,697,799
BNP
Paribas
SA
05/16/24
123,574
PEN
2,711,000
USD
728,118
Deutsche
Bank
AG
05/16/24
28
USD
103,992
AUD
157,813
Natwest
Markets
plc
05/16/24
1,022
USD
761,548
AUD
1,157,292
Toronto
Dominion
Bank
05/16/24
6,435
USD
31,043,344
BRL
154,509,490
Goldman
Sachs
International
05/16/24
367,352
USD
3,670,943
CHF
3,260,000
Deutsche
Bank
AG
05/16/24
38,298
USD
15,704,337
CZK
364,465,933
Barclays
Bank
plc
05/16/24
167,038
USD
25,695,025
CZK
597,933,539
BNP
Paribas
SA
05/16/24
204,927
USD
2,795,526
EUR
2,560,752
Citibank
NA
05/16/24
27,966
USD
53,108,803
EUR
48,424,919
Deutsche
Bank
AG
05/16/24
773,054
USD
12,453,692
EUR
11,373,662
State
Street
Bank
and
Trust
Co.
05/16/24
161,485
USD
4,600,184
HUF
1,683,289,089
Barclays
Bank
plc
05/16/24
1,723
USD
31,449,595
IDR
495,173,870,971
HSBC
Bank
plc
05/16/24
291,769
USD
40,913,739
IDR
641,766,716,485
UBS
AG
05/16/24
531,852
USD
37,426,567
PEN
138,282,558
BNP
Paribas
SA
05/16/24
285,350
USD
44,449,832
PEN
164,124,338
Citibank
NA
05/16/24
367,789
USD
4,765,232
PEN
17,598,000
Standard
Chartered
Bank
05/16/24
38,597
USD
14,002,607
PLN
55,869,612
BNP
Paribas
SA
05/16/24
21,071
USD
7,320,739
SEK
77,389,000
HSBC
Bank
plc
05/16/24
77,713
USD
3,602,000
TWD
114,161,788
JPMorgan
Chase
Bank
NA
05/16/24
30,199
USD
27,746,771
ZAR
526,650,624
Bank
of
America
NA
05/16/24
39,757
USD
40,118,692
ZAR
759,559,552
State
Street
Bank
and
Trust
Co.
05/16/24
158,373
COP
71,591,985,000
USD
16,311,685
BNP
Paribas
SA
05/17/24
2,067,124
USD
894,324
AUD
1,370,000
HSBC
Bank
plc
05/20/24
318
USD
6,777,287
AUD
10,264,304
JPMorgan
Chase
Bank
NA
05/20/24
79,219
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
105
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
7,064,141
EUR
6,500,000
JPMorgan
Chase
Bank
NA
05/20/24
$
38,057
USD
10,675,365
EUR
9,850,000
Societe
Generale
SA
05/20/24
28,145
CNY
146,920,000
MXN
339,868,126
HSBC
Bank
plc
05/24/24
2,395
MXN
345,685,717
CNY
146,920,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
05/24/24
344,609
USD
92,043,224
CZK
2,148,841,106
Citibank
NA
06/04/24
426,863
AUD
51,530,000
NZD
55,445,966
HSBC
Bank
plc
06/20/24
527,023
AUD
12,464,643
USD
8,107,627
BNP
Paribas
SA
06/20/24
33,198
CAD
29,036,000
JPY
3,173,505,009
JPMorgan
Chase
Bank
NA
06/20/24
237,842
CAD
4,066,545
USD
3,000,000
HSBC
Bank
plc
06/20/24
5,599
CHF
3,712,092
USD
4,150,000
Deutsche
Bank
AG
06/20/24
2,759
CHF
2,693,403
USD
3,000,000
Toronto
Dominion
Bank
06/20/24
13,140
COP
17,960,000,000
USD
4,507,184
Bank
of
America
NA
06/20/24
78,273
GBP
3,600,000
USD
4,534,423
BNP
Paribas
SA
06/20/24
11,235
GBP
1,188,784
USD
1,500,000
Citibank
NA
06/20/24
1,057
HUF
4,113,000,000
EUR
10,355,624
Citibank
NA
06/20/24
8,791
JPY
404,877,322
EUR
2,485,000
Citibank
NA
06/20/24
17,973
JPY
6,864,000,000
USD
45,823,695
Barclays
Bank
plc
06/20/24
79,223
JPY
680,680,477
USD
4,550,000
Toronto
Dominion
Bank
06/20/24
2,043
KRW
33,510,692,776
USD
24,929,285
Citibank
NA
06/20/24
7,664
MXN
70,474,272
USD
4,154,000
Goldman
Sachs
International
06/20/24
32,012
MXN
77,600,000
USD
4,543,249
JPMorgan
Chase
Bank
NA
06/20/24
66,015
MXN
926,581,956
USD
54,532,562
Morgan
Stanley
&
Co.
International
plc
06/20/24
504,307
USD
21,507,593
AUD
32,554,553
BNP
Paribas
SA
06/20/24
245,779
USD
1,817,208
AUD
2,780,000
Citibank
NA
06/20/24
1,553
USD
8,157,361
AUD
12,464,643
Credit
Agricole
Corporate
&
Investment
Bank
SA
06/20/24
16,536
USD
7,450,000
AUD
11,383,921
Deutsche
Bank
AG
06/20/24
15,009
USD
19,351,318
AUD
29,306,124
JPMorgan
Chase
Bank
NA
06/20/24
211,098
USD
34,013,121
AUD
51,743,000
Morgan
Stanley
&
Co.
International
plc
06/20/24
219,076
USD
9,050,000
AUD
13,775,422
Toronto
Dominion
Bank
06/20/24
53,088
USD
5,613,381
BRL
28,292,000
Barclays
Bank
plc
06/20/24
14,888
USD
16,665,915
BRL
84,146,205
Citibank
NA
06/20/24
14,850
USD
7,916,581
CAD
10,702,000
Deutsche
Bank
AG
06/20/24
6,692
USD
2,750,000
CAD
3,697,340
Goldman
Sachs
International
06/20/24
17,282
USD
6,400,000
CAD
8,648,946
JPMorgan
Chase
Bank
NA
06/20/24
7,531
USD
20,773,000
CAD
28,092,927
Morgan
Stanley
&
Co.
International
plc
06/20/24
9,410
USD
3,000,000
CAD
4,056,114
Toronto
Dominion
Bank
06/20/24
2,111
USD
174,975,401
CHF
151,971,647
BNP
Paribas
SA
06/20/24
4,962,997
USD
7,800,000
CHF
6,817,384
Goldman
Sachs
International
06/20/24
173,315
USD
185,075,206
CHF
160,898,145
JPMorgan
Chase
Bank
NA
06/20/24
5,076,630
USD
3,000,000
CHF
2,669,405
Morgan
Stanley
&
Co.
International
plc
06/20/24
13,707
USD
2,723,487
CNY
19,312,000
Bank
of
America
NA
06/20/24
54,440
USD
124,894,240
CNY
892,369,347
Barclays
Bank
plc
06/20/24
1,562,867
USD
27,275,916
CNY
194,740,000
Citibank
NA
06/20/24
361,554
USD
12,829,248
CNY
91,800,000
Deutsche
Bank
AG
06/20/24
141,878
USD
6,366,171
CNY
45,900,000
Royal
Bank
of
Canada
06/20/24
22,485
USD
61,356,713
EUR
56,586,699
BNP
Paribas
SA
06/20/24
110,103
USD
256,058,491
EUR
235,002,704
Deutsche
Bank
AG
06/20/24
1,703,329
USD
416,287,394
EUR
379,696,403
HSBC
Bank
plc
06/20/24
5,323,018
USD
86,795,454
EUR
79,451,980
JPMorgan
Chase
Bank
NA
06/20/24
800,608
USD
8,759,421
EUR
8,037,000
Morgan
Stanley
&
Co.
International
plc
06/20/24
60,575
USD
56,971,224
EUR
51,980,000
Standard
Chartered
Bank
06/20/24
710,675
USD
3,750,801,039
EUR
3,432,901,943
Toronto
Dominion
Bank
06/20/24
35,199,849
USD
3,664,946,433
EUR
3,351,420,999
UBS
AG
06/20/24
37,536,138
USD
14,811,667
GBP
11,626,236
Barclays
Bank
plc
06/20/24
131,421
USD
4,700,000
GBP
3,703,127
BNP
Paribas
SA
06/20/24
24,126
USD
5,077,614
GBP
3,989,000
Deutsche
Bank
AG
06/20/24
40,773
USD
1,813,852,254
GBP
1,423,880,000
HSBC
Bank
plc
06/20/24
15,943,658
USD
48,756,504
GBP
38,220,672
JPMorgan
Chase
Bank
NA
06/20/24
495,923
USD
100,884,994
GBP
79,112,000
Morgan
Stanley
&
Co.
International
plc
06/20/24
991,642
USD
4,587,799
GBP
3,600,000
Standard
Chartered
Bank
06/20/24
42,141
USD
4,500,000
GBP
3,558,045
Toronto
Dominion
Bank
06/20/24
7,317
USD
36,239,955
GBP
28,301,255
UBS
AG
06/20/24
504,451
USD
1,567,123
HKD
12,229,000
HSBC
Bank
plc
06/20/24
1,098
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
106
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
6,206,071
HKD
48,426,000
UBS
AG
06/20/24
$
4,723
USD
619,975
HUF
226,035,000
State
Street
Bank
and
Trust
Co.
06/20/24
3,520
USD
1,833,320
IDR
28,622,142,000
BNP
Paribas
SA
06/20/24
34,046
USD
5,510,157
IDR
86,310,000,000
Citibank
NA
06/20/24
84,451
USD
15,984,949
IDR
250,196,427,113
Credit
Agricole
Corporate
&
Investment
Bank
SA
06/20/24
256,851
USD
2,722,747
IDR
43,155,000,000
Morgan
Stanley
&
Co.
International
plc
06/20/24
9,894
USD
36,732,364
IDR
573,282,004,948
Nomura
International
plc
06/20/24
694,137
USD
5,657,098
INR
472,000,000
Bank
of
America
NA
06/20/24
10,623
USD
31,295,714
INR
2,605,000,000
Goldman
Sachs
International
06/20/24
132,437
USD
1,538,901
INR
127,897,000
HSBC
Bank
plc
06/20/24
8,886
USD
171,079,091
INR
14,208,950,311
JPMorgan
Chase
Bank
NA
06/20/24
1,099,266
USD
7,228,045
INR
600,000,000
Standard
Chartered
Bank
06/20/24
50,323
USD
10,100,000
JPY
1,486,341,368
BNP
Paribas
SA
06/20/24
160,110
USD
177,504,880
JPY
26,363,643,503
Deutsche
Bank
AG
06/20/24
1,198,330
USD
341,307,863
JPY
49,733,197,426
HSBC
Bank
plc
06/20/24
8,717,702
USD
70,135,947
JPY
10,161,676,256
JPMorgan
Chase
Bank
NA
06/20/24
2,179,859
USD
13,810,242
JPY
2,035,869,112
Morgan
Stanley
&
Co.
International
plc
06/20/24
195,391
USD
53,619,556
JPY
7,928,401,545
Royal
Bank
of
Canada
06/20/24
598,466
USD
1,500,000
JPY
224,224,713
Toronto
Dominion
Bank
06/20/24
500
USD
39,894,864
KRW
52,876,698,885
BNP
Paribas
SA
06/20/24
546,721
USD
1,832,595
KRW
2,425,000,000
Citibank
NA
06/20/24
28,034
USD
4,800,885
KRW
6,246,000,000
HSBC
Bank
plc
06/20/24
152,930
USD
13,699,879
KRW
18,040,000,000
JPMorgan
Chase
Bank
NA
06/20/24
275,430
USD
14,449,033
KRW
18,895,000,000
Morgan
Stanley
&
Co.
International
plc
06/20/24
388,338
USD
8,309,000
MXN
139,466,565
Citibank
NA
06/20/24
25,002
USD
16,535,435
MYR
77,550,000
Barclays
Bank
plc
06/20/24
227,135
USD
12,417,130
MYR
57,875,000
Goldman
Sachs
International
06/20/24
246,364
USD
3,000,000
NOK
32,139,106
Goldman
Sachs
International
06/20/24
34,004
USD
29,413,731
NOK
311,961,765
JPMorgan
Chase
Bank
NA
06/20/24
623,966
USD
11,500,000
NZD
18,839,559
Deutsche
Bank
AG
06/20/24
243,722
USD
6,550,000
NZD
10,630,294
JPMorgan
Chase
Bank
NA
06/20/24
198,602
USD
8,670,157
PHP
480,240,000
BNP
Paribas
SA
06/20/24
129,859
USD
39,683,291
PHP
2,210,918,124
Citibank
NA
06/20/24
365,660
USD
3,683,405
PHP
204,650,000
HSBC
Bank
plc
06/20/24
44,033
USD
13,750,111
PHP
772,000,000
Standard
Chartered
Bank
06/20/24
21,330
USD
6,460,100
PLN
25,473,000
Morgan
Stanley
&
Co.
International
plc
06/20/24
88,178
USD
6,442,877
PLN
25,434,000
UBS
AG
06/20/24
80,711
USD
7,050,000
SEK
72,340,462
BNP
Paribas
SA
06/20/24
269,323
USD
9,956,000
SEK
103,691,382
Citibank
NA
06/20/24
236,713
USD
1,000,000
SEK
10,199,345
JPMorgan
Chase
Bank
NA
06/20/24
43,986
USD
3,262,509
SGD
4,370,000
Goldman
Sachs
International
06/20/24
14,274
USD
3,265,832
SGD
4,325,000
HSBC
Bank
plc
06/20/24
51,046
USD
1,271,943
SGD
1,688,000
Natwest
Markets
plc
06/20/24
17,247
USD
2,417,538
SGD
3,231,000
State
Street
Bank
and
Trust
Co.
06/20/24
15,925
USD
65,318,015
THB
2,295,750,000
Goldman
Sachs
International
06/20/24
1,981,000
USD
2,714,626
THB
97,275,000
HSBC
Bank
plc
06/20/24
30,925
USD
49,005,799
THB
1,760,400,000
JPMorgan
Chase
Bank
NA
06/20/24
438,454
USD
19,688,326
TWD
607,250,000
Bank
of
America
NA
06/20/24
640,855
USD
1,818,297
TWD
57,300,000
Barclays
Bank
plc
06/20/24
20,981
USD
4,109,809
TWD
128,000,000
Citibank
NA
06/20/24
94,862
USD
16,613,000
ZAR
316,449,408
JPMorgan
Chase
Bank
NA
06/20/24
14,978
USD
18,275,105
ZAR
347,398,781
Morgan
Stanley
&
Co.
International
plc
06/20/24
53,764
ZAR
317,848,223
USD
16,613,000
JPMorgan
Chase
Bank
NA
06/20/24
58,391
ZAR
349,626,516
USD
18,275,105
Morgan
Stanley
&
Co.
International
plc
06/20/24
63,083
USD
18,228,316
EUR
16,781,283
Morgan
Stanley
&
Co.
International
plc
07/02/24
55,632
USD
5,369,439
EUR
4,943,480
Standard
Chartered
Bank
07/02/24
16,077
USD
59,177,992
ZAR
1,126,192,272
Citibank
NA
07/02/24
171,146
COP
79,612,884,608
USD
18,691,761
Barclays
Bank
plc
08/15/24
1,458,580
COP
204,718,846,133
USD
47,343,689
BNP
Paribas
SA
08/15/24
4,471,470
COP
141,049,230,000
USD
32,627,627
Morgan
Stanley
&
Co.
International
plc
08/15/24
3,072,498
USD
36,328,787
BRL
184,681,024
Morgan
Stanley
&
Co.
International
plc
10/02/24
149,589
COP
427,639,359,000
USD
102,801,450
BNP
Paribas
SA
10/23/24
4,325,632
USD
35,546,000
CNY
249,070,822
Morgan
Stanley
&
Co.
International
plc
01/27/25
606,270
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
107
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
COP
216,233,070,000
USD
52,129,476
HSBC
Bank
plc
02/24/25
$
1,143,216
USD
106,187,173
HKD
825,000,000
HSBC
Bank
plc
03/19/25
28,505
170,101,749
BRL
231,447,005
USD
46,415,000
Deutsche
Bank
AG
04/02/24
(267,733)
BRL
209,816,910
USD
42,115,841
HSBC
Bank
plc
04/02/24
(281,309)
BRL
223,637,124
USD
44,767,716
Morgan
Stanley
&
Co.
International
plc
04/02/24
(177,629)
BRL
109,118,204
USD
21,876,144
UBS
AG
04/02/24
(119,514)
USD
84,278,001
BRL
439,744,034
JPMorgan
Chase
Bank
NA
04/02/24
(3,400,758)
EUR
16,781,284
USD
18,162,656
Morgan
Stanley
&
Co.
International
plc
04/05/24
(56,054)
EUR
4,943,480
USD
5,349,981
Standard
Chartered
Bank
04/05/24
(16,086)
USD
11,168,000
EUR
10,356,869
Deutsche
Bank
AG
04/05/24
(6,813)
USD
65,131,146
PEN
248,128,397
Citibank
NA
04/05/24
(1,570,036)
ZAR
1,126,192,272
USD
59,616,054
Citibank
NA
04/05/24
(168,655)
USD
117,234,422
COP
460,397,161,940
JPMorgan
Chase
Bank
NA
04/19/24
(1,513,977)
EUR
13,708,350
USD
14,855,003
Bank
of
America
NA
04/22/24
(53,948)
EUR
7,845,895
USD
8,501,929
Citibank
NA
04/22/24
(30,630)
EUR
13,346,913
USD
14,596,439
JPMorgan
Chase
Bank
NA
04/22/24
(185,631)
EUR
7,764,498
USD
8,451,358
Nomura
International
plc
04/22/24
(67,945)
USD
18,388,982
COP
71,591,985,000
BNP
Paribas
SA
04/22/24
(67,503)
USD
39,438,884
COP
154,588,592,741
Citibank
NA
04/22/24
(414,210)
USD
110,164,027
COP
428,692,296,000
Standard
Chartered
Bank
04/22/24
(353,276)
USD
292,696,353
MXN
5,041,665,420
Barclays
Bank
plc
04/22/24
(9,632,846)
AUD
16,764,000
USD
11,037,753
Goldman
Sachs
International
04/24/24
(106,619)
AUD
16,852,500
USD
11,082,624
Morgan
Stanley
&
Co.
International
plc
04/24/24
(93,783)
CLP
7,421,237,349
USD
7,849,000
HSBC
Bank
plc
04/24/24
(279,798)
CLP
10,726,992,000
USD
11,036,000
Morgan
Stanley
&
Co.
International
plc
04/24/24
(95,133)
CLP
14,283,861,000
USD
14,684,000
Standard
Chartered
Bank
04/24/24
(115,347)
CNY
57,000,174
USD
7,923,668
BNP
Paribas
SA
04/24/24
(69,358)
CNY
61,733,244
USD
8,581,332
Standard
Chartered
Bank
04/24/24
(74,831)
COP
70,935,420,000
USD
18,420,000
Societe
Generale
SA
04/24/24
(138,665)
EUR
26,423,000
GBP
22,617,164
Morgan
Stanley
&
Co.
International
plc
04/24/24
(18,179)
EUR
13,284,000
MXN
244,153,278
Morgan
Stanley
&
Co.
International
plc
04/24/24
(292,346)
EUR
26,364,000
PLN
113,976,054
Morgan
Stanley
&
Co.
International
plc
04/24/24
(61,520)
EUR
13,624,000
USD
14,764,601
Barclays
Bank
plc
04/24/24
(53,431)
GBP
11,667,000
USD
14,745,688
Morgan
Stanley
&
Co.
International
plc
04/24/24
(18,414)
HUF
9,669,186,900
USD
26,571,000
Deutsche
Bank
AG
04/24/24
(122,341)
IDR
643,083,932,250
USD
40,869,000
Citibank
NA
04/24/24
(379,793)
INR
1,767,312,448
USD
21,296,000
JPMorgan
Chase
Bank
NA
04/24/24
(113,868)
JPY
1,658,997,736
USD
11,036,000
Barclays
Bank
plc
04/24/24
(39,982)
JPY
3,277,960,086
USD
22,098,000
Morgan
Stanley
&
Co.
International
plc
04/24/24
(371,323)
KRW
13,973,252,900
USD
10,495,000
HSBC
Bank
plc
04/24/24
(130,172)
MYR
135,039,780
USD
28,680,000
Barclays
Bank
plc
04/24/24
(355,057)
NOK
110,778,544
EUR
9,574,000
Morgan
Stanley
&
Co.
International
plc
04/24/24
(128,335)
PLN
285,284,474
USD
71,901,000
HSBC
Bank
plc
04/24/24
(491,515)
THB
591,879,200
USD
16,480,000
Barclays
Bank
plc
04/24/24
(229,664)
USD
11,036,000
CLP
10,899,153,600
BNP
Paribas
SA
04/24/24
(80,461)
USD
36,334,000
COP
141,999,448,780
Barclays
Bank
plc
04/24/24
(261,814)
USD
22,096,000
MXN
372,503,958
Morgan
Stanley
&
Co.
International
plc
04/24/24
(234,690)
USD
22,117,000
PEN
82,507,468
Deutsche
Bank
AG
04/24/24
(53,048)
BRL
323,531,067
USD
64,770,000
Goldman
Sachs
International
05/03/24
(463,054)
AUD
11,212,000
USD
7,387,026
Goldman
Sachs
International
05/16/24
(71,396)
BRL
112,110,000
USD
22,301,095
BNP
Paribas
SA
05/16/24
(43,009)
CLP
3,536,922,000
USD
3,633,948
Standard
Chartered
Bank
05/16/24
(28,693)
CZK
153,315,000
USD
6,598,624
Barclays
Bank
plc
05/16/24
(62,757)
EUR
6,562,000
GBP
5,626,051
Morgan
Stanley
&
Co.
International
plc
05/16/24
(10,706)
EUR
6,781,000
USD
7,355,303
Barclays
Bank
plc
05/16/24
(26,665)
GBP
5,820,000
USD
7,356,672
Morgan
Stanley
&
Co.
International
plc
05/16/24
(9,162)
HUF
4,120,356,000
USD
11,300,241
Bank
of
America
NA
05/16/24
(44,125)
HUF
841,488,747
USD
2,317,665
Deutsche
Bank
AG
05/16/24
(18,860)
HUF
6,170,917,475
USD
16,982,424
Goldman
Sachs
International
05/16/24
(124,520)
IDR
281,797,017,000
USD
17,881,951
BNP
Paribas
SA
05/16/24
(150,437)
INR
1,024,820,720
USD
12,348,874
BNP
Paribas
SA
05/16/24
(74,441)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
108
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
INR
139,748,280
USD
1,683,225
Citibank
NA
05/16/24
$
(9,439)
INR
425,449,000
USD
5,105,286
HSBC
Bank
plc
05/16/24
(9,619)
JPY
554,835,000
USD
3,703,233
Barclays
Bank
plc
05/16/24
(12,591)
JPY
538,701,252
USD
3,602,000
Commonwealth
Bank
of
Australia
05/16/24
(18,676)
KRW
13,702,574,069
USD
10,284,063
Barclays
Bank
plc
05/16/24
(105,530)
KRW
24,967,375,170
USD
18,831,932
Citibank
NA
05/16/24
(285,691)
MYR
156,566,251
USD
33,202,460
Barclays
Bank
plc
05/16/24
(336,150)
NOK
8,947,205
EUR
781,560
JPMorgan
Chase
Bank
NA
05/16/24
(19,633)
NOK
65,635,736
EUR
5,731,440
State
Street
Bank
and
Trust
Co.
05/16/24
(141,863)
PLN
85,875,000
USD
21,600,519
Barclays
Bank
plc
05/16/24
(110,045)
PLN
73,224,792
USD
18,517,905
BNP
Paribas
SA
05/16/24
(193,183)
PLN
9,985,199
USD
2,528,995
Deutsche
Bank
AG
05/16/24
(30,169)
RON
3,896,400
USD
853,156
Barclays
Bank
plc
05/16/24
(7,964)
RON
28,573,600
USD
6,254,826
Goldman
Sachs
International
05/16/24
(56,749)
THB
106,020,698
USD
2,989,589
Barclays
Bank
plc
05/16/24
(73,235)
THB
1,094,415,117
USD
30,715,223
HSBC
Bank
plc
05/16/24
(610,706)
USD
25,634,661
BRL
129,530,434
JPMorgan
Chase
Bank
NA
05/16/24
(82,042)
USD
7,878,378
COP
31,252,264,137
BNP
Paribas
SA
05/16/24
(145,985)
USD
56,464,282
COP
221,534,960,994
JPMorgan
Chase
Bank
NA
05/16/24
(417,256)
USD
260,386,952
COP
1,027,001,594,345
Morgan
Stanley
&
Co.
International
plc
05/16/24
(3,307,005)
USD
12,498,034
MXN
212,537,250
Deutsche
Bank
AG
05/16/24
(196,697)
USD
13,230,281
MXN
225,878,601
State
Street
Bank
and
Trust
Co.
05/16/24
(261,321)
USD
1,818,140
PEN
6,794,000
Goldman
Sachs
International
05/16/24
(6,655)
ZAR
269,994,000
USD
14,291,446
Bank
of
America
NA
05/16/24
(87,101)
ZAR
346,622,832
USD
18,266,726
Morgan
Stanley
&
Co.
International
plc
05/16/24
(30,949)
AUD
3,170,000
USD
2,069,481
Natwest
Markets
plc
05/20/24
(868)
USD
2,066,176
AUD
3,170,000
Standard
Chartered
Bank
05/20/24
(2,437)
AUD
20,769,000
USD
13,652,982
Citibank
NA
06/20/24
(88,470)
AUD
5,727,749
USD
3,802,879
Goldman
Sachs
International
06/20/24
(62,009)
AUD
28,989,416
USD
19,073,032
JPMorgan
Chase
Bank
NA
06/20/24
(139,657)
AUD
75,961
USD
50,000
UBS
AG
06/20/24
(389)
BRL
45,353,355
EUR
8,313,327
Citibank
NA
06/20/24
(23,292)
BRL
106,424,551
USD
21,169,502
Citibank
NA
06/20/24
(109,941)
BRL
273,753,461
USD
54,532,562
Goldman
Sachs
International
06/20/24
(361,531)
BRL
365,346,722
USD
72,698,871
HSBC
Bank
plc
06/20/24
(403,132)
CAD
3,706,772
USD
2,750,000
BNP
Paribas
SA
06/20/24
(10,311)
CAD
8,619,503
USD
6,400,000
JPMorgan
Chase
Bank
NA
06/20/24
(29,292)
CHF
2,684,993
USD
3,050,000
BNP
Paribas
SA
06/20/24
(46,268)
CHF
1,957,404
USD
2,200,000
Deutsche
Bank
AG
06/20/24
(10,230)
CHF
2,886,272
USD
3,300,000
HSBC
Bank
plc
06/20/24
(71,095)
CHF
5,561,912
USD
6,400,000
JPMorgan
Chase
Bank
NA
06/20/24
(177,826)
CHF
2,671,932
USD
3,000,000
Toronto
Dominion
Bank
06/20/24
(10,879)
EUR
16,626,654
BRL
91,310,258
Citibank
NA
06/20/24
(72,848)
EUR
54,179,844
JPY
8,863,985,000
Bank
of
America
NA
06/20/24
(636,243)
EUR
19,963,378
JPY
3,262,515,000
Barclays
Bank
plc
06/20/24
(210,669)
EUR
2,485,000
JPY
402,342,001
Nomura
International
plc
06/20/24
(1,017)
EUR
25,140,000
USD
27,594,921
Barclays
Bank
plc
06/20/24
(384,644)
EUR
1,967,422
USD
2,150,000
BNP
Paribas
SA
06/20/24
(20,561)
EUR
1,274,799
USD
1,400,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
06/20/24
(20,221)
EUR
87,880,000
USD
95,934,188
HSBC
Bank
plc
06/20/24
(817,276)
EUR
71,369,440
USD
77,877,422
JPMorgan
Chase
Bank
NA
06/20/24
(630,713)
EUR
46,430,000
USD
50,435,702
Morgan
Stanley
&
Co.
International
plc
06/20/24
(182,195)
EUR
33,227,463
USD
35,970,789
Standard
Chartered
Bank
06/20/24
(7,047)
GBP
71,530,000
USD
90,797,299
Barclays
Bank
plc
06/20/24
(477,608)
GBP
20,769,000
USD
26,534,267
BNP
Paribas
SA
06/20/24
(309,611)
GBP
3,824,709
USD
4,900,000
JPMorgan
Chase
Bank
NA
06/20/24
(70,606)
GBP
1,092,465
USD
1,400,000
Morgan
Stanley
&
Co.
International
plc
06/20/24
(20,564)
GBP
16,627,776
USD
21,194,741
Toronto
Dominion
Bank
06/20/24
(199,136)
IDR
567,211,349,682
USD
36,355,041
Bank
of
America
NA
06/20/24
(698,434)
INR
3,283,813,711
USD
39,540,752
JPMorgan
Chase
Bank
NA
06/20/24
(256,915)
JPY
3,142,040,728
CAD
29,036,000
Citibank
NA
06/20/24
(448,259)
JPY
1,057,750,000
EUR
6,635,193
Deutsche
Bank
AG
06/20/24
(107,910)
JPY
3,980,000,000
EUR
24,655,871
HSBC
Bank
plc
06/20/24
(70,078)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
109
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
JPY
3,173,250,000
EUR
19,823,534
JPMorgan
Chase
Bank
NA
06/20/24
$
(234,931)
JPY
8,146,500,000
EUR
51,037,925
Toronto
Dominion
Bank
06/20/24
(761,273)
JPY
994,043,330
USD
6,650,000
BNP
Paribas
SA
06/20/24
(2,347)
JPY
10,817,314,233
USD
72,867,420
Goldman
Sachs
International
06/20/24
(526,761)
JPY
1,437,429,379
USD
9,850,000
JPMorgan
Chase
Bank
NA
06/20/24
(237,208)
JPY
1,448,943,545
USD
9,958,969
Nomura
International
plc
06/20/24
(269,176)
JPY
31,736,000
USD
217,711
Standard
Chartered
Bank
06/20/24
(5,477)
KRW
46,501,197,334
USD
35,488,203
Citibank
NA
06/20/24
(884,384)
KRW
1,024,760,000
USD
781,663
HSBC
Bank
plc
06/20/24
(19,089)
MYR
120,066,000
USD
25,703,753
Goldman
Sachs
International
06/20/24
(454,592)
NOK
93,557,886
USD
8,850,000
BNP
Paribas
SA
06/20/24
(215,898)
NOK
53,088,128
USD
4,950,000
Deutsche
Bank
AG
06/20/24
(50,698)
NOK
247,549,039
USD
23,213,731
JPMorgan
Chase
Bank
NA
06/20/24
(368,372)
NOK
6,861,955
USD
650,000
Royal
Bank
of
Canada
06/20/24
(16,736)
NOK
48,124,191
USD
4,500,000
Toronto
Dominion
Bank
06/20/24
(58,802)
NZD
19,292,645
AUD
17,820,000
Barclays
Bank
plc
06/20/24
(111,492)
NZD
15,175,166
AUD
13,920,000
Deutsche
Bank
AG
06/20/24
(24,465)
NZD
6,393,700
AUD
5,880,000
Morgan
Stanley
&
Co.
International
plc
06/20/24
(20,192)
NZD
7,604,785
AUD
6,960,000
Standard
Chartered
Bank
06/20/24
(1,955)
NZD
14,051,667
USD
8,600,000
BNP
Paribas
SA
06/20/24
(204,397)
NZD
5,249,241
USD
3,200,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
06/20/24
(63,679)
NZD
19,823,594
USD
11,950,000
Deutsche
Bank
AG
06/20/24
(105,780)
NZD
14,885,000
USD
9,101,745
HSBC
Bank
plc
06/20/24
(208,241)
NZD
325,000
USD
200,262
Royal
Bank
of
Canada
06/20/24
(6,081)
NZD
15,109,311
USD
9,100,000
Toronto
Dominion
Bank
06/20/24
(72,474)
SEK
56,622,155
USD
5,550,000
Barclays
Bank
plc
06/20/24
(242,645)
SEK
44,535,337
USD
4,250,000
BNP
Paribas
SA
06/20/24
(75,577)
SEK
139,978,661
USD
13,300,000
Deutsche
Bank
AG
06/20/24
(179,403)
SEK
102,245,715
USD
9,956,000
JPMorgan
Chase
Bank
NA
06/20/24
(372,219)
SEK
516,306
USD
50,000
Royal
Bank
of
Canada
06/20/24
(1,605)
SEK
95,485,544
USD
9,050,000
Toronto
Dominion
Bank
06/20/24
(99,869)
SGD
122,030,000
USD
91,627,872
Citibank
NA
06/20/24
(922,584)
SGD
61,015,000
USD
45,475,889
HSBC
Bank
plc
06/20/24
(123,245)
THB
1,289,820,540
EUR
33,110,526
Deutsche
Bank
AG
06/20/24
(252,559)
THB
22,630,000
USD
637,656
JPMorgan
Chase
Bank
NA
06/20/24
(13,321)
TWD
449,700,000
USD
14,872,999
BNP
Paribas
SA
06/20/24
(767,363)
USD
5,000,000
CAD
6,782,410
BNP
Paribas
SA
06/20/24
(12,905)
USD
10,200,000
CAD
13,834,232
Deutsche
Bank
AG
06/20/24
(24,934)
USD
7,550,000
CAD
10,247,041
Toronto
Dominion
Bank
06/20/24
(23,627)
USD
2,718,593
GBP
2,155,000
BNP
Paribas
SA
06/20/24
(2,488)
USD
4,450,000
GBP
3,529,429
Deutsche
Bank
AG
06/20/24
(6,549)
USD
4,487,913
GBP
3,555,000
State
Street
Bank
and
Trust
Co.
06/20/24
(924)
USD
909,461
INR
76,125,000
BNP
Paribas
SA
06/20/24
(1,212)
USD
45,871,161
JPY
6,864,000,000
Barclays
Bank
plc
06/20/24
(31,757)
USD
7,166,276
JPY
1,072,373,558
Deutsche
Bank
AG
06/20/24
(5,209)
USD
8,928,039
MXN
151,620,673
Goldman
Sachs
International
06/20/24
(77,886)
USD
12,154,742
MYR
58,000,000
Barclays
Bank
plc
06/20/24
(42,310)
USD
1,812,736
PHP
102,325,000
BNP
Paribas
SA
06/20/24
(6,950)
USD
538,337
PHP
30,303,000
Citibank
NA
06/20/24
(553)
ZAR
680,877,930
USD
36,355,041
Goldman
Sachs
International
06/20/24
(642,454)
ZAR
753,980,505
USD
40,187,431
JPMorgan
Chase
Bank
NA
06/20/24
(640,556)
TRY
344,685,936
USD
8,608,882
Barclays
Bank
plc
12/04/24
(554,984)
TRY
800,450,064
USD
20,585,696
Goldman
Sachs
International
12/04/24
(1,882,458)
TRY
648,692,000
USD
15,166,064
BNP
Paribas
SA
12/06/24
(41,337)
CNY
248,466,540
USD
35,546,000
Morgan
Stanley
&
Co.
International
plc
01/27/25
(691,039)
(50,333,323)
$
119,768,426
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
110
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Call
EUR
Currency
...............
One-Touch
Barclays
Bank
plc
04/24/24
USD
1.11
USD
1.11
EUR
3,402
$
153,665
USD
Currency
...............
Up
and
Out
Bank
of
America
NA
05/01/24
JPY
152.50
JPY
156.50
USD
80,418
150,632
USD
Currency
...............
Up
and
Out
Morgan
Stanley
&
Co.
International
plc
05/09/24
JPY
151.00
JPY
155.00
USD
62,296
121,584
GBP
Currency
...............
Double-no-Touch
Citibank
NA
05/23/24
USD
1.26
USD
(0.05)
GBP
50
18,841
USD
Currency
...............
One-Touch
HSBC
Bank
plc
06/13/24
MXN
17.85
MXN
17.85
USD
2,489
196,776
USD
Currency
...............
One-Touch
Barclays
Bank
plc
10/23/24
CNH
7.50
CNH
7.50
USD
5,454
602,130
USD
Currency
...............
One-Touch
HSBC
Bank
plc
11/18/24
CNH
7.35
CNH
7.35
USD
2,494
559,334
USD
Currency
...............
Up
and
Out
HSBC
Bank
plc
11/27/24
CNH
7.20
CNH
7.40
USD
5,000
11,719
USD
Currency
...............
One-Touch
HSBC
Bank
plc
03/31/25
CNH
7.35
CNH
7.35
USD
4,150
961,435
2,776,116
Put
EUR
Currency
...............
Down
and
Out
HSBC
Bank
plc
04/04/24
USD
1.09
USD
1.07
EUR
83,086
393,928
EUR
Currency
...............
One-Touch
Bank
of
America
NA
04/12/24
USD
1.06
USD
1.06
EUR
7,978
452,327
USD
Currency
...............
One-Touch
HSBC
Bank
plc
04/17/24
MXN
16.50
MXN
16.50
USD
2,860
794,240
USD
Currency
...............
Up
and
In
Bank
of
America
NA
04/26/24
JPY
151.00
JPY
153.00
USD
167,583
289,242
USD
Currency
...............
Down
and
Out
Credit
Agricole
Corporate
&
Investment
Bank
SA
05/09/24
JPY
145.00
JPY
140.00
USD
82,996
32,420
USD
Currency
...............
Down
and
Out
HSBC
Bank
plc
05/16/24
BRL
4.90
BRL
4.75
USD
62,278
77,248
USD
Currency
...............
Down
and
Out
HSBC
Bank
plc
05/16/24
BRL
4.90
BRL
4.75
USD
82,970
102,915
USD
Currency
...............
Down
and
Out
HSBC
Bank
plc
05/20/24
JPY
147.00
JPY
142.00
USD
83,076
83,247
USD
Currency
...............
Down
and
Out
Bank
of
America
NA
06/03/24
BRL
4.85
BRL
4.71
USD
36,679
38,891
USD
Currency
...............
Down
and
Out
Goldman
Sachs
International
06/12/24
ZAR
19.00
ZAR
18.00
USD
62,288
262,721
EUR
Currency
...............
One-Touch
Bank
of
America
NA
08/01/24
USD
1.04
USD
1.04
EUR
2,470
249,993
EUR
Currency
...............
One-Touch
Bank
of
America
NA
08/05/24
USD
1.04
USD
1.04
EUR
9,630
1,001,357
EUR
Currency
...............
One-Touch
Bank
of
America
NA
08/12/24
JPY
150.00
JPY
150.00
EUR
5,820
489,807
EUR
Currency
...............
Down
and
Out
Bank
of
America
NA
08/13/24
PLN
4.31
PLN
4.20
EUR
20,685
64,986
EUR
Currency
...............
One-Touch
Bank
of
America
NA
08/16/24
PLN
4.20
PLN
4.20
EUR
1,440
179,132
EUR
Currency
...............
One-Touch
Citibank
NA
09/04/24
JPY
145.00
JPY
145.00
EUR
10,410
495,323
USD
Currency
...............
One-Touch
UBS
AG
11/21/24
TRY
35.00
TRY
35.00
USD
1,839
101,511
USD
Currency
...............
One-Touch
Bank
of
America
NA
12/17/24
TRY
29.25
TRY
29.25
USD
5,744
21,067
CNH
Currency
..............
One-Touch
Standard
Chartered
Bank
01/23/25
INR
11.50
INR
11.50
CNH
26,461
880,944
USD
Currency
...............
One-Touch
JPMorgan
Chase
Bank
NA
02/05/25
TRY
30.60
TRY
30.60
USD
4,210
28,845
6,040,144
$
8,816,260
$
–
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
SPDR
S&P
500
ETF
Trust
......................
50
04/05/24
USD
525.00
USD
2,615
$
10,975
SPDR
S&P
500
ETF
Trust
......................
10,001
04/05/24
USD
527.00
USD
523,122
1,390,139
SPDR
S&P
500
ETF
Trust
......................
12,000
04/05/24
USD
530.00
USD
627,684
714,000
SPDR
S&P
500
ETF
Trust
......................
12,001
04/05/24
USD
529.00
USD
627,736
972,081
SPDR
S&P
500
ETF
Trust
......................
10,001
04/12/24
USD
528.00
USD
523,122
2,545,255
CBOE
Volatility
Index
.........................
1,818
04/17/24
USD
18.00
USD
2,365
54,540
CBOE
Volatility
Index
.........................
3,882
04/17/24
USD
20.00
USD
5,050
87,345
Amazon.com,
Inc.
...........................
1,340
04/19/24
USD
185.00
USD
24,171
291,450
Bayerische
Motoren
Werke
AG
..................
1,500
04/19/24
EUR
110.00
EUR
16,044
181,247
Deckers
Outdoor
Corp.
........................
50
04/19/24
USD
900.00
USD
4,706
263,000
Deckers
Outdoor
Corp.
........................
126
04/19/24
USD
960.00
USD
11,860
202,860
Delta
Air
Lines,
Inc.
..........................
3,500
04/19/24
USD
45.00
USD
16,755
1,225,000
Exxon
Mobil
Corp.
...........................
2,250
04/19/24
USD
105.00
USD
26,154
2,559,375
Invesco
QQQ
Trust
Series
1
....................
4,000
04/19/24
USD
455.00
USD
177,604
998,000
iShares
China
Large-Cap
ETF
...................
20,000
04/19/24
USD
26.00
USD
48,140
170,000
Las
Vegas
Sands
Corp.
.......................
1,500
04/19/24
USD
57.50
USD
7,755
22,500
Mercedes-Benz
Group
AG
.....................
2,400
04/19/24
EUR
75.00
EUR
17,714
189,015
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
111
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Merck
&
Co.,
Inc.
............................
1,400
04/19/24
USD
125.00
USD
18,473
$
1,050,000
Merck
&
Co.,
Inc.
............................
2,000
04/19/24
USD
130.00
USD
26,390
675,000
Norfolk
Southern
Corp.
........................
450
04/19/24
USD
270.00
USD
11,469
40,500
Paramount
Global
...........................
2,270
04/19/24
USD
15.00
USD
2,672
20,430
PNC
Financial
Services
Group,
Inc.
(The)
...........
1,200
04/19/24
USD
160.00
USD
19,392
588,000
Sabre
Corp.
...............................
2,066
04/19/24
USD
4.00
USD
500
6,198
Salesforce,
Inc.
.............................
390
04/19/24
USD
330.00
USD
11,746
22,230
SPDR
S&P
500
ETF
Trust
......................
50
04/19/24
USD
530.00
USD
2,615
14,675
Uber
Technologies,
Inc.
.......................
3,350
04/19/24
USD
80.00
USD
25,792
437,175
Wells
Fargo
&
Co.
...........................
10,000
04/19/24
USD
60.00
USD
57,960
745,000
Wynn
Resorts
Ltd.
...........................
600
04/19/24
USD
110.00
USD
6,134
28,200
U.S.
Treasury
10-Year
Note
.....................
849
04/26/24
USD
114.00
USD
84,900
39,797
Adobe,
Inc.
................................
160
05/17/24
USD
600.00
USD
8,074
18,960
Advanced
Micro
Devices,
Inc.
...................
500
05/17/24
USD
200.00
USD
9,025
343,750
Bank
of
America
Corp.
........................
3,500
05/17/24
USD
39.00
USD
13,272
318,500
Caterpillar,
Inc.
.............................
700
05/17/24
USD
380.00
USD
25,650
649,250
Costco
Wholesale
Corp.
.......................
150
05/17/24
USD
825.00
USD
10,989
17,025
DR
Horton,
Inc.
.............................
400
05/17/24
USD
155.00
USD
6,582
554,000
DR
Horton,
Inc.
.............................
700
05/17/24
USD
165.00
USD
11,519
553,000
Eli
Lilly
&
Co.
..............................
75
05/17/24
USD
820.00
USD
5,835
169,313
Paramount
Global
...........................
1,248
05/17/24
USD
16.00
USD
1,469
18,096
Shell
plc
..................................
300
05/17/24
GBP
26.25
GBP
7,875
295,343
Walt
Disney
Co.
(The)
........................
5,906
05/17/24
USD
130.00
USD
72,266
1,653,680
U.S.
Treasury
2-Year
Note
.....................
2,500
05/24/24
USD
103.00
USD
500,000
429,690
3-mo.
SOFR
Interest
Futures
....................
5,001
06/14/24
USD
95.50
USD
1,250,250
156,281
Crowdstrike
Holdings,
Inc.
......................
250
06/21/24
USD
360.00
USD
8,015
375,625
JPMorgan
Chase
&
Co.
.......................
6,000
06/21/24
USD
210.00
USD
120,180
2,340,000
Lam
Research
Corp.
.........................
100
06/21/24
USD
1,060.00
USD
9,716
385,250
SPDR
S&P
500
ETF
Trust
......................
50
06/21/24
USD
550.00
USD
2,615
19,500
Walmart,
Inc.
..............................
1,600
06/21/24
USD
65.00
USD
9,627
82,400
Sabre
Corp.
...............................
2,479
07/19/24
USD
3.50
USD
600
33,467
Sabre
Corp.
...............................
3,250
07/19/24
USD
4.50
USD
787
19,500
23,976,617
Put
EURO
STOXX
50
Index
.......................
1,725
04/19/24
EUR
4,900.00
EUR
87,689
214,947
EURO
STOXX
50
Index
.......................
14,401
04/19/24
EUR
3,850.00
EUR
732,063
124,292
Invesco
QQQ
Trust
Series
1
....................
800
04/19/24
USD
415.00
USD
35,521
52,400
Invesco
QQQ
Trust
Series
1
....................
3,500
04/19/24
USD
400.00
USD
155,404
106,750
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
..
1,250
04/19/24
USD
87.00
USD
11,209
9,375
iShares
Russell
2000
ETF
......................
450
04/19/24
USD
198.00
USD
9,464
23,850
iShares
Russell
2000
ETF
......................
750
04/19/24
USD
202.00
USD
15,773
69,375
SPDR
S&P
500
ETF
Trust
......................
900
04/19/24
USD
490.00
USD
47,076
40,050
SPDR
S&P
500
ETF
Trust
......................
17,944
04/19/24
USD
485.00
USD
938,597
672,900
Tesla,
Inc.
.................................
1,200
04/19/24
USD
170.00
USD
21,095
795,000
U.S.
Treasury
10-Year
Note
.....................
482
04/26/24
USD
109.00
USD
48,200
67,781
U.S.
Treasury
2-Year
Note
.....................
955
04/26/24
USD
102.00
USD
191,000
208,906
3-mo.
SOFR
Interest
Futures
....................
37,351
05/10/24
USD
94.75
USD
9,337,750
1,400,663
iShares
Russell
2000
ETF
......................
1,150
05/17/24
USD
165.00
USD
24,185
20,125
S&P
500
Index
.............................
59
05/17/24
USD
4,800.00
USD
31,001
59,000
Tesla,
Inc.
.................................
450
05/17/24
USD
190.00
USD
7,911
960,750
U.S.
Treasury
2-Year
Note
.....................
5,000
05/24/24
USD
102.00
USD
1,000,000
1,953,130
3-mo.
SOFR
Interest
Futures
....................
1,933
06/14/24
USD
95.19
USD
483,250
1,630,969
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
4,999
06/21/24
USD
76.00
USD
38,857
1,342,232
9,752,495
$
33,729,112
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
112
OTC
Options
Purchased
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
EUR
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
04/02/24
USD
1.09
EUR
33,731
$
485
USD
Currency
...........
Standard
Chartered
Bank
—
04/05/24
CNH
7.20
USD
36,679
322,554
USD
Currency
...........
Bank
of
America
NA
—
04/18/24
CLP
945.00
USD
25,643
969,498
EUR
Currency
...........
Standard
Chartered
Bank
—
04/29/24
CNH
8.20
EUR
166,128
9,308
FTSE
China
A50
Index
.....
Citibank
NA
20,563
04/29/24
USD
11,499.14
USD
248,650
1,928,730
AUD
Currency
...........
Credit
Agricole
Corporate
&
Investment
Bank
SA
—
04/30/24
USD
0.66
AUD
83,098
172,576
USD
Currency
...........
Bank
of
America
NA
—
04/30/24
ZAR
19.30
USD
22,110
205,999
NOK
Currency
..........
JPMorgan
Chase
Bank
NA
—
05/02/24
SEK
1.02
NOK
2,905,960
76,072
USD
Currency
...........
JPMorgan
Chase
Bank
NA
—
05/06/24
CHF
0.92
USD
103,513
124,517
USD
Currency
...........
Nomura
International
plc
—
05/09/24
JPY
152.00
USD
82,992
486,494
TOPIX
Bank
Index
........
BNP
Paribas
SA
52,000,000
05/10/24
JPY
291.99
JPY
16,142,360
8,065,249
AUD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
05/13/24
USD
0.70
AUD
83,060
3,582
AUD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
05/13/24
USD
0.68
AUD
83,060
40,583
USD
Currency
...........
JPMorgan
Chase
Bank
NA
—
05/16/24
CNH
7.22
USD
10,000
75,090
USD
Currency
...........
JPMorgan
Chase
Bank
NA
—
05/24/24
THB
36.75
USD
20,798
139,901
EUR
Currency
...........
BNP
Paribas
SA
—
05/29/24
USD
1.11
EUR
50,974
59,774
USD
Currency
...........
Goldman
Sachs
International
—
08/15/24
ZAR
20.80
USD
36,819
437,099
USD
Currency
...........
HSBC
Bank
plc
—
08/21/24
CNH
8.50
USD
989,382
81,592
USD
Currency
...........
Bank
of
America
NA
—
03/06/26
CNH
7.75
USD
153,169
1,368,038
14,567,141
Put
USD
Currency
...........
Bank
of
America
NA
—
04/03/24
KRW
1,330.00
USD
25,697
8,052
USD
Currency
...........
Bank
of
America
NA
—
04/09/24
BRL
4.88
USD
62,348
8,072
USD
Currency
...........
Goldman
Sachs
International
—
04/18/24
BRL
4.95
USD
36,676
83,787
USD
Currency
...........
Nomura
International
plc
—
04/29/24
NOK
10.20
USD
83,037
10,596
EUR
Currency
...........
BNP
Paribas
SA
—
05/02/24
USD
1.08
EUR
196,205
1,047,365
EUR
Currency
...........
Deutsche
Bank
AG
—
05/09/24
MXN
18.30
EUR
80,719
1,534,278
EUR
Currency
...........
Citibank
NA
—
05/10/24
BRL
5.40
EUR
74,693
636,741
EUR
Currency
...........
BNP
Paribas
SA
—
05/13/24
USD
1.06
EUR
684,020
1,182,082
USD
Currency
...........
Citibank
NA
—
05/13/24
BRL
4.50
USD
82,335
658
USD
Currency
...........
Goldman
Sachs
International
—
05/17/24
MXN
16.95
USD
15,000
285,680
EUR
Currency
...........
Bank
of
America
NA
—
05/30/24
USD
1.08
EUR
500,362
3,123,373
USD
Currency
...........
Bank
of
America
NA
—
06/05/24
MXN
16.00
USD
124,698
116,028
USD
Currency
...........
BNP
Paribas
SA
—
06/11/24
BRL
4.90
USD
15,000
77,018
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
06/12/24
ZAR
18.30
USD
62,230
573,500
EUR
Currency
...........
Bank
of
America
NA
—
06/21/24
JPY
158.00
EUR
336,710
2,488,473
USD
Currency
...........
Goldman
Sachs
International
—
12/06/24
TRY
42.50
USD
22,110
1,176,539
12,352,242
$
26,919,383
OTC
Structured
Options
Description
Counterparty
Units
Expiration
Date
Notional
Amount  
(000)
Value
Asset
Swapped
Convertible
Option
Transaction.
Call
on
Koei
Tecmo
Holdings
Co.
Ltd.
convertible
corporate
bond.
Exercise
price
or
rate
is
6-mo.
TIBOR
plus
60.00
Nomura
International
plc
1,500,000,000
12/04/24
JPY
1,500,000
$
36,810
Asset
Swapped
Convertible
Option
Transaction.
Call
on
LINK
Ltd.
convertible
corporate
bond.
Exercise
price
or
rate
is
3-mo.
HIBOR
plus
110.00
HSBC
Bank
plc
140,000,000
12/12/25
HKD
140,000
359,343
Asset
Swapped
Convertible
Option
Transaction.
Call
on
OSG
Corp.
convertible
corporate
bond.
Exercise
price
or
rate
is
1-day
TONA
plus
60.00
Nomura
International
plc
350,000,000
12/21/27
JPY
350,000
411,454
Asset
Swapped
Convertible
Option
Transaction.
Call
on
Kobe
Steel
Ltd.
convertible
corporate
bond.
Exercise
price
or
rate
is
1-day
TONA
plus
110.00
Nomura
International
plc
500,000,000
11/27/28
JPY
500,000
655,664
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
113
OTC
Structured
Options
(continued)
Description
Counterparty
Units
Expiration
Date
Notional
Amount  (000)
Value
Asset
Swapped
Convertible
Option
Transaction.
Call
on
Kansai
Paint
Co.
Ltd.
convertible
corporate
bond.
Exercise
price
or
rate
is
1-day
TONA
plus
55.00
Nomura
International
plc
1,170,000,000
03/08/29
JPY
1,170,000
$
575,148
Asset
Swapped
Convertible
Option
Transaction.
Call
on
Kobe
Steel
Ltd.
convertible
corporate
bond.
Exercise
price
or
rate
is
1-day
TONA
plus
125.00
Nomura
International
plc
500,000,000
11/26/30
JPY
500,000
882,587
Asset
Swapped
Convertible
Option
Transaction.
Call
on
Kansai
Paint
Co.
Ltd.
convertible
corporate
bond.
Exercise
price
or
rate
is
1-day
TONA
plus
65.00
Nomura
International
plc
750,000,000
03/07/31
JPY
750,000
462,066
$
3,383,072
OTC
Dual
Binary
Options
Purchased
Description
(a)
Counterparty
Units
Expiration
Date
Notional
Amount
(000)
Value
Put
Payout
at
expiry
if
USDJPY
>
154.25
and
10-Year
JPY
TONAR
>
1.25
...................
Bank
of
America
NA
5,703,000
04/08/24
USD
879,688
$
127
Payout
at
expiry
if
S&P
500
<
4,654.29
and
US
10-Year
swap
>
3.86
..................
BNP
Paribas
SA
12,250,000
04/19/24
USD
171,045,158
166,445
Payout
at
expiry
if
USDJPY
>
154.25
and
10-Year
JPY
TONAR
>
1.27
...................
Bank
of
America
NA
5,703,000
05/08/24
USD
879,688
30,650
Payout
at
expiry
if
S&P
500
<
4,645.27
and
US
10-Year
swap
>
3.81
..................
BNP
Paribas
SA
2,900,000
06/21/24
USD
13,471,283
67,280
Payout
at
expiry
if
S&P
500
<
4,782.77
and
EURUSD
<
1.05
.....................
Citibank
NA
19,750,000
06/21/24
USD
188,919,415
403,892
$
668,394
(a)
Option
only
pays
if
both
terms
are
met
on
the
expiration
date.
OTC
Credit
Default
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
(a)
Value
Put
Bought
Protection
on
5-Year
Credit
Default
Swap
......
1.00
%
iTraxx
Europe
Main
Index
Series
40.V1
Quarterly
Deutsche
Bank
AG
06/19/24
EUR
67.50
EUR
116,536
$
78,022
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
41.V2
Quarterly
Goldman
Sachs
International
05/15/24
USD
104.50
USD
24,790
33,414
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
41.V2
Quarterly
BNP
Paribas
SA
04/17/24
USD
105.00
USD
30,000
11,147
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
41.V2
Quarterly
Goldman
Sachs
International
04/17/24
USD
105.00
USD
25,000
9,289
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
iTraxx
Europe
Crossover
Index
Series
41.V1
Quarterly
Morgan
Stanley
&
Co.
International
plc
04/17/24
EUR
337.50
EUR
28,920
30,277
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
iTraxx
Europe
Crossover
Index
Series
41.V1
Quarterly
Goldman
Sachs
International
05/15/24
EUR
350.00
EUR
24,800
72,666
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
iTraxx
Europe
Crossover
Index
Series
41.V1
Quarterly
Morgan
Stanley
&
Co.
International
plc
05/15/24
EUR
350.00
EUR
37,180
108,941
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
114
OTC
Credit
Default
Swaptions
Purchased
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
(a)
Value
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
%
iTraxx
Europe
Crossover
Index
Series
40.V1
Quarterly
Deutsche
Bank
AG
06/19/24
EUR
400.00
EUR
38,845
$
133,038
$
476,794
(a)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.33%
Annual
Bank
of
America
NA
04/05/24
3.33
%
USD
16,333
$
3
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.28%
Annual
Bank
of
America
NA
04/12/24
3.28
USD
16,341
100
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.51%
Annual
Deutsche
Bank
AG
04/19/24
3.51
USD
16,021
7,871
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.43%
Annual
JPMorgan
Chase
Bank
NA
04/26/24
3.43
USD
16,011
8,049
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.67%
Semi-Annual
Citibank
NA
05/28/24
3.67
USD
251,898
1,631,934
1Yx2Y
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.65%
Annual
Goldman
Sachs
International
05/28/24
3.65
USD
590,948
1,449,244
2-Year
Interest
Rate
Swap
(a)
.
6-mo.
EURIBOR
Semi-Annual
2.85%
Annual
JPMorgan
Chase
Bank
NA
05/28/24
2.85
EUR
474,839
514,522
1Yx2Y
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.60%
Annual
Goldman
Sachs
International
05/29/24
3.60
USD
590,948
1,277,425
2-Year
Interest
Rate
Swap
(a)
.
6-mo.
EURIBOR
Semi-Annual
2.85%
Annual
Goldman
Sachs
International
06/03/24
2.85
EUR
472,940
609,593
5-Year
Interest
Rate
Swap
(a)
.
6-mo.
EURIBOR
Semi-Annual
2.30%
Annual
Morgan
Stanley
&
Co.
International
plc
08/12/24
2.30
EUR
544,140
2,701,348
2-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
Annual
4.00%
Annual
Barclays
Bank
plc
08/23/24
4.00
GBP
268,610
1,560,632
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.00%
Semi-Annual
JPMorgan
Chase
Bank
NA
10/24/24
4.00
USD
800,722
4,394,999
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.00%
Annual
Goldman
Sachs
International
01/23/25
3.00
USD
499,290
4,287,529
3-Year
Interest
Rate
Swap
(a)
.
3-mo.
BBR
Quarterly
3.30%
Semi-Annual
Barclays
Bank
plc
02/10/25
3.30
AUD
190,900
649,786
3-Year
Interest
Rate
Swap
(a)
.
3-mo.
BBR
Quarterly
3.30%
Semi-Annual
JPMorgan
Chase
Bank
NA
02/10/25
3.30
AUD
150,800
513,294
19,606,329
Put
10-Year
Interest
Rate
Swap
(a)
4.13%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
04/05/24
4.13
USD
16,333
741
10-Year
Interest
Rate
Swap
(a)
4.08%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
04/12/24
4.08
USD
16,341
8,252
10-Year
Interest
Rate
Swap
(a)
4.31%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
04/19/24
4.31
USD
16,021
2,071
10-Year
Interest
Rate
Swap
(a)
4.23%
Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
04/26/24
4.23
USD
16,011
8,100
2-Year
Interest
Rate
Swap
(a)
.
1.00%
Annual
1-day
TONAR
Annual
Deutsche
Bank
AG
11/18/24
1.00
JPY
99,859,946
279,750
2-Year
Interest
Rate
Swap
(a)
.
3.96%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
01/16/25
3.96
USD
2,633,750
19,162,733
10-Year
Interest
Rate
Swap
(a)
4.27%
Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
02/12/25
4.27
USD
320,220
4,350,674
30-Year
Interest
Rate
Swap
(a)
3.75%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
03/05/25
3.75
USD
140,200
5,913,659
29,725,980
$
49,332,309
(a)
Forward
settling
swaption.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
115
OTC
Barrier
Options
Written
Description
Type
of
Option
Counterparty
Expiration
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Call
USD
Currency
...............
One-Touch
HSBC
Bank
plc
11/18/24
CNH
7.58
CNH
7.58
USD
2,494
$
(221,752)
CNH
Currency
..............
One-Touch
Standard
Chartered
Bank
01/23/25
INR
12.50
INR
12.50
CNH
13,231
(241,983)
(463,735)
Put
USD
Currency
...............
One-Touch
Bank
of
America
NA
04/17/24
MXN
16.50
MXN
16.50
USD
2,860
(794,240)
USD
Currency
...............
Down
and
In
Goldman
Sachs
International
05/17/24
MXN
16.50
MXN
16.50
USD
30,000
(139,358)
(933,598)
$
(1,397,333)
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
SPDR
S&P
500
ETF
Trust
.......................
50
04/05/24
USD
533.00
USD
2,615
$
(1,075)
SPDR
S&P
500
ETF
Trust
.......................
10,001
04/05/24
USD
535.00
USD
523,122
(95,010)
SPDR
S&P
500
ETF
Trust
.......................
12,001
04/05/24
USD
536.00
USD
627,736
(78,007)
SPDR
S&P
500
ETF
Trust
.......................
10,001
04/12/24
USD
538.00
USD
523,122
(370,037)
CBOE
Volatility
Index
..........................
5,700
04/17/24
USD
35.00
USD
7,416
(51,300)
Eli
Lilly
&
Co.
...............................
65
04/19/24
USD
700.00
USD
5,057
(536,250)
Exxon
Mobil
Corp.
............................
2,250
04/19/24
USD
115.00
USD
26,154
(624,375)
Invesco
QQQ
Trust
Series
1
.....................
4,000
04/19/24
USD
465.00
USD
177,604
(288,000)
iShares
China
Large-Cap
ETF
....................
20,000
04/19/24
USD
28.00
USD
48,140
(40,000)
Merck
&
Co.,
Inc.
.............................
2,000
04/19/24
USD
135.00
USD
26,390
(174,000)
SPDR
S&P
500
ETF
Trust
.......................
50
04/19/24
USD
540.00
USD
2,615
(3,275)
Uber
Technologies,
Inc.
........................
3,350
04/19/24
USD
95.00
USD
25,792
(15,075)
Caterpillar,
Inc.
..............................
700
05/17/24
USD
410.00
USD
25,650
(173,950)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
49,632
05/17/24
USD
79.00
USD
385,790
(496,320)
U.S.
Treasury
2-Year
Note
......................
5,000
05/24/24
USD
102.50
USD
1,000,000
(2,031,250)
JPMorgan
Chase
&
Co.
........................
6,000
06/21/24
USD
230.00
USD
120,180
(405,000)
SPDR
S&P
500
ETF
Trust
.......................
50
06/21/24
USD
570.00
USD
2,615
(4,750)
(5,387,674)
Put
3-mo.
SOFR
Interest
Futures
.....................
770
04/12/24
USD
94.88
USD
192,500
(77,000)
3-mo.
SOFR
Interest
Futures
.....................
1,560
04/12/24
USD
95.00
USD
390,000
(555,750)
Bayerische
Motoren
Werke
AG
...................
1,500
04/19/24
EUR
100.00
EUR
16,044
(38,839)
Deckers
Outdoor
Corp.
.........................
50
04/19/24
USD
800.00
USD
4,706
(5,875)
Deckers
Outdoor
Corp.
.........................
126
04/19/24
USD
850.00
USD
11,860
(32,130)
EURO
STOXX
50
Index
........................
1,725
04/19/24
EUR
4,700.00
EUR
87,689
(85,607)
EURO
STOXX
50
Index
........................
14,401
04/19/24
EUR
3,650.00
EUR
732,063
(93,219)
Exxon
Mobil
Corp.
............................
2,250
04/19/24
USD
95.00
USD
26,154
(3,375)
Invesco
QQQ
Trust
Series
1
.....................
800
04/19/24
USD
405.00
USD
35,521
(30,000)
iShares
Russell
2000
ETF
.......................
450
04/19/24
USD
180.00
USD
9,464
(4,725)
iShares
Russell
2000
ETF
.......................
750
04/19/24
USD
187.00
USD
15,773
(13,125)
Las
Vegas
Sands
Corp.
........................
1,500
04/19/24
USD
50.00
USD
7,755
(121,500)
Mercedes-Benz
Group
AG
......................
600
04/19/24
EUR
65.00
EUR
4,429
(3,560)
Norfolk
Southern
Corp.
.........................
450
04/19/24
USD
240.00
USD
11,469
(55,125)
PNC
Financial
Services
Group,
Inc.
(The)
............
1,200
04/19/24
USD
130.00
USD
19,392
(12,000)
Salesforce,
Inc.
..............................
390
04/19/24
USD
290.00
USD
11,746
(96,330)
SPDR
S&P
500
ETF
Trust
.......................
900
04/19/24
USD
480.00
USD
47,076
(29,250)
SPDR
S&P
500
ETF
Trust
.......................
17,944
04/19/24
USD
475.00
USD
938,597
(511,404)
Tesla,
Inc.
..................................
1,200
04/19/24
USD
145.00
USD
21,095
(127,800)
Wells
Fargo
&
Co.
............................
2,000
04/19/24
USD
55.00
USD
11,592
(93,000)
Wynn
Resorts
Ltd.
............................
600
04/19/24
USD
95.00
USD
6,134
(28,500)
U.S.
Treasury
10-Year
Note
......................
482
04/26/24
USD
106.50
USD
48,200
(7,531)
U.S.
Treasury
2-Year
Note
......................
1,440
04/26/24
USD
101.75
USD
288,000
(135,000)
Adobe,
Inc.
.................................
160
05/17/24
USD
520.00
USD
8,074
(426,000)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
116
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Advanced
Micro
Devices,
Inc.
....................
500
05/17/24
USD
170.00
USD
9,025
$
(386,250)
Bank
of
America
Corp.
.........................
3,500
05/17/24
USD
34.00
USD
13,272
(66,500)
Caterpillar,
Inc.
..............................
700
05/17/24
USD
310.00
USD
25,650
(90,650)
Costco
Wholesale
Corp.
........................
150
05/17/24
USD
725.00
USD
10,989
(198,750)
DR
Horton,
Inc.
..............................
400
05/17/24
USD
125.00
USD
6,582
(14,000)
DR
Horton,
Inc.
..............................
700
05/17/24
USD
135.00
USD
11,519
(31,500)
Eli
Lilly
&
Co.
...............................
75
05/17/24
USD
720.00
USD
5,835
(107,063)
Walt
Disney
Co.
(The)
.........................
2,953
05/17/24
USD
110.00
USD
36,133
(351,407)
U.S.
Treasury
2-Year
Note
......................
6,500
05/24/24
USD
102.50
USD
1,300,000
(5,992,194)
3-mo.
SOFR
Interest
Futures
.....................
1,933
06/14/24
USD
94.81
USD
483,250
(229,544)
3-mo.
SOFR
Interest
Futures
.....................
1,933
06/14/24
USD
94.75
USD
483,250
(120,813)
Crowdstrike
Holdings,
Inc.
.......................
250
06/21/24
USD
290.00
USD
8,015
(321,250)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
9,998
06/21/24
USD
74.00
USD
77,714
(174,965)
Lam
Research
Corp.
..........................
100
06/21/24
USD
820.00
USD
9,716
(142,250)
Walmart,
Inc.
...............................
1,600
06/21/24
USD
55.00
USD
9,627
(64,800)
(10,878,581)
$
(16,266,255)
OTC
Options
Written
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
..............
Bank
of
America
NA
—
04/18/24
KRW
1,360.00
USD
25,697
$
(99,249)
USD
Currency
..............
Bank
of
America
NA
—
04/18/24
CLP
965.00
USD
36,633
(799,275)
EUR
Currency
..............
Barclays
Bank
plc
—
04/24/24
AUD
1.66
EUR
17,012
(108,759)
FTSE
China
A50
Index
........
Citibank
NA
20,563
04/29/24
USD
12,594.29
USD
248,650
(219,094)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
04/29/24
MXN
16.80
USD
14,745
(96,523)
USD
Currency
..............
Bank
of
America
NA
—
04/30/24
ZAR
19.75
USD
33,164
(126,319)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
05/09/24
JPY
152.00
USD
82,992
(486,494)
EUR
Currency
..............
Citibank
NA
—
05/10/24
BRL
5.55
EUR
20,748
(120,487)
TOPIX
Bank
Index
...........
BNP
Paribas
SA
52,000,000
05/10/24
JPY
319.80
JPY
16,142,360
(2,714,375)
AUD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
05/13/24
USD
0.68
AUD
83,060
(40,583)
USD
Currency
..............
JPMorgan
Chase
Bank
NA
—
05/16/24
CNH
7.35
USD
20,000
(30,763)
USD
Currency
..............
JPMorgan
Chase
Bank
NA
—
05/24/24
THB
37.75
USD
20,798
(36,484)
EUR
Currency
..............
Bank
of
America
NA
—
05/30/24
USD
1.11
EUR
500,362
(1,051,561)
USD
Currency
..............
HSBC
Bank
plc
—
03/31/25
CNH
7.35
USD
83,000
(943,576)
(6,873,542)
Put
USD
Currency
..............
Bank
of
America
NA
—
04/09/24
BRL
4.83
USD
124,696
(3,447)
USD
Currency
..............
Bank
of
America
NA
—
04/18/24
CLP
900.00
USD
25,643
(1,936)
EUR
Currency
..............
Barclays
Bank
plc
—
04/24/24
AUD
1.66
EUR
17,012
(100,394)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
04/29/24
MXN
16.70
USD
14,745
(127,958)
AUD
Currency
..............
Credit
Agricole
Corporate
&
Investment
Bank
SA
—
04/30/24
USD
0.65
AUD
24,929
(119,887)
EUR
Currency
..............
BNP
Paribas
SA
—
05/02/24
USD
1.06
EUR
196,205
(140,275)
EUR
Currency
..............
HSBC
Bank
plc
—
05/09/24
MXN
18.30
EUR
80,719
(1,728,608)
EUR
Currency
..............
Citibank
NA
—
05/10/24
BRL
5.30
EUR
124,488
(318,125)
EUR
Currency
..............
BNP
Paribas
SA
—
05/13/24
USD
1.05
EUR
684,020
(526,848)
EUR
Currency
..............
Bank
of
America
NA
—
05/30/24
USD
1.05
EUR
500,362
(644,000)
USD
Currency
..............
BNP
Paribas
SA
—
06/11/24
BRL
4.80
USD
30,000
(53,066)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
06/12/24
ZAR
17.70
USD
145,204
(443,871)
USD
Currency
..............
Goldman
Sachs
International
—
08/15/24
ZAR
18.20
USD
36,819
(489,266)
USD
Currency
..............
Goldman
Sachs
International
—
12/06/24
TRY
40.50
USD
33,164
(990,486)
(5,688,167)
$
(12,561,709)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
117
OTC
Credit
Default
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Credit
Rating
(a)
Exercise
Price
Notional
Amount
(000)
(b)
Value
Put
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
iTraxx
Europe
Crossover
Index
Series
41.V1
5.00
%
Quarterly
Morgan
Stanley
&
Co.
International
plc
04/17/24
BB-
EUR
400.00
EUR
28,920
$
(12,026)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
iTraxx
Europe
Crossover
Index
Series
41.V1
5.00
Quarterly
Goldman
Sachs
International
05/15/24
BB-
EUR
450.00
EUR
24,800
(23,047)
$
(35,073)
(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.
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
3.53%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
04/05/24
3.53
%
USD
16,333
$
(418)
10-Year
Interest
Rate
Swap
(a)
3.48%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
04/12/24
3.48
USD
16,341
(2,025)
10-Year
Interest
Rate
Swap
(a)
3.71%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
04/19/24
3.71
USD
16,021
(47,475)
10-Year
Interest
Rate
Swap
(a)
3.63%
Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
04/26/24
3.63
USD
16,011
(38,784)
2-Year
Interest
Rate
Swap
(a)
.
2.30%
Annual
6-mo.
EURIBOR
Semi-Annual
JPMorgan
Chase
Bank
NA
05/28/24
2.30
EUR
474,839
(37,822)
1Yx2Y
Interest
Rate
Swap
(a)
.
3.40%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
05/28/24
3.40
USD
590,948
(703,263)
1Yx2Y
Interest
Rate
Swap
(a)
.
3.25%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
05/29/24
3.25
USD
590,948
(454,967)
2-Year
Interest
Rate
Swap
(a)
.
2.30%
Annual
6-mo.
EURIBOR
Semi-Annual
Goldman
Sachs
International
06/03/24
2.30
EUR
472,940
(53,034)
5-Year
Interest
Rate
Swap
(a)
.
2.00%
Annual
6-mo.
EURIBOR
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
08/12/24
2.00
EUR
544,140
(1,114,347)
2-Year
Interest
Rate
Swap
(a)
.
3.50%
Annual
1-day
SONIA
Annual
Barclays
Bank
plc
08/23/24
3.50
GBP
268,610
(626,441)
2-Year
Interest
Rate
Swap
(a)
.
3.30%
Semi-Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
10/24/24
3.30
USD
800,722
(1,570,185)
10-Year
Interest
Rate
Swap
(a)
2.25%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
01/23/25
2.25
USD
499,290
(987,862)
3-Year
Interest
Rate
Swap
(a)
.
2.50%
Semi-Annual
3-mo.
BBR
Quarterly
Barclays
Bank
plc
02/10/25
2.50
AUD
381,800
(283,610)
3-Year
Interest
Rate
Swap
(a)
.
2.50%
Semi-Annual
3-mo.
BBR
Quarterly
JPMorgan
Chase
Bank
NA
02/10/25
2.50
AUD
301,600
(224,036)
10-Year
Interest
Rate
Swap
(a)
4.48%
Semi-Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
10/20/25
4.48
USD
59,931
(4,736,642)
10-Year
Interest
Rate
Swap
(a)
3.96%
Semi-Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
11/17/25
3.96
USD
23,694
(1,207,995)
10-Year
Interest
Rate
Swap
(a)
4.00%
Semi-Annual
1-day
SOFR
Annual
Bank
of
America
NA
11/17/25
4.00
USD
70,483
(3,746,514)
10-Year
Interest
Rate
Swap
(a)
3.97%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
11/20/25
3.97
USD
97,001
(4,997,267)
10-Year
Interest
Rate
Swap
(a)
3.84%
Semi-Annual
1-day
SOFR
Annual
Bank
of
America
NA
11/28/25
3.84
USD
94,616
(4,331,680)
10-Year
Interest
Rate
Swap
(a)
3.96%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
11/28/25
3.96
USD
59,166
(3,033,923)
10-Year
Interest
Rate
Swap
(a)
3.55%
Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
03/06/26
3.55
USD
108,185
(4,005,265)
10-Year
Interest
Rate
Swap
(a)
3.59%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
03/06/26
3.59
USD
77,480
(2,981,221)
10-Year
Interest
Rate
Swap
(a)
3.54%
Annual
1-day
SOFR
Annual
Citibank
NA
03/09/26
3.54
USD
120,983
(4,413,199)
10-Year
Interest
Rate
Swap
(a)
3.55%
Annual
1-day
SOFR
Annual
Citibank
NA
03/09/26
3.55
USD
96,759
(3,578,103)
10-Year
Interest
Rate
Swap
(a)
3.55%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
03/11/26
3.55
USD
60,474
(2,241,293)
10-Year
Interest
Rate
Swap
(a)
3.64%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
03/13/26
3.64
USD
101,042
(4,107,486)
(49,524,857)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
118
OTC
Interest
Rate
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Put
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.00%
Annual
Morgan
Stanley
&
Co.
International
plc
04/02/24
4.00
%
USD
49,970
$
(77,196)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.00%
Annual
Citibank
NA
04/04/24
4.00
USD
414,291
(752,424)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.40%
Annual
Citibank
NA
04/04/24
4.40
USD
856,095
(2,217,742)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.93%
Annual
Bank
of
America
NA
04/05/24
3.93
USD
16,333
(21,772)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.05%
Annual
Goldman
Sachs
International
04/05/24
4.05
USD
313,413
(361,580)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.45%
Annual
Goldman
Sachs
International
04/05/24
4.45
USD
313,413
(588,179)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.88%
Annual
Bank
of
America
NA
04/12/24
3.88
USD
16,341
(59,986)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.00%
Annual
Deutsche
Bank
AG
04/16/24
4.00
USD
496,227
(1,545,032)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.05%
Annual
Deutsche
Bank
AG
04/16/24
4.05
USD
496,227
(4,244,818)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.11%
Annual
Deutsche
Bank
AG
04/19/24
4.11
USD
16,021
(13,092)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.00%
Annual
Deutsche
Bank
AG
04/22/24
4.00
USD
249,166
(885,517)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.30%
Annual
Deutsche
Bank
AG
04/22/24
4.30
USD
597,999
(2,505,192)
5-Year
Interest
Rate
Swap
(a)
.
6-mo.
EURIBOR
Semi-Annual
2.90%
Annual
JPMorgan
Chase
Bank
NA
04/26/24
2.90
EUR
349,347
(169,419)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.03%
Annual
JPMorgan
Chase
Bank
NA
04/26/24
4.03
USD
16,011
(33,965)
5-Year
Interest
Rate
Swap
(a)
.
6-mo.
EURIBOR
Semi-Annual
2.85%
Annual
Goldman
Sachs
International
04/29/24
2.85
EUR
78,010
(67,652)
5-Year
Interest
Rate
Swap
(a)
.
6-mo.
EURIBOR
Semi-Annual
2.85%
Annual
JPMorgan
Chase
Bank
NA
04/29/24
2.85
EUR
78,010
(67,652)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.00%
Annual
Deutsche
Bank
AG
05/02/24
4.00
USD
501,757
(2,072,990)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.50%
Annual
Goldman
Sachs
International
05/06/24
4.50
USD
496,014
(935,941)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.10%
Annual
Deutsche
Bank
AG
05/17/24
4.10
USD
123,922
(410,854)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.75%
Annual
Deutsche
Bank
AG
05/22/24
4.75
USD
1,013,257
(639,372)
2-Year
Interest
Rate
Swap
(a)
.
6-mo.
EURIBOR
Semi-Annual
3.50%
Annual
JPMorgan
Chase
Bank
NA
05/28/24
3.50
EUR
474,839
(56,470)
1Yx2Y
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.15%
Annual
Goldman
Sachs
International
05/28/24
4.15
USD
590,948
(521,150)
1Yx2Y
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.10%
Annual
Goldman
Sachs
International
05/29/24
4.10
USD
590,948
(647,477)
2-Year
Interest
Rate
Swap
(a)
.
6-mo.
EURIBOR
Semi-Annual
3.50%
Annual
Goldman
Sachs
International
06/03/24
3.50
EUR
472,940
(67,819)
5-Year
Interest
Rate
Swap
(a)
.
6-mo.
EURIBOR
Semi-Annual
2.87%
Annual
Goldman
Sachs
International
06/07/24
2.87
EUR
248,990
(465,109)
5-Year
Interest
Rate
Swap
(a)
.
6-mo.
EURIBOR
Semi-Annual
2.84%
Annual
Citibank
NA
06/12/24
2.84
EUR
259,090
(612,352)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.17%
Annual
Citibank
NA
07/18/24
4.17
USD
349,539
(1,674,004)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.37%
Annual
Deutsche
Bank
AG
07/18/24
4.37
USD
980,525
(3,468,807)
5-Year
Interest
Rate
Swap
(a)
.
6-mo.
EURIBOR
Semi-Annual
2.75%
Annual
Bank
of
America
NA
09/12/24
2.75
EUR
41,620
(259,328)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
Annual
4.30%
Annual
Morgan
Stanley
&
Co.
International
plc
09/13/24
4.30
GBP
41,468
(181,114)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.50%
Annual
Goldman
Sachs
International
09/13/24
4.50
USD
164,850
(453,577)
2-Year
Interest
Rate
Swap
(a)
.
1-day
TONAR
Annual
1.50%
Annual
Deutsche
Bank
AG
11/18/24
1.50
JPY
99,859,946
(92,013)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
5.00%
Semi-Annual
JPMorgan
Chase
Bank
NA
11/21/24
5.00
USD
994,510
(1,227,655)
5-Year
Interest
Rate
Swap
(a)
.
6-mo.
EURIBOR
Semi-Annual
2.87%
Annual
Barclays
Bank
plc
01/29/25
2.87
EUR
46,350
(336,828)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.48%
Semi-Annual
JPMorgan
Chase
Bank
NA
10/20/25
4.48
USD
59,931
(1,019,062)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.96%
Semi-Annual
Deutsche
Bank
AG
11/17/25
3.96
USD
23,694
(697,947)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.00%
Semi-Annual
Bank
of
America
NA
11/17/25
4.00
USD
70,483
(1,990,282)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.97%
Semi-Annual
Citibank
NA
11/20/25
3.97
USD
97,001
(2,841,037)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.84%
Semi-Annual
Bank
of
America
NA
11/28/25
3.84
USD
94,616
(3,140,064)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.96%
Semi-Annual
Citibank
NA
11/28/25
3.96
USD
59,166
(1,759,382)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.55%
Annual
Morgan
Stanley
&
Co.
International
plc
03/06/26
3.55
USD
108,185
(4,862,596)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.59%
Annual
Deutsche
Bank
AG
03/06/26
3.59
USD
77,480
(3,375,581)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.54%
Annual
Citibank
NA
03/09/26
3.54
USD
120,983
(5,520,251)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
119
OTC
Interest
Rate
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.55%
Annual
Citibank
NA
03/09/26
3.55
%
USD
96,759
$
(4,367,124)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.55%
Annual
Goldman
Sachs
International
03/11/26
3.55
USD
60,474
(2,729,793)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.64%
Annual
Bank
of
America
NA
03/13/26
3.64
USD
101,042
(4,235,124)
(64,272,321)
$
(113,797,178)
(a)
Forward
settling
swaption.
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iTraxx
Europe
Crossover
Index
Series
38.V2
.
5.00
%
Quarterly
12/20/27
EUR
12,595
$
(1,299,923)
$
(423,390)
$
(876,533)
Markit
CDX
North
American
High
Yield
Index
Series
39.V3
.....................
5.00
Quarterly
12/20/27
USD
44,315
(3,327,083)
(432,791)
(2,894,292)
Markit
CDX
North
American
Investment
Grade
Index
Series
39.V1
................
1.00
Quarterly
12/20/27
USD
58,347
(1,282,751)
(633,126)
(649,625)
iTraxx
Europe
Crossover
Index
Series
40.V1
.
5.00
Quarterly
12/20/28
EUR
199,849
(16,747,421)
(16,187,920)
(559,501)
iTraxx
Europe
Main
Index
Series
40.V1
.....
1.00
Quarterly
12/20/28
EUR
3,575
(84,463)
(82,145)
(2,318)
Markit
CDX
North
American
High
Yield
Index
Series
41.V2
.....................
5.00
Quarterly
12/20/28
USD
557,463
(41,618,010)
(39,388,132)
(2,229,878)
Markit
CDX
North
American
Investment
Grade
Index
Series
41.V1
................
1.00
Quarterly
12/20/28
USD
165,525
(3,819,872)
(3,459,345)
(360,527)
iTraxx
Europe
Crossover
Index
Series
41.V1
.
5.00
Quarterly
06/20/29
EUR
171,680
(16,563,933)
(17,097,115)
533,182
iTraxx
Europe
Main
Index
Series
41.V1
.....
1.00
Quarterly
06/20/29
EUR
873,176
(21,012,378)
(20,845,377)
(167,001)
iTraxx
Europe
Senior
Financials
Index
Series
41.V1
.........................
1.00
Quarterly
06/20/29
EUR
123,968
(2,404,018)
(2,338,407)
(65,611)
iTraxx
Europe
Subordinated
Financials
Index
Series
41.V1
.....................
1.00
Quarterly
06/20/29
EUR
38,088
266,155
328,633
(62,478)
Markit
CDX
North
American
Investment
Grade
Index
Series
42.V1
................
1.00
Quarterly
06/20/29
USD
688,708
(15,729,277)
(15,045,609)
(683,668)
$
(123,622,974)
$
(115,604,724)
$
(8,018,250)
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
449,228
$
32,821,947
$
31,258,256
$
1,563,691
(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.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
120
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SONIA
At
Termination
3.22%
At
Termination
N/A
04/03/24
GBP
1,975,043
$
(46,717,171)
$
—
$
(46,717,171)
2.47%
At
Termination
1-day
SONIA
At
Termination
N/A
04/03/24
GBP
987,522
32,724,231
—
32,724,231
6-mo.
EURIBOR
Semi-Annual
1.75%
At
Termination
N/A
05/04/24
EUR
2,904,724
(9,327,396)
—
(9,327,396)
1.00%
At
Termination
6-mo.
EURIBOR
Semi-Annual
N/A
05/04/24
EUR
1,452,362
16,430,863
—
16,430,863
3.56%
Annual
1-day
SOFR
Annual
N/A
06/28/24
USD
267,946
5,017,542
10,547
5,006,995
3-mo.
CD_KSDA
Quarterly
3.87%
Quarterly
N/A
07/03/24
KRW
161,056,480
77,331
—
77,331
1-day
SOFR
At
Termination
4.46%
At
Termination
N/A
07/12/24
USD
1,936,779
(18,886,102)
—
(18,886,102)
1-day
SOFR
At
Termination
5.37%
At
Termination
N/A
07/12/24
USD
910,419
(557,194)
—
(557,194)
1-day
SOFR
At
Termination
5.37%
At
Termination
N/A
07/12/24
USD
910,419
(584,519)
—
(584,519)
3.55%
Annual
1-day
SOFR
Annual
N/A
07/13/24
USD
246,525
4,667,819
12,616
4,655,203
3.57%
Annual
1-day
SOFR
Annual
N/A
07/16/24
USD
363,491
6,757,000
(1,826)
6,758,826
3.56%
Annual
1-day
SOFR
Annual
N/A
07/20/24
USD
360,069
6,781,563
5,017
6,776,546
3.56%
Annual
1-day
SOFR
Annual
N/A
07/23/24
USD
479,100
8,953,809
6,547
8,947,262
3.56%
Annual
1-day
SOFR
Annual
N/A
08/12/24
USD
356,321
6,588,176
(7,316)
6,595,492
3.56%
Annual
1-day
SOFR
Annual
N/A
08/13/24
USD
604,646
11,207,432
(13,630)
11,221,062
3.53%
Annual
1-day
SOFR
Annual
N/A
08/27/24
USD
678,054
12,679,338
42,972
12,636,366
1-day
SONIA
At
Termination
4.26%
At
Termination
N/A
09/06/24
GBP
551,110
(6,872,304)
—
(6,872,304)
3.51%
Annual
1-day
SOFR
Annual
N/A
10/20/24
USD
262,263
4,809,861
3,575
4,806,286
3.50%
Annual
1-day
SOFR
Annual
N/A
10/25/24
USD
521,289
9,548,426
28,253
9,520,173
11.25%
Monthly
28-day
MXIBTIIE
Monthly
N/A
11/07/24
MXN
3,587,247
(292,710)
—
(292,710)
3-mo.
CD_KSDA
Quarterly
3.93%
Quarterly
N/A
11/09/24
KRW
79,498,490
137,816
—
137,816
3-mo.
CD_KSDA
Quarterly
3.87%
Quarterly
N/A
11/16/24
KRW
106,612,400
151,064
—
151,064
3.48%
Annual
1-day
SOFR
Annual
N/A
11/26/24
USD
426,986
7,658,925
27,794
7,631,131
10.95%
Monthly
28-day
MXIBTIIE
Monthly
N/A
12/03/24
MXN
4,937,193
(33,478)
—
(33,478)
3.46%
Annual
1-day
SOFR
Annual
N/A
12/06/24
USD
560,589
10,090,085
89,553
10,000,532
1-day
SOFR
At
Termination
4.59%
At
Termination
N/A
12/14/24
USD
1,865,764
(12,723,015)
(543)
(12,722,472)
0.23%
Annual
1-day
TONAR
Annual
N/A
01/11/25
JPY
4,977,810
(37,938)
—
(37,938)
0.24%
Annual
1-day
TONAR
Annual
N/A
01/19/25
JPY
25,150,650
(189,414)
—
(189,414)
10.76%
Monthly
28-day
MXIBTIIE
Monthly
N/A
01/23/25
MXN
2,896,590
122,937
—
122,937
28-day
MXIBTIIE
Monthly
9.80%
Monthly
N/A
02/04/25
MXN
996,835
(551,220)
—
(551,220)
28-day
MXIBTIIE
Monthly
9.90%
Monthly
N/A
02/05/25
MXN
3,745,186
(1,863,626)
—
(1,863,626)
28-day
MXIBTIIE
Monthly
9.92%
Monthly
N/A
02/05/25
MXN
1,804,542
(878,624)
—
(878,624)
1-day
SOFR
Annual
2.60%
Annual
N/A
02/17/25
USD
988,820
(24,292,604)
—
(24,292,604)
1-day
SOFR
Annual
2.70%
Annual
N/A
02/17/25
USD
988,820
(23,337,254)
—
(23,337,254)
2.00%
Annual
1-day
SOFR
Annual
N/A
02/17/25
USD
278,159
8,446,080
—
8,446,080
1-day
SOFR
Annual
4.03%
Annual
N/A
03/10/25
USD
1,999,163
(20,498,957)
—
(20,498,957)
10.71%
Monthly
28-day
MXIBTIIE
Monthly
N/A
03/19/25
MXN
370,731
(693)
—
(693)
3-mo.
WIBOR
Quarterly
5.68%
Annual
N/A
03/20/25
PLN
305,000
(141,579)
—
(141,579)
4.68%
Annual
3-mo.
PRIBOR
Quarterly
N/A
03/20/25
CZK
3,402,652
(116,621)
—
(116,621)
2.79%
Annual
1-day
SOFR
Annual
N/A
04/26/25
USD
455,000
21,471,013
—
21,471,013
2.80%
Annual
1-day
SOFR
Annual
N/A
05/11/25
USD
145,000
6,768,067
—
6,768,067
2.60%
Annual
1-day
SOFR
Annual
N/A
05/16/25
USD
150,000
7,557,457
—
7,557,457
3-mo.
WIBOR
Quarterly
5.70%
Annual
06/19/24
(a)
06/19/25
PLN
82,808
2,376
—
2,376
3.35%
Quarterly
3-mo.
CD_KSDA
Quarterly
06/19/24
(a)
06/19/25
KRW
764,294,500
505,029
—
505,029
3.87%
Annual
6-mo.
PRIBOR
Semi-Annual
06/19/24
(a)
06/19/25
CZK
227,427
20,358
—
20,358
1-day
SOFR
Annual
4.10%
Annual
N/A
08/11/25
USD
1,000,596
(18,375,243)
—
(18,375,243)
1-week
CNREPOFIX_
CFXS
Quarterly
1.94%
Quarterly
09/18/24
(a)
09/18/25
CNY
815,000
22,831
—
22,831
2.00%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/25
THB
5,236,012
(62,218)
—
(62,218)
2.00%
Quarterly
1-day
THOR
Quarterly
09/18/24
(a)
09/18/25
THB
7,854,018
(92,275)
—
(92,275)
28-day
MXIBTIIE
Monthly
10.84%
Monthly
N/A
09/25/25
MXN
680,000
361,833
—
361,833
4.19%
Annual
1-day
SOFR
Annual
N/A
09/28/25
USD
292,000
4,298,838
—
4,298,838
1-day
SOFR
Annual
4.25%
Annual
N/A
10/17/25
USD
1,489,926
(19,103,294)
—
(19,103,294)
1-day
SOFR
Annual
4.05%
Annual
N/A
10/18/25
USD
765,005
(12,728,643)
—
(12,728,643)
1-day
SOFR
Annual
4.25%
Annual
N/A
10/19/25
USD
685,759
(8,736,349)
—
(8,736,349)
0.33%
Annual
1-day
TONAR
Annual
N/A
11/06/25
JPY
25,122,000
(387,626)
—
(387,626)
4.51%
Annual
1-day
SOFR
Annual
N/A
11/07/25
USD
800,000
5,597,496
—
5,597,496
4.45%
Annual
1-day
SOFR
Annual
N/A
11/08/25
USD
400,000
3,215,180
—
3,215,180
0.30%
Annual
1-day
TONAR
Annual
N/A
11/10/25
JPY
53,633,000
(629,696)
—
(629,696)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
121
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.30%
Annual
1-day
TONAR
Annual
N/A
11/16/25
JPY
22,648,080
$
(264,719)
$
—
$
(264,719)
0.31%
Annual
1-day
TONAR
Annual
N/A
11/16/25
JPY
31,275,920
(398,626)
—
(398,626)
0.25%
Annual
1-day
TONAR
Annual
N/A
11/22/25
JPY
53,774,500
(203,714)
—
(203,714)
1-day
SOFR
Annual
3.88%
Annual
N/A
12/12/25
USD
265,000
(4,641,134)
—
(4,641,134)
2.97%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
12/12/25
EUR
81,325
455,674
(22,064)
477,738
0.23%
Annual
1-day
TONAR
Annual
N/A
12/14/25
JPY
20,252,000
(3,666)
—
(3,666)
1-day
SOFR
Annual
3.75%
Annual
N/A
12/15/25
USD
251,214
(4,979,105)
—
(4,979,105)
1-day
SOFR
Annual
3.93%
Annual
N/A
12/15/25
USD
270,000
(4,420,852)
—
(4,420,852)
0.23%
Annual
1-day
TONAR
Annual
N/A
12/15/25
JPY
53,005,000
3,202
—
3,202
1-day
SOFR
Annual
3.78%
Annual
N/A
12/19/25
USD
589,000
(11,299,366)
—
(11,299,366)
1-day
SOFR
Annual
3.81%
Annual
N/A
12/19/25
USD
613,023
(11,384,184)
—
(11,384,184)
5.14%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
12/20/25
PLN
200,829
409,612
—
409,612
1-day
SOFR
Annual
3.70%
Annual
N/A
01/20/26
USD
472,000
(9,043,149)
—
(9,043,149)
4.33%
Annual
1-day
SOFR
Annual
N/A
02/22/26
USD
511,600
2,952,374
—
2,952,374
4.47%
Annual
1-day
SOFR
Annual
N/A
03/02/26
USD
272,000
717,375
—
717,375
4.46%
Annual
1-day
SOFR
Annual
N/A
03/02/26
USD
272,500
789,855
—
789,855
0.28%
Annual
1-day
TONAR
Annual
N/A
03/09/26
JPY
55,971,540
42,790
—
42,790
0.29%
Annual
1-day
TONAR
Annual
N/A
03/11/26
JPY
56,730,000
32,547
—
32,547
1-day
ESTR
At
Termination
2.32%
At
Termination
03/13/25
(a)
03/13/26
EUR
263,320
(439,579)
(67,548)
(372,031)
1-day
ESTR
At
Termination
2.41%
At
Termination
03/17/25
(a)
03/17/26
EUR
173,100
(121,669)
(82,665)
(39,004)
3.72%
Annual
1-day
SOFR
Annual
N/A
03/17/26
USD
270,000
4,387,421
—
4,387,421
4.10%
Annual
6-mo.
PRIBOR
Semi-Annual
N/A
03/20/26
CZK
1,541,200
(62,942)
—
(62,942)
1-day
SONIA
At
Termination
3.92%
At
Termination
03/24/25
(a)
03/24/26
GBP
772,840
3,243
527,260
(524,017)
1-day
ESTR
At
Termination
2.50%
At
Termination
03/25/25
(a)
03/25/26
EUR
353,450
144,705
93,666
51,039
1-day
ESTR
At
Termination
2.55%
At
Termination
03/25/25
(a)
03/25/26
EUR
449,120
427,556
436,154
(8,598)
1-day
SONIA
At
Termination
3.86%
At
Termination
03/25/25
(a)
03/25/26
GBP
392,230
(297,513)
74,484
(371,997)
1-day
SOFR
At
Termination
3.97%
At
Termination
03/25/25
(a)
03/25/26
USD
785,850
(477,124)
26,444
(503,568)
8.02%
Quarterly
3-mo.
JIBAR
Quarterly
03/26/25
(a)
03/26/26
ZAR
3,586,649
(19,018)
—
(19,018)
3.15%
Annual
1-day
SOFR
Annual
N/A
05/27/26
USD
533,651
24,673,226
388,803
24,284,423
3-mo.
CD_KSDA
Quarterly
3.38%
Quarterly
06/19/24
(a)
06/19/26
KRW
16,346,345
15,106
—
15,106
6-mo.
WIBOR
Semi-Annual
5.31%
Annual
06/19/24
(a)
06/19/26
PLN
200,000
43,194
—
43,194
3.52%
Annual
6-mo.
PRIBOR
Semi-Annual
06/19/24
(a)
06/19/26
CZK
115,325
18,557
—
18,557
0.29%
At
Termination
1-day
TONAR
At
Termination
07/07/25
(a)
07/07/26
JPY
6,403,900
68,666
—
68,666
0.32%
At
Termination
1-day
TONAR
At
Termination
07/07/25
(a)
07/07/26
JPY
6,402,940
56,900
—
56,900
0.36%
At
Termination
1-day
TONAR
At
Termination
07/07/25
(a)
07/07/26
JPY
9,413,272
56,801
—
56,801
0.33%
At
Termination
1-day
TONAR
At
Termination
07/07/25
(a)
07/07/26
JPY
9,797,488
80,320
—
80,320
0.33%
At
Termination
1-day
TONAR
At
Termination
07/07/25
(a)
07/07/26
JPY
19,207,870
158,726
—
158,726
0.32%
At
Termination
1-day
TONAR
At
Termination
07/07/25
(a)
07/07/26
JPY
6,403,910
55,439
—
55,439
0.27%
At
Termination
1-day
TONAR
At
Termination
07/07/25
(a)
07/07/26
JPY
28,384,620
353,677
—
353,677
4.05%
Annual
1-day
SOFR
Annual
09/18/24
(a)
09/18/26
USD
9,360
18,055
—
18,055
3.99%
Annual
1-day
SOFR
Annual
09/18/24
(a)
09/18/26
USD
9,180
27,841
—
27,841
2.96%
Semi-Annual
1-day
SORA
Semi-Annual
09/18/24
(a)
09/18/26
SGD
11,830
4,823
—
4,823
2.90%
Semi-Annual
1-day
SORA
Semi-Annual
09/18/24
(a)
09/18/26
SGD
12,370
14,755
—
14,755
4.60%
Semi-Annual
3-mo.
BBR
Quarterly
09/18/24
(a)
09/18/26
NZD
1,510
(3,207)
—
(3,207)
4.50%
Semi-Annual
3-mo.
BBR
Quarterly
09/18/24
(a)
09/18/26
NZD
11,737
(11,569)
—
(11,569)
4.74%
Semi-Annual
3-mo.
BBR
Quarterly
09/18/24
(a)
09/18/26
NZD
1,540
(5,679)
—
(5,679)
3.96%
Quarterly
3-mo.
HIBOR
Quarterly
09/19/24
(a)
09/19/26
HKD
7,320
1,012
—
1,012
4.00%
Quarterly
3-mo.
HIBOR
Quarterly
09/19/24
(a)
09/19/26
HKD
56,462
1,802
—
1,802
3.98%
Quarterly
3-mo.
HIBOR
Quarterly
09/19/24
(a)
09/19/26
HKD
7,250
665
—
665
3-mo.
CD_KSDA
Quarterly
3.19%
Quarterly
N/A
09/20/26
KRW
41,222,003
(101,140)
—
(101,140)
3-mo.
CD_KSDA
Quarterly
3.33%
Quarterly
N/A
09/20/26
KRW
39,807,024
3,822
—
3,822
3-mo.
CD_KSDA
Quarterly
3.38%
Quarterly
N/A
09/20/26
KRW
36,354,228
33,411
—
33,411
3-mo.
CD_KSDA
Quarterly
3.38%
Quarterly
N/A
09/20/26
KRW
39,812,996
41,220
—
41,220
3-mo.
CD_KSDA
Quarterly
3.38%
Quarterly
N/A
09/20/26
KRW
39,812,996
39,439
—
39,439
0.64%
At
Termination
1-day
TONAR
At
Termination
10/08/25
(a)
10/08/26
JPY
13,315,000
(126,052)
—
(126,052)
0.65%
At
Termination
1-day
TONAR
At
Termination
10/08/25
(a)
10/08/26
JPY
13,315,000
(140,438)
—
(140,438)
1-day
SOFR
At
Termination
4.17%
At
Termination
10/23/25
(a)
10/23/26
USD
397,482
1,574,618
—
1,574,618
1-day
SOFR
At
Termination
4.21%
At
Termination
10/27/25
(a)
10/27/26
USD
794,377
3,480,597
—
3,480,597
1-day
SOFR
Annual
3.83%
Annual
01/14/25
(a)
01/14/27
USD
297,070
(564,404)
—
(564,404)
1-day
SOFR
Annual
3.44%
Annual
01/21/25
(a)
01/21/27
USD
924,446
(8,258,872)
—
(8,258,872)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
122
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SOFR
Annual
3.98%
Annual
01/21/25
(a)
01/21/27
USD
147,460
$
141,316
$
26,105
$
115,211
3.80%
Annual
1-day
SOFR
Annual
01/21/25
(a)
01/21/27
USD
81,540
190,727
(37,857)
228,584
1-day
SOFR
At
Termination
3.40%
At
Termination
02/06/26
(a)
02/06/27
USD
40,070
(90,881)
—
(90,881)
1-day
SOFR
At
Termination
3.43%
At
Termination
02/06/26
(a)
02/06/27
USD
80,275
(162,141)
—
(162,141)
1-day
SOFR
Annual
4.03%
Annual
N/A
03/07/27
USD
464,406
(3,398,894)
—
(3,398,894)
1-day
SOFR
Annual
3.47%
Annual
03/10/25
(a)
03/10/27
USD
200,466
(1,420,943)
—
(1,420,943)
1-day
SONIA
At
Termination
3.45%
At
Termination
03/16/26
(a)
03/16/27
GBP
41,120
(34,714)
13,605
(48,319)
1-day
MIBOR
Semi-Annual
6.34%
Semi-Annual
N/A
03/20/27
INR
22,824,195
(441,850)
—
(441,850)
1-day
SONIA
Annual
3.69%
Annual
03/25/25
(a)
03/25/27
GBP
39,530
(32,184)
(52,753)
20,569
28-day
MXIBTIIE
Monthly
7.49%
Monthly
N/A
04/14/27
MXN
1,412,000
(4,034,671)
—
(4,034,671)
3-mo.
CD_KSDA
Quarterly
3.16%
Quarterly
06/19/24
(a)
06/19/27
KRW
262,516,280
(516,916)
—
(516,916)
0.67%
Annual
1-day
TONAR
Annual
09/22/25
(a)
09/22/27
JPY
6,007,000
(106,056)
—
(106,056)
0.71%
Annual
1-day
TONAR
Annual
09/29/25
(a)
09/29/27
JPY
21,524,000
(466,993)
—
(466,993)
1-day
SOFR
Annual
3.98%
Annual
N/A
10/06/27
USD
482,431
(6,145,568)
—
(6,145,568)
1-day
SONIA
At
Termination
4.11%
At
Termination
10/13/26
(a)
10/13/27
GBP
606,980
4,672,263
(69,518)
4,741,781
1-day
SONIA
At
Termination
4.39%
At
Termination
10/20/26
(a)
10/20/27
GBP
398,020
4,298,472
(917)
4,299,389
1-day
SONIA
At
Termination
4.40%
At
Termination
10/20/26
(a)
10/20/27
GBP
398,030
4,333,549
528
4,333,021
1-day
SOFR
Annual
3.30%
Annual
10/23/25
(a)
10/23/27
USD
143,045
(891,850)
—
(891,850)
1-day
SOFR
Annual
4.20%
Annual
10/23/25
(a)
10/23/27
USD
206,848
2,036,068
—
2,036,068
1-day
SOFR
Annual
3.92%
Annual
11/03/25
(a)
11/03/27
USD
98,149
490,255
—
490,255
1-day
SOFR
Annual
3.95%
Annual
11/03/25
(a)
11/03/27
USD
98,149
542,698
—
542,698
1-day
SOFR
Annual
3.99%
Annual
11/03/25
(a)
11/03/27
USD
196,299
1,207,765
—
1,207,765
1-day
SOFR
Annual
4.07%
Annual
11/03/25
(a)
11/03/27
USD
400,330
3,070,599
—
3,070,599
1-day
SOFR
Annual
3.86%
Annual
11/10/25
(a)
11/10/27
USD
405,709
1,632,605
—
1,632,605
1-day
SOFR
Annual
3.91%
Annual
11/10/25
(a)
11/10/27
USD
410,897
1,965,705
—
1,965,705
1-day
SONIA
Annual
3.72%
Annual
11/17/25
(a)
11/17/27
GBP
180,650
880,932
—
880,932
1-day
SONIA
At
Termination
3.75%
At
Termination
11/23/26
(a)
11/23/27
GBP
347,180
1,366,919
(300,776)
1,667,695
1-day
SONIA
At
Termination
3.86%
At
Termination
11/27/26
(a)
11/27/27
GBP
472,100
2,423,751
55,130
2,368,621
1-day
SONIA
At
Termination
3.70%
At
Termination
12/01/26
(a)
12/01/27
GBP
120,710
412,472
14,642
397,830
1-day
SOFR
Annual
3.48%
Annual
01/23/26
(a)
01/23/28
USD
540,713
(1,194,217)
—
(1,194,217)
1-day
SONIA
At
Termination
3.18%
At
Termination
01/26/27
(a)
01/26/28
GBP
101,220
(215,040)
2,991
(218,031)
1-day
SOFR
Annual
4.00%
Annual
01/26/26
(a)
01/26/28
USD
494,279
3,415,304
—
3,415,304
3.45%
Annual
1-day
SOFR
Annual
01/26/26
(a)
01/26/28
USD
494,279
1,387,225
—
1,387,225
1-day
SONIA
At
Termination
3.33%
At
Termination
02/02/27
(a)
02/02/28
GBP
323,570
(133,432)
(37,360)
(96,072)
1-day
SONIA
At
Termination
3.32%
At
Termination
02/05/27
(a)
02/05/28
GBP
166,200
(84,562)
(248,749)
164,187
1-day
SOFR
Annual
3.87%
Annual
02/05/26
(a)
02/05/28
USD
500,675
2,378,927
—
2,378,927
3.27%
Annual
1-day
SOFR
Annual
02/05/26
(a)
02/05/28
USD
500,675
2,936,070
—
2,936,070
1-day
SONIA
At
Termination
3.18%
At
Termination
02/10/27
(a)
02/10/28
GBP
694,015
(1,398,503)
—
(1,398,503)
1-day
ESTR
Annual
2.26%
Annual
03/24/26
(a)
03/24/28
EUR
191,510
453,955
55,518
398,437
1-day
SONIA
Annual
3.49%
Annual
03/27/26
(a)
03/27/28
GBP
246,070
293,442
211,415
82,027
2.19%
Annual
1-day
ESTR
Annual
03/31/26
(a)
03/31/28
EUR
481,870
(529,894)
(434,293)
(95,601)
4.64%
Annual
1-day
SONIA
Annual
N/A
05/26/28
GBP
48,910
(1,394,779)
—
(1,394,779)
1-day
SONIA
Annual
4.86%
Annual
N/A
06/20/28
GBP
124,190
5,215,280
—
5,215,280
6-mo.
EURIBOR
Semi-Annual
3.15%
Annual
N/A
07/21/28
EUR
47,475
1,606,185
—
1,606,185
28-day
MXIBTIIE
Monthly
9.13%
Monthly
N/A
08/15/28
MXN
1,983,412
767,401
—
767,401
28-day
MXIBTIIE
Monthly
9.69%
Monthly
N/A
10/25/28
MXN
818,884
1,451,599
—
1,451,599
1-day
SOFR
Annual
4.40%
Annual
N/A
10/31/28
USD
250,232
2,846,010
—
2,846,010
1-day
SONIA
Annual
4.12%
Annual
N/A
11/17/28
GBP
121,376
1,069,777
—
1,069,777
1-day
SONIA
Annual
4.12%
Annual
N/A
11/21/28
GBP
120,683
1,101,152
—
1,101,152
1-day
SONIA
At
Termination
3.47%
At
Termination
12/06/27
(a)
12/06/28
GBP
67,940
125,141
(17,400)
142,541
1-day
ESTR
Annual
2.23%
Annual
12/10/26
(a)
12/10/28
EUR
266,440
605,444
—
605,444
1-day
SONIA
Annual
3.68%
Annual
N/A
12/14/28
GBP
122,882
(1,786,342)
(5,803)
(1,780,539)
1-day
SOFR
Annual
3.25%
Annual
12/15/26
(a)
12/15/28
USD
419,055
(2,141,263)
—
(2,141,263)
28-day
MXIBTIIE
Monthly
8.67%
Monthly
N/A
01/18/29
MXN
1,260,826
(634,762)
—
(634,762)
1-day
SOFR
Annual
3.21%
Annual
02/04/27
(a)
02/04/29
USD
185,030
(1,054,348)
—
(1,054,348)
1-day
SOFR
Annual
3.35%
Annual
02/04/27
(a)
02/04/29
USD
157,850
(530,097)
—
(530,097)
1-day
SOFR
Annual
3.37%
Annual
02/04/27
(a)
02/04/29
USD
397,310
(1,208,714)
—
(1,208,714)
1-day
SOFR
Annual
3.42%
Annual
02/04/27
(a)
02/04/29
USD
21,030
(46,557)
—
(46,557)
1-day
SONIA
At
Termination
3.31%
At
Termination
02/07/28
(a)
02/07/29
GBP
84,960
19,720
(108,859)
128,579
2.92%
Annual
1-day
SOFR
Annual
N/A
02/16/29
USD
180,919
9,052,770
433,246
8,619,524
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
123
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
6-mo.
EURIBOR
Semi-Annual
3.00%
Annual
N/A
03/05/29
EUR
300,382
$
4,506,602
$
—
$
4,506,602
0.50%
Annual
1-day
TONAR
Annual
N/A
03/05/29
JPY
27,688,578
(8,570)
—
(8,570)
0.50%
Annual
1-day
TONAR
Annual
N/A
03/11/29
JPY
27,688,578
(4,068)
—
(4,068)
28-day
MXIBTIIE
Monthly
8.88%
Monthly
N/A
03/14/29
MXN
161,239
4,620
—
4,620
1-day
MIBOR
Semi-Annual
6.26%
Semi-Annual
N/A
03/20/29
INR
6,525,000
(282,131)
—
(282,131)
1-day
MIBOR
Semi-Annual
6.30%
Semi-Annual
N/A
03/20/29
INR
7,975,000
(192,371)
—
(192,371)
2.13%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
N/A
03/20/29
CNY
750,000
(93,767)
—
(93,767)
2.10%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
N/A
03/20/29
CNY
752,350
33,010
—
33,010
1-day
SOFR
Annual
3.79%
Annual
N/A
03/29/29
USD
732,656
(6,419,095)
—
(6,419,095)
6-mo.
PRIBOR
Semi-Annual
3.38%
Annual
06/19/24
(a)
06/19/29
CZK
234,580
(83,283)
—
(83,283)
6-mo.
PRIBOR
Semi-Annual
3.59%
Annual
06/19/24
(a)
06/19/29
CZK
239,400
—
—
—
4.29%
Semi-Annual
3-mo.
BBR
Quarterly
09/18/24
(a)
09/18/29
NZD
4,540
(16,999)
—
(16,999)
4.49%
Semi-Annual
3-mo.
BBR
Quarterly
09/18/24
(a)
09/18/29
NZD
4,600
(40,730)
—
(40,730)
4.21%
Semi-Annual
3-mo.
BBR
Quarterly
09/18/24
(a)
09/18/29
NZD
5,824
(8,629)
—
(8,629)
4.03%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/18/24
(a)
09/18/29
AUD
15,150
(33,998)
—
(33,998)
3-mo.
CD_KSDA
Quarterly
3.29%
Quarterly
09/19/24
(a)
09/19/29
KRW
81,733,030
252,752
—
252,752
2.10%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
09/19/24
(a)
09/19/29
CNY
261,389
51,063
—
51,063
3.75%
Quarterly
3-mo.
HIBOR
Quarterly
09/19/24
(a)
09/19/29
HKD
52,627
12,978
—
12,978
0.02%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
08/26/31
EUR
157,050
29,654,490
—
29,654,490
1-day
SOFR
Annual
3.79%
Annual
N/A
10/14/31
USD
197,460
(2,536,156)
—
(2,536,156)
1-day
SOFR
Annual
3.79%
Annual
N/A
11/19/31
USD
251,205
(2,881,821)
—
(2,881,821)
1-day
SOFR
Annual
3.78%
Annual
N/A
01/28/32
USD
467,125
(3,918,940)
—
(3,918,940)
2.38%
Annual
1-day
SOFR
Annual
N/A
04/08/32
USD
43,962
5,730,010
—
5,730,010
2.60%
Annual
1-day
SOFR
Annual
N/A
05/26/32
USD
53,426
5,929,853
—
5,929,853
1-day
SOFR
Annual
3.47%
Annual
N/A
10/04/32
USD
223,490
(8,285,898)
—
(8,285,898)
1-day
SOFR
Annual
3.42%
Annual
N/A
10/05/32
USD
103,240
(4,234,618)
—
(4,234,618)
1-day
SOFR
Annual
3.05%
Annual
N/A
10/28/32
USD
249,920
(16,958,664)
—
(16,958,664)
1-day
SOFR
Annual
2.88%
Annual
N/A
11/02/32
USD
250,132
(20,191,082)
—
(20,191,082)
1-day
SOFR
Annual
2.92%
Annual
N/A
11/04/32
USD
249,476
(19,311,215)
—
(19,311,215)
1-day
SOFR
Annual
2.90%
Annual
N/A
11/15/32
USD
400,986
(31,464,432)
—
(31,464,432)
1-day
SOFR
Annual
3.20%
Annual
N/A
11/28/32
USD
239,768
(13,160,656)
—
(13,160,656)
1-day
ESTR
Annual
2.34%
Annual
01/19/28
(a)
01/19/33
EUR
150,420
367,342
—
367,342
6-mo.
EURIBOR
Semi-Annual
2.57%
Annual
06/10/24
(a)
02/15/33
EUR
21,790
—
—
—
6-mo.
EURIBOR
Semi-Annual
2.63%
Annual
06/10/24
(a)
02/15/33
EUR
21,820
147,689
—
147,689
1-day
SOFR
Annual
3.14%
Annual
05/12/28
(a)
05/12/33
USD
279,328
(5,243,607)
—
(5,243,607)
1-day
SOFR
Annual
3.75%
Annual
N/A
08/09/33
USD
251,131
(4,532,857)
—
(4,532,857)
3.24%
Annual
1-day
SOFR
Annual
N/A
08/09/33
USD
122,861
7,495,962
—
7,495,962
3-mo.
JIBAR
Quarterly
9.90%
Quarterly
N/A
09/20/33
ZAR
550,000
383,995
—
383,995
3-mo.
JIBAR
Quarterly
9.90%
Quarterly
N/A
09/20/33
ZAR
275,000
192,918
—
192,918
3-mo.
JIBAR
Quarterly
9.92%
Quarterly
N/A
09/20/33
ZAR
275,000
212,707
—
212,707
1-day
TONAR
Annual
1.33%
Annual
09/21/28
(a)
09/21/33
JPY
2,349,000
151,149
—
151,149
1-day
TONAR
Annual
1.34%
Annual
09/28/28
(a)
09/28/33
JPY
9,070,000
604,622
—
604,622
1-day
SOFR
Annual
3.93%
Annual
N/A
10/04/33
USD
249,492
(80,160)
—
(80,160)
1-day
SOFR
Annual
3.50%
Annual
N/A
10/17/33
USD
343,829
(12,269,890)
—
(12,269,890)
4.40%
Annual
1-day
SOFR
Annual
N/A
11/01/33
USD
245,780
(9,880,932)
—
(9,880,932)
1-day
SOFR
Annual
4.00%
Annual
N/A
01/12/34
USD
193,843
1,947,293
—
1,947,293
1-day
SOFR
Annual
4.00%
Annual
N/A
01/17/34
USD
55,662
571,718
—
571,718
6-mo.
EURIBOR
Semi-Annual
2.73%
Annual
N/A
01/26/34
EUR
11,220
118,198
66,047
52,151
3.66%
Annual
1-day
SOFR
Annual
02/06/29
(a)
02/06/34
USD
19,465
(3,233)
—
(3,233)
1-day
MIBOR
Semi-Annual
6.34%
Semi-Annual
N/A
03/20/34
INR
4,198,022
(237,024)
—
(237,024)
1-day
MIBOR
Semi-Annual
6.35%
Semi-Annual
N/A
03/20/34
INR
4,198,022
(200,534)
—
(200,534)
3.55%
Annual
1-day
SONIA
Annual
03/22/29
(a)
03/22/34
GBP
190,100
(678,856)
(526,479)
(152,377)
3.71%
Annual
1-day
SOFR
Annual
03/26/29
(a)
03/26/34
USD
196,020
(351,290)
8,237
(359,527)
3.51%
Annual
1-day
SONIA
Annual
03/26/29
(a)
03/26/34
GBP
95,150
(129,890)
(21,056)
(108,834)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
124
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3.72%
Annual
1-day
SOFR
Annual
03/27/29
(a)
03/27/34
USD
97,110
$
(230,754)
$
48,872
$
(279,626)
3.76%
Annual
1-day
SOFR
Annual
03/28/29
(a)
03/28/34
USD
99,720
(381,889)
(70,165)
(311,724)
1.00%
Annual
1-day
TONAR
Annual
09/18/24
(a)
09/18/34
JPY
1,350,000
(83,854)
—
(83,854)
0.90%
Annual
1-day
TONAR
Annual
09/18/24
(a)
09/18/34
JPY
1,352,000
2,443
—
2,443
4.64%
Semi-Annual
3-mo.
BBR
Quarterly
09/18/24
(a)
09/18/34
NZD
7,300
(112,420)
—
(112,420)
4.47%
Semi-Annual
3-mo.
BBR
Quarterly
09/18/24
(a)
09/18/34
NZD
7,650
(58,850)
—
(58,850)
4.48%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/18/24
(a)
09/18/34
AUD
2,889
(38,726)
—
(38,726)
4.37%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/18/24
(a)
09/18/34
AUD
14,200
(113,102)
—
(113,102)
3.78%
Quarterly
3-mo.
HIBOR
Quarterly
09/19/24
(a)
09/19/34
HKD
18,481
387
—
387
1-day
SOFR
Annual
3.77%
Annual
02/14/25
(a)
02/14/35
USD
98,948
572,156
—
572,156
1-day
SOFR
Annual
3.81%
Annual
02/14/25
(a)
02/14/35
USD
17,265
154,800
(2,402)
157,202
3.62%
Annual
1-day
SOFR
Annual
02/14/25
(a)
02/14/35
USD
4,200
24,994
(948)
25,942
3.67%
Annual
1-day
SOFR
Annual
03/04/25
(a)
03/04/35
USD
11,090
19,989
(6,146)
26,135
3.54%
Annual
1-day
SONIA
Annual
03/25/25
(a)
03/25/35
GBP
9,030
(8,819)
58,127
(66,946)
3.46%
Annual
1-day
SOFR
Annual
12/15/26
(a)
12/15/36
USD
95,777
1,478,953
—
1,478,953
2.93%
Annual
1-day
SOFR
Annual
N/A
11/26/41
USD
32,045
3,924,024
(40,653)
3,964,677
6-mo.
EURIBOR
Semi-Annual
2.68%
Annual
N/A
02/12/44
EUR
27,185
593,664
(100,817)
694,481
2.58%
Annual
1-day
ESTR
Annual
03/14/34
(a)
03/14/44
EUR
36,320
24,557
(40,333)
64,890
2.68%
Annual
1-day
ESTR
Annual
03/23/34
(a)
03/23/44
EUR
88,100
(608,908)
2,114
(611,022)
2.68%
Annual
1-day
ESTR
Annual
03/24/34
(a)
03/24/44
EUR
49,360
(340,097)
(42,163)
(297,934)
2.51%
Annual
1-day
ESTR
Annual
04/02/24
(a)
04/02/46
EUR
10,040
(76,195)
(77,540)
1,345
2.59%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
08/15/48
EUR
22,780
(644,726)
—
(644,726)
2.81%
Annual
1-day
SOFR
Annual
N/A
01/25/51
USD
62,463
9,366,049
(848,225)
10,214,274
2.81%
Annual
1-day
SOFR
Annual
N/A
01/28/51
USD
111,429
16,675,956
(1,519,781)
18,195,737
2.80%
Annual
1-day
SOFR
Annual
N/A
02/01/51
USD
65,177
9,850,629
(770,818)
10,621,447
2.80%
Annual
1-day
SOFR
Annual
N/A
02/04/51
USD
37,194
5,610,667
(442,056)
6,052,723
2.80%
Annual
1-day
SOFR
Annual
N/A
02/05/51
USD
38,392
5,791,239
(456,260)
6,247,499
2.80%
Annual
1-day
SOFR
Annual
N/A
02/22/51
USD
15,576
2,330,663
(780,801)
3,111,464
2.80%
Annual
1-day
SOFR
Annual
N/A
05/27/51
USD
62,621
10,581,901
(3,212,261)
13,794,162
2.80%
Annual
1-day
SOFR
Annual
N/A
06/07/51
USD
19,517
3,287,527
(1,002,982)
4,290,509
2.79%
Annual
1-day
SOFR
Annual
N/A
01/21/52
USD
153,727
23,620,937
(8,061,272)
31,682,209
1-day
SOFR
Annual
4.00%
Annual
N/A
11/03/53
USD
99,173
6,078,007
—
6,078,007
3.65%
Annual
1-day
SOFR
Annual
N/A
11/03/53
USD
99,173
243,251
—
243,251
2.40%
Annual
1-day
ESTR
Annual
12/12/33
(a)
12/12/53
EUR
37,600
(522,043)
—
(522,043)
3.55%
Annual
1-day
SOFR
Annual
01/19/34
(a)
01/19/54
USD
490
(5,524)
—
(5,524)
1-day
ESTR
Annual
2.45%
Annual
N/A
01/24/54
EUR
29,250
610,252
(64,809)
675,061
2.47%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
01/24/54
EUR
28,945
(803,603)
96,854
(900,457)
2.51%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
01/26/54
EUR
4,626
(167,420)
(61,861)
(105,559)
3.38%
Annual
1-day
SOFR
Annual
02/06/34
(a)
02/06/54
USD
13,240
65,848
—
65,848
3.36%
Annual
1-day
SOFR
Annual
02/06/34
(a)
02/06/54
USD
65,260
471,297
—
471,297
3.28%
Annual
1-day
SOFR
Annual
02/06/34
(a)
02/06/54
USD
29,960
460,040
—
460,040
3.35%
Annual
1-day
SOFR
Annual
02/06/34
(a)
02/06/54
USD
25,950
203,896
—
203,896
2.98%
Annual
1-day
SOFR
Annual
02/08/44
(a)
02/08/54
USD
9,030
1,684
—
1,684
2.49%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
02/19/54
EUR
11,797
(401,459)
—
(401,459)
2.51%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
02/20/54
EUR
11,797
(445,493)
—
(445,493)
2.51%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/01/54
EUR
5,948
(234,076)
—
(234,076)
1-day
TONAR
Annual
1.45%
Annual
N/A
03/06/54
JPY
5,655,040
(90,465)
—
(90,465)
1-day
TONAR
Annual
1.45%
Annual
N/A
03/11/54
JPY
5,655,040
(80,088)
—
(80,088)
2.46%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/22/54
EUR
2,498
(71,579)
—
(71,579)
1-day
ESTR
Annual
2.39%
Annual
N/A
03/28/54
EUR
29,670
249,609
(19,981)
269,590
2.38%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/28/54
EUR
29,735
(342,264)
13,815
(356,079)
1-day
SOFR
Annual
3.40%
Annual
03/07/25
(a)
03/07/55
USD
42,901
(886,836)
—
(886,836)
1-day
SOFR
Annual
3.57%
Annual
03/07/25
(a)
03/07/55
USD
10,545
93,412
28,287
65,125
2.32%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
02/12/64
EUR
15,980
(663,093)
87,353
(750,446)
$
(17,520,232)
$
(16,683,115)
$
(837,117)
(a)
Forward
swap.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
125
Centrally
Cleared
Inflation
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
2.69%
At
Termination
08/15/32
EUR
30,405
$
400,707
$
—
$
400,707
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.46%
At
Termination
02/08/34
USD
84,110
(611,117)
—
(611,117)
2.14%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
02/15/34
EUR
22,200
172,711
41,695
131,016
2.21%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
02/15/34
EUR
56,810
36,902
—
36,902
2.47%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
02/08/44
USD
84,110
540,509
—
540,509
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
2.37%
At
Termination
02/15/44
EUR
56,810
(187,153)
—
(187,153)
2.47%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
04/03/54
USD
1,463
35
35
—
$
352,594
$
41,730
$
310,864
OTC
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Beazer
Homes
USA,
Inc.
....
5.00
%
Quarterly
Barclays
Bank
plc
06/20/24
USD
2,265
$
(28,272)
$
(6,640)
$
(21,632)
Beazer
Homes
USA,
Inc.
....
5.00
Quarterly
BNP
Paribas
SA
06/20/24
USD
2,500
(31,204)
(6,472)
(24,732)
Beazer
Homes
USA,
Inc.
....
5.00
Quarterly
BNP
Paribas
SA
06/20/24
USD
2,500
(31,205)
(6,984)
(24,221)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Barclays
Bank
plc
06/20/24
USD
750
977
11,035
(10,058)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Barclays
Bank
plc
06/20/24
USD
2,370
3,087
33,904
(30,817)
Staples,
Inc.
.............
5.00
Quarterly
Barclays
Bank
plc
06/20/24
USD
1,000
(7,672)
12,890
(20,562)
Staples,
Inc.
.............
5.00
Quarterly
Goldman
Sachs
International
06/20/24
USD
1,160
(8,899)
12,638
(21,537)
Tenet
Healthcare
Corp.
......
5.00
Quarterly
Barclays
Bank
plc
06/20/24
USD
2,483
(30,265)
(1,283)
(28,982)
Tenet
Healthcare
Corp.
......
5.00
Quarterly
Goldman
Sachs
International
06/20/24
USD
2,750
(33,519)
(4,357)
(29,162)
Tenet
Healthcare
Corp.
......
5.00
Quarterly
Goldman
Sachs
International
06/20/24
USD
2,347
(28,608)
(1,467)
(27,141)
Tenet
Healthcare
Corp.
......
5.00
Quarterly
Goldman
Sachs
International
06/20/24
USD
2,750
(33,519)
(4,357)
(29,162)
Tenet
Healthcare
Corp.
......
5.00
Quarterly
Goldman
Sachs
International
06/20/24
USD
2,785
(33,946)
(4,421)
(29,525)
Tenet
Healthcare
Corp.
......
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/24
USD
1,000
(12,188)
(605)
(11,583)
Xerox
Corp.
.............
1.00
Quarterly
BNP
Paribas
SA
06/20/24
USD
1,925
(2,567)
8,062
(10,629)
American
Airlines
Group,
Inc.
..
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/24
USD
1,000
(32,228)
(8,410)
(23,818)
Avis
Budget
Car
Rental
LLC
..
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/24
USD
1,500
(49,328)
18,159
(67,487)
Avis
Budget
Car
Rental
LLC
..
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/24
USD
2,960
(99,068)
35,833
(134,901)
Boeing
Co.
(The)
..........
1.00
Quarterly
BNP
Paribas
SA
12/20/24
USD
4,760
(23,921)
(13,699)
(10,222)
Boeing
Co.
(The)
..........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/24
USD
11,875
(59,676)
(20,253)
(39,423)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
12,809
(70,546)
46,700
(117,246)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
12,810
(70,551)
46,704
(117,255)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
7,752
(42,694)
27,725
(70,419)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
17,930
(98,750)
64,126
(162,876)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
12,807
(70,535)
45,804
(116,339)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
12,810
(70,551)
46,704
(117,255)
Ally
Financial,
Inc.
.........
5.00
Quarterly
Citibank
NA
06/20/25
USD
880
(48,053)
(23,143)
(24,910)
Ally
Financial,
Inc.
.........
5.00
Quarterly
Citibank
NA
06/20/25
USD
1,320
(72,080)
(34,709)
(37,371)
Avis
Budget
Car
Rental
LLC
..
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/25
USD
4,370
(233,022)
132,567
(365,589)
Macy's
Retail
Holdings
LLC
...
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
1,000
(4,423)
59,255
(63,678)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
06/20/25
USD
1,625
17,841
173,738
(155,897)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
2,000
21,958
255,389
(233,431)
Simon
Property
Group
LP
....
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
1,190
(11,862)
31,301
(43,163)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
126
OTC
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Simon
Property
Group
LP
....
1.00
%
Quarterly
Goldman
Sachs
International
06/20/25
USD
1,010
$
(10,068)
$
20,221
$
(30,289)
Southwest
Airlines
Co.
......
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
2,825
(25,057)
22,426
(47,483)
Southwest
Airlines
Co.
......
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
2,825
(25,057)
20,858
(45,915)
Southwest
Airlines
Co.
......
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
3,750
(33,262)
54,500
(87,762)
Boparan
Finance
plc
.......
5.00
Quarterly
Goldman
Sachs
International
12/20/25
EUR
4,471
9,422
156,213
(146,791)
Grifols
SA
...............
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
EUR
1,800
54,924
(30,603)
85,527
Grifols
SA
...............
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/25
EUR
2,768
84,460
(11,888)
96,348
Community
Health
Systems,
Inc.
5.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
830
68,429
66,400
2,029
Caterpillar,
Inc.
...........
1.00
Quarterly
Goldman
Sachs
International
12/20/26
USD
7,110
(157,461)
(114,601)
(42,860)
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
1,601
(37,650)
21,729
(59,379)
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
2,139
(50,300)
27,186
(77,486)
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
1,601
(37,650)
21,729
(59,379)
BorgWarner,
Inc.
..........
1.00
Quarterly
BNP
Paribas
SA
12/20/27
USD
3,000
(49,074)
30,984
(80,058)
INEOS
Group
Holdings
SA
...
5.00
Quarterly
BNP
Paribas
SA
12/20/27
EUR
1,202
(163,208)
(95,911)
(67,297)
Intesa
Sanpaolo
SpA
.......
1.00
Quarterly
BNP
Paribas
SA
12/20/27
EUR
5,600
15,961
334,537
(318,576)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Bank
of
America
NA
12/20/27
USD
1,620
193,896
322,248
(128,352)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Barclays
Bank
plc
12/20/27
USD
1,030
123,280
199,373
(76,093)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
12/20/27
USD
980
117,295
205,492
(88,197)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
12/20/27
USD
1,215
145,422
336,430
(191,008)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
12/20/27
USD
650
77,798
132,430
(54,632)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Goldman
Sachs
International
12/20/27
USD
1,030
123,280
199,485
(76,205)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
2,760
330,341
724,135
(393,794)
Simon
Property
Group
LP
....
1.00
Quarterly
Goldman
Sachs
International
12/20/27
USD
7,485
(137,077)
86,821
(223,898)
Simon
Property
Group
LP
....
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
4,700
(86,073)
54,620
(140,693)
UniCredit
SpA
............
1.00
Quarterly
Goldman
Sachs
International
12/20/27
EUR
5,600
15,153
330,006
(314,853)
UniCredit
SpA
............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
EUR
5,349
14,474
287,433
(272,959)
Xerox
Corp.
.............
1.00
Quarterly
Citibank
NA
12/20/27
USD
1,050
41,842
91,227
(49,385)
Xerox
Corp.
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
1,750
69,736
152,587
(82,851)
Altice
France
SA
..........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
5,430
1,748,363
1,037,213
711,150
Altice
France
SA
..........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
4,980
1,603,471
714,156
889,315
Altice
France
SA
..........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
2,797
900,584
401,105
499,479
Caterpillar,
Inc.
...........
1.00
Quarterly
Citibank
NA
06/20/28
USD
11,800
(357,593)
(252,245)
(105,348)
Deutsche
Bank
AG
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
17,900
(70,990)
1,264,392
(1,335,382)
Deutsche
Bank
AG
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
10,488
(41,595)
480,163
(521,758)
Deutsche
Bank
AG
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
3,496
(13,865)
160,054
(173,919)
Deutsche
Bank
AG
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
3,916
(15,531)
189,275
(204,806)
Paramount
Global
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
USD
5,785
206,738
216,663
(9,925)
Paramount
Global
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
USD
5,500
196,553
205,989
(9,436)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
06/20/28
USD
1,420
206,788
432,921
(226,133)
UBS
Group
AG
...........
1.00
Quarterly
BNP
Paribas
SA
06/20/28
EUR
4,131
(88,849)
157,538
(246,387)
UBS
Group
AG
...........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
3,487
(74,998)
156,998
(231,996)
UBS
Group
AG
...........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
1,536
(33,036)
72,014
(105,050)
UBS
Group
AG
...........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
3,623
(77,923)
183,410
(261,333)
UBS
Group
AG
...........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
29,800
(640,935)
899,753
(1,540,688)
Australia
&
New
Zealand
Banking
Group
Ltd.
......
1.00
Quarterly
Goldman
Sachs
International
12/20/28
USD
4,000
(130,341)
(114,892)
(15,449)
Boeing
Co.
(The)
..........
1.00
Quarterly
Deutsche
Bank
AG
12/20/28
USD
17,500
(9,222)
(80,926)
71,704
Deutsche
Bank
AG
.........
1.00
Quarterly
Bank
of
America
NA
12/20/28
EUR
2,800
93,243
161,044
(67,801)
eG
Global
Finance
plc
......
5.00
Quarterly
Deutsche
Bank
AG
12/20/28
EUR
3,996
127,522
153,307
(25,785)
Gap,
Inc.
(The)
...........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/28
USD
1,985
41,578
291,762
(250,184)
National
Australia
Bank
Ltd.
...
1.00
Quarterly
Goldman
Sachs
International
12/20/28
USD
4,000
(132,599)
(114,892)
(17,707)
Paramount
Global
.........
1.00
Quarterly
Goldman
Sachs
International
12/20/28
USD
2,060
107,417
94,454
12,963
Paramount
Global
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/28
USD
500
26,072
34,941
(8,869)
Paramount
Global
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/28
USD
500
26,072
34,045
(7,973)
Xerox
Corp.
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/28
USD
410
29,948
46,978
(17,030)
Xerox
Corp.
.............
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/28
USD
810
59,165
92,807
(33,642)
Aegon
Ltd.
..............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
EUR
6,050
(138,740)
(134,666)
(4,074)
ArcelorMittal
SA
...........
5.00
Quarterly
Goldman
Sachs
International
06/20/29
EUR
18,360
(3,333,067)
(3,279,730)
(53,337)
AT&T,
Inc.
...............
1.00
Quarterly
BNP
Paribas
SA
06/20/29
USD
38,880
(566,305)
(447,709)
(118,596)
AutoZone,
Inc.
............
1.00
Quarterly
Citibank
NA
06/20/29
USD
37,732
(1,311,225)
(1,197,731)
(113,494)
Boeing
Co.
(The)
..........
1.00
Quarterly
Deutsche
Bank
AG
06/20/29
USD
3,000
9,086
10,881
(1,795)
Comcast
Corp.
...........
1.00
Quarterly
Goldman
Sachs
International
06/20/29
USD
49,710
(1,378,023)
(1,240,579)
(137,444)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
127
OTC
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Commerzbank
AG
.........
1.00
%
Quarterly
Citibank
NA
06/20/29
EUR
9,820
$
327,838
$
428,700
$
(100,862)
Conagra
Brands,
Inc.
.......
1.00
Quarterly
Bank
of
America
NA
06/20/29
USD
18,866
(421,366)
(363,024)
(58,342)
CVS
Health
Corp.
.........
1.00
Quarterly
Barclays
Bank
plc
06/20/29
USD
79,566
(2,234,390)
(2,086,813)
(147,577)
CVS
Health
Corp.
.........
1.00
Quarterly
Citibank
NA
06/20/29
USD
49,780
(1,397,938)
(1,308,340)
(89,598)
CVS
Health
Corp.
.........
1.00
Quarterly
Goldman
Sachs
International
06/20/29
USD
37,732
(1,059,602)
(1,009,710)
(49,892)
CVS
Health
Corp.
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
51,834
(1,455,628)
(1,387,089)
(68,539)
Deutsche
Bank
AG
.........
1.00
Quarterly
BNP
Paribas
SA
06/20/29
EUR
31,340
128,922
335,174
(206,252)
Dow
Chemical
Co.
(The)
.....
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/29
USD
37,732
(649,716)
(579,238)
(70,478)
DR
Horton,
Inc.
...........
1.00
Quarterly
Barclays
Bank
plc
06/20/29
USD
115,966
(3,044,733)
(2,560,599)
(484,134)
Eni
SpA
................
1.00
Quarterly
Barclays
Bank
plc
06/20/29
EUR
18,260
(437,566)
(422,030)
(15,536)
Exelon
Corp.
.............
1.00
Quarterly
Bank
of
America
NA
06/20/29
USD
51,908
(1,619,103)
(1,489,629)
(129,474)
Exelon
Corp.
.............
1.00
Quarterly
Bank
of
America
NA
06/20/29
USD
11,129
(347,134)
(319,375)
(27,759)
Exelon
Corp.
.............
1.00
Quarterly
Bank
of
America
NA
06/20/29
USD
21,013
(655,412)
(603,001)
(52,411)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Bank
of
America
NA
06/20/29
USD
63,390
1,058,895
1,060,120
(1,225)
Grifols
SA
...............
5.00
Quarterly
Barclays
Bank
plc
06/20/29
EUR
8,142
837,263
881,111
(43,848)
HSBC
Holdings
plc
........
1.00
Quarterly
BNP
Paribas
SA
06/20/29
EUR
40,080
(993,748)
(818,149)
(175,599)
Lennar
Corp.
.............
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
102,522
(20,748,114)
(20,222,961)
(525,153)
Lincoln
National
Corp.
......
1.00
Quarterly
Bank
of
America
NA
06/20/29
USD
7,530
91,323
189,504
(98,181)
Lincoln
National
Corp.
......
1.00
Quarterly
Bank
of
America
NA
06/20/29
USD
49,226
596,997
1,238,826
(641,829)
Lincoln
National
Corp.
......
1.00
Quarterly
Bank
of
America
NA
06/20/29
USD
27,145
329,203
683,129
(353,926)
Lincoln
National
Corp.
......
1.00
Quarterly
Citibank
NA
06/20/29
USD
27,145
329,203
683,129
(353,926)
Lincoln
National
Corp.
......
1.00
Quarterly
Citibank
NA
06/20/29
USD
49,226
596,997
1,238,826
(641,829)
Lincoln
National
Corp.
......
1.00
Quarterly
Citibank
NA
06/20/29
USD
7,530
91,323
189,504
(98,181)
Lloyds
Banking
Group
plc
....
1.00
Quarterly
Goldman
Sachs
International
06/20/29
EUR
8,240
(164,722)
(147,436)
(17,286)
Lowe's
Cos.,
Inc.
..........
1.00
Quarterly
Bank
of
America
NA
06/20/29
USD
37,732
(1,238,075)
(1,093,433)
(144,642)
MetLife,
Inc.
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
63,360
(1,098,841)
(704,475)
(394,366)
MetLife,
Inc.
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
11,640
(201,866)
(129,418)
(72,448)
MetLife,
Inc.
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
14,550
(252,333)
(161,772)
(90,561)
Monitchem
HoldCo
3
SA
.....
5.00
Quarterly
Deutsche
Bank
AG
06/20/29
EUR
2,250
(76,212)
(112,229)
36,017
Novafives
SAS
...........
5.00
Quarterly
Goldman
Sachs
International
06/20/29
EUR
7,087
(706,852)
(686,818)
(20,034)
Picard
Bondco
SA
.........
5.00
Quarterly
Deutsche
Bank
AG
06/20/29
EUR
2,715
(263,986)
(250,994)
(12,992)
Prudential
Financial,
Inc.
.....
1.00
Quarterly
Goldman
Sachs
International
06/20/29
USD
91,200
(1,562,461)
(1,091,509)
(470,952)
PulteGroup,
Inc.
..........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
102,251
(20,608,984)
(20,169,416)
(439,568)
Republic
of
Colombia
.......
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
38,841
1,265,755
1,360,519
(94,764)
Republic
of
Panama
........
1.00
Quarterly
Bank
of
America
NA
06/20/29
USD
11,805
448,763
465,579
(16,816)
Republic
of
South
Africa
.....
1.00
Quarterly
Citibank
NA
06/20/29
USD
41,650
2,908,803
2,566,954
341,849
Republic
of
South
Africa
.....
1.00
Quarterly
Citibank
NA
06/20/29
USD
39,675
2,770,878
2,445,238
325,640
Republic
of
South
Africa
.....
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/29
USD
26,317
1,837,977
1,751,139
86,838
Republic
of
South
Africa
.....
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/29
USD
16,353
1,142,092
1,067,856
74,236
Republic
of
Turkey
.........
1.00
Quarterly
Bank
of
America
NA
06/20/29
USD
7,544
663,407
677,117
(13,710)
Republic
of
Turkey
.........
1.00
Quarterly
Goldman
Sachs
International
06/20/29
USD
18,861
1,658,518
1,938,742
(280,224)
Republic
of
Turkey
.........
1.00
Quarterly
Goldman
Sachs
International
06/20/29
USD
18,861
1,658,518
1,938,742
(280,224)
Republic
of
Turkey
.........
1.00
Quarterly
Goldman
Sachs
International
06/20/29
USD
16,597
1,459,496
1,706,093
(246,597)
Republic
of
Turkey
.........
1.00
Quarterly
Goldman
Sachs
International
06/20/29
USD
29,171
2,621,732
2,621,732
–
Southwest
Airlines
Co.
......
1.00
Quarterly
Citibank
NA
06/20/29
USD
12,900
(84,594)
(97,576)
12,982
Stena
AB
...............
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/29
EUR
6,618
(918,739)
(864,760)
(53,979)
Syensqo
SA
.............
1.00
Quarterly
Goldman
Sachs
International
06/20/29
EUR
22,730
(499,701)
(459,099)
(40,602)
Toll
Brothers
Finance
Corp.
...
1.00
Quarterly
Bank
of
America
NA
06/20/29
USD
109,831
(1,071,383)
(143,918)
(927,465)
Toll
Brothers
Finance
Corp.
...
1.00
Quarterly
Bank
of
America
NA
06/20/29
USD
11,274
(109,974)
(14,773)
(95,201)
Tyson
Foods,
Inc.
.........
1.00
Quarterly
Bank
of
America
NA
06/20/29
USD
37,732
(727,209)
(651,016)
(76,193)
UniCredit
SpA
............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
EUR
9,250
239,371
286,038
(46,667)
United
Mexican
States
......
1.00
Quarterly
Bank
of
America
NA
06/20/29
USD
125,185
(471,744)
(401,999)
(69,745)
Volkswagen
International
Finance
NV
...........
1.00
Quarterly
Goldman
Sachs
International
06/20/29
EUR
11,100
(83,014)
(70,118)
(12,896)
Volvo
Car
AB
............
5.00
Quarterly
Barclays
Bank
plc
06/20/29
EUR
5,581
(958,430)
(934,752)
(23,678)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
14
7
155
(148)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
8,086
3,809
83,632
(79,823)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
6,945
3,271
86,055
(82,784)
CMBX.NA.9.BBB-
.........
3.00
Monthly
Citigroup
Global
Markets,
Inc.
09/17/58
USD
4,870
714,368
148,190
566,178
CMBX.NA.9.BBB-
.........
3.00
Monthly
Goldman
Sachs
International
09/17/58
USD
1,456
213,577
103,410
110,167
CMBX.NA.9.BBB-
.........
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
1,674
245,555
83,274
162,281
CMBX.NA.9.BBB-
.........
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
1,421
208,443
70,689
137,754
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
128
OTC
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CMBX.NA.6.AAA
..........
0.50
%
Monthly
Deutsche
Bank
AG
05/11/63
USD
19
$
(1)
$
(9,127)
$
9,126
$
–
$
–
$
–
$
(45,365,017)
$
(29,835,125)
$
(15,529,892)
$
–
$
–
$
–
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)
ADLER
Real
Estate
AG
.
5.00
%
Quarterly
JPMorgan
Chase
Bank
NA
12/20/24
NR
EUR
1,117
$
(24,310)
$
(66,547)
$
42,237
Bank
of
America
Corp.
..
1.00
Quarterly
Deutsche
Bank
AG
12/20/24
A-
USD
74,356
462,982
210,018
252,964
Goldman
Sachs
Group,
Inc.
(The)
............
1.00
Quarterly
Deutsche
Bank
AG
12/20/24
BBB+
USD
74,356
433,828
262,789
171,039
Morgan
Stanley
.......
1.00
Quarterly
Deutsche
Bank
AG
12/20/24
A-
USD
74,356
435,331
278,642
156,689
Verizon
Communications,
Inc.
.............
1.00
Quarterly
Deutsche
Bank
AG
12/20/24
BBB+
USD
103,066
567,132
204,470
362,662
Altice
France
SA
......
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/25
CCC+
EUR
5,430
(981,941)
(276,694)
(705,247)
Sprint
Communications
LLC
5.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
2,200
128,025
100,550
27,475
Sprint
Communications
LLC
5.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
2,850
165,852
126,661
39,191
Sprint
Communications
LLC
5.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
1,033
60,134
47,439
12,695
Sprint
Communications
LLC
5.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
2,400
139,664
96,148
43,516
Virgin
Media
Finance
plc
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/25
B-
EUR
3,790
200,626
174,908
25,718
Altice
France
SA
......
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
CCC+
EUR
5,593
(1,246,149)
(81,997)
(1,164,152)
Altice
France
SA
......
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
CCC+
EUR
4,004
(892,058)
6,911
(898,969)
CCO
Holdings
LLC
....
5.00
Quarterly
BNP
Paribas
SA
12/20/25
BB-
USD
3,114
202,502
199,444
3,058
CCO
Holdings
LLC
....
5.00
Quarterly
BNP
Paribas
SA
12/20/25
BB-
USD
1,868
121,501
119,724
1,777
CCO
Holdings
LLC
....
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
BB-
USD
1,868
121,501
120,738
763
CCO
Holdings
LLC
....
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
BB-
USD
3,000
195,111
183,737
11,374
Virgin
Media
Finance
plc
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
B-
EUR
980
65,596
54,181
11,415
Vistra
Operations
Co.
LLC
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
BB
USD
4,408
316,578
134,232
182,346
CMA
CGM
SA
........
5.00
Quarterly
Goldman
Sachs
International
06/20/26
NR
EUR
310
28,306
14,174
14,132
CMA
CGM
SA
........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/26
NR
EUR
410
37,436
47,052
(9,616)
Intrum
AB
...........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/26
B
EUR
2,520
(945,528)
352,163
(1,297,691)
CMA
CGM
SA
........
5.00
Quarterly
Barclays
Bank
plc
06/20/27
NR
EUR
3,940
462,401
56,108
406,293
CMA
CGM
SA
........
5.00
Quarterly
Barclays
Bank
plc
06/20/27
NR
EUR
110
12,965
2,251
10,714
CMA
CGM
SA
........
5.00
Quarterly
Goldman
Sachs
International
06/20/27
NR
EUR
1,474
173,023
(34,417)
207,440
CMA
CGM
SA
........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
NR
EUR
163
19,104
3,839
15,265
CMA
CGM
SA
........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
NR
EUR
575
67,532
13,844
53,688
CMA
CGM
SA
........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
NR
EUR
612
71,842
14,728
57,114
CMA
CGM
SA
........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
NR
EUR
2,104
246,927
149,718
97,209
CMA
CGM
SA
........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
NR
EUR
4,295
504,051
705,523
(201,472)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Bank
of
America
NA
12/20/27
NR
EUR
631
(32,825)
(107,356)
74,531
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
129
OTC
Credit
Default
Swaps
—
Sell
Protection
(continued)
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)
ADLER
Real
Estate
AG
.
5.00
%
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
379
$
(19,730)
$
(62,872)
$
43,142
ADLER
Real
Estate
AG
.
5.00
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
3,750
(195,208)
(622,042)
426,834
ADLER
Real
Estate
AG
.
5.00
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
1,065
(55,458)
(176,721)
121,263
ADLER
Real
Estate
AG
.
5.00
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
1,309
(68,141)
(217,135)
148,994
ADLER
Real
Estate
AG
.
5.00
Quarterly
Citibank
NA
12/20/27
NR
EUR
309
(16,092)
(52,787)
36,695
ADLER
Real
Estate
AG
.
5.00
Quarterly
Citibank
NA
12/20/27
NR
EUR
1,088
(56,643)
(185,806)
129,163
ADLER
Real
Estate
AG
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
NR
EUR
647
(33,677)
(109,191)
75,514
ADLER
Real
Estate
AG
.
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
NR
EUR
469
(24,418)
(79,070)
54,652
ADLER
Real
Estate
AG
.
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
NR
EUR
225
(11,715)
(37,936)
26,221
CMA
CGM
SA
........
5.00
Quarterly
BNP
Paribas
SA
12/20/27
NR
EUR
285
35,151
(7,527)
42,678
CMA
CGM
SA
........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
NR
EUR
958
118,155
180,683
(62,528)
CMA
CGM
SA
........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
NR
EUR
3,100
382,340
(61,935)
444,275
Boparan
Finance
plc
...
5.00
Quarterly
Goldman
Sachs
International
12/20/28
NR
EUR
5,589
(238,240)
(422,709)
184,469
Ford
Motor
Co.
.......
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/29
BBB-
USD
73,385
11,853,616
11,227,803
625,813
Teck
Resources
Ltd.
....
5.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
28,419
5,131,644
5,017,094
114,550
Ziggo
Bond
Co.
BV
....
5.00
Quarterly
Bank
of
America
NA
06/20/29
B-
EUR
2,220
144,353
185,374
(41,021)
Ziggo
Bond
Co.
BV
....
5.00
Quarterly
Bank
of
America
NA
06/20/29
B-
EUR
1,279
83,153
106,782
(23,629)
CMBX.NA.9.A
........
2.00
Monthly
Goldman
Sachs
International
09/17/58
A
USD
3,707
(188,711)
(55,584)
(133,127)
CMBX.NA.9.A
........
2.00
Monthly
Goldman
Sachs
International
09/17/58
A
USD
3,503
(178,332)
(60,693)
(117,639)
CMBX.NA.9.A
........
2.00
Monthly
Goldman
Sachs
International
09/17/58
A
USD
507
(25,795)
(8,811)
(16,984)
CMBX.NA.9.BBB-
.....
3.00
Monthly
Citigroup
Global
Markets,
Inc.
09/17/58
BBB-
USD
1,578
(231,532)
(3,453)
(228,079)
CMBX.NA.9.BBB-
.....
3.00
Monthly
Goldman
Sachs
International
09/17/58
BBB-
USD
774
(113,477)
(76,657)
(36,820)
CMBX.NA.9.BBB-
.....
3.00
Monthly
JPMorgan
Securities
LLC
09/17/58
BBB-
USD
1,360
(199,495)
(278,559)
79,064
CMBX.NA.9.BBB-
.....
3.00
Monthly
JPMorgan
Securities
LLC
09/17/58
BBB-
USD
1,674
(245,555)
—
(245,555)
CMBX.NA.9.BBB-
.....
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
BBB-
USD
1,635
(239,834)
(392,485)
152,651
CMBX.NA.9.BBB-
.....
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
BBB-
USD
2,400
(352,050)
2,275
(354,325)
CMBX.NA.10.BBB-
....
3.00
Monthly
JPMorgan
Securities
LLC
11/17/59
BBB-
USD
270
(50,912)
—
(50,912)
$
16,320,536
$
16,921,019
$
(600,483)
(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.
OTC
Currency
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Notional
Amount
(000)
Rate
Frequency
Rate
Frequency
D
elivered
Received
Counterparty
Termination
Date
(a)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
2.31%
CNH
Quarterly
1-day
SOFR
Quarterly
CNH
815,000
USD
113,483
BNP
Paribas
SA
09/19/25
$
–
$
–
$
–
(a)
At
termination
date,
the
notional
amount
delivered
will
be
exchanged
for
the
notional
amount
received.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
130
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
BZDIOVER
At
Termination
13.21%
At
Termination
JPMorgan
Chase
Bank
NA
N/A
01/02/25
BRL
294,168
$
1,854,362
$
—
$
1,854,362
1-day
BZDIOVER
At
Termination
12.81%
At
Termination
Morgan
Stanley
&
Co.
International
plc
N/A
01/02/25
BRL
1,126,055
5,349,144
—
5,349,144
1-day
BZDIOVER
At
Termination
13.15%
At
Termination
Bank
of
America
NA
N/A
01/02/25
BRL
27,073
164,796
—
164,796
1-day
BZDIOVER
At
Termination
13.18%
At
Termination
Bank
of
America
NA
N/A
01/02/25
BRL
563,780
3,487,488
—
3,487,488
1-day
BZDIOVER
At
Termination
13.25%
At
Termination
Citibank
NA
N/A
01/02/25
BRL
154,749
1,000,025
—
1,000,025
1-day
BZDIOVER
At
Termination
13.35%
At
Termination
Bank
of
America
NA
N/A
01/02/25
BRL
562,555
3,857,977
—
3,857,977
10.30%
At
Termination
1-day
IBR
At
Termination
Citibank
NA
N/A
01/29/25
COP
94,035,294
65,535
—
65,535
10.30%
At
Termination
1-day
IBR
At
Termination
Citibank
NA
N/A
01/29/25
COP
230,386,471
160,561
—
160,561
10.02%
At
Termination
1-day
IBR
At
Termination
Barclays
Bank
plc
N/A
03/21/25
COP
63,211,299
(9,765)
—
(9,765)
10.18%
At
Termination
1-day
IBR
At
Termination
Citibank
NA
N/A
06/20/25
COP
206,711,111
31,728
—
31,728
10.18%
At
Termination
1-day
IBR
At
Termination
Citibank
NA
N/A
06/20/25
COP
66,736,881
10,243
—
10,243
8.62%
At
Termination
1-day
IBR
At
Termination
JPMorgan
Chase
Bank
NA
11/05/24
(a)
11/05/25
COP
368,616,006
(799,131)
—
(799,131)
1-day
BZDIOVER
At
Termination
11.81%
At
Termination
JPMorgan
Chase
Bank
NA
N/A
01/02/26
BRL
15,719
86,505
—
86,505
1-day
BZDIOVER
At
Termination
10.02%
At
Termination
HSBC
Bank
plc
N/A
01/02/26
BRL
316,178
(554,686)
—
(554,686)
1-day
BZDIOVER
At
Termination
10.14%
At
Termination
Goldman
Sachs
International
N/A
01/02/26
BRL
99,060
(120,373)
—
(120,373)
1-day
BZDIOVER
At
Termination
10.62%
At
Termination
Citibank
NA
N/A
01/02/26
BRL
432,104
776,172
—
776,172
1-day
BZDIOVER
At
Termination
11.31%
At
Termination
BNP
Paribas
SA
N/A
01/02/26
BRL
43,704
131,534
—
131,534
1-day
BZDIOVER
At
Termination
11.60%
At
Termination
Barclays
Bank
plc
N/A
01/02/26
BRL
36,162
157,953
—
157,953
1-day
BZDIOVER
At
Termination
11.78%
At
Termination
Citibank
NA
N/A
01/02/26
BRL
265,757
1,413,623
—
1,413,623
1-day
BZDIOVER
At
Termination
11.80%
At
Termination
Citibank
NA
N/A
01/02/26
BRL
15,056
81,567
—
81,567
1-day
BZDIOVER
At
Termination
11.84%
At
Termination
Citibank
NA
N/A
01/02/26
BRL
281,977
1,591,943
—
1,591,943
1-day
BZDIOVER
At
Termination
11.86%
At
Termination
Barclays
Bank
plc
N/A
01/02/26
BRL
43,187
248,742
—
248,742
1-day
BZDIOVER
At
Termination
11.87%
At
Termination
Morgan
Stanley
&
Co.
International
plc
N/A
01/02/26
BRL
27,644
160,797
—
160,797
1-day
BZDIOVER
At
Termination
9.65%
At
Termination
Citibank
NA
N/A
01/02/26
BRL
500,288
(604,732)
—
(604,732)
1-day
BZDIOVER
At
Termination
9.84%
At
Termination
Barclays
Bank
plc
N/A
01/02/26
BRL
75,898
(12,568)
—
(12,568)
28-day
MXIBTIIE
Monthly
6.02%
Monthly
Citibank
NA
N/A
03/24/26
MXN
969,089
(4,015,346)
—
(4,015,346)
1-day
CLICP
At
Termination
4.95%
At
Termination
Goldman
Sachs
International
04/01/25
(a)
04/01/26
CLP
94,840,895
—
—
—
1-day
CLICP
At
Termination
4.95%
At
Termination
Goldman
Sachs
International
04/01/25
(a)
04/01/26
CLP
39,609,615
—
—
—
1-day
CLICP
At
Termination
4.88%
At
Termination
JPMorgan
Chase
Bank
NA
04/01/25
(a)
04/01/26
CLP
39,770,602
—
—
—
1-day
CLICP
At
Termination
4.88%
At
Termination
JPMorgan
Chase
Bank
NA
04/01/25
(a)
04/01/26
CLP
95,226,360
—
—
—
7.64%
Monthly
28-day
MXIBTIIE
Monthly
UBS
AG
N/A
11/18/26
MXN
517,782
1,338,666
—
1,338,666
7.71%
Monthly
28-day
MXIBTIIE
Monthly
BNP
Paribas
SA
N/A
11/19/26
MXN
1,002,958
2,486,219
—
2,486,219
1-day
BZDIOVER
At
Termination
10.06%
At
Termination
JPMorgan
Chase
Bank
NA
N/A
01/04/27
BRL
268,512
(699,356)
—
(699,356)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
131
OTC
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
BZDIOVER
At
Termination
10.00%
At
Termination
Bank
of
America
NA
N/A
01/04/27
BRL
276,479
$
(830,630)
$
—
$
(830,630)
1-day
BZDIOVER
At
Termination
10.03%
At
Termination
Morgan
Stanley
&
Co.
International
plc
N/A
01/04/27
BRL
268,801
(762,807)
—
(762,807)
1-day
BZDIOVER
At
Termination
10.05%
At
Termination
Barclays
Bank
plc
N/A
01/04/27
BRL
34,266
(9,973)
—
(9,973)
1-day
BZDIOVER
At
Termination
10.07%
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
241,046
(715,412)
—
(715,412)
1-day
BZDIOVER
At
Termination
10.14%
At
Termination
Bank
of
America
NA
N/A
01/04/27
BRL
256,421
(650,237)
—
(650,237)
1-day
BZDIOVER
At
Termination
10.16%
At
Termination
Bank
of
America
NA
N/A
01/04/27
BRL
341,681
(819,655)
—
(819,655)
1-day
BZDIOVER
At
Termination
10.16%
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
327,826
(780,805)
—
(780,805)
1-day
BZDIOVER
At
Termination
10.16%
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
1,830
(4,389)
—
(4,389)
1-day
BZDIOVER
At
Termination
10.35%
At
Termination
Barclays
Bank
plc
N/A
01/04/27
BRL
550,947
(299,747)
—
(299,747)
1-day
BZDIOVER
At
Termination
9.79%
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
424,253
(884,423)
—
(884,423)
1-day
BZDIOVER
At
Termination
9.94%
At
Termination
Barclays
Bank
plc
N/A
01/04/27
BRL
82,900
(85,104)
—
(85,104)
1-day
BZDIOVER
At
Termination
9.99%
At
Termination
Citibank
NA
N/A
01/04/27
BRL
269,132
(835,432)
—
(835,432)
4.92%
Semi-Annual
1-day
CLICP
Semi-Annual
JPMorgan
Chase
Bank
NA
04/01/26
(a)
04/01/28
CLP
20,834,726
5,336
—
5,336
4.92%
Semi-Annual
1-day
CLICP
Semi-Annual
JPMorgan
Chase
Bank
NA
04/01/26
(a)
04/01/28
CLP
51,117,530
13,092
—
13,092
4.99%
Semi-Annual
1-day
CLICP
Semi-Annual
Goldman
Sachs
International
04/01/26
(a)
04/01/28
CLP
21,705,788
—
—
—
4.99%
Semi-Annual
1-day
CLICP
Semi-Annual
Goldman
Sachs
International
04/01/26
(a)
04/01/28
CLP
53,254,662
—
—
—
$
10,979,437
$
—
$
10,979,437
(a)
Forward
swap.
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SOFR
minus
0.15%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
BNP
Paribas
SA
04/19/24
USD
100
$
15,227
$
—
$
15,227
1-day
SOFR
minus
0.15%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
BNP
Paribas
SA
04/19/24
USD
874
621,102
—
621,102
1-day
SOFR
minus
0.30%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
Bank
of
America
NA
06/17/24
USD
862
485,648
—
485,648
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
132
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
OTC
Total
Return
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SOFR
minus
0.30%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
BNP
Paribas
SA
06/17/24
USD
2,904
$
1,635,947
$
—
$
1,635,947
1-day
SOFR
minus
0.30%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
JPMorgan
Chase
Bank
NA
06/17/24
USD
2,009
1,131,839
—
1,131,839
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
...........
At
Termination
1-day
SOFR
minus
1.40%
At
Termination
Bank
of
America
NA
06/21/24
USD
645
—
—
—
0.00%
...........
Quarterly
Citi
Equity
US
1W
Volatility
Carry
Index
Quarterly
Citibank
NA
09/16/24
USD
17,791
40,662
—
40,662
0.00%
...........
Quarterly
Goldman
Sachs
Systematic
Skew
US
Series
10
Excess
Return
Strategy
Quarterly
Goldman
Sachs
International
12/06/24
USD
19,315
(19,345)
—
(19,345)
0.00%
...........
Quarterly
Citi
Equity
US
1W
Volatility
Carry
Index
Quarterly
Citibank
NA
12/20/24
USD
4,920
11,704
—
11,704
0.00%
...........
Quarterly
Citi
Equity
US
1W
Volatility
Carry
Index
Quarterly
Citibank
NA
12/20/24
USD
4,973
11,832
—
11,832
0.00%
...........
Quarterly
Citi
Equity
US
1W
Volatility
Carry
Index
Quarterly
Citibank
NA
12/20/24
USD
4,920
11,704
—
11,704
0.00%
...........
Quarterly
Goldman
GSVLTYI2
Index
Quarterly
Goldman
Sachs
International
12/20/24
USD
3,020
(5,772)
—
(5,772)
0.00%
...........
Quarterly
J.P.
Morgan
UST
10Y
Short
Variance
Quarterly
JPMorgan
Chase
Bank
NA
12/20/24
USD
3,015
1,948
—
1,948
$
3,942,496
$
—
$
3,942,496
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long/Short
...
Monthly
Barclays
Bank
plc
(b)
03/31/25
$
(41,988,011)
$
(228,330)
(c)
$
(41,943,435)
0.3
%
Monthly
Citibank
NA
(d)
02/24/28
(41,828,806)
255,388
(e)
(41,563,653)
0.3
Monthly
JPMorgan
Chase
Bank
NA
(f)
07/10/24
(185,318,026)
1,260,574
(g)
(184,196,091)
1.1
Monthly
Merrill
Lynch
International
&
Co.
(h)
03/15/28
(263,642,823)
183,345
(i)
(264,199,138)
1.6
$
1,470,977
$
(531,902,317)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
133
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
(b)
(d)
(f)
Range:
15-118
basis
points
0-26
basis
points
15-108
basis
points
Benchmarks:
CHF
-
Swiss
Average
Rate
O/N
(SSARON)
CAD
-
1D
Overnight
Bank
of
Canada
Repo
Rate
(CORRA)
AUD
-
1D
Overnight
Reserve
Bank
of
Australia
Rate
(AONIA)
EUR
-
1D
Euro
Short
Term
Rate
(ESTR)
CHF
-
Swiss
Average
Rate
O/N
(SSARON)
Bank
of
Canada
Overnight
Rate
Target
(CABROVER)
GBP
-
1D
Sterling
Overnight
Index
Average
(SONIA)
EUR
-
1D
Euro
Short
Term
Rate
(ESTR)
CHF
-
Swiss
Average
Rate
O/N
(SSARON)
JPY
-
Provisional
1D
Overnight
Tokyo
Average
Rate
(TONA)
GBP
-
1D
Sterling
Overnight
Index
Average
(SONIA)
DKK
-
Annualized
Overnight
Deposit
MID
Rate
NOK
-
Norwegian
Overnight
Weighted
Average
(NOWA)
JPY
-
Provisional
1D
Overnight
Tokyo
Average
Rate
(TONA)
EUR
-
1D
Euro
Short
Term
Rate
(ESTR)
SEK
-
1D
Overnight
Stockholm
Interbank
Offer
Rate
(STIBOR)
NOK
-
Norwegian
Overnight
Weighted
Average
(NOWA)
GBP
-
1D
Sterling
Overnight
Index
Average
(SONIA)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
SEK
-
TN
Stockholm
Interbank
Offer
Rate
(STIBOR)
HKD
-
Overnight
Index
Average
(HONIA)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
JPY
-
Provisional
1D
Overnight
Tokyo
Average
Rate
(TONA)
MXN
-
28D
Mexican
Interbank
Rate
(TIIE)
NOK
-
Norwegian
Overnight
Weighted
Average
(NOWA)
SEK
-
TN
Stockholm
Interbank
Offer
Rate
(STIBOR)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
ZAR
-
1D
Rand
Overnight
Interest
Rate
Fixing
(RAONON)
(h)
Range:
0-125
basis
points
Benchmarks:
AUD
-
1D
Overnight
Reserve
Bank
of
Australia
Rate
(AONIA)
Bank
of
Canada
Overnight
Rate
Target
(CABROVER)
CHF
-
Swiss
Average
Rate
O/N
(SSARON)
DKK
-
1W
Copenhagen
Interbank
Swap
Rate
(CIBOR)
EUR
-
1D
Euro
Short
Term
Rate
(ESTR)
GBP
-
1D
Sterling
Overnight
Index
Average
(SONIA)
HKD
-
Overnight
Index
Average
(HONIA)
JPY
-
Provisional
1D
Overnight
Tokyo
Average
Rate
(TONA)
MXN
-
28D
Mexican
Interbank
Rate
(TIIE)
NOK
-
Norwegian
Overnight
Weighted
Average
(NOWA)
SEK
-
1D
Overnight
Stockholm
Interbank
Offer
Rate
(STIBOR)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
ZAR
-
1M
Johannesburg
Interbank
Agreed
Rate
(JIBAR)
(b)
Barclays
Bank
(c)
Amount
includes
$(272,906)
of
net
dividends
and
financing
fees.
(d)
CitiBank
NA
(e)
Amount
includes
$(9,765)
of
net
dividends
and
financing
fees.
(f)
JPMChase
(g)
Amount
includes
$138,639
of
net
dividends
and
financing
fees.
(h)
Merill
Lynch
(i)
Amount
includes
$739,660
of
net
dividends
and
financing
fees.
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Barclays
Bank
plc,
as
of
period
end,
termination
date
March
31,
2025:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
France
Carrefour
SA
............
130,500
$
2,238,640
(5.3)
%
Japan
Daikin
Industries
Ltd.
.......
4,400
600,779
(1.4)
Inpex
Corp.
.............
93,600
1,422,831
(3.4)
Mazda
Motor
Corp.
........
95,300
1,104,489
(2.6)
TDK
Corp.
..............
17,000
834,836
(2.0)
Shares
Value
%
of
Basket
Value
Japan
(continued)
Toei
Animation
Co.
Ltd.
.....
22,500
$
451,843
(1.1)
%
4,414,778
Jordan
Hikma
Pharmaceuticals
plc
...
55,200
1,335,343
(3.2)
United
Kingdom
Hargreaves
Lansdown
plc
...
169,400
1,572,210
(3.7)
Phoenix
Group
Holdings
plc
..
98,400
687,074
(1.6)
Rightmove
plc
...........
130,900
907,303
(2.2)
3,166,587
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
134
Shares
Value
%
of
Basket
Value
United
States
Amgen,
Inc.
.............
3,300
$
938,256
(2.2)
%
Applied
Materials,
Inc.
......
4,600
948,658
(2.3)
Cadence
Design
Systems,
Inc.
3,400
1,058,352
(2.5)
Centene
Corp.
...........
15,200
1,192,896
(2.8)
DENTSPLY
SIRONA,
Inc.
...
43,000
1,427,170
(3.4)
Electronic
Arts,
Inc.
........
11,100
1,472,637
(3.5)
Johnson
&
Johnson
........
8,700
1,376,253
(3.3)
Meta
Platforms,
Inc.,
Class
A
.
2,400
1,165,392
(2.8)
Nestle
SA
(Registered)
.....
16,000
1,699,999
(4.1)
Netflix,
Inc.
..............
1,200
728,796
(1.7)
Roper
Technologies,
Inc.
....
4,800
2,692,032
(6.4)
Seagate
Technology
Holdings
plc
.................
6,600
614,130
(1.5)
Vertex
Pharmaceuticals,
Inc.
..
2,900
1,212,229
(2.9)
16,526,800
Total
Reference
Entity
—
Long
............
27,682,148
Reference
Entity
—
Short
Common
Stocks
China
NIO,
Inc.,
ADR
...........
(273,800)
(1,232,100)
2.9
France
Adevinta
ASA
............
(55,600)
(582,810)
1.4
Kering
SA
..............
(2,400)
(950,600)
2.3
Orange
SA
..............
(176,100)
(2,070,939)
4.9
(3,604,349)
Germany
Siemens
Energy
AG
.......
(55,500)
(1,018,633)
2.4
Japan
Bandai
Namco
Holdings,
Inc.
.
(77,800)
(1,443,591)
3.4
Benesse
Holdings,
Inc.
.....
(36,000)
(615,520)
1.5
Capcom
Co.
Ltd.
..........
(49,600)
(929,212)
2.2
Dai-ichi
Life
Holdings,
Inc.
...
(51,200)
(1,305,832)
3.1
DeNA
Co.
Ltd.
...........
(23,100)
(228,401)
0.5
DMG
Mori
Co.
Ltd.
........
(57,100)
(1,509,510)
3.6
Japan
Post
Bank
Co.
Ltd.
....
(164,800)
(1,770,828)
4.2
Lasertec
Corp.
...........
(2,500)
(690,316)
1.7
Mercari,
Inc.
.............
(133,700)
(1,709,024)
4.1
Mitsubishi
Heavy
Industries
Ltd.
(62,000)
(593,255)
1.4
Mitsubishi
Motors
Corp.
.....
(214,400)
(705,021)
1.7
Mitsui
Fudosan
Co.
Ltd.
.....
(81,000)
(881,540)
2.1
Olympus
Corp.
...........
(116,400)
(1,675,964)
4.0
Orient
Corp.
.............
(95,500)
(675,524)
1.6
Recruit
Holdings
Co.
Ltd.
....
(18,000)
(797,503)
1.9
Shinko
Electric
Industries
Co.
Ltd.
................
(25,200)
(940,642)
2.2
Shionogi
&
Co.
Ltd.
........
(41,200)
(2,105,393)
5.0
SoftBank
Corp.
...........
(148,600)
(1,913,217)
4.6
Sumitomo
Chemical
Co.
Ltd.
..
(1,121,500)
(2,429,955)
5.8
Sumitomo
Pharma
Co.
Ltd.
...
(213,100)
(558,510)
1.3
Taisho
Pharmaceutical
Holdings
Co.
Ltd.
..............
(7,000)
(396,762)
1.0
Terumo
Corp.
............
(107,400)
(1,965,275)
4.7
Tosoh
Corp.
.............
(53,600)
(728,354)
1.7
Welcia
Holdings
Co.
Ltd.
....
(42,300)
(719,277)
1.7
(27,288,426)
Netherlands
Universal
Music
Group
NV
...
(26,300)
(790,324)
1.9
Poland
InPost
SA
..............
(40,500)
(623,766)
1.5
Shares
Value
%
of
Basket
Value
South
Korea
Delivery
Hero
SE
.........
(26,000)
$
(743,455)
1.8
%
Sweden
Beijer
Ref
AB
............
(45,600)
(677,065)
1.6
Switzerland
Bachem
Holding
AG
.......
(8,100)
(775,681)
1.8
Cie
Financiere
Richemont
SA
.
(3,800)
(578,514)
1.4
(1,354,195)
Taiwan
First
Financial
Holding
Co.
Ltd.
(1,005,000)
(866,546)
2.1
Formosa
Plastics
Corp.
.....
(174,000)
(370,146)
0.9
Powerchip
Semiconductor
Manufacturing
Corp.
.....
(436,000)
(352,862)
0.8
(1,589,554)
United
Kingdom
Ashtead
Group
plc
........
(16,000)
(1,139,668)
2.7
DS
Smith
plc
............
(135,600)
(678,292)
1.6
Howden
Joinery
Group
plc
...
(42,800)
(489,939)
1.2
Legal
&
General
Group
plc
...
(709,600)
(2,279,716)
5.4
St
James's
Place
plc
.......
(115,000)
(674,668)
1.6
(5,262,283)
United
States
Alexandria
Real
Estate
Equities,
Inc.
.................
(4,800)
(618,768)
1.5
American
International
Group,
Inc.
.................
(23,900)
(1,868,263)
4.5
Bath
&
Body
Works,
Inc.
....
(11,400)
(570,228)
1.4
Boston
Properties,
Inc.
......
(17,600)
(1,149,456)
2.7
Broadcom,
Inc.
...........
(1,000)
(1,325,410)
3.2
Charter
Communications,
Inc.,
Class
A
..............
(4,400)
(1,278,772)
3.0
Constellation
Energy
Corp.
...
(4,300)
(794,855)
1.9
Crown
Castle,
Inc.
.........
(10,700)
(1,132,381)
2.7
Elevance
Health,
Inc.
.......
(1,700)
(881,518)
2.1
EQT
Corp.
..............
(36,200)
(1,341,934)
3.2
Everest
Group
Ltd.
........
(1,500)
(596,250)
1.4
FMC
Corp.
..............
(7,700)
(490,490)
1.2
Genuine
Parts
Co.
........
(5,000)
(774,650)
1.8
Haleon
plc
..............
(516,800)
(2,165,795)
5.2
Hewlett
Packard
Enterprise
Co.
(34,000)
(602,820)
1.4
MetLife,
Inc.
.............
(18,100)
(1,341,391)
3.2
Mohawk
Industries,
Inc.
.....
(5,600)
(732,984)
1.7
Monster
Beverage
Corp.
....
(15,200)
(901,056)
2.1
Occidental
Petroleum
Corp.
..
(25,800)
(1,676,742)
4.0
ON
Semiconductor
Corp.
....
(11,500)
(845,825)
2.0
Procter
&
Gamble
Co.
(The)
..
(6,400)
(1,038,400)
2.5
Simon
Property
Group,
Inc.
..
(6,300)
(985,887)
2.4
Westrock
Co.
............
(18,400)
(909,880)
2.2
Zebra
Technologies
Corp.,
Class
A
..................
(2,200)
(663,168)
1.6
(24,686,923)
Preferred
Securities
Germany
Sartorius
AG
(Preference)
...
(1,900)
(754,510)
1.8
Total
Reference
Entity
—
Short
............
(69,625,583)
Net
Value
of
Reference
Entity
—
Barclays
Bank
plc
................................
$
(41,943,435)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
135
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Citibank
NA,
as
of
period
end,
termination
date
February
24,
2028:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Belgium
Syensqo
SA
.............
13,300
$
1,260,248
(3.0)
%
France
Valeo
SE
...............
98,300
1,228,975
(3.0)
Germany
Fresenius
Medical
Care
AG
..
13,400
514,891
(1.2)
Japan
Eisai
Co.
Ltd.
............
14,100
580,762
(1.4)
Kurita
Water
Industries
Ltd.
...
14,800
613,608
(1.5)
Mitsui
OSK
Lines
Ltd.
......
33,500
1,021,971
(2.5)
SCREEN
Holdings
Co.
Ltd.
..
8,300
1,076,136
(2.6)
3,292,477
Netherlands
Koninklijke
KPN
NV
........
677,400
2,533,752
(6.1)
Norway
Equinor
ASA
............
31,800
852,698
(2.1)
Sweden
Volvo
AB,
Class
B
.........
27,600
748,000
(1.8)
United
Kingdom
Barclays
plc
.............
471,100
1,091,844
(2.6)
Rolls-Royce
Holdings
plc
....
181,500
976,537
(2.4)
2,068,381
United
States
Dell
Technologies,
Inc.,
Class
C
5,200
593,372
(1.4)
General
Motors
Co.
........
32,700
1,482,945
(3.6)
Lennar
Corp.,
Class
A
......
7,300
1,255,454
(3.0)
LKQ
Corp.
..............
23,800
1,271,158
(3.1)
Masco
Corp.
............
30,500
2,405,840
(5.8)
Principal
Financial
Group,
Inc.
.
20,600
1,777,986
(4.3)
ResMed,
Inc.
............
7,600
1,505,028
(3.6)
ServiceNow,
Inc.
..........
1,000
762,400
(1.8)
Tapestry,
Inc.
............
14,600
693,208
(1.7)
Tenaris
SA
..............
61,100
1,208,023
(2.9)
Travelers
Cos.,
Inc.
(The)
....
7,400
1,703,036
(4.1)
14,658,450
Total
Reference
Entity
—
Long
............
27,157,872
Reference
Entity
—
Short
Common
Stocks
Belgium
UCB
SA
...............
(11,300)
(1,394,950)
3.3
Canada
Canadian
Pacific
Kansas
City
Ltd.
................
(31,900)
(2,812,607)
6.8
Finland
Nokia
OYJ
..............
(347,500)
(1,232,964)
3.0
Stora
Enso
OYJ,
Class
R
....
(99,300)
(1,380,870)
3.3
(2,613,834)
Germany
Allianz
SE
(Registered)
.....
(8,900)
(2,667,484)
6.4
Merck
KGaA
............
(4,100)
(722,976)
1.8
Shares
Value
%
of
Basket
Value
Germany
(continued)
MTU
Aero
Engines
AG
......
(2,100)
$
(532,615)
1.3
%
Rheinmetall
AG
..........
(1,200)
(674,906)
1.6
Vonovia
SE
.............
(18,600)
(549,663)
1.3
(5,147,644)
Italy
Nexi
SpA
...............
(196,100)
(1,242,456)
3.0
Japan
Calbee,
Inc.
.............
(48,100)
(1,084,141)
2.6
Disco
Corp.
.............
(2,100)
(767,620)
1.8
Fujitsu
Ltd.
..............
(81,000)
(1,296,324)
3.1
Hino
Motors
Ltd.
..........
(260,300)
(872,281)
2.1
Kansai
Electric
Power
Co.,
Inc.
(The)
...............
(75,500)
(1,077,295)
2.6
Lion
Corp.
..............
(111,300)
(994,993)
2.4
Marui
Group
Co.
Ltd.
.......
(56,200)
(900,792)
2.2
Penta-Ocean
Construction
Co.
Ltd.
................
(171,400)
(860,413)
2.1
Rohm
Co.
Ltd.
...........
(76,500)
(1,226,967)
3.0
Sega
Sammy
Holdings,
Inc.
..
(49,200)
(607,715)
1.5
Shin-Etsu
Chemical
Co.
Ltd.
..
(12,100)
(530,730)
1.3
(10,219,271)
Netherlands
IMCD
NV
...............
(3,200)
(563,232)
1.4
OCI
NV
................
(26,500)
(726,333)
1.7
(1,289,565)
Norway
Aker
BP
ASA
............
(79,100)
(1,983,947)
4.8
Singapore
Sea
Ltd.,
ADR
...........
(10,100)
(542,471)
1.3
Sweden
EQT
AB
................
(53,000)
(1,677,954)
4.0
Switzerland
Partners
Group
Holding
AG
..
(900)
(1,285,637)
3.1
United
Kingdom
Coca-Cola
Europacific
Partners
plc
.................
(33,000)
(2,308,350)
5.6
Flutter
Entertainment
plc
....
(6,300)
(1,255,802)
3.0
Ocado
Group
plc
.........
(127,100)
(728,901)
1.8
Rentokil
Initial
plc
.........
(121,000)
(719,407)
1.7
(5,012,460)
United
States
Airbnb,
Inc.,
Class
A
.......
(6,600)
(1,088,736)
2.6
Akamai
Technologies,
Inc.
...
(6,000)
(652,560)
1.6
Albemarle
Corp.
..........
(5,800)
(764,092)
1.8
Analog
Devices,
Inc.
.......
(9,700)
(1,918,563)
4.6
Blackstone,
Inc.
..........
(3,800)
(499,206)
1.2
Cisco
Systems,
Inc.
........
(38,700)
(1,931,517)
4.7
Constellation
Brands,
Inc.,
Class
A
..................
(4,100)
(1,114,216)
2.7
CoStar
Group,
Inc.
........
(10,200)
(985,320)
2.4
CVS
Health
Corp.
.........
(14,000)
(1,116,640)
2.7
Digital
Realty
Trust,
Inc.
.....
(4,800)
(691,392)
1.7
Dollar
Tree,
Inc.
..........
(7,200)
(958,680)
2.3
Enphase
Energy,
Inc.
.......
(5,600)
(677,488)
1.6
Essex
Property
Trust,
Inc.
....
(4,500)
(1,101,645)
2.7
Evergy,
Inc.
.............
(24,400)
(1,302,472)
3.1
Extra
Space
Storage,
Inc.
....
(5,500)
(808,500)
1.9
FedEx
Corp.
............
(3,000)
(869,220)
2.1
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
136
Shares
Value
%
of
Basket
Value
United
States
(continued)
GE
HealthCare
Technologies,
Inc.
.................
(7,800)
$
(709,098)
1.7
%
Gen
Digital,
Inc.
..........
(48,700)
(1,090,880)
2.6
JB
Hunt
Transport
Services,
Inc.
(5,400)
(1,075,950)
2.6
NRG
Energy,
Inc.
.........
(28,400)
(1,922,396)
4.6
Pinnacle
West
Capital
Corp.
..
(15,200)
(1,135,896)
2.7
PPL
Corp.
..............
(42,800)
(1,178,284)
2.8
STERIS
plc
.............
(6,300)
(1,416,366)
3.4
Super
Micro
Computer,
Inc.
..
(500)
(505,015)
1.2
Tesla,
Inc.
..............
(3,500)
(615,265)
1.5
Tractor
Supply
Co.
........
(2,500)
(654,300)
1.6
Trimble,
Inc.
.............
(8,700)
(559,932)
1.4
Veeva
Systems,
Inc.,
Class
A
.
(3,800)
(880,422)
2.1
Ventas,
Inc.
.............
(24,300)
(1,058,022)
2.5
Viatris,
Inc.
..............
(156,400)
(1,867,416)
4.5
Western
Digital
Corp.
.......
(22,500)
(1,535,400)
3.7
WW
Grainger,
Inc.
.........
(800)
(813,840)
2.0
(33,498,729)
Total
Reference
Entity
—
Short
............
(68,721,525)
Net
Value
of
Reference
Entity
—
Citibank
NA
..
$
(41,563,653)
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
JPMorgan
Chase
Bank
NA,
as
of
period
end,
termination
date
July
10,
2024:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Australia
Rio
Tinto
Ltd.
............
7,200
571,430
(0.3)
Transurban
Group
.........
345,200
2,994,653
(1.6)
Wesfarmers
Ltd.
..........
33,900
1,511,088
(0.8)
5,077,171
Belgium
Ageas
SA
..............
45,400
2,103,183
(1.1)
Brazil
Telefonica
Brasil
SA
........
251,400
2,531,845
(1.4)
Yara
International
ASA
......
16,800
532,713
(0.3)
3,064,558
China
JD.com,
Inc.,
Class
A
.......
76,100
1,043,855
(0.6)
Tencent
Holdings
Ltd.
......
57,900
2,255,202
(1.2)
3,299,057
Hong
Kong
AIA
Group
Ltd.
...........
187,000
1,257,870
(0.7)
Japan
Daiichi
Sankyo
Co.
Ltd.
.....
53,600
1,705,493
(0.9)
Food
&
Life
Cos.
Ltd.
.......
33,300
639,082
(0.4)
Heiwa
Corp.
.............
5,000
65,389
(0.0)
Kamigumi
Co.
Ltd.
........
94,200
2,075,935
(1.1)
Makita
Corp.
............
50,400
1,432,395
(0.8)
Mani,
Inc.
..............
93,400
1,221,899
(0.7)
MEIJI
Holdings
Co.
Ltd.
.....
72,200
1,576,319
(0.9)
Mitsubishi
Electric
Corp.
.....
108,500
1,816,176
(1.0)
Mitsui
Mining
&
Smelting
Co.
Ltd.
................
26,100
799,919
(0.4)
Morinaga
Milk
Industry
Co.
Ltd.
69,300
1,417,737
(0.8)
NIDEC
Corp.
............
42,400
1,758,296
(1.0)
Shares
Value
%
of
Basket
Value
Japan
(continued)
Nippon
Shinyaku
Co.
Ltd.
....
26,500
$
786,838
(0.4)
%
NSK
Ltd.
...............
242,800
1,385,456
(0.8)
Ono
Pharmaceutical
Co.
Ltd.
.
104,300
1,708,950
(0.9)
Otsuka
Corp.
............
71,800
1,523,485
(0.8)
Panasonic
Holdings
Corp.
...
156,000
1,488,828
(0.8)
Rakus
Co.
Ltd.
...........
96,200
1,305,143
(0.7)
Renesas
Electronics
Corp.
...
25,500
454,427
(0.2)
Santen
Pharmaceutical
Co.
Ltd.
174,200
1,713,138
(0.9)
Sekisui
House
Ltd.
........
109,100
2,485,044
(1.4)
Shiseido
Co.
Ltd.
.........
54,600
1,498,248
(0.8)
Sojitz
Corp.
.............
71,100
1,875,542
(1.0)
Takeda
Pharmaceutical
Co.
Ltd.
49,900
1,387,913
(0.8)
Yamato
Holdings
Co.
Ltd.
....
40,000
575,701
(0.3)
32,697,353
Netherlands
Koninklijke
Vopak
NV
......
37,500
1,446,252
(0.8)
Norway
Norsk
Hydro
ASA
.........
110,800
608,889
(0.3)
Singapore
City
Developments
Ltd.
.....
370,200
1,603,650
(0.9)
South
Africa
Discovery
Ltd.
...........
245,000
1,560,420
(0.9)
South
Korea
Hanmi
Science
Co.
Ltd.
.....
16,000
527,843
(0.3)
Lotte
Corp.
.............
24,900
514,957
(0.3)
Samsung
Biologics
Co.
Ltd.
..
800
495,140
(0.2)
1,537,940
Spain
Banco
Bilbao
Vizcaya
Argentaria
SA
.................
64,800
771,671
(0.4)
Sweden
Assa
Abloy
AB,
Class
B
.....
51,200
1,469,353
(0.8)
Telia
Co.
AB
.............
891,700
2,285,387
(1.2)
3,754,740
Switzerland
Novartis
AG
(Registered)
....
30,400
2,944,497
(1.6)
SGS
SA
(Registered)
.......
15,400
1,495,071
(0.8)
4,439,568
Taiwan
Acer,
Inc.
...............
575,000
838,137
(0.5)
Advantech
Co.
Ltd.
........
145,000
1,844,737
(1.0)
Asustek
Computer,
Inc.
.....
74,000
979,647
(0.5)
Cheng
Shin
Rubber
Industry
Co.
Ltd.
................
540,000
838,257
(0.5)
Quanta
Computer,
Inc.
......
173,000
1,514,956
(0.8)
6,015,734
United
Kingdom
J
Sainsbury
plc
...........
715,000
2,441,324
(1.3)
Land
Securities
Group
plc
...
150,100
1,246,723
(0.7)
3,688,047
United
States
American
Water
Works
Co.,
Inc.
26,800
3,275,228
(1.8)
BankUnited,
Inc.
..........
61,953
1,734,684
(0.9)
Boeing
Co.
(The)
.........
3,200
617,568
(0.3)
Cincinnati
Financial
Corp.
....
7,900
980,943
(0.5)
ConocoPhillips
...........
16,800
2,138,304
(1.2)
Customers
Bancorp,
Inc.
....
10,456
554,795
(0.3)
Eagle
Bancorp,
Inc.
........
65,550
1,539,770
(0.8)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
137
Shares
Value
%
of
Basket
Value
United
States
(continued)
Healthpeak
Properties,
Inc.
...
136,700
$
2,563,125
(1.4)
%
Insulet
Corp.
............
6,900
1,182,660
(0.6)
Invesco
Ltd.
.............
105,300
1,746,927
(1.0)
James
Hardie
Industries
plc,
CDI
................
41,200
1,655,969
(0.9)
Kellanova
..............
28,600
1,638,494
(0.9)
Kimberly-Clark
Corp.
.......
18,500
2,392,975
(1.3)
KLA
Corp.
..............
2,500
1,746,425
(1.0)
Lam
Research
Corp.
.......
1,800
1,748,826
(1.0)
NetApp,
Inc.
.............
6,400
671,808
(0.4)
New
York
Community
Bancorp,
Inc.
.................
973,543
3,134,808
(1.7)
Nucor
Corp.
.............
5,900
1,167,610
(0.6)
Omnicom
Group,
Inc.
.......
9,200
890,192
(0.5)
PPG
Industries,
Inc.
.......
10,100
1,463,490
(0.8)
Royal
Caribbean
Cruises
Ltd.
.
11,000
1,529,110
(0.8)
Sempra
................
17,800
1,278,574
(0.7)
Skyworks
Solutions,
Inc.
....
15,700
1,700,624
(0.9)
T.
Rowe
Price
Group,
Inc.
....
15,600
1,901,952
(1.0)
39,254,861
Total
Reference
Entity
—
Long
............
112,180,964
Reference
Entity
—
Short
Investment
Companies
United
States
Invesco
Preferred
ETF
......
(1,000,000)
(11,880,000)
6.4
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(432,931)
(47,154,845)
25.6
iShares
Preferred
&
Income
Securities
ETF
.........
(500,000)
(16,115,000)
8.7
Vanguard
Intermediate-Term
Corporate
Bond
ETF
.....
(786,291)
(63,304,288)
34.4
(138,454,133)
Common
Stocks
Australia
Altium
Ltd.
..............
(51,300)
(2,179,082)
1.2
Bendigo
&
Adelaide
Bank
Ltd.
.
(327,000)
(2,184,094)
1.2
CAR
Group
Ltd.
..........
(84,100)
(1,976,844)
1.1
Computershare
Ltd.
........
(105,000)
(1,788,454)
1.0
Endeavour
Group
Ltd.
......
(367,500)
(1,319,483)
0.7
Lynas
Rare
Earths
Ltd.
.....
(437,400)
(1,614,432)
0.9
Mineral
Resources
Ltd.
.....
(49,800)
(2,297,686)
1.2
NEXTDC
Ltd.
............
(88,100)
(1,020,534)
0.6
Perpetual
Ltd.
............
(52,500)
(858,115)
0.5
Pilbara
Minerals
Ltd.
.......
(180,000)
(449,181)
0.2
Pro
Medicus
Ltd.
..........
(13,900)
(939,938)
0.5
SEEK
Ltd.
..............
(106,800)
(1,741,544)
0.9
Suncorp
Group
Ltd.
........
(102,600)
(1,095,144)
0.6
Treasury
Wine
Estates
Ltd.
...
(96,500)
(782,770)
0.4
WiseTech
Global
Ltd.
.......
(16,200)
(990,839)
0.5
Woodside
Energy
Group
Ltd.
.
(69,000)
(1,375,334)
0.7
(22,613,474)
Belgium
D'ieteren
Group
..........
(3,700)
(820,297)
0.4
Groupe
Bruxelles
Lambert
NV
.
(28,900)
(2,184,786)
1.2
Lotus
Bakeries
NV
........
(100)
(965,571)
0.5
(3,970,654)
Brazil
Alupar
Investimento
SA
.....
(85,400)
(520,703)
0.3
BRF
SA
................
(45,100)
(146,934)
0.1
Shares
Value
%
of
Basket
Value
Brazil
(continued)
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
.............
(127,400)
$
(2,155,848)
1.2
%
Hapvida
Participacoes
e
Investimentos
SA
.......
(1,616,200)
(1,195,538)
0.6
Natura
&
Co.
Holding
SA
....
(200,600)
(711,543)
0.4
(4,730,566)
Canada
Manulife
Financial
Corp.
.....
(56,200)
(1,403,600)
0.7
Rogers
Communications,
Inc.,
Class
B
..............
(66,400)
(2,720,608)
1.5
(4,124,208)
China
Anhui
Conch
Cement
Co.
Ltd.,
Class
H
..............
(969,500)
(2,010,415)
1.1
China
Resources
Power
Holdings
Co.
Ltd.
.......
(470,000)
(1,097,665)
0.6
Sinopharm
Group
Co.
Ltd.,
Class
H
..................
(746,000)
(1,912,962)
1.0
(5,021,042)
Denmark
Coloplast
A/S,
Class
B
......
(7,700)
(1,039,631)
0.6
Finland
Metso
OYJ
..............
(93,900)
(1,115,426)
0.6
Germany
Beiersdorf
AG
............
(10,200)
(1,485,091)
0.8
Hong
Kong
Henderson
Land
Development
Co.
Ltd.
..............
(380,000)
(1,085,150)
0.6
Sino
Land
Co.
Ltd.
........
(808,000)
(840,015)
0.5
WH
Group
Ltd.
...........
(2,361,000)
(1,558,451)
0.8
(3,483,616)
Italy
Davide
Campari-Milano
NV
..
(189,431)
(1,903,777)
1.0
Telecom
Italia
SpA
........
(4,166,900)
(1,011,928)
0.6
(2,915,705)
Japan
Aeon
Mall
Co.
Ltd.
........
(179,000)
(2,110,539)
1.1
Canon,
Inc.
.............
(47,100)
(1,403,347)
0.8
DIC
Corp.
..............
(8,700)
(166,118)
0.1
KDDI
Corp.
.............
(64,800)
(1,915,923)
1.0
Keihan
Holdings
Co.
Ltd.
....
(47,200)
(1,047,186)
0.6
Kirin
Holdings
Co.
Ltd.
......
(100,400)
(1,396,194)
0.8
K's
Holdings
Corp.
........
(264,800)
(2,277,161)
1.2
McDonald's
Holdings
Co.
Japan
Ltd.
................
(22,800)
(1,025,250)
0.6
OKUMA
Corp.
...........
(48,000)
(2,282,960)
1.2
ORIX
Corp.
.............
(36,500)
(798,319)
0.4
Rakuten
Group,
Inc.
.......
(255,700)
(1,451,381)
0.8
Seven
&
i
Holdings
Co.
Ltd.
..
(150,000)
(2,186,383)
1.2
Suzuki
Motor
Corp.
........
(154,800)
(1,767,393)
1.0
Taisho
Pharmaceutical
Holdings
Co.
Ltd.
..............
(25,700)
(1,456,682)
0.8
Toda
Corp.
..............
(221,600)
(1,482,563)
0.8
Tokyo
Ohka
Kogyo
Co.
Ltd.
..
(47,400)
(1,437,672)
0.8
(24,205,071)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
138
Shares
Value
%
of
Basket
Value
Luxembourg
L'Occitane
International
SA
...
(136,750)
$
(552,983)
0.3
%
Reinet
Investments
SCA
....
(41,700)
(1,008,880)
0.6
(1,561,863)
Mexico
Grupo
Bimbo
SAB
de
CV
....
(179,300)
(848,802)
0.5
Industrias
Penoles
SAB
de
CV
(89,000)
(1,263,222)
0.7
(2,112,024)
Netherlands
ASR
Nederland
NV
........
(27,200)
(1,333,066)
0.7
Norway
Salmar
ASA
.............
(18,500)
(1,220,968)
0.6
Poland
ORLEN
SA
.............
(149,200)
(2,430,156)
1.3
Singapore
SATS
Ltd.
..............
(388,531)
(748,213)
0.4
South
Africa
Growthpoint
Properties
Ltd.
..
(3,689,600)
(2,193,501)
1.2
South
Korea
Coway
Co.
Ltd.
...........
(13,674)
(571,561)
0.3
Sweden
Securitas
AB,
Class
B
......
(128,400)
(1,323,681)
0.7
Skanska
AB,
Class
B
.......
(103,100)
(1,836,062)
1.0
(3,159,743)
Switzerland
Baloise
Holding
AG
(Registered)
(11,700)
(1,834,627)
1.0
DSM-Firmenich
AG
........
(12,000)
(1,364,785)
0.7
Helvetia
Holding
AG
(Registered)
...........
(18,600)
(2,564,398)
1.4
Swiss
Life
Holding
AG
(Registered)
...........
(7,100)
(4,979,887)
2.7
(10,743,697)
Taiwan
Chailease
Holding
Co.
Ltd.
...
(30,681)
(164,403)
0.1
E.Sun
Financial
Holding
Co.
Ltd.
(2,497,000)
(2,117,496)
1.2
First
Financial
Holding
Co.
Ltd.
(2,941,127)
(2,535,944)
1.4
Formosa
Plastics
Corp.
.....
(714,000)
(1,518,873)
0.8
Powerchip
Semiconductor
Manufacturing
Corp.
.....
(790,000)
(639,360)
0.4
Teco
Electric
and
Machinery
Co.
Ltd.
................
(17,000)
(30,330)
0.0
Yuanta
Financial
Holding
Co.
Ltd.
................
(2,205,120)
(2,074,790)
1.1
(9,081,196)
United
Kingdom
Diageo
plc
..............
(53,100)
(1,964,818)
1.1
RS
GROUP
plc
...........
(205,700)
(1,886,082)
1.0
United
Utilities
Group
plc
....
(94,800)
(1,231,797)
0.7
(5,082,697)
United
States
Apollo
Global
Management,
Inc.
(13,400)
(1,506,830)
0.8
Atlantic
Union
Bankshares
Corp.
(30,170)
(1,065,303)
0.6
Best
Buy
Co.,
Inc.
.........
(12,500)
(1,025,375)
0.6
Brookline
Bancorp,
Inc.
.....
(108,316)
(1,078,827)
0.6
Brown-Forman
Corp.,
Class
B
.
(27,400)
(1,414,388)
0.8
Charles
River
Laboratories
International,
Inc.
.......
(4,900)
(1,327,655)
0.7
Shares
Value
%
of
Basket
Value
United
States
(continued)
Cognizant
Technology
Solutions
Corp.,
Class
A
.........
(19,400)
$
(1,421,826)
0.8
%
Community
Bank
System,
Inc.
.
(28,734)
(1,380,094)
0.7
CVB
Financial
Corp.
.......
(72,435)
(1,292,240)
0.7
Darden
Restaurants,
Inc.
....
(7,100)
(1,186,765)
0.6
Dime
Community
Bancshares,
Inc.
.................
(4,130)
(79,544)
0.0
Dollar
General
Corp.
.......
(9,200)
(1,435,752)
0.8
First
BanCorp
............
(32,496)
(1,173,755)
0.6
GE
HealthCare
Technologies,
Inc.
.................
(17,400)
(1,581,834)
0.9
Glacier
Bancorp,
Inc.
.......
(33,606)
(1,353,650)
0.7
Independent
Bank
Group,
Inc.
.
(34,553)
(1,577,344)
0.9
Iron
Mountain,
Inc.
........
(15,600)
(1,251,276)
0.7
Lowe's
Cos.,
Inc.
.........
(8,100)
(2,063,313)
1.1
OceanFirst
Financial
Corp.
...
(92,629)
(1,520,042)
0.8
ONEOK,
Inc.
............
(19,800)
(1,587,366)
0.9
Provident
Financial
Services,
Inc.
.................
(100,014)
(1,457,204)
0.8
Public
Storage
...........
(5,000)
(1,450,300)
0.8
Sandy
Spring
Bancorp,
Inc.
..
(70,405)
(1,631,988)
0.9
SouthState
Corp.
.........
(13,035)
(1,108,366)
0.6
Southwest
Airlines
Co.
......
(23,800)
(694,722)
0.4
Take-Two
Interactive
Software,
Inc.
.................
(12,500)
(1,856,125)
1.0
Union
Pacific
Corp.
........
(8,900)
(2,188,777)
1.2
Valley
National
Bancorp
.....
(224,356)
(1,785,874)
1.0
Waste
Management,
Inc.
....
(5,300)
(1,129,695)
0.6
Waters
Corp.
............
(5,000)
(1,721,150)
0.9
Xylem,
Inc.
..............
(6,800)
(878,832)
0.5
(42,226,212)
Preferred
Securities
Brazil
Alpargatas
SA
...........
(394,500)
(753,541)
0.4
Total
Reference
Entity
—
Short
............
(296,377,055)
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
(184,196,091)
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Merrill
Lynch
International
&
Co.,
as
of
period
end,
termination
date
March
15,
2028:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Australia
AMP
Ltd.
...............
778,200
593,641
(0.2)
Ansell
Ltd.
..............
59,100
946,473
(0.4)
BHP
Group
Ltd.
..........
55,700
1,610,507
(0.6)
Brambles
Ltd.
............
170,000
1,789,098
(0.7)
Coles
Group
Ltd.
.........
187,800
2,073,167
(0.8)
Macquarie
Group
Ltd.
......
7,900
1,027,613
(0.4)
Steadfast
Group
Ltd.
.......
486,800
1,865,197
(0.7)
Woolworths
Group
Ltd.
.....
101,100
2,185,382
(0.8)
12,091,078
Belgium
Elia
Group
SA
...........
12,000
1,295,340
(0.5)
Liberty
Global
Ltd.,
Class
A
...
121,654
2,058,385
(0.8)
3,353,725
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
139
Shares
Value
%
of
Basket
Value
Brazil
B3
SA
-
Brasil
Bolsa
Balcao
..
589,100
$
1,409,499
(0.6)
%
Lojas
Renner
SA
..........
182,200
615,035
(0.2)
M
Dias
Branco
SA
.........
52,900
401,227
(0.2)
Multiplan
Empreendimentos
Imobiliarios
SA
.........
153,300
784,625
(0.3)
WEG
SA
...............
179,000
1,367,287
(0.5)
Wheaton
Precious
Metals
Corp.
17,400
819,549
(0.3)
5,397,222
Canada
Enbridge,
Inc.
............
40,300
1,456,340
(0.6)
Fairfax
Financial
Holdings
Ltd.
600
646,753
(0.2)
Franco-Nevada
Corp.
......
9,600
1,143,878
(0.4)
Pembina
Pipeline
Corp.
.....
32,800
1,157,704
(0.4)
Power
Corp.
of
Canada
.....
130,500
3,659,068
(1.4)
8,063,743
China
China
Life
Insurance
Co.
Ltd.,
Class
H
..............
581,000
698,699
(0.3)
China
Tower
Corp.
Ltd.,
Class
H
11,962,000
1,376,703
(0.5)
Kuaishou
Technology
.......
85,200
536,300
(0.2)
Li
Auto,
Inc.,
Class
A
.......
78,800
1,196,541
(0.5)
Nongfu
Spring
Co.
Ltd.,
Class
H
334,800
1,809,539
(0.7)
PDD
Holdings,
Inc.,
ADR
....
7,600
883,500
(0.3)
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
......
188,500
800,311
(0.3)
Prosus
NV
..............
103,900
3,252,111
(1.2)
Sunny
Optical
Technology
Group
Co.
Ltd.
..............
114,900
588,439
(0.2)
Wilmar
International
Ltd.
....
983,000
2,496,943
(0.9)
WuXi
AppTec
Co.
Ltd.,
Class
H
83,700
397,672
(0.2)
14,036,758
Denmark
Novo
Nordisk
A/S,
Class
B
...
9,900
1,269,907
(0.5)
Orsted
A/S
..............
13,100
732,013
(0.2)
Vestas
Wind
Systems
A/S
...
46,200
1,288,685
(0.5)
3,290,605
Finland
Elisa
OYJ
..............
41,400
1,845,753
(0.7)
France
Gecina
SA
..............
24,600
2,512,746
(0.9)
La
Francaise
des
Jeux
SAEM
.
44,100
1,797,414
(0.7)
Neoen
SA
..............
19,500
552,033
(0.2)
4,862,193
Germany
ADLER
Group
SA
.........
25,673
4,972
(0.0)
Bechtle
AG
.............
10,400
549,684
(0.2)
Heidelberg
Materials
AG
....
6,100
671,496
(0.3)
RWE
AG
...............
63,700
2,164,985
(0.8)
3,391,137
Hong
Kong
Hongkong
Land
Holdings
Ltd.
.
391,100
1,200,868
(0.5)
Jardine
Matheson
Holdings
Ltd.
17,300
645,318
(0.2)
1,846,186
Ireland
Smurfit
Kappa
Group
plc
....
27,100
1,238,585
(0.5)
Italy
Mediobanca
Banca
di
Credito
Finanziario
SpA
........
219,000
3,263,423
(1.2)
Shares
Value
%
of
Basket
Value
Japan
Alfresa
Holdings
Corp.
......
201,700
$
2,931,061
(1.1)
%
Azbil
Corp.
..............
34,800
962,771
(0.4)
Brother
Industries
Ltd.
......
24,200
448,819
(0.2)
Ito
En
Ltd.
..............
112,200
2,744,358
(1.0)
Mitsubishi
Chemical
Group
Corp.
...............
125,400
764,222
(0.3)
Mitsui
High-Tec,
Inc.
.......
9,100
516,911
(0.2)
Money
Forward,
Inc.
.......
13,000
579,896
(0.2)
Morinaga
&
Co.
Ltd.
.......
51,300
880,560
(0.3)
Nippon
Paint
Holdings
Co.
Ltd.
254,600
1,832,402
(0.7)
Nippon
Steel
Corp.
........
22,900
551,077
(0.2)
Nomura
Research
Institute
Ltd.
90,300
2,550,862
(1.0)
Persol
Holdings
Co.
Ltd.
.....
726,800
1,016,599
(0.4)
Resorttrust,
Inc.
..........
116,900
2,000,152
(0.8)
Sekisui
Chemical
Co.
Ltd.
....
112,800
1,650,333
(0.6)
Sumitomo
Rubber
Industries
Ltd.
................
229,100
2,824,329
(1.1)
Suzuken
Co.
Ltd.
.........
71,200
2,170,585
(0.8)
TechnoPro
Holdings,
Inc.
....
54,900
1,099,550
(0.4)
Toyo
Tire
Corp.
...........
41,400
782,317
(0.3)
Toyota
Tsusho
Corp.
.......
11,300
775,981
(0.3)
27,082,785
Mexico
Arca
Continental
SAB
de
CV
..
143,900
1,574,419
(0.6)
Cemex
SAB
de
CV
........
999,600
883,282
(0.3)
2,457,701
New
Zealand
Xero
Ltd.
...............
5,600
486,245
(0.2)
Norway
Orkla
ASA
..............
148,800
1,050,932
(0.4)
Poland
LPP
SA
................
100
382,749
(0.2)
Powszechny
Zaklad
Ubezpieczen
SA
.................
221,100
2,700,459
(1.0)
3,083,208
Singapore
UOL
Group
Ltd.
..........
236,700
1,007,706
(0.4)
South
Africa
FirstRand
Ltd.
...........
366,500
1,194,165
(0.4)
South
Korea
Hanwha
Aerospace
Co.
Ltd.
..
5,900
910,071
(0.4)
KakaoBank
Corp.
.........
54,200
1,132,006
(0.4)
Orion
Corp.
.............
12,600
859,781
(0.3)
2,901,858
Spain
Acciona
SA
.............
8,800
1,070,966
(0.4)
Amadeus
IT
Group
SA
......
10,200
654,806
(0.3)
1,725,772
Sweden
Trelleborg
AB,
Class
B
......
33,000
1,180,013
(0.4)
Switzerland
Kuehne
+
Nagel
International
AG
(Registered)
...........
2,600
723,369
(0.3)
PSP
Swiss
Property
AG
(Registered)
...........
15,500
2,031,873
(0.8)
Swiss
Prime
Site
AG
(Registered)
...........
28,900
2,726,054
(1.0)
5,481,296
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
140
Shares
Value
%
of
Basket
Value
Taiwan
ASE
Technology
Holding
Co.
Ltd.
................
132,000
$
640,741
(0.2)
%
Chicony
Electronics
Co.
Ltd.
..
103,000
712,335
(0.3)
Compal
Electronics,
Inc.
.....
1,505,000
1,802,515
(0.7)
Genius
Electronic
Optical
Co.
Ltd.
................
63,000
1,001,116
(0.4)
Inventec
Corp.
...........
347,000
635,048
(0.2)
MediaTek,
Inc.
...........
51,000
1,904,323
(0.7)
Wiwynn
Corp.
............
7,000
479,334
(0.2)
7,175,412
United
Kingdom
abrdn
plc
...............
395,400
704,356
(0.3)
British
Land
Co.
plc
(The)
....
182,500
910,490
(0.3)
Bunzl
plc
...............
18,700
719,531
(0.3)
Burberry
Group
plc
........
78,600
1,202,294
(0.5)
EnQuest
plc
.............
4,891,224
870,325
(0.3)
M&G
plc
...............
502,100
1,397,517
(0.5)
Standard
Chartered
plc
.....
83,300
706,194
(0.3)
Synthomer
plc
...........
874,159
2,875,751
(1.1)
Weir
Group
plc
(The)
.......
43,200
1,103,511
(0.4)
Whitbread
plc
............
18,600
777,628
(0.3)
11,267,597
United
States
Adobe,
Inc.
.............
3,200
1,614,720
(0.6)
AES
Corp.
(The)
..........
145,600
2,610,608
(1.0)
Altice
USA,
Inc.,
Class
A
....
98,847
257,991
(0.1)
Atlassian
Corp.,
Class
A
.....
2,900
565,819
(0.2)
Booking
Holdings,
Inc.
......
200
725,576
(0.3)
Builders
FirstSource,
Inc.
....
7,100
1,480,705
(0.6)
Carnival
Corp.
...........
28,700
468,958
(0.2)
Citigroup,
Inc.
............
24,700
1,562,028
(0.6)
Cummins,
Inc.
...........
5,100
1,502,715
(0.6)
Deckers
Outdoor
Corp.
.....
1,100
1,035,386
(0.4)
Dexcom,
Inc.
............
5,500
762,850
(0.3)
Franklin
Resources,
Inc.
.....
133,000
3,738,630
(1.4)
Hartford
Financial
Services
Group,
Inc.
(The)
.......
13,000
1,339,650
(0.5)
Holcim
AG
..............
17,600
1,594,503
(0.6)
Intuit,
Inc.
..............
1,200
780,000
(0.3)
Las
Vegas
Sands
Corp.
.....
17,300
894,410
(0.3)
Lockheed
Martin
Corp.
......
4,200
1,910,454
(0.7)
MarketAxess
Holdings,
Inc.
..
3,400
745,450
(0.3)
MGM
Resorts
International
...
44,700
2,110,287
(0.8)
MSCI,
Inc.
..............
3,700
2,073,665
(0.8)
Nasdaq,
Inc.
............
16,200
1,022,220
(0.4)
Prologis,
Inc.
............
10,500
1,367,310
(0.5)
Snap-on,
Inc.
............
2,700
799,794
(0.3)
Southwest
Airlines
Co.
......
10,000
291,900
(0.1)
State
Street
Corp.
.........
9,900
765,468
(0.3)
Synchrony
Financial
.......
26,000
1,121,120
(0.4)
TJX
Cos.,
Inc.
(The)
.......
21,500
2,180,530
(0.8)
Universal
Health
Services,
Inc.,
Class
B
..............
5,600
1,021,776
(0.4)
Wynn
Resorts
Ltd.
........
6,300
644,049
(0.2)
36,988,572
Shares
Value
%
of
Basket
Value
Preferred
Securities
Brazil
Bradespar
SA
(Preference)
...
143,200
$
589,600
(0.2)
%
Petroleo
Brasileiro
SA
(Preference)
..........
114,700
857,609
(0.3)
1,447,209
Total
Reference
Entity
—
Long
............
167,210,879
Reference
Entity
—
Short
Investment
Companies
United
States
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(700,683)
(76,318,392)
28.9
iShares
Preferred
&
Income
Securities
ETF
.........
(815,000)
(26,267,450)
9.9
SPDR
Bloomberg
High
Yield
Bond
ETF
............
(635,565)
(60,505,788)
22.9
Vanguard
Long-Term
Corporate
Bond
ETF
............
(275,000)
(21,513,250)
8.1
Vanguard
Short-Term
Corporate
Bond
ETF
............
(1,800,000)
(139,158,000)
52.7
(323,762,880)
Common
Stocks
Brazil
BRF
SA
................
(257,200)
(837,949)
0.3
Hapvida
Participacoes
e
Investimentos
SA
.......
(21,300)
(15,756)
0.0
Localiza
Rent
a
Car
SA
.....
(236,595)
(2,593,610)
1.0
(3,447,315)
China
CITIC
Ltd.
..............
(1,523,000)
(1,465,865)
0.6
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
H
.......
(4,550,000)
(1,867,561)
0.7
iQIYI,
Inc.,
ADR
..........
(731,500)
(3,094,245)
1.2
Luye
Pharma
Group
Ltd.
....
(8,509,500)
(2,969,667)
1.1
Tencent
Holdings
Ltd.
......
(166,200)
(6,473,481)
2.4
Weibo
Corp.,
ADR
.........
(487,900)
(4,435,011)
1.7
Wharf
Holdings
Ltd.
(The)
....
(288,000)
(946,770)
0.4
XPeng,
Inc.,
Class
A
.......
(223,400)
(885,042)
0.3
(22,137,642)
France
Engie
SA
...............
(69,000)
(1,156,257)
0.4
Sartorius
Stedim
Biotech
....
(4,400)
(1,254,996)
0.5
(2,411,253)
Hong
Kong
Hong
Kong
&
China
Gas
Co.
Ltd.
................
(1,541,000)
(1,168,026)
0.4
Italy
Davide
Campari-Milano
NV
..
(225,073)
(2,261,978)
0.8
Japan
Ajinomoto
Co.,
Inc.
........
(35,700)
(1,333,167)
0.5
Daiwa
House
Industry
Co.
Ltd.
(135,000)
(4,018,331)
1.5
Ibiden
Co.
Ltd.
...........
(56,100)
(2,512,538)
1.0
Iida
Group
Holdings
Co.
Ltd.
..
(101,100)
(1,308,391)
0.5
INFRONEER
Holdings,
Inc.
..
(36,200)
(347,435)
0.1
JAFCO
Group
Co.
Ltd.
......
(52,000)
(643,051)
0.3
JFE
Holdings,
Inc.
.........
(379,100)
(6,283,059)
2.4
Kansai
Paint
Co.
Ltd.
.......
(238,900)
(3,421,791)
1.3
Kobe
Steel
Ltd.
...........
(238,000)
(3,229,671)
1.2
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
141
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).
Shares
Value
%
of
Basket
Value
Japan
(continued)
Nippon
Telegraph
&
Telephone
Corp.
...............
(1,632,900)
$
(1,944,953)
0.7
%
OSG
Corp.
..............
(93,800)
(1,351,195)
0.5
Sanrio
Co.
Ltd.
...........
(271,200)
(5,219,016)
2.0
SBI
Holdings,
Inc.
.........
(70,700)
(1,854,472)
0.7
Taiyo
Yuden
Co.
Ltd.
.......
(107,800)
(2,552,124)
1.0
(36,019,194)
Macau
Wynn
Macau
Ltd.
.........
(5,444,800)
(4,866,305)
1.8
Mexico
Industrias
Penoles
SAB
de
CV
(1,800)
(25,692)
0.0
Netherlands
Heineken
Holding
NV
......
(15,900)
(1,283,193)
0.5
Singapore
Jardine
Cycle
&
Carriage
Ltd.
.
(50,800)
(909,555)
0.4
Switzerland
Banque
Cantonale
Vaudoise
(Registered)
...........
(6,100)
(709,650)
0.3
Tecan
Group
AG
(Registered)
.
(4,900)
(2,030,215)
0.8
(2,739,865)
Shares
Value
%
of
Basket
Value
United
States
Air
Transport
Services
Group,
Inc.
.................
(34,000)
$
(467,840)
0.2
%
Arthur
J
Gallagher
&
Co.
....
(6,100)
(1,525,244)
0.6
Avery
Dennison
Corp.
......
(8,000)
(1,786,000)
0.7
Brandywine
Realty
Trust
....
(12,500)
(60,000)
0.0
CDW
Corp.
.............
(6,400)
(1,636,992)
0.6
Celanese
Corp.
..........
(11,000)
(1,890,460)
0.7
Coinbase
Global,
Inc.,
Class
A
(48,600)
(12,884,832)
4.9
Corning,
Inc.
............
(97,500)
(3,213,600)
1.2
Frontier
Communications
Parent,
Inc.
.................
(60,500)
(1,482,250)
0.6
MicroStrategy,
Inc.,
Class
A
..
(2,340)
(3,988,671)
1.5
Revvity,
Inc.
.............
(12,520)
(1,314,600)
0.5
Viasat,
Inc.
..............
(7,000)
(126,630)
0.0
(30,377,119)
Total
Reference
Entity
—
Short
............
(431,410,017)
Net
Value
of
Reference
Entity
—
Merrill
Lynch
International
&
Co.
.....................
$
(264,199,138)
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0.04
%
1-day
CLICP
.........................................
Chile
Indice
de
Camara
Promedio
Interbank
Overnight
Index
0.02
1-day
ESTR
.........................................
Euro
Short-Term
Rate
3.90
1-day
IBR
...........................................
Colombian
Reference
Banking
Indicator
11.39
1-day
MIBOR
........................................
Mumbai
Interbank
Offered
Rate
7.90
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
5.32
1-day
SONIA
.........................................
Sterling
Overnight
Index
Average
5.19
1-day
SORA
.........................................
Singapore
Overnight
Rate
Average
3.69
1-day
THOR
.........................................
Thailand
Overnight
Repo
Rate
ON
2.49
1-day
TONAR
........................................
Tokyo
Overnight
Average
Rate
0.07
1-week
CNREPOFIX_CFXS
..............................
China
Fixing
Repo
Rates
2.30
28-day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
11.25
3-mo.
BBR
..........................................
Australian
Bank
Bill
Rate
4.34
3-mo.
CD_KSDA
......................................
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
3.64
3-mo.
HIBOR
........................................
Hong
Kong
Interbank
Offered
Rate
4.72
3-mo.
JIBAR
.........................................
Johannesburg
Interbank
Average
Rate
8.35
3-mo.
PRIBOR
.......................................
Prague
Interbank
Offered
Rate
5.61
3-mo.
WIBOR
........................................
Warsaw
Interbank
Offered
Rate
5.78
6-mo.
BBR
..........................................
Australian
Bank
Bill
Rate
4.50
6-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
3.85
6-mo.
PRIBOR
.......................................
Prague
Interbank
Offered
Rate
5.23
6-mo.
WIBOR
........................................
Warsaw
Interbank
Offered
Rate
5.76
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
142
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.
Certain
investments
of
the
Fund
were
fair
valued
using
net
asset
value
("NAV")
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
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
Consolidated
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
Bermuda
.............................................
$
—
$
36,063,597
$
—
$
36,063,597
Canada
.............................................
—
20,853,776
—
20,853,776
Cayman
Islands
........................................
—
2,245,037,614
1
2,245,037,615
France
..............................................
—
6,450,725
—
6,450,725
Germany
............................................
—
5,101,411
—
5,101,411
Ireland
..............................................
—
357,920,114
—
357,920,114
Italy
................................................
—
38,942,352
—
38,942,352
Jersey,
Channel
Islands
...................................
—
30,327,307
—
30,327,307
Luxembourg
..........................................
—
5,391,207
—
5,391,207
Netherlands
...........................................
—
12,593,155
—
12,593,155
Portugal
.............................................
—
591,687
—
591,687
Spain
...............................................
—
15,721,948
—
15,721,948
United
Kingdom
........................................
—
111,525,805
—
111,525,805
United
States
..........................................
—
2,295,583,871
70,455,423
2,366,039,294
Common
Stocks
Canada
.............................................
2,092,352
—
—
2,092,352
China
...............................................
—
5,423,681
—
5,423,681
France
..............................................
—
2,214,631
—
2,214,631
Germany
............................................
68,964
25,296,109
—
25,365,073
Greece
..............................................
916,957
277,164
—
1,194,121
Hungary
.............................................
1,573,426
—
—
1,573,426
India
...............................................
2,760,000
15,730,508
—
18,490,508
Indonesia
............................................
453,725
3,941,986
—
4,395,711
Italy
................................................
—
5,317,102
—
5,317,102
Malaysia
.............................................
—
1,425,963
—
1,425,963
Netherlands
...........................................
724,032
6,416,509
—
7,140,541
Peru
................................................
435,435
—
—
435,435
Philippines
...........................................
868,844
2,128,790
—
2,997,634
Poland
..............................................
—
1,777,425
—
1,777,425
South
Africa
...........................................
429,453
—
—
429,453
Spain
...............................................
—
1,343,642
—
1,343,642
Sweden
.............................................
—
581,261
—
581,261
Thailand
.............................................
—
2,432,139
—
2,432,139
United
Kingdom
........................................
9,916,772
644,739
52
10,561,563
United
States
..........................................
437,246,914
7,028,734
79,992,157
524,267,805
Zambia
..............................................
2,636,924
—
—
2,636,924
Corporate
Bonds
Argentina
............................................
—
5,470,161
—
5,470,161
Australia
.............................................
—
111,874,637
36,129,203
148,003,840
Austria
..............................................
—
41,142,445
—
41,142,445
Belgium
.............................................
—
124,843,332
—
124,843,332
Brazil
...............................................
—
122,929,612
—
122,929,612
Canada
.............................................
—
245,408,847
—
245,408,847
Cayman
Islands
........................................
—
—
898,401
898,401
Chile
...............................................
—
26,891,701
—
26,891,701
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
143
Level
1
Level
2
Level
3
Total
China
...............................................
$
—
$
100,232,340
$
—
$
100,232,340
Colombia
............................................
—
40,766,735
—
40,766,735
Costa
Rica
...........................................
—
1,801,862
—
1,801,862
Cyprus
..............................................
—
14,419,927
—
14,419,927
Czech
Republic
........................................
—
14,274,318
—
14,274,318
Denmark
.............................................
—
75,717,406
—
75,717,406
Dominican
Republic
.....................................
—
6,288,355
—
6,288,355
Finland
..............................................
—
50,635,334
—
50,635,334
France
..............................................
—
1,018,010,139
23,363,219
1,041,373,358
Germany
............................................
—
993,406,300
20,316,332
1,013,722,632
Ghana
..............................................
—
3,913,074
—
3,913,074
Greece
..............................................
—
12,542,254
—
12,542,254
Guatemala
...........................................
—
9,887,354
—
9,887,354
Hong
Kong
...........................................
—
155,003,296
—
155,003,296
India
...............................................
—
286,057,484
—
286,057,484
Indonesia
............................................
—
82,137,476
—
82,137,476
Ireland
..............................................
—
46,912,083
842,582
47,754,665
Israel
...............................................
—
31,365,927
—
31,365,927
Italy
................................................
—
583,101,619
21,626,932
604,728,551
Jamaica
.............................................
—
8,412,246
—
8,412,246
Japan
...............................................
—
187,959,535
218,655
188,178,190
Jersey,
Channel
Islands
...................................
—
13,271,387
47,103,455
60,374,842
Kuwait
..............................................
—
13,752,763
—
13,752,763
Luxembourg
..........................................
—
165,841,417
—
165,841,417
Macau
..............................................
—
81,188,743
—
81,188,743
Malaysia
.............................................
—
21,186,322
—
21,186,322
Mexico
..............................................
—
39,499,394
—
39,499,394
Netherlands
...........................................
—
347,264,706
—
347,264,706
New
Zealand
..........................................
—
8,535,768
—
8,535,768
Nigeria
..............................................
—
2,961,213
—
2,961,213
Norway
..............................................
—
8,072,226
—
8,072,226
Peru
................................................
—
3,294,263
—
3,294,263
Philippines
...........................................
—
44,142,260
—
44,142,260
Portugal
.............................................
—
50,130,090
—
50,130,090
Romania
.............................................
—
16,936,502
—
16,936,502
Saudi
Arabia
..........................................
—
16,115,767
—
16,115,767
Singapore
............................................
—
82,365,686
—
82,365,686
Slovenia
.............................................
—
23,823,115
—
23,823,115
South
Africa
...........................................
—
77,801,212
—
77,801,212
South
Korea
..........................................
—
182,508,669
—
182,508,669
Spain
...............................................
—
536,471,860
22,964,497
559,436,357
Sweden
.............................................
—
118,845,708
—
118,845,708
Switzerland
...........................................
—
399,676,854
—
399,676,854
Thailand
.............................................
—
54,481,042
—
54,481,042
Turkey
..............................................
—
3,524,248
—
3,524,248
Ukraine
.............................................
—
55,348,816
—
55,348,816
United
Arab
Emirates
....................................
—
80,610,274
—
80,610,274
United
Kingdom
........................................
—
1,430,579,001
6,166,794
1,436,745,795
United
States
..........................................
—
5,126,633,511
479,104,563
5,605,738,074
Vietnam
.............................................
—
1,680,752
—
1,680,752
Zambia
..............................................
—
6,533,419
—
6,533,419
Fixed
Rate
Loan
Interests
India
...............................................
—
—
38,773,000
38,773,000
Jersey,
Channel
Islands
...................................
—
—
2,032
2,032
Spain
...............................................
—
21,577,000
—
21,577,000
United
States
..........................................
—
2,845,353
91,770,233
94,615,586
Floating
Rate
Loan
Interests
Australia
.............................................
—
993,607
—
993,607
Austria
..............................................
—
3,241,502
—
3,241,502
Belgium
.............................................
—
3,228,005
—
3,228,005
Canada
.............................................
—
2,417,749
—
2,417,749
Colombia
............................................
—
—
28,016,000
28,016,000
European
Union
........................................
—
—
1,428,041
1,428,041
Finland
..............................................
—
10,212,796
—
10,212,796
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
144
Level
1
Level
2
Level
3
Total
France
..............................................
$
—
$
41,257,846
$
—
$
41,257,846
Germany
............................................
—
32,829,093
3,204,184
36,033,277
Ireland
..............................................
—
—
33,491,138
33,491,138
Jersey,
Channel
Islands
...................................
—
—
21,857,468
21,857,468
Luxembourg
..........................................
—
33,890,321
12,826,518
46,716,839
Netherlands
...........................................
—
37,259,249
—
37,259,249
Spain
...............................................
—
22,826,220
62,514,907
85,341,127
Sweden
.............................................
—
6,420,603
—
6,420,603
United
Kingdom
........................................
—
82,448,296
91,028,086
173,476,382
United
States
..........................................
—
497,110,015
424,785,829
921,895,844
Foreign
Agency
Obligations
.................................
—
529,664,936
—
529,664,936
Foreign
Government
Obligations
..............................
—
4,352,630,444
—
4,352,630,444
Investment
Companies
....................................
476,328,602
—
18,179,801
494,508,403
Municipal
Bonds
.........................................
—
414,986,206
—
414,986,206
Non-Agency
Mortgage-Backed
Securities
Bermuda
.............................................
—
34,476,434
—
34,476,434
Cayman
Islands
........................................
—
18,504,235
—
18,504,235
Ireland
..............................................
—
67,944,129
—
67,944,129
Italy
................................................
—
19,963,714
—
19,963,714
Netherlands
...........................................
—
10,229,343
—
10,229,343
Switzerland
...........................................
—
10,398
—
10,398
United
Kingdom
........................................
—
300,973,353
—
300,973,353
United
States
..........................................
—
2,891,676,576
137,664,579
3,029,341,155
Preferred
Securities
Brazil
...............................................
—
—
17,103,392
17,103,392
China
...............................................
—
—
47,423,360
47,423,360
Germany
............................................
—
—
6,105,796
6,105,796
Israel
...............................................
—
—
14,911,692
14,911,692
Spain
...............................................
—
10,764,334
—
10,764,334
Sweden
.............................................
—
—
1
1
United
Kingdom
........................................
—
—
8,220,204
8,220,204
United
States
..........................................
—
194,341,624
250,465,439
444,807,063
U.S.
Government
Sponsored
Agency
Securities
....................
—
15,473,019,503
—
15,473,019,503
U.S.
Treasury
Obligations
...................................
—
1,060,051,865
—
1,060,051,865
Warrants
..............................................
443,025
6,922
19,519,177
19,969,124
Short-Term
Securities
Borrowed
Bond
Agreements
.................................
—
256,130,106
—
256,130,106
Commercial
Paper
.......................................
—
986,826,496
—
986,826,496
Foreign
Agency
Obligations
.................................
—
56,014,585
—
56,014,585
Foreign
Government
Obligations
..............................
—
248,161,286
—
248,161,286
Money
Market
Funds
......................................
1,481,347,159
—
—
1,481,347,159
U.S.
Treasury
Obligations
...................................
—
103,181,623
—
103,181,623
Options
Purchased
Credit
contracts
..........................................
—
476,794
—
476,794
Equity
contracts
..........................................
27,546,552
10,289,322
—
37,835,874
Foreign
currency
exchange
contracts
...........................
—
25,741,664
—
25,741,664
Interest
rate
contracts
......................................
5,887,217
52,715,381
—
58,602,598
Other
contracts
..........................................
—
668,394
—
668,394
Unfunded
commitments
(a)
........................................
—
—
9,117,874
9,117,874
Liabilities
Investments
Borrowed
Bonds
.........................................
—
(263,531,491)
—
(263,531,491)
TBA
Sale
Commitments
....................................
—
(10,718,611,431)
—
(10,718,611,431)
Unfunded
Floating
Rate
Loan
Interests
(
b
)
..............................
—
—
(199,524)
(199,524)
$
2,451,676,353
$
35,614,432,139
$
2,147,391,493
$
40,213,499,985
Investments
Valued
at
NAV
(
c
)
......................................
36,259,371
$
40,249,759,356
Derivative
Financial
Instruments
(d)
Assets
Commodity
contracts
.......................................
$
7,106,782
$
—
$
—
$
7,106,782
Credit
contracts
...........................................
—
11,315,739
—
11,315,739
Equity
contracts
...........................................
—
6,001,378
—
6,001,378
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
145
Level
1
Level
2
Level
3
Total
Foreign
currency
exchange
contracts
............................
$
—
$
170,101,749
$
—
$
170,101,749
Interest
rate
contracts
.......................................
11,022,041
509,588,859
—
520,610,900
Other
contracts
...........................................
—
1,109,134
—
1,109,134
Liabilities
Commodity
contracts
.......................................
(553,478)
—
—
(553,478)
Credit
contracts
...........................................
—
(33,935,746)
—
(33,935,746)
Equity
contracts
...........................................
(9,623,419)
(4,272,904)
—
(13,896,323)
Foreign
currency
exchange
contracts
............................
—
(61,358,896)
—
(61,358,896)
Interest
rate
contracts
.......................................
(44,588,118)
(613,243,717)
—
(657,831,835)
Other
contracts
...........................................
—
(798,270)
—
(798,270)
$
(36,636,192)
$
(15,492,674)
$
—
$
(52,128,866)
(a)
Unfunded
commitments
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(c)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(d)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Asset-
Backed
Securities
Common
Stocks
Corporate
Bonds
Fixed
Rate
Loan
Interests
Floating
Rate
Loan
Interests
Investment
Companies
Investments
Assets/Liabilities
Opening
balance,
as
of
December
31,
2023
...............................
$
130,976,062
$
77,139,022
$
540,614,614
$
88,154,978
$
727,543,256
$
16,854,730
Transfers
into
Level
3
.............................................
—
—
—
34,120,240
36,835,435
—
Transfers
out
of
Level
3
............................................
(42,876,170)
—
(2,861,553)
—
(15,059,135)
—
Other
(a)
.......................................................
5,614,989
—
(5,614,989)
—
—
—
Accrued
discounts/premiums
.........................................
(2,323,299)
—
897,202
69,061
269,586
—
Net
realized
gain
(loss)
............................................
13,152
—
(1,493,982)
—
816,030
—
Net
change
in
unrealized
appreciation
(depreciation)
(b)
........................
(1,033,396)
2,853,187
6,919,997
278,122
(1,812,524)
(55,212)
Purchases
.....................................................
—
—
167,399,155
17,634,441
70,016,390
1,380,283
Sales
........................................................
(19,915,914)
—
(47,125,811)
(9,711,577)
(139,456,867)
—
Closing
balance,
as
of
March
31,
2024
..................................
$
70,455,424
$
79,992,209
$
658,734,633
$
130,545,265
$
679,152,171
$
18,179,801
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
March
31,
2024
(b)
.....................................................
$
823,008
$
2,853,187
$
7,981,683
$
433,406
$
(5,685,245)
$
(55,212)
Non-Agency
Mortgage-
Backed
Securities
Preferred
Securities
Unfunded
Commitments
Unfunded
Floating
Rate
Loan
Interests
Warrants
Total
Investments
Assets/Liabilities
Opening
balance,
as
of
December
31,
2023
...............................
$
140,558,506
$
298,734,094
$
7,197,193
$
2,087,315
$
10,297,993
$
2,040,157,763
Transfers
into
Level
3
.............................................
—
15,957,567
—
—
940,426
87,853,668
Transfers
out
of
Level
3
............................................
—
—
—
—
—
(60,796,858)
Accrued
discounts/premiums
.........................................
395,479
—
—
—
—
(691,971)
Net
realized
gain
(loss)
............................................
51,607
(19)
—
—
(147,343)
(760,555)
Net
change
in
unrealized
appreciation
(depreciation)
(
b
)
........................
1,563,833
(12,185,300)
1,920,681
(2,286,839)
7,619,868
3,782,417
Purchases
.....................................................
63,889
63,976,408
—
—
808,233
321,278,799
Sales
........................................................
(4,968,735)
(22,252,866)
—
—
—
(243,431,770)
Closing
balance,
as
of
March
31,
2024
..................................
$
137,664,579
$
344,229,884
$
9,117,874
$
(199,524)
$
19,519,177
$
2,147,391,493
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
March
31,
2024
(
b
)
.....................................................
$
1,563,833
$
(29,087,020)
$
1,920,681
$
(2,286,839)
$
7,735,466
$
(13,803,052)
(a)
Certain
Level
3
investments
were
re-classified
between
Asset-Backed
Securities
and
Corporate
Bonds.
(b)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
March
31,
2024
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
146
The
following
table
summarizes
the
valuation
approaches
used
and
unobservable
inputs
utilized
by
the
Valuation
Committee
to
determine
the
value
of
certain
of
the
Fund’s
Level
3
financial
instruments
as
of
period
end.
The
table
does
not
include
Level
3
financial
instruments
with
values
based
upon
unadjusted
third-party
pricing
information
in
the
amount
of
$346,368,430.
A
significant
change
in
the
third-party
information
could
result
in
a
significantly
lower
or
higher
value
of
such
Level
3
investments.
(a)
A
significant
change
in
unobservable
input
would
have
resulted
in
a
correlated
(inverse)
significant
change
to
value.
(b)
For
the
period
end
March
31,
2024,
the
valuation
technique
for
certain
investments
classified
as
Preferred
Stocks
used
recent
prior
transaction
prices
as
inputs
within
the
model
used
for
the
approximation
of
fair
value.
Value
Valuation
Approach
Unobservable
Inputs
Range
of
Unobservable
Inputs
Utilized
(a)
Weighted
Average
of
Unobservable
Inputs
Based
on
Fair
Value
Assets
Asset-Backed
Securities
........................
$
43,755,423
Income
Discount
Rate
8%
—
Common
Stocks
.............................
79,992,070
Market
Revenue
Multiple
2.00x
-
16.00x
7.48x
Volatility
75%
-
80%
80%
Time
to
Exit
3.0
-
5.3
years
3.0
years
EBIDTA
Multiple
12.89x
—
Corporate
Bonds
.............................
602,081,024
Income
Discount
Rate
5%
-
30%
13%
Market
Revenue
Multiple
4.25x
—
Volatility
50%
—
Fixed
Rate
Loan
Interests
........................
88,900,390
Income
Discount
Rate
7%
-
13%
9%
Floating
Rate
Loan
Interests
......................
618,708,368
Income
Discount
Rate
7%
-
15%
10%
Estimated
Recovery
Value
13%
-
50%
47%
Market
EBITDA
Multiple
14.50x
—
Non-Agency
Mortgage-Backed
Securities
..............
25,335,131
Income
Discount
Rate
10%
-
11%
10%
Preferred
Stocks
(b)
............................
327,706,454
Market
Revenue
Multiple
1.60x
-
17.50x
7.45x
Volatility
34%
-
90%
67%
Time
to
Exit
0.1
-
5.0
years
2.5
years
Direct
Profit
Multiple
4.50x
—
Gross
Profit
Multiple
16.25x
—
EBIDTAR
Multiple
9.53x
—
EBIDTA
Multiple
7.25x
-
12.40x
11.84x
Market
Adjustment
Multiple
1.00x
-
1.30x
1.23x
Income
Discount
Rate
11%
-
14%
11%
Warrants
..................................
14,544,203
Market
Revenue
Multiple
4.25x
-
12.38x
7.86x
Volatility
36%
-
88%
72%
Time
to
Exit
0.1
-
5.3
years
2.8
years
Income
Discount
Rate
26%
—
$
1,801,023,063
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
147
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNH
Chinese
Yuan
Offshore
CNY
Chinese
Yuan
COP
Colombian
Peso
CZK
Czech
Koruna
EGP
Egyptian
Pound
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PEN
Peruvian
Sol
PHP
Philippine
Peso
PLN
Polish
Zloty
RON
Romanian
Leu
RUB
New
Russian
Ruble
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
TRY
Turkish
Lira
TWD
Taiwan
New
Dollar
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ABS
Asset-Backed
Security
ADR
American
Depositary
Receipts
BBR
Australian
Bank
Bill
Rate
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CD_KSDA
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
CDO
Collateralized
Debt
Obligation
CLICP
Chile
Indice
de
Camara
Promedio
Interbank
Overnight
Index
CLO
Collateralized
Loan
Obligation
CMT
Constant
Maturity
Treasury
CNREPOFIX_CFXS
China
Fixing
Repo
Rates
COP
Certificates
of
Participation
CSMC
Credit
Suisse
Mortgage
Capital
CWABS
Countrywide
Asset-Backed
Certificates
DAC
Designated
Activity
Company
EM
Emerging
Markets
ESTR
Euro
Short-Term
Rate
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GO
General
Obligation
Bonds
GUKG1
UK
Government
Bond
1
Year
Note
Generic
Bid
Yield
HIBOR
Hong
Kong
Interbank
Offered
Rate
IBR
Colombian
Reference
Banking
Indicator
JIBAR
Johannesburg
Interbank
Average
Rate
JSC
Joint
Stock
Company
LIBOR
London
Interbank
Offered
Rate
MIBOR
Mumbai
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
NASDAQ
National
Association
of
Securities
Dealers
Automated
NVDR
Non-Voting
Depository
Receipts
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
PJSC
Public
Joint
Stock
Company
PRIBOR
Prague
Interbank
Offered
Rate
RB
Revenue
Bonds
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCA
Svenska
Cellulosa
Aktiebolaget
SONIA
Sterling
Overnight
Interbank
Average
Rate
SOFR
Secured
Overnight
Financing
Rate
SORA
Singapore
Overnight
Rate
Average
SPDR
Standard
&
Poor’s
Depositary
Receipts
TBA
To-be-announced
TIPS
Treasury
Inflation
Protected
Securities
TONAR
Tokyo
Overnight
Average
Rate
THOR
Thailand
Overnight
Repo
Rate
ON
VRDN
Variable
Rate
Demand
Notes
WIBOR
Warsaw
Interbank
Offered
Rate