UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23339

Name of Fund:  BlackRock Funds V

                             BlackRock Inflation Protected Bond Portfolio

BlackRock Strategic Income Opportunities Portfolio

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds V, 50 Hudson Yards, New York, NY 10001

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 12/31/2023

Date of reporting period: 12/31/2023

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

December

31,

2023

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2023

Annual

Report

BlackRock

Funds

V

BlackRock

Inflation

Protected

Bond

Portfolio

BlackRock

Strategic

Income

Opportunities

Portfolio

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

cooling

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

December

31,

2023.

Significantly

tighter

monetary

policy

helped

to

rein

in

inflation,

and

the

Consumer

Price

Index

decelerated

substantially

in

the

first

half

of

the

year

before

stalling

between

3%

and

4%

in

the

second

half.

A

moderating

labor

market

helped

ease

inflationary

pressure,

although

wages

continued

to

grow.

Wage

and

job

growth

powered

robust

consumer

spending,

backstopping

the

economy.

On

October

7,

2023,

Hamas

launched

a

horrific

attack

on

Israel.

The

ensuing

war

will

have

a

significant

humanitarian

impact

and

could

lead

to

heightened

economic

and

market

volatility.

We

see

geopolitics

as

a

structural

market

risk

going

forward.

See

our

geopolitical

risk

dashboard

at

blackrock.com

for

more

details.

Equity

returns

were

robust

during

the

period,

as

interest

rates

stabilized

and

the

economy

proved

to

be

more

resilient

than

many

investors

expected.

The

U.S.

economy

continued

to

show

strength,

and

growth

further

accelerated

in

the

third

quarter

of

2023.

Large-capitalization

U.S.

stocks

posted

particularly

substantial

gains,

supported

by

the

performance

of

a

few

notable

technology

companies

and

small-capitalization

U.S.

stocks

also

advanced.

Meanwhile,

international

developed

market

equities

and

emerging

market

stocks

posted

solid

gains.

The

10-year

U.S.

Treasury

yield

ended

2023

where

it

began

despite

an

eventful

year

that

saw

significant

moves

in

bond

markets.

Overall,

U.S.

Treasuries

gained

as

investors

began

to

anticipate

looser

financial

conditions.

The

corporate

bond

market

benefited

from

improving

economic

sentiment,

although

high-yield

corporate

bond

prices

fared

significantly

better

than

investment-grade

bonds

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

attempting

to

manage

persistent

inflation,

raised

interest

rates

four

times

during

the

12-month

period,

but

paused

its

tightening

in

the

second

half

of

the

period.

The

Fed

also

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

Supply

constraints

appear

to

have

become

an

embedded

feature

of

the

new

macroeconomic

environment,

making

it

difficult

for

developed

economies

to

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

an

aging

population

risk

further

exacerbating

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

stopped

tightening

for

now,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

despite

the

market’s

hopes

for

interest

rate

cuts,

as

reflected

in

the

recent

rally.

In

this

new

regime,

we

anticipate

greater

volatility

and

dispersion

of

returns,

creating

more

opportunities

for

selective

portfolio

management.

We

believe

developed

market

equities

have

priced

in

an

optimistic

scenario

for

rate

cuts,

which

we

view

as

premature,

so

we

prefer

an

underweight

stance

in

the

near

term.

Nevertheless,

we

are

overweight

on

Japanese

stocks

as

shareholder-friendly

policies

generate

increased

investor

interest.

We

also

believe

that

stocks

with

an

AI

tilt

should

benefit

from

an

investment

cycle

that

is

set

to

support

revenues

and

margins.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tighter

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

attractive

investments

in

short-term

U.S.

Treasuries,

U.S.

mortgage-backed

securities,

and

hard-currency

emerging

market

bonds.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

December

31,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

8.04%

26.29%

U.S.

small

cap

equities

(Russell

2000

®

Index)

8.18

16.93

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

5.88

18.24

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

4.71

9.83

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.70

5.02

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

1.11

2.83

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

3.37

5.53

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

3.63

6.40

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

7.65

13.44

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Annual

Report:

Fund

Summary

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

4

The

Benefits

and

Risks

of

Leveraging

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

10

About

Fund

Performance 

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

10

Disclosure

of

Expenses

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

11

Derivative

Financial

Instruments

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

11

Consolidated

Financial

Statements:

Consolidated

Schedule

of

Investments

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

12

Consolidated

Statements

of

Assets

and

Liabilities

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

157

Consolidated

Statements

of

Operations

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

160

Consolidated

Statements

of

Changes

in

Net

Assets

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

162

Financial

Highlights

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

163

Notes

to

Consolidated

Financial

Statements

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

171

Report

of

Independent

Registered

Public

Accounting

Firm

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

191

Important

Tax

Information

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

192

Statement

Regarding

Liquidity

Risk

Management

Program

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

193

Trustee

and

Officer

Information

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

194

Additional

Information

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

197

Glossary

of

Terms

Used

in

this

Report

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

199

Fund

Summary

as

of

December

31,

2023

2023

BlackRock

Annual

Report

to

Shareholders

4

BlackRock

Inflation

Protected

Bond

Portfolio

Investment

Objective

BlackRock

Inflation

Protected

Bond

Portfolio’s

(the

“Fund”)

investment

objective

is

to

seek

to

maximize

real

return,

consistent

with

preservation

of

real

capital

and

prudent

investment

management.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2023,

all

of

the

Fund’s

share

classes

underperformed

its

benchmark,

the

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

Index.

What

factors

influenced

performance?

Returns

for

Treasury

Inflation

Protected

Securities

(“TIPS”)

are

influenced

by

the

direction

of

nominal

Treasury

yields

as

well

as

changes

in

inflation

expectations.

The

Fund’s

tactical

positioning

in

U.S.

interest

rates

detracted

over

the

period.

At

the

start

of

the

period,

a

long

duration

position

outperformed

before

the

Fund

moved

to

an

underweight

in

February

2023

as

stickier

inflation

led

rates

to

move

higher.

The

Fund

flipped

back

to

a

duration

overweight

in

late

June

2023

on

the

view

that

inflation

was

likely

to

be

softer

than

expected

in

the

second

half

of

the

year

and

would

likely

prompt

the

market

to

move

away

from

hawkish

Fed

policy

expectations.

While

this

view

was

correct

with

consumer

price

inflation

data

easing,

strong

growth

and

economic

data

broadly

in

the

United

States

resulted

in

Treasury

yields

moving

higher,

causing

the

overweight

duration

position

to

detract.

The

overweight

position

was

concentrated

in

the

front

end

of

the

curve

which

helped

mitigate

losses

as

the

curve

steepened.

The

Fund

moved

to

a

short

duration

position

in

the

fourth

quarter

of

2023

on

the

view

that

the

market

had

begun

to

price

in

too

many

rate

cuts

in

2024.

This

shift

proved

too

early

and

thus

detracted

from

returns

for

the

period.

The

Fund’s

short

Japanese

interest

rate

positioning

also

detracted

from

performance.

While

other

developed

market

central

banks

kept

rates

higher

than

expected,

the

Bank

of

Japan

remained

dovish,

keeping

rates

at

ultra-low

levels.

Finally,

the

Fund’s

currency

positioning

weighed

on

performance

for

the

period.

Positive

contributions

to

the

Fund’s

relative

performance

were

led

by

a

long

position

in

rental

inflation-linked

commercial

mortgage-backed

securities

(“CMBS”).

Holdings

of

agency

residential

mortgage-backed

securities

(“MBS”)

also

proved

additive.

Finally,

macro

strategies

and

relative

value

inflation

strategies

contributed

positively.

Describe

recent

portfolio

activity.

As

noted,

the

Fund

tactically

shifted

positioning

around

U.S.

interest

rates

throughout

the

period.

Late

in

the

period,

the

Fund

removed

its

short

position

in

Japanese

interest

rates.

Describe

portfolio

positioning

at

period

end.

The

Fund

held

a

long

position

in

the

10-year

segment

of

the

TIPS

curve

where

the

market

is

pricing

for

inflation

to

rapidly

recede

to

the

Fed’s

target,

providing

an

opportunity

for

outperformance

should

inflation

prove

more

stubborn

than

expected.

The

Fund

maintained

exposure

to

rental

linked

CMBS

securities

with

a

focus

on

single

family

rentals

on

the

view

that

rental

inflation

will

continue

to

move

higher.

The

Fund

held

a

tactical

short

position

in

U.S.

duration

focused

primarily

on

the

front

end

of

the

curve,

on

the

view

that

the

market

is

likely

pricing

in

too

many

rate

cuts

in

2024

given

the

likely

level

of

inflation

and

overall

strength

of

the

economy.

In

addition,

the

Fund

held

an

allocation

to

agency

MBS

where

spreads

appear

attractive.

Finally,

the

Fund

held

a

small

long

position

in

emerging

market

nominal

rates,

specifically

in

Mexico

on

the

view

that

the

market

is

underappreciating

potential

easing

from

that

central

bank.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2023

(continued)

5

Fund

Summary

BlackRock

Inflation

Protected

Bond

Portfolio

GROWTH

OF

$10,000

INVESTMENT

Performance

N/A

—

Not

applicable

as

share

class

and

Index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

(a)

Assuming

maximum

sales

charges,

if

any,

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees

and

administration

fees,

if

any.

Institutional

Shares

do

not

have

a

sales

charge.

(b)

Under

normal

circumstances,

the

Fund

invests

at

least

80%

of

its

assets

in

inflation-indexed

bonds

of

varying

maturities

issued

by

the

U.S.

and

non-U.S.

governments,

their

agencies

or

instrumentalities

and

U.S.

and

non-U.S.

corporations.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

BlackRock

Inflation

Protected

Bond

Portfolio

(the

“Predecessor

Fund”),

a

series

of

BlackRock

Funds

II,

through

a

tax-free

reorganization

(the

“Reorganization”).

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

(c)

An

unmanaged

index

that

measures

the

performance

of

the

inflation-protected

public

obligations

of

the

U.S.

Treasury.

Average

Annual

Total

Returns

(a)

1

Year

5

Years

10

Years

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

1.52‌%

1.35‌%

3.63‌%

N/A‌

3.27‌%

N/A‌

2.20‌%

N/A‌

Investor

A

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

1.22‌

1.02‌

3.45‌

(0.69‌)%

3.00‌

2.17‌%

1.92‌

1.50‌%

Investor

C

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

0.55‌

0.47‌

2.56‌

1.56‌

2.22‌

2.22‌

1.33‌

1.33‌

Class

K

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

1.57‌

1.52‌

3.67‌

N/A‌

3.32‌

N/A‌

2.27‌

N/A‌

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

Index.

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

—‌

—‌

3.90‌

N/A‌

3.15‌

N/A‌

2.42‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

the

Predecessor

Fund,

a

series

of

BlackRock

Funds

II,

through

the

Reorganization.

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

Fund

Summary

as

of

December

31,

2023

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

6

BlackRock

Inflation

Protected

Bond

Portfolio

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

Hypothetical

5%

Return

Expenses

Paid

During

the

Period

Including

Interest

Expense

Excluding

Interest

Expense

Annualized

Expense

Ratio

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Including

Interest

Expense

(a)

Excluding

Interest

Expense

(a)

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Including

Interest

Expense

Excluding

Interest

Expense

Institutional

....

$

1,000.00‌

$

1,014.00‌

$

4.31‌

$

1.78‌

$

1,000.00‌

$

1,020.92‌

$

4.33‌

$

1,023.44‌

$

1.79‌

0.85‌%

0.35‌%

Investor

A

.....

1,000.00‌

1,011.70‌

5.58‌

3.04‌

1,000.00‌

1,019.66‌

5.60‌

1,022.18‌

3.06‌

1.10‌

0.60‌

Investor

C

.....

1,000.00‌

1,008.30‌

9.36‌

6.83‌

1,000.00‌

1,015.88‌

9.40‌

1,018.40‌

6.87‌

1.85‌

1.35‌

Class

K

......

1,000.00‌

1,014.10‌

4.06‌

1.52‌

1,000.00‌

1,021.17‌

4.08‌

1,023.69‌

1.53‌

0.80‌

0.30‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

U.S.

Treasury

Obligations

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

84.7‌

%

U.S.

Government

Sponsored

Agency

Securities

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

9.8‌

Asset-Backed

Securities

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

2.6‌

Non-Agency

Mortgage-Backed

Securities

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

1.1‌

Corporate

Bonds

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

1.0‌

Foreign

Government

Obligations

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

0.4‌

Foreign

Agency

Obligations

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

0.3‌

Investment

Companies

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

0.1‌

Common

Stocks

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

0.0‌

(b)

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(c)

Percent

of

Total

Investments

(a)

AAA/Aaa

(d)

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

95.2‌

%

AA/Aa

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

0.2‌

A

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

1.0‌

BBB/Baa

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

0.3‌

BB/Ba

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

0.0‌

(b)

B

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

0.1‌

CCC/Caa

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

0.0‌

(b)

C

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

0.0‌

(b)

NR

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

3.2‌

(a)

Excludes

short-term

securities,

options

purchased,

options

written

and

TBA

sale

commitments.

(b)

Represents

less

than

0.1%

of

the

Fund's

total

investments.

(c)

For

financial

reporting

purposes,

credit

quality

ratings

shown

above

reflect

the

highest

rating

assigned

by

either

S&P

Global

Ratings

or

Moody’s

Investors

Service

if

ratings

differ.

These

rating

agencies

are

independent,

nationally

recognized

statistical

rating

organizations

and

are

widely

used.

Investment

grade

ratings

are

credit

ratings

of

BBB/Baa

or

higher.

Below

investment

grade

ratings

are

credit

ratings

of

BB/Ba

or

lower.

Investments

designated

NR

are

not

rated

by

either

rating

agency.

Unrated

investments

do

not

necessarily

indicate

low

credit

quality.

Credit

quality

ratings

are

subject

to

change.

(d)

The

investment

adviser

evaluates

the

credit

quality

of

unrated

investments

based

upon

certain

factors

including,

but

not

limited

to,

credit

ratings

for

similar

investments

and

financial

analysis

of

sectors,

individual

investments

and/or

issuers.

Using

this

approach,

the

investment

adviser

has

deemed

unrated

U.S.

Government

Sponsored

Agency

Securities

and

U.S.

Treasury

Obligations

to

be

of

similar

credit

quality

as

investments

rated

AAA/Aaa.

Fund

Summary

as

of

December

31,

2023

7

Fund

Summary

BlackRock

Strategic

Income

Opportunities

Portfolio

Investment

Objective

BlackRock

Strategic

Income

Opportunities

Portfolio's

(the

“Fund”)

investment

objective

is

to

seek

total

return

as

is

consistent

with

preservation

of

capital.

On

June

1,

2023,

the

Board

of

Trustees

of

BlackRock

Multi-Sector

Opportunities

Trust

II

(the

“Target

Fund”)

and

the

Board

of

Trustees

of

BlackRock

Funds

V,

on

behalf

of

the

Fund,

each

approved

the

reorganization

of

the

Target

Fund

into

the

Fund.

At

a

special

shareholder

meeting

on

September

22,

2023,

the

shareholders

of

the

Target

Fund

approved

the

reorganization,

which

was

completed

on

November

13,

2023.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2023,

the

Fund’s

Institutional

Share

Class

returned

7.26%,

the

Investor

A

Shares

returned

7.00%,

the

Investor

C

Shares

returned

6.23%,

and

the

Class

K

shares

returned

7.36%.

For

the

same

period,

the

Bloomberg

U.S.

Universal

Index

returned

6.17%

and

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

returned

5.01%.

What

factors

influenced

performance?

The

Fund’s

performance

is

reviewed

on

an

absolute

return

basis

due

to

the

nature

of

its

mandate.

The

Fund

has

an

unconstrained

approach

(i.e.,

flexibility

to

invest

across

all

fixed

income

asset

classes)

that

is

managed

within

a

risk-controlled

framework.

As

such,

the

Fund

is

not

managed

specifically

to

a

benchmark.

The

index

returns

listed

above

are

for

reference

purposes

only.

Positive

contributions

with

respect

to

the

Fund’s

performance

were

driven

by

allocations

to

structured

products

including

commercial

mortgage-backed

securities,

non-

agency

residential

mortgage-backed

securities,

collateralized

loan

obligations

and

asset-backed

securities.

Allocations

to

European

and

U.S.

investment

grade

corporate

bonds

added

to

performance

as

well.

Global

strategies

around

management

of

non-U.S.

developed

market

sovereign

bond

exposures

detracted

modestly

from

performance

over

the

period.

The

Fund’s

use

of

derivatives

marginally

detracted

from

performance.

The

Fund’s

cash

position

had

no

material

impact

on

performance.

Describe

recent

portfolio

activity.

After

tactically

reducing

duration

in

January

2023,

primarily

in

the

front-end

of

the

yield

curve,

the

Fund

added

duration

further

out

the

curve

given

more

balanced

risk/reward

levels.

The

Fund

lowered

its

risk

profile

slightly

in

February

2023,

reducing

U.S.

investment

grade

and

high

yield

credit

exposures

as

spreads

became

less

attractive,

while

adding

to

agency

mortgage-backed

securities

(“MBS”)

given

the

sector’s

favorable

interest

rate

risk

profile.

Outside

the

United

States,

the

Fund

continued

to

increase

its

long

European

sovereign

position,

particularly

within

the

United

Kingdom

given

attractive

currency-hedged

yields.

The

Fund

also

tactically

increased

exposure

to

emerging

market

debt

in

local

rate

and

select

hard

currency

markets.

In

the

second

quarter

of

2023,

the

Fund’s

duration

was

increased,

particularly

in

the

front

and

intermediate

parts

of

the

yield

curve,

on

the

view

that

inflation

would

continue

to

ease

more

rapidly

than

the

market

expects

and

that

the

Fed

was

getting

closer

to

pausing

its

rate

hiking

cycle.

The

Fund

continued

to

increase

its

sensitivity

to

changes

in

credit

spreads

by

selectively

adding

to

global

investment

grade

corporate

bonds,

particularly

within

defensive

sectors,

as

spreads

appeared

attractive.

The

Fund

also

steadily

increased

its

agency

MBS

position

given

attractive

relative

valuations.

In

addition,

the

Fund

opportunistically

added

to

U.S.

high

yield

corporate

bonds

while

maintaining

a

cautious

stance

with

respect

to

lower

quality

issues

within

the

asset

class.

Outside

the

United

States,

the

Fund

trimmed

its

weighting

to

European

sovereign

bonds,

particularly

within

the

United

Kingdom,

while

continuing

to

selectively

increase

the

emerging

markets

debt

allocation.

In

the

third

quarter

of

2023,

the

Fund

maintained

a

duration

underweight

versus

the

benchmark,

while

tactically

rotating

out

of

the

back-end

of

the

U.S.

yield

curve

and

into

the

front

and

intermediate

parts

of

the

curve

in

anticipation

of

the

Fed

pausing.

The

Fund

increased

its

sensitivity

to

changes

in

credit

spreads,

primarily

by

adding

to

European

corporate

credit

given

attractive

all-in

yields

when

swapped

back

to

U.S.

dollar,

as

well

as

to

agency

MBS

given

their

high

quality,

attractive

yields

and

relatively

low

correlation

to

other

spread

assets.

The

Fund

maintained

a

cautious

approach

to

adding

risk

within

high

yield

corporate

bonds,

continued

to

trim

its

European

sovereign

allocation,

mainly

with

respect

to

the

United

Kingdom,

and

remained

favorable

towards

emerging

market

local

debt.

In

the

fourth

quarter

of

2023,

the

Fund

modestly

reduced

duration,

particularly

in

the

front-end

of

the

curve,

while

holding

the

bulk

of

its

exposure

in

the

intermediate

part

of

the

curve

in

order

to

capture

upside

price

potential

should

rates

move

lower.

The

Fund

maintained

a

high-quality

bias

within

spread

assets.

In

this

vein,

the

Fund

increased

its

agency

MBS

exposure

and

continued

to

add

to

European

corporate

credit.

In

addition,

the

Fund

added

opportunistically

within

U.S.

high

yield

corporate

bonds

and

emerging

market

local

debt,

while

tactically

shifting

its

European

sovereign

positioning.

Describe

portfolio

positioning

at

period

end.

At

period-end,

the

Fund’s

duration

was

near

the

high

end

of

its

historical

range,

with

a

tilt

toward

intermediate

maturities.

The

Fund

favored

investment

grade

corporate

bonds,

agency

MBS

and

securitized

credit

for

high

quality

U.S.

asset

exposure.

The

Fund

also

maintained

an

allocation

to

U.S.

high

yield

corporate

bonds.

Outside

the

United

States,

the

Fund

had

allocations

to

European

sovereign

bonds

and

emerging

markets

debt,

most

notably

local

rates

in

Mexico

and

Brazil

along

with

select

hard

currency

bonds.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2023

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

8

BlackRock

Strategic

Income

Opportunities

Portfolio

GROWTH

OF

$10,000

INVESTMENT

Performance

N/A

—

Not

applicable

as

share

class

and

Index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

(a)

Assuming

maximum

sales

charges,

if

any,

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees

and

administration

fees,

if

any.

Institutional

Shares

do

not

have

a

sales

charge.

(b)

Under

normal

market

conditions,

the

Fund

will

invest

in

a

combination

of

fixed-income

securities,

including,

but

not

limited

to:

high

yield

securities,

international

securities,

emerging

markets

debt

and

mortgages.

Depending

on

market

conditions,

the

Fund

may

invest

in

other

market

sectors.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

BlackRock

Strategic

Income

Opportunities

Portfolio

(the

“Predecessor

Fund”),

a

series

of

BlackRock

Funds

II,

through

a

tax-free

reorganization

(the

“Reorganization”).

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

(c)

An

index

that

measures

the

performance

of

U.S.

dollar-denominated

taxable

bonds

that

are

rated

either

investment-grade

or

high

yield.

The

index

includes

U.S.

Treasury

bonds,

investment-

grade

and

high

yield

U.S.

corporate

bonds,

mortgage-backed

securities,

and

Eurodollar

bonds.

(d)

An

unmanaged

index

that

measures

returns

of

3-month

Treasury

Bills.

Average

Annual

Total

Returns

(a)

1

Year

5

Years

10

Years

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

4.92‌%

4.92‌%

7.26‌%

N/A‌

3.35‌%

N/A‌

2.82‌%

N/A‌

Investor

A

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

4.48‌

4.48‌

7.00‌

2.72‌%

3.08‌

2.24‌%

2.53‌

2.11‌%

Investor

C

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

3.95‌

3.94‌

6.23‌

5.23‌

2.34‌

2.34‌

1.93‌

1.93‌

Class

K

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

5.01‌

5.01‌

7.36‌

N/A‌

3.46‌

N/A‌

2.90‌

N/A‌

Bloomberg

U.S.

Universal

Index

..........

—‌

—‌

6.17‌

N/A‌

1.44‌

N/A‌

2.08‌

N/A‌

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

...

—‌

—‌

5.01‌

N/A‌

1.88‌

N/A‌

1.25‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees,

and

how

performance

was

calculated

for

certain

share

classes.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

the

Predecessor

Fund,

a

series

of

BlackRock

Funds

II,

through

the

Reorganization.

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

Fund

Summary

as

of

December

31,

2023

(continued)

9

Fund

Summary

BlackRock

Strategic

Income

Opportunities

Portfolio

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

Hypothetical

5%

Return

Expenses

Paid

During

the

Period

Including

Dividend

Expense

and

Interest

Expense

Excluding

Dividend

Expense

and

Interest

Expense

Annualized

Expense

Ratio

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Including

Dividend

Expense

and

Interest

Expense

(a)

Excluding

Dividend

Expense

and

Interest

Expense

(a)

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Including

Dividend

Expense

and

Interest

Expense

Excluding

Dividend

Expense

and

Interest

Expense

Institutional

....

$

1,000.00‌

$

1,051.30‌

$

3.93‌

$

3.21‌

$

1,000.00‌

$

1,021.37‌

$

3.87‌

$

1,022.08‌

$

3.16‌

0.76‌%

0.62‌%

Investor

A

.....

1,000.00‌

1,050.00‌

5.27‌

4.55‌

1,000.00‌

1,020.06‌

5.19‌

1,020.77‌

4.48‌

1.02‌

0.88‌

Investor

C

.....

1,000.00‌

1,046.10‌

9.03‌

8.30‌

1,000.00‌

1,016.38‌

8.89‌

1,017.09‌

8.19‌

1.75‌

1.61‌

Class

K

......

1,000.00‌

1,051.70‌

3.46‌

2.79‌

1,000.00‌

1,021.83‌

3.41‌

1,022.48‌

2.75‌

0.67‌

0.54‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

U.S.

Government

Sponsored

Agency

Securities

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

34.9‌

%

Corporate

Bonds

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

28.6‌

Asset-Backed

Securities

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

10.9‌

Foreign

Government

Obligations

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

7.1‌

Non-Agency

Mortgage-Backed

Securities

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

6.9‌

U.S.

Treasury

Obligations

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

3.9‌

Floating

Rate

Loan

Interests

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

2.9‌

Common

Stocks

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

1.1‌

Investment

Companies

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

1.1‌

Municipal

Bonds

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

1.0‌

Foreign

Agency

Obligations

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

0.8‌

Preferred

Securities

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

0.7‌

Fixed

Rate

Loan

Interests

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

0.1‌

Warrants

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

0.0‌

(b)

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(c)

Percent

of

Total

Investments

(a)

AAA/Aaa

(d)

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

45.0‌

%

AA/Aa

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

4.0‌

A

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

10.8‌

BBB/Baa

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

13.9‌

BB/Ba

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

7.3‌

B

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

4.8‌

CCC/Caa

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

0.9‌

CC/Ca

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

0.5‌

C

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

0.2‌

D

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

0.0‌

(b)

NR

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

12.6‌

(a)

Excludes

short-term

securities,

options

purchased,

options

written,

borrowed

bonds,

TBA

sale

commitments

and

investments

sold

short.

(b)

Represents

less

than

0.1%

of

the

Fund's

total

investments.

(c)

For

financial

reporting

purposes,

credit

quality

ratings

shown

above

reflect

the

highest

rating

assigned

by

either

S&P

Global

Ratings

or

Moody’s

Investors

Service

if

ratings

differ.

These

rating

agencies

are

independent,

nationally

recognized

statistical

rating

organizations

and

are

widely

used.

Investment

grade

ratings

are

credit

ratings

of

BBB/Baa

or

higher.

Below

investment

grade

ratings

are

credit

ratings

of

BB/Ba

or

lower.

Investments

designated

NR

are

not

rated

by

either

rating

agency.

Unrated

investments

do

not

necessarily

indicate

low

credit

quality.

Credit

quality

ratings

are

subject

to

change.

(d)

The

investment

adviser

evaluates

the

credit

quality

of

unrated

investments

based

upon

certain

factors

including,

but

not

limited

to,

credit

ratings

for

similar

investments

and

financial

analysis

of

sectors,

individual

investments

and/or

issuers.

Using

this

approach,

the

investment

adviser

has

deemed

unrated

U.S.

Government

Sponsored

Agency

Securities

and

U.S.

Treasury

Obligations

to

be

of

similar

credit

quality

as

investments

rated

AAA/Aaa.

The

Benefits

and

Risks

of

Leveraging

2023

BlackRock

Annual

Report

to

Shareholders

10

The

Funds

may

utilize

leverage

to

seek

to

enhance

returns

and

net

asset

value

(“NAV”).

However,

there

is

no

guarantee

that

these

objectives

can

be

achieved

in

all

interest

rate

environments.  

The

Funds

may

utilize

leverage

by

entering

into

reverse

repurchase

agreements. 

In

general,

the

concept

of

leveraging

is

based

on

the

premise

that

the

financing

cost

of

leverage,

which

is

based

on

short-term

interest

rates,

is

normally

lower

than

the

income

earned

by

each

Fund

on

its

longer-term

portfolio

investments

purchased

with

the

proceeds

from

leverage.

To

the

extent

that

the

total

assets

of

each

Fund

(including

the

assets

obtained

from

leverage)

are

invested

in

higher-yielding

portfolio

investments, each

Fund’s

shareholders

benefit

from

the

incremental

net

income.

The

interest

earned

on

securities

purchased

with

the

proceeds

from

leverage

is

distributed

to each

Fund’s

shareholders,

and

the

value

of

these

portfolio

holdings

is

reflected

in each

Fund’s

per

share

NAV.

However,

in

order

to

benefit

shareholders,

the

return

on

assets

purchased

with

leverage

proceeds

must

exceed

the

ongoing

costs

associated

with

the

leverage.

If

interest

and

other

ongoing

costs

of

leverage

exceed

a

Fund’s

return

on

assets

purchased

with

leverage

proceeds,

income

to

shareholders

is

lower

than

if

the

Funds

had

not

used

leverage.  

Furthermore,

the

value

of

each

Fund’s

portfolio

investments

generally

varies

inversely

with

the

direction

of

long-term

interest

rates,

although

other

factors

can

also

influence

the

value

of

portfolio

investments.

As

a

result,

changes

in

interest

rates

can

influence

each

Fund’s

NAV

positively

or

negatively

in

addition

to

the

impact

on

each

Fund’s

performance

from

leverage.

Changes

in

the

direction

of

interest

rates

are

difficult

to

predict

accurately,

and

there

is

no

assurance

that

a

Fund’s

leveraging

strategy

will

be

successful.

The

use

of

leverage

also

generally

causes

greater

changes

in

each

Fund’s

NAV

and

dividend

rates

than

comparable

portfolios

without

leverage.

In

a

declining

market,

leverage

is

likely

to

cause

a

greater

decline

in

the

NAV

of a

Fund’s

shares

than

if the

Fund

were

not

leveraged.

In

addition,

each

Fund

may

be

required

to

sell

portfolio

securities

at

inopportune

times

or

at

distressed

values

in

order

to

comply

with

regulatory

requirements

applicable

to

the

use

of

leverage

or

as

required

by

the

terms

of

the

leverage

instruments,

which

may

cause

the

Fund

to

incur

losses.

The

use

of

leverage

may

limit a

Fund’s

ability

to

invest

in

certain

types

of

securities

or

use

certain

types

of

hedging

strategies.

Each

Fund

incurs

expenses

in

connection

with

the

use

of

leverage,

all

of

which

are

borne

by

each

Fund’s

shareholders

and

may

reduce

income.

About

Fund

Performance 

Institutional

and

Class

K Shares

are

not

subject

to

any

sales

charge.

These

shares

bear

no

ongoing

distribution

or

service

fees

and

are

available

only

to

certain

eligible

investors.

BlackRock

Strategic

Income

Opportunities

Portfolio’s

Class

K

Shares

performance

shown

prior

to

the

Class

K

Shares

inception

date

of

March

28,

2016

is

that

of

Institutional

Shares.

The

performance

of

BlackRock

Strategic

Income

Opportunities

Portfolio’s

Class

K

Shares

would

be

substantially

similar

to

Institutional

Shares

because

Class

K

Shares

and

Institutional

Shares

invest

in

the

same

portfolio

of

securities

and

performance

would

only

differ

to

the

extent

that

Class

K

Shares

and

Institutional

Shares

have

different

expenses.

The

actual

returns

of

Class

K

Shares

for

BlackRock

Strategic

Income

Opportunities

Portfolio

would

have

been

higher

than

those

of

the

Institutional

Shares

because

Class

K

Shares

have

lower

expenses

than

the

Institutional

Shares.

Investor

A

Shares

are

subject

to

a

maximum

initial

sales

charge

(front-end

load)

of 

4.00

%

and

a

service

fee

of

0.25%

per

year

(but

no

distribution

fee).

Certain

redemptions

of

these

shares

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

These

shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

 are

subject

to

a 1.00%

CDSC

if

redeemed

within

one

year

of

purchase.

In

addition,

these

shares

are

subject

to

a

distribution

fee

of

0.75

%

per

year

and

a

service

fee

of 

0.25%

per

year.

These

shares

are

generally

available

through

financial

intermediaries.

These

shares

automatically

convert

to

Investor

A

Shares

after

approximately eight

years.

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Refer

to

blackrock.com 

to

obtain

performance

data

current

to

the

most

recent

month-end.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Figures

shown

in

the

performance

table(s) assume

reinvestment

of

all

distributions,

if

any,

at

NAV

on

the

ex-dividend

date

or

payable

date,

as

applicable.

Investment

return

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Distributions

paid

to

each

class

of

shares

will

vary

because

of

the

different

levels

of

service,

distribution

and

transfer

agency

fees

applicable

to

each

class,

which

are

deducted

from

the

income

available

to

be

paid

to

shareholders. 

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

adviser,

has

contractually

and/or

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

each

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

each

Fund’s

performance

would

have

been

lower.

With

respect

to

each

Fund’s

voluntary

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

waive

and/or

reimburse

or

to

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

be

reduced

or

discontinued

at

any

time. With

respect

to

each

Fund’s

contractual

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

of

such agreement.

See

the

Notes

to

Consolidated

Financial

Statements

for

additional

information

on

waivers

and/or

reimbursements. 

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements. 

Disclosure

of

Expenses

11

Disclosure

of

Expenses

/

Derivative

Financial

Instruments

Shareholders

of

each

Fund

may

incur

the

following

charges:

(a)

transactional

expenses,

such

as

sales

charges;

and

(b)

operating

expenses,

including

investment

advisory

fees,

administration

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

examples shown

(which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their

Fund and

share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

these

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

The

Funds

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

Pursuant

to

Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Funds

must

either

use

derivative

financial

instruments

with

embedded

leverage

in

a

limited

manner

or

comply

with

an

outer

limit

on

fund

leverage

risk

based

on

value-at-risk. The

Funds’

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation a

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Funds’

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Consolidated

Financial

Statements.

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

December

31,

2023

BlackRock

Inflation

Protected

Bond

Portfolio

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

United

States

—

3.1%

(a)

AMSR

Trust

Series

2020-SFR4,

Class

E2,

2.46%,

11/17/37

..........

USD

3,000

$

2,783,206

Series

2020-SFR5,

Class

E2,

2.93%,

11/17/37

..........

3,000

2,810,164

Series

2021-SFR1,

Class

E2,

2.90%,

06/17/38

..........

3,700

3,078,138

Series

2021-SFR2,

Class

E2,

2.58%,

08/17/38

..........

2,000

1,778,737

Series

2022-SFR1,

Class

E2,

4.64%,

03/17/39

..........

4,912

4,519,770

FRTKL,

Series

2021-SFR1,

Class

E2,

2.52%,

09/17/38

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

4,000

3,492,465

Home

Partners

of

America

Trust

Series

2021-2,

Class

E2,

2.95%,

12/17/26

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

3,849

3,321,481

Series

2021-3,

Class

E2,

3.35%,

01/17/41

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

3,674

3,094,533

Mill

City

Solar

Loan

Ltd.,

Series

2019-

1A,

Class

A,

4.34%,

03/20/43

...

946

865,990

New

Residential

Mortgage

Loan

Trust,

Series

2022-SFR1,

Class

E2,

3.70%,

02/17/39

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

4,000

3,480,964

Progress

Residential

Trust

Series

2019-SFR3,

Class

G,

4.12%,

09/17/36

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

3,200

3,109,967

Series

2020-SFR1,

Class

E,

3.03%,

04/17/37

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

3,000

2,864,030

Series

2020-SFR3,

Class

E,

2.30%,

10/17/27

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

3,000

2,774,412

Series

2021-SFR10,

Class

E2,

3.67%,

12/17/40

..........

794

687,183

Series

2021-SFR11,

Class

E2,

3.53%,

01/17/39

..........

4,000

3,414,747

Series

2021-SFR4,

Class

E2,

2.56%,

05/17/38

..........

3,455

3,107,145

Series

2021-SFR4,

Class

F,

3.41%,

05/17/38

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

1,000

892,550

Series

2021-SFR8,

Class

E2,

2.53%,

10/17/38

..........

4,000

3,540,858

Series

2021-SFR9,

Class

E2,

3.01%,

11/17/40

..........

3,500

2,893,885

Series

2022-SFR1,

Class

E2,

3.99%,

02/17/41

..........

4,000

3,428,579

Series

2022-SFR2,

Class

E2,

4.80%,

04/17/27

..........

3,000

2,752,014

Tricon

American

Homes

Trust

Series

2020-SFR1,

Class

E,

3.54%,

07/17/38

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

2,000

1,867,540

Series

2020-SFR2,

Class

E2,

3.08%,

11/17/39

..........

4,000

3,500,274

Tricon

Residential

Trust,

Series

2021-

SFR1,

Class

E2,

2.89%,

07/17/38

3,500

3,158,875

67,217,507

Total

Asset-Backed

Securities

—

3.1%

(Cost:

$75,562,487)

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

67,217,507

Security

Shares

Shares

Value

Common

Stocks

United

States

—

0.0%

Blackstone

Mortgage

Trust,

Inc.,

Class

A

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

20,000

$

425,400

Invitation

Homes,

Inc.

...........

15,000

511,650

937,050

Total

Common

Stocks

—

0.0%

(Cost:

$1,305,281)

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

937,050

Par

(000)

Pa

r

(

000)

Corporate

Bonds

China

—

0.0%

Central

China

Real

Estate

Ltd.,

7.25%

,

07/16/24

(b)

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

USD

545

24,525

China

Aoyuan

Group

Ltd.,

6.20%

,

03/24/26

(b)(c)(d)

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

545

5,450

China

SCE

Group

Holdings

Ltd.,

7.00%

,

05/02/25

(b)

...........

545

31,338

CIFI

Holdings

Group

Co.

Ltd.,

4.45%

,

08/17/26

(b)(c)(d)

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

545

32,700

Easy

Tactic

Ltd.,

7.50%

,

(7.50%

Cash

or

7.50%

PIK),

07/11/28

(e)

......

611

24,436

Fantasia

Holdings

Group

Co.

Ltd.,

10.88%

,

01/09/23

(b)(c)(d)

........

345

7,762

Jingrui

Holdings

Ltd.,

12.00%

,

07/25/22

(b)(c)(d)

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

545

109

Kaisa

Group

Holdings

Ltd.,

11.70%

,

11/11/25

(b)(c)(d)

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

545

15,669

KWG

Group

Holdings

Ltd.,

5.95%

,

08/10/25

(b)

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

545

28,612

Logan

Group

Co.

Ltd.,

4.50%

,

01/13/28

(b)(c)(d)

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

545

35,425

Modern

Land

China

Co.

Ltd.

(b)(c)(d)(e)(f)

8.00%,

(8.00%

Cash

or

10.00%

PIK),

12/30/24

...........

163

228

9.00%,

(9.00%

Cash

or

11.00%

PIK),

12/30/25

...........

164

230

9.00%,

(9.00%

Cash

or

11.00%

PIK),

12/30/26

...........

164

229

9.00%,

(9.00%

Cash

or

11.00%

PIK),

12/30/27

...........

164

230

Powerlong

Real

Estate

Holdings

Ltd.,

6.25%

,

08/10/24

(b)(c)(d)

.........

345

28,786

Redco

Properties

Group

Ltd.,

9.90%

,

02/17/24

(b)(c)(d)

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

545

8,175

Redsun

Properties

Group

Ltd.,

7.30%

,

01/13/25

(b)(c)(d)

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

545

2,725

Ronshine

China

Holdings

Ltd.,

7.10%

,

01/25/25

(b)(c)(d)

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

545

8,175

Sino-Ocean

Land

Treasure

III

Ltd.,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.26%),

6.95%

(b)(c)(d)(f)(g)

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

545

12,399

Sunac

China

Holdings

Ltd.,

7.00%

,

07/09/25

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

545

78,714

Times

China

Holdings

Ltd.,

5.75%

,

01/14/27

(b)(c)(d)

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

545

6,813

Yango

Justice

International

Ltd.,

8.25%

,

11/25/23

(b)(c)(d)

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

545

1,362

Yuzhou

Group

Holdings

Co.

Ltd.,

6.35%

,

01/13/27

(b)(c)(d)

.........

345

19,838

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Inflation

Protected

Bond

Portfolio

Consolidated

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

China

(continued)

Zhenro

Properties

Group

Ltd.,

6.63%

,

01/07/26

(b)(c)(d)

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

USD

545

$

2,725

376,655

Hong

Kong

—

0.0%

Melco

Resorts

Finance

Ltd.,

5.63%

,

07/17/27

(b)

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

545

511,108

Macau

—

0.1%

Champion

Path

Holdings

Ltd.,

4.85%

,

01/27/28

(b)

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

545

468,700

MGM

China

Holdings

Ltd.,

4.75%

,

02/01/27

(b)

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

545

517,069

Studio

City

Finance

Ltd.,

5.00%

,

01/15/29

(a)

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

545

455,415

1,441,184

United

States

—

1.1%

(f)

Goldman

Sachs

Group,

Inc.

(The),

(1-day

SOFR

+

1.95%),

6.56%

,

10/24/34

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

4,291

4,715,434

JPMorgan

Chase

&

Co.,

(1-day

SOFR

+

1.81%),

6.25%

,

10/23/34

.....

4,325

4,688,244

Morgan

Stanley

(1-day

SOFR

+

1.88%),

5.42%,

07/21/34

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

2,306

2,340,308

(1-day

SOFR

+

2.05%),

6.63%,

11/01/34

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

4,740

5,247,434

Wells

Fargo

&

Co.

(1-day

SOFR

+

1.99%),

5.56%,

07/25/34

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

2,299

2,340,632

(1-day

SOFR

+

2.06%),

6.49%,

10/23/34

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

4,349

4,731,224

24,063,276

Total

Corporate

Bonds

—

1.2%

(Cost:

$34,163,125)

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

26,392,223

Foreign

Agency

Obligations

Supranational

—

0.3%

European

Union

(b)

2.50%,

10/04/52

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

EUR

1,680

1,646,141

Series

NGEU,

3.00%,

03/04/53

..

4,485

4,857,242

6,503,383

Total

Foreign

Agency

Obligations

—

0.3%

(Cost:

$5,651,237)

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

6,503,383

Foreign

Government

Obligations

Mexico

—

0.4%

United

Mexican

States

8.50%,

03/01/29

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

MXN

465

2,673,538

8.50%,

05/31/29

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

930

5,366,518

8,040,056

United

Kingdom

—

0.1%

U.K.

Treasury

Bonds,

3.75%

,

10/22/53

(b)

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

GBP

1,340

1,594,703

Total

Foreign

Government

Obligations

—

0.5%

(Cost:

$9,524,522)

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

9,634,759

Security

Shares

Shares

Value

Investment

Companies

iShares

Residential

and

Multisector

Real

Estate

ETF

(h)

...........

32,341

$

2,377,710

Total

Investment

Companies

—

0.1%

(Cost:

$2,933,731)

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

2,377,710

Par

(000)

Pa

r

(

000)

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

1.1%

United

States

—

1.1%

(a)

BRAVO

Residential

Funding

Trust,

Series

2023-NQM3,

Class

A1,

4.85%,

09/25/62

(i)

...........

USD

2,853

2,806,800

CSMC

Trust,

Series

2022-NQM5,

Class

A1,

5.17%,

05/25/67

(f)

.........

5,597

5,558,946

Ellington

Financial

Mortgage

Trust,

Series

2021-3,

Class

A1,

1.24%,

09/25/66

(f)

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

3,511

2,781,561

JPMorgan

Mortgage

Trust,

Series

2023-DSC1,

Class

A1,

4.62%,

07/25/63

(f)

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

1,534

1,442,375

PRKCM

Trust,

Series

2022-AFC2,

Class

A1,

5.33%,

08/25/57

(f)

....

856

842,634

SG

Residential

Mortgage

Trust

Series

2021-1,

Class

A1,

1.16%,

07/25/61

(f)

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

4,024

3,166,015

Series

2022-2,

Class

A1,

5.35%,

08/25/62

(i)

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

1,373

1,372,707

Verus

Securitization

Trust

(i)

Series

2022-7,

Class

A1,

5.15%,

07/25/67

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

4,015

4,019,791

Series

2022-INV2,

Class

A1,

6.79%,

10/25/67

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

1,110

1,125,603

23,116,432

Commercial

Mortgage-Backed

Securities

—

0.3%

United

States

—

0.3%

(a)(f)

BHP

Trust,

Series

2019-BXHP,

Class

C,

(1-mo.

CME

Term

SOFR

at

1.52%

Floor

+

1.57%),

6.93%,

08/15/36

.

168

165,917

BX

Commercial

Mortgage

Trust

Series

2020-VIV2,

Class

C,

3.54%,

03/09/44

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

950

811,463

Series

2020-VIV3,

Class

B,

3.54%,

03/09/44

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

130

113,753

Extended

Stay

America

Trust

Series

2021-ESH,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.49%),

6.86%,

07/15/38

...

2,800

2,756,353

Series

2021-ESH,

Class

C,

(1-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.81%),

7.18%,

07/15/38

...

392

385,643

Series

2021-ESH,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

7.73%,

07/15/38

...

784

770,303

HONO

Mortgage

Trust,

Series

2021-

LULU,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.26%),

6.63%,

10/15/36

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

430

411,529

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Inflation

Protected

Bond

Portfolio

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

One

New

York

Plaza

Trust,

Series

2020-1NYP,

Class

AJ,

(1-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.36%),

6.73%,

01/15/36

.......

USD

385

$

354,934

5,769,895

Total

Non-Agency

Mortgage-Backed

Securities

—

1.4%

(Cost:

$29,017,113)

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

28,886,327

U.S.

Government

Sponsored

Agency

Securities

Commercial

Mortgage-Backed

Securities

—

0.7%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(a)(f)

Series

2017-K62,

Class

B,

3.88%

,

 01/25/50

........

2,500

2,394,122

Series

2017-K65,

Class

B,

4.08%

,

 07/25/50

........

2,000

1,920,350

Series

2018-K73,

Class

B,

3.85%

,

 02/25/51

........

1,350

1,274,359

Series

2018-K82,

Class

B,

4.13%

,

 09/25/28

........

2,043

1,941,014

Series

2018-K83,

Class

B,

4.28%

,

 11/25/51

........

2,000

1,911,564

Series

2018-W5FX,

Class

CFX,

(1-mo.

LIBOR

USD

+

0.00%),

3.66%

,

 04/25/28

........

696

596,455

Series

2019-K91,

Class

B,

4.26%

,

 04/25/51

........

2,000

1,894,500

Series

2019-K94,

Class

B,

3.96%

,

 07/25/52

........

2,000

1,862,747

Series

2020-K737,

Class

B,

3.30%

,

 01/25/53

........

932

874,702

14,669,813

Mortgage-Backed

Securities

—

11.1%

Uniform

Mortgage-Backed

Securities

(j)

4.50%

,

 01/25/54

..........

41,020

39,760,558

5.00%

,

 01/25/54

..........

64,539

63,848,212

5.50%

,

 01/25/54

..........

70,477

70,774,406

6.00%

,

 01/25/54

..........

39,976

40,588,133

6.50%

,

 01/25/54

..........

22,102

22,648,506

237,619,815

Total

U.S.

Government

Sponsored

Agency

Securities

—

11.8%  

(Cost:

$250,485,242)

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

252,289,628

U.S.

Treasury

Obligations

U.S.

Treasury

Inflation

Linked

Bonds

2.38%, 01/15/25

(k)

...........

45,327

44,971,076

2.00%, 01/15/26

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

28,551

28,326,250

2.38%, 01/15/27

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

28,443

28,693,999

1.75%, 01/15/28

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

26,838

26,670,035

3.63%, 04/15/28

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

25,953

27,799,341

2.50%, 01/15/29

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

24,804

25,638,801

3.88%, 04/15/29

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

32,316

35,618,833

3.38%, 04/15/32

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

12,080

13,512,329

2.13%, 02/15/40

-

02/15/41

.....

34,490

35,404,319

0.75%, 02/15/42

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

34,507

27,951,993

0.63%, 02/15/43

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

27,302

21,312,807

1.38%, 02/15/44

(l)

...........

36,024

32,177,597

0.75%, 02/15/45

(l)

...........

41,134

32,136,553

1.00%, 02/15/46

-

02/15/49

.....

56,438

45,705,230

0.88%, 02/15/47

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

26,199

20,629,240

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

0.25%, 02/15/50

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

USD

26,753

$

17,421,398

0.13%, 02/15/51

-

02/15/52

.....

58,344

35,887,487

1.50%, 02/15/53

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

29,388

26,611,409

U.S.

Treasury

Inflation

Linked

Notes

0.25%, 01/15/25

-

07/15/29

.....

126,516

120,104,184

0.13%, 04/15/25

-

07/15/31

.....

644,718

598,720,393

0.38%, 07/15/25

-

07/15/27

.....

184,796

176,928,938

0.63%, 01/15/26

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

60,370

58,245,533

1.63%, 10/15/27

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

71,672

71,123,091

0.50%, 01/15/28

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

63,759

60,327,919

1.25%, 04/15/28

(k)

...........

70,292

68,455,894

0.75%, 07/15/28

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

55,855

53,449,162

2.38%, 10/15/28

(k)

...........

59,356

61,127,387

0.88%, 01/15/29

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

45,748

43,776,899

0.13%, 01/15/32

(k)

...........

82,093

72,089,630

0.63%, 07/15/32

(k)

...........

89,828

82,050,841

1.13%, 01/15/33

(l)

...........

79,113

74,833,239

1.38%, 07/15/33

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

103,850

100,673,837

U.S.

Treasury

Notes

,

4.50%, 11/15/33

(k)

14,480

15,201,737

Total

U.S.

Treasury

Obligations

—

102.0%

(Cost:

$2,312,510,869)

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

2,183,577,381

Total

Long-Term

Investments

—

120.4%

(Cost:

$2,721,153,607)

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

2,577,815,968

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

1.0%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.26%

(h)(m)

....

20,717,863

20,717,863

Total

Short-Term

Securities

—

1.0%

(Cost:

$20,717,863)

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

20,717,863

Total

Options

Purchased

—

0.1%

(Cost:

$2,350,182

)

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

2,905,614

Total

Investments

Before

Options

Written

and

TBA

Sale

Commitments

—

121.5%

(Cost:

$2,744,221,652)

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

2,601,439,445

Total

Options

Written

—

(0.3)%

(Premiums

Received

—

$(6,931,620))

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

(7,565,307)

Par

(000)

Pa

r

(

000)

TBA

Sale

Commitments

Uniform

Mortgage-Backed

Securities

(j)

6.00%

,

 01/25/54

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

(39,976)

(40,588,133)

6.50%

,

 01/25/54

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

(22,102)

(22,648,506)

Total

TBA

Sale

Commitments

—

(3.0)%

(Proceeds:

$(62,794,845))

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

(63,236,639)

Total

Investments

Net

of

Options

Written

and

TBA

Sale

Commitments

—

118.2%

(Cost:

$2,674,495,187)

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

2,530,637,499

Liabilities

in

Excess

of

Other

Assets

—

(18.2)%

...........

(390,121,859)

Net

Assets

—

100.0%

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

$

2,140,515,640

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Inflation

Protected

Bond

Portfolio

Consolidated

Schedule

of

Investments

15

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(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)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(c)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(d)

Non-income

producing

security.

(e)

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.

(f)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(g)

Perpetual

security

with

no

stated

maturity

date.

(h)

Affiliate

of

the

Fund.

(i)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(j)

Represents

or

includes

a

TBA

transaction.

(k)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

reverse

repurchase

agreements.

(l)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(m)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

12/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/23

Shares

Held

at

12/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

8,792,373

$

11,925,490

(a)

$

—

$

—

$

—

$

20,717,863

20,717,863

$

175,581

$

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

(b)

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

—

26,426,506

(26,490,325)

63,819

—

—

—

—

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(b)

...

—

16,755,211

(16,978,074)

222,863

—

—

—

—

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(b)

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

—

50,986,453

(50,805,618)

(180,835)

—

—

—

165,656

—

iShares

Residential

and

Multisector

Real

Estate

ETF

2,210,184

—

—

—

167,526

2,377,710

32,341

69,926

—

iShares

Russell

2000

ETF

(b)

..

—

4,319,194

(4,438,574)

119,380

—

—

—

—

—

iShares

U.S.

Real

Estate

ETF

(b)

—

4,358,784

(4,530,783)

171,999

—

—

—

—

—

$

397,226

$

167,526

$

23,095,573

$

411,163

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

As

of

period

end,

the

entity

is

no

longer

held.

Reverse

Repurchase

Agreements

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

Face

Value

Face

Value

Including

Accrued

Interest

Type

of

Non-Cash

Underlying

Collateral

Remaining

Contractual

Maturity

of

the

Agreements

HSBC

Securities

(USA),

Inc.

5.65

%

12/27/23

01/03/24  

$

54,202,500

$

54,236,527

U.S.

Treasury

Obligations

Up

to

30

Days

HSBC

Securities

(USA),

Inc.

5.65

12/27/23

01/03/24  

71,631,250

71,676,219

U.S.

Treasury

Obligations

Up

to

30

Days

Nomura

Securities

International,

Inc.

.....

5.66

12/27/23

01/03/24  

58,650,000

58,686,884

U.S.

Treasury

Obligations

Up

to

30

Days

Nomura

Securities

International,

Inc.

.....

5.66

12/27/23

01/03/24  

8,187,500

8,192,649

U.S.

Treasury

Obligations

Up

to

30

Days

BofA

Securities,

Inc.

.....

5.70

12/28/23

01/02/24  

36,563,494

36,580,862

U.S.

Treasury

Obligations

Overnight

Santander

US

Capital

Markets

LLC

........

5.60

12/28/23

01/02/24  

5,293,750

5,296,220

U.S.

Treasury

Obligations

Overnight

$

234,528,494

$

234,669,361

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Inflation

Protected

Bond

Portfolio

16

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

Euro-Bund

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

21

03/07/24

$

3,181

$

19,625

Australia

10-Year

Bond

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

93

03/15/24

7,394

205,066

3-mo.

SOFR

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

438

06/18/24

104,036

213,917

438,608

Short

Contracts

Euro-Buxl

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

64

03/07/24

10,013

(475,989)

Canada

10-Year

Bond

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

336

03/19/24

31,489

(1,491,131)

U.S.

Treasury

10-Year

Note

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

444

03/19/24

50,123

(1,209,699)

U.S.

Treasury

10-Year

Ultra

Note

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

432

03/19/24

50,983

(627,737)

U.S.

Treasury

Long

Bond

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

149

03/19/24

18,616

(999,725)

U.S.

Treasury

Ultra

Bond

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

13

03/19/24

1,737

(156,010)

Long

Gilt

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

21

03/26/24

2,748

(60,738)

U.S.

Treasury

2-Year

Note

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

1,741

03/28/24

358,496

(1,320,742)

U.S.

Treasury

5-Year

Note

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

887

03/28/24

96,482

(2,269,363)

3-mo.

SOFR

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

843

12/17/24

202,099

(877,528)

3-mo.

SOFR

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

438

06/17/25

105,744

(508,762)

(9,997,424)

$

(9,558,816)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

GBP

1,223,000

USD

1,558,080

Natwest

Markets

plc

03/20/24

$

1,413

USD

3,116,847

GBP

2,440,000

Morgan

Stanley

&

Co.

International

plc

03/20/24

5,513

6,926

AUD

782,000

USD

536,025

Bank

of

New

York

Mellon

03/20/24

(1,884)

USD

263,299

CAD

352,000

Morgan

Stanley

&

Co.

International

plc

03/20/24

(2,633)

USD

6,684,843

EUR

6,092,000

UBS

AG

03/20/24

(61,381)

(65,898)

$

(58,972)

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

3-mo.

SOFR

Interest

Futures

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

2,194

03/15/24

USD

94.94

USD

548,500

$

891,313

Put

3-mo.

SOFR

Interest

Futures

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

116

06/14/24

USD

95.19

USD

29,000

40,599

$

931,912

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Inflation

Protected

Bond

Portfolio

Consolidated

Schedule

of

Investments

17

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

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.24%

Semi-Annual

Citibank

NA

03/26/24

4.24

%

USD

46,658

$

1,713,693

Put

10-Year

Interest

Rate

Swap

(a)

2.83%

Annual

6-mo.

EURIBOR

Semi-Annual

JPMorgan

Chase

Bank

NA

03/12/24

2.83

EUR

32,577

195,228

5-Year

Interest

Rate

Swap

(a)

.

4.24%

Semi-Annual

1-day

SOFR

Annual

Citibank

NA

03/26/24

4.24

USD

46,658

64,781

260,009

$

1,973,702

(a)

Forward

settling

swaption.

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

3-mo.

SOFR

Interest

Futures

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

1,097

03/15/24

USD

96.50

USD

274,250

$

(925,593)

Put

3-mo.

SOFR

Interest

Futures

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

116

06/14/24

USD

94.81

USD

29,000

(13,050)

$

(938,643)

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

5-Year

Interest

Rate

Swap

(a)

.

3.96%

Semi-Annual

1-day

SOFR

Annual

Barclays

Bank

plc

03/14/24

3.96

%

USD

46,659

$

(1,173,014)

5-Year

Interest

Rate

Swap

(a)

.

3.75%

Annual

1-day

SOFR

Annual

Citibank

NA

06/12/24

3.75

USD

116,646

(2,995,144)

5-Year

Interest

Rate

Swap

(a)

.

3.90%

Semi-Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

11/14/24

3.90

USD

30,533

(1,131,963)

(5,300,121)

Put

10-Year

Interest

Rate

Swap

(a)

6-mo.

EURIBOR

Semi-Annual

3.23%

Annual

JPMorgan

Chase

Bank

NA

03/12/24

3.23

EUR

32,577

(57,600)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.96%

Semi-Annual

Barclays

Bank

plc

03/14/24

3.96

USD

46,659

(126,259)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.75%

Annual

Citibank

NA

06/12/24

3.75

USD

116,646

(873,407)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.90%

Semi-Annual

Deutsche

Bank

AG

11/14/24

3.90

USD

30,533

(269,277)

(1,326,543)

$

(6,626,664)

(a)

Forward

settling

swaption.

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Inflation

Protected

Bond

Portfolio

18

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)

6-mo.

EURIBOR

Semi-Annual

3.53%

Annual

N/A

11/08/25

EUR

19,707

$

230,838

$

—

$

230,838

6-mo.

EURIBOR

Semi-Annual

3.54%

Annual

N/A

11/08/25

EUR

19,707

233,566

—

233,566

3.16%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

11/08/28

EUR

16,442

(562,611)

—

(562,611)

3.16%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

11/08/28

EUR

16,442

(568,977)

—

(568,977)

1-day

SOFR

Annual

3.33%

Annual

06/17/24

(a)

06/17/29

USD

9,264

(4,127)

—

(4,127)

1-day

SOFR

Annual

3.36%

Annual

06/17/24

(a)

06/17/29

USD

6,948

6,850

—

6,850

1-day

SOFR

Annual

3.41%

Annual

06/17/24

(a)

06/17/29

USD

13,896

41,983

—

41,983

1-day

SOFR

Annual

3.42%

Annual

06/17/24

(a)

06/17/29

USD

5,211

19,590

—

19,590

1-day

SOFR

Annual

3.44%

Annual

06/17/24

(a)

06/17/29

USD

6,948

30,626

—

30,626

1-day

REPO_CORRA

Semi-Annual

3.54%

Semi-Annual

N/A

06/15/33

CAD

8,315

238,852

—

238,852

1-day

REPO_CORRA

Semi-Annual

4.00%

Semi-Annual

N/A

09/21/33

CAD

1,880

106,290

—

106,290

6-mo.

EURIBOR

Semi-Annual

3.22%

Annual

N/A

11/08/33

EUR

4,452

303,043

—

303,043

6-mo.

EURIBOR

Semi-Annual

3.22%

Annual

N/A

11/08/33

EUR

4,452

306,532

—

306,532

3.40%

Semi-Annual

1-day

REPO_CORRA

Semi-Annual

N/A

06/15/53

CAD

3,696

(233,513)

—

(233,513)

3.72%

Semi-Annual

1-day

REPO_CORRA

Semi-Annual

N/A

09/21/53

CAD

825

(89,559)

—

(89,559)

$

59,383

$

—

$

59,383

(a)

Forward

swap.

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)

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

2.21%

At

Termination

12/05/25

USD

4,080

$

13,317

$

—

$

13,317

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

2.10%

At

Termination

12/08/25

USD

4,040

4,904

—

4,904

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

2.15%

At

Termination

12/13/25

USD

7,945

15,875

—

15,875

1.84%

At

Termination

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

12/15/25

EUR

6,830

(6,393)

1,754

(8,147)

2.34%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

12/05/28

USD

4,080

(6,184)

—

(6,184)

2.25%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

12/08/28

USD

4,040

10,139

—

10,139

2.32%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

12/13/28

USD

7,945

(3,235)

—

(3,235)

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.06%

At

Termination

12/15/28

EUR

6,830

21,992

(5,347)

27,339

2.38%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

12/15/33

USD

2,555

6,359

—

6,359

2.41%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

12/15/33

USD

2,550

420

—

420

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.78%

At

Termination

08/15/53

EUR

360

41,931

220

41,711

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.53%

At

Termination

11/15/53

EUR

700

20,426

—

20,426

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Inflation

Protected

Bond

Portfolio

Consolidated

Schedule

of

Investments

19

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Centrally

Cleared

Inflation

Swaps

(continued)

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

2.64%

At

Termination

11/15/53

EUR

370

$

25,312

$

1,921

$

23,391

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.51%

At

Termination

12/15/53

EUR

1,700

40,382

—

40,382

2.47%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

12/18/53

USD

2,310

(45,208)

—

(45,208)

$

140,037

$

(1,452)

$

141,489

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

REPO_CORRA

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

Canadian

Overnight

Repo

Rate

5.06

%

1-day

SOFR

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

Secured

Overnight

Financing

Rate

5.34

6-mo.

EURIBOR

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

Euro

Interbank

Offered

Rate

3.86

Balances

Reported

in

the

Consolidated

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

and

Options

Written

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

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

$

3,895

$

(5,347)

$

1,722,433

$

(1,521,561)

$

—

Options

Written

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

N/A

N/A

1,910,040

(2,543,727)

(7,565,307)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Consolidated

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Consolidated

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Consolidated

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

—

$

—

$

438,608

$

—

$

438,608

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

6,926

—

—

6,926

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

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

—

—

—

—

2,905,614

—

2,905,614

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

1,518,170

204,263

1,722,433

$

—

$

—

$

—

$

6,926

$

4,862,392

$

204,263

$

5,073,581

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Inflation

Protected

Bond

Portfolio

20

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

—

$

—

$

9,997,424

$

—

$

9,997,424

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

65,898

—

—

65,898

Options

written

(b)

Options

written

at

value

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

—

—

—

—

7,565,307

—

7,565,307

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

1,458,787

62,774

1,521,561

$

—

$

—

$

—

$

65,898

$

19,021,518

$

62,774

$

19,150,190

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Consolidated

Schedule

of

Investments.

In

the

Consolidated

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

forward

settling

swaptions.

(c)

Includes

options

purchased

at

value

as

reported

in

the

Consolidated

Schedule

of

Investments.

For

the

period

ended

December

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Consolidated

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

(36,722)

$

—

$

20,485,814

$

—

$

20,449,092

Forward

foreign

currency

exchange

contracts

....

—

—

—

(136,822)

—

—

(136,822)

Options

purchased

(a)

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

—

—

(223,312)

(1,474,931)

(12,910,538)

—

(14,608,781)

Options

written

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

—

—

—

153,532

5,031,443

—

5,184,975

Swaps

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

—

796,367

653,327

—

1,111,049

(1,416,368)

1,144,375

$

—

$

796,367

$

393,293

$

(1,458,221)

$

13,717,768

$

(1,416,368)

$

12,032,839

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

—

$

—

$

(10,088,309)

$

—

$

(10,088,309)

Forward

foreign

currency

exchange

contracts

....

—

—

—

132,397

—

—

132,397

Options

purchased

(b)

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

—

—

—

—

2,107,249

—

2,107,249

Options

written

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

—

—

—

—

1,714,383

—

1,714,383

Swaps

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

—

—

—

—

(3,823,115)

1,433,113

(2,390,002)

$

—

$

—

$

—

$

132,397

$

(10,089,792)

$

1,433,113

$

(8,524,282)

(a)

Options

purchased

are

included

in

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

—

unaffiliated.

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Inflation

Protected

Bond

Portfolio

Consolidated

Schedule

of

Investments

21

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Consolidated

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

205,397,169

Average

notional

value

of

contracts

—

short

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

$

512,608,986

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

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

$

14,217,777

Average

amounts

sold

—

in

USD

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

$

6,202,241

Options

Average

value

of

option

contracts

purchased

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

$

5,919,142

Average

value

of

option

contracts

written

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

$

5,675,898

Average

notional

value

of

swaption

contracts

purchased

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

$

311,226,707

Average

notional

value

of

swaption

contracts

written

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

$

543,091,237

Credit

default

swaps

Average

notional

value

—

sell

protection

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

$

4,836,413

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

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

$

45,286,138

Average

notional

value

—

receives

fixed

rate

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

$

277,816,882

Inflation

swaps

Average

notional

value

—

pays

fixed

rate

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

$

35,159,429

Average

notional

value

—

receives

fixed

rate

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

$

33,463,178

Total

return

swaps

Average

notional

value

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

$

—

(a)

(a)

Derivative

financial

instrument

not

held

at

any

quarter-end.

The

risk

exposure

table

serves

as

an

indicator

of

activity

during

the

period.

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

(1,745,071)

Futures

contracts

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

$

336,652

$

442,096

Forward

foreign

currency

exchange

contracts

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

6,926

65,898

Options

(a)(b)

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

2,905,614

7,565,307

Swaps

—

centrally

cleared

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

—

83,282

Total

derivative

assets

and

liabilities

in

the

Consolidated

Statements

of

Assets

and

Liabilities

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

$

3,249,192

$

8,156,583

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

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

(1,268,564)

(1,464,021)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

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

$

1,980,628

$

6,692,562

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Consolidated

Statements

of

Assets

and

Liabilities

and

reported

in

the

Consolidated

Schedule

of

Investments.

(b)

Includes

forward

settling

swaptions.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)(c)

Citibank

NA

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

$

1,778,474

$

(1,778,474)

$

—

$

—

$

—

JPMorgan

Chase

Bank

NA

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

195,228

(57,600)

—

—

137,628

Morgan

Stanley

&

Co.

International

plc

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

5,513

(2,633)

—

—

2,880

Natwest

Markets

plc

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

1,413

—

—

—

1,413

$

1,980,628

$

(1,838,707)

$

—

$

—

$

141,921

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Inflation

Protected

Bond

Portfolio

22

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Consolidated

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Consolidated

Schedule

of

Investments

above.

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

(d)

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(b)(e)

Bank

of

New

York

Mellon

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

$

1,884

$

—

$

—

$

—

$

1,884

Barclays

Bank

plc

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

1,299,273

—

(1,299,273)

—

—

Citibank

NA

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

3,868,551

(1,778,474)

(1,844,432)

—

245,645

Deutsche

Bank

AG

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

1,401,240

—

(1,378,904)

—

22,336

JPMorgan

Chase

Bank

NA

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

57,600

(57,600)

—

—

—

Morgan

Stanley

&

Co.

International

plc

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

2,633

(2,633)

—

—

—

UBS

AG

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

61,381

—

—

—

61,381

$

6,692,562

$

(1,838,707)

$

(4,522,609)

$

—

$

331,246

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(d)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(e)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

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

$

—

$

67,217,507

$

—

$

67,217,507

Common

Stocks

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

937,050

—

—

937,050

Corporate

Bonds

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

—

26,392,223

—

26,392,223

Foreign

Agency

Obligations

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

—

6,503,383

—

6,503,383

Foreign

Government

Obligations

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

—

9,634,759

—

9,634,759

Investment

Companies

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

2,377,710

—

—

2,377,710

Non-Agency

Mortgage-Backed

Securities

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

—

28,886,327

—

28,886,327

U.S.

Government

Sponsored

Agency

Securities

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

—

252,289,628

—

252,289,628

U.S.

Treasury

Obligations

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

—

2,183,577,381

—

2,183,577,381

Short-Term

Securities

Money

Market

Funds

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

20,717,863

—

—

20,717,863

Options

Purchased

Interest

rate

contracts

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

931,912

1,973,702

—

2,905,614

Liabilities

Investments

TBA

Sale

Commitments

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

—

(63,236,639)

—

(63,236,639)

$

24,964,535

$

2,513,238,271

$

—

$

2,538,202,806

Derivative

Financial

Instruments

(a)

Assets

Foreign

currency

exchange

contracts

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

$

—

$

6,926

$

—

$

6,926

Interest

rate

contracts

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

438,608

1,518,170

—

1,956,778

Other

contracts

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

—

204,263

—

204,263

Liabilities

Foreign

currency

exchange

contracts

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

—

(65,898)

—

(65,898)

Interest

rate

contracts

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

(10,936,067)

(8,085,451)

—

(19,021,518)

Other

contracts

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

—

(62,774)

—

(62,774)

$

(10,497,459)

$

(6,484,764)

$

—

$

(16,982,223)

(a)

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.

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Inflation

Protected

Bond

Portfolio

Consolidated

Schedule

of

Investments

23

See

notes

to

consolidated

financial

statements.

The

Fund

may

hold

assets

and/or

liabilities

in

which

the

fair

value

approximates

the

carrying

amount

or

face

value,

including

accrued

interest,

for

financial

statement

purposes.

As

of

period

end,

reverse

repurchase

agreements

of

$234,669,361

are

categorized

as

Level

2

within

the

fair

value

hierarchy.

Fair

Value

Hierarchy

as

of Period

End

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

24

(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

2.11%

Floor

+

2.11%),

7.47%,

02/17/28

.

USD

5,720

$

5,667,204

BPCRE

Ltd.,

Series

2022-FL2,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

7.76%,

01/16/37

.

10,398

10,377,723

OHA

Credit

Funding

11

Ltd.,

Series

2022-11A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.25%

Floor

+

7.25%),

12.65%,

07/19/33

......

250

249,779

OHA

Credit

Funding

13

Ltd.,

Series

2022-13A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.55%

Floor

+

8.55%),

13.97%,

07/20/35

......

7,675

7,807,127

Symphony

CLO

38

Ltd.,

Series

2023-

38A,

Class

C1,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

2.90%),

8.30%,

04/24/36

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

2,500

2,508,388

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

3,349,030

TSTAT

Ltd.,

Series

2022-1A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

4.75%

Floor

+

4.75%),

10.11%,

07/20/31

(c)

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

5,000

5,000,000

34,959,251

Canada

—

0.1%

Fairstone

Financial

Issuance

Trust

I

(a)

Series

2020-1A,

Class

A,

2.51%,

10/20/39

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

CAD

11,792

8,656,431

Series

2020-1A,

Class

B,

3.74%,

10/20/39

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

18,261

13,191,524

Series

2020-1A,

Class

C,

5.16%,

10/20/39

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

2,125

1,492,512

Series

2020-1A,

Class

D,

6.87%,

10/20/39

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

150

105,232

23,445,699

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%),

8.08%,

04/20/30

...

USD

500

499,234

Series

2019-4A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.65%

Floor

+

3.91%),

9.33%,

04/20/30

...

3,500

3,454,165

ACAS

CLO

Ltd.

(a)(b)

Series

2015-1A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

0.89%

Floor

+

1.15%),

6.55%,

10/18/28

...

2,587

2,582,146

Series

2015-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

+

1.86%),

7.26%,

10/18/28

..........

500

497,055

Series

2015-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

+

2.46%),

7.86%,

10/18/28

..........

3,690

3,675,606

AGL

CLO

3

Ltd.,

Series

2020-3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.96%,

01/15/33

(a)(b)

375

367,568

AGL

CLO

5

Ltd.,

Series

2020-5A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.66%),

7.08%,

07/20/34

(a)(b)

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

390

389,184

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

AGL

CLO

9

Ltd.,

Series

2020-9A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.26%

Floor

+

7.52%),

12.94%,

01/20/34

(a)

(b)

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

USD

1,220

$

1,210,970

AIMCO

CLO

(a)(b)

Series

2015-AA,

Class

X,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.61%,

10/17/34

...

1,604

1,603,894

Series

2018-BA,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.76%,

01/15/32

...

2,000

1,998,087

AIMCO

CLO

14

Ltd.,

Series

2021-14A,

Class

SUB,

0.00%,

04/20/34

(a)(b)

..

20,000

15,580,000

Allegro

CLO

II-S

Ltd.

(a)(b)

Series

2014-1RA,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.82%,

10/21/28

...

2,740

2,737,629

Series

2014-1RA,

Class

C,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.67%,

10/21/28

...

7,480

7,396,018

Allegro

CLO

IV

Ltd.,

Series

2016-1A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.21%,

01/15/30

(a)(b)

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

1,630

1,631,314

Allegro

CLO

V

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.61%,

10/16/30

(a)(b)

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

3,592

3,587,751

Allegro

CLO

VI

Ltd.,

Series

2017-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.39%),

6.79%,

01/17/31

(a)(b)

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

1,117

1,116,918

Allegro

CLO

VIII

Ltd.

(a)(b)

Series

2018-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.76%,

07/15/31

...

9,041

9,029,716

Series

2018-2A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.67%

Floor

+

1.93%),

7.33%,

07/15/31

...

500

494,559

Allegro

CLO

XI

Ltd.,

Series

2019-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.66%,

01/19/33

(a)(b)

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

560

560,010

ALM

Ltd.

(a)(b)

Series

2020-1A,

Class

A2,

(3-mo.

CME

Term

SOFR

+

2.11%),

7.51%,

10/15/29

..........

12,790

12,796,546

Series

2020-1A,

Class

B,

(3-mo.

CME

Term

SOFR

+

2.26%),

7.66%,

10/15/29

..........

500

499,760

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

+

1.51%),

6.89%,

11/02/30

(a)(b)

....

1,202

1,202,004

AMMC

CLO

XIII

Ltd.,

Series

2013-13A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

+

1.31%),

6.71%,

07/24/29

(a)(b)

828

827,719

Anchorage

Capital

CLO

3-R

Ltd.

(a)(b)

Series

2014-3RA,

Class

A,

(3-mo.

CME

Term

SOFR

+

1.31%),

6.70%,

01/28/31

..........

2,226

2,223,435

Series

2014-3RA,

Class

B,

(3-mo.

CME

Term

SOFR

+

1.76%),

7.15%,

01/28/31

..........

9,800

9,792,263

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Anchorage

Capital

CLO

4-R

Ltd.,

Series

2014-4RA,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

2.11%),

7.50%,

01/28/31

(a)(b)

....

USD

1,500

$

1,490,232

Anchorage

Capital

CLO

6

Ltd.,

Series

2015-6A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.31%),

6.71%,

07/15/30

(a)(b)

....

4,391

4,388,432

Anchorage

Capital

CLO

7

Ltd.

(a)(b)

Series

2015-7A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.09%

Floor

+

1.35%),

6.74%,

01/28/31

...

12,867

12,854,259

Series

2015-7A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.40%,

01/28/31

...

8,000

8,008,958

Series

2015-7A,

Class

D1R2,

(3-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.76%),

9.15%,

01/28/31

...

8,860

8,674,930

Anchorage

Capital

CLO

Ltd.

(a)(b)

Series

2013-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.51%),

6.91%,

10/13/30

..........

1,897

1,897,042

Series

2013-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

+

1.91%),

7.31%,

10/13/30

..........

3,680

3,684,440

Series

2013-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

+

2.41%),

7.81%,

10/13/30

..........

1,160

1,161,420

Series

2013-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

+

3.46%),

8.86%,

10/13/30

..........

1,583

1,568,710

Series

2018-1RA,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

6.65%,

04/13/31

...

5,753

5,744,212

Anchorage

Credit

Funding

14

Ltd.,

Series

2021-14A,

Class

A,

3.00%,

01/21/40

(a)

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

20,250

17,636,731

Anchorage

Credit

Funding

3

Ltd.

(a)

Series

2016-3A,

Class

A1R,

2.87%,

01/28/39

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

22,000

19,188,226

Series

2016-3A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.75%,

01/28/39

(b)

..

4,045

4,020,581

Series

2016-3A,

Class

SUBR,

0.00%,

01/28/39

(b)

.........

7,500

4,575,000

Anchorage

Credit

Funding

Ltd.,

Series

2021-14A,

Class

SUB,

0.00%,

01/21/40

(a)(b)

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

10,000

6,788,000

Apidos

CLO

XII,

Series

2013-12A,

Class

AR,

(3-mo.

CME

Term

SOFR

+

1.34%),

6.74%,

04/15/31

(a)(b)

...

21,693

21,724,318

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.01%

Floor

+

1.27%),

6.69%,

04/20/31

(a)(b)

..........

4,380

4,380,476

Apidos

CLO

XVIII,

Series

2018-18A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.40%),

6.81%,

10/22/30

(a)(b)

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

2,857

2,855,104

Apidos

CLO

XX,

Series

2015-20A,

Class

A1RA,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.76%,

07/16/31

(a)(b)

..........

1,887

1,890,168

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Apidos

CLO

XXII

(a)(b)

Series

2015-22A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.06%

Floor

+

1.32%),

6.74%,

04/20/31

...

USD

1,722

$

1,721,330

Series

2015-22A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.63%,

04/20/31

...

3,250

3,237,641

Series

2015-22A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.63%,

04/20/31

...

800

785,675

Apidos

CLO

XXIV,

Series

2016-24A,

Class

A1AL,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.63%,

10/20/30

(a)(b)

..........

21,350

21,311,045

Apidos

CLO

XXVI

(a)(b)

Series

2017-26A,

Class

A1AR,

(3-

mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.16%),

6.56%,

07/18/29

2,827

2,823,347

Series

2017-26A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.61%,

07/18/29

...

2,750

2,742,032

Apidos

CLO

XXVII,

Series

2017-27A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.93%

Floor

+

1.19%),

6.59%,

07/17/30

(a)(b)

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

9,363

9,351,104

Apidos

CLO

XXVIII,

Series

2017-28A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.50%

Floor

+

5.76%),

11.18%,

01/20/31

(a)(b)

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

270

254,884

Apidos

CLO

XXXI,

Series

2019-31A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.21%,

04/15/31

(a)(b)

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

250

248,310

Apidos

CLO

XXXII,

Series

2019-32A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.76%),

9.18%,

01/20/33

(a)(b)

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

300

296,743

Apidos

CLO

XXXVI,

Series

2021-36A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.28%,

07/20/34

(a)(b)

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

1,320

1,313,691

Apidos

CLO

XXXVII,

Series

2021-37A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.30%

Floor

+

6.56%),

11.97%,

10/22/34

(a)(b)

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

850

852,100

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2022-FL2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

7.21%,

05/15/37

(a)(b)

19,738

19,437,357

Ares

LI

CLO

Ltd.,

Series

2019-51A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.85%

Floor

+

7.11%),

12.51%,

07/15/34

(a)(b)

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

300

286,266

Ares

LII

CLO

Ltd.,

Series

2019-52A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.31%),

6.72%,

04/22/31

(a)(b)

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

2,000

1,998,683

Ares

Loan

Funding

I

Ltd.

(a)(b)

Series

2021-ALFA,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.70%

Floor

+

6.96%),

12.36%,

10/15/34

..

10,850

10,887,165

Series

2021-ALFA,

Class

SUB,

0.00%,

10/15/34

..........

14,000

9,581,600

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Ares

Loan

Funding

III

Ltd.,

Series

2022-ALF3A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.58%

Floor

+

7.58%),

12.96%,

07/25/35

(a)(b)

...

USD

800

$

801,188

Ares

LV

CLO

Ltd.,

Series

2020-55A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.81%,

07/15/34

(a)(b)

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

750

725,869

Ares

XL

CLO

Ltd.,

Series

2016-40A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

0.87%

Floor

+

1.13%),

6.53%,

01/15/29

(a)(b)

..........

3,464

3,456,463

Ares

XLII

CLO

Ltd.,

Series

2017-42A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.92%

Floor

+

1.18%),

6.59%,

01/22/28

(a)(b)

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

4,369

4,365,544

Ares

XLV

CLO

Ltd.,

Series

2017-45A,

Class

C,

(3-mo.

CME

Term

SOFR

+

2.31%),

7.71%,

10/15/30

(a)(b)

....

1,125

1,124,450

Ares

XLVII

CLO

Ltd.,

Series

2018-47A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.92%

Floor

+

1.18%),

6.58%,

04/15/30

(a)(b)

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

2,137

2,137,101

Ares

XXXVII

CLO

Ltd.,

Series

2015-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.43%),

6.83%,

10/15/30

(a)(b)

...

1,332

1,334,039

Assurant

CLO

Ltd.,

Series

2018-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.04%

Floor

+

1.30%),

6.72%,

04/20/31

(a)(b)

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

1,276

1,274,501

Atrium

IX

(a)(b)

Series

9A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

0.99%

Floor

+

1.25%),

6.64%,

05/28/30

....

2,271

2,273,441

Series

9A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.15%,

05/28/30

....

325

324,671

Atrium

VIII,

Series

8A,

Class

SUB,

0.00%,

10/23/24

(a)(b)

..........

13,300

6,783

Atrium

XV,

Series

15A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.67%,

01/23/31

(a)(b)

....

1,450

1,425,157

Bain

Capital

Credit

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.18%,

07/20/30

...

1,400

1,396,949

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.22%),

6.63%,

04/23/31

...

12,114

12,103,758

Series

2018-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.08%

Floor

+

1.34%),

6.74%,

07/19/31

...

4,992

4,986,811

Ballyrock

CLO

14

Ltd.

(a)(b)

Series

2020-14A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.56%

Floor

+

2.56%),

7.98%,

01/20/34

...

250

249,761

Series

2020-14A,

Class

D,

(3-mo.

CME

Term

SOFR

at

7.26%

Floor

+

7.26%),

12.68%,

01/20/34

..

250

250,001

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

1,749,950

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Ballyrock

CLO

Ltd.

(a)(b)

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

+

1.26%),

6.68%,

04/20/31

..........

USD

677

$

676,499

Series

2018-1A,

Class

A2,

(3-mo.

CME

Term

SOFR

+

1.86%),

7.28%,

04/20/31

..........

2,300

2,300,482

Series

2019-2A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.26%),

6.63%,

11/20/30

...

354

353,076

Series

2020-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

6.15%

Floor

+

6.41%),

11.83%,

10/20/31

..

1,340

1,314,021

Bardot

CLO

Ltd.,

Series

2019-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.67%,

10/22/32

(a)(b)

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

940

915,998

Barings

CLO

Ltd.

(a)(b)

Series

2015-IA,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.99%

Floor

+

1.25%),

6.67%,

01/20/31

...

3,157

3,158,126

Series

2015-IA,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.66%),

7.08%,

01/20/31

...

250

249,654

Series

2018-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.63%,

07/20/29

...

1,783

1,783,048

Battalion

CLO

IX

Ltd.,

Series

2015-9A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.91%,

07/15/31

(a)(b)

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

450

448,776

Battalion

CLO

VIII

Ltd.,

Series

2015-8A,

Class

A2R2,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.21%,

07/18/30

(a)(b)

..........

11,000

10,923,576

Bean

Creek

CLO

Ltd.,

Series

2015-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

6.70%,

04/20/31

(a)(b)

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

1,814

1,812,444

Benefit

Street

Partners

CLO

II

Ltd.

(a)(b)

Series

2013-IIA,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.13%),

6.53%,

07/15/29

...

723

723,134

Series

2013-IIA,

Class

A2R2,

(3-mo.

CME

Term

SOFR

at

1.71%

Floor

+

1.71%),

7.11%,

07/15/29

...

4,000

4,003,574

Series

2013-IIA,

Class

CR,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

3.96%),

9.36%,

07/15/29

...

2,000

1,964,150

Benefit

Street

Partners

CLO

III

Ltd.

(a)(b)

Series

2013-IIIA,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.26%),

6.68%,

07/20/29

...

197

196,931

Series

2013-IIIA,

Class

A2R2,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.33%,

07/20/29

...

2,850

2,843,029

Benefit

Street

Partners

CLO

V-B

Ltd.,

Series

2018-5BA,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.09%

Floor

+

1.35%),

6.77%,

04/20/31

(a)(b)

....

3,663

3,662,043

Benefit

Street

Partners

CLO

VIII

Ltd.,

Series

2015-8A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.78%,

01/20/31

(a)(b)

....

3,076

3,073,288

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

27

(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%),

7.66%,

10/15/30

(a)(b)

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

USD

1,375

$

1,374,022

Benefit

Street

Partners

CLO

XX

Ltd.,

Series

2020-20A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.75%

Floor

+

7.01%),

12.41%,

07/15/34

(a)(b)

...

1,000

994,663

Benefit

Street

Partners

CLO

XXIII

Ltd.,

Series

2021-23A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.81%

Floor

+

7.07%),

12.45%,

04/25/34

(a)(b)

...

1,250

1,239,664

Betony

CLO

2

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.08%

Floor

+

1.34%),

6.73%,

04/30/31

(a)(b)

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

18,765

18,787,183

Birch

Grove

CLO

2

Ltd.,

Series

2021-

2A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.96%,

10/19/34

(a)(b)

..........

5,250

5,192,244

Birch

Grove

CLO

Ltd.

(a)(b)

Series

19A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.40%,

06/15/31

....

2,000

1,997,571

Series

19A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.61%),

9.00%,

06/15/31

....

4,795

4,777,302

BlueMountain

CLO

Ltd.

(a)(b)

Series

2013-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.85%,

10/22/30

...

3,204

3,205,817

Series

2013-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

+

1.86%),

7.27%,

10/22/30

..........

4,000

3,979,738

Series

2015-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.26%),

6.68%,

04/20/31

...

224

223,630

Series

2016-2A,

Class

C1R2,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

8.73%,

08/20/32

...

250

245,782

Series

2018-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.35%,

07/30/30

...

273

270,954

Series

2018-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.11%

Floor

+

1.37%),

6.75%,

08/15/31

...

1,210

1,208,892

Series

2018-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.34%,

08/15/31

...

2,750

2,743,132

BlueMountain

CLO

XXII

Ltd.,

Series

2018-22A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.08%

Floor

+

1.34%),

6.74%,

07/15/31

(a)(b)

....

1,486

1,484,007

BlueMountain

CLO

XXIX

Ltd.,

Series

2020-29A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.79%,

07/25/34

(a)(b)

....

250

246,113

BlueMountain

CLO

XXVIII

Ltd.

(a)(b)

Series

2021-28A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.52%),

6.92%,

04/15/34

...

450

448,055

Series

2021-28A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.56%,

04/15/34

...

2,000

1,951,962

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

BlueMountain

CLO

XXXIII

Ltd.,

Series

2021-33A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.76%),

9.13%,

11/20/34

(a)(b)

....

USD

1,510

$

1,490,550

BlueMountain

Fuji

US

CLO

I

Ltd.,

Series

2017-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.66%,

07/20/29

(a)(b)

....

3,705

3,703,449

BlueMountain

Fuji

US

CLO

II

Ltd.,

Series

2017-2A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

+

1.26%),

6.68%,

10/20/30

(a)(b)

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

3,763

3,761,760

Bristol

Park

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.71%),

7.11%,

04/15/29

...

6,250

6,251,324

Series

2016-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.61%,

04/15/29

...

500

493,285

Burnham

Park

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

6.83%,

10/20/29

...

6,948

6,947,033

Series

2016-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.11%

Floor

+

3.11%),

8.53%,

10/20/29

...

500

492,795

Buttermilk

Park

CLO

Ltd.,

Series

2018-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

8.76%,

10/15/31

(a)(b)

..........

875

852,441

Canyon

CLO

Ltd.,

Series

2020-3A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.25%

Floor

+

7.51%),

12.91%,

01/15/34

(a)(b)

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

1,430

1,391,509

Carbone

CLO

Ltd.,

Series

2017-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

+

1.40%),

6.82%,

01/20/31

(a)(b)

....

3,477

3,480,394

Carlyle

Global

Market

Strategies

CLO

Ltd.

(a)(b)

Series

2013-4A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.26%),

6.66%,

01/15/31

...

1,591

1,591,607

Series

2014-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.63%,

04/17/31

...

23,099

23,086,975

Series

2014-2RA,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.31%),

6.69%,

05/15/31

...

3,683

3,680,590

Series

2014-3RA,

Class

A1A,

(3-mo.

CME

Term

SOFR

+

1.31%),

6.70%,

07/27/31

..........

32,437

32,445,261

Series

2015-1A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.66%,

07/20/31

...

465

464,612

Series

2015-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.60%),

7.02%,

07/20/32

..........

400

400,547

Carlyle

US

CLO

Ltd.

(a)(b)

Series

2017-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.31%),

6.73%,

07/20/31

...

5,145

5,138,093

Series

2017-3A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.16%),

6.58%,

07/20/29

...

2,067

2,066,251

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2017-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.84%,

01/15/30

...

USD

2,085

$

2,087,029

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

+

1.28%),

6.70%,

04/20/31

..........

8,846

8,860,402

Series

2018-4A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.48%,

01/20/31

...

550

549,404

Series

2022-3A,

Class

C1,

(3-mo.

CME

Term

SOFR

at

3.17%

Floor

+

3.17%),

8.59%,

07/20/35

...

850

850,016

CarVal

CLO

I

Ltd.,

Series

2018-1A,

Class

D,

(3-mo.

CME

Term

SOFR

+

3.15%),

8.55%,

07/16/31

(a)(b)

....

1,705

1,678,120

CarVal

CLO

II

Ltd.

(a)(b)

Series

2019-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.26%

Floor

+

2.26%),

7.68%,

04/20/32

...

700

697,430

Series

2019-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.46%

Floor

+

3.46%),

8.88%,

04/20/32

...

2,000

1,927,732

CarVal

CLO

III

Ltd.,

Series

2019-2A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.70%

Floor

+

6.70%),

12.12%,

07/20/32

(a)(b)

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

1,300

1,247,266

CarVal

CLO

VC

Ltd.

(a)(b)

Series

2021-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.91%,

10/15/34

...

500

479,845

Series

2021-2A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.75%

Floor

+

7.01%),

12.41%,

10/15/34

..

250

241,597

CBAM

Ltd.

(a)(b)

Series

2017-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

+

1.51%),

6.93%,

07/20/30

..........

15,477

15,479,994

Series

2017-1A,

Class

C,

(3-mo.

CME

Term

SOFR

+

2.66%),

8.08%,

07/20/30

..........

750

746,600

Series

2018-7A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.28%,

07/20/31

...

1,000

991,544

Series

2019-9A,

Class

B2,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.56%,

02/12/30

...

4,750

4,713,685

Cedar

Funding

IX

CLO

Ltd.

(a)(b)

Series

2018-9A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.66%,

04/20/31

...

28,919

28,894,068

Series

2018-9A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.86%),

8.28%,

04/20/31

...

250

240,837

Cedar

Funding

V

CLO

Ltd.,

Series

2016-5A,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.36%),

6.76%,

07/17/31

(a)(b)

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

5,450

5,446,227

Cedar

Funding

VII

CLO

Ltd.

(a)(b)

Series

2018-7A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.26%),

6.68%,

01/20/31

...

3,300

3,297,244

Series

2018-7A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.39%),

6.81%,

01/20/31

...

250

246,936

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2018-7A,

Class

E,

(3-mo.

CME

Term

SOFR

at

4.55%

Floor

+

4.81%),

10.23%,

01/20/31

..

USD

2,963

$

2,695,242

Series

2018-7A,

Class

SUB,

0.00%,

01/20/31

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

1,750

426,307

Cedar

Funding

XI

CLO

Ltd.,

Series

2019-11A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.61%),

7.00%,

05/29/32

(a)(b)

....

1,000

984,634

Cedar

Funding

XIV

CLO

Ltd.

(a)(b)

Series

2021-14A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.26%,

07/15/33

...

4,000

3,962,985

Series

2021-14A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.91%,

07/15/33

...

13,750

13,479,519

Series

2021-14A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.34%

Floor

+

6.60%),

12.00%,

07/15/33

..

4,225

3,981,173

Series

2021-14A,

Class

SUB,

0.00%,

07/15/33

..........

15,290

7,343,787

CIFC

Funding

2013-IV

Ltd.,

Series

2013-4A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.06%

Floor

+

1.32%),

6.71%,

04/27/31

(a)(b)

....

5,059

5,052,348

CIFC

Funding

2017-I

Ltd.,

Series

2017-1A,

Class

E,

(3-mo.

CME

Term

SOFR

+

6.61%),

12.02%,

04/23/29

(a)

(b)

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

2,000

2,003,507

CIFC

Funding

2019-III

Ltd.,

Series

2019-3A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

6.80%

Floor

+

7.06%),

12.46%,

10/16/34

(a)(b)

...

2,275

2,277,993

CIFC

Funding

2022-VII

Ltd.,

Series

2022-7A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.94%

Floor

+

8.94%),

14.35%,

10/22/35

(a)(b)

.........

1,200

1,227,732

CIFC

Funding

Ltd.

(a)(b)

Series

2013-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

+

2.01%),

7.41%,

07/16/30

..........

1,250

1,252,380

Series

2013-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

+

3.81%),

9.21%,

07/16/30

..........

500

497,735

Series

2013-2A,

Class

A1L2,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.26%),

6.66%,

10/18/30

...

21,523

21,505,602

Series

2013-3RA,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.64%,

04/24/31

...

11,859

11,854,942

Series

2013-3RA,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

2.11%),

7.51%,

04/24/31

...

650

644,254

Series

2013-3RA,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.56%,

04/24/31

...

1,050

1,042,462

Series

2013-4A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

2.80%

Floor

+

3.06%),

8.45%,

04/27/31

...

250

245,110

Series

2014-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

+

1.36%),

6.76%,

01/18/31

..........

597

596,390

Series

2014-2RA,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.31%),

6.71%,

04/24/30

...

10,192

10,191,594

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2014-2RA,

Class

B1,

(3-mo.

CME

Term

SOFR

at

2.80%

Floor

+

3.06%),

8.46%,

04/24/30

...

USD

650

$

644,637

Series

2014-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

+

1.46%),

6.87%,

10/22/31

..........

840

839,967

Series

2014-5A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

6.86%,

10/17/31

...

1,000

1,001,580

Series

2015-1A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.11%

Floor

+

1.37%),

6.78%,

01/22/31

...

28,331

28,377,338

Series

2015-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.71%),

7.12%,

01/22/31

...

400

398,394

Series

2015-3A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.87%

Floor

+

1.13%),

6.53%,

04/19/29

...

5,290

5,280,756

Series

2015-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.81%,

04/19/29

...

8,750

8,650,116

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.01%

Floor

+

1.27%),

6.68%,

04/23/29

...

6,199

6,198,617

Series

2017-1A,

Class

B,

(3-mo.

CME

Term

SOFR

+

1.96%),

7.37%,

04/23/29

..........

2,870

2,870,599

Series

2017-1A,

Class

C,

(3-mo.

CME

Term

SOFR

+

2.71%),

8.12%,

04/23/29

..........

9,770

9,823,628

Series

2017-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.63%,

04/20/30

...

8,964

8,952,850

Series

2017-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

+

1.48%),

6.90%,

07/20/30

..........

9,130

9,132,216

Series

2017-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.61%,

10/24/30

...

16,664

16,638,253

Series

2017-5A,

Class

A1,

(3-mo.

CME

Term

SOFR

+

1.44%),

6.84%,

11/16/30

..........

16,226

16,239,657

Series

2017-5A,

Class

C,

(3-mo.

CME

Term

SOFR

+

3.11%),

8.51%,

11/16/30

..........

800

776,949

Series

2018-1A,

Class

A,

(3-mo.

CME

Term

SOFR

+

1.26%),

6.66%,

04/18/31

..........

245

245,579

Series

2018-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

+

1.30%),

6.72%,

04/20/31

..........

6,892

6,901,980

Series

2018-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.81%,

10/17/31

...

23,000

23,018,223

Series

2021-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.58%

Floor

+

1.84%),

7.24%,

07/15/33

...

500

497,715

Clear

Creek

CLO

Ltd.

(a)(b)

Series

2015-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

+

1.46%),

6.88%,

10/20/30

..........

1,520

1,519,867

Series

2015-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

+

3.21%),

8.63%,

10/20/30

..........

2,900

2,898,688

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Crown

City

CLO

III,

Series

2021-1A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

6.85%,

07/20/34

(a)(b)

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

USD

250

$

248,870

Crown

Point

CLO

9

Ltd.,

Series

2020-

9A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.75%

Floor

+

4.01%),

9.41%,

07/14/34

(a)(b)

..........

1,000

968,392

Deer

Creek

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

A,

(3-mo.

CME

Term

SOFR

+

1.44%),

6.86%,

10/20/30

..........

2,081

2,080,994

Series

2017-1A,

Class

B,

(3-mo.

CME

Term

SOFR

+

1.91%),

7.33%,

10/20/30

..........

1,750

1,731,928

Series

2017-1A,

Class

D,

(3-mo.

CME

Term

SOFR

+

3.21%),

8.63%,

10/20/30

..........

900

888,242

Series

2017-1A,

Class

E,

(3-mo.

CME

Term

SOFR

+

6.61%),

12.03%,

10/20/30

.........

1,500

1,472,727

Dryden

106

CLO

Ltd.,

Series

2022-

106A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.87%

Floor

+

8.87%),

14.26%,

10/15/35

(a)(b)

.........

500

501,657

Dryden

30

Senior

Loan

Fund,

Series

2013-30A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.82%

Floor

+

1.08%),

6.46%,

11/15/28

(a)(b)

....

13,796

13,762,142

Dryden

36

Senior

Loan

Fund,

Series

2014-36A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.28%),

6.68%,

04/15/29

(a)(b)

....

8,925

8,910,622

Dryden

37

Senior

Loan

Fund,

Series

2015-37A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.76%,

01/15/31

(a)(b)

....

1,415

1,418,793

Dryden

41

Senior

Loan

Fund,

Series

2015-41A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.63%,

04/15/31

(a)(b)

....

4,698

4,691,156

Dryden

45

Senior

Loan

Fund,

Series

2016-45A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.86%,

10/15/30

(a)(b)

....

375

375,333

Dryden

49

Senior

Loan

Fund

(a)(b)

Series

2017-49A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.61%,

07/18/30

...

674

674,381

Series

2017-49A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.26%,

07/18/30

...

1,000

996,926

Dryden

50

Senior

Loan

Fund,

Series

2017-50A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.31%,

07/15/30

(a)(b)

....

250

249,705

Dryden

55

CLO

Ltd.,

Series

2018-55A,

Class

A1,

(3-mo.

CME

Term

SOFR

+

1.28%),

6.68%,

04/15/31

(a)(b)

....

701

699,794

Dryden

65

CLO

Ltd.,

Series

2018-65A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.26%,

07/18/30

(a)(b)

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

700

697,430

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

30

(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

1.26%

Floor

+

1.26%),

6.63%,

05/20/34

(a)(b)

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

USD

156

$

156,089

Dryden

78

CLO

Ltd.,

Series

2020-78A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.66%,

04/17/33

(a)(b)

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

250

245,631

Dryden

XXVI

Senior

Loan

Fund,

Series

2013-26A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.16%),

6.56%,

04/15/29

(a)(b)

....

2,656

2,653,041

Dryden

XXVIII

Senior

Loan

Fund,

Series

2013-28A,

Class

A1LR,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

6.85%,

08/15/30

(a)(b)

21,041

21,067,143

Elevation

CLO

Ltd.,

Series

2014-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.49%),

6.89%,

10/15/29

(a)(b)

...

81

80,677

Elmwood

CLO

14

Ltd.,

Series

2022-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.35%

Floor

+

6.35%),

11.77%,

04/20/35

(a)(b)

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

1,000

986,339

Elmwood

CLO

22

Ltd.,

Series

2023-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.65%

Floor

+

7.65%),

13.05%,

04/17/36

(a)(b)

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

2,000

2,001,046

Elmwood

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.71%),

7.13%,

10/20/33

...

2,000

2,003,699

Series

2019-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

4.40%

Floor

+

4.66%),

10.08%,

10/20/33

..

6,750

6,678,841

Series

2019-1A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

7.71%

Floor

+

7.97%),

13.39%,

10/20/33

..

2,625

2,661,323

Elmwood

CLO

II

Ltd.

(a)(b)

Series

2019-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.26%

Floor

+

3.26%),

8.68%,

04/20/34

...

750

746,013

Series

2019-2A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

7.06%

Floor

+

7.06%),

12.48%,

04/20/34

..

14,750

14,677,607

Series

2019-2A,

Class

FR,

(3-mo.

CME

Term

SOFR

at

8.26%

Floor

+

8.26%),

13.68%,

04/20/34

..

7,500

6,764,500

Series

2019-2A,

Class

SUB,

0.00%,

04/20/34

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

4,000

3,225,600

Elmwood

CLO

III

Ltd.,

Series

2019-3A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.50%

Floor

+

6.76%),

12.18%,

10/20/34

(a)(b)

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

500

498,418

Elmwood

CLO

IV

Ltd.,

Series

2020-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.60%

Floor

+

6.86%),

12.26%,

04/15/33

(a)(b)

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

4,300

4,320,606

Elmwood

CLO

V

Ltd.,

Series

2020-2A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.10%

Floor

+

6.36%),

11.78%,

10/20/34

(a)(b)

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

5,350

5,281,302

Elmwood

CLO

VIII

Ltd.

(a)(b)

Series

2021-1A,

Class

E1,

(3-mo.

CME

Term

SOFR

at

6.00%

Floor

+

6.26%),

11.68%,

01/20/34

..

750

735,501

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2021-1A,

Class

F1,

(3-mo.

CME

Term

SOFR

at

8.00%

Floor

+

8.26%),

13.68%,

01/20/34

..

USD

1,500

$

1,428,640

Series

2021-1A,

Class

F2,

(3-mo.

CME

Term

SOFR

at

8.00%

Floor

+

8.26%),

13.68%,

01/20/34

..

1,500

1,415,404

Elmwood

CLO

X

Ltd.

(a)(b)

Series

2021-3A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.04%

Floor

+

1.30%),

6.72%,

10/20/34

...

1,000

999,380

Series

2021-3A,

Class

E,

(3-mo.

CME

Term

SOFR

at

5.85%

Floor

+

6.11%),

11.53%,

10/20/34

..

3,000

2,929,018

Flatiron

CLO

18

Ltd.,

Series

2018-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.61%,

04/17/31

(a)(b)

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

1,280

1,278,584

Flatiron

CLO

19

Ltd.,

Series

2019-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.65%,

11/16/34

(a)(b)

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

800

783,706

FS

Rialto,

Series

2021-FL3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

6.72%,

11/16/36

(a)(b)

2,300

2,268,526

Galaxy

31

CLO

Ltd.,

Series

2023-31A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.43%

Floor

+

8.43%),

13.82%,

04/15/36

(a)(b)

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

650

652,358

Galaxy

XIX

CLO

Ltd.,

Series

2015-19A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.61%,

07/24/30

(a)(b)

..........

2,314

2,310,298

Galaxy

XV

CLO

Ltd.,

Series

2013-15A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.63%,

10/15/30

(a)(b)

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

4,437

4,430,074

Galaxy

XVIII

CLO

Ltd.,

Series

2018-

28A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.76%,

07/15/31

(a)(b)

..........

2,725

2,725,933

Galaxy

XXII

CLO

Ltd.,

Series

2016-

22A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

6.86%,

04/16/34

(a)(b)

..........

850

850,263

Galaxy

XXIII

CLO

Ltd.,

Series

2017-

23A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.87%

Floor

+

1.13%),

6.53%,

04/24/29

(a)(b)

..........

8,850

8,833,721

Galaxy

XXIV

CLO

Ltd.,

Series

2017-

24A,

Class

A,

(3-mo.

CME

Term

SOFR

+

1.38%),

6.78%,

01/15/31

(a)(b)

6,115

6,110,550

Galaxy

XXVI

CLO

Ltd.,

Series

2018-

26A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.46%

Floor

+

1.46%),

6.83%,

11/22/31

(a)(b)

..........

900

900,088

Galaxy

XXVII

CLO

Ltd.,

Series

2018-

27A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.28%),

6.67%,

05/16/31

(a)(b)

..........

18,708

18,681,623

Galaxy

XXVIII

CLO

Ltd.,

Series

2018-

28A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.56%),

6.96%,

07/15/31

(a)(b)

..........

535

534,938

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Generate

CLO

2

Ltd.,

Series

2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.82%,

01/22/31

(a)(b)

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

USD

17,025

$

17,027,137

Generate

CLO

4

Ltd.

(a)(b)

Series

2016-2A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.75%

Floor

+

7.01%),

12.43%,

04/20/32

..

250

249,834

Series

4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.09%

Floor

+

1.35%),

6.77%,

04/20/32

....

963

961,964

Series

4A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.23%,

04/20/32

....

2,750

2,729,757

Series

4A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.83%,

04/20/32

....

1,500

1,464,282

Generate

CLO

5

Ltd.,

Series

5A,

Class

B,

(3-mo.

CME

Term

SOFR

+

2.01%),

7.42%,

10/22/31

(a)(b)

....

1,750

1,728,614

Generate

CLO

7

Ltd.,

Series

7A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.75%

Floor

+

3.01%),

8.42%,

01/22/33

(a)(b)

500

499,274

Generate

CLO

8

Ltd.,

Series

8A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.95%

Floor

+

7.21%),

12.63%,

10/20/34

(a)(b)

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

4,250

4,220,903

Gilbert

Park

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

A,

(3-mo.

CME

Term

SOFR

+

1.45%),

6.85%,

10/15/30

..........

3,271

3,274,540

Series

2017-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.61%,

10/15/30

...

7,160

7,134,895

Series

2017-1A,

Class

D,

(3-mo.

CME

Term

SOFR

+

3.21%),

8.61%,

10/15/30

..........

6,973

6,806,535

GoldenTree

Loan

Management

US

CLO

3

Ltd.,

Series

2018-3A,

Class

D,

(3-mo.

CME

Term

SOFR

+

3.11%),

8.53%,

04/20/30

(a)(b)

....

750

738,770

GoldenTree

Loan

Management

US

CLO

5

Ltd.,

Series

2019-5A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.23%,

10/20/32

(a)(b)

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

2,040

2,039,615

GoldenTree

Loan

Opportunities

IX

Ltd.

(a)(b)

Series

2014-9A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.11%

Floor

+

1.37%),

6.76%,

10/29/29

...

3,845

3,844,465

Series

2014-9A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.25%,

10/29/29

...

3,500

3,498,250

GoldenTree

Loan

Opportunities

XI

Ltd.,

Series

2015-11A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.33%),

6.73%,

01/18/31

(a)(b)

....

4,659

4,660,030

GoldentTree

Loan

Management

US

CLO

1

Ltd.,

Series

2021-11A,

Class

E,

(3-mo.

CME

Term

SOFR

at

5.35%

Floor

+

5.61%),

11.03%,

10/20/34

(a)(b)

5,765

5,388,408

Golub

Capital

Partners

CLO

46M

Ltd.,

Series

2019-46A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.91%),

8.33%,

04/20/32

(a)(b)

....

2,000

1,990,613

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Golub

Capital

Partners

CLO

55B

Ltd.,

Series

2021-55A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.56%

Floor

+

6.82%),

12.24%,

07/20/34

(a)(b)

...

USD

2,690

$

2,683,571

Gracie

Point

International

Funding

(a)(b)

Series

2022-2A,

Class

A,

(SOFR

30

day

Average

+

2.75%),

8.08%,

07/01/24

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

10,602

10,636,491

Series

2022-2A,

Class

B,

(SOFR

30

day

Average

+

3.35%),

8.68%,

07/01/24

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

8,470

8,511,838

Series

2022-3A,

Class

A,

(SOFR

30

day

Average

at

3.25%

Floor

+

3.25%),

8.58%,

11/01/24

.....

6,339

6,350,014

Series

2023-1A,

Class

D,

(SOFR90A

+

4.50%),

9.85%,

09/01/26

...

1,512

1,508,248

Greystone

CRE

Notes

Ltd.,

Series

2021-FL3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.13%),

6.50%,

07/15/39

(a)(b)

....

3,230

3,164,241

GT

Loan

Financing

I

Ltd.,

Series

2013-

1A,

Class

CR,

(3-mo.

CME

Term

SOFR

+

2.36%),

7.75%,

07/28/31

(a)(b)

500

501,274

Highbridge

Loan

Management

Ltd.

(a)(b)

Series

12A-18,

Class

A1B,

(3-mo.

CME

Term

SOFR

+

1.51%),

6.91%,

07/18/31

..........

930

924,301

Series

3A-2014,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.44%),

6.84%,

07/18/29

..........

521

520,573

HPS

Loan

Management

Ltd.

(a)(b)

Series

11A-17,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.28%),

6.67%,

05/06/30

...

19,152

19,170,428

Series

6A-2015,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.26%),

6.65%,

02/05/31

..........

8,889

8,873,213

Ivy

Hill

Middle

Market

Credit

Fund

XXI

Ltd.,

Series

21A,

Class

A,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

7.87%,

07/18/35

(a)(b)

....

5,000

5,006,827

KKR

CLO

10

Ltd.,

Series

10,

Class

BR,

(3-mo.

CME

Term

SOFR

+

1.96%),

7.35%,

09/15/29

(a)(b)

..........

3,000

3,000,238

KKR

CLO

13

Ltd.,

Series

13,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.80%

Floor

+

1.06%),

6.46%,

01/16/28

(a)(b)

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

136

135,514

LCM

26

Ltd.,

Series

26A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.50%

Floor

+

2.76%),

8.18%,

01/20/31

(a)(b)

400

364,227

LCM

XIII

LP,

Series

13A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

0.87%

Floor

+

1.13%),

6.53%,

07/19/27

(a)(b)

695

694,723

LCM

XIV

LP,

Series

14A,

Class

AR,

(3-mo.

CME

Term

SOFR

+

1.30%),

6.72%,

07/20/31

(a)(b)

..........

656

656,355

LCM

XVIII

LP,

Series

18A,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.28%),

6.70%,

04/20/31

(a)(b)

..........

8,640

8,632,647

LCM

XXIV

Ltd.,

Series

24A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.66%,

03/20/30

(a)(b)

639

638,918

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

LoanCore

Issuer

Ltd.,

Series

2022-

CRE7,

Class

A,

(SOFR

30

day

Average

at

1.55%

Floor

+

1.55%),

6.89%,

01/17/37

(a)(b)

..........

USD

6,215

$

6,072,884

Loanpal

Solar

Loan

Ltd.

(a)

Series

2020-2GF,

Class

A,

2.75%,

07/20/47

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

3,561

2,810,795

Series

2021-1GS,

Class

A,

2.29%,

01/20/48

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

8,435

6,562,551

Madison

Park

Funding

LIV

Ltd.,

Series

2022-54A,

Class

E1,

(3-mo.

CME

Term

SOFR

at

8.95%

Floor

+

8.95%),

14.36%,

10/21/34

(a)(b)

...

250

253,578

Madison

Park

Funding

LXIII

Ltd.,

Series

2023-63A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.57%

Floor

+

8.57%),

13.98%,

04/21/35

(a)(b)

...

2,250

2,257,401

Madison

Park

Funding

XI

Ltd.,

Series

2013-11A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.16%),

6.57%,

07/23/29

(a)(b)

....

7,224

7,219,172

Madison

Park

Funding

XIII

Ltd.

(a)(b)

Series

2014-13A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.61%,

04/19/30

...

7,433

7,430,388

Series

2014-13A,

Class

BR2,

(3-mo.

CME

Term

SOFR

+

1.76%),

7.16%,

04/19/30

..........

5,000

4,992,528

Madison

Park

Funding

XIV

Ltd.,

Series

2014-14A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.62%,

10/22/30

(a)(b)

....

1,000

987,060

Madison

Park

Funding

XIX

Ltd.

(a)(b)

Series

2015-19A,

Class

A1R2,

(3-

mo.

CME

Term

SOFR

at

0.92%

Floor

+

1.18%),

6.59%,

01/22/28

8,827

8,816,163

Series

2015-19A,

Class

A2R2,

(3-

mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.17%,

01/22/28

5,000

5,000,000

Madison

Park

Funding

XLII

Ltd.,

Series

13A,

Class

A1,

(3-mo.

CME

Term

SOFR

+

1.44%),

6.85%,

11/21/30

(a)(b)

5,797

5,791,385

Madison

Park

Funding

XLII,

Ltd.,

Series

13A,

Class

A2,

(3-mo.

CME

Term

SOFR

+

1.51%),

6.92%,

11/21/30

(a)(b)

1,000

989,411

Madison

Park

Funding

XLV

Ltd.,

Series

2020-45A,

Class

SUB,

0.00%,

07/15/34

(a)(b)

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

2,000

1,500,600

Madison

Park

Funding

XLVIII

Ltd.,

Series

2021-48A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.51%

Floor

+

6.51%),

11.91%,

04/19/33

(a)(b)

....

500

495,018

Madison

Park

Funding

XVII

Ltd.,

Series

2015-17A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.26%),

6.67%,

07/21/30

(a)(b)

....

5,984

5,982,399

Madison

Park

Funding

XVIII

Ltd.

(a)(b)

Series

2015-18A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

0.94%

Floor

+

1.20%),

6.61%,

10/21/30

...

51,397

51,417,360

Series

2015-18A,

Class

DR,

(3-mo.

CME

Term

SOFR

+

3.21%),

8.62%,

10/21/30

..........

2,750

2,641,218

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Madison

Park

Funding

XXIII

Ltd.

(a)(b)

Series

2017-23A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.62%,

07/27/31

...

USD

19,892

$

19,882,492

Series

2017-23A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.65%,

07/27/31

...

3,000

2,996,847

Madison

Park

Funding

XXIV

Ltd.,

Series

2016-24A,

Class

BR,

(3-mo.

CME

Term

SOFR

+

2.01%),

7.43%,

10/20/29

(a)(b)

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

7,250

7,253,703

Madison

Park

Funding

XXIX

Ltd.,

Series

2018-29A,

Class

E,

(3-mo.

CME

Term

SOFR

at

5.70%

Floor

+

5.96%),

11.36%,

10/18/30

(a)(b)

....

1,750

1,683,189

Madison

Park

Funding

XXV

Ltd.

(a)(b)

Series

2017-25A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.61%,

04/25/29

...

8,374

8,369,027

Series

2017-25A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.29%,

04/25/29

...

6,500

6,506,521

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-26A,

Class

AR,

(3-mo.

CME

Term

SOFR

+

1.46%),

6.85%,

07/29/30

(a)(b)

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

4,224

4,223,679

Madison

Park

Funding

XXVII

Ltd.

(a)(b)

Series

2018-27A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.29%),

6.71%,

04/20/30

...

1,874

1,873,272

Series

2018-27A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

2.86%),

8.28%,

04/20/30

...

2,125

2,079,204

Madison

Park

Funding

XXX

Ltd.

(b)

Series

2018-30A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.01%

Floor

+

1.01%),

6.41%,

04/15/29

(a)

..

24,002

23,979,979

Series

2018-30A,

Class

E,

(3-mo.

CME

Term

SOFR

at

5.21%

Floor

+

5.21%),

10.61%,

04/15/29

(a)

.

2,050

1,964,525

Series

2018-30X,

Class

E,

(3-mo.

CME

Term

SOFR

at

5.21%

Floor

+

5.21%),

10.61%,

04/15/29

(d)

.

1,000

958,305

Madison

Park

Funding

XXXI

Ltd.,

Series

2018-31A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.67%,

01/23/31

(a)(b)

....

5,500

5,413,271

Madison

Park

Funding

XXXIV

Ltd.

(a)(b)

Series

2019-34A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.38%),

6.76%,

04/25/32

...

250

250,155

Series

2019-34A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.61%),

8.99%,

04/25/32

...

250

249,430

Madison

Park

Funding

XXXVIII

Ltd.,

Series

2021-38A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.16%

Floor

+

2.16%),

7.56%,

07/17/34

(a)(b)

....

250

247,534

Marble

Point

CLO

XXIII

Ltd.,

Series

2021-4A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

3.65%

Floor

+

3.91%),

9.32%,

01/22/35

(a)(b)

....

500

499,197

Mariner

CLO

LLC

(a)(b)

Series

2016-3A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

0.99%

Floor

+

1.25%),

6.66%,

07/23/29

...

101

101,001

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2016-3A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.17%,

07/23/29

...

USD

5,250

$

5,239,500

Series

2016-3A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.72%,

07/23/29

...

23,000

22,988,824

Series

2016-3A,

Class

DR2,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.57%,

07/23/29

...

3,750

3,726,288

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-FL7,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.08%

Floor

+

1.19%),

6.55%,

10/16/36

(a)(b)

1,902

1,867,416

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

2,001,925

Milos

CLO

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.33%),

6.75%,

10/20/30

(a)(b)

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

224

224,274

Myers

Park

CLO

Ltd.

(a)(b)

Series

2018-1A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.28%,

10/20/30

...

250

249,380

Series

2018-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.73%,

10/20/30

...

1,000

1,000,111

Neuberger

Berman

CLO

XIV

Ltd.,

Series

2013-14A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.03%

Floor

+

1.29%),

6.68%,

01/28/30

(a)(b)

....

1,963

1,963,654

Neuberger

Berman

CLO

XV,

Series

2013-15A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

0.92%

Floor

+

1.18%),

6.58%,

10/15/29

(a)(b)

....

15,167

15,154,436

Neuberger

Berman

CLO

XVII

Ltd.

(a)(b)

Series

2014-17A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.03%

Floor

+

1.29%),

6.70%,

04/22/29

...

10,675

10,671,104

Series

2014-17A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.67%,

04/22/29

...

5,350

5,344,333

Series

2014-17A,

Class

DR2A,

(3-

mo.

CME

Term

SOFR

at

2.80%

Floor

+

3.06%),

8.47%,

04/22/29

1,500

1,464,061

Neuberger

Berman

CLO

XX

Ltd.

(a)(b)

Series

2015-20A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.16%

Floor

+

1.42%),

6.82%,

07/15/34

...

439

438,126

Series

2015-20A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.31%,

07/15/34

...

500

497,911

Neuberger

Berman

CLO

XXII

Ltd.

(a)(b)

Series

2016-22A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.31%,

10/17/30

...

400

399,647

Series

2016-22A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.86%,

10/17/30

...

250

249,384

Neuberger

Berman

Loan

Advisers

CLO

25

Ltd.,

Series

2017-25A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

2.85%

Floor

+

3.11%),

8.51%,

10/18/29

(a)(b)

1,040

1,013,397

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Neuberger

Berman

Loan

Advisers

CLO

26

Ltd.,

Series

2017-26A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.92%

Floor

+

1.18%),

6.58%,

10/18/30

(a)(b)

USD

4,713

$

4,704,580

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.,

Series

2019-32A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.10%

Floor

+

6.36%),

11.76%,

01/20/32

(a)(b)

825

803,068

Neuberger

Berman

Loan

Advisers

CLO

35

Ltd.,

Series

2019-35A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.86%),

8.26%,

01/19/33

(a)(b)

500

504,404

Neuberger

Berman

Loan

Advisers

CLO

37

Ltd.,

Series

2020-37A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

5.75%

Floor

+

6.01%),

11.43%,

07/20/31

(a)(b)

250

245,566

Neuberger

Berman

Loan

Advisers

CLO

39

Ltd.,

Series

2020-39A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.20%

Floor

+

7.46%),

12.88%,

01/20/32

(a)

(b)

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

250

248,891

Neuberger

Berman

Loan

Advisers

CLO

46

Ltd.,

Series

2021-46A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.33%,

01/20/36

(a)(b)

750

746,564

OCP

CLO

Ltd.

(a)

Series

2013-4A,

Class

A2RR,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.71%),

7.11%,

04/24/29

(b)

..

5,250

5,236,278

Series

2013-4A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.56%,

04/24/29

(b)

..

19,500

19,490,634

Series

2013-4A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.66%,

04/24/29

(b)

..

12,300

12,193,933

Series

2013-4A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

6.77%

Floor

+

7.03%),

12.43%,

04/24/29

(b)

.

2,763

2,764,581

Series

2014-5A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.08%

Floor

+

1.34%),

6.72%,

04/26/31

(b)

..

2,736

2,735,042

Series

2014-5A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.54%,

04/26/31

(b)

..

1,430

1,323,242

Series

2014-6A,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.52%),

6.92%,

10/17/30

(b)

.........

1,383

1,383,855

Series

2014-7A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

+

1.38%),

6.80%,

07/20/29

(b)

.........

629

629,359

Series

2014-7A,

Class

A2RR,

(3-mo.

CME

Term

SOFR

+

1.91%),

7.33%,

07/20/29

(b)

.........

1,600

1,600,971

Series

2014-7A,

Class

B1RR,

(3-mo.

CME

Term

SOFR

+

2.51%),

7.93%,

07/20/29

(b)

.........

500

499,628

Series

2014-7A,

Class

B2RR,

5.11%,

07/20/29

..........

3,830

3,489,095

Series

2017-13A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

0.96%

Floor

+

1.22%),

6.62%,

07/15/30

(b)

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

16,987

16,970,878

Series

2017-14A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.78%,

11/20/30

(b)

..

2,844

2,846,367

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2017-14A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.58%,

11/20/30

(b)

..

USD

1,200

$

1,199,397

Series

2019-16A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.26%),

6.67%,

04/10/33

(b)

..

500

498,974

Series

2019-16A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.41%

Floor

+

3.41%),

8.82%,

04/10/33

(b)

..

2,200

2,121,043

Series

2019-17A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.76%

Floor

+

6.76%),

12.18%,

07/20/32

(b)

.

1,500

1,460,214

Series

2020-18A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

6.77%,

07/20/32

(b)

..

1,000

999,328

Series

2020-18A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.46%

Floor

+

3.46%),

8.88%,

07/20/32

(b)

..

2,750

2,660,835

Series

2020-20A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

4.21%

Floor

+

4.21%),

9.62%,

10/09/33

(b)

..

2,500

2,499,203

Series

2020-20A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.92%

Floor

+

7.92%),

13.33%,

10/09/33

(b)

.

1,500

1,483,868

Series

2022-25A,

Class

E1,

(3-mo.

CME

Term

SOFR

at

6.15%

Floor

+

6.15%),

11.57%,

07/20/35

(b)

.

2,250

2,189,673

Series

2022-25A,

Class

E2,

(3-mo.

CME

Term

SOFR

at

7.85%

Floor

+

7.85%),

13.27%,

07/20/35

(b)

.

4,950

4,889,152

Octagon

Investment

Partners

18-R

Ltd.,

Series

2018-18A,

Class

A1A,

(3-mo.

CME

Term

SOFR

+

1.22%),

6.62%,

04/16/31

(a)(b)

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

8,511

8,507,068

Octagon

Investment

Partners

30

Ltd.,

Series

2017-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.26%),

6.68%,

03/17/30

(a)(b)

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

1,981

1,981,496

Octagon

Investment

Partners

31

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.31%),

6.73%,

07/20/30

(a)(b)

....

4,033

4,028,338

Octagon

Investment

Partners

32

Ltd.,

Series

2017-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.61%,

07/15/29

(a)(b)

....

3,677

3,677,120

Octagon

Investment

Partners

33

Ltd.,

Series

2017-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.45%),

6.87%,

01/20/31

(a)(b)

....

2,471

2,473,770

Octagon

Investment

Partners

35

Ltd.,

Series

2018-1A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.06%

Floor

+

1.32%),

6.74%,

01/20/31

(a)(b)

....

2,764

2,764,193

Octagon

Investment

Partners

36

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.63%,

04/15/31

(a)(b)

....

54,763

54,710,548

Octagon

Investment

Partners

37

Ltd.,

Series

2018-2A,

Class

A2,

(3-mo.

CME

Term

SOFR

+

1.84%),

7.22%,

07/25/30

(a)(b)

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

1,000

996,524

Octagon

Investment

Partners

XIV

Ltd.,

Series

2012-1A,

Class

AARR,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.61%,

07/15/29

(a)(b)

....

4,112

4,106,608

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Octagon

Investment

Partners

XV

Ltd.

(a)

(b)

Series

2013-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.63%,

07/19/30

...

USD

12,262

$

12,246,983

Series

2013-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

+

1.61%),

7.01%,

07/19/30

..........

1,000

998,860

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.28%),

6.68%,

07/17/30

(a)(b)

....

2,975

2,972,126

Octagon

Loan

Funding

Ltd.,

Series

2014-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.33%,

11/18/31

(a)(b)

....

250

249,376

OHA

Credit

Funding

2

Ltd.,

Series

2019-2A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.36%

Floor

+

6.62%),

12.03%,

04/21/34

(a)(b)

...

2,100

2,100,102

OHA

Credit

Funding

3

Ltd.,

Series

2019-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.33%,

07/02/35

(a)(b)

....

250

250,028

OHA

Credit

Funding

4

Ltd.,

Series

2019-4A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.82%,

10/22/36

(a)(b)

....

500

500,697

OHA

Credit

Funding

6

Ltd.,

Series

2020-6A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.40%),

6.82%,

07/20/34

(a)(b)

....

1,000

1,000,397

OHA

Credit

Partners

XI

Ltd.

(a)(b)

Series

2015-11A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.83%,

01/20/32

...

300

300,529

Series

2015-11A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.63%,

01/20/32

...

1,000

986,032

OHA

Credit

Partners

XIII

Ltd.,

Series

2016-13A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.37%,

10/25/34

(a)(b)

....

750

751,130

OHA

Loan

Funding

Ltd.,

Series

2013-

2A,

Class

AR,

(3-mo.

CME

Term

SOFR

+

1.30%),

6.68%,

05/23/31

(a)(b)

14,234

14,235,899

OSD

CLO

Ltd.

(a)(b)

Series

2021-23A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.26%

Floor

+

6.26%),

11.66%,

04/17/31

..

500

481,680

Series

2023-27A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.25%

Floor

+

8.25%),

13.64%,

04/16/35

..

3,500

3,522,833

OZLM

Funding

IV

Ltd.

(a)(b)

Series

2013-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.51%),

6.92%,

10/22/30

...

579

578,791

Series

2013-4A,

Class

A2R,

(3-mo.

CME

Term

SOFR

+

1.96%),

7.37%,

10/22/30

..........

960

958,589

OZLM

VI

Ltd.,

Series

2014-6A,

Class

SUB,

0.00%,

04/17/31

(a)(b)

......

3,200

136,848

OZLM

VII

Ltd.,

Series

2014-7RA,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.01%

Floor

+

1.27%),

6.67%,

07/17/29

(a)(b)

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

19,163

19,175,350

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

OZLM

VIII

Ltd.

(a)(b)

Series

2014-8A,

Class

A2R3,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.31%,

10/17/29

...

USD

3,815

$

3,780,244

Series

2014-8A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.81%,

10/17/29

...

1,835

1,831,059

OZLM

XX

Ltd.,

Series

2018-20A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.33%,

04/20/31

(a)(b)

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

250

247,204

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2013-2A,

Class

A2R3,

(3-mo.

CME

Term

SOFR

at

1.76%

Floor

+

1.76%),

7.16%,

10/17/31

...

1,250

1,246,655

Series

2014-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.39%),

6.79%,

01/17/31

...

1,506

1,506,746

Series

2015-2A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.75%

Floor

+

3.01%),

8.43%,

07/20/30

...

500

496,921

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

6.69%,

04/18/31

...

4,884

4,888,837

Series

2018-2A,

Class

D,

(3-mo.

CME

Term

SOFR

+

5.86%),

11.26%,

07/16/31

.........

750

734,751

Series

2021-2A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.61%

Floor

+

6.61%),

12.01%,

07/15/34

..

250

248,981

Series

2021-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

6.81%,

01/15/35

...

250

250,189

Series

2023-4A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.75%

Floor

+

6.75%),

12.16%,

10/20/33

..

2,700

2,710,115

Palmer

Square

Loan

Funding

Ltd.

(a)(b)

Series

2018-5A,

Class

SUB,

0.00%,

01/20/27

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

4,750

—

Series

2020-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.26%),

6.64%,

11/25/28

...

210

209,957

Series

2020-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.56%

Floor

+

2.56%),

7.94%,

11/25/28

...

7,500

7,500,868

Series

2020-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

3.86%

Floor

+

3.86%),

9.24%,

11/25/28

...

3,000

2,996,391

Series

2020-4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

7.31%

Floor

+

7.31%),

12.69%,

11/25/28

..

2,500

2,497,385

Series

2020-4A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.83%

Floor

+

8.83%),

14.21%,

11/25/28

..

1,000

979,567

Series

2021-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.16%

Floor

+

1.16%),

6.58%,

04/20/29

...

4,944

4,937,732

Series

2021-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

6.26%

Floor

+

6.26%),

11.68%,

04/20/29

..

3,000

3,005,233

Series

2021-2A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.51%

Floor

+

1.51%),

6.88%,

05/20/29

...

11,750

11,675,181

Series

2021-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.26%

Floor

+

5.26%),

10.63%,

05/20/29

..

500

485,533

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2021-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.06%

Floor

+

1.06%),

6.48%,

07/20/29

...

USD

12,764

$

12,741,288

Series

2021-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.76%

Floor

+

2.76%),

8.18%,

07/20/29

...

5,250

5,171,809

Series

2021-3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.26%

Floor

+

5.26%),

10.68%,

07/20/29

..

4,875

4,765,003

Series

2021-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.06%

Floor

+

1.06%),

6.46%,

10/15/29

...

2,146

2,141,104

Series

2021-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.01%

Floor

+

2.01%),

7.41%,

10/15/29

...

500

495,154

Series

2021-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.86%

Floor

+

2.86%),

8.26%,

10/15/29

...

2,000

2,002,310

Series

2021-4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.26%

Floor

+

5.26%),

10.66%,

10/15/29

..

10,000

9,652,366

Series

2022-2A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

7.29%,

10/15/30

...

25,000

24,933,132

Series

2022-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

7.59%,

10/15/30

...

10,500

10,460,883

Series

2022-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.10%),

8.49%,

10/15/30

...

6,000

5,949,887

Series

2022-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

6.20%

Floor

+

6.20%),

11.59%,

10/15/30

..

11,750

11,668,201

Series

2023-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

4.35%

Floor

+

4.35%),

9.70%,

01/25/32

...

5,325

5,324,085

Park

Avenue

Institutional

Advisers

CLO

Ltd.,

Series

2019-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.48%

Floor

+

1.74%),

7.12%,

05/15/32

(a)(b)

500

501,574

Pikes

Peak

CLO

1,

Series

2018-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.84%,

07/24/31

(a)(b)

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

2,250

2,251,013

Pikes

Peak

CLO

4,

Series

2019-4A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.91%,

07/15/34

(a)(b)

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

375

364,110

Pikes

Peak

CLO

6,

Series

2020-6A,

Class

ER2,

(3-mo.

CME

Term

SOFR

at

6.43%

Floor

+

6.69%),

12.06%,

05/18/34

(a)(b)

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

500

487,671

Post

CLO

Ltd.,

Series

2018-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.61%,

04/16/31

(a)(b)

2,250

2,204,653

PPM

CLO

2

Ltd.,

Series

2019-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.66%

Floor

+

3.66%),

9.06%,

04/16/32

(a)(b)

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

1,250

1,213,837

Prima

Capital

CRE

Securitization

Ltd.,

Series

2015-4A,

Class

C,

4.00%,

08/24/49

(a)

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

2,683

2,553,539

Race

Point

IX

CLO

Ltd.,

Series

2015-

9A,

Class

A1A2,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

6.60%,

10/15/30

(a)(b)

..........

4,382

4,384,006

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Rad

CLO

16

Ltd.,

Series

2022-16A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.22%

Floor

+

8.22%),

13.61%,

10/15/34

(a)(b)

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

USD

750

$

751,937

Rad

CLO

17

Ltd.,

Series

2022-17A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.30%

Floor

+

8.30%),

13.72%,

10/20/35

(a)(b)

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

500

501,345

Rad

CLO

3

Ltd.

(a)(b)

Series

2019-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.21%,

04/15/32

...

400

397,017

Series

2019-3A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

2.11%),

7.51%,

04/15/32

...

700

694,266

Series

2019-3A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

2.75%

Floor

+

3.01%),

8.41%,

04/15/32

...

750

739,194

Rad

CLO

4

Ltd.

(a)(b)

Series

2019-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.80%

Floor

+

3.06%),

8.44%,

04/25/32

...

1,425

1,425,018

Series

2019-4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.85%

Floor

+

4.11%),

9.49%,

04/25/32

...

2,000

1,998,719

Rad

CLO

5

Ltd.,

Series

2019-5A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.81%,

07/24/32

(a)(b)

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

250

248,116

Rad

CLO

6

Ltd.,

Series

2019-6A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.53%

Floor

+

7.79%),

13.21%,

01/20/33

(a)

(b)

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

250

249,075

Rad

CLO

7

Ltd.,

Series

2020-7A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

6.86%,

04/17/33

(a)(b)

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

250

249,632

Rad

CLO

9

Ltd.

(a)(b)

Series

2020-9A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.56%,

01/15/34

...

500

500,506

Series

2020-9A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.59%

Floor

+

7.85%),

13.25%,

01/15/34

..

3,500

3,426,343

Recette

CLO

Ltd.,

Series

2015-1A,

Class

DRR,

(3-mo.

CME

Term

SOFR

+

3.51%),

8.93%,

04/20/34

(a)(b)

1,000

974,017

Regatta

IX

Funding

Ltd.

(a)(b)

Series

2017-1A,

Class

B,

(3-mo.

CME

Term

SOFR

+

2.06%),

7.46%,

04/17/30

..........

1,250

1,252,785

Series

2017-1A,

Class

C,

(3-mo.

CME

Term

SOFR

+

2.71%),

8.11%,

04/17/30

..........

2,320

2,333,872

Regatta

VI

Funding

Ltd.,

Series

2016-

1A,

Class

DR2,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

8.78%,

04/20/34

(a)(b)

..........

3,000

2,971,526

Regatta

VII

Funding

Ltd.

(a)(b)

Series

2016-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.78%,

06/20/34

...

1,300

1,300,940

Series

2016-1A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.23%,

06/20/34

...

250

248,919

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Regatta

VIII

Funding

Ltd.

(a)(b)

Series

2017-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.36%,

10/17/30

...

USD

5,020

$

5,026,637

Series

2017-1A,

Class

D,

(3-mo.

CME

Term

SOFR

+

3.46%),

8.86%,

10/17/30

..........

840

838,589

Regatta

XI

Funding

Ltd.,

Series

2018-

1A,

Class

A,

(3-mo.

CME

Term

SOFR

+

1.33%),

6.73%,

07/17/31

(a)(b)

3,111

3,114,236

Regatta

XIII

Funding

Ltd.,

Series

2018-2A,

Class

C,

(3-mo.

CME

Term

SOFR

+

3.36%),

8.76%,

07/15/31

(a)(b)

625

619,606

Regatta

XIV

Funding

Ltd.,

Series

2018-3A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.19%

Floor

+

1.45%),

6.83%,

10/25/31

(a)(b)

..........

1,400

1,401,733

Regatta

XVI

Funding

Ltd.,

Series

2019-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.71%,

01/15/33

(a)(b)

..........

250

250,207

Regatta

XVII

Funding

Ltd.

(a)(b)

Series

2020-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

4.15%

Floor

+

4.41%),

9.81%,

10/15/33

...

600

579,621

Series

2020-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.61%

Floor

+

7.87%),

13.27%,

10/15/33

..

500

504,034

Regatta

XXIV

Funding

Ltd.,

Series

2021-5A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

8.78%,

01/20/35

(a)(b)

..........

500

497,529

Regatta

XXV

Funding

Ltd.,

Series

2023-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.41%

Floor

+

8.41%),

13.66%,

07/15/36

(a)(b)

.........

1,000

1,025,709

Rockford

Tower

CLO

Ltd.

(a)(b)

Series

2017-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.56%,

10/15/29

...

1,250

1,249,398

Series

2017-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

2.85%

Floor

+

3.11%),

8.51%,

10/15/29

...

5,360

5,280,103

Series

2017-3A,

Class

D,

(3-mo.

CME

Term

SOFR

+

2.91%),

8.33%,

10/20/30

..........

430

417,741

Series

2017-3A,

Class

SUB,

0.00%,

10/20/30

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

1,750

563,012

Series

2018-1A,

Class

B,

(3-mo.

CME

Term

SOFR

+

1.98%),

7.35%,

05/20/31

..........

250

249,948

Series

2018-1A,

Class

SUB,

0.00%,

05/20/31

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

1,750

513,217

Series

2018-2A,

Class

SUB,

0.00%,

10/20/31

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

1,750

602,074

Series

2021-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.68%,

07/20/34

...

250

248,180

Rockford

Tower

Credit

Funding

I

Ltd.,

Series

2022-1A,

Class

SUB,

0.00%,

04/20/40

(a)(b)

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

5,000

3,054,500

Romark

CLO

II

Ltd.,

Series

2018-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.81%,

07/25/31

(a)(b)

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

6,740

6,739,892

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Romark

CLO

IV

Ltd.,

Series

2021-4A,

Class

C1,

(3-mo.

CME

Term

SOFR

at

3.20%

Floor

+

3.46%),

8.87%,

07/10/34

(a)(b)

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

USD

3,500

$

3,414,079

Romark

CLO

Ltd.,

Series

2017-1A,

Class

B,

(3-mo.

CME

Term

SOFR

+

2.41%),

7.82%,

10/23/30

(a)(b)

....

1,650

1,642,423

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.03%

Floor

+

1.29%),

6.71%,

04/20/31

(a)(b)

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

17,040

17,009,238

RR

17

Ltd.,

Series

2021-17A,

Class

SUB,

0.00%,

07/15/34

(a)(b)

......

475

328,653

RR

3

Ltd.,

Series

2018-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.09%

Floor

+

1.35%),

6.75%,

01/15/30

(a)(b)

1,808

1,809,809

RR

4

Ltd.,

Series

2018-4A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.81%),

7.21%,

04/15/30

(a)(b)

2,000

1,995,647

RRX

1

Ltd.

(a)(b)

Series

2020-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.66%,

04/15/33

...

250

249,630

Series

2020-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.45%

Floor

+

6.71%),

12.11%,

04/15/33

..

250

246,584

RRX

3

Ltd.,

Series

2021-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.58%),

6.98%,

04/15/34

(a)(b)

1,000

998,906

RRX

7

Ltd.,

Series

2022-7A,

Class

D,

(3-mo.

CME

Term

SOFR

at

6.85%

Floor

+

6.85%),

12.24%,

07/15/35

(a)

(b)

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

250

247,970

Sandstone

Peak

II

Ltd.,

Series

2023-

1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.79%

Floor

+

8.79%),

13.94%,

07/20/36

(a)(b)

.........

3,000

3,015,627

Shackleton

CLO

Ltd.

(a)(b)

Series

2015-7RA,

Class

C,

(3-mo.

CME

Term

SOFR

+

2.61%),

8.01%,

07/15/31

..........

250

246,689

Series

2017-10A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

0.89%

Floor

+

1.15%),

6.57%,

04/20/29

...

4,947

4,938,156

Signal

Peak

CLO

5

Ltd.,

Series

2018-

5A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.11%

Floor

+

1.37%),

6.75%,

04/25/31

(a)(b)

..........

4,255

4,255,332

Signal

Peak

CLO

7

Ltd.,

Series

2019-

1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.89%

Floor

+

7.15%),

12.54%,

04/30/32

(a)(b)

.........

1,250

1,183,377

Silver

Creek

CLO

Ltd.

(a)(b)

Series

2014-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.50%),

6.92%,

07/20/30

...

1,682

1,682,706

Series

2014-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.61%),

9.03%,

07/20/30

...

500

501,190

Sixth

Street

CLO

XIX

Ltd.,

Series

2021-

19A,

Class

E,

(3-mo.

CME

Term

SOFR

at

5.90%

Floor

+

6.16%),

11.58%,

07/20/34

(a)(b)

.........

6,000

5,744,687

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Sixth

Street

CLO

XVII

Ltd.,

Series

2021-17A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.20%

Floor

+

6.46%),

11.88%,

01/20/34

(a)(b)

....

USD

2,250

$

2,170,562

Sixth

Street

CLO

XVIII

Ltd.,

Series

2021-18A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.50%

Floor

+

6.76%),

12.18%,

04/20/34

(a)(b)

...

4,000

3,889,255

Sound

Point

CLO

II

Ltd.,

Series

2013-

1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

6.71%,

01/26/31

(a)(b)

..........

458

457,909

Sound

Point

CLO

III-R

Ltd.,

Series

2013-2RA,

Class

A1,

(3-mo.

CME

Term

SOFR

+

1.21%),

6.61%,

04/15/29

(a)(b)

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

3,056

3,058,489

Sound

Point

CLO

XII

Ltd.

(a)(b)

Series

2016-2A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.18%,

10/20/28

...

14,669

14,668,866

Series

2016-2A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.73%,

10/20/28

...

4,000

3,998,074

Sound

Point

CLO

XIV

Ltd.,

Series

2016-3A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.72%,

01/23/29

(a)(b)

....

10,000

9,995,202

Sound

Point

CLO

XV

Ltd.

(a)(b)

Series

2017-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.17%,

01/23/29

...

2,000

2,000,017

Series

2017-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.72%,

01/23/29

...

3,350

3,348,377

Sound

Point

CLO

XXIX

Ltd.,

Series

2021-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.76%

Floor

+

3.76%),

9.14%,

04/25/34

(a)(b)

..........

345

334,168

Steele

Creek

CLO

Ltd.,

Series

2017-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.51%),

6.91%,

10/15/30

(a)(b)

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

360

359,932

Strata

CLO

I

Ltd.

(a)(b)

Series

2018-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.08%

Floor

+

7.34%),

12.74%,

01/15/31

..

1,690

1,692,682

Series

2018-1A,

Class

USUB,

0.00%,

01/15/2118

.........

7,680

3,841,613

Stratus

CLO

Ltd.

(a)(b)

Series

2021-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

5.26%

Floor

+

5.26%),

10.68%,

12/29/29

..

3,750

3,612,090

Series

2021-1A,

Class

SUB,

0.00%,

12/29/29

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

2,820

1,812,301

Series

2021-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.16%),

6.58%,

12/28/29

...

1,406

1,402,953

Series

2021-2A,

Class

E,

(3-mo.

CME

Term

SOFR

at

5.75%

Floor

+

6.01%),

11.43%,

12/28/29

..

1,250

1,244,595

Series

2021-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.31%

Floor

+

2.31%),

7.73%,

12/29/29

...

250

250,117

Series

2021-3A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.01%

Floor

+

6.01%),

11.43%,

12/29/29

..

600

594,066

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Symphony

CLO

XVI

Ltd.,

Series

2015-

16A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.81%,

10/15/31

(a)(b)

..........

USD

300

$

299,728

Symphony

CLO

XVII

Ltd.,

Series

2016-

17A,

Class

BR,

(3-mo.

CME

Term

SOFR

+

1.46%),

6.86%,

04/15/28

(a)(b)

5,500

5,493,639

Symphony

CLO

XXIII

Ltd.

(a)(b)

Series

2020-23A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.66%,

01/15/34

...

510

508,928

Series

2020-23A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.15%

Floor

+

6.41%),

11.81%,

01/15/34

..

510

505,822

Symphony

Static

CLO

I

Ltd.,

Series

2021-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

2.11%),

7.49%,

10/25/29

(a)(b)

..........

1,500

1,483,810

TCI-Flatiron

CLO

Ltd.,

Series

2016-1A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.10%),

6.50%,

01/17/32

(a)(b)

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

390

388,955

TCI-Symphony

CLO

Ltd.,

Series

2017-

1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.93%

Floor

+

1.19%),

6.59%,

07/15/30

(a)(b)

..........

14,955

14,946,587

TIAA

CLO

III

Ltd.

(a)(b)

Series

2017-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.81%,

01/16/31

...

228

228,306

Series

2017-2A,

Class

B,

(3-mo.

CME

Term

SOFR

+

1.76%),

7.16%,

01/16/31

..........

750

747,310

TICP

CLO

IX

Ltd.

(a)(b)

Series

2017-9A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.40%),

6.82%,

01/20/31

...

2,233

2,235,183

Series

2017-9A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.28%,

01/20/31

...

250

249,530

Series

2017-9A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.58%,

01/20/31

...

500

499,946

TICP

CLO

V

Ltd.,

Series

2016-5A,

Class

DR,

(3-mo.

CME

Term

SOFR

+

3.41%),

8.81%,

07/17/31

(a)(b)

...

250

247,850

TICP

CLO

XI

Ltd.

(a)(b)

Series

2018-11A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.86%,

10/20/31

...

2,300

2,303,029

Series

2018-11A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.73%

Floor

+

1.99%),

7.41%,

10/20/31

...

2,000

2,004,801

Series

2018-11A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.73%,

10/20/31

...

250

249,598

TICP

CLO

XII

Ltd.

(a)(b)

Series

2018-12A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

6.83%,

07/15/34

...

1,000

999,575

Series

2018-12A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.25%

Floor

+

6.51%),

11.91%,

07/15/34

..

250

247,551

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

TICP

CLO

XV

Ltd.

(a)(b)

Series

2020-15A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.54%),

6.96%,

04/20/33

...

USD

250

$

250,053

Series

2020-15A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.15%

Floor

+

6.41%),

11.83%,

04/20/33

..

500

495,462

Trestles

CLO

II

Ltd.,

Series

2018-2A,

Class

D,

(3-mo.

CME

Term

SOFR

+

6.01%),

11.39%,

07/25/31

(a)(b)

....

250

241,447

Trestles

CLO

IV

Ltd.,

Series

2021-4A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

6.84%,

07/21/34

(a)(b)

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

1,000

997,977

Trestles

CLO

Ltd.,

Series

2017-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.54%,

04/25/32

(a)(b)

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

2,500

2,435,268

Triaxx

Prime

CDO

Ltd.

(a)(b)

Series

2006-1A,

Class

A2,

(3-mo.

LIBOR

USD

+

0.45%),

6.08%,

03/03/39

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

52,840

41,664

Series

2006-1A,

Class

B,

(3-mo.

LIBOR

USD

+

0.65%),

6.28%,

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%),

7.58%,

07/20/32

...

1,250

1,244,822

Series

2019-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.88%,

07/20/32

...

250

250,704

Series

2019-1A,

Class

C1,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.83%,

07/20/32

...

500

500,008

Series

2019-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

4.72%

Floor

+

4.98%),

10.38%,

11/26/32

..

575

573,199

Series

2021-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.50%

Floor

+

6.76%),

12.17%,

04/23/32

..

4,000

3,842,263

Series

2021-2A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.89%,

10/25/34

...

1,550

1,521,538

Series

2022-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

9.08%

Floor

+

9.08%),

14.49%,

10/22/35

..

2,600

2,602,371

Series

2022-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

6.12%

Floor

+

6.12%),

11.54%,

01/20/36

..

3,000

3,059,078

Series

2022-2A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.81%

Floor

+

8.81%),

14.23%,

01/20/36

..

3,500

3,509,163

Series

2023-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.94%

Floor

+

8.94%),

14.28%,

07/20/36

..

3,000

2,992,025

Trinitas

CLO

IV

Ltd.,

Series

2016-4A,

Class

A2L2,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.66%),

7.06%,

10/18/31

(a)(b)

..........

900

897,163

Trinitas

CLO

XIV

Ltd.,

Series

2020-14A,

Class

C,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.64%,

01/25/34

(a)(b)

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

625

625,009

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Voya

CLO

Ltd.

(a)(b)

Series

2013-1A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

+

1.47%),

6.87%,

10/15/30

..........

USD

4,246

$

4,245,334

Series

2013-3A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.81%,

10/18/31

...

1,495

1,498,099

Series

2014-1A,

Class

AAR2,

(3-mo.

CME

Term

SOFR

+

1.25%),

6.65%,

04/18/31

..........

19,022

18,988,003

Series

2014-2A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.28%),

6.68%,

04/17/30

...

5,384

5,377,398

Series

2014-4A,

Class

BR2,

(3-mo.

CME

Term

SOFR

+

2.35%),

7.75%,

07/14/31

..........

1,200

1,181,263

Series

2015-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.16%),

6.56%,

01/18/29

...

4,564

4,562,966

Series

2015-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

6.87%,

10/20/31

...

2,500

2,499,529

Series

2016-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.33%),

6.75%,

01/20/31

...

933

933,067

Series

2016-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.91%),

8.33%,

01/20/31

...

1,085

1,025,992

Series

2016-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.41%),

6.81%,

07/19/28

..........

1,171

1,170,874

Series

2017-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.24%),

6.64%,

06/07/30

..........

830

829,687

Series

2017-2A,

Class

A2AR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.31%,

06/07/30

...

750

749,935

Series

2017-3A,

Class

DR,

(3-mo.

CME

Term

SOFR

+

7.21%),

12.63%,

04/20/34

.........

500

498,825

Series

2017-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.39%),

6.79%,

10/15/30

...

2,937

2,934,929

Series

2017-4A,

Class

B,

(3-mo.

CME

Term

SOFR

+

1.71%),

7.11%,

10/15/30

..........

750

748,443

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

+

1.21%),

6.61%,

04/19/31

..........

616

614,892

Series

2018-3A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.81%,

10/15/31

...

300

299,877

Series

2019-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.06%

Floor

+

1.32%),

6.72%,

04/15/31

...

3,694

3,698,019

Series

2019-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.31%,

10/17/32

...

1,300

1,293,539

Series

2021-1A,

Class

X,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

1.01%),

6.41%,

07/15/34

...

550

549,738

Whitebox

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

ANAR,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.39%),

6.79%,

07/24/32

...

5,000

4,990,477

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2019-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.71%,

07/24/32

...

USD

8,780

$

8,648,422

Series

2019-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

6.40%

Floor

+

6.66%),

12.06%,

07/24/32

..

5,050

4,869,111

Series

2019-1A,

Class

SUB,

0.00%,

07/24/32

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

4,300

2,550,115

Whitebox

CLO

II

Ltd.

(a)(b)

Series

2020-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.61%),

9.01%,

10/24/34

...

6,750

6,536,022

Series

2020-2A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

7.10%

Floor

+

7.36%),

12.76%,

10/24/34

..

2,000

1,995,092

Whitebox

CLO

III

Ltd.

(a)(b)

Series

2021-3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.61%),

9.01%,

10/15/34

...

5,750

5,644,537

Series

2021-3A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.85%

Floor

+

7.11%),

12.51%,

10/15/34

..

6,970

6,864,956

Whitebox

CLO

IV

Ltd.,

Series

2023-4A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.01%

Floor

+

8.01%),

13.43%,

04/20/36

(a)(b)

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

7,000

6,972,288

2,189,901,533

France

—

0.0%

(b)(d)

Cars

Alliance

Auto

Leases

France

V,

Series

2023-1FRV,

Class

B,

(1-mo.

EURIBOR

+

1.30%),

5.15%,

10/21/38

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

EUR

4,000

4,429,895

FCT

Autonoria

Series

2019-1,

Class

C,

(1-mo.

EURIBOR

+

1.20%),

5.08%,

09/25/35

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

108

118,547

Series

2019-1,

Class

D,

(1-mo.

EURIBOR

+

1.60%),

5.48%,

09/25/35

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

72

79,025

Series

2019-1,

Class

E,

(1-mo.

EURIBOR

+

2.70%),

6.58%,

09/25/35

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

179

196,165

Series

2019-1,

Class

F,

(1-mo.

EURIBOR

+

3.70%),

7.58%,

09/25/35

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

60

65,527

FCT

Noria

Series

2021-1,

Class

B,

(1-mo.

EURIBOR

+

0.70%),

4.58%,

10/25/49

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

665

728,467

Series

2021-1,

Class

C,

(1-mo.

EURIBOR

+

1.10%),

4.98%,

10/25/49

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

460

501,586

Series

2021-1,

Class

D,

(1-mo.

EURIBOR

+

1.50%),

5.38%,

10/25/49

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

921

997,916

FCT

Pixel,

Series

2021-1,

Class

D,

(3-mo.

EURIBOR

+

1.75%),

5.71%,

02/25/38

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

168

182,797

7,299,925

Germany

—

0.0%

(b)(d)

FCT

Autonoria

DE

Series

2023-DE,

Class

B,

(1-mo.

EURIBOR

+

1.15%),

5.03%,

01/26/43

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

359

397,391

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

Series

2023-DE,

Class

C,

(1-mo.

EURIBOR

+

2.10%),

5.98%,

01/26/43

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

EUR

1,436

$

1,586,083

Series

2023-DE,

Class

D,

(1-mo.

EURIBOR

+

3.05%),

6.93%,

01/26/43

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

450

496,074

Series

2023-DE,

Class

E,

(1-mo.

EURIBOR

+

5.50%),

9.38%,

01/26/43

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

359

397,873

Series

2023-DE,

Class

F,

(1-mo.

EURIBOR

+

7.50%),

11.38%,

01/26/43

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

90

100,047

Red

&

Black

Auto

Germany

10

UG

Series

10,

Class

B,

(1-mo.

EURIBOR

+

1.20%),

5.03%,

09/15/32

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

1,100

1,217,592

Series

10,

Class

C,

(1-mo.

EURIBOR

+

2.10%),

5.93%,

09/15/32

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

600

664,369

Red

&

Black

Auto

Germany

8

UG

Series

8,

Class

B,

(1-mo.

EURIBOR

+

0.75%),

4.58%,

09/15/30

...

333

365,914

Series

8,

Class

C,

(1-mo.

EURIBOR

+

0.95%),

4.78%,

09/15/30

...

266

290,838

Series

8,

Class

D,

(1-mo.

EURIBOR

+

1.35%),

5.18%,

09/15/30

...

67

72,177

5,588,358

Hong

Kong

—

0.0%

Prudential

plc

(a)(b)(c)

Series

2022-6RA,

Class

C1R,

(3-mo.

CME

Term

SOFR

at

3.45%

Floor

+

3.45%),

8.80%,

01/20/37

...

USD

2,110

2,099,450

Series

2022-6RA,

Class

DR,

(3-mo.

CME

Term

SOFR

at

5.65%

Floor

+

5.65%),

11.00%,

01/20/37

..

1,690

1,677,325

3,776,775

Ireland

—

0.7%

(b)

AlbaCore

Euro

CLO

IV

DAC,

Series

4X,

Class

D,

(3-mo.

EURIBOR

at

4.60%

Floor

+

4.60%),

8.57%,

07/15/35

(d)

EUR

2,605

2,739,670

Alme

Loan

Funding

V

DAC,

Series

5A,

Class

ER,

(3-mo.

EURIBOR

at

5.41%

Floor

+

5.41%),

9.38%,

07/15/31

(a)

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

3,800

4,156,977

Anchorage

Capital

Europe

CLO

2

DAC

(a)

Series

2A,

Class

B1R,

(3-mo.

EURIBOR

at

1.60%

Floor

+

1.60%),

5.56%,

04/15/34

....

2,563

2,744,468

Series

2A,

Class

DR,

(3-mo.

EURIBOR

at

3.55%

Floor

+

3.55%),

7.52%,

04/15/34

....

2,110

2,248,231

Anchorage

Capital

Europe

CLO

DAC,

Series

4A,

Class

D,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

7.16%,

04/25/34

(a)

...........

590

623,656

Aqueduct

European

CLO

DAC

Series

2017-2X,

Class

B1,

(3-mo.

EURIBOR

at

1.20%

Floor

+

1.20%),

5.16%,

10/15/30

(d)

...

2,518

2,753,252

Series

2017-2X,

Class

E,

(3-mo.

EURIBOR

at

4.40%

Floor

+

4.40%),

8.36%,

10/15/30

(d)

...

534

572,568

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Series

2019-3X,

Class

AR,

(3-mo.

EURIBOR

at

0.93%

Floor

+

0.93%),

4.93%,

08/15/34

(d)

...

EUR

5,000

$

5,420,917

Series

2020-5A,

Class

CR,

(3-mo.

EURIBOR

at

2.00%

Floor

+

2.00%),

5.99%,

04/20/34

(a)

...

1,250

1,308,454

Series

2022-7X,

Class

A,

(3-mo.

EURIBOR

at

2.05%

Floor

+

2.05%),

5.97%,

03/15/36

(d)

...

5,114

5,655,271

Ares

European

CLO

VII

DAC,

Series

7X,

Class

AAR,

(3-mo.

EURIBOR

at

1.50%

Floor

+

1.50%),

5.47%,

10/15/30

(a)(d)

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

1,200

1,295,775

Ares

European

CLO

X

DAC,

Series

10A,

Class

DR,

(3-mo.

EURIBOR

at

2.80%

Floor

+

2.80%),

6.77%,

10/15/31

(a)

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

2,000

2,078,813

Ares

European

CLO

XII

DAC,

Series

12A,

Class

B1R,

(3-mo.

EURIBOR

at

1.70%

Floor

+

1.70%),

5.69%,

04/20/32

(a)

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

862

927,012

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

5,535,096

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

6.04%

Floor

+

6.04%),

9.97%,

07/15/36

....

1,000

1,106,079

Armada

Euro

CLO

III

DAC,

Series

3A,

Class

DR,

(3-mo.

EURIBOR

at

3.30%

Floor

+

3.30%),

7.27%,

07/15/31

(a)

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

2,800

3,008,112

Aurium

CLO

IV

DAC,

Series

4X,

Class

AR,

(3-mo.

EURIBOR

at

0.73%

Floor

+

0.73%),

4.70%,

01/16/31

(d)

2,095

2,280,996

Aurium

CLO

VIII

DAC,

Series

8X,

Class

A,

(3-mo.

EURIBOR

at

0.85%

Floor

+

0.85%),

4.77%,

06/23/34

(d)

....

5,000

5,385,061

Avoca

CLO,

Series

28A,

Class

B1,

(3-mo.

EURIBOR

at

2.85%

Floor

+

2.85%),

6.19%,

04/15/37

(a)

.....

3,400

3,738,349

Avoca

CLO

XIV

DAC

(d)

Series

14X,

Class

ER,

(3-mo.

EURIBOR

at

4.70%

Floor

+

4.70%),

8.69%,

01/12/31

....

2,240

2,383,533

Series

14X,

Class

FR,

(3-mo.

EURIBOR

at

6.35%

Floor

+

6.35%),

10.34%,

01/12/31

....

1,100

1,082,774

Series

14X,

Class

SUB,

0.00%,

01/12/31

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

4,510

2,276,812

Avoca

CLO

XV

DAC

(d)

Series

15X,

Class

B2R,

(3-mo.

EURIBOR

at

1.05%

Floor

+

1.05%),

5.02%,

04/15/31

....

150

159,396

Series

15X,

Class

ER,

(3-mo.

EURIBOR

at

4.13%

Floor

+

4.13%),

8.09%,

04/15/31

....

1,305

1,342,112

Series

15X,

Class

FR,

(3-mo.

EURIBOR

at

5.84%

Floor

+

5.84%),

9.80%,

04/15/31

....

1,760

1,657,291

Series

15X,

Class

M1,

0.00%,

04/15/31

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

3,100

1,854,515

Avoca

CLO

XVIII

DAC

(d)

Series

18X,

Class

B1,

(3-mo.

EURIBOR

at

1.25%

Floor

+

1.25%),

5.21%,

04/15/31

....

5,800

6,282,145

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Series

18X,

Class

C,

(3-mo.

EURIBOR

at

1.75%

Floor

+

1.75%),

5.72%,

04/15/31

....

EUR

150

$

161,893

Avoca

CLO

XXII

DAC

Series

22A,

Class

D,

(3-mo.

EURIBOR

at

2.90%

Floor

+

2.90%),

6.86%,

04/15/35

(a)

...

970

999,629

Series

22X,

Class

B1,

(3-mo.

EURIBOR

at

1.30%

Floor

+

1.30%),

5.27%,

04/15/35

(d)

...

710

748,795

Avoca

CLO

XXIII

DAC,

Series

23A,

Class

D,

(3-mo.

EURIBOR

at

3.05%

Floor

+

3.05%),

7.01%,

04/15/34

(a)

750

774,840

BBAM

European

CLO

I

DAC

(d)

Series

1X,

Class

AR,

(3-mo.

EURIBOR

at

0.87%

Floor

+

0.87%),

4.87%,

07/22/34

....

5,000

5,371,727

Series

1X,

Class

ER,

(3-mo.

EURIBOR

at

5.91%

Floor

+

5.91%),

9.91%,

07/22/34

....

1,050

1,083,060

Bilbao

CLO

I

DAC,

Series

1X,

Class

A2A,

(3-mo.

EURIBOR

at

1.30%

Floor

+

1.30%),

5.29%,

07/20/31

(d)

4,300

4,631,009

BlueMountain

CLO

DAC,

Series

2021-1X,

Class

E,

(3-mo.

EURIBOR

at

5.41%

Floor

+

5.41%),

9.38%,

04/15/34

(d)

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

1,050

1,079,414

Bridgepoint

CLO

IV

DAC,

Series

4X,

Class

A,

(3-mo.

EURIBOR

at

2.20%

Floor

+

2.20%),

6.19%,

01/20/37

(d)

11,650

12,890,310

Cairn

CLO

IX

DAC,

Series

2018-9X,

Class

A,

(3-mo.

EURIBOR

at

0.71%

Floor

+

0.71%),

4.67%,

04/25/32

(d)

2,685

2,934,918

Cairn

CLO

XVI

DAC

Series

2023-16A,

Class

C,

(3-mo.

EURIBOR

at

3.85%

Floor

+

3.85%),

0.00%,

01/15/37

(a)

...

1,520

1,678,004

Series

2023-16A,

Class

D,

(3-mo.

EURIBOR

at

5.20%

Floor

+

5.20%),

0.00%,

01/15/37

(a)

...

939

1,036,609

Series

2023-16X,

Class

D,

(3-mo.

EURIBOR

at

5.20%

Floor

+

5.20%),

0.00%,

01/15/37

(d)

...

617

681,137

Capital

Four

CLO

V

DAC,

Series

5X,

Class

A,

(3-mo.

EURIBOR

at

1.84%

Floor

+

1.84%),

5.80%,

04/25/36

(d)

7,585

8,445,728

Carlyle

Euro

CLO

DAC

(a)

Series

2021-2A,

Class

B,

(3-mo.

EURIBOR

at

2.25%

Floor

+

2.25%),

6.22%,

10/15/35

....

250

261,013

Series

2021-2A,

Class

C,

(3-mo.

EURIBOR

at

3.30%

Floor

+

3.30%),

7.27%,

10/15/35

....

2,690

2,798,316

CIFC

European

Funding

CLO

I

DAC,

Series

1X,

Class

DR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

7.17%,

07/15/32

(d)

...........

450

478,137

CIFC

European

Funding

CLO

II

DAC,

Series

2X,

Class

B1,

(3-mo.

EURIBOR

at

1.60%

Floor

+

1.60%),

5.56%,

04/15/33

(d)

...........

400

430,009

CIFC

European

Funding

CLO

III

DAC

Series

3A,

Class

C,

(3-mo.

EURIBOR

at

2.50%

Floor

+

2.50%),

6.46%,

01/15/34

(a)

...

500

536,951

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Series

3X,

Class

B1,

(3-mo.

EURIBOR

at

1.50%

Floor

+

1.50%),

5.47%,

01/15/34

(d)

...

EUR

4,500

$

4,786,863

Series

3X,

Class

E,

(3-mo.

EURIBOR

at

5.61%

Floor

+

5.61%),

9.57%,

01/15/34

(d)

...

850

887,817

Citizen

Irish

Auto

Receivables

Trust

(d)

Series

2023-1,

Class

A,

(1-mo.

EURIBOR

+

0.77%),

4.62%,

12/15/32

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

5,414

5,996,658

Series

2023-1,

Class

B,

(1-mo.

EURIBOR

+

1.40%),

5.25%,

12/15/32

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

1,000

1,108,498

Clontarf

Park

CLO

DAC,

Series

1X,

Class

CE,

(3-mo.

EURIBOR

at

3.05%

Floor

+

3.05%),

7.02%,

08/05/30

(d)

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

1,470

1,610,228

Contego

CLO

VI

DAC,

Series

6X,

Class

AR,

(3-mo.

EURIBOR

at

0.79%

Floor

+

0.79%),

4.75%,

04/15/34

(d)

11,500

12,436,817

Contego

CLO

VII

DAC,

Series

7X,

Class

D,

(3-mo.

EURIBOR

at

3.95%

Floor

+

3.95%),

7.95%,

05/14/32

(d)

350

377,912

CVC

Cordatus

Loan

Fund

IV

DAC,

Series

4X,

Class

BR1,

(3-mo.

EURIBOR

at

1.30%

Floor

+

1.30%),

5.26%,

02/22/34

(d)

...........

1,120

1,180,335

CVC

Cordatus

Loan

Fund

XIX

DAC,

Series

19A,

Class

D,

(3-mo.

EURIBOR

at

3.80%

Floor

+

3.80%),

7.72%,

12/23/33

(a)

...........

400

427,386

CVC

Cordatus

Loan

Fund

XXII

DAC,

Series

22X,

Class

D,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

7.08%,

12/15/34

(d)

...........

755

785,487

CVC

Cordatus

Loan

Fund

XXVII

DAC,

Series

27X,

Class

D2,

(3-mo.

EURIBOR

at

6.58%

Floor

+

6.58%),

10.36%,

04/15/35

(d)

..........

1,300

1,441,989

Dryden

46

Euro

CLO

DAC,

Series

2016-46A,

Class

CRR,

(3-mo.

EURIBOR

at

2.50%

Floor

+

2.50%),

6.46%,

04/15/34

(a)

...........

250

264,100

Euro-Galaxy

III

CLO

DAC

(a)

Series

2013-3A,

Class

CRRR,

(3-

mo.

EURIBOR

at

2.35%

Floor

+

2.35%),

6.32%,

04/24/34

....

700

744,378

Series

2013-3A,

Class

DRRR,

(3-

mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

7.22%,

04/24/34

....

1,380

1,471,868

Fair

Oaks

Loan

Funding

I

DAC,

Series

1X,

Class

AR,

(3-mo.

EURIBOR

at

0.85%

Floor

+

0.85%),

4.82%,

04/15/34

(d)

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

5,000

5,397,239

Fidelity

Grand

Harbour

CLO

DAC

Series

2021-1A,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

7.57%,

10/15/34

(a)

...

1,490

1,567,345

Series

2023-1X,

Class

D,

(3-mo.

EURIBOR

at

5.90%

Floor

+

5.90%),

9.68%,

08/15/36

(d)

...

1,193

1,324,479

Finance

Ireland

Auto

Receivables

No.

1

DAC,

Series

1,

Class

C,

(1-mo.

EURIBOR

+

2.30%),

6.18%,

09/12/33

(d)

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

510

566,430

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Harvest

CLO

XVIII

DAC,

Series

18X,

Class

B,

(3-mo.

EURIBOR

at

1.20%

Floor

+

1.20%),

5.16%,

10/15/30

(d)

EUR

700

$

752,388

Harvest

CLO

XXIII

DAC

(d)

Series

23X,

Class

A,

(3-mo.

EURIBOR

at

0.95%

Floor

+

0.95%),

4.94%,

10/20/32

....

1,817

1,981,860

Series

23X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

6.99%,

10/20/32

....

1,360

1,421,185

Henley

CLO

IV

DAC

Series

4A,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

6.96%,

04/25/34

(a)

...

500

523,930

Series

4X,

Class

B1,

(3-mo.

EURIBOR

at

1.35%

Floor

+

1.35%),

5.31%,

04/25/34

(d)

...

450

477,576

Holland

Park

CLO

DAC,

Series

1X,

Class

A1RR,

(3-mo.

EURIBOR

at

0.92%

Floor

+

0.92%),

4.91%,

11/14/32

(d)

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

625

681,766

Invesco

Euro

CLO

II

DAC,

Series

2X,

Class

DR,

(3-mo.

EURIBOR

at

3.40%

Floor

+

3.40%),

7.40%,

08/15/34

(d)

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

4,000

3,961,966

Invesco

Euro

CLO

III

DAC

(d)

Series

3X,

Class

B1,

(3-mo.

EURIBOR

at

1.75%

Floor

+

1.75%),

5.72%,

07/15/32

....

450

480,446

Series

3X,

Class

F,

(3-mo.

EURIBOR

at

8.07%

Floor

+

8.07%),

12.04%,

07/15/32

....

683

708,334

Invesco

Euro

CLO

IV

DAC,

Series

4A,

Class

B1,

(3-mo.

EURIBOR

at

1.70%

Floor

+

1.70%),

5.66%,

04/15/33

(a)

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

625

667,868

Invesco

Euro

CLO

IX

DAC,

Series

9X,

Class

A,

(3-mo.

EURIBOR

at

1.65%

Floor

+

1.65%),

5.64%,

04/20/36

(d)

8,500

9,382,309

Invesco

Euro

CLO

V

DAC,

Series

5X,

Class

D,

(3-mo.

EURIBOR

at

3.80%

Floor

+

3.80%),

7.76%,

01/15/34

(d)

450

468,977

Lt

Autorahoitus

IV

DAC

(d)

Series

4,

Class

A,

(1-mo.

EURIBOR

+

0.69%),

4.53%,

07/18/33

...

2,016

2,231,149

Series

4,

Class

B,

(1-mo.

EURIBOR

+

2.05%),

5.89%,

07/18/33

...

5,800

6,434,681

Madison

Park

Euro

Funding

X

DAC

(d)

Series

10X,

Class

A1,

(3-mo.

EURIBOR

at

0.74%

Floor

+

0.74%),

4.70%,

10/25/30

....

2,681

2,919,114

Series

10X,

Class

B1,

(3-mo.

EURIBOR

at

1.20%

Floor

+

1.20%),

5.16%,

10/25/30

....

1,850

1,977,826

Madison

Park

Euro

Funding

XI

DAC,

Series

11X,

Class

C,

(3-mo.

EURIBOR

at

1.85%

Floor

+

1.85%),

5.85%,

02/15/31

(d)

...........

1,350

1,435,350

Madison

Park

Euro

Funding

XVI

DAC,

Series

16A,

Class

D,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

7.17%,

05/25/34

(a)

...........

1,250

1,300,287

Madison

Park

Euro

Funding

XX

DAC,

Series

20A,

Class

D,

(3-mo.

EURIBOR

at

6.09%

Floor

+

6.09%),

10.06%,

10/15/36

(a)

..........

4,300

4,770,976

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Man

GLG

Euro

CLO

VI

DAC,

Series

6A,

Class

DR,

(3-mo.

EURIBOR

at

3.50%

Floor

+

3.50%),

7.46%,

10/15/32

(a)

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

EUR

950

$

992,000

Margay

CLO

I

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

6.40%

Floor

+

6.40%),

10.25%,

07/15/36

(d)

...

570

631,697

Neuberger

Berman

Loan

Advisers

Euro

CLO,

Series

2021-1X,

Class

E,

(3-mo.

EURIBOR

at

5.52%

Floor

+

5.52%),

9.51%,

04/17/34

(d)

.....

658

696,451

North

Westerly

VII

ESG

CLO

DAC,

Series

VII-X,

Class

E,

(3-mo.

EURIBOR

at

5.66%

Floor

+

5.66%),

9.66%,

05/15/34

(d)

...........

420

427,053

Northwoods

Capital

19

Euro

DAC,

Series

2019-19A,

Class

C,

(3-mo.

EURIBOR

at

2.50%

Floor

+

2.50%),

6.46%,

11/25/33

(a)

...........

500

527,880

OAK

Hill

European

Credit

Partners

V

DAC,

Series

2016-5A,

Class

BR,

(3-mo.

EURIBOR

at

1.90%

Floor

+

1.90%),

5.90%,

01/21/35

(a)

.....

425

454,976

OAK

Hill

European

Credit

Partners

VI

DAC,

Series

2017-6X,

Class

B1,

(3-mo.

EURIBOR

at

1.20%

Floor

+

1.20%),

5.19%,

01/20/32

(d)

.....

450

485,987

OCP

Euro

CLO

DAC

  0.00%,

07/20/36

(a)

..........

3,370

3,720,312

Series

2017-2X,

Class

B,

(3-mo.

EURIBOR

at

1.35%

Floor

+

1.35%),

5.32%,

01/15/32

(d)

...

200

217,122

Series

2017-2X,

Class

E,

(3-mo.

EURIBOR

at

5.00%

Floor

+

5.00%),

8.97%,

01/15/32

(d)

...

897

978,620

Series

2017-2X,

Class

F,

(3-mo.

EURIBOR

at

6.40%

Floor

+

6.40%),

10.37%,

01/15/32

(d)

..

600

608,335

Series

2019-3A,

Class

CR,

(3-mo.

EURIBOR

at

2.30%

Floor

+

2.30%),

6.29%,

04/20/33

(a)

...

250

265,563

Series

2019-3A,

Class

DR,

(3-mo.

EURIBOR

at

3.30%

Floor

+

3.30%),

7.29%,

04/20/33

(a)

...

250

264,580

Palmer

Square

European

CLO

DAC,

Series

2023-1X,

Class

D,

(3-mo.

EURIBOR

at

6.20%

Floor

+

6.20%),

10.05%,

07/15/36

(d)

..........

1,382

1,540,607

Penta

CLO

11

DAC,

Series

2022-11A,

Class

D,

(3-mo.

EURIBOR

at

4.80%

Floor

+

4.80%),

8.80%,

11/15/34

(a)

2,030

2,248,495

Penta

CLO

6

DAC,

Series

2019-6A,

Class

CR,

(3-mo.

EURIBOR

at

2.30%

Floor

+

2.30%),

6.26%,

07/25/34

(a)

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

500

530,933

Penta

CLO

DAC,

Series

2022-11A,

Class

B,

(3-mo.

EURIBOR

at

2.45%

Floor

+

2.45%),

6.45%,

11/15/34

(a)

2,600

2,857,790

Prodigy

Finance

DAC

(a)

Series

2021-1A,

Class

A,

(1-mo.

CME

Term

SOFR

+

1.36%),

6.72%,

07/25/51

..........

USD

4,129

4,093,915

Series

2021-1A,

Class

B,

(1-mo.

CME

Term

SOFR

+

2.61%),

7.97%,

07/25/51

..........

421

418,245

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Series

2021-1A,

Class

C,

(1-mo.

CME

Term

SOFR

+

3.86%),

9.22%,

07/25/51

..........

USD

241

$

241,258

Series

2021-1A,

Class

D,

(1-mo.

CME

Term

SOFR

+

6.01%),

11.37%,

07/25/51

.........

308

306,575

Rockfield

Park

CLO

DAC,

Series

1X,

Class

C,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

6.96%,

07/16/34

(d)

EUR

2,000

2,098,210

Rockford

Tower

Europe

CLO

DAC

(d)

Series

2018-1X,

Class

B,

(3-mo.

EURIBOR

at

1.85%

Floor

+

1.85%),

5.79%,

12/20/31

....

2,550

2,771,765

Series

2018-1X,

Class

C,

(3-mo.

EURIBOR

at

2.47%

Floor

+

2.47%),

6.41%,

12/20/31

....

1,640

1,766,136

Series

2019-1X,

Class

B1,

(3-mo.

EURIBOR

at

1.60%

Floor

+

1.60%),

5.59%,

01/20/33

....

5,012

5,404,623

RRE

9

Loan

Management

DAC,

Series

9A,

Class

A2,

(3-mo.

EURIBOR

at

1.70%

Floor

+

1.70%),

5.66%,

10/15/36

(a)

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

1,720

1,841,847

Sound

Point

Euro

CLO

III

Funding

DAC,

Series

3X,

Class

C,

(3-mo.

EURIBOR

at

2.30%

Floor

+

2.30%),

6.27%,

04/15/33

(d)

...........

750

798,760

St

Paul's

CLO

XII

DAC,

Series

12X,

Class

D,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

7.17%,

04/15/33

(d)

1,880

1,979,555

St.

Paul's

CLO

XII

DAC,

Series

12X,

Class

B1,

(3-mo.

EURIBOR

at

1.60%

Floor

+

1.60%),

5.56%,

04/15/33

(d)

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

1,350

1,442,027

Sutton

Park

CLO

DAC

(d)

Series

1X,

Class

A2A,

(3-mo.

EURIBOR

at

1.70%

Floor

+

1.70%),

5.70%,

11/15/31

.....

345

372,302

Series

1X,

Class

BE,

(3-mo.

EURIBOR

at

2.35%

Floor

+

2.35%),

6.35%,

11/15/31

.....

500

535,032

Tikehau

CLO

VII

DAC,

Series

7X,

Class

A,

(3-mo.

EURIBOR

at

2.00%

Floor

+

2.00%),

5.99%,

10/20/35

(d)

....

11,500

12,723,879

Toro

European

CLO

2

DAC,

Series

2A,

Class

CRR,

(3-mo.

EURIBOR

at

2.45%

Floor

+

2.45%),

6.41%,

07/25/34

(a)

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

320

340,847

Voya

Euro

CLO

I

DAC

(d)

Series

1X,

Class

A,

(3-mo.

EURIBOR

at

0.75%

Floor

+

0.75%),

4.71%,

10/15/30

....

4,170

4,566,868

Series

1X,

Class

B1NE,

(3-mo.

EURIBOR

at

1.15%

Floor

+

1.15%),

5.11%,

10/15/30

.....

750

806,735

Voya

Euro

CLO

II

DAC

(a)

Series

2A,

Class

B1R,

(3-mo.

EURIBOR

at

1.67%

Floor

+

1.67%),

5.64%,

07/15/35

....

250

267,298

Series

2A,

Class

CR,

(3-mo.

EURIBOR

at

2.15%

Floor

+

2.15%),

6.11%,

07/15/35

.....

250

263,999

Voya

Euro

CLO

III

DAC,

Series

3X,

Class

B1,

(3-mo.

EURIBOR

at

1.65%

Floor

+

1.65%),

5.61%,

04/15/33

(d)

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

439

469,287

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%),

7.07%,

04/15/35

(a)

EUR

660

$

680,257

264,230,472

Italy

—

0.1%

(b)(d)

AutoFlorence

2

SRL

Series

2,

Class

B,

(1-mo.

EURIBOR

+

0.75%),

4.63%,

12/24/44

...

527

575,366

Series

2,

Class

C,

(1-mo.

EURIBOR

+

1.15%),

5.03%,

12/24/44

...

243

264,971

Series

2,

Class

D,

(1-mo.

EURIBOR

+

2.35%),

6.23%,

12/24/44

...

130

140,289

AutoFlorence

3

SRL

Series

3,

Class

A,

(1-mo.

EURIBOR

+

0.95%),

4.83%,

12/25/46

...

8,256

9,150,623

Series

3,

Class

B,

(1-mo.

EURIBOR

+

2.35%),

6.23%,

12/25/46

...

682

760,844

Series

3,

Class

C,

(1-mo.

EURIBOR

+

3.35%),

7.23%,

12/25/46

...

887

986,428

Series

3,

Class

D,

(1-mo.

EURIBOR

+

5.35%),

9.23%,

12/25/46

...

619

684,706

Brignole

Co.

SRL

Series

2021,

Class

B,

(1-mo.

EURIBOR

+

0.80%),

4.68%,

07/24/36

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

143

157,526

Series

2021,

Class

D,

(1-mo.

EURIBOR

+

1.60%),

5.48%,

07/24/36

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

100

109,310

Golden

Bar

Securitisation

SRL

Series

2023-2,

Class

B,

(3-mo.

EURIBOR

+

2.90%),

6.82%,

09/22/43

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

2,706

3,022,658

Series

2023-2,

Class

C,

(3-mo.

EURIBOR

+

3.60%),

7.52%,

09/22/43

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

3,309

3,683,173

Series

2023-2,

Class

D,

(3-mo.

EURIBOR

+

5.70%),

9.62%,

09/22/43

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

2,785

3,082,633

Koromo

Italy

SRL,

Series

1,

Class

A,

(1-mo.

EURIBOR

+

0.80%),

4.68%,

02/26/35

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

3,604

3,986,833

Quarzo

SRL,

Series

2023-1,

Class

A2,

(3-mo.

EURIBOR

+

0.95%),

4.88%,

12/15/39

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

4,063

4,485,239

Red

&

Black

Auto

Italy

SRL

Series

1,

Class

D,

(1-mo.

EURIBOR

+

2.85%),

6.72%,

12/28/31

...

422

449,545

Series

2,

Class

A1,

(1-mo.

EURIBOR

+

1.00%),

4.87%,

07/28/34

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

2,785

3,085,089

Series

2,

Class

B,

(1-mo.

EURIBOR

+

1.80%),

5.66%,

07/28/34

...

929

1,025,394

Series

2,

Class

C,

(1-mo.

EURIBOR

+

2.80%),

6.67%,

07/28/34

...

1,012

1,111,351

Series

2,

Class

D,

(1-mo.

EURIBOR

+

3.80%),

7.67%,

07/28/34

...

355

393,729

Sunrise

SPV

50

SRL,

Series

2023-2,

Class

A1,

(1-mo.

EURIBOR

+

1.00%),

4.88%,

07/27/48

.......

2,950

3,268,412

40,424,119

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

44

(Percentages

shown

are

based

on

Net

Assets)

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%),

13.91%,

07/21/36

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

USD

250

$

254,646

AGL

Static

CLO

18

Ltd.,

Series

2022-

18A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

7.41%,

04/21/31

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

21,500

21,396,860

AIMCO

CLO

17

Ltd.,

Series

2022-17A,

Class

F,

(3-mo.

CME

Term

SOFR

at

8.71%

Floor

+

8.71%),

14.13%,

07/20/35

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

950

943,187

AIMCO

CLO

18

Ltd.,

Series

2022-18A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.65%

Floor

+

8.65%),

14.07%,

07/20/35

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

1,500

1,523,315

Apidos

CLO

XL

Ltd.,

Series

2022-40A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.69%

Floor

+

7.69%),

13.08%,

07/15/35

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

1,500

1,496,404

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

499,824

Ares

LXVIII

CLO

Ltd.,

Series

2023-68A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.55%

Floor

+

8.55%),

13.93%,

04/25/35

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

2,000

2,001,772

Ballyrock

CLO

21

Ltd.,

Series

2022-

21A,

Class

D,

(3-mo.

CME

Term

SOFR

at

8.76%

Floor

+

8.76%),

14.18%,

10/20/35

...........

1,000

998,936

Ballyrock

CLO

23

Ltd.,

Series

2023-

23A,

Class

C,

(3-mo.

CME

Term

SOFR

at

5.20%

Floor

+

5.20%),

10.58%,

04/25/36

...........

1,000

997,164

Benefit

Street

Partners

CLO

XXVII

Ltd.,

Series

2022-27A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.12%

Floor

+

8.12%),

13.54%,

07/20/35

......

570

571,121

Benefit

Street

Partners

CLO

XXX

Ltd.,

Series

2023-30A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.60%

Floor

+

5.60%),

10.98%,

04/25/36

......

1,835

1,877,858

Pikes

Peak

CLO

12

Ltd.,

Series

2023-

12A,

Class

E,

(3-mo.

CME

Term

SOFR

at

9.15%

Floor

+

9.15%),

14.57%,

04/20/36

...........

1,280

1,282,410

Stratus

Static

CLO

Ltd.,

Series

2022-

3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.29%

Floor

+

5.29%),

10.71%,

10/20/31

...........

1,000

1,010,844

Valley

Stream

Park

CLO

Ltd.,

Series

2022-1A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.85%

Floor

+

6.85%),

12.27%,

10/20/34

......

13,575

13,693,946

48,548,287

Luxembourg

—

0.0%

(b)(d)

BL

Consumer

Credit

Series

2021-1,

Class

C,

(1-mo.

EURIBOR

+

1.10%),

4.98%,

09/25/38

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

EUR

528

581,814

Series

2021-1,

Class

D,

(1-mo.

EURIBOR

+

1.65%),

5.53%,

09/25/38

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

681

749,746

Security

Par

(000)

Par

(000)

Value

Luxembourg

(continued)

Series

2021-1,

Class

E,

(1-mo.

EURIBOR

+

2.85%),

6.73%,

09/25/38

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

EUR

355

$

379,277

SC

Germany

SA

Compartment

Consumer

Series

2020-1,

Class

C,

(1-mo.

EURIBOR

+

1.75%),

5.61%,

11/14/34

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

1,329

1,468,458

Series

2020-1,

Class

D,

(1-mo.

EURIBOR

+

2.50%),

6.36%,

11/14/34

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

545

600,269

SC

Germany

SA

Compartment

Leasing

Series

2023-1,

Class

C,

(1-mo.

EURIBOR

+

2.00%),

5.86%,

12/14/32

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

1,100

1,216,081

Series

2023-1,

Class

D,

(1-mo.

EURIBOR

+

3.00%),

6.86%,

12/14/32

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

1,000

1,105,585

6,101,230

Netherlands

—

0.0%

(b)(d)

Aurorus

BV

Series

2023-1,

Class

B,

(1-mo.

EURIBOR

+

1.30%),

5.15%,

08/13/49

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

4,621

5,106,969

Series

2023-1,

Class

C,

(1-mo.

EURIBOR

+

2.10%),

5.95%,

08/13/49

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

917

1,014,756

Series

2023-1,

Class

D,

(1-mo.

EURIBOR

+

3.20%),

7.05%,

08/13/49

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

1,331

1,474,186

OZLME

IV

DAC,

Series

4X,

Class

B,

(3-mo.

EURIBOR

at

1.35%

Floor

+

1.35%),

5.29%,

07/27/32

.......

2,890

3,103,604

10,699,515

Portugal

—

0.0%

TAGUS

-

Sociedade

de

Titularizacao

de

Creditos

SA

(d)

Series

2,

Class

D,

(1-mo.

EURIBOR

+

2.85%),

6.73%,

09/23/38

(b)

..

619

649,168

Series

7,

Class

SEN,

0.70%,

02/12/24

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

532

585,298

1,234,466

Spain

—

0.1%

(d)

Autonoria

Spain

(b)

Series

2021-SP,

Class

B,

(1-mo.

EURIBOR

+

0.80%),

4.68%,

01/31/39

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

713

785,185

Series

2021-SP,

Class

C,

(1-mo.

EURIBOR

+

1.05%),

4.93%,

01/31/39

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

1,152

1,257,968

Series

2021-SP,

Class

D,

(1-mo.

EURIBOR

+

1.55%),

5.43%,

01/31/39

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

494

535,108

Series

2021-SP,

Class

E,

(1-mo.

EURIBOR

+

2.65%),

6.53%,

01/31/39

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

274

293,341

Series

2021-SP,

Class

F,

(1-mo.

EURIBOR

+

3.90%),

7.78%,

01/31/39

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

110

118,283

Series

2022-SP,

Class

C,

(1-mo.

EURIBOR

+

2.80%),

6.68%,

01/27/40

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

1,291

1,443,913

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Spain

(continued)

Series

2022-SP,

Class

D,

(1-mo.

EURIBOR

+

4.20%),

8.08%,

01/28/40

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

EUR

323

$

360,223

Series

2022-SP,

Class

E,

(1-mo.

EURIBOR

+

7.00%),

10.88%,

01/29/40

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

1,856

2,083,983

Autonoria

Spain

2023

FT

(b)

Series

2023-SP,

Class

A,

(1-mo.

EURIBOR

+

0.70%),

4.58%,

09/30/41

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

5,600

6,195,121

Series

2023-SP,

Class

B,

(1-mo.

EURIBOR

+

1.15%),

5.03%,

09/30/41

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

500

554,190

Series

2023-SP,

Class

C,

(1-mo.

EURIBOR

+

2.00%),

5.88%,

09/30/41

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

1,700

1,884,094

Series

2023-SP,

Class

D,

(1-mo.

EURIBOR

+

2.90%),

6.78%,

09/30/41

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

600

664,145

FT

Santander

Consumer

Spain

Auto

Series

2020-1,

Class

B,

(3-mo.

EURIBOR

+

0.95%),

4.89%,

03/21/33

(b)

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

309

336,131

Series

2020-1,

Class

C,

(3-mo.

EURIBOR

+

1.95%),

5.89%,

03/21/33

(b)

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

93

101,576

Series

2020-1,

Class

D,

3.50%,

03/21/33

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

154

164,090

16,777,351

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

4,410,676

Dowson

plc

(b)(d)

Series

2021-2,

Class

B,

(Sterling

Overnight

Index

Average

+

1.20%),

6.39%,

10/20/28

....

451

575,033

Series

2021-2,

Class

C,

(Sterling

Overnight

Index

Average

+

1.60%),

6.79%,

10/20/28

....

1,300

1,660,326

Series

2022-1,

Class

C,

(Sterling

Overnight

Index

Average

+

2.25%),

7.44%,

01/20/29

....

2,528

3,223,675

Series

2022-1,

Class

D,

(Sterling

Overnight

Index

Average

+

2.70%),

7.89%,

01/20/29

....

725

920,400

Series

2022-2,

Class

C,

(Sterling

Overnight

Index

Average

+

3.70%),

8.89%,

08/20/29

....

1,814

2,332,976

Series

2022-2,

Class

D,

(Sterling

Overnight

Index

Average

+

5.25%),

10.44%,

08/20/29

....

989

1,277,099

Greene

King

Finance

plc

Series

A6,  4.06%,

03/15/35

(d)

...

3,263

3,795,031

Series

B1,  (Sterling

Overnight

Index

Average

+

1.92%),

7.12%,

12/15/34

(b)

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

2,472

2,449,992

Series

B2,  (1D

GBOIS

+

2.12%),

7.39%,

03/15/36

(b)(d)

........

100

99,465

Hermitage

2023

plc,

Series

2023-

1,

Class

B,

(Sterling

Overnight

Index

Average

+

2.45%),

7.64%,

09/21/33

(b)(d)

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

891

1,140,279

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

London

Cards

No.

1

plc,

Series

1,

Class

B,

(Sterling

Overnight

Index

Average

+

3.75%),

8.95%,

05/15/33

(b)(d)

...

GBP

1,425

$

1,821,406

Newday

Funding

Master

Issuer

plc

(b)(d)

Series

2021-1X,

Class

B,

(Sterling

Overnight

Index

Average

+

1.55%),

6.75%,

03/15/29

....

775

988,142

Series

2021-3X,

Class

A1,

(Sterling

Overnight

Index

Average

+

0.90%),

6.10%,

11/15/29

.....

2,321

2,955,188

Series

2021-3X,

Class

B,

(Sterling

Overnight

Index

Average

+

1.35%),

6.55%,

11/15/29

.....

677

861,480

Series

2022-2X,

Class

C,

(Sterling

Overnight

Index

Average

+

5.00%),

10.20%,

07/15/30

....

3,271

4,288,824

Series

2023-1X,

Class

B,

(Sterling

Overnight

Index

Average

+

2.70%),

7.92%,

11/15/31

.....

4,377

5,608,121

Series

2023-1X,

Class

C,

(Sterling

Overnight

Index

Average

+

3.70%),

8.92%,

11/15/31

.....

5,555

7,116,750

PCL

Funding

VI

plc

(b)(d)

Series

2022-1,

Class

A,

(Sterling

Overnight

Index

Average

+

1.40%),

6.60%,

07/15/26

....

14,896

19,020,984

Series

2022-1,

Class

B,

(Sterling

Overnight

Index

Average

+

3.10%),

8.30%,

07/15/26

....

1,937

2,479,507

PCL

Funding

VIII

plc

(b)(d)

Series

2023-1,

Class

A,

(Sterling

Overnight

Index

Average

+

1.18%),

6.38%,

05/15/28

....

6,070

7,756,360

Series

2023-1,

Class

B,

(Sterling

Overnight

Index

Average

+

2.50%),

7.70%,

05/15/28

....

1,125

1,439,052

Series

2023-1,

Class

C,

(Sterling

Overnight

Index

Average

+

3.50%),

8.70%,

05/15/28

....

712

913,335

Satus

plc

(b)(d)

Series

2021-1,

Class

B,

(Sterling

Overnight

Index

Average

+

1.20%),

6.40%,

08/17/28

....

291

371,893

Series

2021-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.60%),

6.80%,

08/17/28

....

300

383,083

Series

2021-1,

Class

D,

(Sterling

Overnight

Index

Average

+

1.90%),

7.10%,

08/17/28

....

200

254,722

Series

2021-1,

Class

E,

(Sterling

Overnight

Index

Average

+

3.20%),

8.40%,

08/17/28

....

166

208,423

Tower

Bridge

Funding

plc

(b)(d)

Series

2022-1X,

Class

A,

(Sterling

Overnight

Index

Average

+

0.72%),

5.91%,

12/20/63

....

2,694

3,425,501

Series

2023-1X,

Class

B,

(Sterling

Overnight

Index

Average

+

2.20%),

7.44%,

10/20/64

....

1,469

1,885,250

Series

2023-1X,

Class

C,

(Sterling

Overnight

Index

Average

+

3.15%),

8.39%,

10/20/64

....

993

1,275,075

Series

2023-1X,

Class

D,

(Sterling

Overnight

Index

Average

+

4.30%),

9.54%,

10/20/64

....

1,116

1,441,029

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Trafford

Centre

Finance

Ltd.

(The),

Series

B2,  (Sterling

Overnight

Index

Average

+

0.94%),

6.18%,

07/28/35

(b)(d)

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

GBP

3,400

$

3,043,553

Unique

Pub

Finance

Co.

plc

(The)

(d)

Series

A4,  5.66%,

06/30/27

....

4,470

5,664,135

Series

M,  7.39%,

03/28/24

(e)

....

1,352

1,715,102

Series

N,  6.46%,

03/30/32

(e)

....

4,765

6,105,439

102,907,306

United

States

—

6.4%

510

Loan

Acquisition

Trust,

Series

2020-1,

Class

A,

8.11%,

09/25/60

(a)(e)

USD

7,617

7,526,460

522

Funding

CLO

Ltd.

(a)(b)

Series

2018-3A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.04%

Floor

+

1.30%),

6.72%,

10/20/31

...

250

249,725

Series

2018-3A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.73%,

10/20/31

...

750

745,315

AccessLex

Institute,

Series

2007-A,

Class

A3,

(3-mo.

CME

Term

SOFR

+

0.56%),

5.94%,

05/25/36

(b)

.....

2,037

1,987,063

ACE

Securities

Corp.

Home

Equity

Loan

Trust

(b)

Series

2007-HE4,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.26%

Floor

+

0.37%),

5.73%,

05/25/37

...

7,160

1,207,539

Series

2007-HE4,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

6.07%,

05/25/37

...

353

60,443

ACE

Securities

Manufactured

Housing

Loan

Trust,

Series

2003-MH1,

Class

B2,

0.00%,

08/15/30

(a)

........

4,314

3,727,005

ACREC

LLC,

Series

2023-FL2,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.23%

Floor

+

2.23%),

7.59%,

02/19/38

(a)(b)

11,660

11,641,681

Ajax

Mortgage

Loan

Trust

(a)

Series

2017-D,

Class

B,

0.00%,

12/25/57

(b)

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

58

24,603

Series

2020-C,

Class

A,

2.25%,

09/27/60

(e)

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

529

524,923

Series

2020-C,

Class

B,

5.00%,

09/27/60

(e)

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

4,968

4,854,936

Series

2020-C,

Class

C,

0.00%,

09/27/60

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

15,577

12,721,081

Series

2020-D,

Class

A,

2.25%,

06/25/60

(e)

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

5,391

5,312,771

Series

2020-D,

Class

B,

5.00%,

06/25/60

(e)

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

7,064

6,918,380

Series

2020-D,

Class

C,

0.00%,

06/25/60

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

16,636

12,463,389

Series

2021-C,

Class

A,

2.12%,

01/25/61

(e)

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

18,718

18,116,821

Series

2021-C,

Class

B,

3.72%,

01/25/61

(e)

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

6,014

5,573,150

Series

2021-C,

Class

C,

0.00%,

01/25/61

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

15,029

14,021,958

Series

2021-D,

Class

A,

2.00%,

03/25/60

(e)

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

41,618

39,915,884

Series

2021-D,

Class

B,

4.00%,

03/25/60

(b)

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

10,911

9,961,608

Series

2021-D,

Class

C,

0.00%,

03/25/60

(b)

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

15,963

14,933,473

Series

2021-E,

Class

A1,

1.74%,

12/25/60

(b)

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

42,608

37,059,354

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-E,

Class

A2,

2.69%,

12/25/60

(b)

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

USD

8,637

$

7,187,923

Series

2021-E,

Class

B1,

3.73%,

12/25/60

(b)

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

5,214

4,370,085

Series

2021-E,

Class

B3,

3.77%,

12/25/60

(b)

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

12,713

3,875,452

Series

2021-E,

Class

M1,

2.94%,

12/25/60

(b)

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

8,544

7,036,195

Series

2021-E,

Class

SA,

0.00%,

12/25/60

(b)

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

148

68,189

Series

2021-E,

Class

XS,

0.00%,

12/25/60

(b)

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

176,320

7,106,436

Series

2021-F,

Class

A,

1.87%,

06/25/61

(e)

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

75,024

70,246,696

Series

2021-F,

Class

B,

3.75%,

06/25/61

(e)

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

11,970

10,921,379

Series

2021-F,

Class

C,

0.00%,

06/25/61

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

22,174

17,753,607

Series

2021-G,

Class

A,

1.87%,

06/25/61

(b)

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

69,401

66,075,083

Series

2021-G,

Class

B,

3.75%,

06/25/61

(b)

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

14,966

14,002,396

Series

2021-G,

Class

C,

0.00%,

06/25/61

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

26,944

22,826,809

Series

2023-B,

Class

A,

4.25%,

10/25/62

(e)

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

32,099

31,024,840

Series

2023-B,

Class

B,

4.25%,

10/25/62

(e)

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

3,314

2,930,006

Series

2023-B,

Class

C,

0.00%,

10/25/62

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

8,301

3,130,009

Series

2023-B,

Class

SA,

0.00%,

10/25/62

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

2,022

1,524,899

American

Homes

4

Rent

Trust

(a)

Series

2014-SFR2,

Class

E,

6.23%,

10/17/36

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

8,624

8,587,563

Series

2015-SFR1,

Class

XS,

0.00%,

04/17/52

(b)

.........

21,969

219

AMSR

Trust

(a)

Series

2020-SFR1,

Class

E,

3.22%,

04/17/37

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

2,102

2,001,513

Series

2020-SFR4,

Class

E2,

2.46%,

11/17/37

..........

4,080

3,785,160

Series

2020-SFR4,

Class

F,

2.86%,

11/17/37

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

4,520

4,198,350

Series

2020-SFR4,

Class

G2,

4.87%,

11/17/37

..........

4,542

4,255,670

Series

2021-SFR1,

Class

F,

3.60%,

06/17/38

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

5,128

4,255,053

Series

2021-SFR2,

Class

F1,

3.28%,

08/17/38

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

6,744

6,025,679

Series

2023-SFR2,

Class

F2,

3.95%,

06/17/40

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

5,000

3,900,627

Aqua

Finance

Trust,

Series

2021-A,

Class

A,

1.54%,

07/17/46

(a)

.....

817

730,238

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%),

6.45%,

12/15/35

...

1,339

1,320,342

Series

2021-FL4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.46%

Floor

+

1.46%),

6.83%,

11/15/36

...

4,512

4,455,728

Series

2022-FL1,

Class

A,

(SOFR

30

day

Average

at

1.45%

Floor

+

1.45%),

6.79%,

01/15/37

....

1,959

1,922,263

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

5.95%,

05/25/35

(b)

.....

USD

5,366

$

4,058,840

Arm

Master

Trust

LLC

(a)

Series

2021-T1,

Class

A,

2.43%,

11/15/27

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

3,429

3,286,665

Series

2023-T1,

Class

A,

6.56%,

02/17/25

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

1,128

1,127,376

BA

Credit

Card

Trust,

Series

2023-A2,

Class

A2,

4.98%,

11/15/28

.....

17,095

17,293,914

BankAmerica

Manufactured

Housing

Contract

Trust

(b)

Series

1997-2,

Class

B1,

7.07%,

02/10/22

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

4,500

940,070

Series

1998-2,

Class

B1,

7.32%,

12/10/25

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

8,475

1,428,260

Bankers

Healthcare

Group

Securitization

Trust,

Series

2020-A,

Class

C,

5.17%,

09/17/31

(a)

.....

750

718,141

Battalion

CLO

XII

Ltd.,

Series

2018-

12A,

Class

B2R,

(3-mo.

CME

Term

SOFR

at

2.08%

Floor

+

2.34%),

7.71%,

05/17/31

(a)(b)

..........

250

250,546

Bayview

Financial

Revolving

Asset

Trust

(a)(b)

Series

2004-B,

Class

A1,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.11%),

6.47%,

05/28/39

...

19,763

15,642,519

Series

2004-B,

Class

A2,

(1-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.41%),

6.77%,

05/28/39

...

800

403,854

Series

2005-A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.11%),

6.47%,

02/28/40

...

9,480

8,412,152

Series

2005-E,

Class

A1,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.11%),

6.47%,

12/28/40

...

527

521,297

BCMSC

Trust

(b)

Series

2000-A,

Class

A2,

7.58%,

06/15/30

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

7,777

870,821

Series

2000-A,

Class

A3,

7.83%,

06/15/30

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

7,219

835,619

Series

2000-A,

Class

A4,

8.29%,

06/15/30

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

5,207

638,106

Bear

Stearns

Asset-Backed

Securities

I

Trust

(b)

Series

2004-HE7,

Class

M2,

(1-mo.

CME

Term

SOFR

at

1.73%

Floor

+

1.84%),

7.20%,

08/25/34

...

63

60,480

Series

2006-HE1,

Class

1M4,

(1-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.13%),

5.43%,

12/25/35

...

4,520

6,734,121

Series

2006-HE7,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.81%,

09/25/36

...

1,920

1,894,582

Series

2006-HE8,

Class

1A3,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

5.99%,

10/25/36

...

2,391

2,128,401

Series

2007-FS1,

Class

1A3,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.81%,

05/25/35

...

411

405,928

Series

2007-HE2,

Class

1A4,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.79%,

03/25/37

...

3,118

2,680,356

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2007-HE2,

Class

22A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.61%,

03/25/37

...

USD

1,786

$

1,627,458

Series

2007-HE2,

Class

23A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.61%,

03/25/37

...

2,346

2,143,934

Series

2007-HE3,

Class

1A3,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.36%),

5.72%,

04/25/37

...

975

1,445,602

Series

2007-HE3,

Class

1A4,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

+

0.46%),

5.82%,

04/25/37

...

18,480

19,382,526

BHG

Securitization

Trust

(a)

Series

2021-A,

Class

A,

1.42%,

11/17/33

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

2,563

2,415,903

Series

2021-A,

Class

B,

2.79%,

11/17/33

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

1,995

1,789,062

Series

2021-A,

Class

C,

3.69%,

11/17/33

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

160

143,481

Series

2021-B,

Class

C,

2.24%,

10/17/34

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

1,600

1,379,605

Series

2022-A,

Class

E,

4.30%,

02/20/35

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

600

439,467

Series

2022-C,

Class

B,

5.93%,

10/17/35

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

3,675

3,654,064

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2013-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.59%,

08/14/30

(a)(b)

991

990,832

Carrington

Mortgage

Loan

Trust

(b)

Series

2006-NC1,

Class

M2,

(1-mo.

CME

Term

SOFR

at

0.63%

Floor

+

0.74%),

6.10%,

01/25/36

...

1,620

1,295,600

Series

2006-NC4,

Class

A3,

(1-mo.

CME

Term

SOFR

at

0.16%

Floor

and

12.50%

Cap

+

0.27%),

5.63%,

10/25/36

..........

946

914,886

Cascade

MH

Asset

Trust,

Series

2019-

MH1,

Class

A,

4.00%,

11/25/44

(a)(b)

16,256

15,568,475

C-BASS

Trust,

Series

2006-CB7,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.79%,

10/25/36

(b)

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

1,112

696,671

CIT

Mortgage

Loan

Trust,

Series

2007-

1,

Class

1M2,

(1-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.86%),

7.22%,

10/25/37

(a)(b)

..........

3,538

3,048,799

Citigroup

Mortgage

Loan

Trust

(b)

Series

2007-AHL2,

Class

A3B,

(1-

mo.

CME

Term

SOFR

at

0.20%

Floor

+

0.31%),

5.67%,

05/25/37

12,117

7,853,066

Series

2007-AHL2,

Class

A3C,

(1-

mo.

CME

Term

SOFR

at

0.27%

Floor

+

0.38%),

5.74%,

05/25/37

5,504

3,571,394

Series

2007-AHL3,

Class

A3B,

(1-

mo.

CME

Term

SOFR

at

0.17%

Floor

+

0.28%),

5.64%,

07/25/45

5,899

4,025,130

Series

2007-AMC1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.79%,

12/25/36

(a)

..

6,682

3,677,126

College

Avenue

Student

Loans

LLC

(a)

Series

2021-A,

Class

B,

2.32%,

07/25/51

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

5,355

4,792,218

Series

2021-A,

Class

C,

2.92%,

07/25/51

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

1,024

898,128

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-B,

Class

B,

2.42%,

06/25/52

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

USD

1,608

$

1,409,770

Series

2021-B,

Class

C,

2.72%,

06/25/52

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

807

716,782

Series

2021-B,

Class

D,

3.78%,

06/25/52

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

220

196,423

Series

2021-C,

Class

D,

4.11%,

07/26/55

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

530

459,085

Conseco

Finance

Corp.

(b)

Series

1996-10,

Class

B1,

7.24%,

11/15/28

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

2,146

2,102,317

Series

1997-3,

Class

M1,

7.53%,

03/15/28

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

1,996

1,969,500

Series

1997-6,

Class

M1,

7.21%,

01/15/29

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

1,441

1,409,750

Series

1998-4,

Class

M1,

6.83%,

04/01/30

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

594

559,048

Series

1998-6,

Class

M1,

6.63%,

06/01/30

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

1,630

1,579,578

Series

1999-5,

Class

A5,

7.86%,

03/01/30

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

2,522

909,567

Series

1999-5,

Class

A6,

7.50%,

03/01/30

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

2,705

936,377

Conseco

Finance

Securitizations

Corp.

Series

2000-1,

Class

A5,

8.06%,

09/01/29

(b)

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

4,152

766,976

Series

2000-4,

Class

A6,

8.31%,

05/01/32

(b)

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

5,128

940,870

Series

2000-5,

Class

A6,

7.96%,

05/01/31

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

6,271

1,701,509

Series

2000-5,

Class

A7,

8.20%,

05/01/31

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

11,418

3,191,522

Credit-Based

Asset

Servicing

&

Securitization

LLC

Series

2006-CB2,

Class

AF4,

3.07%,

12/25/36

(e)

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

1,012

837,841

Series

2006-MH1,

Class

B1,

6.75%,

10/25/36

(a)(e)

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

1,310

1,279,294

Series

2006-MH1,

Class

B2,

6.75%,

10/25/36

(a)(e)

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

5,709

4,278,848

Series

2006-SL1,

Class

A2,

6.06%,

09/25/36

(a)(e)

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

11,756

619,598

Series

2007-CB6,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.81%,

07/25/37

(a)(b)

.

1,390

880,462

CSMC

Trust,

Series

2017-2,

Class

CERT,

0.00%,

02/01/47

(a)

......

2,229

2,004,473

CWABS

Asset-Backed

Certificates

Trust

(b)

Series

2005-16,

Class

1AF,

4.52%,

04/25/36

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

5,587

4,852,363

Series

2006-11,

Class

3AV2,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.79%,

09/25/46

...

8

7,906

Series

2006-17,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

5.95%,

03/25/47

...

96

78,978

Series

2006-18,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.45%

Floor

+

0.56%),

5.92%,

03/25/37

...

12,905

9,931,927

Series

2006-22,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.23%

Floor

+

0.34%),

5.70%,

05/25/47

...

1,542

1,240,028

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

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%),

5.75%,

03/15/34

(b)

...........

USD

176

$

174,081

CWHEQ

Home

Equity

Loan

Trust

Series

2006-S3,

Class

A4,

5.53%,

01/25/29

(e)

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

120

217,922

Series

2006-S5,

Class

A5,

6.16%,

06/25/35

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

241

289,738

CWHEQ

Revolving

Home

Equity

Loan

Resuritization

Trust

(a)(b)

Series

2006-RES,

Class

4Q1B,

(1-

mo.

CME

Term

SOFR

at

0.30%

Floor

and

16.00%

Cap

+

0.41%),

5.78%,

12/15/33

..........

3

3,203

Series

2006-RES,

Class

5B1B,

(1-

mo.

CME

Term

SOFR

at

0.19%

Floor

and

16.00%

Cap

+

0.30%),

5.67%,

05/15/35

..........

90

89,204

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%),

5.66%,

05/15/35

..........

366

364,569

Series

2006-C,

Class

2A,

(1-mo.

CME

Term

SOFR

at

0.18%

Floor

and

16.00%

Cap

+

0.29%),

5.66%,

05/15/36

..........

1,666

1,619,222

Series

2006-H,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

and

16.00%

Cap

+

0.26%),

5.63%,

11/15/36

..........

922

907,829

Series

2006-I,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.62%,

01/15/37

...

511

464,177

Dewolf

Park

CLO

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.18%),

6.58%,

10/15/30

(a)(b)

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

10,184

10,188,807

Diameter

Capital

CLO

1

Ltd.

(a)(b)

Series

2021-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

6.31%

Floor

+

6.31%),

11.71%,

07/15/36

..

5,000

4,832,843

Series

2021-1A,

Class

SUB,

0.00%,

07/15/36

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

5,000

4,180,000

Eaton

Vance

CLO

Ltd.

(a)(b)

Series

2014-1RA,

Class

A2,

(3-mo.

CME

Term

SOFR

+

1.75%),

7.15%,

07/15/30

..........

1,750

1,734,673

Series

2018-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.86%,

10/15/30

...

1,000

997,475

Series

2019-1A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.50%

Floor

+

6.76%),

12.16%,

04/15/31

..

2,500

2,443,383

Education

Funding

Trust,

Series

2020-

A,

Class

R,

0.00%,

07/25/41

(a)(c)

..

75

1,875,000

EDvestinU

Private

Education

Loan

Issue

No.

3

LLC,

Series

2021-A,

Class

B,

3.50%,

11/25/50

(a)

.....

1,660

1,326,969

EDvestinU

Private

Education

Loan

Issue

No.

4

LLC,

Series

2022-A,

Class

A,

5.25%,

11/25/40

(a)

.....

6,588

6,469,178

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

ELFI

Graduate

Loan

Program

LLC,

Series

2020-A,

Class

B,

2.98%,

08/25/45

(a)(b)

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

USD

2,168

$

1,888,842

Elmwood

CLO

15

Ltd.,

Series

2022-2A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.25%

Floor

+

7.25%),

12.66%,

04/22/35

(a)(b)

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

1,800

1,803,672

First

Franklin

Mortgage

Loan

Trust

(b)

Series

2004-FFH3,

Class

M3,

(1-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.16%),

6.52%,

10/25/34

...

2,818

2,577,940

Series

2006-FF13,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.24%

Floor

+

0.35%),

5.71%,

10/25/36

...

4,583

3,023,371

Series

2006-FF13,

Class

A2C,

(1-

mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.79%,

10/25/36

2,687

1,711,746

Series

2006-FF16,

Class

2A4,

(1-

mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

5.89%,

12/25/36

5,066

2,045,970

FirstKey

Homes

Trust

(a)

Series

2020-SFR1,

Class

G,

4.78%,

08/17/37

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

6,572

6,178,652

Series

2021-SFR1,

Class

F1,

3.24%,

08/17/38

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

8,036

7,126,384

Series

2022-SFR1,

Class

E2,

5.00%,

05/19/39

..........

5,000

4,623,338

Series

2022-SFR2,

Class

E1,

4.50%,

07/17/39

..........

4,977

4,574,146

Flatiron

CLO

17

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.62%,

05/15/30

(a)(b)

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

4,525

4,515,797

Foundation

Finance

Trust

(a)

Series

2021-2A,

Class

A,

2.19%,

01/15/42

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

6,969

6,322,292

Series

2023-1A,

Class

A,

5.67%,

12/15/43

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

7,769

7,768,003

Fremont

Home

Loan

Trust

(b)

Series

2006-3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.75%,

02/25/37

...

5,127

3,893,033

Series

2006-3,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.81%,

02/25/37

...

5,291

1,737,021

Frontier

Issuer

LLC,

Series

2023-1,

Class

A2,

6.60%,

08/20/53

(a)

....

35,779

35,593,518

FS

Rialto

Issuer

LLC

(a)(b)

Series

2022-FL5,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.30%

Floor

+

2.30%),

7.66%,

06/19/37

...

9,954

9,857,225

Series

2022-FL6,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.58%

Floor

+

2.58%),

7.94%,

08/17/37

...

24,153

24,197,964

Series

2022-FL7,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.90%

Floor

+

2.90%),

8.26%,

10/19/39

...

11,152

11,210,394

GAM

Resecuritization

Trust,

Series

2018-B,

Class

A1,

(US

Prime

Rate

-

2.00%),

6.50%,

08/27/51

(a)(b)

....

6,117

5,740,772

GITSIT

Mortgage

Loan

Trust,

Series

2023-NPL1,

Class

A1,

8.35%,

05/25/53

(a)(e)

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

10,069

10,112,386

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

GoldenTree

Loan

Opportunities

X

Ltd.,

Series

2015-10A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.38%),

6.80%,

07/20/31

(a)(b)

....

USD

5,083

$

5,086,089

Goldman

Home

Improvement

Trust

Issuer

Trust

(a)

Series

2021-GRN2,

Class

B,

1.97%,

06/25/51

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

4,583

4,182,410

Series

2022-GRN2,

Class

A,

6.80%,

10/25/52

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

5,863

5,931,617

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

2,493,379

Goodleap

Sustainable

Home

Solutions

Trust,

Series

2023-3C,

Class

A,

6.50%,

07/20/55

(a)

...........

10,612

10,900,007

GoodLeap

Sustainable

Home

Solutions

Trust

(a)

Series

2021-3CS,

Class

A,

2.10%,

05/20/48

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

10,735

8,269,443

Series

2022-3CS,

Class

A,

4.95%,

07/20/49

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

6,611

6,065,605

Series

2023-1GS,

Class

A,

5.52%,

02/22/55

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

5,962

5,812,411

Greenpoint

Manufactured

Housing

(b)

Series

1999-5,

Class

M1B,

8.29%,

12/15/29

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

456

455,143

Series

1999-5,

Class

M2,

9.23%,

12/15/29

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

2,765

2,626,965

Grippen

Park

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.52%),

6.94%,

01/20/30

...

1,450

1,450,467

Series

2017-1A,

Class

B,

(3-mo.

CME

Term

SOFR

+

1.91%),

7.33%,

01/20/30

..........

5,000

4,975,232

Series

2017-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.98%,

01/20/30

...

3,950

3,951,183

GSAA

Home

Equity

Trust

(b)

Series

2005-14,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

0.70%

Floor

+

0.81%),

6.17%,

12/25/35

...

5,333

2,315,417

Series

2006-4,

Class

1A1,

3.89%,

03/25/36

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

3,751

2,573,824

Series

2007-2,

Class

AF3,

5.92%,

03/25/37

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

1,434

278,329

GSAMP

Trust

(b)

Series

2007-H1,

Class

A1B,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

+

0.51%),

5.87%,

01/25/47

...

2,978

1,480,271

Series

2007-HS1,

Class

M6,

(1-mo.

CME

Term

SOFR

at

3.38%

Floor

+

3.49%),

8.85%,

02/25/47

...

3,414

3,265,358

Hipgnosis

Music

Assets

LP,

Series

2022-1,

Class

A,

5.00%,

05/16/62

(a)

11,293

10,531,270

Home

Equity

Asset

Trust

(b)

Series

2006-3,

Class

M2,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

6.07%,

07/25/36

...

4,008

3,635,290

Series

2007-1,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

5.77%,

05/25/37

...

4,732

3,706,515

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Home

Equity

Mortgage

Loan

Asset-

Backed

Trust,

Series

2004-A,

Class

M2,

(1-mo.

CME

Term

SOFR

at

2.03%

Floor

+

2.14%),

4.03%,

07/25/34

(b)

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

USD

863

$

830,656

Home

Equity

Mortgage

Trust,

Series

2006-2,

Class

1A1,

5.87%,

07/25/36

(e)

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

7,040

769,849

Irwin

Home

Equity

Loan

Trust,

Series

2006-P1,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

and

13.00%

Cap

+

0.39%),

5.75%,

12/25/36

(a)(b)

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

69

66,387

JPMorgan

Mortgage

Acquisition

Trust

Series

2006-CW1,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.41%

Floor

+

0.52%),

5.88%,

05/25/36

(b)

..

2,015

1,947,243

Series

2007-CH1,

Class

MF1,

4.56%,

11/25/36

(e)

.........

11,109

11,263,850

KeyCorp

Student

Loan

Trust

(b)

Series

2004-A,

Class

2D,

(3-mo.

LIBOR

USD

+

1.25%),

6.90%,

07/28/42

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

6,186

5,729,219

Series

2005-A,

Class

2C,

(3-mo.

CME

Term

SOFR

+

1.56%),

6.91%,

12/27/38

..........

10,987

10,193,932

Legacy

Mortgage

Asset

Trust

(a)

Series

2019-SL2,

Class

A,

3.38%,

02/25/59

(b)

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

7,768

7,398,894

Series

2019-SL2,

Class

B,

0.00%,

02/25/59

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

4,453

702,963

Series

2019-SL2,

Class

M,

4.25%,

02/25/59

(b)

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

5,003

3,650,530

Lehman

ABS

Manufactured

Housing

Contract

Trust

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(b)

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

6,091

6,129,812

Series

2002-A,

Class

C,

0.00%,

06/15/33

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

543

504,121

Lehman

ABS

Mortgage

Loan

Trust,

Series

2007-1,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.09%

Floor

+

0.20%),

5.56%,

06/25/37

(a)(b)

....

899

567,552

Lending

Funding

Trust,

Series

2020-2A,

Class

B,

3.54%,

04/21/31

(a)

.....

3,340

3,037,640

Lendmark

Funding

Trust

(a)

Series

2020-2A,

Class

D,

6.77%,

04/21/31

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

400

363,626

Series

2021-2A,

Class

C,

3.09%,

04/20/32

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

5,450

4,632,206

Series

2021-2A,

Class

D,

4.46%,

04/20/32

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

1,420

1,143,145

Series

2022-1A,

Class

A,

5.12%,

07/20/32

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

19,321

19,156,943

Series

2023-1A,

Class

A,

5.59%,

05/20/33

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

13,585

13,554,135

Series

2023-1A,

Class

D,

8.69%,

05/20/33

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

3,330

3,458,147

Loanpal

Solar

Loan

Ltd.,

Series

2020-

3GS,

Class

A,

2.47%,

12/20/47

(a)

.

17,896

13,865,215

Long

Beach

Mortgage

Loan

Trust

(b)

Series

2006-5,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

5.77%,

06/25/36

...

8,086

3,712,509

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2006-7,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.79%,

08/25/36

...

USD

18,420

$

7,186,772

Long

Point

Park

CLO

Ltd.,

Series

2017-

1A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.64%),

7.04%,

01/17/30

(a)(b)

..........

3,750

3,750,045

Madison

Avenue

Manufactured

Housing

Contract

Trust,

Series

2002-A,

Class

B2,

(1-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.36%),

8.72%,

03/25/32

(b)

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

304

304,340

Mariner

Finance

Issuance

Trust

(a)

Series

2019-AA,

Class

B,

3.51%,

07/20/32

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

1,354

1,350,780

Series

2019-AA,

Class

C,

4.01%,

07/20/32

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

4,920

4,878,410

Series

2020-AA,

Class

A,

2.19%,

08/21/34

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

10,820

10,575,134

Series

2020-AA,

Class

B,

3.21%,

08/21/34

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

6,926

6,607,577

Series

2020-AA,

Class

C,

4.10%,

08/21/34

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

2,530

2,382,537

Series

2020-AA,

Class

D,

5.75%,

08/21/34

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

3,350

3,120,203

Series

2021-AA,

Class

C,

2.96%,

03/20/36

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

1,190

1,047,622

Series

2021-AA,

Class

D,

3.83%,

03/20/36

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

1,180

1,036,850

Series

2021-AA,

Class

E,

5.40%,

03/20/36

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

5,040

4,361,254

Series

2021-BA,

Class

D,

3.42%,

11/20/36

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

1,130

968,900

Series

2021-BA,

Class

E,

4.68%,

11/20/36

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

2,520

2,068,930

Series

2022-AA,

Class

A,

6.45%,

10/20/37

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

18,710

18,839,612

Series

2023-AA,

Class

D,

8.85%,

10/22/35

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

12,900

13,204,693

MASTR

Asset-Backed

Securities

Trust

(b)

Series

2006-AM2,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

5.99%,

06/25/36

(a)

..

3,143

2,753,456

Series

2007-HE1,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.75%,

05/25/37

...

5,000

3,837,325

MASTR

Specialized

Loan

Trust,

Series

2006-3,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

5.99%,

06/25/46

(a)(b)

..........

758

724,111

Mercury

Financial

Credit

Card

Master

Trust,

Series

2022-1A,

Class

A,

2.50%,

09/21/26

(a)

...........

25,274

24,580,919

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust

(b)

Series

2007-2,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

5.95%,

05/25/37

...

3,867

2,819,408

Series

2007-H1,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.61%),

8.97%,

10/25/37

...

3,766

3,445,741

Merrill

Lynch

Mortgage

Investors

Trust

(b)

Series

2006-OPT1,

Class

M1,

(1-

mo.

CME

Term

SOFR

at

0.39%

Floor

+

0.50%),

5.86%,

08/25/37

1,120

928,316

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2006-RM3,

Class

A2B,

(1-mo.

CME

Term

SOFR

at

0.18%

Floor

+

0.29%),

5.65%,

06/25/37

...

USD

2,787

$

586,505

MF1

LLC,

Series

2023-FL12,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.07%

Floor

+

2.07%),

7.42%,

10/19/38

(a)(b)

4,192

4,173,351

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2022-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.64%

Floor

+

2.64%),

7.99%,

09/17/37

(a)(b)

5,160

5,162,994

Mill

City

Solar

Loan

Ltd.

(a)

Series

2019-1A,

Class

A,

4.34%,

03/20/43

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

9,666

8,844,909

Series

2019-2GS,

Class

A,

3.69%,

07/20/43

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

16,456

14,521,939

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

(b)

Series

2005-HE5,

Class

M4,

(1-mo.

CME

Term

SOFR

at

0.87%

Floor

+

0.98%),

6.34%,

09/25/35

...

7,524

6,075,371

Series

2007-SEA1,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

3.80%

Floor

+

3.91%),

9.27%,

02/25/47

(a)

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

747

683,996

Morgan

Stanley

Home

Equity

Loan

Trust,

Series

2006-3,

Class

A3,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.79%,

04/25/36

(b)

2,344

1,664,786

Mosaic

Solar

Loan

Trust

(a)

Series

2018-2GS,

Class

A,

4.20%,

02/22/44

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

8,828

8,142,844

Series

2018-2GS,

Class

C,

5.97%,

02/22/44

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

2,099

1,784,922

Series

2019-1A,

Class

A,

4.37%,

12/21/43

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

13,086

12,193,097

Series

2022-2A,

Class

A,

4.38%,

01/21/53

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

3,814

3,590,422

Series

2022-3A,

Class

A,

6.10%,

06/20/53

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

3,340

3,391,180

Series

2023-1A,

Class

A,

5.32%,

06/20/53

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

9,494

9,334,646

Nationstar

Home

Equity

Loan

Trust,

Series

2007-B,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.41%

Floor

+

0.52%),

5.88%,

04/25/37

(b)

.....

5,455

5,042,421

Navient

Private

Education

Loan

Trust

(a)

Series

2014-AA,

Class

B,

3.50%,

08/15/44

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

14,970

14,062,010

Series

2015-AA,

Class

B,

3.50%,

12/15/44

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

10,722

9,750,061

Navient

Private

Education

Refi

Loan

Trust

(a)

Series

2019-CA,

Class

A2,

3.13%,

02/15/68

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

148

141,713

Series

2020-FA,

Class

B,

2.69%,

07/15/69

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

4,310

3,432,004

Series

2021-DA,

Class

A,

(US

Prime

Rate

-

1.99%),

6.51%,

04/15/60

(b)

13,248

12,735,515

Series

2021-DA,

Class

B,

2.61%,

04/15/60

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

3,100

2,846,301

Series

2021-DA,

Class

C,

3.48%,

04/15/60

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

7,980

7,061,143

Series

2021-DA,

Class

D,

4.00%,

04/15/60

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

2,550

2,315,139

Series

2023-A,

Class

A,

5.51%,

10/15/71

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

18,409

18,395,733

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Nelnet

Student

Loan

Trust

(a)

Series

2021-A,

Class

B2,

2.85%,

04/20/62

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

USD

41,500

$

33,846,964

Series

2021-A,

Class

C,

3.75%,

04/20/62

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

3,133

2,536,529

Series

2021-A,

Class

D,

4.93%,

04/20/62

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

4,268

3,552,050

Series

2021-BA,

Class

B,

2.68%,

04/20/62

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

24,341

19,945,777

Series

2021-BA,

Class

C,

3.57%,

04/20/62

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

1,556

1,270,535

Series

2021-BA,

Class

D,

4.75%,

04/20/62

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

2,780

2,317,443

Series

2021-CA,

Class

B,

2.53%,

04/20/62

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

23,450

18,901,820

Series

2021-CA,

Class

C,

3.36%,

04/20/62

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

1,230

993,175

Series

2021-CA,

Class

D,

4.44%,

04/20/62

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

1,880

1,547,171

Series

2021-DA,

Class

B,

2.90%,

04/20/62

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

13,044

10,877,286

Series

2021-DA,

Class

C,

3.50%,

04/20/62

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

2,110

1,641,113

Series

2021-DA,

Class

D,

4.38%,

04/20/62

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

651

506,522

Series

2023-PL1A,

Class

A1A,

(SOFR

30

day

Average

+

2.25%),

7.57%,

11/25/53

(b)

.........

10,448

10,416,449

New

Century

Home

Equity

Loan

Trust,

Series

2005-C,

Class

M2,

(1-mo.

CME

Term

SOFR

at

0.68%

Floor

+

0.79%),

6.15%,

12/25/35

(b)

.....

3,937

3,166,454

New

Residential

Mortgage

Loan

Trust,

Series

2022-SFR2,

Class

F,

4.00%,

09/04/39

(a)

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

6,607

5,566,478

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2006-

S5,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

+

0.51%),

5.87%,

10/25/36

(a)(b)

..........

96

109,858

Oakwood

Mortgage

Investors,

Inc.

(b)

Series

2001-D,

Class

A2,

5.26%,

01/15/19

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

1,571

691,185

Series

2001-D,

Class

A4,

6.93%,

09/15/31

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

1,285

667,791

OneMain

Financial

Issuance

Trust

(a)

Series

2019-2A,

Class

A,

3.14%,

10/14/36

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

2,415

2,259,126

Series

2019-2A,

Class

D,

4.05%,

10/14/36

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

13,070

11,662,773

Series

2020-2A,

Class

D,

3.45%,

09/14/35

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

10,930

9,741,730

Series

2021-1A,

Class

A2,

(SOFR

30

day

Average

+

0.76%),

6.10%,

06/16/36

(b)

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

4,537

4,445,779

Series

2021-1A,

Class

C,

2.22%,

06/16/36

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

800

682,036

Series

2022-2A,

Class

A,

4.89%,

10/14/34

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

20,203

19,945,034

Series

2022-2A,

Class

B,

5.24%,

10/14/34

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

17,533

17,251,257

Series

2022-3A,

Class

A,

5.94%,

05/15/34

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

38,260

38,346,494

Series

2023-1A,

Class

D,

7.49%,

06/14/38

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

12,005

12,352,422

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2023-2A,

Class

D,

7.52%,

09/15/36

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

USD

25,921

$

26,515,747

Oportun

Issuance

Trust,

Series

2021-B,

Class

B,

1.96%,

05/08/31

(a)

.....

1,960

1,813,803

Option

One

Mortgage

Loan

Trust

Series

2005-4,

Class

M3,

(1-mo.

CME

Term

SOFR

at

0.74%

Floor

+

0.85%),

6.21%,

11/25/35

(b)

..

6,618

5,353,697

Series

2007-CP1,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.21%

Floor

+

0.32%),

5.68%,

03/25/37

(b)

..

6,755

5,441,169

Series

2007-FXD1,

Class

1A1,

5.87%,

01/25/37

(e)

.........

14,270

11,566,546

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(e)

.........

12,236

10,202,928

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(e)

.........

5,962

5,275,905

Origen

Manufactured

Housing

Contract

Trust

(b)

Series

2001-A,

Class

M1,

7.82%,

03/15/32

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

2,737

2,660,163

Series

2007-B,

Class

A1,

(1-mo.

LIBOR

USD

at

1.20%

Floor

and

18.00%

Cap

+

1.20%),

6.68%,

10/15/37

(a)

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

1,266

1,230,696

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(e)

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

4,382

3,880,503

Pagaya

AI

Debt

Selection

Trust,

Series

2021-2,

Class

NOTE,

3.00%,

01/25/29

(a)

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

2,053

1,998,169

Pagaya

AI

Technology

in

Housing

Trust,

Series

2023-1,

Class

F,

3.60%,

10/25/40

(a)

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

6,577

4,361,914

PennantPark

CLO

VI

LLC,

Series

2023-6A,

Class

A,

(3-mo.

CME

Term

SOFR

at

2.68%

Floor

+

2.68%),

8.09%,

04/22/35

(a)(b)

..........

1,000

995,019

PFS

Financing

Corp.,

Series

2022-

E,  7.00%,

10/15/26

(a)(c)

........

25,000

25,240,000

PRET

LLC

(a)

Series

2021-NPL6,

Class

A1,

2.49%,

07/25/51

(e)

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

13,040

12,859,490

Series

2021-RN4,

Class

A1,

2.49%,

10/25/51

(b)

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

10,880

10,674,403

Series

2023-RN2,

Class

A1,

8.11%,

11/25/53

(e)

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

15,664

15,901,158

Progress

Residential

Trust

(a)

Series

2020-SFR2,

Class

B,

2.58%,

06/17/37

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

950

905,251

Series

2020-SFR3,

Class

E,

2.30%,

10/17/27

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

4,710

4,355,827

Series

2020-SFR3,

Class

F,

2.80%,

10/17/27

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

8,860

8,219,706

Series

2021-SFR1,

Class

F,

2.76%,

04/17/38

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

5,100

4,550,306

Series

2021-SFR10,

Class

E2,

3.67%,

12/17/40

..........

1,722

1,489,469

Series

2021-SFR10,

Class

F,

4.61%,

12/17/40

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

6,950

6,017,788

Series

2021-SFR2,

Class

F,

3.40%,

04/19/38

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

10,966

9,817,713

Series

2021-SFR3,

Class

F,

3.44%,

05/17/26

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

12,190

10,913,990

Series

2021-SFR4,

Class

F,

3.41%,

05/17/38

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

15,230

13,593,535

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-SFR5,

Class

F,

3.16%,

07/17/38

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

USD

3,192

$

2,821,859

Series

2021-SFR6,

Class

F,

3.42%,

07/17/38

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

6,423

5,699,302

Series

2021-SFR9,

Class

F,

4.05%,

11/17/40

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

2,637

2,186,457

Series

2022-SFR1,

Class

F,

4.88%,

02/17/41

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

5,383

4,592,037

Series

2022-SFR1,

Class

G,

5.52%,

02/17/41

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

5,383

4,470,939

Series

2022-SFR3,

Class

E1,

5.20%,

04/17/39

..........

4,500

4,252,530

Series

2022-SFR5,

Class

E1,

6.62%,

06/17/39

..........

4,054

3,997,157

RAMP

Series

Trust,

Series

2004-RS7,

Class

A2A,

(1-mo.

LIBOR

USD

at

0.62%

Floor

and

14.00%

Cap

+

0.62%),

5.07%,

07/25/34

(b)

.....

2,248

1,744,101

RASC

Trust,

Series

2006-EMX9,

Class

1A4,

(1-mo.

CME

Term

SOFR

at

0.24%

Floor

and

14.00%

Cap

+

0.35%),

5.95%,

11/25/36

(b)

......

2,598

2,147,737

Ready

Capital

Mortgage

Financing

LLC,

Series

2023-FL11,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.37%

Floor

+

2.37%),

7.73%,

10/25/39

(a)(b)

....

11,679

11,661,105

Redwood

Funding

Trust,

Series

2023-1,

Class

A,

7.50%,

07/25/59

(a)(e)

....

1,042

1,023,440

Regional

Management

Issuance

Trust

(a)

Series

2020-1,

Class

A,

2.34%,

10/15/30

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

10,586

10,339,801

Series

2020-1,

Class

B,

3.23%,

10/15/30

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

1,140

1,076,424

Series

2020-1,

Class

C,

3.80%,

10/15/30

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

1,500

1,385,184

Series

2021-1,

Class

A,

1.68%,

03/17/31

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

2,083

1,995,163

Series

2021-1,

Class

C,

3.04%,

03/17/31

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

2,500

2,242,511

Series

2021-2,

Class

A,

1.90%,

08/15/33

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

2,361

2,088,637

Series

2021-2,

Class

B,

2.35%,

08/15/33

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

560

472,618

Series

2021-2,

Class

C,

3.23%,

08/15/33

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

1,339

1,109,096

Series

2022-1,

Class

A,

3.07%,

03/15/32

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

9,895

9,432,866

Series

2022-1,

Class

B,

3.71%,

03/15/32

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

1,698

1,565,929

Series

2022-1,

Class

C,

4.46%,

03/15/32

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

1,117

1,008,256

Series

2022-1,

Class

D,

6.72%,

03/15/32

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

3,555

3,185,040

Series

2022-2B,

Class

A,

7.10%,

11/17/32

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

23,215

23,428,731

Republic

Finance

Issuance

Trust

(a)

Series

2020-A,

Class

A,

2.47%,

11/20/30

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

6,907

6,780,579

Series

2020-A,

Class

B,

3.54%,

11/20/30

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

9,340

8,971,222

Series

2020-A,

Class

C,

4.05%,

11/20/30

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

2,420

2,293,542

Series

2021-A,

Class

A,

2.30%,

12/22/31

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

28,426

26,942,274

Series

2021-A,

Class

B,

2.80%,

12/22/31

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

5,960

5,442,987

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-A,

Class

C,

3.53%,

12/22/31

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

USD

2,040

$

1,829,787

Series

2021-A,

Class

D,

5.23%,

12/22/31

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

2,860

2,419,237

RMIT

Cash

Management

LLC,

Series

2021-3,

Class

A,

3.88%,

10/17/33

(a)(c)

43,330

38,295,054

SAT_23-1, 0.00%,

10/15/30

(a)(c)

.....

351

22,689,837

Saxon

Asset

Securities

Trust,

Series

2007-1,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.29%

Floor

+

0.40%),

5.76%,

01/25/47

(b)

...........

5,998

5,523,121

Securitized

Asset-Backed

Receivables

LLC

Trust

(b)

Series

2006-OP1,

Class

M6,

(1-mo.

CME

Term

SOFR

at

1.01%

Floor

+

1.12%),

6.48%,

10/25/35

...

570

422,495

Series

2007-BR1,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.22%

Floor

+

0.33%),

5.69%,

02/25/37

...

674

281,477

Series

2007-BR1,

Class

A2B,

(1-mo.

CME

Term

SOFR

at

0.54%

Floor

+

0.65%),

6.01%,

02/25/37

...

7,182

3,001,792

Service

Experts

Issuer

LLC,

Series

2021-1A,

Class

A,

2.67%,

02/02/32

(a)

9,037

8,397,305

Sesac

Finance

LLC,

Series

2019-1,

Class

A2,

5.22%,

07/25/49

(a)

....

22,807

22,168,242

SG

Mortgage

Securities

Trust

(b)

Series

2006-FRE2,

Class

A2C,

(1-

mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.79%,

07/25/36

2,347

494,844

Series

2006-OPT2,

Class

A3D,

(1-

mo.

CME

Term

SOFR

at

0.21%

Floor

+

0.32%),

5.68%,

10/25/36

4,623

3,261,382

Signal

Peak

CLO

2

LLC

(a)(b)

Series

2015-1A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.66%,

04/20/29

...

824

823,388

Series

2015-1A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.18%,

04/20/29

...

23,708

23,588,310

Series

2015-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.58%,

04/20/29

...

14,000

13,993,214

Series

2015-1A,

Class

DR2,

(3-mo.

CME

Term

SOFR

at

2.85%

Floor

+

3.11%),

8.53%,

04/20/29

...

1,500

1,471,032

SLM

Private

Education

Loan

Trust,

Series

2010-C,

Class

A5,

(1-mo.

CME

Term

SOFR

at

4.75%

Floor

+

4.86%),

10.23%,

10/15/41

(a)(b)

...

20,166

21,208,207

SMB

Private

Education

Loan

Trust

(a)

Series

2015-B,

Class

B,

3.50%,

12/17/40

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

8,827

8,542,682

Series

2015-C,

Class

B,

3.50%,

09/15/43

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

5,006

4,840,380

Series

2020-A,

Class

B,

3.00%,

08/15/45

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

5,930

5,094,867

Series

2020-PTA,

Class

C,

3.20%,

09/15/54

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

4,455

3,532,638

Series

2021-A,

Class

C,

2.99%,

01/15/53

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

16,804

14,283,135

Series

2021-C,

Class

C,

3.00%,

01/15/53

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

1,004

861,326

SoFi

Personal

Loan

Trust,  

6.00%,

11/12/30

(a)(c)

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

33,972

34,099,395

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

SoFi

Professional

Loan

Program

LLC,

Series

2018-A,

Class

B,

3.61%,

02/25/42

(a)

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

USD

1,014

$

924,557

SoFi

Professional

Loan

Program

Trust

(a)

Series

2018-B,

Class

BFX,

3.83%,

08/25/47

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

538

494,347

Series

2018-D,

Class

BFX,

4.14%,

02/25/48

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

273

248,767

Series

2020-A,

Class

BFX,

3.12%,

05/15/46

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

789

638,985

Soundview

Home

Loan

Trust,

Series

2004-WMC1,

Class

M2,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.91%),

6.27%,

01/25/35

(b)

.....

98

84,009

SpringCastle

America

Funding

LLC

(a)

Series

2020-AA,

Class

A,

1.97%,

09/25/37

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

7,504

6,921,653

Series

2020-AA,

Class

B,

2.66%,

09/25/37

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

19,740

17,747,046

STAR

Trust,

Series

2021-SFR1,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.51%

Floor

+

2.51%),

7.87%,

04/17/38

(a)(b)

1,870

1,787,726

Sunrun

Xanadu

Issuer

LLC,

Series

2019-1A,

Class

A,

3.98%,

06/30/54

(a)

8,671

8,103,652

Tricon

American

Homes

Trust

(a)

Series

2018-SFR1,

Class

E,

4.56%,

05/17/37

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

2,360

2,295,498

Series

2018-SFR1,

Class

F,

4.96%,

05/17/37

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

1,630

1,589,935

Series

2020-SFR1,

Class

F,

4.88%,

07/17/38

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

7,772

7,438,708

Upstart

Pass-Through

Trust,

Series

2020-ST6,

Class

A,

3.00%,

01/20/27

(a)

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

722

708,756

VOLT

CVI

LLC,

Series

2021-NP12,

Class

A1,

2.73%,

12/26/51

(a)(e)

...

19,343

18,428,029

Washington

Mutual

Asset-Backed

CertificatesTrust

(b)

Series

2006-HE4,

Class

2A2,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.83%,

09/25/36

...

12,629

3,453,235

Series

2006-HE5,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.31%

Floor

+

0.42%),

4.49%,

10/25/36

...

3,682

2,733,617

Yale

Mortgage

Loan

Trust,

Series

2007-

1,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

+

0.51%),

5.87%,

06/25/37

(a)(b)

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

5,467

1,742,448

2,307,961,498

Total

Asset-Backed

Securities

—

14.0%

(Cost:

$5,326,243,549)

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

5,063,855,785

Shares

Shares

Common

Stocks

Brazil

—

0.0%

MercadoLibre,

Inc.

(f)

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

463

727,623

Canada

—

0.0%

(f)

CTC

Triangle

BV

(c)

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

1,318,669

15

Northern

Graphite

Corp.

.........

435,208

65,689

65,704

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

54

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

China

—

0.0%

Alibaba

Group

Holding

Ltd.,

ADR

...

27,957

$

2,166,947

BYD

Co.

Ltd.,

Class

H

..........

184,981

5,102,633

JD.com,

Inc.,

ADR

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

11,753

339,544

PDD

Holdings,

Inc.,

ADR

(f)

........

692

101,247

7,710,371

France

—

0.0%

Accor

SA

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

21,300

815,281

Hermes

International

SCA

........

356

756,683

1,571,964

Germany

—

0.1%

ADLER

Group

SA

(f)

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

432,415

244,568

ADLER

Group

SA

(a)(d)(f)

..........

957,493

560,223

Covestro

AG

(a)(d)(f)

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

134,578

7,842,112

Fresenius

SE

&

Co.

KGaA

........

243,129

7,535,916

Heidelberg

Materials

AG

.........

9,075

811,198

K+S

AG

(Registered)

...........

227,359

3,589,341

RWE

AG

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

17,241

784,688

21,368,046

Italy

—

0.0%

UniCredit

SpA

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

140,000

3,812,157

Japan

—

0.1%

Mitsubishi

UFJ

Financial

Group,

Inc.

.

1,527,420

13,108,526

Mizuho

Financial

Group,

Inc.

......

558,440

9,525,767

Sumitomo

Mitsui

Financial

Group,

Inc.

260,540

12,677,836

35,312,129

Netherlands

—

0.0%

ASML

Holding

NV

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

5,392

4,070,353

Shell

plc

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

151,536

4,986,033

Shell

plc,

ADR

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

10,800

710,640

9,767,026

Spain

—

0.0%

Naturgy

Energy

Group

SA

........

24,710

737,031

United

Kingdom

—

0.1%

Genius

Sports

Ltd.

(f)

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

1,345,384

8,314,473

Mobico

Group

plc

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

2,543,814

2,743,132

NEW

Look

Retailers

(c)(f)

..........

4,100,922

52

11,057,657

United

States

—

1.3%

Advanced

Micro

Devices,

Inc.

(f)

....

40,204

5,926,472

Aiven,

Inc.

(c)(f)

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

169,258

13,628,654

Alphabet,

Inc.,

Class

A

(f)

.........

5,602

782,543

Amazon.com,

Inc.

(f)

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

55,000

8,356,700

Astra

Space,

Inc.,

Class

A

(f)

.......

69,879

159,324

Booking

Holdings,

Inc.

(f)

.........

238

844,238

Boyd

Gaming

Corp.

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

44,825

2,806,493

Caesars

Entertainment,

Inc.

(f)

......

51,797

2,428,243

California

Resources

Corp.

(g)

......

178,493

9,759,997

Carlson

Travel,

Inc.

(f)

...........

17,611

52,833

Carnival

Corp.

(f)

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

49,734

922,068

Cheniere

Energy,

Inc.

...........

39,968

6,822,937

Chesapeake

Energy

Corp.

.......

29,530

2,272,038

Citigroup,

Inc.

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

132,710

6,826,602

Colgate-Palmolive

Co.

..........

9,428

751,506

Comerica,

Inc.

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

25,971

1,449,442

ConocoPhillips

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

6,498

754,223

Crown

PropTech

Acquisitions

(c)(f)

....

229,536

73,452

Crown

PropTech

Acquisitions

(c)(f)

....

49,900

—

Crown

PropTech

Acquisitions,

Class

A

(f)

133,068

1,417,174

Customers

Bancorp,

Inc.

(f)

........

10,456

602,475

Security

Shares

Shares

Value

United

States

(continued)

CXApp,

Inc.,

(Acquired

06/29/23,

cost

$174)

(f)(h)

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

89,820

$

467,962

Davidson

Kempner

Merchant

Co-Invest

Fund

LP,

(Acquired

03/31/23,

cost

$6,788,939)

(f)(h)(i)

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

—

(j)

33,629,957

Dell

Technologies,

Inc.,

Class

C

....

9,828

751,842

Delta

Air

Lines,

Inc.

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

50,250

2,021,558

Diamondback

Energy,

Inc.

........

4,876

756,170

DiamondRock

Hospitality

Co.

......

550,089

5,165,336

Edison

International

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

11,154

797,400

Element

Solutions,

Inc.

..........

302,555

7,001,123

Eli

Lilly

&

Co.

(g)

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

13,182

7,684,051

EOG

Resources,

Inc.

...........

6,053

732,110

Fanatics

Holdings,

Inc.,

Class

A,

(Acquired

12/15/21,

cost

$27,387,008)

(c)(f)(h)

...........

403,700

29,776,912

Farmers

Business

Network,

Inc.

(c)(f)

..

217,669

853,263

First

Citizens

BancShares,

Inc.,

Class

A

2,397

3,401,271

Ford

Motor

Co.

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

320,713

3,909,492

Forestar

Group,

Inc.

(f)

...........

118,660

3,924,086

General

Dynamics

Corp.

.........

27,232

7,071,333

General

Motors

Co.

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

110,202

3,958,456

Golden

Entertainment,

Inc.

.......

79,939

3,191,964

Green

Plains,

Inc.

(f)

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

308,129

7,771,013

HawkEye

360,

Inc.

(c)(f)

...........

1,684,066

15,897,583

HCA

Healthcare,

Inc.

(g)

..........

35,033

9,482,732

Humana,

Inc.

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

635

290,709

Informatica,

Inc.,

Class

A

(f)(k)

.......

353,366

10,032,061

Intel

Corp.

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

30,000

1,507,500

Intuit,

Inc.

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

1,301

813,164

JPMorgan

Chase

&

Co.

.........

18,000

3,061,800

KLA

Corp.

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

12,112

7,040,706

Las

Vegas

Sands

Corp.

.........

94,912

4,670,620

Latch,

Inc.

(f)

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

715,325

479,268

Lennar

Corp.,

Class

A

...........

5,990

892,750

Lions

Gate

Entertainment

Corp.,

Class

A

(f)

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

661,236

7,207,472

Lockheed

Martin

Corp.

..........

6,100

2,764,764

Lululemon

Athletica,

Inc.

(f)

........

1,677

857,433

M/I

Homes,

Inc.

(f)

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

43,739

6,024,610

Marathon

Petroleum

Corp.

.......

90,673

13,452,246

McDonald's

Corp.

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

40,746

12,081,597

Meta

Platforms,

Inc.,

Class

A

(f)

.....

22,288

7,889,061

MGM

Resorts

International

(f)

......

70,000

3,127,600

Micron

Technology,

Inc.

..........

140,000

11,947,600

Microsoft

Corp.

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

11,965

4,499,319

Mr

Cooper

Group,

Inc.

(f)

.........

112,359

7,316,818

MSCI,

Inc.

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

1,414

799,829

Netflix,

Inc.

(f)

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

1,562

760,507

New

Look

Builders,

Inc.

(c)(f)

........

8,689,610

87

Northrop

Grumman

Corp.

........

17,958

8,406,858

NVIDIA

Corp.

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

9,136

4,524,330

ONEOK,

Inc.

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

10,884

764,275

Opendoor

Technologies,

Inc.

(f)

.....

1,367,000

6,124,160

Paramount

Global,

Class

B

.......

104,922

1,551,796

Park

Hotels

&

Resorts,

Inc.

.......

294,791

4,510,302

Phillips

66

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

72,657

9,673,553

Playstudios,

Inc.

(f)

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

1,145,983

3,105,614

Progressive

Corp.

(The)

.........

4,527

721,061

Rapidsos,

Inc.

(f)

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

10,953,097

15,957,567

Rockwell

Automation,

Inc.

........

26,484

8,222,752

RXO,

Inc.

(f)

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

20,000

465,200

Salesforce,

Inc.

(f)

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

28,012

7,371,078

Sarcos

Technology

&

Robotics

Corp.

(f)

73,917

53,316

Sarcos

Technology

&

Robotics

Corp.

(f)

20,157

14,540

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

55

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Sarcos

Technology

&

Robotics

Corp.

(f)

833,632

$

601,299

Schlumberger

NV

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

61,799

3,216,020

Sempra

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

10,162

759,406

Service

Properties

Trust

.........

768,304

6,561,316

ServiceNow,

Inc.

(f)

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

1,084

765,835

Snorkel

AI,

Inc.,

(Acquired

06/30/21,

cost

$609,993)

(c)(f)(h)

..........

40,613

353,333

Sonder

Holdings,

Inc.,

Class

A

(f)

....

60,116

203,794

Space

Exploration

Technologies

Corp.,

Class

A,

(Acquired

08/21/23,

cost

$7,985,223)

(c)(f)(h)

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

98,583

7,985,223

Space

Exploration

Technologies

Corp.,

Class

C,

(Acquired

08/21/23,

cost

$8,570,448)

(c)(f)(h)

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

105,808

8,570,448

Sunstone

Hotel

Investors,

Inc.

.....

331,117

3,552,885

Texas

Capital

Bancshares,

Inc.

(f)

....

34,883

2,254,488

Thermo

Fisher

Scientific,

Inc.

......

10,000

5,307,900

TransDigm

Group,

Inc.

..........

770

778,932

Transocean

Ltd.

(f)

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

2,193,850

13,930,948

Uber

Technologies,

Inc.

(f)

.........

65,185

4,013,441

Valero

Energy

Corp.

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

55,427

7,205,510

Walmart,

Inc.

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

12,996

2,048,819

Wells

Fargo

&

Co.

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

106,500

5,241,930

Welltower,

Inc.

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

8,401

757,518

Xenia

Hotels

&

Resorts,

Inc.

......

202,813

2,762,313

470,738,309

Total

Common

Stocks

—

1.6%

(Cost:

$600,376,483)

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

562,868,017

Par

(000)

Pa

r

(

000)

Corporate

Bonds

Argentina

—

0.0%

Generacion

Mediterranea

SA,

9.88%

,

12/01/27

(a)

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

USD

6,008

5,228,650

Australia

—

0.3%

AngloGold

Ashanti

Holdings

plc,

3.75%

,

10/01/30

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

6,309

5,475,029

BHP

Billiton

Finance

Ltd.,

(5-Year

EUR

Swap

Annual

+

4.80%),

5.63%

,

10/22/79

(b)(d)

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

EUR

6,900

7,654,686

FMG

Resources

August

2006

Pty.

Ltd.

(a)

4.38%,

04/01/31

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

USD

5,898

5,393,803

6.13%,

04/15/32

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

14,256

14,358,700

Glencore

Capital

Finance

DAC,

1.13%

,

03/10/28

(d)

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

EUR

7,600

7,720,647

Glencore

Finance

Europe

Ltd.,

3.13%

,

03/26/26

(d)

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

GBP

8,000

9,795,124

Mineral

Resources

Ltd.,

9.25%

,

10/01/28

(a)

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

USD

4,407

4,688,034

Oceana

Australian

Fixed

Income

Trust

(c)

12.00%,

07/31/25

...........

AUD

11,002

7,488,316

12.50%,

07/31/26

...........

16,502

11,252,035

12.50%,

07/31/27

...........

27,503

18,766,284

Origin

Energy

Finance

Ltd.,

1.00%

,

09/17/29

(d)

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

EUR

18,101

17,390,177

Transurban

Finance

Co.

Pty.

Ltd.,

4.23%

,

04/26/33

(d)

...........

3,430

3,985,562

Security

Par

(000)

Par

(000)

Value

Australia

(continued)

Westpac

Banking

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.00%),

4.11%

,

07/24/34

(b)

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

USD

4,065

$

3,716,348

117,684,745

Austria

—

0.1%

ams-OSRAM

AG

0.00%,

03/05/25

(d)(l)(m)

.........

EUR

12,000

12,257,996

2.13%,

11/03/27

(d)(m)

.........

5,100

4,426,702

10.50%,

03/30/29

(d)

..........

8,629

10,333,312

12.25%,

03/30/29

(a)

..........

USD

1,705

1,896,096

Lenzing

AG

(5-Year

EUR

Swap

Annual

+

11.21%),

5.75%

(b)(d)(n)

.......

EUR

16,000

15,179,754

44,093,860

Belgium

—

0.4%

Anheuser-Busch

Cos.

LLC,

4.70%

,

02/01/36

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

USD

4,602

4,586,985

Anheuser-Busch

InBev

SA

(d)

9.75%,

07/30/24

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

GBP

27,461

35,753,281

4.00%,

09/24/25

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

3,266

4,131,826

Azelis

Finance

NV,

5.75%

,

03/15/28

(d)

EUR

3,242

3,695,681

FLUVIUS

System

Operator

CVBA,

3.88%

,

03/18/31

(d)

...........

20,200

23,105,660

KBC

Bank

NV,

3.75%

,

09/28/26

(d)

...

38,600

43,663,294

KBC

Group

NV

(b)(d)

(3-mo.

EURIBOR

+

0.95%),

4.50%,

06/06/26

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

6,500

7,251,091

(GUKG1

+

0.92%),

1.25%,

09/21/27

GBP

3,300

3,824,449

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.93%),

8.00%

(n)

..........

EUR

2,400

2,813,748

Syensqo

SA,

(5-Year

EUR

Swap

Annual

+

2.98%),

2.50%

(b)(d)(n)

....

1,100

1,149,985

129,976,000

Brazil

—

0.2%

Azul

Secured

Finance

LLP,

11.93%

,

08/28/28

(a)

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

USD

9,124

9,420,530

Banco

Votorantim

SA,

4.50%

,

09/24/24

(d)

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

3,726

3,661,019

Braskem

Netherlands

Finance

BV

8.50%,

01/12/31

(a)

...........

5,392

5,028,040

8.50%,

01/12/31

(d)

...........

5,000

4,662,500

7.25%,

02/13/33

(a)

...........

6,652

5,537,790

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

8.22%),

8.50%,

01/23/81

(a)(b)

..

3,020

2,597,200

CSN

Resources

SA,

5.88%

,

04/08/32

(a)

1,771

1,528,036

Embraer

Netherlands

Finance

BV

6.95%,

01/17/28

(a)

...........

4,250

4,364,495

6.95%,

01/17/28

(d)

...........

1,494

1,534,248

7.00%,

07/28/30

(a)

...........

7,422

7,755,174

MC

Brazil

Downstream

Trading

SARL

7.25%,

06/30/31

(a)

...........

7,218

5,593,872

7.25%,

06/30/31

(d)

...........

4,111

3,186,335

Minerva

Luxembourg

SA,

8.88%

,

09/13/33

(a)

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

6,915

7,312,682

Petrorio

Luxembourg

Trading

SARL,

6.13%

,

06/09/26

(a)

...........

5,763

5,644,282

Suzano

Austria

GmbH

5.00%,

01/15/30

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

3,692

3,546,628

Series

DM3N,

3.13%,

01/15/32

..

3,642

3,009,202

7.00%,

03/16/47

(a)

...........

200

209,800

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

56

(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

$

2,149,950

76,741,783

Canada

—

0.5%

1011778

BC

ULC,

3.88%

,

01/15/28

(a)

13

12,281

ARI

FCP

Investments

LP,

(1M

Sofr

FWD

+

3.50%),

0.00%

,

01/30/25

(b)(c)

2,920

2,861,553

Brookfield

Residential

Properties,

Inc.

(a)

6.25%,

09/15/27

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

4,134

4,005,377

5.00%,

06/15/29

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

2,902

2,575,953

Canadian

Pacific

Railway

Co.

1.35%,

12/02/24

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

8,300

8,002,213

4.00%,

06/01/28

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

8,155

7,958,466

Enbridge,

Inc.,

6.70%

,

11/15/53

....

12,635

14,694,906

Garda

World

Security

Corp.

(a)

9.50%,

11/01/27

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

2,793

2,815,760

7.75%,

02/15/28

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

1,621

1,677,102

HR

Ottawa

LP,

11.00%

,

03/31/31

(a)

..

99,478

103,864,595

Mattamy

Group

Corp.

(a)

5.25%,

12/15/27

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

6,238

6,064,583

4.63%,

03/01/30

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

7,171

6,645,759

NOVA

Chemicals

Corp.,

4.88%

,

06/01/24

(a)

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

1,725

1,709,924

Rogers

Communications,

Inc.,

2.95%

,

03/15/25

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

16,000

15,523,255

Toronto-Dominion

Bank

(The)

2.80%,

03/10/27

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

1,414

1,335,097

2.88%,

04/05/27

(d)

...........

GBP

3,266

3,946,864

183,693,688

Chile

—

0.1%

Engie

Energia

Chile

SA,

3.40%

,

01/28/30

(d)

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

USD

5,338

4,579,003

Kenbourne

Invest

SA

6.88%,

11/26/24

(a)

...........

14,714

10,184,847

6.88%,

11/26/24

(d)

...........

8,100

5,606,719

4.70%,

01/22/28

(a)

...........

1,288

679,420

4.70%,

01/22/28

(d)

...........

7,292

3,846,530

24,896,519

China

—

0.3%

China

City

Construction

International

Co.

Ltd.,

5.35%

,

07/03/17

(c)(d)(f)(o)

..

CNY

2,990

—

European

TopSoho

SARL,

Series

SMCP,

4.00%

,

09/21/21

(d)(f)(m)(o)

...

EUR

13,600

6,475,014

Fantasia

Holdings

Group

Co.

Ltd.

(d)(f)(o)

6.95%,

12/17/21

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

USD

3,180

71,550

11.75%,

04/17/22

...........

10,550

237,375

7.95%,

07/05/22

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

5,938

133,605

11.88%,

06/01/23

...........

3,142

70,695

9.88%,

10/19/23

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

3,695

83,138

Fortune

Star

BVI

Ltd.,

5.95%

,

10/19/25

(d)

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

2,561

2,123,965

Huarong

Finance

2019

Co.

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

6.98%),

4.25%

(b)(d)(n)

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

800

738,000

iQIYI,

Inc.,

6.50%

,

03/15/28

(d)(m)

....

14,400

13,292,640

Luye

Pharma

Group

Ltd.,

6.25%

,

07/06/28

(d)(m)

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

8,084

7,761,057

Meituan,

3.05%

,

10/28/30

(d)

.......

1,500

1,264,170

New

Metro

Global

Ltd.,

4.50%

,

05/02/26

(d)

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

853

209,795

Security

Par

(000)

Par

(000)

Value

China

(continued)

Nickel

Resources

International

Holdings

Co.

Ltd.,

Series

1,

12.00%

,

12/12/18

(c)(d)(f)(o)

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

HKD

8,000

$

—

NXP

BV

3.88%,

06/18/26

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

USD

17,425

16,990,072

4.40%,

06/01/27

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

8,300

8,194,922

4.30%,

06/18/29

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

5,475

5,309,764

3.40%,

05/01/30

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

12,472

11,441,439

Tencent

Holdings

Ltd.,

3.93%

,

01/19/38

(d)

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

3,000

2,544,180

Tencent

Music

Entertainment

Group,

2.00%

,

09/03/30

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

2,860

2,310,165

Weibo

Corp.,

1.38%

,

12/01/30

(a)(m)

..

12,467

13,470,594

Yanlord

Land

HK

Co.

Ltd.,

6.80%

,

02/27/24

(d)

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

1,165

1,110,746

93,832,886

Colombia

—

0.1%

ABRA

Global

Finance,

11.50%

,

(11.50%

Cash

or

11.50%

PIK),

03/02/28

(a)(p)

8,496

6,246,564

Avianca

Midco

2

plc,

9.00%

,

12/01/28

(a)

11,125

9,734,034

Geopark

Ltd.,

5.50%

,

01/17/27

(a)

...

200

176,178

Gran

Tierra

Energy,

Inc.,

9.50%

,

10/15/29

(a)

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

11,340

9,865,800

Oleoducto

Central

SA,

4.00%

,

07/14/27

(d)

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

6,049

5,594,659

Promigas

SA

ESP,

3.75%

,

10/16/29

(a)

4,488

3,980,407

SierraCol

Energy

Andina

LLC,

6.00%

,

06/15/28

(d)

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

3,960

3,297,096

SURA

Asset

Management

SA,

4.88%

,

04/17/24

(d)

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

4,613

4,571,806

43,466,544

Costa

Rica

—

0.0%

Liberty

Costa

Rica

Senior

Secured

Finance,

10.88%

,

01/15/31

(a)

....

1,750

1,794,573

Cyprus

—

0.0%

ASG

Finance

DAC,

7.88%

,

12/03/24

(a)

6,821

6,650,475

Bank

of

Cyprus

PCL,

(1-Year

EUR

Swap

Annual

+

2.79%),

2.50%

,

06/24/27

(b)(d)

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

EUR

7,339

7,433,483

14,083,958

Czech

Republic

—

0.1%

Allwyn

Entertainment

Financing

UK

plc

7.25%,

04/30/30

(d)

...........

13,793

15,988,121

Denmark

—

0.1%

(d)

Danske

Bank

A/S

(b)

(1-Year

EUR

Swap

Annual

+

0.85%),

1.38%,

02/17/27

....

15,000

15,770,334

(GUKG1

+

1.65%),

2.25%,

01/14/28

GBP

8,000

9,304,485

(1-Year

EUR

Swap

Annual

+

1.35%),

4.50%,

11/09/28

.....

EUR

10,000

11,388,282

Nassa

Topco

A/S,

2.88%

,

04/06/24

..

3,200

3,500,239

39,963,340

Dominican

Republic

—

0.0%

Aeropuertos

Dominicanos

Siglo

XXI

SA,

6.75%

,

03/30/29

(a)

........

USD

5,398

5,356,435

Finland

—

0.2%

Ahlstrom

Holding

3

Oy

3.63%,

02/04/28

(d)

...........

EUR

6,573

6,548,778

4.88%,

02/04/28

(a)

...........

USD

2,800

2,444,951

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

57

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Finland

(continued)

Nordea

Bank

Abp

(b)(d)

(3-mo.

EURIBOR

+

0.48%),

3.63%,

02/10/26

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

EUR

7,000

$

7,703,849

(3-mo.

EURIBOR

+

0.68%),

4.38%,

09/06/26

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

12,000

13,412,197

OP

Mortgage

Bank,

3.38%

,

02/15/27

(d)

25,030

28,106,308

58,216,083

France

—

3.0%

Accor

SA,

(5-Year

EUR

Swap

Annual

+

3.25%),

2.63%

(b)(d)(n)

..........

3,900

4,179,584

Air

France-KLM

(d)

0.13%,

03/25/26

(m)

..........

10,201

1,965,474

7.25%,

05/31/26

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

1,800

2,116,272

8.13%,

05/31/28

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

3,600

4,500,240

Altice

Financing

SA,

11.50%

,

02/01/27

6,884

7,618,591

Altice

France

SA

(d)

2.50%,

01/15/25

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

4,848

5,142,924

5.88%,

02/01/27

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

9,541

9,353,410

4.25%,

10/15/29

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

2,798

2,447,686

Arkema

SA,

(5-Year

EUR

Swap

Annual

+

1.57%),

1.50%

(b)(d)(n)

.........

2,300

2,348,044

Atos

SE

(d)

0.00%,

11/06/24

(l)(m)

..........

15,400

13,604,588

1.75%,

05/07/25

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

300

251,654

AXA

SA,

(3-mo.

EURIBOR

+

3.60%),

4.25%

,

03/10/43

(b)(d)

..........

9,500

10,340,315

Banijay

Entertainment

SASU,

7.00%

,

05/01/29

(d)

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

10,075

11,706,217

Banque

Federative

du

Credit

Mutuel

SA

(d)

3.00%,

09/11/25

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

11,000

12,047,263

4.88%,

09/25/25

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

GBP

21,000

26,749,716

4.13%,

03/13/29

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

EUR

29,700

34,010,895

4.00%,

11/21/29

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

10,400

11,884,043

4.38%,

05/02/30

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

22,000

25,227,872

4.13%,

06/14/33

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

18,400

21,301,298

BNP

Paribas

SA

(USISOA05

+

4.15%),

6.63%

(a)(b)(n)

USD

2,661

2,641,083

(3-mo.

EURIBOR

+

0.70%),

0.25%,

10/07/24

(b)(d)

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

EUR

27,000

27,648,350

(5-Year

USD

Swap

Semi

+

5.15%),

7.38%

(b)(d)(n)

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

USD

734

735,019

3.38%,

01/23/26

(d)

...........

GBP

13,266

16,390,385

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.20%),

4.63%

(a)(b)(n)

........

USD

1,754

1,532,620

1.88%,

12/14/27

(d)

...........

GBP

3,300

3,784,277

(3-mo.

EURIBOR

+

1.37%),

2.75%,

07/25/28

(b)(d)

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

EUR

9,000

9,669,476

(5-Year

EUR

Swap

Annual

+

4.65%),

6.88%

(b)(d)(n)

........

3,200

3,656,141

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.63%),

7.38%

(b)(d)(n)

........

5,400

6,338,742

(3-mo.

EURIBOR

+

0.83%),

0.88%,

07/11/30

(b)(d)

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

21,000

19,971,138

(5-Year

EUR

Swap

Annual

+

1.17%),

0.88%,

08/31/33

(b)(d)

..

3,500

3,312,754

Series

TMO,

(BFRTMO

-

0.25%),

2.82%

(b)(n)

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

1,983

1,532,598

BPCE

SA

(b)(d)

(3-mo.

EURIBOR

+

1.00%),

0.50%,

09/15/27

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

15,000

15,269,417

(3-mo.

EURIBOR

+

1.60%),

4.63%,

03/02/30

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

34,100

39,319,884

Security

Par

(000)

Par

(000)

Value

France

(continued)

(5-Year

EUR

Swap

Annual

+

1.57%),

1.75%,

02/02/34

....

EUR

8,000

$

7,769,396

(5-Year

EUR

Swap

Annual

+

2.50%),

5.13%,

01/25/35

....

10,700

12,145,276

Burger

King

France

SAS,

(3-mo.

EURIBOR

at

4.75%

Floor

+

4.75%),

8.72%

,

11/01/26

(b)(d)

..........

3,800

4,215,987

Casino

Guichard

Perrachon

SA

(b)(f)(n)(o)

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.82%),

3.99%

(d)

..........

9,500

34,831

(10-Year

EURIBOR

ICE

Swap

Rate  at

9.00%

Cap

+

1.00%),

4.47%

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

11,374

62,782

Cie

de

Saint-Gobain

SA,

3.75%

,

11/29/26

(d)

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

23,100

25,923,087

Clariane

SE,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

9.08%),

4.13%

(b)(d)(n)

..........

GBP

9,000

6,080,080

Cofiroute

SA,

1.13%

,

10/13/27

(d)

....

EUR

2,400

2,491,571

Credit

Agricole

SA

(d)

2.63%,

03/17/27

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

11,500

12,297,767

(GUKG1

+

2.60%),

5.75%,

11/29/27

(b)

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

GBP

22,500

29,325,490

(5-Year

EUR

Swap

Annual

+

1.90%),

1.63%,

06/05/30

(b)

...

EUR

6,900

7,357,444

3.88%,

04/20/31

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

41,800

47,667,437

Elior

Group

SA,

3.75%

,

07/15/26

(d)

..

5,906

6,006,680

Engie

SA

(d)

3.63%,

12/06/26

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

13,700

15,336,337

3.75%,

09/06/27

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

9,900

11,148,146

1.38%,

06/22/28

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

3,300

3,388,358

4.50%,

09/06/42

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

14,000

16,626,181

Eutelsat

SA,

1.50%

,

10/13/28

(d)

....

10,800

8,941,995

Forvia

SE

(d)

2.63%,

06/15/25

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

3,003

3,250,331

7.25%,

06/15/26

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

1,573

1,838,534

2.75%,

02/15/27

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

8,652

9,127,122

3.75%,

06/15/28

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

8,599

9,290,079

Goldstory

SAS

(d)

5.38%,

03/01/26

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

9,040

9,943,781

(3-mo.

EURIBOR

at

5.50%

Floor

+

5.50%),

9.47%,

03/01/26

(b)

...

2,350

2,618,357

Holding

d'Infrastructures

des

Metiers

de

l'Environnement

(d)

0.13%,

09/16/25

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

9,300

9,640,567

0.63%,

09/16/28

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

17,684

16,949,414

Iliad

Holding

SASU

(d)

5.13%,

10/15/26

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

4,419

4,853,417

5.63%,

10/15/28

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

300

332,000

Iliad

SA

(d)

5.38%,

06/14/27

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

12,200

13,804,895

5.38%,

02/15/29

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

15,900

17,991,625

5.63%,

02/15/30

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

7,600

8,670,247

JCDecaux

SE,

2.63%

,

04/24/28

(d)

...

8,300

8,964,172

Kering

SA,

5.13%

,

11/23/26

(d)

......

GBP

18,900

24,569,282

La

Banque

Postale

SA,

4.00%

,

05/03/28

(d)

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

EUR

9,700

11,015,322

La

Financiere

Atalian

SASU

(d)

4.00%,

05/15/24

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

3,408

2,973,220

5.13%,

05/15/25

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

10,739

8,678,094

6.63%,

05/15/25

............

GBP

1,571

1,461,639

Lion/Polaris

Lux

4

SA,

(3-mo.

EURIBOR

at

4.00%

Floor

+

4.00%),

7.93%

,

07/01/26

(b)(d)

..........

EUR

1,331

1,463,759

L'Oreal

SA,

0.38%

,

03/29/24

(d)

.....

2,000

2,188,696

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

58

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

France

(continued)

Loxam

SAS

(d)

3.75%,

07/15/26

............

EUR

6,681

$

7,279,992

4.50%,

02/15/27

............

921

1,014,399

4.50%,

04/15/27

............

500

521,616

5.75%,

07/15/27

............

828

895,881

6.38%,

05/15/28

............

2,073

2,379,799

6.38%,

05/31/29

............

8,268

9,446,920

Novafives

SAS

(d)

5.00%,

06/15/25

............

2,727

2,957,367

(3-mo.

EURIBOR

at

4.50%

Floor

+

4.50%),

8.43%,

06/15/25

(b)

...

4,450

4,845,029

Paprec

Holding

SA

(d)

6.50%,

11/17/27

............

947

1,116,949

7.25%,

11/17/29

............

4,089

4,835,678

Picard

Bondco

SA,

5.38%

,

07/01/27

(d)

1,670

1,723,763

Picard

Groupe

SAS,

3.88%

,

07/01/26

(d)

9,451

10,145,197

RCI

Banque

SA

(d)

4.13%,

12/01/25

............

8,108

9,011,423

4.63%,

07/13/26

............

4,275

4,822,590

(5-Year

EUR

Swap

Annual

+

2.85%),

2.63%,

02/18/30

(b)

...

26,400

28,182,519

Sabena

Technics

SAS,

(Acquired

10/28/22,

cost

$16,982,711),

(3-

mo.

EURIBOR

+

5.00%),

8.93%,

09/30/29

(b)(

c)(h)

..............

17,291

19,088,399

Societe

Generale

SA

1.88%,

10/03/24

(d)

...........

GBP

3,300

4,096,400

(5-Year

USD

Swap

Rate

+

5.87%),

8.00%

(a)(b)(n)

..............

USD

3,010

3,007,763

(3-mo.

EURIBOR

+

1.50%),

1.13%,

04/21/26

(b)(d)

.............

EUR

17,500

18,640,830

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.39%),

9.38%

(a)(b)(n)

........

USD

3,240

3,389,422

(3-mo.

EURIBOR

+

1.80%),

4.25%,

12/06/30

(b)(d)

.............

EUR

7,000

7,848,078

5.63%,

06/02/33

(d)

...........

3,600

4,235,596

Teleperformance

SE

(d)

5.25%,

11/22/28

............

7,800

9,004,772

5.75%,

11/22/31

............

2,900

3,399,849

Thales

SA

(d)

0.00%,

03/26/26

............

9,200

9,467,842

4.25%,

10/18/31

............

19,900

23,323,145

TotalEnergies

Capital

Canada

Ltd.,

2.13%

,

09/18/29

(d)

...........

18,300

19,324,132

TotalEnergies

Capital

International

SA,

1.66%

,

07/22/26

(d)

...........

GBP

3,300

3,963,151

TotalEnergies

SE

(b)(d)(n)

(5-Year

EUR

Swap

Annual

+

1.77%),

1.75%

...........

EUR

34,878

38,092,196

(5-Year

EUR

Swap

Annual

+

2.15%),

2.63%

...........

14,270

15,379,224

Series

NC7,

(5-Year

EUR

Swap

Annual

+

1.99%),

1.63%

.....

22,900

22,601,789

Vallourec

SACA,

8.50%

,

06/30/26

(d)

.

11,512

12,770,729

Worldline

SA

(d)(l)(m)

0.00%,

07/30/25

............

5,617

6,783,758

0.00%,

07/30/26

............

8,847

8,710,082

1,067,347,647

Germany

—

3.0%

ADLER

Group

SA,

21.00%

,

(21.00%

Cash

or

21.00%

PIK),

07/31/25

(l)(p)

2,500

2,557,493

Agps

Bondco

plc

(d)(f)(o)

6.00%,

08/05/25

............

11,000

4,389,857

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

5.50%,

11/13/26

............

EUR

8,700

$

3,313,506

5.00%,

04/27/27

............

2,800

1,020,050

5.00%,

01/14/29

............

14,200

5,000,673

Allianz

SE,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.17%),

3.20%

(b)(d)(n)

.........

USD

18,800

14,838,801

Aroundtown

SA

(d)

(5-Year

GBP

Swap

+

4.38%),

4.75%

(b)(n)

...............

GBP

4,476

2,473,262

(5-Year

EUR

Swap

Annual

+

3.98%),

3.38%

(b)(n)

.........

EUR

4,400

1,962,615

0.00%,

07/16/26

............

4,200

3,883,580

2.00%,

11/02/26

............

2,000

1,942,607

0.38%,

04/15/27

............

7,700

6,825,578

1.45%,

07/09/28

............

3,900

3,350,294

AT

Securities

BV,

(5-Year

USD

Swap

Semi

+

3.55%),

7.75%

(b)(d)(n)

.....

USD

6,250

2,853,250

ATF

Netherlands

BV,

(5-Year

EUR

Swap

Annual

+

4.38%),

7.08%

(b)(d)(n)

EUR

13,400

6,360,960

Bayer

AG

(d)

0.05%,

01/12/25

............

4,400

4,668,844

4.00%,

08/26/26

............

16,230

18,165,798

4.63%,

05/26/33

............

5,816

6,699,303

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.65%),

2.38%,

11/12/79

(b)

...

64,600

68,355,590

(5-Year

EUR

Swap

Annual

+

3.75%),

4.50%,

03/25/82

(b)

...

15,000

15,731,288

Series

NC5,

(5-Year

EUR

Swap

Annual

+

3.43%),

6.63%,

09/25/83

(b)

..............

2,000

2,243,778

(5-Year

EUR

Swap

Annual

+

3.90%),

7.00%,

09/25/83

(b)

...

11,400

12,978,312

Bayer

US

Finance

LLC

(a)

6.50%,

11/21/33

............

USD

79,745

82,409,764

6.88%,

11/21/53

............

18,409

19,605,589

BMW

Finance

NV,

3.63%

,

05/22/35

(d)

EUR

7,014

8,051,173

BRANICKS

Group

AG,

2.25%

,

09/22/26

(d)

................

4,200

1,586,131

Cheplapharm

Arzneimittel

GmbH

(d)

3.50%,

02/11/27

............

5,297

5,650,195

4.38%,

01/15/28

............

13,245

14,222,496

7.50%,

05/15/30

............

1,502

1,763,534

Commerzbank

AG

(d)

0.10%,

09/11/25

............

5,328

5,572,133

(5-Year

EUR

Swap

Annual

+

6.36%),

6.13%

(b)(n)

.........

16,200

17,235,695

(5-Year

EUR

Swap

Annual

+

6.36%),

6.13%

(b)(n)

.........

6,600

7,021,950

(5-Year

EUR

Swap

Annual

+

6.74%),

6.50%

(b)(n)

.........

3,800

3,988,112

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.25%),

8.63%,

02/28/33

(b)

.........

GBP

7,200

9,748,760

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.70%),

6.75%,

10/05/33

(b)

...

EUR

3,500

4,111,883

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

1.88%

,

10/15/24

(d)

...

14,900

9,849,206

Deutsche

Bahn

Finance

GmbH

(d)

(5-Year

EUR

Swap

Annual

+

1.26%),

0.95%

(b)(n)

.........

32,400

34,096,256

3.50%,

09/20/27

............

5,440

6,173,822

4.00%,

11/23/43

............

3,270

3,937,610

Deutsche

Bank

AG

(b)

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.94%),

10.00%

(d)(n)

........

3,000

3,607,347

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

59

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

(1-day

SOFR

+

2.51%),

6.82%,

11/20/29

...............

USD

12,883

$

13,563,795

(1-day

SOFR

+

5.44%),

5.88%,

07/08/31

...............

1,296

1,257,039

(1-day

SOFR

+

2.76%),

3.73%,

01/14/32

...............

6,352

5,323,996

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.30%),

4.00%,

06/24/32

(d)

...

EUR

12,000

12,724,128

(1-day

SOFR

+

3.65%),

7.08%,

02/10/34

...............

USD

10,278

10,569,337

Deutsche

Lufthansa

AG

(d)

2.00%,

07/14/24

............

EUR

5,300

5,756,220

3.75%,

02/11/28

............

1,900

2,066,722

3.50%,

07/14/29

............

1,900

2,039,316

Deutsche

Telekom

International

Finance

BV,

8.88%

,

11/27/28

....

GBP

11,856

18,169,247

E.ON

International

Finance

BV

1.25%,

10/19/27

(d)

...........

EUR

16,600

17,220,538

6.38%,

06/07/32

............

GBP

3,800

5,344,603

E.ON

SE

0.38%,

09/29/27

(d)

...........

EUR

8,000

8,061,989

3.50%,

10/26/37

............

9,500

10,228,850

EnBW

Energie

Baden-Wuerttemberg

AG

(b)(d)

(5-Year

EUR

Swap

Annual

+

1.42%),

1.13%,

11/05/79

.....

9,100

9,807,354

(5-Year

EUR

Swap

Annual

+

2.18%),

2.13%,

08/31/81

....

22,400

19,246,176

EnBW

International

Finance

BV

(d)

3.63%,

11/22/26

............

5,795

6,507,617

4.30%,

05/23/34

............

13,730

16,021,499

Envalior,

(6M

EURIBOR

+

9.50%),

13.63%

,

03/31/31

(b)(c)

.........

20,087

19,957,442

Eurogrid

GmbH,

3.72%

,

04/27/30

(d)

..

7,400

8,327,648

Fresenius

SE

&

Co.

KGaA,

4.25%

,

05/28/26

(d)

................

13,500

15,228,903

Gruenenthal

GmbH

(d)

3.63%,

11/15/26

............

7,590

8,255,391

4.13%,

05/15/28

............

3,348

3,649,026

6.75%,

05/15/30

............

833

973,616

HT

Troplast

GmbH,

9.38%

,

07/15/28

(d)

8,390

9,395,237

IHO

Verwaltungs

GmbH

(p)

3.75%,

(3.75%

Cash

or

4.50%

PIK),

09/15/26

(d)

..............

6,023

6,547,493

3.88%,

(3.88%

Cash

or

4.63%

PIK),

05/15/27

(b)(d)

.............

2,941

3,171,854

6.00%,

(6.00%

Cash

or

6.75%

PIK),

05/15/27

(a)

..............

USD

400

389,730

8.75%,

(8.75%

Cash

or

9.50%

PIK),

05/15/28

(b)(d)

.............

EUR

1,618

1,942,358

PCF

GmbH

(d)

4.75%,

04/15/26

............

1,566

1,250,967

(3-mo.

EURIBOR

at

4.75%

Floor

+

4.75%),

8.71%,

04/15/26

(b)

...

5,069

4,294,870

Phoenix

PIB

Dutch

Finance

BV,

2.38%

,

08/05/25

(d)

................

3,000

3,217,628

Renk

AG,

5.75%

,

07/15/25

(d)

......

10,370

11,362,697

Robert

Bosch

GmbH,

4.38%

,

06/02/43

(d)

................

11,700

13,846,854

Sartorius

Finance

BV

(d)

4.25%,

09/14/26

............

4,500

5,078,397

4.38%,

09/14/29

............

10,000

11,433,831

4.88%,

09/14/35

............

10,000

11,635,633

Techem

Verwaltungsgesellschaft

674

mbH,

6.00%

,

07/30/26

(d)

.......

7,115

7,815,714

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

Techem

Verwaltungsgesellschaft

675

mbH,

2.00%

,

07/15/25

(d)

.......

EUR

15,866

$

17,101,630

Tele

Columbus

AG,

3.88%

,

05/02/25

(d)

7,977

5,574,330

thyssenkrupp

AG,

2.88%

,

02/22/24

(d)

.

11,148

12,252,955

TK

Elevator

Holdco

GmbH,

6.63%

,

07/15/28

(d)

................

4,151

4,216,005

TK

Elevator

Midco

GmbH

(d)

4.38%,

07/15/27

............

6,496

6,933,173

(3-mo.

EURIBOR

at

4.75%

Floor

+

4.75%),

8.71%,

07/15/27

(b)

...

5,985

6,683,123

TK

Elevator

US

Newco,

Inc.,

5.25%

,

07/15/27

(a)

................

USD

8,938

8,780,307

Traton

Finance

Luxembourg

SA,

0.13%

,

03/24/25

(d)

...........

EUR

7,900

8,334,071

TUI

Cruises

GmbH,

6.50%

,

05/15/26

(d)

1,098

1,193,955

Volkswagen

Bank

GmbH,

4.25%

,

01/07/26

(d)

................

4,600

5,136,467

Volkswagen

Financial

Services

AG,

0.88%

,

01/31/28

(d)

...........

7,500

7,488,325

Volkswagen

Financial

Services

NV

(d)

2.13%,

06/27/24

............

GBP

13,500

16,887,745

1.88%,

12/03/24

............

1,800

2,215,765

4.25%,

10/09/25

............

1,400

1,756,521

5.50%,

12/07/26

............

26,400

34,082,156

6.50%,

09/18/27

............

17,000

22,627,707

Volkswagen

International

Finance

NV

(b)

(d)(n)

Series

NC6,

(6-Year

EUR

Swap

Annual

+

2.97%),

3.38%

.....

EUR

61,800

67,371,309

(5-Year

EUR

Swap

Annual

+

2.92%),

3.75%

...........

1,700

1,757,468

Series

PNC5,

(5-Year

EUR

Swap

Annual

+

4.29%),

7.50%

.....

1,100

1,319,082

(9-Year

EUR

Swap

Annual

+

3.96%),

3.88%

...........

5,600

5,657,588

Volkswagen

Leasing

GmbH,

0.63%

,

07/19/29

(d)

................

15,631

14,807,618

Wintershall

Dea

Finance

2

BV

(b)(d)(n)

Series

NC5,

(5-Year

EUR

Swap

Annual

+

2.92%),

2.50%

.....

27,300

27,274,740

Series

NC8,

(5-Year

EUR

Swap

Annual

+

3.32%),

3.00%

.....

1,800

1,728,786

Wintershall

Dea

Finance

BV,

1.33%

,

09/25/28

(d)

................

23,600

23,256,407

ZF

Europe

Finance

BV

(d)

2.00%,

02/23/26

............

1,300

1,366,966

2.50%,

10/23/27

............

1,900

1,958,545

ZF

Finance

GmbH

(d)

3.00%,

09/21/25

............

7,900

8,521,489

5.75%,

08/03/26

............

5,100

5,813,125

2.00%,

05/06/27

............

1,800

1,833,562

2.75%,

05/25/27

............

3,100

3,251,133

2.25%,

05/03/28

............

1,900

1,921,839

3.75%,

09/21/28

............

10,700

11,377,739

1,080,412,441

Greece

—

0.0%

Danaos

Corp.,

8.50%

,

03/01/28

(a)

...

USD

8,623

8,752,345

Guatemala

—

0.0%

Millicom

International

Cellular

SA

6.63%,

10/15/26

(a)

...........

4,708

4,578,197

5.13%,

01/15/28

(d)

...........

6,508

6,052,673

10,630,870

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

60

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hong

Kong

—

0.0%

AIA

Group

Ltd.,

4.95%

,

04/04/33

(d)

..

USD

1,000

$

1,005,680

Bank

of

East

Asia

Ltd.

(The)

(b)(d)(n)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.26%),

5.88%

...........

564

524,872

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.53%),

5.83%

...........

800

693,500

Dah

Sing

Bank

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.95%),

7.38%

,

11/15/33

(b)(d)

...............

1,500

1,558,830

Link

CB

Ltd.,

4.50%

,

12/12/27

(d)(m)

...

HKD

40,000

5,249,114

Melco

Resorts

Finance

Ltd.

4.88%,

06/06/25

(d)

...........

USD

1,000

970,937

5.63%,

07/17/27

(d)

...........

200

187,563

5.38%,

12/04/29

(a)

...........

392

344,960

5.38%,

12/04/29

(d)

...........

1,500

1,320,000

REXLot

Holdings

Ltd.

(c)(d)(f)(m)(o)

6.00%,

04/28/17

............

HKD

1,103

—

4.50%,

04/17/19

............

15,091

—

11,855,456

India

—

0.1%

ABJA

Investment

Co.

Pte.

Ltd.,

5.95%

,

07/31/24

(d)

................

USD

400

398,125

CA

Magnum

Holdings,

5.38%

,

10/31/26

(d)

................

1,455

1,353,150

Continuum

Energy

Aura

Pte.

Ltd.,

9.50%

,

02/24/27

(a)

...........

3,729

3,798,919

Continuum

Energy

Levanter

Pte.

Ltd.

4.50%,

02/09/27

(a)

...........

6,751

6,363,023

4.50%,

02/09/27

(d)

...........

792

746,763

Diamond

II

Ltd.,

7.95%

,

07/28/26

(a)

..

2,482

2,491,308

GMR

Hyderabad

International

Airport

Ltd.

(d)

4.75%,

02/02/26

............

1,090

1,046,814

4.25%,

10/27/27

............

200

183,070

Greenko

Dutch

BV,

3.85%

,

03/29/26

(d)

241

224,266

Greenko

Solar

Mauritius

Ltd.,

5.55%

,

01/29/25

(d)

................

200

195,875

Greenko

Wind

Projects

Mauritius

Ltd.,

5.50%

,

04/06/25

(d)

...........

1,000

980,000

India

Green

Energy

Holdings,

5.38%

,

04/29/24

(a)

................

1,712

1,699,160

India

Green

Power

Holdings,

4.00%

,

02/22/27

(d)

................

1,228

1,123,620

Network

i2i

Ltd.

(b)(d)(n)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.27%),

5.65%

...........

2,162

2,125,516

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.39%),

3.98%

...........

1,000

927,500

Periama

Holdings

LLC,

5.95%

,

04/19/26

(d)

................

1,500

1,476,094

REC

Ltd.

(d)

3.88%,

07/07/27

............

1,000

956,490

5.63%,

04/11/28

............

1,000

1,015,330

TML

Holdings

Pte.

Ltd.,

4.35%

,

06/09/26

(d)

................

799

758,301

Vedanta

Resources

Finance

II

plc

8.95%,

03/11/25

(a)

...........

16,722

12,393,343

8.95%,

03/11/25

(d)

...........

7,721

5,722,342

Security

Par

(000)

Par

(000)

Value

India

(continued)

Vedanta

Resources

Ltd.,

6.13%

,

08/09/24

(a)

................

USD

5,000

$

3,329,500

Videocon

Industries

Ltd.,

2.84%

,

12/31/20

(c)(d)(e)(f)(m)(o)

...........

735

—

49,308,509

Indonesia

—

0.1%

Freeport

Indonesia

PT,

4.76%

,

04/14/27

(d)

................

4,279

4,215,285

LLPL

Capital

Pte.

Ltd.,

6.88%

,

02/04/39

(d)

................

1,609

1,545,838

Medco

Laurel

Tree

Pte.

Ltd.,

6.95%

,

11/12/28

(d)

................

200

189,472

Medco

Maple

Tree

Pte.

Ltd.,

8.96%

,

04/27/29

(a)

................

7,533

7,674,244

Minejesa

Capital

BV

(d)

4.63%,

08/10/30

............

2,000

1,895,600

5.63%,

08/10/37

............

1,000

864,375

Pakuwon

Jati

Tbk.

PT,

4.88%

,

04/29/28

(d)

................

375

349,219

Pertamina

Geothermal

Energy

PT,

5.15%

,

04/27/28

(d)

...........

850

851,594

Star

Energy

Geothermal

Darajat

II,

4.85%

,

10/14/38

(d)

...........

2,700

2,467,125

Theta

Capital

Pte.

Ltd.,

8.13%

,

01/22/25

(d)

................

1,763

1,567,060

21,619,812

Ireland

—

0.1%

AerCap

Ireland

Capital

DAC

6.10%,

01/15/27

............

9,721

9,928,426

5.75%,

06/06/28

............

6,271

6,417,994

3.00%,

10/29/28

............

11,754

10,731,267

AIB

Group

plc,

(1-Year

EUR

Swap

Annual

+

2.00%),

3.63%

,

07/04/26

(b)

(d)

......................

EUR

5,000

5,518,701

Bank

of

Ireland

Group

plc

(b)(d)

(5-Year

EUR

Swap

Annual

+

7.92%),

7.50%

(n)

..........

8,629

9,643,650

(1-Year

EURIBOR

ICE

Swap

Rate

+

1.10%),

1.88%,

06/05/26

....

7,000

7,514,537

49,754,575

Israel

—

0.1%

Energian

Israel

Finance

Ltd.,

8.50%

,

09/30/33

(a)(d)

...............

USD

4,320

4,102,619

Leviathan

Bond

Ltd.,

6.75%

,

06/30/30

(a)

(d)

......................

1,615

1,473,020

Teva

Pharmaceutical

Finance

Netherlands

II

BV

4.50%,

03/01/25

............

EUR

2,192

2,417,511

1.88%,

03/31/27

(d)

...........

2,710

2,717,575

3.75%,

05/09/27

............

4,876

5,185,578

7.38%,

09/15/29

............

15,116

18,226,045

4.38%,

05/09/30

............

4,764

4,929,675

7.88%,

09/15/31

............

1,859

2,320,841

41,372,864

Italy

—

1.7%

ASTM

SpA

(d)

1.50%,

01/25/30

............

2,600

2,494,529

2.38%,

11/25/33

............

2,075

1,921,184

Azzurra

Aeroporti

SpA

(d)

2.13%,

05/30/24

............

34,146

37,277,057

2.63%,

05/30/27

............

14,163

14,555,818

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

61

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Italy

(continued)

Banco

BPM

SpA

(d)

3.88%,

09/18/26

............

EUR

49,840

$

56,028,520

(3-mo.

EURIBOR

+

2.80%),

6.00%,

06/14/28

(b)

..............

7,150

8,257,263

(5-Year

EUR

Swap

Annual

+

5.42%),

5.00%,

09/14/30

(b)

...

1,017

1,136,334

(5-Year

EUR

Swap

Annual

+

3.80%),

3.25%,

01/14/31

(b)

...

10,700

11,487,428

(5-Year

EUR

Swap

Annual

+

3.17%),

2.88%,

06/29/31

(b)

...

9,065

9,456,905

(5-Year

EUR

Swap

Annual

+

3.40%),

3.38%,

01/19/32

(b)

...

6,650

6,931,918

CA

Auto

Bank

SpA,

0.00%

,

04/16/24

(d)

9,300

10,154,006

Cedacri

Mergeco

SpA

(b)(d)

(3-mo.

EURIBOR

at

4.63%

Floor

+

4.63%),

8.63%,

05/15/28

....

1,281

1,371,028

(3-mo.

EURIBOR

+

5.50%),

9.50%,

05/15/28

...............

6,800

7,394,257

Cerved

Group

SpA,

(3-mo.

EURIBOR

at

5.25%

Floor

+

5.25%),

9.18%

,

02/15/29

(b)(d)

...............

3,600

3,840,289

doValue

SpA,

3.38%

,

07/31/26

(d)

...

5,415

5,369,221

Engineering

-

Ingegneria

Informatica

-

SpA,

11.13%

,

05/15/28

(d)

.......

11,944

14,075,236

Eni

SpA

(d)

Series

NC5.,

(5-Year

EUR

Swap

Annual

+

3.17%),

2.63%

(b)(n)

...

34,200

36,197,692

Series

NC9,

(5-Year

EUR

Swap

Annual

+

2.77%),

2.75%

(b)(n)

...

26,000

24,620,028

4.25%,

05/19/33

............

14,230

16,476,195

Fiber

Bidco

SpA,

11.00%

,

10/25/27

(d)

8,972

10,796,057

FIS

Fabbrica

Italiana

Sintetici

SpA,

5.63%

,

08/01/27

(d)

...........

5,703

5,839,379

Iccrea

Banca

SpA,

4.00%

,

11/08/27

(d)

33,040

37,470,116

IMA

Industria

Macchine

Automatiche

SpA,

3.75%

,

01/15/28

(d)

.......

7,872

8,088,839

Infrastrutture

Wireless

Italiane

SpA

(d)

1.63%,

10/21/28

............

12,405

12,652,622

1.75%,

04/19/31

............

6,226

6,146,009

Intesa

Sanpaolo

SpA

5.02%,

06/26/24

(a)

...........

USD

6,100

6,036,621

(5-Year

EUR

Swap

Annual

+

6.07%),

5.88%

(b)(d)(n)

........

EUR

5,555

6,071,118

0.63%,

02/24/26

(d)

...........

7,000

7,261,781

(5-Year

EUR

Swap

Annual

+

7.19%),

7.75%

(b)(d)(n)

........

1,100

1,243,477

(5-Year

EUR

Swap

Annual

+

5.75%),

5.88%,

03/04/29

(b)(d)

..

1,100

1,214,952

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.26%),

9.13%

(b)(d)(n)

........

4,150

5,032,889

5.15%,

06/10/30

(d)

...........

GBP

15,925

18,353,323

Lottomatica

SpA

(b)(d)

(3-mo.

EURIBOR

+

4.13%),

8.10%,

06/01/28

...............

EUR

11,553

12,866,807

(3-mo.

EURIBOR

+

4.00%),

7.93%,

12/15/30

...............

9,127

10,176,307

Nexi

SpA,

0.00%

,

02/24/28

(d)(l)(m)

....

20,500

19,596,155

Rekeep

SpA,

7.25%

,

02/01/26

(d)

....

13,431

13,253,428

Rossini

SARL

(d)

6.75%,

10/30/25

............

16,810

18,557,400

(3-mo.

EURIBOR

at

3.88%

Floor

+

3.88%),

7.83%,

10/30/25

(b)

...

1,558

1,724,254

Security

Par

(000)

Par

(000)

Value

Italy

(continued)

Taurus

Law

130

Securities

SRL,

(Acquired

07/14/23,

cost

$22,430,009),

(3-mo.

EURIBOR

+

3.25%),

7.24%

,

08/15/27

(b)(c)(h)

...

EUR

20,682

$

22,065,847

Telecom

Italia

Capital

SA

6.38%,

11/15/33

............

USD

565

552,631

6.00%,

09/30/34

............

5,119

4,861,403

7.20%,

07/18/36

............

13,516

13,567,685

7.72%,

06/04/38

............

1,710

1,741,363

Telecom

Italia

SpA

4.00%,

04/11/24

(d)

...........

EUR

2,555

2,807,054

2.75%,

04/15/25

(d)

...........

1,975

2,120,561

3.00%,

09/30/25

(d)

...........

600

644,966

2.88%,

01/28/26

(d)

...........

1,100

1,172,708

6.88%,

02/15/28

(d)

...........

15,383

18,046,906

7.88%,

07/31/28

(d)

...........

15,744

19,275,073

1.63%,

01/18/29

(d)

...........

16,210

15,418,715

5.25%,

03/17/55

............

800

813,708

UniCredit

SpA

(b)

(5-Year

EUR

Swap

Annual

+

4.93%),

5.38%

(d)(n)

.........

2,200

2,375,575

(5-Year

EURIBOR

ICE

Swap

Rate

+

7.33%),

7.50%

(d)(n)

.........

2,500

2,837,869

(3-mo.

EURIBOR

+

1.60%),

4.45%,

02/16/29

(d)

..............

5,275

5,952,743

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.74%),

4.88%,

02/20/29

(d)

...

800

882,121

(5-Year

EUR

Swap

Annual

+

2.40%),

2.00%,

09/23/29

(d)

...

200

215,484

(5-Year

EUR

Swap

Annual

+

2.80%),

2.73%,

01/15/32

(d)

...

800

827,874

(5-Year

USD

Swap

Rate

+

4.91%),

7.30%,

04/02/34

(a)

.........

USD

7,500

7,710,640

Webuild

SpA,

7.00%

,

09/27/28

(d)

...

EUR

4,009

4,644,004

599,961,372

Jamaica

—

0.0%

(a)

Digicel

Group

Holdings

Ltd.,

8.00%

,

04/01/25

(f)(o)

................

USD

5,084

1,169,208

Digicel

International

Finance

Ltd.

Series

1441,

8.75%,

05/25/24

...

4,843

4,516,408

13.00%,

(13.00%

Cash

or

13.00%

PIK),

12/31/25

(p)

..........

2,946

1,979,112

8.00%,

12/31/26

(f)(o)

..........

1,933

38,670

7,703,398

Japan

—

0.7%

East

Japan

Railway

Co.

(d)

2.61%,

09/08/25

............

EUR

22,730

24,800,879

4.11%,

02/22/43

............

25,100

29,251,768

JFE

Holdings,

Inc.,

0.00%

,

09/28/28

(d)(l)

(m)

......................

JPY

2,170,000

15,968,080

Koei

Tecmo

Holdings

Co.

Ltd.,

0.00%

,

12/20/24

(d)(l)(m)

..............

700,000

4,952,128

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

13,666,714

Nissan

Motor

Co.

Ltd.

2.65%,

03/17/26

(d)

...........

EUR

3,940

4,243,856

4.81%,

09/17/30

(a)

...........

USD

20,737

19,387,161

NTT

Finance

Corp.,

0.01%

,

03/03/25

(d)

EUR

11,800

12,497,208

Rakuten

Group,

Inc.

3.55%,

11/27/24

(d)

...........

USD

23,700

22,751,993

10.25%,

11/30/24

(a)

..........

4,265

4,350,296

Rohm

Co.

Ltd.,

0.00%

,

12/05/24

(d)(l)(m)

JPY

1,400,000

10,140,071

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

62

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Japan

(continued)

SoftBank

Group

Corp.

(d)

2.13%,

07/06/24

............

EUR

21,715

$

23,492,829

4.50%,

04/20/25

............

689

754,457

4.75%,

07/30/25

............

5,081

5,628,398

3.13%,

09/19/25

............

6,570

6,998,489

4.00%,

07/06/26

............

USD

2,879

2,691,557

5.00%,

04/15/28

............

EUR

3,813

4,156,155

3.38%,

07/06/29

............

9,813

9,684,757

4.00%,

09/19/29

............

645

648,362

3.88%,

07/06/32

............

7,787

7,331,490

3.88%,

07/06/32

............

100

94,150

Sumitomo

Mitsui

Financial

Group,

Inc.,

2.47%

,

01/14/29

............

USD

10,164

9,042,076

232,532,874

Kuwait

—

0.0%

Ahli

United

Sukuk

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.01%),

3.88%

(b)

(d)(n)

.....................

1,551

1,415,287

MEGlobal

BV

4.25%,

11/03/26

(d)

...........

4,532

4,373,380

2.63%,

04/28/28

(a)

...........

7,009

6,294,958

2.63%,

04/28/28

(d)

...........

2,443

2,194,120

MEGlobal

Canada

ULC,

5.88%

,

05/18/30

(d)

................

1,500

1,538,906

15,816,651

Luxembourg

—

0.5%

Adler

Financing

SARL,

12.50%

,

(12.50%

Cash

or

12.50%

PIK),

06/30/25

(p)

................

EUR

16,073

17,517,801

Altice

Financing

SA

(d)

2.25%,

01/15/25

............

4,861

5,205,956

4.25%,

08/15/29

............

7,059

6,900,509

Cidron

Aida

Finco

SARL,

6.25%

,

04/01/28

(d)

................

GBP

13,799

16,519,139

Cullinan

Holdco

Scsp

(d)

4.63%,

10/15/26

............

EUR

7,745

6,647,697

(3-mo.

EURIBOR

at

4.75%

Floor

+

4.75%),

8.71%,

10/15/26

(b)

...

3,100

2,758,877

Ephios

Subco

3

SARL,

7.88%

,

01/31/31

(d)

................

10,367

11,828,961

Garfunkelux

Holdco

3

SA

(d)

6.75%,

11/01/25

............

15,270

13,301,097

7.75%,

11/01/25

............

GBP

12,164

11,864,306

INEOS

Finance

plc,

6.63%

,

05/15/28

(d)

EUR

4,540

5,130,966

Kleopatra

Finco

SARL

(d)

4.25%,

03/01/26

............

3,034

2,751,787

4.25%,

03/01/26

............

6,888

6,247,301

Kleopatra

Holdings

2

SCA,

6.50%

,

09/01/26

(d)

................

4,529

2,599,891

LHMC

Finco

2

SARL,

7.25%

,

(7.25%

Cash

or

8.00%

PIK),

10/02/25

(d)(p)

.

2,115

2,317,343

Monitchem

HoldCo

3

SA,

8.75%

,

05/01/28

(d)

................

6,590

7,410,084

SES

SA

(b)(d)(n)

(5-Year

EUR

Swap

Annual

+

5.40%),

5.63%

...........

8,400

9,259,085

(5-Year

EUR

Swap

Annual

+

3.19%),

2.88%

...........

49,787

49,887,354

Summer

BC

Holdco

B

SARL,

5.75%

,

10/31/26

(d)

................

6,306

6,663,097

Vivion

Investments

SARL

(d)

3.00%,

08/08/24

............

3,500

3,611,595

Security

Par

(000)

Par

(000)

Value

Luxembourg

(continued)

7.90%,

(7.90%

Cash

or

7.90%

PIK),

02/28/29

(p)

..............

EUR

5,559

$

4,634,657

193,057,503

Macau

—

0.1%

MGM

China

Holdings

Ltd.

5.38%,

05/15/24

(a)

...........

USD

327

325,398

5.88%,

05/15/26

(a)

...........

327

318,825

5.88%,

05/15/26

(d)

...........

350

341,250

4.75%,

02/01/27

(d)

...........

1,466

1,390,867

Sands

China

Ltd.

(e)

5.38%,

08/08/25

............

800

787,000

4.30%,

01/08/26

............

1,792

1,720,880

5.65%,

08/08/28

............

3,401

3,355,087

4.62%,

06/18/30

............

1,750

1,592,500

Studio

City

Co.

Ltd.,

7.00%

,

02/15/27

(d)

2,000

1,965,000

Studio

City

Finance

Ltd.

6.00%,

07/15/25

(d)

...........

500

489,063

5.00%,

01/15/29

(a)

...........

3,100

2,590,437

Wynn

Macau

Ltd.

4.88%,

10/01/24

(a)

...........

747

736,729

4.88%,

10/01/24

(d)

...........

200

197,250

5.50%,

01/15/26

(d)

...........

1,700

1,653,250

5.63%,

08/26/28

(d)

...........

5,829

5,386,360

4.50%,

03/07/29

(a)(m)

.........

16,000

16,310,189

39,160,085

Malaysia

—

0.0%

(d)

Khazanah

Capital

Ltd.,

4.88%

,

06/01/33

3,540

3,549,133

Khazanah

Global

Sukuk

Bhd.,

4.69%

,

06/01/28

.................

3,570

3,582,459

TNB

Global

Ventures

Capital

Bhd.,

4.85%

,

11/01/28

............

1,250

1,246,375

8,377,967

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)(n)

................

4,363

3,993,803

Braskem

Idesa

SAPI,

6.99%

,

02/20/32

(a)

................

9,353

5,285,567

Cemex

SAB

de

CV

3.13%,

03/19/26

(d)

...........

EUR

3,323

3,591,462

Food

Service

Project

SA,

5.50%

,

01/21/27

(d)

................

4,287

4,717,158

Gruma

SAB

de

CV,

4.88%

,

12/01/24

(d)

USD

7,000

6,914,688

Grupo

Posadas

SAB

de

CV,

7.00%

,

12/30/27

(d)(e)

...............

11,058

9,235,074

Metalsa

SA

de

CV,

3.75%

,

05/04/31

(d)

4,661

3,753,317

Trust

Fibra

Uno,

4.87%

,

01/15/30

(d)

..

1,906

1,716,591

39,207,660

Netherlands

—

1.1%

ABN

AMRO

Bank

NV

(d)

5.25%,

05/26/26

............

GBP

16,900

21,701,165

4.38%,

10/20/28

............

EUR

32,300

36,960,941

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.45%),

5.50%,

09/21/33

(b)

...

20,500

23,665,618

Boels

Topholding

BV,

6.25%

,

02/15/29

(d)

3,652

4,203,308

Cooperatieve

Rabobank

UA

(d)

(5-Year

EUR

Swap

Annual

+

4.68%),

4.38%

(b)(n)

.........

5,800

5,986,721

(3-mo.

EURIBOR

+

0.52%),

0.38%,

12/01/27

(b)

..............

24,000

24,297,162

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

63

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Netherlands

(continued)

(GUKG1

+

1.05%),

1.88%,

07/12/28

(b)

..............

GBP

3,300

$

3,828,354

(3-mo.

EURIBOR

+

1.15%),

4.23%,

04/25/29

(b)

..............

EUR

2,000

2,271,466

4.00%,

01/10/30

............

15,800

18,005,974

GTCR

W-2

Merger

Sub

LLC

8.50%,

01/15/31

(d)

...........

GBP

2,134

2,937,711

8.50%,

01/15/31

(a)

...........

2,598

3,576,464

IMCD

NV

(d)

2.13%,

03/31/27

............

EUR

6,945

7,320,203

4.88%,

09/18/28

............

14,470

16,726,220

ING

Groep

NV

3.00%,

02/18/26

(d)

...........

GBP

12,300

15,110,644

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.34%),

5.75%

(b)(n)

.........

USD

5,930

5,535,855

(3-mo.

EURIBOR

+

0.85%),

1.25%,

02/16/27

(b)(d)

.............

EUR

34,100

35,789,083

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.86%),

3.88%

(b)(n)

.........

USD

11,690

9,454,284

(1-day

SOFR

+

1.56%),

6.08%,

09/11/27

(b)

..............

9,623

9,820,304

(3-mo.

EURIBOR

+

1.85%),

4.88%,

11/14/27

(b)(d)

.............

EUR

12,000

13,733,315

(5-Year

EUR

Swap

Annual

+

1.15%),

1.00%,

11/16/32

(b)(d)

..

14,500

14,141,949

JDE

Peet's

NV,

0.24%

,

01/16/25

(d)

..

7,900

8,391,631

Koninklijke

KPN

NV,

(5-Year

EUR

Swap

Annual

+

2.34%),

2.00%

(b)(d)(n)

....

6,200

6,636,418

Louis

Dreyfus

Co.

Finance

BV,

2.38%

,

11/27/25

(d)

................

3,992

4,300,769

Nobian

Finance

BV,

3.63%

,

07/15/26

(d)

1,913

2,022,103

OCI

NV,

3.63%

,

10/15/25

(d)

.......

3,245

3,547,039

Q-Park

Holding

I

BV

(d)

1.50%,

03/01/25

............

2,614

2,821,547

(3-mo.

EURIBOR

at

2.00%

Floor

+

2.00%),

5.97%,

03/01/26

(b)

...

3,412

3,748,047

2.00%,

03/01/27

............

1,488

1,513,744

REWE

International

Finance

BV,

4.88%

,

09/13/30

(d)

...........

6,700

7,834,262

Summer

BidCo

BV

(d)(p)

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

(b)

..............

9,758

10,527,293

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

...............

5,611

6,065,140

Trivium

Packaging

Finance

BV

3.75%,

08/15/26

(d)(e)

..........

1,106

1,178,235

5.50%,

08/15/26

(a)(e)

..........

USD

4,328

4,246,239

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

7.75%,

08/15/26

(b)(d)

..

EUR

1,483

1,631,428

8.50%,

08/15/27

(a)(e)

..........

USD

2,231

2,187,493

UPCB

Finance

VII

Ltd.,

3.63%

,

06/15/29

(d)

................

EUR

4,450

4,679,230

Viterra

Finance

BV

(d)

0.38%,

09/24/25

............

13,300

13,851,092

1.00%,

09/24/28

............

15,131

14,822,182

VZ

Secured

Financing

BV,

3.50%

,

01/15/32

(d)

................

2,030

1,973,486

VZ

Vendor

Financing

II

BV,

2.88%

,

01/15/29

(d)

................

16,609

16,066,487

Ziggo

BV,

2.88%

,

01/15/30

(d)

......

2,701

2,648,968

395,759,574

Security

Par

(000)

Par

(000)

Value

New

Zealand

—

0.0%

Chorus

Ltd.,

3.63%

,

09/07/29

.....

EUR

7,900

$

8,858,895

Nigeria

—

0.0%

IHS

Holding

Ltd.,

6.25%

,

11/29/28

(a)

.

USD

3,975

3,189,938

Norway

—

0.0%

Var

Energi

ASA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.77%),

7.86%

,

11/15/83

(b)(d)

...............

EUR

4,380

5,142,488

Oman

—

0.0%

EDO

Sukuk

Ltd.,

5.88%

,

09/21/33

(a)

.

USD

11,991

12,343,236

Paraguay

—

0.0%

Frigorifico

Concepcion

SA,

7.70%

,

07/21/28

(a)

................

6,083

5,072,310

Peru

—

0.0%

Inkia

Energy

Ltd.,

5.88%

,

11/09/27

(d)

.

1,190

1,132,773

Intercorp

Peru

Ltd.,

3.88%

,

08/15/29

(a)

3,546

3,071,474

4,204,247

Philippines

—

0.0%

Rizal

Commercial

Banking

Corp.,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

6.24%),

6.50%

(b)(d)(n)

................

1,500

1,412,940

Portugal

—

0.1%

(d)

Banco

Espirito

Santo

SA

(f)(o)

2.63%,

05/08/17

............

EUR

6,100

1,750,865

4.75%,

01/15/18

............

15,500

4,448,918

4.00%,

01/21/23

............

19,000

5,453,513

EDP

-

Energias

de

Portugal

SA

(b)

(5-Year

EUR

Swap

Annual

+

1.84%),

1.70%,

07/20/80

....

13,300

14,019,766

(5-Year

EUR

Swap

Annual

+

2.38%),

1.88%,

08/02/81

....

6,000

6,160,041

EDP

Finance

BV

0.38%,

09/16/26

............

3,900

4,008,186

3.88%,

03/11/30

............

6,900

7,887,454

43,728,743

Romania

—

0.1%

RCS

&

RDS

SA,

2.50%

,

02/05/25

(d)

..

16,600

17,862,666

Saudi

Arabia

—

0.0%

EIG

Pearl

Holdings

SARL

(a)

3.55%,

08/31/36

............

USD

3,878

3,370,224

4.39%,

11/30/46

............

3,548

2,839,509

Gaci

First

Investment

Co.,

5.13%

,

02/14/53

(d)

................

4,889

4,413,850

10,623,583

Singapore

—

0.1%

(d)

DBS

Group

Holdings

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.92%),

3.30%

(b)

(n)

......................

1,332

1,282,716

Puma

International

Financing

SA,

5.00%

,

01/24/26

............

17,351

16,369,584

17,652,300

Slovenia

—

0.1%

United

Group

BV

(d)

3.13%,

02/15/26

............

EUR

7,757

8,198,199

4.00%,

11/15/27

............

4,978

5,181,617

4.63%,

08/15/28

............

2,108

2,199,135

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

64

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Slovenia

(continued)

(3-mo.

EURIBOR

at

4.88%

Floor

+

4.88%),

8.84%,

02/01/29

(b)

...

EUR

2,784

$

3,084,068

18,663,019

South

Africa

—

0.3%

Anglo

American

Capital

plc

1.63%,

09/18/25

(d)

...........

11,800

12,646,233

4.50%,

09/15/28

(d)

...........

3,360

3,851,671

5.00%,

03/15/31

(d)

...........

20,030

23,544,762

4.75%,

09/21/32

(d)

...........

16,250

18,820,540

3.95%,

09/10/50

(a)

...........

USD

580

442,424

4.75%,

03/16/52

(a)

...........

6,131

5,290,624

Sasol

Financing

USA

LLC

5.88%,

03/27/24

............

15,000

14,883,000

4.38%,

09/18/26

............

1,631

1,516,830

6.50%,

09/27/28

............

5,673

5,355,667

8.75%,

05/03/29

(a)

...........

5,282

5,379,453

91,731,204

South

Korea

—

0.0%

GS

Caltex

Corp.,

5.38%

,

08/07/28

(d)

.

2,815

2,829,300

Kookmin

Bank,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.64%),

4.35%

(b)(d)(n)

...

1,000

983,437

POSCO

5.63%,

01/17/26

(a)

...........

2,824

2,847,072

5.63%,

01/17/26

(d)

...........

200

201,634

5.75%,

01/17/28

(a)

...........

3,060

3,131,940

5.75%,

01/17/28

(d)

...........

200

204,702

5.88%,

01/17/33

(a)

...........

360

375,995

Shinhan

Financial

Group

Co.

Ltd.,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.06%),

2.88%

(b)(d)(n)

................

1,229

1,110,325

SK

Broadband

Co.

Ltd.,

4.88%

,

06/28/28

(d)

................

570

569,932

SK

Hynix,

Inc.

(d)

6.25%,

01/17/26

............

800

809,152

6.38%,

01/17/28

............

1,250

1,288,875

6.50%,

01/17/33

............

500

526,815

SK

On

Co.

Ltd.,

5.38%

,

05/11/26

(d)

..

645

649,180

15,528,359

Spain

—

1.5%

Abertis

Infraestructuras

Finance

BV

(b)

(d)(n)

(5-Year

EUR

Swap

Annual

+

3.69%),

3.25%

...........

EUR

200

211,366

(5-Year

EUR

Swap

Annual

+

3.69%),

3.25%

...........

9,900

10,462,607

Banco

Bilbao

Vizcaya

Argentaria

SA,

(5-Year

EUR

Swap

Annual

+

6.04%),

6.00%

(b)(d)(n)

................

8,200

9,026,319

Banco

de

Credito

Social

Cooperativo

SA,

(1-Year

EUR

Swap

Annual

+

2.15%),

1.75%

,

03/09/28

(b)(d)

....

4,200

4,080,199

Banco

de

Sabadell

SA

(b)(d)

(1-Year

EUR

Swap

Annual

+

2.20%),

2.63%,

03/24/26

....

5,200

5,625,350

(1-Year

EUR

Swap

Annual

+

2.40%),

5.25%,

02/07/29

....

2,400

2,734,634

(1-Year

EURIBOR

ICE

Swap

Rate

+

2.40%),

5.50%,

09/08/29

....

22,500

25,823,737

(5-Year

EUR

Swap

Annual

+

2.20%),

2.00%,

01/17/30

....

3,500

3,715,400

Security

Par

(000)

Par

(000)

Value

Spain

(continued)

(5-Year

EUR

Swap

Annual

+

2.95%),

2.50%,

04/15/31

....

EUR

7,200

$

7,502,930

(5-Year

EUR

Swap

Annual

+

3.15%),

6.00%,

08/16/33

....

3,800

4,240,694

Banco

Santander

SA

(b)(d)

(5-Year

EUR

Swap

Annual

+

4.10%),

4.75%

(n)

..........

1,600

1,633,316

(5-Year

EUR

Swap

Annual

+

4.53%),

4.38%

(n)

..........

4,600

4,670,393

(1-Year

EUR

Swap

Annual

+

1.05%),

3.63%,

09/27/26

....

32,900

36,364,629

(GUKG1

+

1.80%),

3.13%,

10/06/26

GBP

11,200

13,708,948

(1-Year

EUR

Swap

Annual

+

1.25%),

4.63%,

10/18/27

....

EUR

27,700

31,322,373

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

1.65%),

2.25%,

10/04/32

..........

GBP

16,500

18,142,423

Bankinter

SA,

(5-Year

EUR

Swap

Annual

+

6.71%),

6.25%

(b)(d)(n)

....

EUR

3,200

3,514,977

CaixaBank

SA

(b)(d)(n)

(5-Year

EUR

Swap

Annual

+

6.50%),

6.75%

...........

3,000

3,308,240

(5-Year

EUR

Swap

Annual

+

4.50%),

5.25%

...........

4,800

4,914,785

(5-Year

EUR

Swap

Annual

+

6.35%),

5.88%

...........

4,800

5,126,744

Cellnex

Finance

Co.

SA

1.00%,

09/15/27

(d)

...........

4,800

4,849,608

1.50%,

06/08/28

(d)

...........

6,700

6,775,369

2.00%,

02/15/33

(d)

...........

13,900

13,064,192

3.88%,

07/07/41

(a)

...........

USD

600

464,742

Cellnex

Telecom

SA

(d)

0.50%,

07/05/28

(m)

..........

EUR

1,700

1,997,956

1.88%,

06/26/29

............

3,400

3,421,109

2.13%,

08/11/30

(m)

...........

12,600

14,292,892

1.75%,

10/23/30

............

8,000

7,731,801

0.75%,

11/20/31

(m)

...........

19,700

18,095,283

Cirsa

Finance

International

SARL

(d)

10.38%,

11/30/27

...........

286

343,949

7.88%,

07/31/28

............

3,507

4,036,094

(3-mo.

EURIBOR

+

4.50%),

8.45%,

07/31/28

(b)

..............

4,404

4,916,151

Deutsche

Bank

AG,

3.63%

,

11/23/26

(d)

39,400

44,272,984

Grupo

Antolin-Irausa

SA,

3.50%

,

04/30/28

(d)

................

2,296

1,922,496

Iberdrola

Finanzas

SA,

7.38%

,

01/29/24

.................

GBP

2,900

3,699,886

Iberdrola

International

BV,

(5-Year

EUR

Swap

Annual

+

2.06%),

2.63%

(b)(d)(n)

EUR

6,300

6,920,110

Kaixo

Bondco

Telecom

SA,

5.13%

,

09/30/29

(d)

................

3,163

3,256,098

Lorca

Telecom

Bondco

SA,

4.00%

,

09/18/27

(d)

................

9,856

10,608,409

Natural

Foods,

(6-mo.

EURIBOR

+

6.75%),

10.89%

,

10/13/29

(b)(c)

...

21,501

23,024,055

Naturgy

Finance

BV

(b)(d)(n)

(9-Year

EUR

Swap

Annual

+

3.08%),

3.38%

...........

3,700

4,042,772

(5-Year

EUR

Swap

Annual

+

2.44%),

2.37%

...........

5,200

5,223,892

Repsol

Europe

Finance

SARL,

0.38%

,

07/06/29

(d)

................

8,000

7,637,267

Repsol

International

Finance

BV

(d)

2.00%,

12/15/25

............

2,400

2,589,840

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

65

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Spain

(continued)

(5-Year

EUR

Swap

Annual

+

4.00%),

3.75%

(b)(n)

.........

EUR

2,029

$

2,189,517

(5-Year

EUR

Swap

Annual

+

2.77%),

2.50%

(b)(n)

.........

31,425

32,393,308

(5-Year

EUR

Swap

Annual

+

4.41%),

4.25%

(b)(n)

.........

3,323

3,576,495

Telefonica

Emisiones

SA,

5.38%

,

02/02/26

(d)

................

GBP

27,294

35,169,372

Telefonica

Europe

BV

(b)(d)(n)

(6-Year

EUR

Swap

Annual

+

4.11%),

4.38%

...........

EUR

35,700

39,083,904

(8-Year

EUR

Swap

Annual

+

2.97%),

3.88%

...........

5,600

5,976,812

(7-Year

EUR

Swap

Annual

+

3.35%),

6.14%

...........

15,000

17,014,629

(8-Year

EUR

Swap

Annual

+

3.62%),

6.75%

...........

2,400

2,826,041

527,547,097

Sweden

—

0.3%

Balder

Finland

OYJ,

1.00%

,

01/20/29

(d)

4,323

3,631,119

Fastighets

AB

Balder

(d)

1.13%,

01/29/27

............

2,171

2,046,641

(5-Year

EUR

Swap

Annual

+

3.19%),

2.87%,

06/02/81

(b)

...

2,225

1,848,357

Heimstaden

Bostad

AB

(d)

(5-Year

EUR

Swap

Annual

+

3.67%),

3.25%

(b)(n)

.........

3,300

1,857,948

1.13%,

01/21/26

............

800

753,786

(5-Year

EUR

Swap

Annual

+

3.15%),

2.63%

(b)(n)

.........

9,577

3,547,083

Heimstaden

Bostad

Treasury

BV

0.63%,

07/24/25

(d)

...........

800

781,783

1.38%,

03/03/27

............

4,416

3,851,333

1.00%,

04/13/28

(d)

...........

2,600

2,053,873

Intrum

AB

(d)

3.13%,

07/15/24

............

443

479,356

4.88%,

08/15/25

............

13,918

14,327,654

3.50%,

07/15/26

............

350

326,493

9.25%,

03/15/28

............

315

316,912

Samhallsbyggnadsbolaget

i

Norden

AB

(b)(d)(n)

(5-Year

EUR

Swap

Annual

+

3.23%),

2.63%

...........

499

83,799

(5-Year

EUR

Swap

Annual

+

3.22%),

2.88%

...........

2,400

410,669

SBB

Treasury

OYJ,

0.75%

,

12/14/28

(d)

1,800

1,181,870

Swedbank

AB,

(GUKG1

+

1.00%),

1.38%

,

12/08/27

(b)(d)

..........

GBP

3,266

3,757,535

Verisure

Holding

AB

(d)

3.88%,

07/15/26

............

EUR

5,079

5,495,384

3.25%,

02/15/27

............

5,143

5,439,325

9.25%,

10/15/27

............

1,230

1,456,670

7.13%,

02/01/28

............

1,800

2,086,235

Volvo

Treasury

AB

(d)

2.63%,

02/20/26

............

10,134

11,055,104

4.75%,

06/15/26

............

GBP

13,460

17,211,081

3.63%,

05/25/27

............

EUR

8,730

9,800,723

93,800,733

Security

Par

(000)

Par

(000)

Value

Switzerland

—

1.0%

Argentum

Netherlands

BV,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.76%),

5.52%

(b)

(d)(n)

.....................

USD

13,101

$

12,478,703

Credit

Suisse

AG

3.63%,

09/09/24

............

12,000

11,829,830

7.95%,

01/09/25

............

10,000

10,220,215

3.70%,

02/21/25

............

23,000

22,526,853

2.95%,

04/09/25

............

8,000

7,752,935

1.25%,

08/07/26

............

12,000

10,886,031

5.50%,

08/20/26

(d)

...........

EUR

28,000

32,471,029

5.00%,

07/09/27

............

USD

8,000

8,001,691

0.25%,

09/01/28

(d)

...........

EUR

27,677

26,528,226

Credit

Suisse

Group

AG,

(5-Year

USD

Swap

Semi

+

3.46%),

6.25%

(a)(b)(f)(n)(o)

USD

200

23,000

UBS

AG

5.13%,

05/15/24

(d)

...........

21,403

21,209,988

5.65%,

09/11/28

............

12,000

12,445,841

UBS

Group

AG

(5-Year

USD

Swap

Semi

+

4.34%),

7.00%

(a)(b)(n)

..............

2,000

1,999,383

(5-Year

USD

Swap

Semi

+

4.87%),

7.00%

(b)(d)(n)

..............

8,900

8,831,826

(5-Year

USD

Swap

Semi

+

4.59%),

6.88%

(b)(d)(n)

..............

2,829

2,776,833

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.10%),

3.88%

(b)(d)(n)

........

2,302

2,054,587

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.86%),

5.13%

(b)(d)(n)

........

7,974

7,525,463

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.40%),

4.88%

(a)(b)(n)

........

1,833

1,651,023

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.40%),

4.88%

(b)(d)(n)

........

2,275

2,049,143

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.60%),

6.33%,

12/22/27

(a)(b)

..

13,000

13,398,387

(1-Year

EUR

Swap

Annual

+

0.77%),

0.65%,

01/14/28

(b)(d)

..

EUR

20,600

20,774,202

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.75%),

9.25%

(a)(b)(n)

........

USD

9,622

10,379,992

(3-mo.

LIBOR

USD

+

1.41%),

3.87%,

01/12/29

(a)(b)

........

8,748

8,246,434

(1-Year

EURIBOR

ICE

Swap

Rate

+

4.95%),

7.75%,

03/01/29

(b)(d)

..

EUR

22,000

27,974,186

(1-Year

EUR

Swap

Annual

+

1.95%),

2.88%,

04/02/32

(b)(d)

..

49,000

50,506,549

0.63%,

01/18/33

(d)

...........

15,000

12,487,231

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.76%),

9.25%

(a)(b)(n)

........

USD

8,810

9,763,815

356,793,396

Thailand

—

0.1%

Bangkok

Bank

PCL

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.73%),

5.00%

(b)(d)(n)

........

2,000

1,925,000

5.30%,

09/21/28

(a)

...........

8,880

9,029,806

5.50%,

09/21/33

(a)

...........

8,887

9,130,237

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

66

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Thailand

(continued)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.90%),

3.73%,

09/25/34

(b)(d)

..

USD

2,577

$

2,281,315

Kasikornbank

PCL,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.70%),

3.34%

,

10/02/31

(b)(d)

...............

906

833,610

Krung

Thai

Bank

PCL,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.53%),

4.40%

(b)

(d)(n)

.....................

1,980

1,833,975

Minor

International

PCL,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

7.92%),

2.70%

(b)

(d)(n)

.....................

2,500

2,316,425

Thaioil

Treasury

Center

Co.

Ltd.,

3.75%

,

06/18/50

(d)

...........

2,145

1,513,877

28,864,245

Turkey

—

0.0%

Turkish

Airlines

Pass-Through

Trust,

Series

2015-1,

Class

A,

4.20%

,

03/15/27

(a)

................

4,263

3,963,262

Ukraine

—

0.1%

Kernel

Holding

SA

(d)

6.50%,

10/17/24

............

5,000

4,000,000

6.75%,

10/27/27

............

3,925

2,512,000

Metinvest

BV

8.50%,

04/23/26

(d)

...........

5,516

3,833,620

8.50%,

04/23/26

(a)

...........

1,200

834,000

7.65%,

10/01/27

(d)

...........

5,915

3,785,600

MHP

Lux

SA,

6.25%

,

09/19/29

(d)

....

14,824

9,857,960

VF

Ukraine

PAT,

6.20%

,

02/11/25

(d)

..

14,287

10,929,555

35,752,735

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)(n)

................

2,345

2,473,975

Abu

Dhabi

National

Energy

Co.

PJSC,

4.70%

,

04/24/33

(a)

...........

936

945,051

Aldar

Investment

Properties

Sukuk

Ltd.,

4.88%

,

05/24/33

(d)

...........

5,600

5,423,250

Alpha

Star

Holding

VIII

Ltd.,

8.38%

,

04/12/27

(d)

................

7,000

7,280,000

DAE

Funding

LLC

(d)

1.55%,

08/01/24

............

2,065

2,006,922

2.63%,

03/20/25

............

5,188

4,970,467

DP

World

Salaam,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.75%),

6.00%

(b)(d)(n)

...

6,945

6,914,859

GEMS

MENASA

Cayman

Ltd.

7.13%,

07/31/26

(a)

...........

5,734

5,619,320

7.13%,

07/31/26

(d)

...........

2,519

2,468,620

MAF

Global

Securities

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.54%),

6.38%

(b)

(d)(n)

.....................

3,712

3,644,720

MDGH

GMTN

RSC

Ltd.,

4.38%

,

11/22/33

(a)

................

4,785

4,655,135

Shelf

Drilling

Holdings

Ltd.,

9.63%

,

04/15/29

(a)

................

23,230

22,562,137

Security

Par

(000)

Par

(000)

Value

United

Arab

Emirates

(continued)

Shelf

Drilling

North

Sea

Holdings

Ltd.,

10.25%

,

10/31/25

(a)

..........

USD

7,620

$

7,620,000

76,584,456

United

Kingdom

—

3.8%

10x

Future

Technologies

Services

Ltd.,

15.00%

,

06/19/26

(c)

..........

GBP

4,838

5,981,220

AA

Bond

Co.

Ltd.,

6.27%

,

07/31/25

(d)

.

686

873,536

Babcock

International

Group

plc

(d)

1.88%,

10/05/26

............

9,600

11,262,359

1.38%,

09/13/27

............

EUR

2,000

2,029,811

Barclays

plc

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.67%),

8.00%

(b)(n)

.........

USD

8,741

8,680,900

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

6.58%),

7.13%

(b)(n)

...............

GBP

4,642

5,745,808

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.87%),

6.13%

(b)(n)

.........

USD

1,541

1,473,904

3.00%,

05/08/26

(d)

...........

GBP

3,266

3,947,779

3.25%,

02/12/27

(d)

...........

3,266

3,931,460

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.41%),

4.38%

(b)(n)

.........

USD

1,754

1,363,569

(BPSWS1

+

2.65%),

7.09%,

11/06/29

(b)(d)

.............

GBP

14,540

19,735,822

(USISSO05

+

5.78%),

9.63%

(b)(n)

.

USD

56,930

59,136,038

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.75%),

3.75%,

11/22/30

(b)(d)

........

GBP

5,000

6,058,361

(1-Year

EUR

Swap

Annual

+

2.55%),

5.26%,

01/29/34

(b)(d)

..

EUR

37,300

44,049,537

BCP

V

Modular

Services

Finance

II

plc

(d)

4.75%,

11/30/28

............

2,888

2,945,081

6.13%,

11/30/28

............

GBP

1,200

1,365,150

Bellis

Acquisition

Co.

plc

(d)

3.25%,

02/16/26

............

16,469

19,436,940

4.50%,

02/16/26

............

26,544

31,956,505

BG

Energy

Capital

plc

(d)

5.13%,

12/01/25

............

5,989

7,724,417

2.25%,

11/21/29

............

EUR

10,960

11,454,061

BP

Capital

Markets

plc

(d)

1.95%,

03/03/25

............

8,400

9,101,626

(5-Year

EUR

Swap

Annual

+

3.52%),

3.25%

(b)(n)

.........

40,442

43,083,338

1.59%,

07/03/28

............

6,159

6,383,102

1.64%,

06/26/29

............

11,100

11,367,769

British

Telecommunications

plc

1.75%,

03/10/26

(d)

...........

12,600

13,482,323

5.75%,

12/07/28

(d)

...........

GBP

15,600

20,967,412

4.25%,

01/06/33

(d)

...........

EUR

20,070

23,330,648

(5-Year

EUR

Swap

Annual

+

2.13%),

1.87%,

08/18/80

(b)(d)

..

41,115

43,232,931

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.99%),

4.25%,

11/23/81

(a)(b)

..

USD

4,700

4,335,315

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.49%),

4.88%,

11/23/81

(a)(b)

..

7,694

6,577,585

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.82%),

8.38%,

12/20/83

(b)(d)

........

GBP

11,900

15,992,582

BUPA

Finance

plc,

5.00%

,

10/12/30

(d)

EUR

8,300

9,839,654

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

67

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Chanel

Ceres

plc,

0.50%

,

07/31/26

(d)

.

EUR

3,518

$

3,610,936

Channel

Link

Enterprises

Finance

plc

(b)(d)

Series

A8,

(6-mo.

EURIBOR

+

5.90%),

2.71%,

06/30/50

....

4,400

4,561,672

Series

A5,

(Sterling

Overnight

Index

Average

+

0.28%),

3.04%,

06/30/50

...............

GBP

3,075

3,485,937

CK

Hutchison

International

23

Ltd.

(d)

4.75%,

04/21/28

............

USD

960

961,498

4.88%,

04/21/33

............

965

965,222

Connect

Finco

SARL,

6.75%

,

10/01/26

(a)

................

19,730

19,611,813

CPUK

Finance

Ltd.

(d)

3.59%,

08/28/25

............

GBP

2,601

3,204,419

4.88%,

08/28/25

............

9,842

12,121,708

6.50%,

08/28/26

............

300

368,990

4.50%,

08/28/27

............

4,550

5,103,536

DS

Smith

plc,

4.50%

,

07/27/30

(d)

...

EUR

13,820

15,874,176

EC

Finance

plc,

3.00%

,

10/15/26

(d)

..

3,651

3,884,415

Galaxy

Bidco

Ltd.,

6.50%

,

07/31/26

(d)

GBP

23,660

29,102,681

Global

Switch

Finance

BV,

1.38%

,

10/07/30

(d)

................

EUR

5,022

5,000,057

Global

Switch

Holdings

Ltd.,

2.25%

,

05/31/27

(d)

................

5,736

6,154,422

Heathrow

Finance

plc

(d)(e)

4.75%,

03/01/24

............

GBP

7,430

9,435,040

5.75%,

03/03/25

............

2,396

3,027,338

3.88%,

03/01/27

............

5,212

6,120,302

4.13%,

09/01/29

............

1,956

2,153,515

HSBC

Bank

Capital

Funding

Sterling

1

LP,

(Sterling

Overnight

Index

Average

+

2.04%),

5.84%

(b)(d)(n)

...

1,477

1,957,964

HSBC

Holdings

plc

(b)

(BPISDS01

+

1.32%),

2.26%,

11/13/26

(d)

..............

35,500

42,863,405

(3-mo.

EURIBOR

+

1.45%),

3.02%,

06/15/27

(d)

..............

EUR

21,000

22,889,639

(Sterling

Overnight

Index

Average

+

1.31%),

1.75%,

07/24/27

....

GBP

29,675

34,730,453

(1-day

SOFR

+

4.25%),

8.11%,

11/03/33

...............

USD

1,616

1,867,438

Imperial

Brands

Finance

Netherlands

BV,

5.25%

,

02/15/31

(d)

........

EUR

9,260

10,571,119

INEOS

Quattro

Finance

2

plc

(d)

2.50%,

01/15/26

............

100

106,658

8.50%,

03/15/29

............

16,712

19,442,149

Informa

plc

(d)

2.13%,

10/06/25

............

18,950

20,318,616

3.13%,

07/05/26

............

GBP

24,147

29,447,598

International

Consolidated

Airlines

Group

SA,

3.75%

,

03/25/29

(d)

...

EUR

5,400

5,767,587

Intu

Jersey

2

Ltd.,

2.88%

,

11/01/22

(d)(f)(m)

(o)

......................

GBP

3,990

800,997

ITV

plc,

1.38%

,

09/26/26

(d)

........

EUR

2,500

2,596,380

Kane

Bidco

Ltd.,

6.50%

,

02/15/27

(d)

.

GBP

3,286

3,880,645

Lloyds

Banking

Group

plc

(5-Year

USD

Swap

Semi

+

4.76%),

7.50%

(b)(n)

...............

USD

3,359

3,325,082

2.25%,

10/16/24

(d)

...........

GBP

6,659

8,267,277

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.29%),

4.95%

(b)(d)(n)

........

EUR

8,540

9,180,104

(GUKG1

+

1.30%),

1.88%,

01/15/26

(b)(d)

.............

GBP

4,419

5,409,850

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

(GUKG1

+

1.18%),

2.00%,

04/12/28

(b)(d)

.............

GBP

9,300

$

10,788,548

Market

Bidco

Finco

plc,

5.50%

,

11/04/27

(d)

................

8,725

9,786,763

Metrocentre

Finance

plc,

8.75%

,

(8.75%

Cash

or

8.75%

PIK),

12/05/24

(p)

................

1,108

623,933

Mitchells

&

Butlers

Finance

plc,

Series

D1,

(Sterling

Overnight

Index

Average

+

2.36%),

7.56%

,

06/15/36

(b)(d)

...............

2,225

2,260,910

Mobico

Group

plc

(d)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(b)(n)

...............

5,138

5,751,177

4.88%,

09/26/31

............

EUR

14,060

15,726,111

Motability

Operations

Group

plc

(d)

0.13%,

07/20/28

............

6,809

6,618,163

3.50%,

07/17/31

............

14,155

16,012,134

National

Grid

Electricity

Distribution

South

West

plc,

5.88%

,

03/25/27

(d)

GBP

3,275

4,335,697

National

Grid

Electricity

Transmission

plc,

5.88%

,

02/02/24

(d)

........

4,500

5,734,606

National

Grid

plc,

3.25%

,

03/30/34

(d)

.

EUR

15,500

16,275,410

Nationwide

Building

Society

(d)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.39%),

5.88%

(b)(n)

...............

GBP

4,556

5,693,621

1.25%,

03/03/25

............

EUR

1,990

2,137,431

0.25%,

07/22/25

............

1,800

1,890,557

(3-mo.

EURIBOR

+

0.93%),

1.50%,

03/08/26

(b)

..............

15,000

16,110,031

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.63%),

5.75%

(b)(n)

...............

GBP

4,500

5,277,051

NatWest

Group

plc

(b)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.63%),

6.00%

(n)

..........

USD

3,300

3,190,468

(3-mo.

EURIBOR

+

1.08%),

1.75%,

03/02/26

(d)

..............

EUR

14,000

15,044,127

(BPSW1

+

1.49%),

2.88%,

09/19/26

(d)

..............

GBP

13,408

16,364,673

(BPSW1

+

2.01%),

3.13%,

03/28/27

(d)

..............

3,266

3,954,699

NatWest

Markets

plc,

6.38%

,

11/08/27

(d)

8,100

10,881,516

Neptune

Energy

Bondco

plc,

6.63%

,

05/15/25

(a)

................

USD

25,554

25,323,638

NGG

Finance

plc,

(5-Year

EUR

Swap

Annual

+

2.14%),

1.63%

,

12/05/79

(b)

(d)

......................

EUR

45,185

48,697,284

NIE

Finance

plc,

2.50%

,

10/27/25

(d)

.

GBP

4,800

5,860,702

Pinewood

Finance

Co.

Ltd.,

3.25%

,

09/30/25

(d)

................

20,875

25,795,275

Pinnacle

Bidco

plc

(d)

8.25%,

10/11/28

............

EUR

1,140

1,307,182

10.00%,

10/11/28

...........

GBP

3,509

4,639,849

Premier

Foods

Finance

plc,

3.50%

,

10/15/26

(d)

................

6,048

7,156,342

Reckitt

Benckiser

Treasury

Services

plc

(d)

3.63%,

09/14/28

............

EUR

7,941

9,064,790

3.88%,

09/14/33

............

14,366

16,792,256

Rolls-Royce

plc

4.63%,

02/16/26

(d)

...........

1,525

1,710,302

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

68

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

5.75%,

10/15/27

(a)

...........

USD

325

$

325,558

5.75%,

10/15/27

(d)

...........

GBP

485

619,751

1.63%,

05/09/28

(d)

...........

EUR

1,700

1,727,141

Santander

UK

Group

Holdings

plc

(d)

(BPSWS5

+

6.07%),

6.75%

(b)(n)

..

GBP

3,821

4,855,047

3.63%,

01/14/26

............

3,266

4,026,669

SCC

Power

plc

(a)(p)

8.00%,

(8.00%

Cash

or

8.00%

PIK),

12/31/28

...............

USD

23,430

10,417,391

4.00%,

(4.00%

Cash

or

4.00%

PIK),

05/17/32

...............

12,691

2,062,358

SP

Distribution

plc,

5.88%

,

07/17/26

(d)

GBP

4,200

5,511,074

SSE

plc,

8.38%

,

11/20/28

(d)

.......

10,800

16,124,676

Standard

Chartered

plc

(b)

(3-mo.

LIBOR

USD

+

1.51%),

7.16%

(a)(n)

...............

USD

5,000

4,789,703

(3-mo.

LIBOR

USD

+

1.51%),

7.16%

(d)(n)

...............

800

766,353

(1-Year

EUR

Swap

Annual

+

0.90%),

0.85%,

01/27/28

(d)

...

EUR

11,000

11,113,613

Stonegate

Pub

Co.

Financing

plc

(d)

8.00%,

07/13/25

............

GBP

7,336

9,070,308

8.25%,

07/31/25

............

3,463

4,303,760

Synthomer

plc,

3.88%

,

07/01/25

(d)

...

EUR

5,971

6,497,556

Tesco

Property

Finance

1

plc,

7.62%

,

07/13/39

(d)

................

GBP

2,839

4,142,577

Tesco

Property

Finance

3

plc,

5.74%

,

04/13/40

(d)

................

6,407

8,230,222

Tesco

Property

Finance

4

plc,

5.80%

,

10/13/40

(d)

................

3,045

3,959,636

Thames

Water

Kemble

Finance

plc,

4.63%

,

05/19/26

(d)

...........

3,147

1,980,535

Thames

Water

Utilities

Finance

plc

(d)

4.00%,

06/19/25

............

16,832

20,470,129

0.88%,

01/31/28

............

EUR

1,635

1,538,807

4.38%,

01/18/31

............

20,268

21,095,233

Virgin

Media

Secured

Finance

plc

(d)

5.25%,

05/15/29

............

GBP

400

472,895

4.25%,

01/15/30

............

2,425

2,693,731

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%

,

07/15/28

(d)

.......

2,460

2,881,213

Vmed

O2

UK

Financing

I

plc

(d)

4.00%,

01/31/29

............

16,822

18,949,511

3.25%,

01/31/31

............

EUR

7,736

7,835,594

4.50%,

07/15/31

............

GBP

5,230

5,749,040

Vodafone

Group

plc

4.88%,

06/19/49

............

USD

3,259

2,952,757

5.75%,

02/10/63

............

3,950

4,006,078

(5-Year

EUR

Swap

Annual

+

3.43%),

4.20%,

10/03/78

(b)(d)

..

EUR

2,310

2,483,566

(5-Year

GBP

Swap

+

3.27%),

4.88%,

10/03/78

(b)(d)

........

GBP

15,008

18,582,165

(5-Year

USD

Swap

Semi

+

3.05%),

6.25%,

10/03/78

(b)(d)

........

USD

5,297

5,263,894

(5-Year

EUR

Swap

Annual

+

3.00%),

2.63%,

08/27/80

(b)(d)

..

EUR

6,057

6,350,208

Series

60NC10,

(5-Year

EUR

Swap

Annual

+

3.48%),

3.00%,

08/27/80

(b)(d)

.............

7,505

7,406,356

WPP

Finance

SA,

4.13%

,

05/30/28

(d)

6,500

7,400,632

1,372,478,164

United

States

—

16.4%

AbbVie,

Inc.

2.60%,

11/21/24

............

USD

20,574

20,098,713

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

3.20%,

11/21/29

............

USD

79,985

$

74,769,139

4.75%,

03/15/45

............

5,602

5,388,085

Affinity

Interactive,

6.88%

,

12/15/27

(a)

4,897

4,364,370

Air

Lease

Corp.,

2.10%

,

09/01/28

...

8,400

7,351,206

Albertsons

Cos.,

Inc.

(a)

4.63%,

01/15/27

............

588

571,655

3.50%,

03/15/29

............

3,640

3,305,055

4.88%,

02/15/30

............

435

416,437

Alexander

Funding

Trust

II,

7.47%

,

07/31/28

(a)

................

18,297

19,212,529

Alexandria

Real

Estate

Equities,

Inc.

4.50%,

07/30/29

............

3,950

3,835,162

2.95%,

03/15/34

............

5,310

4,427,710

Allegiant

Travel

Co.,

7.25%

,

08/15/27

(a)

4,829

4,724,893

Allied

Universal

Holdco

LLC

(d)

3.63%,

06/01/28

............

EUR

11,681

11,297,906

4.88%,

06/01/28

............

GBP

1,712

1,833,049

Alteryx,

Inc.,

8.75%

,

03/15/28

(a)

....

USD

7,755

8,254,213

Ambac

Assurance

Corp.,

5.10%

(a)(n)

..

1,407

1,829,640

American

Airlines

Pass-Through

Trust

(c)

Series

2019-1,

Class

B,

3.93%,

06/15/24

...............

2,223

2,189,655

Series

2019-1,

Class

A,

3.50%,

06/15/26

...............

29,235

27,299,456

American

Express

Co.

2.50%,

07/30/24

............

6,101

5,993,416

3.00%,

10/30/24

............

8,300

8,157,018

(1-day

SOFR

+

1.28%),

5.28%,

07/27/29

(b)

..............

20,369

20,791,804

American

Tower

Corp.

1.95%,

05/22/26

............

EUR

10,100

10,750,372

0.45%,

01/15/27

............

4,950

4,997,005

0.40%,

02/15/27

............

12,750

12,820,262

4.13%,

05/16/27

............

17,790

20,061,515

0.50%,

01/15/28

............

7,900

7,770,663

1.50%,

01/31/28

............

USD

10,000

8,736,179

5.25%,

07/15/28

............

8,196

8,324,517

American

University

(The),

Series

2019,

3.67%

,

04/01/49

............

4,870

3,938,933

AmeriGas

Partners

LP,

9.38%

,

06/01/28

(a)

................

7,982

8,242,832

Amgen,

Inc.

5.51%,

03/02/26

............

10,129

10,133,575

5.50%,

12/07/26

(d)

...........

GBP

35,798

46,976,003

5.15%,

03/02/28

............

USD

27,000

27,641,276

1.65%,

08/15/28

............

7,633

6,749,867

3.00%,

02/22/29

............

5,894

5,543,732

4.05%,

08/18/29

............

31,525

30,862,979

2.45%,

02/21/30

............

4,265

3,782,149

2.30%,

02/25/31

............

19,038

16,285,153

Amkor

Technology,

Inc.,

6.63%

,

09/15/27

(a)

................

9,295

9,411,141

AMN

Healthcare,

Inc.,

4.63%

,

10/01/27

(a)

................

99

93,679

Ardagh

Metal

Packaging

Finance

USA

LLC

2.00%,

09/01/28

(d)

...........

EUR

8,033

7,852,109

3.25%,

09/01/28

(a)

...........

USD

9,397

8,220,716

3.00%,

09/01/29

(d)

...........

EUR

1,902

1,687,329

Ardagh

Packaging

Finance

plc

5.25%,

04/30/25

(a)

...........

USD

9,543

9,280,776

2.13%,

08/15/26

(d)

...........

EUR

14,476

14,203,824

4.75%,

07/15/27

(d)

...........

GBP

9,472

8,729,482

5.25%,

08/15/27

(a)

...........

USD

3,437

2,670,084

Ares

Capital

Corp.,

7.00%

,

01/15/27

.

8,000

8,228,771

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

69

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Arthur

J

Gallagher

&

Co.,

6.75%

,

02/15/54

.................

USD

9,365

$

10,926,901

Ashland

Services

BV,

2.00%

,

01/30/28

(d)

................

EUR

5,590

5,722,702

Ashton

Woods

USA

LLC

(a)

6.63%,

01/15/28

............

USD

13,054

12,668,079

4.63%,

08/01/29

............

2,260

2,009,712

4.63%,

04/01/30

............

6,259

5,606,755

AT&T,

Inc.

2.90%,

12/04/26

............

GBP

41,509

50,392,016

5.50%,

03/15/27

(d)

...........

17,800

23,242,149

4.30%,

11/18/34

............

EUR

8,890

10,365,276

AvalonBay

Communities,

Inc.,

3.35%

,

05/15/27

.................

USD

1,650

1,575,535

Avantor

Funding,

Inc.,

2.63%

,

11/01/25

(d)

................

EUR

4,481

4,831,836

Banff

Merger

Sub,

Inc.,

8.38%

,

09/01/26

(d)

................

2,853

3,081,658

Bank

of

America

Corp.

(b)

(3-mo.

EURIBOR

+

0.91%),

1.95%,

10/27/26

(d)

..............

23,700

25,389,058

Series

N,

(1-day

SOFR

+

0.91%),

1.66%,

03/11/27

..........

USD

1,479

1,368,238

(3-mo.

EURIBOR

+

1.20%),

1.78%,

05/04/27

(d)

..............

EUR

11,000

11,658,586

(3-mo.

CME

Term

SOFR

+

1.84%),

3.82%,

01/20/28

..........

USD

3,369

3,236,874

(1-day

SOFR

+

1.05%),

2.55%,

02/04/28

...............

12,150

11,254,976

(3-mo.

CME

Term

SOFR

+

1.77%),

3.71%,

04/24/28

..........

7,960

7,601,039

(1-day

SOFR

+

1.58%),

4.38%,

04/27/28

...............

19,355

18,915,622

(3-mo.

CME

Term

SOFR

+

1.33%),

3.97%,

03/05/29

..........

5,000

4,775,566

(1-day

SOFR

+

1.63%),

5.20%,

04/25/29

...............

34,246

34,457,852

(3-mo.

CME

Term

SOFR

+

1.47%),

3.97%,

02/07/30

..........

5,000

4,732,483

(3-mo.

CME

Term

SOFR

+

1.25%),

2.50%,

02/13/31

..........

24,350

20,909,750

(3-mo.

EURIBOR

+

0.79%),

0.69%,

03/22/31

(d)

..............

EUR

13,000

11,998,800

(1-day

SOFR

+

2.15%),

2.59%,

04/29/31

...............

USD

4,150

3,576,428

(1-day

SOFR

+

1.37%),

1.92%,

10/24/31

...............

4,150

3,369,181

(1-day

SOFR

+

1.22%),

2.30%,

07/21/32

...............

12,420

10,141,392

Bank

of

New

York

Mellon

Corp.

(The)

(1-day

SOFR

+

1.03%),

4.95%,

04/26/27

(b)

..............

8,300

8,302,469

3.85%,

04/26/29

............

25,000

24,228,489

Bausch

&

Lomb

Escrow

Corp.,

8.38%

,

10/01/28

(a)

................

2,493

2,629,965

Bausch

Health

Cos.,

Inc.,

5.50%

,

11/01/25

(a)

................

30

27,443

Beazer

Homes

USA,

Inc.,

7.25%

,

10/15/29

.................

11,497

11,595,794

Becton

Dickinson

&

Co.

3.73%,

12/15/24

............

8,400

8,267,787

0.03%,

08/13/25

............

EUR

4,400

4,599,550

3.70%,

06/06/27

............

USD

4,300

4,166,899

4.69%,

02/13/28

............

8,500

8,536,183

2.82%,

05/20/30

............

15,000

13,406,510

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Becton

Dickinson

Euro

Finance

SARL,

1.21%

,

06/04/26

............

EUR

16,000

$

16,856,910

Belden,

Inc.

(d)

3.38%,

07/15/27

............

2,635

2,807,422

3.88%,

03/15/28

............

3,121

3,342,065

Big

River

Steel

LLC,

6.63%

,

01/31/29

(a)

USD

6,863

6,997,378

Blue

Racer

Midstream

LLC,

7.63%

,

12/15/25

(a)

................

1,592

1,612,637

Booking

Holdings,

Inc.,

4.00%

,

11/15/26

..................

EUR

4,700

5,327,998

Boxer

Parent

Co.,

Inc.,

6.50%

,

10/02/25

(d)

................

12,882

14,166,958

BP

Capital

Markets

America,

Inc.

3.41%,

02/11/26

............

USD

7,405

7,230,423

3.59%,

04/14/27

............

5,000

4,847,468

Broadcom,

Inc.

4.00%,

04/15/29

(a)

...........

8,290

8,001,998

4.15%,

11/15/30

............

21,150

20,202,066

2.45%,

02/15/31

(a)

...........

8,000

6,840,504

3.42%,

04/15/33

(a)

...........

12,550

11,022,752

Buckeye

Partners

LP

4.35%,

10/15/24

............

4,975

4,875,387

4.13%,

03/01/25

(a)

...........

2,452

2,376,827

3.95%,

12/01/26

............

271

256,095

Caesars

Entertainment,

Inc.

(a)

6.25%,

07/01/25

............

5,980

5,996,260

8.13%,

07/01/27

............

11,125

11,404,226

California

Resources

Corp.,

7.13%

,

02/01/26

(a)

................

2,042

2,070,965

Calpine

Corp.,

5.13%

,

03/15/28

(a)

...

4,315

4,137,129

Calumet

Specialty

Products

Partners

LP,

9.75%

,

07/15/28

(a)

.........

13,235

13,146,468

Capital

One

Financial

Corp.

(b)

(1-day

SOFR

+

3.07%),

7.62%,

10/30/31

...............

11,258

12,371,263

(1-day

SOFR

+

2.86%),

6.38%,

06/08/34

...............

18,276

18,809,616

Carnival

Corp.,

7.63%

,

03/01/26

(d)

...

EUR

11,389

12,748,907

Carrier

Global

Corp.

4.38%,

05/29/25

(d)

...........

18,230

20,298,083

4.50%,

11/29/32

(d)

...........

5,500

6,493,613

5.90%,

03/15/34

(a)

...........

USD

9,935

10,745,641

6.20%,

03/15/54

(a)

...........

3,570

4,126,819

Carrols

Restaurant

Group,

Inc.,

5.88%

,

07/01/29

(a)

................

7,760

6,853,277

Catalent

Pharma

Solutions,

Inc.

5.00%,

07/15/27

(a)

...........

3,460

3,342,956

2.38%,

03/01/28

(d)

...........

EUR

8,337

7,995,654

3.13%,

02/15/29

(a)

...........

USD

985

861,993

Cedar

Fair

LP,

5.50%

,

05/01/25

(a)

...

102

101,487

CenterPoint

Energy

Houston

Electric

LLC

5.20%,

10/01/28

............

2,400

2,475,824

5.30%,

04/01/53

............

957

1,000,608

Century

Communities,

Inc.,

6.75%

,

06/01/27

.................

1,186

1,198,803

Charles

Schwab

Corp.

(The)

5.88%,

08/24/26

............

7,977

8,181,572

(1-day

SOFR

+

1.88%),

6.20%,

11/17/29

(b)

..............

12,000

12,583,768

(1-day

SOFR

+

2.01%),

6.14%,

08/24/34

(b)

..............

8,000

8,432,604

Charter

Communications

Operating

LLC

6.15%,

11/10/26

............

22,421

22,921,639

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

70

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

3.75%,

02/15/28

............

USD

8,128

$

7,673,214

4.20%,

03/15/28

............

7,758

7,451,780

2.25%,

01/15/29

............

31,294

27,152,794

5.05%,

03/30/29

............

8,300

8,212,006

Chemours

Co.

(The),

4.00%

,

05/15/26

EUR

8,020

8,687,673

Chesapeake

Energy

Corp.

6.13%,

02/15/21

(c)(f)(o)

.........

USD

27,853

3

5.38%,

06/15/21

(c)(f)(o)

.........

4,795

1

5.50%,

02/01/26

(a)

...........

2,019

2,001,513

Churchill

Downs,

Inc.

(a)

5.50%,

04/01/27

............

271

268,157

4.75%,

01/15/28

............

227

217,556

5.75%,

04/01/30

............

5,565

5,425,828

Citibank

NA,

5.80%

,

09/29/28

.....

20,700

21,613,456

Citigroup,

Inc.

(1-day

SOFR

+

1.53%),

3.29%,

03/17/26

(b)

..............

8,407

8,184,660

(3-mo.

EURIBOR

+

1.07%),

1.50%,

07/24/26

(b)(d)

.............

EUR

10,500

11,186,793

1.75%,

10/23/26

............

GBP

5,104

6,018,294

(3-mo.

CME

Term

SOFR

+

1.82%),

3.89%,

01/10/28

(b)

.........

USD

4,785

4,627,036

(1-day

SOFR

+

1.28%),

3.07%,

02/24/28

(b)

..............

30,373

28,619,788

(3-mo.

CME

Term

SOFR

+

1.45%),

4.08%,

04/23/29

(b)

.........

12,280

11,818,711

(3-mo.

CME

Term

SOFR

+

1.60%),

3.98%,

03/20/30

(b)

.........

2,075

1,969,017

(1-day

SOFR

+

1.15%),

2.67%,

01/29/31

(b)

..............

16,570

14,373,145

(1-day

SOFR

+

2.11%),

2.57%,

06/03/31

(b)

..............

28,500

24,345,182

Citizens

Bank

NA

(b)

(1-day

SOFR

+

1.40%),

4.12%,

05/23/25

...............

2,673

2,608,604

(1-day

SOFR

+

1.45%),

6.06%,

10/24/25

...............

1,750

1,707,244

Civitas

Resources,

Inc.

(a)

5.00%,

10/15/26

............

7,623

7,392,810

8.38%,

07/01/28

............

17,854

18,638,594

Clarios

Global

LP

4.38%,

05/15/26

(d)

...........

EUR

5,382

5,890,873

6.25%,

05/15/26

(a)

...........

USD

130

130,169

Clear

Channel

Outdoor

Holdings,

Inc.,

5.13%

,

08/15/27

(a)

...........

1,053

1,005,180

Cloud

Software

Group,

Inc.

(a)

6.50%,

03/31/29

............

36,906

35,150,777

9.00%,

09/30/29

............

1,972

1,874,293

Clydesdale

Acquisition

Holdings,

Inc.,

8.75%

,

04/15/30

(a)

...........

4,940

4,605,892

Comcast

Corp.

0.00%,

09/14/26

............

EUR

8,000

8,141,976

3.30%,

04/01/27

............

USD

9,669

9,322,473

4.15%,

10/15/28

............

8,400

8,282,994

Comerica

Bank,

(1-day

SOFR

+

2.61%),

5.33%

,

08/25/33

(b)

.....

29,400

26,996,250

Commercial

Metals

Co.

4.13%,

01/15/30

............

22,119

20,267,337

4.38%,

03/15/32

............

7,677

6,889,766

CommScope

Technologies

LLC,

6.00%

,

06/15/25

(a)

................

12,946

10,550,990

CommScope,

Inc.,

4.75%

,

09/01/29

(a)

1,335

896,326

Concentrix

Corp.,

6.65%

,

08/02/26

..

7,905

8,102,673

Conservation

Fund

A

Nonprofit

Corp.

(The),

Series

2019,

3.47%

,

12/15/29

1,530

1,349,562

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Constellation

Energy

Generation

LLC,

6.50%

,

10/01/53

............

USD

26,945

$

30,386,186

Consumers

Energy

Co.,

4.90%

,

02/15/29

.................

21,478

21,852,971

Coty,

Inc.

(d)

3.88%,

04/15/26

............

EUR

7,059

7,762,438

5.75%,

09/15/28

............

2,626

3,046,820

Covanta

Holding

Corp.,

4.88%

,

12/01/29

(a)

................

USD

7,046

6,156,020

CRH

SMW

Finance

DAC,

4.00%

,

07/11/31

(d)

................

EUR

13,800

15,822,836

Crown

Castle,

Inc.,

2.90%

,

03/15/27

.

USD

17,757

16,605,451

Crown

European

Holdings

SA

(d)

3.38%,

05/15/25

............

EUR

7,232

7,913,909

5.00%,

05/15/28

............

9,751

11,154,446

CrownRock

LP,

5.63%

,

10/15/25

(a)

..

USD

42

41,944

CRSO

Trust,

7.12%

,

07/10/28

(a)

....

4,399

4,580,088

CSC

Holdings

LLC

5.25%,

06/01/24

............

26,860

26,293,418

5.50%,

04/15/27

(a)

...........

14,535

13,434,658

CVS

Health

Corp.

3.63%,

04/01/27

............

3,175

3,076,540

1.30%,

08/21/27

............

11,955

10,617,848

1.75%,

08/21/30

............

12,450

10,284,435

5.63%,

02/21/53

............

3,940

3,993,609

Dana

Financing

Luxembourg

SARL

(d)

3.00%,

07/15/29

............

EUR

2,132

2,074,717

8.50%,

07/15/31

............

6,834

8,240,440

Dana,

Inc.,

4.25%

,

09/01/30

......

USD

1,736

1,538,664

Dell

International

LLC,

6.02%

,

06/15/26

6,224

6,370,945

Discover

Bank,

2.45%

,

09/12/24

....

20,685

20,194,335

DISH

DBS

Corp.,

5.88%

,

11/15/24

..

14,643

13,731,658

DISH

Network

Corp.,

0.00%

,

12/15/25

(l)

(m)

......................

8,119

5,033,780

Dresdner

Funding

Trust

I,

8.15%

,

06/30/31

(d)

................

4,994

5,505,885

Edison

International

6.95%,

11/15/29

............

4,150

4,503,666

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.66%),

7.88%,

06/15/54

(b)

...

18,220

18,356,650

Elanco

Animal

Health,

Inc.,

6.65%

,

08/28/28

(e)

................

13

13,470

Elevance

Health,

Inc.

3.65%,

12/01/27

............

3,402

3,299,885

2.55%,

03/15/31

............

19,600

17,018,101

Emerald

Debt

Merger

Sub

LLC,

6.38%

,

12/15/30

(d)

................

EUR

1,797

2,118,796

Encore

Capital

Group,

Inc.

(d)

4.88%,

10/15/25

............

7,437

8,175,906

5.38%,

02/15/26

............

GBP

2,175

2,633,634

Energizer

Gamma

Acquisition

BV,

3.50%

,

06/30/29

(d)

...........

EUR

2,644

2,503,806

Enterprise

Products

Operating

LLC,

3.13%

,

07/31/29

............

USD

4,200

3,928,336

EQM

Midstream

Partners

LP

(a)

7.50%,

06/01/27

............

5,525

5,692,944

7.50%,

06/01/30

............

2,750

2,956,302

Equinix,

Inc.

1.25%,

07/15/25

............

8,000

7,525,571

3.20%,

11/18/29

............

9,709

8,917,058

EquipmentShare.com,

Inc.,

9.00%

,

05/15/28

(a)

................

30,063

30,930,318

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

71

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

ESC

Investments

&

Realty

Corp.,

Inc.,

6.63%

,

08/15/20

(c)(f)(o)

.........

USD

1,665

$

—

Evergy,

Inc.,

4.50%

,

12/15/27

(a)(m)

...

8,982

9,220,023

Exelon

Corp.

2.75%,

03/15/27

............

4,486

4,224,729

5.15%,

03/15/28

............

4,040

4,106,404

Fidelity

National

Information

Services,

Inc.

0.63%,

12/03/25

............

EUR

4,400

4,614,521

1.15%,

03/01/26

............

USD

6,136

5,669,397

1.50%,

05/21/27

............

EUR

17,167

17,924,300

5.63%,

07/15/52

............

USD

3,347

3,397,076

First

Horizon

Bank,

5.75%

,

05/01/30

.

7,350

6,929,750

Fiserv,

Inc.,

2.25%

,

07/01/25

......

GBP

3,800

4,650,446

Five

Point

Operating

Co.

LP,

7.88%

,

11/15/25

(a)

................

USD

22,228

22,005,720

Florida

Power

&

Light

Co.,

4.40%

,

05/15/28

.................

10,368

10,384,574

FLYR,

Inc.

(c)

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

8.00%,

05/10/27

(b)

..............

12,083

11,252,905

8.00%,

08/10/27

............

25,331

28,950,380

Ford

Motor

Co.

3.25%,

02/12/32

............

4,719

3,924,809

6.10%,

08/19/32

............

12,205

12,303,020

Ford

Motor

Credit

Co.

LLC

5.58%,

03/18/24

............

5,419

5,411,590

5.13%,

06/16/25

............

12,600

12,434,642

6.86%,

06/05/26

............

GBP

19,640

25,806,679

2.70%,

08/10/26

............

USD

7,300

6,761,170

4.27%,

01/09/27

............

16,350

15,680,428

2.90%,

02/16/28

............

20,100

18,045,292

6.13%,

05/15/28

............

EUR

3,142

3,743,838

6.80%,

11/07/28

............

USD

2,750

2,877,506

5.13%,

02/20/29

............

EUR

13,950

16,103,425

7.12%,

11/07/33

............

USD

15,405

16,597,892

Forestar

Group,

Inc.

(a)

3.85%,

05/15/26

............

2,956

2,815,810

5.00%,

03/01/28

............

18,905

18,186,782

FREED

Corp.,

12.00%

,

11/30/28

(c)

..

108,629

105,370,130

FreeWire

Technologies,

Inc.,

(3-mo.

CME

Term

SOFR

+

11.00%),

16.39%

,

04/26/25

(b)(c)

.........

17,700

18,628,975

Frontier

Communications

Holdings

LLC

(a)

5.88%,

10/15/27

............

13,760

13,293,552

8.75%,

05/15/30

............

18,687

19,223,479

8.63%,

03/15/31

............

15,465

15,768,145

Frontier

Florida

LLC,

Series

E,

6.86%

,

02/01/28

.................

19,615

18,975,208

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)

................

3,229

3,035,260

Garden

Spinco

Corp.,

8.63%

,

07/20/30

(a)

................

2,639

2,818,811

Gen

Digital,

Inc.,

6.75%

,

09/30/27

(a)

.

8,846

8,999,292

General

Mills,

Inc.

0.13%,

11/15/25

............

EUR

9,000

9,378,636

4.20%,

04/17/28

............

USD

13,630

13,441,264

5.50%,

10/17/28

............

6,070

6,290,945

2.25%,

10/14/31

............

17,075

14,375,568

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

General

Motors

Co.

6.60%,

04/01/36

............

USD

2,760

$

2,953,907

5.40%,

04/01/48

............

5,354

4,891,628

General

Motors

Financial

Co.,

Inc.

5.40%,

04/06/26

............

7,055

7,099,726

5.15%,

08/15/26

(d)

...........

GBP

6,800

8,705,619

2.35%,

02/26/27

............

USD

15,000

13,807,798

4.50%,

11/22/27

(d)

...........

EUR

6,500

7,432,579

Georgia-Pacific

LLC,

0.95%

,

05/15/26

(a)

USD

3,000

2,741,466

Gilead

Sciences,

Inc.

3.65%,

03/01/26

............

9,652

9,456,185

1.65%,

10/01/30

............

7,775

6,514,388

Global

Payments,

Inc.,

4.88%

,

03/17/31

EUR

16,606

19,218,793

GLP

Capital

LP

4.00%,

01/15/31

............

USD

3,678

3,312,530

6.75%,

12/01/33

............

3,448

3,719,806

Goldman

Sachs

Group,

Inc.

(The)

3.00%,

03/15/24

............

3,645

3,624,437

(1-day

SOFR

+

0.80%),

1.43%,

03/09/27

(b)

..............

7,186

6,626,122

(1-day

SOFR

+

0.82%),

1.54%,

09/10/27

(b)

..............

36,586

33,184,133

(1-day

SOFR

+

0.91%),

1.95%,

10/21/27

(b)

..............

7,180

6,568,411

(1-day

SOFR

+

1.11%),

2.64%,

02/24/28

(b)

..............

10,456

9,692,809

(1-day

SOFR

+

1.85%),

3.62%,

03/15/28

(b)

..............

20,249

19,421,533

7.25%,

04/10/28

............

GBP

3,332

4,644,572

1.25%,

02/07/29

(d)

...........

EUR

4,000

3,950,551

(3-mo.

CME

Term

SOFR

+

1.56%),

4.22%,

05/01/29

(b)

.........

USD

35,802

34,632,242

0.88%,

05/09/29

(d)

...........

EUR

16,000

15,352,381

(1-day

SOFR

+

1.77%),

6.48%,

10/24/29

(b)

..............

USD

9,005

9,554,733

GoTo

Group,

Inc.,

5.50%

,

09/01/27

(a)

.

16,784

8,118,297

GrafTech

Global

Enterprises,

Inc.,

9.88%

,

12/15/28

(a)

...........

1,620

1,249,425

Grand

Canyon

University,

5.13%

,

10/01/28

.................

8,775

7,846,254

Graphic

Packaging

International

LLC,

2.63%

,

02/01/29

(d)

...........

EUR

1,246

1,266,792

GXO

Logistics,

Inc.,

2.65%

,

07/15/31

USD

9,270

7,601,007

HCA,

Inc.

5.38%,

02/01/25

............

11,894

11,876,521

5.88%,

02/15/26

............

8,225

8,294,954

4.50%,

02/15/27

............

20,000

19,764,309

3.13%,

03/15/27

............

5,492

5,206,055

5.20%,

06/01/28

............

4,830

4,879,563

5.63%,

09/01/28

............

8,921

9,129,459

5.88%,

02/01/29

............

11,080

11,437,337

3.63%,

03/15/32

............

3,200

2,861,359

4.38%,

03/15/42

............

544

459,569

5.50%,

06/15/47

............

344

331,175

5.25%,

06/15/49

............

5,010

4,657,121

Healthpeak

OP

LLC,

1.35%

,

02/01/27

3,840

3,445,212

Hilton

Domestic

Operating

Co.,

Inc.,

4.88%

,

01/15/30

............

17

16,476

Hilton

Grand

Vacations

Borrower

Escrow

LLC,

5.00%

,

06/01/29

(a)

..

147

135,614

Home

Depot,

Inc.

(The),

2.95%

,

06/15/29

.................

16,735

15,728,521

Homes

by

WestBay

LLC,

9.50%

,

04/30/27

(c)

................

28,500

26,932,500

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

72

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Honeywell

International,

Inc.,

3.75%

,

05/17/32

.................

EUR

7,800

$

8,920,110

Howard

Hughes

Corp.

(The),

5.38%

,

08/01/28

(a)

................

USD

7,596

7,300,706

iHeartCommunications,

Inc.

6.38%,

05/01/26

............

362

309,054

5.25%,

08/15/27

(a)

...........

340

270,155

4.75%,

01/15/28

(a)

...........

227

174,632

Intercontinental

Exchange,

Inc.

3.10%,

09/15/27

............

8,750

8,318,669

1.85%,

09/15/32

............

14,150

11,316,377

International

Flavors

&

Fragrances,

Inc.

3.27%,

11/15/40

(a)

...........

8,830

6,318,399

5.00%,

09/26/48

............

2,173

1,844,326

3.47%,

12/01/50

(a)

...........

5,435

3,709,315

IRB

Holding

Corp.,

7.00%

,

06/15/25

(a)

72

72,000

Iron

Mountain

UK

plc,

3.88%

,

11/15/25

(d)

................

GBP

6,724

8,230,374

JPMorgan

Chase

&

Co.

(b)

(1-day

SOFR

+

0.49%),

0.77%,

08/09/25

...............

USD

10,000

9,696,723

(Sterling

Overnight

Index

Average

+

0.68%),

0.99%,

04/28/26

(d)

...

GBP

20,248

24,360,742

Series

KK,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.85%),

3.65%

(n)

...

USD

1,643

1,503,565

(1-day

SOFR

+

1.33%),

6.07%,

10/22/27

...............

22,300

22,940,281

(1-day

SOFR

+

1.56%),

4.32%,

04/26/28

...............

54,985

54,167,711

(3-mo.

EURIBOR

+

0.84%),

1.64%,

05/18/28

(d)

..............

EUR

14,100

14,695,261

(1-day

SOFR

+

1.89%),

2.18%,

06/01/28

...............

USD

6,997

6,399,850

(1-day

SOFR

+

1.99%),

4.85%,

07/25/28

...............

18,535

18,540,376

(3-mo.

CME

Term

SOFR

+

1.38%),

4.01%,

04/23/29

..........

6,234

5,998,004

(1-day

SOFR

+

1.02%),

2.07%,

06/01/29

...............

6,544

5,802,242

(1-day

SOFR

+

1.57%),

6.09%,

10/23/29

...............

12,949

13,614,746

(3-mo.

CME

Term

SOFR

+

1.42%),

3.70%,

05/06/30

..........

22,213

20,904,412

Series

u,

(3-mo.

CME

Term

SOFR

+

1.21%),

6.59%,

02/02/37

....

21,228

18,253,100

Keurig

Dr

Pepper,

Inc.,

3.95%

,

04/15/29

20,275

19,765,941

KLA

Corp.,

5.25%

,

07/15/62

......

3,885

4,052,022

Kraft

Heinz

Foods

Co.

4.13%,

07/01/27

(d)

...........

GBP

1,960

2,469,258

3.75%,

04/01/30

............

USD

6,225

5,947,589

Kronos

International,

Inc.,

3.75%

,

09/15/25

(d)

................

EUR

9,990

10,540,473

Lamar

Media

Corp.,

3.75%

,

02/15/28

USD

10

9,380

Landsea

Homes

Corp.,

11.00%

,

07/17/28

(c)

................

78,968

76,701,618

Lessen,

Inc.,

(3-mo.

CME

Term

SOFR

+

8.50%),

13.40%

,

01/05/28

(a)(b)(c)

..

39,939

36,495,831

Level

3

Financing,

Inc.

(a)

4.63%,

09/15/27

............

11,090

6,654,000

11.00%,

11/15/29

(q)

..........

28,042

28,042,260

LGI

Homes,

Inc.,

8.75%

,

12/15/28

(a)

.

14,770

15,711,588

Liberty

Mutual

Group,

Inc.,

(5-Year

EUR

Swap

Annual

+

3.70%),

3.63%

,

05/23/59

(b)(d)

...............

EUR

14,047

15,100,587

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Light

&

Wonder

International,

Inc.,

7.00%

,

05/15/28

(a)

...........

USD

194

$

195,974

Lightning

eMotors,

Inc.,

7.50%

,

05/15/24

(a)(m)

...............

4,313

215,650

Linde

plc,

1.00%

,

03/31/27

(d)

......

EUR

8,000

8,345,067

Lions

Gate

Capital

Holdings

LLC,

5.50%

,

04/15/29

(a)

...........

USD

29,927

22,388,389

Litigation

Systems,

Inc.,

Series

2020-1,

Class

A,

4.00%

,

10/30/27

(c)

.....

5,737

5,614,989

Lowe's

Cos.,

Inc.

4.80%,

04/01/26

............

3,787

3,789,431

3.35%,

04/01/27

............

9,489

9,139,700

3.10%,

05/03/27

............

10,000

9,573,610

6.50%,

03/15/29

............

4,042

4,387,430

4.50%,

04/15/30

............

5,225

5,194,653

1.70%,

10/15/30

............

12,800

10,630,836

2.63%,

04/01/31

............

16,300

14,263,131

5.85%,

04/01/63

............

3,588

3,757,720

LYB

International

Finance

III

LLC

4.20%,

10/15/49

............

4,243

3,353,088

3.63%,

04/01/51

............

5,102

3,712,293

LyondellBasell

Industries

NV,

4.63%

,

02/26/55

.................

2,045

1,772,275

M/I

Homes,

Inc.,

4.95%

,

02/01/28

...

11,058

10,641,738

Masonite

International

Corp.,

5.38%

,

02/01/28

(a)

................

9

8,640

Massachusetts

Institute

of

Technology,

3.96%

,

07/01/38

............

8,375

7,757,627

Matador

Resources

Co.,

5.88%

,

09/15/26

.................

475

471,057

Mauser

Packaging

Solutions

Holding

Co.,

7.88%

,

08/15/26

(a)

........

33,172

33,758,514

McDonald's

Corp.,

3.63%

,

11/28/27

(d)

EUR

7,940

8,949,874

Medline

Borrower

LP,

3.88%

,

04/01/29

(a)

................

USD

22,732

20,553,006

Medtronic

Global

Holdings

SCA

2.63%,

10/15/25

............

EUR

4,940

5,381,527

4.25%,

03/30/28

............

USD

10,429

10,383,530

MGM

Resorts

International,

5.75%

,

06/15/25

.................

121

120,533

Mid-America

Apartments

LP,

3.95%

,

03/15/29

.................

949

921,615

Midwest

Gaming

Borrower

LLC,

4.88%

,

05/01/29

(a)

................

7,013

6,522,090

Moody's

Corp.,

0.95%

,

02/25/30

....

EUR

5,454

5,331,714

Morgan

Stanley

(b)

(1-day

SOFR

+

1.30%),

5.05%,

01/28/27

...............

USD

18,497

18,514,856

(1-day

SOFR

+

0.88%),

1.59%,

05/04/27

...............

4,361

4,018,170

(1-day

SOFR

+

0.86%),

1.51%,

07/20/27

...............

10,955

10,006,360

(3-mo.

EURIBOR

+

0.70%),

0.41%,

10/29/27

...............

EUR

10,000

10,132,605

(1-day

SOFR

+

1.00%),

2.48%,

01/21/28

...............

USD

30,112

27,949,406

(1-day

SOFR

+

1.61%),

4.21%,

04/20/28

...............

36,382

35,560,412

(3-mo.

CME

Term

SOFR

+

1.40%),

3.77%,

01/24/29

..........

16,400

15,640,389

(1-day

SOFR

+

1.73%),

5.12%,

02/01/29

...............

16,390

16,464,535

(3-mo.

EURIBOR

+

1.30%),

4.66%,

03/02/29

...............

EUR

15,000

17,186,375

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

73

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

(1-day

SOFR

+

1.59%),

5.16%,

04/20/29

...............

USD

12,189

$

12,258,675

(3-mo.

EURIBOR

+

0.87%),

0.50%,

10/26/29

...............

EUR

7,900

7,525,015

(1-day

SOFR

+

1.83%),

6.41%,

11/01/29

...............

USD

29,665

31,438,508

(3-mo.

CME

Term

SOFR

+

1.89%),

4.43%,

01/23/30

..........

2,075

2,021,003

(1-day

SOFR

+

1.14%),

2.70%,

01/22/31

...............

20,200

17,658,365

(1-day

SOFR

+

3.12%),

3.62%,

04/01/31

...............

6,640

6,116,944

(3-mo.

EURIBOR

+

1.25%),

2.95%,

05/07/32

...............

EUR

40,000

41,764,548

(3-mo.

EURIBOR

+

0.83%),

1.10%,

04/29/33

...............

20,000

17,909,160

Motorola

Solutions,

Inc.,

4.60%

,

05/23/29

.................

USD

8,240

8,175,689

MPLX

LP,

5.65%

,

03/01/53

.......

137

135,297

Nasdaq,

Inc.,

5.35%

,

06/28/28

.....

15,003

15,452,294

National

Grid

North

America,

Inc.

(d)

4.15%,

09/12/27

............

EUR

9,350

10,602,565

1.05%,

01/20/31

............

3,871

3,608,917

4.67%,

09/12/33

............

9,440

11,121,182

Nationstar

Mortgage

Holdings,

Inc.

(a)

6.00%,

01/15/27

............

USD

2,476

2,457,430

5.50%,

08/15/28

............

7,695

7,399,347

5.13%,

12/15/30

............

7,284

6,585,699

5.75%,

11/15/31

............

3,441

3,208,417

NCR

Atleos

Escrow

Corp.,

9.50%

,

04/01/29

(a)

................

12,840

13,642,447

Netflix,

Inc.

3.63%,

05/15/27

............

EUR

11,800

13,174,332

4.88%,

04/15/28

............

USD

4,200

4,256,162

5.88%,

11/15/28

............

10,000

10,527,830

New

Home

Co.,

Inc.

(The),

8.25%

,

10/15/27

(a)(e)

...............

2,117

1,974,103

New

York

Life

Global

Funding,

4.35%

,

09/16/25

(d)

................

GBP

3,899

4,945,419

Newell

Brands,

Inc.,

5.20%

,

04/01/26

(e)

USD

35

34,517

Nexstar

Media,

Inc.

(a)

5.63%,

07/15/27

............

2,731

2,640,743

4.75%,

11/01/28

............

7,339

6,762,743

NextEra

Energy

Capital

Holdings,

Inc.

4.63%,

07/15/27

............

5,000

4,990,950

1.90%,

06/15/28

............

4,475

3,971,010

Northern

Oil

&

Gas,

Inc.,

8.75%

,

06/15/31

(a)

................

2,776

2,891,475

Northern

States

Power

Co.,

2.90%

,

03/01/50

.................

7,107

4,978,592

NRG

Energy,

Inc.

5.75%,

01/15/28

............

14

13,948

5.25%,

06/15/29

(a)

...........

13

12,589

7.00%,

03/15/33

(a)

...........

2,316

2,447,908

OI

European

Group

BV

(d)

2.88%,

02/15/25

............

EUR

4,879

5,317,768

6.25%,

05/15/28

............

7,549

8,717,069

Olympus

Water

US

Holding

Corp.

7.13%,

10/01/27

(a)

...........

USD

5,254

5,259,884

9.63%,

11/15/28

(d)

...........

EUR

13,954

16,482,835

9.75%,

11/15/28

(a)

...........

USD

28,566

30,319,752

Oncor

Electric

Delivery

Co.

LLC

4.30%,

05/15/28

(a)

...........

7,580

7,486,044

5.75%,

03/15/29

............

11,227

11,849,408

5.65%,

11/15/33

(a)

...........

9,982

10,634,021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

ONEOK,

Inc.,

5.80%

,

11/01/30

.....

USD

13,390

$

13,920,838

OPENLANE,

Inc.,

5.13%

,

06/01/25

(a)

.

117

114,952

Oracle

Corp.

3.25%,

11/15/27

............

9,150

8,686,753

2.30%,

03/25/28

............

6,775

6,173,148

6.15%,

11/09/29

............

12,675

13,635,166

2.95%,

04/01/30

............

8,400

7,581,387

2.88%,

03/25/31

............

8,300

7,352,579

4.10%,

03/25/61

............

4,245

3,234,223

Organon

&

Co.,

2.88%

,

04/30/28

(d)

..

EUR

8,200

8,302,870

Outfront

Media

Capital

LLC

(a)

5.00%,

08/15/27

............

USD

294

284,179

4.63%,

03/15/30

............

227

202,370

Pacific

Gas

&

Electric

Co.

6.95%,

03/15/34

............

13,033

14,315,576

4.60%,

06/15/43

............

2,428

1,996,559

4.75%,

02/15/44

............

902

752,644

3.50%,

08/01/50

............

10,140

7,000,407

Palomino

Funding

Trust

I,

7.23%

,

05/17/28

(a)

................

4,440

4,676,011

Paramount

Global,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.00%),

6.38%

,

03/30/62

(b)

................

14,923

13,430,700

Park

Intermediate

Holdings

LLC,

4.88%

,

05/15/29

(a)

...........

9,790

9,061,976

Parker-Hannifin

Corp.,

3.65%

,

06/15/24

12,000

11,885,086

PDC

Energy,

Inc.,

5.75%

,

05/15/26

..

271

270,485

PECO

Energy

Co.,

3.00%

,

09/15/49

.

5,725

4,069,499

PennyMac

Financial

Services,

Inc.,

7.88%

,

12/15/29

(a)

...........

8,668

8,922,553

Penske

Truck

Leasing

Co.

LP,

5.55%

,

05/01/28

(a)

................

10,000

10,153,430

Permian

Resources

Operating

LLC

(a)

5.38%,

01/15/26

............

32,104

31,676,477

7.75%,

02/15/26

............

1,526

1,552,446

6.88%,

04/01/27

............

5,013

5,009,564

8.00%,

04/15/27

............

9,512

9,859,911

5.88%,

07/01/29

............

2,835

2,764,011

7.00%,

01/15/32

............

3,634

3,749,099

Pfizer

Investment

Enterprises

Pte.

Ltd.

5.30%,

05/19/53

............

16,529

16,874,193

5.34%,

05/19/63

............

31,483

31,785,205

Pfizer,

Inc.,

2.63%

,

04/01/30

......

5,389

4,860,625

PG&E

Corp.,

4.25%

,

12/01/27

(a)(m)

...

13,403

14,046,344

Pilgrim's

Pride

Corp.,

6.25%

,

07/01/33

11,954

12,299,758

Pioneer,

Inc.,

10.50%

,

(10.50%

Cash

or

11.63%

PIK),

11/18/30

(a)(b)(c)(p)

....

29,710

29,710,211

Pitney

Bowes,

Inc.,

6.88%

,

03/15/27

(a)

30,040

28,055,708

Playtika

Holding

Corp.,

4.25%

,

03/15/29

(a)

................

1,932

1,685,765

PNC

Bank

NA,

3.25%

,

01/22/28

....

8,500

7,994,808

PNC

Financial

Services

Group,

Inc.

(The)

(b)

(SOFR

Index

+

1.73%),

6.62%,

10/20/27

...............

10,000

10,373,218

(1-day

SOFR

+

1.84%),

5.58%,

06/12/29

...............

3,400

3,472,528

(1-day

SOFR

+

2.28%),

6.88%,

10/20/34

...............

783

869,238

Progressive

Corp.

(The),

2.50%

,

03/15/27

.................

8,600

8,068,836

Prologis

LP

4.88%,

06/15/28

............

8,785

8,896,825

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

74

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

4.63%,

01/15/33

............

USD

6,898

$

6,928,604

Public

Service

Electric

&

Gas

Co.,

4.65%

,

03/15/33

............

3,000

3,000,308

Rain

Carbon,

Inc.,

12.25%

,

09/01/29

(a)

1,046

1,022,465

Rand

Parent

LLC,

8.50%

,

02/15/30

(a)

15,722

15,035,351

Realty

Income

Corp.,

5.13%

,

07/06/34

EUR

6,300

7,675,481

Republic

Services,

Inc.

2.50%,

08/15/24

............

USD

8,300

8,142,191

3.38%,

11/15/27

............

4,697

4,511,344

3.95%,

05/15/28

............

11,276

11,052,850

4.88%,

04/01/29

............

11,493

11,707,340

RHP

Hotel

Properties

LP,

4.75%

,

10/15/27

.................

836

807,480

RingCentral,

Inc.,

8.50%

,

08/15/30

(a)

.

17,485

17,878,413

Rocket

Mortgage

LLC

(a)

2.88%,

10/15/26

............

16,142

14,890,995

3.63%,

03/01/29

............

5,005

4,529,957

3.88%,

03/01/31

............

751

660,502

RTX

Corp.,

2.15%

,

05/18/30

......

EUR

14,800

14,974,983

Sabre

GLBL,

Inc.

(a)

9.25%,

04/15/25

............

USD

2,161

2,074,560

8.63%,

06/01/27

............

13,740

12,503,664

11.25%,

12/15/27

...........

9,287

9,124,748

San

Diego

Gas

&

Electric

Co.,

4.95%

,

08/15/28

.................

9,007

9,191,605

SC

Johnson

&

Son,

Inc.,

3.35%

,

09/30/24

(a)

................

1,210

1,187,944

Schlumberger

Finance

BV,

0.25%

,

10/15/27

(d)

................

EUR

11,900

11,879,084

SCIL

IV

LLC

(d)

4.38%,

11/01/26

............

2,376

2,544,295

(3-mo.

EURIBOR

at

4.38%

Floor

+

4.38%),

8.34%,

11/01/26

(b)

...

2,347

2,590,349

9.50%,

07/15/28

............

6,719

7,899,574

Seagate

HDD

Cayman

8.25%,

12/15/29

(a)

...........

USD

6,213

6,700,888

8.50%,

07/15/31

(a)

...........

5,057

5,488,383

9.63%,

12/01/32

............

11,980

13,699,130

SeaWorld

Parks

&

Entertainment,

Inc.,

8.75%

,

05/01/25

(a)

...........

310

311,550

Select

Medical

Corp.,

6.25%

,

08/15/26

(a)

................

20,902

21,005,967

Service

Properties

Trust

4.50%,

03/15/25

............

2,878

2,809,648

7.50%,

09/15/25

............

8,374

8,467,060

5.50%,

12/15/27

............

1,318

1,206,704

8.63%,

11/15/31

(a)

...........

11,673

12,226,685

Sherwin-Williams

Co.

(The),

3.45%

,

08/01/25

.................

4,158

4,044,030

Shire

Acquisitions

Investments

Ireland

DAC,

3.20%

,

09/23/26

........

6,000

5,772,067

Silgan

Holdings,

Inc.,

3.25%

,

03/15/25

EUR

6,300

6,885,386

Sirius

XM

Radio,

Inc.

(a)

5.00%,

08/01/27

............

USD

1,356

1,309,887

5.50%,

07/01/29

............

48

46,408

Sitio

Royalties

Operating

Partnership

LP,

7.88%

,

11/01/28

(a)

.........

5,259

5,449,481

SM

Energy

Co.,

6.75%

,

09/15/26

...

139

138,638

Sonder

Holdings

Inc.,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

9.00%),

14.61%

,

01/19/27

(b)(c)

.........

34,968

30,467,629

Southern

California

Edison

Co.

Series

D,

4.70%,

06/01/27

.....

9,800

9,857,535

5.30%,

03/01/28

............

5,525

5,670,506

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

2.85%,

08/01/29

............

USD

3,800

$

3,462,927

2.75%,

02/01/32

............

11,150

9,582,911

5.70%,

03/01/53

............

2,261

2,379,779

Southern

California

Gas

Co.,

5.75%

,

06/01/53

.................

9,143

9,606,970

Southern

Co.

(The),

(5-Year

EUR

Swap

Annual

+

2.11%),

1.88%

,

09/15/81

(b)

EUR

47,749

45,142,992

Southern

Power

Co.,

1.85%

,

06/20/26

5,500

5,868,480

Spirit

AeroSystems,

Inc.

(a)

9.38%,

11/30/29

............

USD

10,280

11,249,137

9.75%,

11/15/30

............

25,155

27,040,971

Sprint

Spectrum

Co.

LLC

(a)

4.74%,

03/20/25

............

4,469

4,430,029

5.15%,

03/20/28

............

1,568

1,561,234

Standard

Industries,

Inc.

(a)

5.00%,

02/15/27

............

9

8,775

4.75%,

01/15/28

............

35

33,694

State

Street

Corp.

(b)

(1-day

SOFR

+

1.48%),

5.68%,

11/21/29

...............

10,000

10,339,976

(3-mo.

CME

Term

SOFR

+

1.26%),

6.65%,

06/15/47

..........

47,132

38,650,012

Steel

Dynamics,

Inc.,

3.45%

,

04/15/30

16,450

15,183,772

Stem,

Inc.,

0.50%

,

12/01/28

(a)(m)

....

1,234

626,761

Stryker

Corp.,

3.38%

,

12/11/28

....

EUR

11,990

13,416,957

Sun

Country

Airlines

Pass-Through

Trusts,

Series

2022-1A,

4.84%

,

03/15/31

(c)

................

USD

7,727

7,417,761

Sun

Country,

Inc.,

Series

2019-1B,

4.70%

,

12/15/25

(c)

...........

3,214

3,097,414

Sunoco

LP

5.88%,

03/15/28

............

3,502

3,497,335

4.50%,

04/30/30

............

8,738

8,089,748

Sysco

Corp.,

5.75%

,

01/17/29

.....

12,000

12,500,157

Tapestry,

Inc.,

7.35%

,

11/27/28

.....

8,215

8,617,488

Targa

Resources

Corp.,

6.50%

,

02/15/53

.................

6,738

7,281,664

Taylor

Morrison

Communities,

Inc.

(a)

5.88%,

06/15/27

............

5,098

5,123,490

5.75%,

01/15/28

............

914

918,193

TEGNA,

Inc.,

4.63%

,

03/15/28

.....

1,083

1,011,598

Tenet

Healthcare

Corp.

4.25%,

06/01/29

............

25,200

23,461,145

4.38%,

01/15/30

............

8,327

7,716,959

6.13%,

06/15/30

............

6,609

6,682,274

Tenneco,

Inc.,

8.00%

,

11/17/28

(a)

...

10,398

8,877,293

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

3,018,775

Texas

Capital

Bank

NA,

(3-mo.

LIBOR

USD

+

4.50%),

10.09%

,

09/30/24

(a)(b)

24,145

23,983,727

Thermo

Fisher

Scientific

Finance

I

BV,

0.00%

,

11/18/25

............

EUR

4,400

4,582,938

T-Mobile

USA,

Inc.

3.75%,

04/15/27

............

USD

8,000

7,759,414

4.75%,

02/01/28

............

3,358

3,345,812

2.05%,

02/15/28

............

5,298

4,780,329

2.40%,

03/15/29

............

8,314

7,461,344

3.38%,

04/15/29

............

27,510

25,559,629

3.88%,

04/15/30

............

20,395

19,340,614

2.88%,

02/15/31

............

8,400

7,401,469

3.50%,

04/15/31

............

6,225

5,690,831

2.70%,

03/15/32

............

8,275

7,051,966

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

75

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Toyota

Motor

Credit

Corp.,

3.05%

,

03/22/27

.................

USD

2,414

$

2,313,313

Transocean

Titan

Financing

Ltd.,

8.38%

,

02/01/28

(a)

...........

2,888

2,996,264

Transocean,

Inc.,

8.75%

,

02/15/30

(a)

.

2,880

3,009,328

Travel

+

Leisure

Co.,

6.63%

,

07/31/26

(a)

90

90,788

TRI

Pointe

Homes,

Inc.

5.25%,

06/01/27

............

6,120

6,012,900

5.70%,

06/15/28

............

580

572,025

Truist

Financial

Corp.

(b)

(1-day

SOFR

+

2.45%),

7.16%,

10/30/29

...............

28,292

30,556,281

(1-day

SOFR

+

2.36%),

5.87%,

06/08/34

...............

8,225

8,390,274

Uber

Technologies,

Inc.,

Series

2028,

0.88%

,

12/01/28

(a)(m)

..........

7,653

8,322,638

UGI

International

LLC,

2.50%

,

12/01/29

(d)

................

EUR

7,204

6,740,936

United

Wholesale

Mortgage

LLC

(a)

5.50%,

11/15/25

............

USD

16,105

16,003,194

5.75%,

06/15/27

............

153

149,957

UnitedHealth

Group,

Inc.

4.25%,

01/15/29

............

30,000

29,950,998

2.30%,

05/15/31

............

10,840

9,393,060

Uniti

Group

LP,

10.50%

,

02/15/28

(a)

..

15,123

15,331,773

Univision

Communications,

Inc.,

8.00%

,

08/15/28

(a)

................

9,755

10,063,453

US

Bancorp

(1-day

SOFR

+

0.73%),

2.22%,

01/27/28

(b)

..............

14,000

12,865,444

3.00%,

07/30/29

............

3,287

2,974,773

(1-day

SOFR

+

2.26%),

5.84%,

06/12/34

(b)

..............

8,225

8,484,286

Vantage

Drilling

International,

9.50%

,

02/15/28

(a)

................

9,053

8,917,330

Venture

Global

LNG,

Inc.,

8.13%

,

06/01/28

(a)

................

12,079

12,198,546

Verizon

Communications,

Inc.

4.07%,

06/18/24

............

GBP

841

1,063,373

4.13%,

03/16/27

............

USD

4,800

4,729,423

2.10%,

03/22/28

............

8,000

7,236,836

1.13%,

11/03/28

............

GBP

3,266

3,599,502

3.88%,

02/08/29

............

USD

5,000

4,847,409

4.02%,

12/03/29

............

4,202

4,062,867

3.15%,

03/22/30

............

12,450

11,379,437

1.68%,

10/30/30

............

13,225

10,894,146

1.13%,

09/19/35

............

EUR

1,823

1,556,589

Viasat,

Inc.

(a)

5.63%,

04/15/27

............

USD

11,851

11,465,842

7.50%,

05/30/31

............

2,643

2,074,755

VICI

Properties

LP

5.63%,

05/01/24

(a)

...........

7,223

7,199,496

3.50%,

02/15/25

(a)

...........

12,437

12,118,986

4.50%,

09/01/26

(a)

...........

434

420,079

4.25%,

12/01/26

(a)

...........

544

523,523

5.75%,

02/01/27

(a)

...........

4,802

4,816,248

3.75%,

02/15/27

(a)

...........

327

308,673

3.88%,

02/15/29

(a)

...........

5,000

4,593,154

4.63%,

12/01/29

(a)

...........

5,361

5,051,400

4.95%,

02/15/30

............

7,775

7,544,238

4.13%,

08/15/30

(a)

...........

5,000

4,554,626

Vistra

Operations

Co.

LLC

(a)

3.55%,

07/15/24

............

19,463

19,189,202

5.50%,

09/01/26

............

17

16,784

5.00%,

07/31/27

............

5,226

5,088,041

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

7.75%,

10/15/31

............

USD

8,660

$

8,994,180

VMware

LLC,

1.00%

,

08/15/24

.....

10,749

10,439,752

Warnermedia

Holdings,

Inc.,

6.41%

,

03/15/26

.................

9,938

9,944,754

Washington

Mutual

Bank

(c)(f)(o)

0.00%,

09/21/17

(b)

...........

25,126

2

0.00%,

09/21/17

(l)

...........

15,753

2

Washington

Mutual

Escrow

Bonds

(f)(o)

0.00%,

11/06/09

............

45,161

451,610

0.00%,

09/19/17

(c)(l)

..........

2,631

—

Washington

Mutual,

Inc.,

0.00%

,

10/03/17

(b)(c)(f)(o)

.............

14,745

1

Waste

Management,

Inc.

1.15%,

03/15/28

............

12,000

10,545,500

4.88%,

02/15/29

............

2,200

2,251,463

Weekley

Homes

LLC,

4.88%

,

09/15/28

(a)

................

3,099

2,887,330

Wells

Fargo

&

Co.

2.00%,

07/28/25

(d)

...........

GBP

9,000

10,913,951

(1-day

SOFR

+

1.51%),

3.53%,

03/24/28

(b)

..............

USD

6,000

5,724,111

(Sterling

Overnight

Index

Average

+

1.28%),

3.47%,

04/26/28

(b)(d)

..

GBP

11,300

13,739,801

(1-day

SOFR

+

1.98%),

4.81%,

07/25/28

(b)

..............

USD

7,568

7,512,540

(1-day

SOFR

+

1.74%),

5.57%,

07/25/29

(b)

..............

22,210

22,677,927

(1-day

SOFR

+

1.79%),

6.30%,

10/23/29

(b)

..............

43,924

46,292,462

(3-mo.

CME

Term

SOFR

+

1.26%),

2.57%,

02/11/31

(b)

.........

10,000

8,641,202

(1-day

SOFR

+

1.99%),

5.56%,

07/25/34

(b)

..............

20,000

20,362,175

Welltower

OP

LLC

4.25%,

04/15/28

............

18,125

17,783,387

2.05%,

01/15/29

............

7,945

6,985,735

4.13%,

03/15/29

............

4,939

4,767,902

2.80%,

06/01/31

............

2,000

1,744,259

2.75%,

01/15/32

............

15,000

12,765,051

Westlake

Corp.,

3.13%

,

08/15/51

...

893

590,303

Williams

Cos.,

Inc.

(The),

5.65%

,

03/15/33

.................

16,685

17,429,431

WMG

Acquisition

Corp.,

2.25%

,

08/15/31

(d)

................

EUR

2,330

2,250,678

WRKCo,

Inc.,

3.90%

,

06/01/28

.....

USD

10,557

10,074,679

Wynn

Resorts

Finance

LLC,

5.13%

,

10/01/29

(a)

................

8,315

7,847,586

Xerox

Holdings

Corp.,

5.00%

,

08/15/25

(a)

................

19,435

19,036,225

XHR

LP

(a)

6.38%,

08/15/25

............

2,385

2,378,954

4.88%,

06/01/29

............

3,011

2,771,580

5,935,115,653

Zambia

—

0.1%

First

Quantum

Minerals

Ltd.

(a)

7.50%,

04/01/25

............

25,140

24,057,220

6.88%,

03/01/26

............

4,645

4,158,158

28,215,378

Total

Corporate

Bonds

—

37.2%

(Cost:

$13,319,644,948)

...........................

13,442,777,835

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

76

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Fixed

Rate

Loan

Interests

Jersey,

Channel

Islands

—

0.0%

New

Look

Corp.

Ltd.,

Term

Loan,

16.50%

,

 11/09/29

(c)

..........

GBP

161

$

2,052

United

States

—

0.3%

(c)

AMF

MF

Portfolio,

Term

Loan,

6.67%

,

 11/06/28

............

USD

4,446

4,431,847

CML

ST

Regis

Aspen,

Term

Loan

(c)

 02/09/27

(r)

................

9,712

9,711,577

8.26%, 02/09/27

............

48,321

48,321,273

OD

Intermediate

SUBI

Holdco

II

LLC,

Term

Loan,

10.00%

,

 04/01/26

...

26,871

25,688,229

88,152,926

Total

Fixed

Rate

Loan

Interests

—

0.3%

(Cost:

$89,102,770)

..............................

88,154,978

Floating

Rate

Loan

Interests

Australia

—

0.0%

Voyage

Australia

Pty

Ltd.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

9.18%

,

 07/20/28

(b)(i)

..........

995

992,424

Canada

—

0.0%

(b)

Ontario

Gaming

GTA

LP,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.25%),

9.60%

,

 08/01/30

(i)

...........

414

415,403

WestJet

Airlines

Ltd.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Cap

+

3.00%),

8.46%

,

 12/11/26

.......

6

5,811

421,214

Colombia

—

0.1%

Ecopetrol

SA,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

0.00%),

10.14%

,

 09/06/30

(b)

..........

27,200

26,996,000

European

Union

—

0.0%

Casavo

Theta

Refinancing

DAC,

Term

Loan,

(1-mo.

EURIBOR

+

3.35%),

7.21%

,

 05/12/26

(b)(c)

..........

EUR

11,102

12,211,027

France

—

0.0%

Tarkett

Participation,

Facility

Term

Loan

B,

(6-mo.

EURIBOR

+

3.70%),

7.58%

,

 04/21/28

(b)

...........

1,888

2,031,652

Germany

—

0.0%

(b)

BK

LC

Lux

SPV

SARL,

Facility

Term

Loan

B,

8.89%

,

 04/28/28

(i)

......

USD

422

422,635

Minimax

Viking

GmbH,

Facility

Term

Loan

B1,

8.22%

,

 07/31/28

(i)

.....

117

117,631

Tele

Columbus

AG,

Facility

Term

Loan

A3,

(6-mo.

EURIBOR

+

3.50%),

7.43%

,

 10/15/24

............

EUR

12,300

8,414,920

TK

Elevator

Midco

GmbH,

Facility

Term

Loan

B1,

(6-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

9.38%

,

 07/30/27

(i)

...........

USD

995

996,250

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

Wittur

Holding

GmbH,

Facility

1st

Lien

Term

Loan

B,

(6-mo.

EURIBOR

+

4.50%),

8.47%

,

 10/02/26

......

EUR

8,200

$

5,573,647

15,525,083

Ireland

—

0.1%

Promontoria

Beech

DAC,

Term

Loan,

(1-mo.

EURIBOR

+

3.75%),

7.58%

,

 05/17/27

(b)(c)

..........

41,431

45,508,899

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

208,114

Vita

Global

FinCo

Ltd.,

Additional

Facility

Term

Loan,

(6-mo.

SONIA

+

7.00%),

12.19%

,

 07/06/27

......

7,491

9,035,208

Vita

Global

FinCo

Ltd.,

Facility

Term

Loan

B,

(6-mo.

EURIBOR

+

7.00%),

10.72%

,

 07/06/27

...........

EUR

12,484

13,007,579

22,250,901

Luxembourg

—

0.1%

(b)

AEA

International

Holdings

(Luxembourg)

SARL,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.75%),

9.36%

,

 09/07/28

(c)

...........

USD

7,261

7,269,700

Altice

Financing

SA,

Term

Loan,

(3-mo.

EURIBOR

+

5.00%),

8.93%

,

 10/31/27

............

EUR

4,543

4,863,821

EURO

Parfums

Fze,

Term

Loan

A,

(3-mo.

CME

Term

SOFR

+

6.75%),

12.21%

,

 09/01/28

(c)

..........

USD

10,561

10,323,377

Rainbow

UK

Holdco

Ltd.,

Facility

Term

Loan

B2,

(6-mo.

EURIBOR

+

3.25%),

7.20%

,

 02/24/29

......

EUR

2,600

2,817,486

Sunshine

Luxembourg

VII

SARL,

Facility

Term

Loan

B3,

(3-mo.

CME

Term

SOFR

+

3.50%),

8.95%

,

 10/01/26

(i)

...........

USD

997

1,001,715

26,276,099

Netherlands

—

0.1%

(b)

Boels

Topholding

BV,

Facility

Term

Loan

B2,

(3-mo.

EURIBOR

+

3.25%),

7.11%

-

7.24%

,

 02/06/27

.......

EUR

3,017

3,328,119

Columbus

Finance

BV,

Facility

Term

Loan

B,

(3-mo.

EURIBOR

+

3.75%),

7.68%

,

 01/01/38

............

4,200

3,639,723

Flutter

Entertainment

plc,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

+

2.25%),

7.70%

,

 11/10/30

(i)

...........

USD

950

950,789

Median

BV,

Facility

Term

Loan

B1,

(6-mo.

EURIBOR

+

4.93%),

9.06%

,

 10/14/27

............

EUR

7,100

7,398,409

Peer

Holding

III

BV.,

Term

Loan,

8.60%

,

 10/19/30

(i)

...........

USD

799

800,662

16,117,702

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

77

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Spain

—

0.2%

(b)

Lorca

Holdco

Ltd.,

Term

Loan

B2,

(6-mo.

EURIBOR

+

4.20%),

8.10%

,

 09/17/27

............

EUR

9,800

$

10,804,321

Promontoria

Challenger

I

SA,

Term

Loan,

(1-mo.

EURIBOR

+

3.25%),

6.93%

,

 12/20/24

(c)

...........

30,220

33,278,161

Sirocco

Lux

SA,

Facility

Term

Loan

A,

(3-mo.

EURIBOR

+

0.00%),

7.56%

,

 01/01/28

(c)

...........

32,244

35,596,203

79,678,685

United

Kingdom

—

0.3%

CML

Project

Horizons,

Term

Loan,

(3-mo.

LIBOR

GBP

+

3.75%),

8.96%

,

 04/12/26

(b)(c)

..........

GBP

30,990

39,333,505

Connect

Finco

SARL,

Term

Loan

(1-mo.

CME

Term

SOFR

at

1.00%

Cap

+

3.50%),

8.86%, 12/11/26

(b)

(i)

.....................

USD

15,566

15,554,768

Mercia,

Term

Loan

A1,

(3-mo.

SONIA

+

2.40%),

7.62%

,

 04/08/26

(b)(c)

....

GBP

9,371

11,858,580

Mercia,

Term

Loan

A2,

(3-mo.

SONIA

+

2.40%),

7.62%

,

 04/08/26

(b)(c)

....

28,574

36,158,104

Mercia,

Term

Loan

B1,

(3-mo.

SONIA

+

2.40%),

7.62%

,

 04/08/26

(b)(c)

....

1,646

2,082,826

Virgin

Media

SFA

Finance

Ltd.,

Facility

Term

Loan

M,

(1-mo.

LIBOR

GBP

+

3.25%),

8.48%

,

 11/15/27

(b)

.....

5,100

6,421,926

111,409,709

United

States

—

2.7%

ABG

Intermediate

Holdings

2

LLC,

1st

Lien

Term

Loan

B1,

8.96%

,

 12/21/28

(b)(i)

..........

USD

997

1,000,936

Action

Environmental

Group,

Inc.,

(The),

Delayed

Draw

Term

Loan,

2.25%

,

 10/24/30

(b)(c)(i)

.........

43

43,102

Action

Environmental

Group,

Inc.,

(The),

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.50%),

9.88%

,

 10/24/30

(b)(c)(i)

.........

287

287,706

Adeia,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

3.50%),

8.97%

,

 06/08/28

(b)(i)

..........

931

929,353

AHP

Health

Partners,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.97%

,

 08/24/28

(b)(i)

995

997,090

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan,

0.00%

,

 07/31/28

(b)(i)

..........

334

335,149

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

(b)

(1-mo.

CME

Term

SOFR

+

3.75%),

9.22%, 02/02/26

..........

8,290

7,693,823

(1-mo.

CME

Term

SOFR

+

4.75%),

10.22%, 02/02/26

.........

3,257

3,016,566

AlixPartners

LLP,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.75%),

8.22%

,

 02/04/28

(b)(i)

.....

620

621,015

Allied

Universal

Holdco

LLC,

Term

Loan

(b)

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.75%),

9.21%, 05/12/28

7,332

7,292,264

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.75%),

10.11%, 05/12/28

(i)

499

498,047

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Allspring

Buyer

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.89%

,

 11/01/28

(b)(i)

.....

USD

995

$

989,494

Alorica,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

6.88%),

12.23%

,

 12/21/27

(b)(c)

...

22,393

21,945,140

Altar

BidCo,

Inc.,

2nd

Lien

Term

Loan,

(12-mo.

CME

Term

SOFR

at

0.50%

Cap

+

5.60%),

10.81%

,

 02/01/30

(b)

23,428

22,959,245

American

Airlines,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

3.50%),

8.87%

,

 06/04/29

(b)(i)

..........

1,000

1,001,250

American

Auto

Auction

Group

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

5.00%),

10.50%

,

 12/30/27

(b)

..........

3,177

3,116,395

American

Axle

&

Manufacturing,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.96%

-

9.01%

,

 12/13/29

(b)(i)

.....

975

977,056

American

Rock

Salt

Co.

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.00%),

9.47%

,

 06/09/28

(b)

...........

2,333

2,196,069

Amynta

Agency

Borrower,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

4.25%),

9.61%

,

 02/28/28

(b)(i)

.....

552

551,923

Apex

Tool

Group

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

5.25%),

10.71%

,

 02/08/29

(b)

..........

13,530

11,835,363

AppLovin

Corp.,

Term

Loan,

8.46%

,

 10/25/28

(b)(i)

..........

997

997,462

Arsenal

AIC

Parent

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

4.50%),

9.86%

,

 08/18/30

(b)(i)

..........

461

462,140

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.00%),

9.46%

,

 11/24/27

(b)

...........

4,823

4,747,650

Avaya,

Inc.,

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

1.00%

Cap

+

10.00%),

0.00%

,

 12/15/27

(b)(c)

...

959

—

Bakelite

US

Holdco,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.00%),

9.50%

,

 05/29/29

(b)

.

15,121

15,035,756

Baldwin

Risk

Partners

LLC,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.97%

,

 10/14/27

(b)(i)

..........

403

402,430

Bally's

Corp.,

Facility

Term

Loan

B

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.93%, 10/02/28

(b)

(i)

.....................

30,840

29,155,912

Barnes

Group,

Inc.,

Term

Loan,

(1-

mo.

CME

Term

SOFR

+

3.00%),

8.46%

,

 09/03/30

(b)(i)

..........

497

497,749

Barracuda

Parent

LLC,

1st

Lien

Term

Loan,

9.88%

,

 08/15/29

(b)(i)

......

1,000

973,750

Bausch

+

Lomb

Corp.,

Term

Loan,

(1-

mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.71%

,

 05/10/27

(b)(i)

...

997

984,388

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

78

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

BCPE

North

Star

US

Holdco

2,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.00%),

9.47%

,

 06/09/28

(b)

...........

USD

10,055

$

9,015,583

Bleriot

U.S.

Bidco,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

4.00%),

9.61%

,

 10/30/28

(b)(i)

..........

483

484,107

Boxer

Parent

Co.,

Inc.,

Term

Loan

(b)

 12/02/28

(r)

................

EUR

6,600

7,272,445

9.61%, 12/29/28

(i)

...........

USD

533

536,065

Brand

Industrial

Services,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

5.50%),

10.88%

,

 08/01/30

(b)(i)

.........

1,095

1,087,435

Caesars

Entertainment,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.71%

,

 02/06/30

(b)(i)

997

998,894

Calpine

Construction

Finance

Co.

LP,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.25%),

7.61%

,

 07/31/30

(b)(i)

...

1,218

1,217,025

Cambrex

Corp.,

1st

Lien

Term

Loan,

8.96%

,

 12/04/26

(b)(i)

..........

1,000

977,116

Camelot

US

Acquisition

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Cap

+

3.00%),

8.47%

,

 10/30/26

(b)(i)

..........

936

937,029

Carnival

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.00%),

8.36%

,

 08/09/27

(b)(i)

..........

653

653,262

Carnival

Corp.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.25%),

8.72%

,

 10/18/28

(b)(i)

.....

298

298,603

Cast

&

Crew

LLC,

Facility

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.75%),

9.11%

,

 12/29/28

(b)(i)

..........

973

969,405

Catalent

Pharma

Solutions,

Inc.,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.00%),

8.36%

,

 02/22/28

(b)(c)(i)

.........

786

786,000

Central

Parent

LLC.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

4.00%),

9.35%

,

 07/06/29

(b)(i)

.....

997

1,001,457

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.75%),

9.22%

,

 12/01/27

(b)(i)

..........

997

1,000,867

Chemours

Co.

(The),

Term

Loan

B3

(b)

(1-mo.

EURIBOR

+

4.00%),

7.85%, 08/18/28

..........

EUR

9,000

9,778,270

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.86%, 08/18/28

(i)

USD

925

921,909

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan

(b)(i)

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.72%, 09/29/28

995

995,020

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.10%, 09/29/28

307

307,194

Chobani

LLC,

Term

Loan

(b)(i)

(1-mo.

CME

Term

SOFR

at

1.00%

Cap

+

3.50%),

8.97%, 10/25/27

499

498,961

(1-mo.

CME

Term

SOFR

+

3.75%),

9.11%, 10/25/27

..........

512

512,425

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

City

Brewing

Co.

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.50%),

9.16%

,

 04/05/28

(b)

...........

USD

3,917

$

3,071,635

CML

Hyatt

Lost

Pines,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.55%),

8.91%

,

 09/09/26

(b)(c)

25,700

25,267,510

CML

La

Quinta

Resort,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.11%),

8.44%

,

 12/09/26

(b)(c)

..........

22,171

21,586,968

CML

Lake

Tahoe

Resort

Hotel,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.90%),

8.49%

,

 10/25/26

(b)(c)

....

19,099

18,366,892

CML

Terranea

Resort,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

4.35%),

9.69%

,

 01/01/28

(b)(c)

..........

16,500

16,498,469

CML

Trigrams,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.86%),

8.23%

,

 09/15/24

(b)(c)

..........

48,970

48,849,288

Cobham

Ultra

SeniorCo

SARL,

Facility

Term

Loan

B,

(6-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

9.36%

,

 08/03/29

(b)(i)

..........

998

981,291

Colorado

Plaza,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.86%),

8.24%

,

 05/15/24

(b)(c)(f)(o)

........

15,894

3,160,426

Conair

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.75%),

9.22%

,

 05/17/28

(b)

...........

2,285

2,236,202

ConnectWise

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.97%

,

 09/29/28

(b)

.....

12,649

12,605,348

CoreWeave

Compute

Acquisition

Co.

II

LLC,

Delayed

Draw

Term

Loan,

(3-mo.

CME

Term

SOFR

+

8.75%),

1.00%

-

14.15%

,

 07/31/28

(b)(c)

...

38,129

37,511,330

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.71%

,

 04/12/28

(b)

...........

12,093

12,067,398

Covanta

Holding

Corp.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.00%),

8.36%

,

 11/30/28

(b)(i)

928

928,139

Covanta

Holding

Corp.,

Term

Loan

C,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.00%),

8.36%

,

 11/30/28

(b)(i)

70

69,785

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.75%),

9.21%

,

 10/02/28

(b)

...........

1,714

1,708,957

CPM

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.85%

,

 09/28/28

(b)(i)

.....

313

313,782

Creative

Artists

Agency

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

3.50%),

8.86%

,

 11/27/28

(b)(i)

.....

271

271,552

Crocs,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.00%),

8.50%

,

 02/20/29

(b)(i)

..........

695

696,743

Cushman

&

Wakefield

U.S.

Borrower

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.00%),

9.36%

,

 01/31/30

(b)(c)(i)

.........

1,000

997,500

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

79

(Percentages

shown

are

based

on

Net

Assets)

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%),

9.60%

,

 11/01/30

(b)(c)(i)

....

USD

521

$

521,000

DirecTV

Financing

LLC,

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

5.00%),

10.65%, 08/02/27

(b)(i)

.......

8,900

8,889,592

DRI

Holding,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

5.25%),

10.71%

,

 12/21/28

(b)(c)

6,204

5,645,190

DS

Parent,

Inc.,

Term

Loan

B,

(6-mo.

CME

Term

SOFR

at

0.75%

Cap

+

5.75%),

11.21%

,

 12/10/28

(b)

.....

9,120

9,105,473

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.75%),

8.21%

,

 02/06/26

(b)(i)

.....

995

996,130

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

+

4.00%),

9.36%

,

 08/24/28

(b)(i)

.....

626

627,032

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

+

4.00%),

9.36%

,

 08/24/28

(b)(i)

.....

268

268,728

ECL

Entertainment

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.11%

,

 09/03/30

(b)

18,802

18,815,979

EIS

Group,

Ltd.,

Term

Loan

(b)(c)

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

7.00%),

12.35%, 07/10/28

28,919

28,016,316

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

7.00%),

12.36%, 07/10/28

2,892

2,801,632

Elanco

Animal

Health,

Inc.,

Term

Loan,

7.20%

,

 08/01/27

(b)(i)

..........

997

990,163

Electron

Bidco,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.00%),

8.47%

,

 11/01/28

(b)(i)

..........

997

998,848

Element

Materials

Technology

Group

US

Holdings,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

B,

9.70%

,

 07/06/29

(b)

(i)

.......................

315

311,450

Element

Materials

Technology

Group

US

Holdings,

Inc.,

Term

Loan

B,

9.70%

,

 07/06/29

(b)(i)

..........

682

674,809

Emerald

Technologies

US

AcquisitionCo.,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

11.79%

,

 12/29/27

(b)

7,638

6,822,869

EP

Purchaser

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

3.50%),

9.11%

,

 11/06/28

(b)(i)

...........

995

984,569

Fertitta

Entertainment

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.00%),

9.36%

,

 01/27/29

(b)

.

15,425

15,421,813

First

Advantage

Holdings

LLC,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

+

2.75%),

8.22%

,

 01/31/27

(b)(i)

1,000

1,001,250

Flexera

Software

LLC,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.75%),

9.22%

,

 03/03/28

(b)(i)

..........

995

992,813

Flexsys

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

5.25%),

10.86%

,

 11/01/28

(b)

..........

4,475

4,366,225

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Focus

Financial

Partners

LLC,

Term

Loan

B6,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.86%

,

 06/30/28

(b)(i)

..........

USD

998

$

998,747

Fortrea

Holdings,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.75%),

9.11%

,

 07/01/30

(b)(i)

997

995,828

Forward

Air

Corp.,

Term

Loan

B,

9.86%

,

 09/20/30

(b)(i)

..........

1,000

945,830

Galaxy

Universal

LLC,

Term

Loan,

(3-

mo.

SONIA

at

1.00%

Floor

+

5.75%),

11.28%

,

 11/12/26

(b)(c)

.........

27,947

27,423,953

Gates

Global

LLC,

Term

Loan

B3,

(1-

mo.

CME

Term

SOFR

at

0.75%

Cap

+

2.50%),

7.96%

,

 03/31/27

(b)(i)

...

497

497,749

Genuine

Financial

Holdings

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

+

4.00%),

9.36%, 09/27/30

(b)(i)

........

2,309

2,299,184

GoTo

Group,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

4.75%),

10.28%

,

 08/31/27

(b)

..........

26,564

17,446,775

Green

Plains

Operating

Co.

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

8.00%),

13.52%

,

 07/20/26

(b)(c)

...

22,703

21,851,724

Grinding

Media,

Inc.,

1st

Lien

Term

Loan,

9.59%

-

9.68%

,

 10/12/28

(b)(c)(i)

997

992,462

GTCR

W

Merger

Sub

LLC,

Term

Loan

B,

0.00%

,

 09/20/30

(b)(i)

........

622

624,332

Helios

Service

Partners

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

6.50%),

12.15%

,

 03/19/27

(b)(c)

.........

898

897,677

Helios

Service

Partners

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

6.25%),

11.86%

,

 03/19/27

(b)(c)

.........

4,712

4,682,784

Helios

Service

Partners

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.50%),

12.13%

-

12.17%

,

 03/19/27

(b)(c)

.........

4,019

4,018,837

Helios

Service

Partners

LLC,

Delayed

Draw

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

11.89%

,

 03/19/27

(b)(c)

....

4,785

4,755,585

Helios

Software

Holdings,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

4.25%),

9.70%

,

 07/18/30

(b)(i)

.....

839

836,902

Herschend

Entertainment

Co.

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.75%),

9.22%

,

 08/27/28

(b)

...........

3,718

3,719,082

Hilton

Domestic

Operating

Co.,

Inc.,

Term

Loan

B4,

7.46%

,

 11/08/30

(b)(i)

276

276,839

Hilton

Washington

Dupont

Hotel,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

2.61%),

7.97%

,

 04/01/24

(b)(c)

..........

30,000

29,567,123

Homeserve

USA

Holding

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.36%

,

 10/21/30

(b)(i)

.....

549

550,460

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

80

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Houston

Center,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.21%),

7.57%

,

 09/09/24

(b)(c)

..........

USD

30,825

$

18,995,715

HRNI

Holdings

LLC,

Term

Loan

B,

(3-

mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.25%),

9.75%

,

 12/11/28

(b)

....

32,433

31,581,439

Hunter

Douglas

Holding

BV,

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.88%

,

 02/26/29

(b)(i)

..........

499

496,116

Hydrofarm

Holdings

Group,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

5.50%),

11.15%

,

 10/25/28

(b)(c)

.........

4,447

3,557,792

INEOS

Enterprises

Holdings

US

Finco

LLC,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

+

3.75%),

9.24%

,

 07/08/30

(b)(i)

..........

1,000

998,750

INNIO

Group

Holding

GmbH,

Term

Loan,

0.00%

,

 10/31/28

(b)(i)

......

664

661,497

Interface

Security

Systems

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.75%

Floor

+

7.00%),

13.43%

(1.00%

PIK),

 08/07/23

(b)(c)(f)(o)(p)

...

15,449

11,471,019

Iridium

Satellite

LLC,

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

2.50%),

7.86%

,

 09/20/30

(b)(i)

138

138,229

J&J

Ventures

Gaming

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.00%),

9.61%

,

 04/26/28

(b)

.

7,910

7,833,901

Jack

Ohio

Finance

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.75%),

10.22%

,

 10/04/28

(b)

6,043

5,937,172

Jazz

Pharmaceuticals

plc,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.97%

,

 05/05/28

(b)(i)

994

998,893

JFL-Tiger

Acquisition

Co.,

Inc.

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

5.00%),

10.40%

,

 10/17/30

(b)(i)

.........

300

300,000

Jump

Financial

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.50%),

10.11%

,

 08/07/28

(b)(c)(i)

...

499

493,737

KDC/ONE

Development

Corp.,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

5.00%),

10.36%

,

 08/15/28

(b)(i)

..

492

486,342

Kraton

Corp.,

Term

Loan,

8.90%

,

 03/15/29

(b)(i)

..........

997

973,563

Kronos

Acquisition

Holdings,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

6.00%),

11.54%

,

 12/22/26

(b)

..........

3,287

3,288,991

Learning

Care

Group

US

No.

2,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.75%),

10.10%

-

10.14%

,

 08/11/28

(b)(i)

..........

207

208,414

Legence

Holdings

LLC,

Term

Loan,

(1-

mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.50%),

8.96%

,

 12/16/27

(b)(i)

...

385

384,950

Level

3

Financing,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

1.75%),

7.22%

,

 03/01/27

(b)

...........

5,762

5,473,900

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Light

&

Wonder

International,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.00%),

8.46%

,

 04/14/29

(b)(i)

..........

USD

995

$

996,502

Lummus

Technology

Holdings

V

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

3.50%),

8.97%

,

 06/30/27

(b)(i)

995

995,120

M6

ETX

Holdings

II

Midco

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.50%),

9.96%

,

 09/19/29

(b)(i)

..........

995

995,897

Maravai

Intermediate

Holdings

LLC,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.00%),

8.40%

,

 10/19/27

(b)(i)

..........

995

966,738

Maverick

Gaming

LLC,

Facility

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

7.50%),

13.15%

,

 09/03/26

(b)

..........

5,485

3,935,256

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.00%),

9.47%

,

 05/04/28

(b)(i)

.....

995

995,465

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

7.00%),

12.46%

,

 11/01/29

(b)

..........

3,210

2,692,387

Medline

Borrower

LP,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.00%),

8.47%, 10/23/28

(b)

(i)

.....................

42,674

42,846,824

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.61%

,

 05/03/28

(b)(i)

995

976,622

Momentive

Performance

Materials,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

4.50%),

9.86%

,

 03/29/28

(b)(i)

...

995

959,546

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.01%

Cap

+

6.00%),

11.45%

,

 01/24/30

(b)

943

754,400

NFP

Corp.,

Term

Loan,

8.72%

,

 02/16/27

(b)(i)

..........

995

999,030

Nieslsen

Consumer,

Inc.,

Term

Loan,

(1-mo.

EURIBOR

+

6.50%),

10.34%

,

 03/06/28

(b)

..........

EUR

7,264

7,948,379

Olaplex,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.96%

,

 02/23/29

(b)

...........

USD

12,614

11,636,558

OMNIA

Partners

LLC,

Delayed

Draw

Term

Loan,

0.50%

,

 07/25/30

(b)(i)

..

81

81,444

OMNIA

Partners

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

4.25%),

9.63%

,

 07/25/30

(b)(i)

..........

862

866,838

Organon

&

Co.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.00%),

8.47%

,

 06/02/28

(b)(i)

.....

1,000

1,000,630

Orion

Group

HoldCo

LLC,

Delayed

Draw

Term

Loan

(b)(c)

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.00%),

11.61%, 03/19/27

1,520

1,501,391

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.00%),

11.61%, 03/19/27

8,974

8,973,747

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

81

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Orion

Group

HoldCo

LLC,

Term

Loan

(b)

(c)

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

6.00%),

11.61%, 03/19/27

USD

152

$

149,980

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

6.00%),

11.61%, 03/19/27

768

767,646

Osaic

Holdings,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

+

4.50%),

9.86%

,

 08/17/28

(b)(i)

..........

404

405,173

Oscar

AcquisitionCo

LLC,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.50%),

9.95%

,

 04/29/29

(b)(i)

995

983,769

Park

Avenue

Tower,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.17%),

7.52%

,

 03/09/24

(b)(c)

..........

42,350

39,739,222

Park

River

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.84%

,

 12/28/27

(b)

...........

2,078

2,024,746

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.75%),

9.21%

,

 02/01/28

(b)(i)

992

993,145

PetSmart

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.75%),

9.21%

,

 02/11/28

(b)(i)

..........

1,247

1,231,856

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1,

(3-

mo.

CME

Term

SOFR

+

2.50%),

7.83%

,

 10/13/30

(b)(i)

..........

355

355,831

Project

Alpha

Intermediate

Holding,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.75%),

10.11%

,

 10/28/30

(b)(i)

..........

968

971,223

Quartz

AcquireCo

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

+

3.50%),

8.86%, 06/28/30

(b)(c)(i)

.......

8,871

8,892,944

Redstone

HoldCo

2

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.75%),

10.22%

,

 04/27/28

(b)

..........

15,802

11,874,023

Redstone

HoldCo

2

LP,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

7.75%),

13.22%

,

 04/27/29

(b)

..........

10,460

6,328,300

Robertshaw

U.S.

Holding

Corp.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

8.00%),

13.45%

,

 02/28/27

(b)(c)

.........

4,760

571,200

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.46%

-

9.47%

,

 03/16/27

(b)

...........

11,347

11,351,891

Severin

Acquisition

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

3.25%),

8.63%

,

 08/01/27

(b)(i)

.....

605

607,306

Shearer's

Foods

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.50%),

8.97%

,

 09/23/27

(b)

...........

1,561

1,561,244

Sheraton

Austin,

Term

Loan,

(1-mo.

LIBOR

USD

at

0.25%

Floor

+

3.48%),

8.94%

,

 06/01/24

(b)(c)

....

24,746

24,199,424

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Signal

Parent,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.50%),

8.96%

,

 04/03/28

(b)

.....

USD

6,169

$

5,475,227

Sophia

LP,

1st

Lien

Term

Loan

B,

(1-

mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.96%

,

 10/07/27

(b)(i)

...

995

995,846

Star

Parent,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

4.00%),

9.35%

,

 09/27/30

(b)(i)

..........

1,000

987,080

Surgery

Center

Holdings,

Inc.,

Term

Loan,

8.86%

,

 12/19/30

(b)(i)

......

305

305,883

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.00%),

9.47%

,

 10/06/28

(b)

...........

3,947

3,529,852

Topgolf

Callaway

Brands

Corp.,

Term

Loan,

8.96%

,

 03/15/30

(b)(i)

......

995

993,953

TransDigm

Inc.,

Term

Loan

J,

(1-mo.

LIBOR

USD

+

3.25%),

8.60%

,

 02/14/31

(b)(i)

..........

1,000

1,003,750

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.86%, 03/31/28

(b)

(i)

.....................

4,114

4,070,435

UKG,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.68%

,

 05/04/26

(b)(i)

.....

995

996,546

United

AirLines,

Inc.,

Term

Loan

B,

9.22%

,

 04/21/28

(b)(i)

..........

355

355,788

UPC

Financing

Partnership,

Facility

Term

Loan

AX,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.48%

,

 01/31/29

(b)(i)

1,000

995,210

USI,

Inc.,

Term

Loan

(3-mo.

CME

Term

SOFR

+

3.25%),

8.60%, 09/27/30

(b)(i)

........

301

301,318

Vaco

Holdings

LLC,

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.75%

Cap

+

5.00%),

10.43%

,

 01/21/29

(b)

.....

7,646

7,521,713

VC

GB

Holdings

Corp.,

1st

Lien

Term

Loan,

8.61%

,

 07/21/28

(b)(i)

......

997

989,615

VFH

Parent

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.00%),

8.46%

,

 01/13/29

(b)(i)

.....

969

969,863

ViaSat,

Inc.,

Term

Loan,

9.96%

,

 05/30/30

(b)(i)

..........

468

458,055

Vinoy

St.

Petersburg

(The),

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.67%),

7.99%

,

 06/09/26

(b)(c)

26,834

25,883,542

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

Q,

(1-mo.

CME

Term

SOFR

+

3.25%),

8.73%

,

 01/31/29

(b)(i)

.....

1,000

996,700

Virtusa

Corp.,

Term

Loan

B,

9.22%

,

 02/11/28

(b)(i)

..........

995

995,303

VS

Buyer

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.25%),

8.71%

,

 02/28/27

(b)(i)

..........

997

998,656

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.75%),

9.36%

,

 12/21/27

(b)

...........

3,208

2,585,893

Xerox

Corp.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

4.00%),

9.36%

,

 11/15/29

(b)

...........

4,942

4,935,822

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

82

(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%),

7.98%

,

 04/30/28

(b)(i)

USD

1,000

$

996,070

985,370,501

Total

Floating

Rate

Loan

Interests

—

3.7%

(Cost:

$1,422,134,047)

...........................

1,344,789,896

Foreign

Agency

Obligations

Argentina

—

0.0%

YPF

SA

8.50%,

06/27/29

(d)

...........

1,291

1,166,289

7.00%,

12/15/47

(a)

...........

4,456

3,341,555

4,507,844

Chile

—

0.0%

Banco

del

Estado

de

Chile,

2.70%

,

01/09/25

(d)

................

1,534

1,484,789

Empresa

Nacional

del

Petroleo

3.75%,

08/05/26

(d)

...........

6,067

5,747,755

6.15%,

05/10/33

(a)

...........

2,756

2,757,681

9,990,225

Colombia

—

0.1%

Ecopetrol

SA

4.13%,

01/16/25

............

8,332

8,108,078

8.88%,

01/13/33

............

8,581

9,302,340

17,410,418

Finland

—

0.0%

Finnair

OYJ,

4.25%

,

05/19/25

(d)

....

EUR

2,625

2,810,933

France

—

0.2%

Electricite

de

France

SA

(d)

(6-Year

EUR

Swap

Annual

+

3.44%),

4.00%

(b)(n)

.........

10,300

11,273,466

(12-Year

EUR

Swap

Annual

+

3.79%),

5.38%

(b)(n)

.........

11,000

12,162,379

(12-Year

EUR

Swap

Annual

+

3.04%),

5.00%

(b)(n)

.........

900

990,187

(13-Year

GBP

Swap

Semi

+

4.23%),

6.00%

(b)(n)

...............

GBP

7,300

9,032,928

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.37%),

2.88%

(b)(n)

.........

EUR

5,400

5,516,066

3.75%,

06/05/27

............

12,800

14,405,993

(5-Year

EUR

Swap

Annual

+

3.20%),

3.00%

(b)(n)

.........

1,000

1,004,594

(5-Year

EUR

Swap

Annual

+

4.86%),

7.50%

(b)(n)

.........

7,400

8,913,741

(BPISDS15

+

3.32%),

5.88%

(b)(n)

.

GBP

1,100

1,280,313

(5-Year

EUR

Swap

Annual

+

3.97%),

3.38%

(b)(n)

.........

EUR

7,800

7,544,809

6.13%,

06/02/34

............

GBP

8,600

11,667,197

83,791,673

Hungary

—

0.1%

(d)

Magyar

Export-Import

Bank

Zrt.,

6.00%

,

05/16/29

.................

EUR

6,328

7,398,307

MFB

Magyar

Fejlesztesi

Bank

Zrt.,

6.50%

,

06/29/28

............

USD

6,610

6,790,916

14,189,223

Security

Par

(000)

Par

(000)

Value

India

—

0.0%

(d)

Export-Import

Bank

of

India,

3.88%

,

03/12/24

.................

USD

2,000

$

1,993,750

Power

Finance

Corp.

Ltd.,

4.50%

,

06/18/29

.................

1,500

1,454,940

3,448,690

Indonesia

—

0.0%

(d)

Bank

Mandiri

Persero

Tbk.

PT,

5.50%

,

04/04/26

.................

380

381,069

Bank

Negara

Indonesia

Persero

Tbk.

PT,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.47%),

4.30%

(b)(n)

...........

750

662,109

Pertamina

Persero

PT,

3.65%

,

07/30/29

8,423

7,920,252

8,963,430

Ireland

—

0.1%

AIB

Group

plc

(b)(d)(n)

(5-Year

EUR

Swap

Annual

+

5.70%),

5.25%

...........

EUR

15,107

16,446,825

(5-Year

EUR

Swap

Annual

+

6.63%),

6.25%

...........

7,797

8,523,437

24,970,262

Italy

—

0.0%

(b)(d)

Banca

Monte

dei

Paschi

di

Siena

SpA,

(3-mo.

EURIBOR

+

3.21%),

6.75%

,

03/02/26

.................

8,755

9,876,554

Poste

Italiane

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.68%),

2.63%

(n)

3,860

3,499,302

13,375,856

Mexico

—

0.4%

Petroleos

Mexicanos

4.88%,

01/18/24

............

USD

10,000

9,950,200

3.75%,

02/21/24

(d)

...........

EUR

1,681

1,845,069

4.25%,

01/15/25

............

USD

2,227

2,158,798

3.63%,

11/24/25

(d)

...........

EUR

965

997,931

6.88%,

08/04/26

............

USD

51,105

49,387,872

6.50%,

03/13/27

............

40,913

38,023,519

8.75%,

06/02/29

............

5,165

4,976,609

5.95%,

01/28/31

............

5,853

4,644,356

6.70%,

02/16/32

............

4,768

3,945,520

Series

13-2,

7.19%,

09/12/24

...

MXN

2,306

13,014,652

128,944,526

Morocco

—

0.0%

OCP

SA

(d)

4.50%,

10/22/25

............

USD

7,000

6,807,500

3.75%,

06/23/31

............

2,616

2,246,490

5.13%,

06/23/51

............

2,568

1,942,853

10,996,843

Netherlands

—

0.1%

TenneT

Holding

BV

(d)

(5-Year

EUR

Swap

Annual

+

2.53%),

3.00%

(b)(n)

.........

EUR

4,700

5,149,651

(5-Year

EUR

Swap

Annual

+

2.72%),

2.37%

(b)(n)

.........

5,400

5,775,289

1.38%,

06/05/28

............

3,900

4,107,175

2.00%,

06/05/34

............

1,600

1,600,745

4.75%,

10/28/42

............

4,271

5,421,886

22,054,746

Norway

—

0.1%

Equinor

ASA,

1.25%

,

02/17/27

(d)

....

38,200

39,954,725

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

83

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Panama

—

0.0%

Aeropuerto

Internacional

de

Tocumen

SA,

5.13%

,

08/11/61

(a)

........

USD

4,687

$

3,515,578

Peru

—

0.0%

Corp.

Financiera

de

Desarrollo

SA,

4.75%

,

07/15/25

(d)

...........

9,429

9,313,212

Poland

—

0.0%

Bank

Gospodarstwa

Krajowego,

6.25%

,

10/31/28

(a)

................

3,498

3,689,690

South

Korea

—

0.0%

(d)

Korea

Land

&

Housing

Corp.,

5.75%

,

10/06/25

.................

1,000

1,012,880

Korea

National

Oil

Corp.

4.75%,

04/03/26

............

500

497,480

4.88%,

04/03/28

............

500

502,770

2,013,130

Total

Foreign

Agency

Obligations

—

1.1%

(Cost:

$396,675,074)

.............................

403,941,004

Foreign

Government

Obligations

Angola

—

0.0%

Republic

of

Angola,

8.75%

,

04/14/32

(a)

9,675

8,526,094

Argentina

—

0.0%

Argentine

Republic

(The)

(e)

3.62%,

07/09/35

............

11,049

3,739,865

4.25%,

01/09/38

............

9,835

3,881,088

7,620,953

Bahrain

—

0.0%

Kingdom

of

Bahrain

(d)

6.75%,

09/20/29

............

200

202,875

5.45%,

09/16/32

............

4,986

4,569,981

7.50%,

09/20/47

............

4,889

4,592,604

9,365,460

Benin

—

0.0%

Benin

Government

Bond

(d)

4.88%,

01/19/32

............

EUR

2,283

2,051,696

6.88%,

01/19/52

............

2,282

1,979,498

4,031,194

Brazil

—

0.2%

Federative

Republic

of

Brazil

10.00%,

01/01/25

...........

BRL

85

17,435,761

10.00%,

01/01/27

...........

274

56,569,793

74,005,554

Chile

—

0.0%

Republic

of

Chile,

4.34%

,

03/07/42

..

USD

8,824

7,861,633

China

—

0.1%

China

Development

Bank,

3.30%

,

02/01/24

.................

CNY

168,000

23,592,911

Colombia

—

0.8%

Republic

of

Colombia

4.50%,

01/28/26

............

USD

8,891

8,713,180

3.88%,

03/22/26

............

EUR

1,296

1,412,635

7.50%,

08/26/26

............

COP

359,136,000

88,530,610

3.88%,

04/25/27

............

USD

5,122

4,880,306

5.75%,

11/03/27

............

COP

146,659,700

33,483,351

6.00%,

04/28/28

............

318,497,700

72,361,876

7.75%,

09/18/30

............

132,436,500

31,032,703

Security

Par

(000)

Par

(000)

Value

Colombia

(continued)

7.00%,

03/26/31

............

COP

82,715,200

$

18,401,717

3.13%,

04/15/31

............

USD

7,985

6,490,308

8.00%,

04/20/33

............

6,339

6,919,414

8.00%,

11/14/35

............

2,940

3,212,869

4.13%,

05/15/51

............

9,349

6,196,634

8.75%,

11/14/53

............

1,612

1,851,281

283,486,884

Costa

Rica

—

0.1%

Republic

of

Costa

Rica

6.13%,

02/19/31

(d)

...........

10,199

10,425,290

6.55%,

04/03/34

(d)

...........

4,132

4,278,686

7.30%,

11/13/54

(a)

...........

4,079

4,421,228

19,125,204

Czech

Republic

—

0.4%

Czech

Republic

5.50%,

12/12/28

............

CZK

681,130

32,962,565

2.75%,

07/23/29

............

1,420,730

60,252,738

5.00%,

09/30/30

............

833,230

40,003,237

4.20%,

12/04/36

(d)

...........

134,540

6,236,110

139,454,650

Dominican

Republic

—

0.2%

Dominican

Republic

Government

Bond

6.88%,

01/29/26

(d)

...........

USD

5,216

5,303,107

5.95%,

01/25/27

(d)

...........

7,947

7,963,530

4.50%,

01/30/30

(a)

...........

9,777

8,982,619

7.05%,

02/03/31

(a)

...........

3,115

3,267,479

4.88%,

09/23/32

(a)

...........

15,527

14,116,217

4.88%,

09/23/32

(d)

...........

18,004

16,368,156

56,001,108

Egypt

—

0.1%

Arab

Republic

of

Egypt

6.38%,

04/11/31

(d)

...........

EUR

2,600

1,836,076

7.63%,

05/29/32

(d)

...........

USD

28,639

19,823,558

8.50%,

01/31/47

(a)

...........

2,987

1,853,807

8.50%,

01/31/47

(d)

...........

12,389

7,688,923

7.90%,

02/21/48

(d)

...........

12,685

7,614,964

7.50%,

02/16/61

(a)

...........

3,621

2,105,837

7.50%,

02/16/61

(d)

...........

9,429

5,483,553

46,406,718

El

Salvador

—

0.0%

Republic

of

El

Salvador,

7.65%

,

06/15/35

(d)

................

6,136

4,761,153

Gabon

—

0.0%

Gabon

Government

Bond,

7.00%

,

11/24/31

(d)

................

870

721,556

Germany

—

0.5%

Federal

Republic

of

Germany

(d)

0.10%,

04/15/26

............

EUR

58,125

62,941,239

0.50%,

02/15/28

............

15,900

16,571,346

0.00%,

08/15/29

............

19,480

19,370,838

0.00%,

08/15/31

............

4,800

4,587,267

1.70%,

08/15/32

............

83,140

89,868,997

193,339,687

Ghana

—

0.0%

Republic

of

Ghana

(d)(f)(o)

6.38%,

02/11/27

............

USD

1,805

799,276

7.63%,

05/16/29

............

7,974

3,428,820

8.63%,

04/07/34

............

1,805

776,150

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

84

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ghana

(continued)

8.95%,

03/26/51

............

USD

1,805

$

775,022

5,779,268

Guatemala

—

0.2%

Republic

of

Guatemala

4.88%,

02/13/28

(d)

...........

29,863

29,086,562

5.25%,

08/10/29

(a)

...........

3,143

3,076,997

5.25%,

08/10/29

(d)

...........

2,695

2,638,405

5.38%,

04/24/32

(a)

...........

200

193,700

7.05%,

10/04/32

(a)

...........

6,575

6,985,937

7.05%,

10/04/32

(d)

...........

1,975

2,098,438

3.70%,

10/07/33

(d)

...........

2,687

2,235,584

6.60%,

06/13/36

(a)

...........

12,201

12,536,527

4.65%,

10/07/41

(a)

...........

4,095

3,337,425

62,189,575

Honduras

—

0.0%

Republic

of

Honduras

5.63%,

06/24/30

(a)

...........

3,811

3,391,790

5.63%,

06/24/30

(d)

...........

8,923

7,941,470

11,333,260

Hungary

—

0.1%

Hungary

Government

Bond

5.38%,

03/25/24

............

1,026

1,025,743

6.75%,

10/22/28

............

HUF

4,352,800

13,012,473

5.25%,

06/16/29

(a)

...........

USD

8,050

8,094,517

22,132,733

India

—

0.5%

Indian

Railway

Finance

Corp.

Ltd.,

3.25%

,

02/13/30

(d)

...........

638

574,111

Republic

of

India

7.37%,

10/23/28

............

INR

13,274,400

161,443,950

162,018,061

Indonesia

—

0.6%

Bank

Negara

Indonesia

Persero

Tbk.

PT,

3.75%

,

03/30/26

(d)

........

USD

1,980

1,882,980

Perusahaan

Penerbit

SBSN

Indonesia

III,

4.40%

,

06/06/27

(a)

.........

4,166

4,139,963

Republic

of

Indonesia

5.50%,

04/15/26

............

IDR

253,339,000

16,141,168

8.38%,

09/15/26

............

414,592,000

28,246,217

7.00%,

05/15/27

............

1,152,497,000

76,236,812

4.55%,

01/11/28

............

USD

475

473,516

4.10%,

04/24/28

............

7,006

6,861,501

4.85%,

01/11/33

............

500

510,156

8.25%,

05/15/36

............

IDR

312,245,000

22,966,647

7.13%,

06/15/38

............

451,236,000

30,654,858

6.75%,

01/15/44

(d)

...........

USD

6,141

7,520,806

5.65%,

01/11/53

............

400

437,250

196,071,874

Ivory

Coast

—

0.1%

Republic

of

Cote

d'Ivoire

(d)

6.38%,

03/03/28

............

15,075

14,778,211

5.88%,

10/17/31

............

EUR

1,956

1,931,248

4.88%,

01/30/32

............

1,665

1,545,133

6.13%,

06/15/33

............

USD

14,273

13,104,398

6.88%,

10/17/40

............

EUR

1,660

1,530,758

6.63%,

03/22/48

............

1,845

1,619,246

34,508,994

Jamaica

—

0.0%

Jamaica

Government

Bond,

6.75%

,

04/28/28

.................

USD

3,408

3,616,127

Security

Par

(000)

Par

(000)

Value

Japan

—

0.5%

Japan

Government

Bond,

1.50%

,

09/20/43

.................

JPY

26,838,000

$

193,671,383

Jordan

—

0.0%

Hashemite

Kingdom

of

Jordan

(d)

4.95%,

07/07/25

............

USD

4,060

3,966,113

5.85%,

07/07/30

............

11,277

10,455,893

14,422,006

Kenya

—

0.0%

Republic

of

Kenya,

8.00%

,

05/22/32

(d)

15,652

14,125,930

Mexico

—

0.8%

United

Mexican

States

7.50%,

06/03/27

............

MXN

7,245

40,454,841

3.75%,

01/11/28

............

USD

5,736

5,526,277

8.50%,

03/01/29

............

MXN

11,243

64,640,135

8.50%,

05/31/29

............

11,337

65,417,969

2.66%,

05/24/31

............

USD

7,734

6,523,145

7.50%,

05/26/33

............

MXN

4,784

25,600,004

6.35%,

02/09/35

............

USD

7,237

7,569,450

8.50%,

11/18/38

............

MXN

8,149

45,823,372

6.34%,

05/04/53

............

USD

7,230

7,361,044

268,916,237

Mongolia

—

0.0%

State

of

Mongolia,

7.88%

,

06/05/29

(d)

485

495,966

Morocco

—

0.0%

Kingdom

of

Morocco

2.38%,

12/15/27

(d)

...........

812

726,232

2.38%,

12/15/27

(a)

...........

202

180,664

5.95%,

03/08/28

(a)

...........

2,779

2,846,738

6.50%,

09/08/33

(a)

...........

3,501

3,690,273

7,443,907

Nigeria

—

0.1%

Federal

Republic

of

Nigeria

8.38%,

03/24/29

(a)

...........

4,861

4,655,927

8.75%,

01/21/31

(d)

...........

4,155

3,953,742

7.88%,

02/16/32

(d)

...........

15,219

13,644,785

7.38%,

09/28/33

(d)

...........

8,490

7,224,459

7.63%,

11/28/47

(d)

...........

8,457

6,687,880

9.25%,

01/21/49

(d)

...........

3,820

3,434,419

39,601,212

North

Macedonia

—

0.0%

Republic

of

North

Macedonia,

6.96%

,

03/13/27

(d)

................

EUR

3,631

4,178,120

Oman

—

0.1%

(d)

Oman

Government

Bond

6.50%,

03/08/47

............

USD

8,992

9,160,600

6.75%,

01/17/48

............

9,308

9,718,134

Oman

Sovereign

Sukuk

SAOC,

4.40%

,

06/01/24

.................

2,156

2,139,156

21,017,890

Panama

—

0.2%

Republic

of

Panama

3.16%,

01/23/30

............

38,862

33,069,133

6.40%,

02/14/35

............

19,287

18,804,825

6.85%,

03/28/54

............

11,805

11,022,919

62,896,877

Paraguay

—

0.0%

Republic

of

Paraguay

(d)

2.74%,

01/29/33

............

5,267

4,318,940

3.85%,

06/28/33

............

4,896

4,328,064

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

85

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Paraguay

(continued)

5.60%,

03/13/48

............

USD

4,161

$

3,803,154

12,450,158

Peru

—

0.0%

Republic

of

Peru

2.78%,

01/23/31

............

5,712

4,964,085

1.86%,

12/01/32

............

13,209

10,319,531

15,283,616

Philippines

—

0.0%

Republic

of

Philippines,

2.65%

,

12/10/45

.................

1,702

1,203,101

Poland

—

0.4%

Republic

of

Poland

2.50%,

07/25/26

............

PLN

138,724

33,207,735

2.75%,

10/25/29

............

477,681

108,439,869

4.88%,

10/04/33

............

USD

4,294

4,340,161

4.25%,

02/14/43

(d)

...........

EUR

3,100

3,596,745

5.50%,

04/04/53

............

USD

8,829

9,185,780

158,770,290

Qatar

—

0.1%

State

of

Qatar,

4.63%

,

06/02/46

(d)

...

29,720

28,347,828

Romania

—

0.1%

Romania

Government

Bond

5.25%,

11/25/27

(a)

...........

3,067

3,039,121

2.13%,

03/07/28

(d)

...........

EUR

11,222

11,219,422

2.88%,

03/11/29

(d)

...........

6,360

6,347,235

2.50%,

02/08/30

(d)

...........

6,688

6,390,396

2.12%,

07/16/31

(d)

...........

7,638

6,702,826

33,699,000

Russia

—

0.0%

Russian

Federation,

6.10%

,

07/18/35

(f)

(o)

......................

RUB

1,479,489

5,055,957

Saudi

Arabia

—

0.1%

Kingdom

of

Saudi

Arabia

4.50%,

04/17/30

(d)

...........

USD

6,941

6,938,831

5.00%,

01/18/53

(a)

...........

5,621

5,281,984

3.45%,

02/02/61

(d)

...........

17,250

12,101,953

24,322,768

Senegal

—

0.0%

Republic

of

Senegal,

6.25%

,

05/23/33

(d)

5,448

4,852,125

South

Africa

—

0.5%

Republic

of

South

Africa

10.50%,

12/21/26

...........

ZAR

618,333

35,377,394

4.85%,

09/30/29

............

USD

6,722

6,293,472

8.00%,

01/31/30

............

ZAR

264,515

13,303,140

7.00%,

02/28/31

............

1,693,731

77,540,038

5.88%,

04/20/32

............

USD

6,498

6,154,906

9.00%,

01/31/40

............

ZAR

250,230

10,659,687

8.75%,

01/31/44

............

117,419

4,756,521

5.00%,

10/12/46

............

USD

10,443

7,688,659

161,773,817

Spain

—

1.9%

Bonos

y

Obligaciones

del

Estado

0.00%,

05/31/25

............

EUR

28,020

29,681,619

2.55%,

10/31/32

(a)(d)

..........

427,039

459,870,247

3.15%,

04/30/33

(a)(d)

..........

30,606

34,346,794

3.90%,

07/30/39

(a)(d)

..........

23,720

27,733,833

2.90%,

10/31/46

(a)(d)

..........

45,767

45,637,954

3.45%,

07/30/66

(a)(d)

..........

42,500

43,746,227

Security

Par

(000)

Par

(000)

Value

Spain

(continued)

Kingdom

of

Spain,

3.55%

,

10/31/33

(a)(d)

EUR

32,380

$

37,430,248

678,446,922

Trinidad

and

Tobago

—

0.0%

Republic

of

Trinidad

&

Tobago,

5.95%

,

01/14/31

(a)

................

USD

3,949

4,077,342

Ukraine

—

0.1%

Ukraine

Government

Bond

(f)(o)

7.75%,

09/01/25

(d)

...........

3,394

997,836

8.99%,

02/01/26

(d)

...........

3,262

955,766

7.75%,

09/01/26

(d)

...........

1,831

501,694

7.75%,

09/01/27

(d)

...........

110

29,370

7.75%,

09/01/28

(d)

...........

3,278

899,811

7.75%,

09/01/29

(d)

...........

14,930

4,049,763

4.38%,

01/27/32

(d)

...........

EUR

9,851

2,185,877

7.38%,

09/25/34

(a)

...........

USD

6,537

1,519,852

7.38%,

09/25/34

(d)

...........

27,200

6,324,000

7.25%,

03/15/35

(a)

...........

16,926

3,926,832

7.25%,

03/15/35

(d)

...........

52,435

12,164,920

7.75%,

08/01/41

(b)(d)

..........

12,895

5,735,696

39,291,417

United

Kingdom

—

0.5%

U.K.

Treasury

Bonds

(d)

3.50%,

01/22/45

............

GBP

33,536

38,929,385

3.75%,

10/22/53

............

37,893

45,095,011

0.50%,

10/22/61

............

203,531

87,791,274

171,815,670

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

5.75%

,

10/28/34

.................

USD

8,414

9,108,052

Uzbekistan

—

0.0%

Republic

of

Uzbekistan

International

Bond,

7.85%

,

10/12/28

(a)

.......

4,062

4,242,251

Total

Foreign

Government

Obligations

—

9.3%

(Cost:

$3,281,563,032)

...........................

3,355,460,493

Shares

Shares

Investment

Companies

Communication

Services

Select

Sector

SPDR

Fund

...............

94,000

6,830,040

Consumer

Discretionary

Select

Sector

SPDR

Fund

...............

25,000

4,470,250

Formentera

Partners

Fund

II

LP

(c)(f)(i)

.

–

(j)

16,854,730

Invesco

S&P

500

Equal

Weight

ETF

.

318,991

50,336,780

iShares

0-5

Year

TIPS

Bond

ETF

(s)

..

401,690

39,602,617

iShares

20+

Year

Treasury

Bond

ETF

(s)

103,000

10,184,640

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(k)(s)

.......

1,336,776

147,927,632

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(k)(s)

.........

935,611

83,325,516

iShares

Latin

America

40

ETF

(s)

....

536,067

15,578,107

iShares

MSCI

Brazil

ETF

(s)

.......

496,774

17,367,219

iShares

Russell

Mid-Cap

Growth

ETF

(s)

95,766

10,003,716

SPDR

Bloomberg

High

Yield

Bond

ETF

(k)

...................

36,829

3,488,811

VanEck

JPMorgan

EM

Local

Currency

Bond

ETF

.................

1,780,566

45,137,348

VanEck

Semiconductor

ETF

(k)

.....

187,200

32,735,664

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

86

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Vanguard

Intermediate-Term

Corporate

Bond

ETF

(k)

...............

612,000

$

49,743,360

Total

Investment

Companies

—

1.5%

(Cost:

$502,027,749)

.............................

533,586,430

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

7,540,955

California

State

Public

Works

Board

,

Series

2009G,

Sub-Series

G-2,

RB,

8.36%, 10/01/34

............

6,820

8,426,301

Central

Unified

School

District

,

Series

2021A,

GO,

3.00%, 08/01/44

....

5,000

4,289,017

City

of

Riverside

,

Series

2010A,

RB,

7.61%, 10/01/40

............

3,805

4,899,822

Contra

Costa

Community

College

District

,

Series

2010B,

GO,

6.50%, 08/01/34

............

3,205

3,617,136

Golden

State

Tobacco

Securitization

Corp.

,

Series

2021B,

RB,

2.75%, 06/01/34

............

4,140

3,458,432

Los

Angeles

Unified

School

District

,

Series

2010RY,

GO,

6.76%, 07/01/34

............

3,745

4,235,744

State

of

California

Series

2009,

GO,

7.50%, 04/01/34

2,155

2,610,360

Series

2009,

GO,

7.55%, 04/01/39

4,840

6,096,276

Series

2009,

GO,

7.30%, 10/01/39

3,720

4,513,263

Series

2009,

GO,

7.35%, 11/01/39

2,270

2,750,675

University

of

California

,

Series

2009R,

RB,

5.77%, 05/15/43

.........

3,960

4,289,892

56,727,873

Colorado

-

0.2%

City

&

County

of

Denver

,

Series

2022A,

GO,

5.00%, 08/01/37

.........

10,000

11,687,683

City

of

Greeley

Series

2022,

RB,

3.00%, 08/01/38

1,275

1,203,740

Series

2022,

RB,

3.00%, 08/01/39

1,340

1,247,192

Series

2022,

RB,

3.00%, 08/01/40

1,380

1,268,956

Colorado

Health

Facilities

Authority

,

Series

2016A,

RB,

4.00%, 11/15/46

10,860

10,511,178

Denver

City

&

County

School

District

No.

1

,

Series

2022A,

GO,

5.00%, 12/01/45

............

5,950

6,654,962

32,573,711

Delaware

-

0.0%

University

of

Delaware

,

Series

2010A,

RB,

5.87%, 11/01/40

.........

7,500

8,197,793

District

of

Columbia

-

0.0%

District

of

Columbia

Series

2015,

RB,

5.00%, 07/15/34

3,280

3,399,436

Series

2015,

RB,

5.00%, 07/15/35

3,280

3,369,707

6,769,143

Florida

-

0.1%

Brevard

County

Health

Facilities

Authority

,

Series

2022A,

RB,

5.00%, 04/01/47

............

14,000

14,996,510

County

of

Broward

Airport

System

,

Series

2019C,

RB,

2.91%, 10/01/32

3,100

2,688,029

Security

Par

(000)

Par

(000)

Value

Florida

(continued)

County

of

Miami-Dade

,

Series

2019E,

RB,

2.53%, 10/01/30

.........

USD

7,590

$

6,655,160

Florida

Department

of

Management

Services

,

Series

2021A,

COP,

3.00%, 11/01/36

............

5,005

4,842,264

Sumter

Landing

Community

Development

District

,

Series

2016,

RB,

4.17%, 10/01/47

.........

2,555

2,319,692

31,501,655

Georgia

-

0.1%

State

of

Georgia

Series

2022A,

GO,

4.00%, 07/01/40

7,890

8,388,376

Series

2022A,

GO,

4.00%, 07/01/41

7,890

8,354,656

16,743,032

Louisiana

-

0.0%

Louisiana

Public

Facilities

Authority

,

Series

2020A,

RB,

3.00%, 05/15/47

8,000

6,255,093

Massachusetts

-

0.1%

Commonwealth

of

Massachusetts

Series

2009E,

GO,

5.46%, 12/01/39

805

843,069

Series

2019H,

GO,

2.90%, 09/01/49

1,055

757,166

Series

2021D,

GO,

5.00%, 09/01/49

7,795

8,516,456

Massachusetts

Housing

Finance

Agency

Series

2014B,

RB,

AMT,

4.50%, 12/01/39

..........

485

485,046

Series

2015A,

RB,

AMT,

4.35%, 12/01/40

..........

335

335,208

Massachusetts

School

Building

Authority

Series

2019B,

RB,

2.87%, 10/15/31

11,415

10,051,221

Series

2019B,

RB,

2.97%, 10/15/32

9,240

8,100,176

29,088,342

Minnesota

-

0.0%

State

of

Minnesota

,

Series

2021A,

GO,

4.00%, 09/01/38

............

7,785

8,310,887

New

Hampshire

-

0.0%

New

Hampshire

Municipal

Bond

Bank

,

Series

2022A,

RB,

3.00%, 02/15/38

1,530

1,451,220

New

Jersey

-

0.0%

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Series

2021,

RB,

3.00%, 07/01/51

.........

4,965

3,669,112

New

Jersey

Transportation

Trust

Fund

Authority

,

Series

2010C,

RB,

5.75%, 12/15/28

............

3,800

3,881,702

Rutgers

The

State

University

of

New

Jersey

,

Series

2019R,

RB,

3.27%, 05/01/43

............

3,750

3,021,393

10,572,207

New

York

-

0.2%

New

York

City

Municipal

Water

Finance

Authority

Series

2010AA-1,

RB,

5.75%, 06/15/41

..........

1,610

1,768,196

Series

2011AA,

RB,

5.44%, 06/15/43

..........

4,775

5,054,928

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

,

Series

2019B,

Sub-Series

B-3,

RB,

3.90%, 08/01/31

............

11,870

11,283,721

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

87

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

State

Urban

Development

Corp.

Series

2017D,

RB,

3.32%, 03/15/29

USD

3,700

$

3,491,290

Series

2020E,

RB,

4.00%, 03/15/38

6,360

6,681,622

Series

2021B,

RB,

2.01%, 03/15/30

7,085

6,113,528

Series

2021B,

RB,

2.50%, 03/15/33

9,725

8,088,438

State

of

New

York

,

Series

2019B,

GO,

2.80%, 02/15/32

............

11,215

9,912,600

State

of

New

York

Mortgage

Agency

,

Series

2014-189,

RB,

AMT,

3.85%, 10/01/34

............

10

9,993

52,404,316

North

Carolina

-

0.0%

City

of

Charlotte

,

Series

2021A,

RB,

3.00%, 07/01/46

............

12,525

10,461,796

Ohio

-

0.0%

American

Municipal

Power,

Inc.

,

Series

2010A,

RB,

7.83%, 02/15/41

....

4,015

4,995,624

JobsOhio

Beverage

System

,

Series

2013B,

RB,

3.99%, 01/01/29

....

6,260

6,148,248

State

of

Ohio

,

Series

2020C,

GO,

5.00%, 03/01/39

............

4,095

4,632,284

15,776,156

Oregon

-

0.0%

Oregon

School

Boards

Association

Series

2002B,

GO,

5.55%, 06/30/28

6,710

6,845,129

Series

2005A,

GO,

4.76%, 06/30/28

2,601

2,607,317

State

of

Oregon

,

Series

2003,

GO,

5.89%, 06/01/27

............

3,880

3,977,394

13,429,840

Pennsylvania

-

0.0%

Commonwealth

Financing

Authority

,

Series

2016A,

RB,

4.14%, 06/01/38

1,580

1,467,026

Puerto

Rico

-

0.2%

Commonwealth

of

Puerto

Rico

(t)

Series

2022,

VRDN

0.00%, 11/01/43

8,394

4,532,528

Series

2022,

VRDN

0.00%, 11/01/51

136,132

53,194,769

Puerto

Rico

Electric

Power

Authority

Series

2003NN,

RB,

5.50%, 07/01/20

..........

2,060

515,000

Series

2007TT,

RB,

5.00%, 07/01/18

1,915

478,750

Series

2008WW,

RB,

5.38%, 07/01/24

(f)(o)

........

1,530

382,500

Series

2008WW,

RB,

5.25%, 07/01/33

(f)(o)

........

2,930

732,500

Series

2008WW,

RB,

5.50%, 07/01/38

..........

6,160

1,540,000

Series

2010AAA,

RB,

5.25%, 07/01/21

..........

1,710

427,500

Series

2010AAA,

RB,

5.25%, 07/01/26

..........

940

235,000

Series

2010CCC,

RB,

5.25%, 07/01/28

(f)(o)

........

1,635

408,750

Series

2010ZZ,

RB,

5.00%, 07/01/18

1,225

306,250

Series

2010ZZ,

RB,

5.25%, 07/01/18

6,255

1,563,750

Series

2010ZZ,

RB,

5.25%, 07/01/23

(f)(o)

........

500

125,000

Series

2010ZZ,

RB,

5.25%, 07/01/26

1,150

287,500

Series

2013A,

RB,

5.00%, 07/01/42

(f)

(o)

....................

6,800

1,700,000

Series

2013A,

RB,

5.05%, 07/01/42

1,030

257,500

Series

2013A,

RB,

7.00%, 07/01/43

(f)

(o)

....................

7,405

1,851,250

Security

Par

(000)

Par

(000)

Value

Puerto

Rico

(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Series

2018A-1,

RB,

4.75%, 07/01/53

............

USD

2,048

$

2,009,781

70,548,328

South

Carolina

-

0.0%

City

of

Charleston

Waterworks

&

Sewer

System

,

Series

2022,

RB,

5.00%, 01/01/52

............

5,000

5,496,881

Tennessee

-

0.0%

Tennessee

Housing

Development

Agency

Series

2018-3,

RB,

3.85%, 07/01/43

765

771,180

Series

2018-3,

RB,

3.95%, 01/01/49

615

622,937

1,394,117

Texas

-

0.0%

Dallas

Fort

Worth

International

Airport

,

Series

2019A,

RB,

3.14%, 11/01/45

2,360

1,844,530

Temple

College

,

Series

2021,

GO,

3.00%, 07/01/46

............

6,035

4,856,746

Texas

A&M

University

,

Series

2017B,

RB,

2.84%, 05/15/27

.........

5,965

5,669,165

University

of

Houston

,

Series

2020A,

RB,

3.00%, 02/15/44

.........

5,530

4,660,115

17,030,556

Utah

-

0.1%

City

of

Salt

Lake

City

,

Series

2021A,

RB,

AMT,

5.00%, 07/01/46

.....

12,445

13,064,388

Virginia

-

0.0%

Tobacco

Settlement

Financing

Corp.

,

Series

2007A-1,

RB,

6.71%, 06/01/46

............

9,640

8,100,360

Virginia

Small

Business

Financing

Authority

,

Series

2017,

RB,

AMT,

5.00%, 12/31/47

............

2,900

2,920,414

11,020,774

Washington

-

0.2%

State

of

Washington

,

Series

2022A,

GO,

5.00%, 08/01/39

.........

10,000

11,313,596

Washington

Health

Care

Facilities

Authority

,

Series

2015A,

RB,

4.00%, 10/01/45

............

26,000

25,863,722

37,177,318

Wisconsin

-

0.0%

Wisconsin

Health

&

Educational

Facilities

Authority

,

Series

2016A,

RB,

5.00%, 11/15/35

.........

6,895

7,122,276

Total

Municipal

Bonds

—

1.3%

(Cost:

$518,801,139)

.............................

464,584,728

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

4.4%

Cayman

Islands

—

0.1%

Prima

Capital

CRE

Securitization

Ltd.,

Series

2016-6A,

Class

C,

4.00%,

08/24/40

(a)

................

17,980

16,183,581

Netherlands

—

0.0%

(b)

Domi

BV

Series

2021-1,

Class

A,

(3-mo.

EURIBOR

+

0.63%),

4.56%,

06/15/53

(d)

..............

EUR

2,028

2,233,868

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

88

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Netherlands

(continued)

Series

2023-1,

Class

A,

(3-mo.

EURIBOR

+

1.12%),

5.12%,

02/15/55

(d)

..............

EUR

2,491

$

2,774,827

Series

2023-1,

Class

B,

(3-mo.

EURIBOR

+

1.70%),

5.70%,

02/15/55

(d)

..............

803

889,865

Dutch

Property

Finance

BV

Series

2021-1,

Class

B,

(3-mo.

EURIBOR

+

1.10%),

5.05%,

07/28/58

(d)

..............

740

809,751

Series

2021-2,

Class

A,

(3-mo.

EURIBOR

+

0.70%),

4.65%,

04/28/59

(d)

..............

2,143

2,362,676

Series

2021-2,

Class

B,

(3-mo.

EURIBOR

+

0.80%),

4.75%,

04/28/59

(d)

..............

820

889,117

Series

2021-2,

Class

C,

(3-mo.

EURIBOR

+

1.05%),

5.00%,

04/28/59

(d)

..............

504

539,958

Jubilee

Place,

Series

3,

Class

C,

(3-mo.

EURIBOR

+

1.60%),

5.59%,

01/17/59

(d)

................

202

214,856

10,714,918

United

Kingdom

—

0.6%

(b)

Atlas

Funding

plc

Series

2021-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.70%),

6.93%,

07/25/58

(d)

...

GBP

125

159,260

Series

2021-1,

Class

D,

(Sterling

Overnight

Index

Average

+

2.25%),

7.48%,

07/25/58

(d)

...

110

140,104

Series

2022-1,

Class

B,

(Sterling

Overnight

Index

Average

+

1.80%),

7.01%,

02/25/60

(d)

...

2,955

3,770,229

Series

2023-1,

Class

A,

(Sterling

Overnight

Index

Average

+

1.15%),

6.34%,

01/20/61

(d)

...

4,248

5,435,186

Series

2023-1,

Class

B,

(Sterling

Overnight

Index

Average

+

1.90%),

7.09%,

01/20/61

(d)

...

1,494

1,912,028

Series

2023-1,

Class

C,

(Sterling

Overnight

Index

Average

+

2.75%),

7.94%,

01/20/61

(d)

...

987

1,268,147

Series

2023-1,

Class

D,

(Sterling

Overnight

Index

Average

+

3.80%),

8.99%,

01/20/61

(d)

...

505

646,229

Barley

Hill

No.

2

plc,

Series

2,

Class

C,

(Sterling

Overnight

Index

Average

+

1.70%),

6.89%,

08/27/58

(d)

.....

520

640,160

Brants

Bridge

plc

Series

2022-1,

Class

B,

(Sterling

Overnight

Index

Average

+

2.40%),

7.60%,

12/12/64

(d)

...

2,600

3,330,147

Series

2023-1,

Class

A,

(Sterling

Overnight

Index

Average

+

0.90%),

6.10%,

06/14/66

(d)

...

2,720

3,457,005

Canada

Square

Funding

plc

Series

2021-2,

Class

A,

(Sterling

Overnight

Index

Average

+

0.78%),

5.98%,

06/17/58

(d)

...

1,391

1,789,127

Series

2021-2,

Class

B,

(Sterling

Overnight

Index

Average

+

1.20%),

6.40%,

06/17/58

(d)

...

382

482,247

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

2021-2,

Class

C,

(Sterling

Overnight

Index

Average

+

1.60%),

6.80%,

06/17/58

(d)

...

GBP

102

$

128,479

Series

6,

Class

C,

(Sterling

Overnight

Index

Average

+

1.45%),

6.69%,

01/17/59

(d)

...

2,813

3,474,347

Series

6,

Class

D,

(Sterling

Overnight

Index

Average

+

1.85%),

7.09%,

01/17/59

(d)

...

178

216,132

CMF

plc

Series

2020-1,

Class

B,

(Sterling

Overnight

Index

Average

+

1.00%),

6.20%,

01/16/57

(d)

...

220

279,816

Series

2020-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.25%),

6.45%,

01/16/57

(d)

...

100

127,369

Finsbury

Square

Series

2021-1GRX,

Class

AGRN,

(Sterling

Overnight

Index

Average

+

0.65%),

5.85%,

12/16/67

(d)

..

985

1,250,768

Series

2021-1GRX,

Class

B,

(Sterling

Overnight

Index

Average

+

1.00%),

6.20%,

12/16/67

(d)

..

1,470

1,852,452

Series

2021-1GRX,

Class

C,

(Sterling

Overnight

Index

Average

+

1.25%),

6.45%,

12/16/67

(d)

..

1,045

1,294,637

Finsbury

Square

plc

Series

2021-2X,

Class

A,

(Sterling

Overnight

Index

Average

+

0.80%),

6.00%,

12/16/71

(d)

...

1,340

1,705,065

Series

2021-2X,

Class

B,

(Sterling

Overnight

Index

Average

+

1.25%),

6.45%,

12/16/71

(d)

...

1,339

1,692,906

Series

2021-2X,

Class

C,

(Sterling

Overnight

Index

Average

+

1.40%),

6.60%,

12/16/71

(d)

...

371

458,475

Series

2021-2X,

Class

D,

(Sterling

Overnight

Index

Average

+

1.70%),

6.90%,

12/16/71

(d)

...

200

241,956

Gemgarto

plc

Series

2021-1X,

Class

C,

(Sterling

Overnight

Index

Average

+

1.30%),

6.50%,

12/16/67

(d)

...

218

274,177

Series

2023-1,

Class

C,

(Sterling

Overnight

Index

Average

+

2.00%),

7.20%,

12/16/73

(d)

...

1,294

1,630,502

Series

2023-1,

Class

D,

(Sterling

Overnight

Index

Average

+

2.50%),

7.70%,

12/16/73

(d)

...

1,236

1,533,377

Series

2023-1,

Class

E,

(Sterling

Overnight

Index

Average

+

4.50%),

9.70%,

12/16/73

(d)

...

873

1,089,760

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

7,539,863

Harben

Finance

Series

2017-1RX,

Class

C,

(Sterling

Overnight

Index

Average

+

1.15%),

6.34%,

09/28/55

(d)

...

741

909,425

Series

2017-1RX,

Class

D,

(Sterling

Overnight

Index

Average

+

1.50%),

6.69%,

09/28/55

(d)

...

441

533,288

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

89

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Hops

Hill

No.

1

plc

Series

1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.85%),

7.04%,

05/27/54

(d)

...

GBP

200

$

254,461

Series

1,

Class

D,

(Sterling

Overnight

Index

Average

+

2.35%),

7.54%,

05/27/54

(d)

...

100

126,899

Hops

Hill

No.

2

plc

Series

2,

Class

B,

(Sterling

Overnight

Index

Average

+

2.25%),

5.68%,

11/27/54

(d)

...

4,073

5,224,954

Series

2,

Class

C,

(Sterling

Overnight

Index

Average

+

2.85%),

8.04%,

11/27/54

(d)

...

1,077

1,376,778

Hops

Hill

No.

3

plc

Series

3,

Class

A,

(Sterling

Overnight

Index

Average

+

1.00%),

6.19%,

12/21/55

(d)

...

6,724

8,561,676

Series

3,

Class

B,

(Sterling

Overnight

Index

Average

+

1.70%),

6.89%,

12/21/55

(d)

...

5,514

6,965,522

Series

3,

Class

C,

(Sterling

Overnight

Index

Average

+

2.50%),

7.69%,

12/21/55

(d)

...

5,089

6,383,230

Lanebrook

Mortgage

Transaction

plc

Series

2020-1,

Class

C,

(Sterling

Overnight

Index

Average

+

2.25%),

7.45%,

06/12/57

(d)

...

370

471,562

Series

2021-1,

Class

A,

(Sterling

Overnight

Index

Average

+

0.65%),

5.89%,

07/20/58

(d)

...

1,634

2,060,950

Series

2021-1,

Class

B,

(Sterling

Overnight

Index

Average

+

0.95%),

6.19%,

07/20/58

(d)

...

266

333,356

Series

2021-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.25%),

6.49%,

07/20/58

(d)

...

158

194,929

Series

2021-1,

Class

D,

(Sterling

Overnight

Index

Average

+

1.65%),

6.89%,

07/20/58

(d)

...

103

125,418

London

Wall

Mortgage

Capital

plc

Series

2021-FL1,

Class

A,

(Sterling

Overnight

Index

Average

+

0.75%),

5.97%,

05/15/51

(d)

...

1,374

1,744,096

Series

2021-FL2,

Class

A,

(Sterling

Overnight

Index

Average

+

0.80%),

6.02%,

05/15/52

(d)

...

818

1,039,368

Mortimer

BTL

plc

Series

2021-1,

Class

A,

(Sterling

Overnight

Index

Average

+

0.70%),

5.89%,

06/23/53

(d)

...

1,615

2,048,608

Series

2021-1,

Class

B,

(Sterling

Overnight

Index

Average

+

1.10%),

6.29%,

06/23/53

(d)

...

334

420,393

Series

2021-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.45%),

6.64%,

06/23/53

(d)

...

110

136,430

Series

2023-1,

Class

B,

(Sterling

Overnight

Index

Average

+

2.00%),

7.21%,

12/22/56

(d)

...

764

982,267

Series

2023-1,

Class

C,

(Sterling

Overnight

Index

Average

+

3.00%),

8.21%,

12/22/56

(d)

...

832

1,070,086

Series

2023-1,

Class

D,

(Sterling

Overnight

Index

Average

+

4.05%),

9.26%,

12/22/56

(d)

...

764

977,427

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Newgate

Funding

plc,

Series

2006-1,

Class

BB,

(3-mo.

EURIBOR

+

0.28%),

4.25%,

12/01/50

(d)

.....

EUR

949

$

968,554

Paragon

Mortgages

No.

12

plc,

Series

12X,

Class

B1B,

(3-mo.

EURIBOR

+

0.48%),

4.48%,

11/15/38

(d)

......

507

526,593

Parkmore

Point

RMBS

plc,

Series

2022-1X,

Class

A,

(Sterling

Overnight

Index

Average

+

1.50%),

6.74%,

07/25/45

(d)

...........

GBP

10,311

13,170,423

Pierpont

Btl

plc

Series

2023-1,

Class

A,

(Sterling

Overnight

Index

Average

+

1.10%),

6.29%,

09/21/54

(d)

...

4,081

5,211,264

Series

2023-1,

Class

B,

(Sterling

Overnight

Index

Average

+

1.90%),

7.09%,

09/21/54

(d)

...

2,246

2,869,343

Pierpont

BTL

plc

Series

2021-1,

Class

A,

(Sterling

Overnight

Index

Average

+

0.80%),

5.99%,

12/22/53

(d)

...

2,661

3,378,582

Series

2021-1,

Class

B,

(Sterling

Overnight

Index

Average

+

1.25%),

6.44%,

12/22/53

(d)

...

1,728

2,169,893

Polaris

plc

Series

2022-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.50%),

6.69%,

10/23/59

(d)

...

421

525,663

Series

2022-1,

Class

D,

(Sterling

Overnight

Index

Average

+

2.00%),

7.19%,

10/23/59

(d)

...

307

378,267

Series

2022-1,

Class

E,

(Sterling

Overnight

Index

Average

+

3.40%),

8.59%,

10/23/59

(d)

...

538

662,213

Series

2023-1,

Class

A,

(Sterling

Overnight

Index

Average

+

1.25%),

6.44%,

02/23/61

(d)

...

6,033

7,723,255

Series

2023-1,

Class

B,

(Sterling

Overnight

Index

Average

+

2.75%),

7.94%,

02/23/61

(d)

...

2,389

3,056,205

Series

2023-1,

Class

C,

(Sterling

Overnight

Index

Average

+

3.65%),

8.84%,

02/23/61

(d)

...

1,770

2,265,870

Series

2023-1,

Class

D,

(Sterling

Overnight

Index

Average

+

4.35%),

9.54%,

02/23/61

(d)

...

1,093

1,397,478

Series

2023-2,

Class

A,

(Sterling

Overnight

Index

Average

+

1.25%),

6.44%,

09/27/59

(d)

...

6,956

8,904,152

Series

2023-2,

Class

B,

(Sterling

Overnight

Index

Average

+

2.25%),

7.44%,

09/27/59

(d)

...

2,321

2,965,761

Series

2023-2,

Class

C,

(Sterling

Overnight

Index

Average

+

3.20%),

8.39%,

09/27/59

(d)

...

2,150

2,768,045

Series

2023-2,

Class

D,

(Sterling

Overnight

Index

Average

+

4.25%),

9.44%,

09/27/59

(d)

...

1,337

1,715,266

Precise

Mortgage

Funding

plc

Series

2020-1B,

Class

B,

(Sterling

Overnight

Index

Average

+

1.45%),

6.65%,

10/16/56

(d)

...

115

146,473

Series

2020-1B,

Class

C,

(Sterling

Overnight

Index

Average

+

1.70%),

6.90%,

10/16/56

(d)

...

100

127,126

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

90

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

2020-1B,

Class

D,

(Sterling

Overnight

Index

Average

+

1.95%),

7.15%,

10/16/56

(d)

...

GBP

100

$

126,681

Residential

Mortgage

Securities

32

plc,

Series

32X,

Class

C,

(Sterling

Overnight

Index

Average

+

2.20%),

7.39%,

06/20/70

(d)

...........

1,025

1,303,671

RMAC

Securities

No.1

plc

Series

2006-NS1X,

Class

M1C,

(3-

mo.

EURIBOR

+

0.25%),

4.20%,

06/12/44

(d)

..............

EUR

106

110,898

Series

2007-NS1X,

Class

A2A,

(Sterling

Overnight

Index

Average

+

0.27%),

5.47%,

06/12/44

(d)

..

GBP

265

326,898

Series

2007-NS1X,

Class

M1C,

(3-

mo.

EURIBOR

+

0.27%),

4.22%,

06/12/44

(d)

..............

EUR

1,851

1,921,549

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

666,667

Series

2,

Class

D,

(Sterling

Overnight

Index

Average

at

11.20%

Cap

+

2.20%),

7.40%,

06/12/45

(d)

..............

329

405,018

Series

2,

Class

E,

(Sterling

Overnight

Index

Average

at

12.30%

Cap

+

3.30%),

8.50%,

06/12/45

(d)

..............

450

543,677

Together

Asset-Backed

Securitisation

plc

Series

2021-1ST1,

Class

A,

(Sterling

Overnight

Index

Average

+

0.70%),

5.95%,

07/12/63

(d)

...

756

958,289

Series

2021-1ST1,

Class

B,

(Sterling

Overnight

Index

Average

+

0.95%),

6.20%,

07/12/63

(d)

...

157

196,964

Series

2021-1ST1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.25%),

6.50%,

07/12/63

(d)

...

107

133,250

Series

2023-1ST2X,

Class

A,

(Sterling

Overnight

Index

Average

+

1.23%),

6.42%,

04/20/65

(d)

..

4,494

5,758,355

Series

2023-1ST2X,

Class

B,

(Sterling

Overnight

Index

Average

+

2.15%),

7.34%,

04/20/65

(d)

..

2,053

2,623,844

Series

2023-1ST2X,

Class

C,

(Sterling

Overnight

Index

Average

+

3.15%),

8.34%,

04/20/65

(d)

..

438

560,296

Series

2023-1ST2X,

Class

D,

(Sterling

Overnight

Index

Average

+

4.40%),

9.59%,

04/20/65

(d)

..

278

356,147

Tower

Bridge

Funding

plc

Series

2021-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.85%),

7.09%,

07/21/64

(d)

...

365

464,606

Series

2021-1,

Class

D,

(Sterling

Overnight

Index

Average

+

2.15%),

7.39%,

07/21/64

(d)

...

253

321,292

Series

2021-2,

Class

A,

(Sterling

Overnight

Index

Average

+

0.78%),

6.00%,

11/20/63

(d)

...

634

807,128

Series

2021-2,

Class

B,

(Sterling

Overnight

Index

Average

+

1.10%),

6.32%,

11/20/63

(d)

...

253

320,003

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

2021-2,

Class

C,

(Sterling

Overnight

Index

Average

+

1.50%),

6.72%,

11/20/63

(d)

...

GBP

140

$

175,993

Series

2021-2,

Class

D,

(Sterling

Overnight

Index

Average

+

1.80%),

7.02%,

11/20/63

(d)

...

170

211,113

Series

2022-1X,

Class

C,

(Sterling

Overnight

Index

Average

+

1.25%),

6.44%,

12/20/63

(d)

...

264

327,942

Series

2023-2X,

Class

B,

(Sterling

Overnight

Index

Average

+

2.20%),

7.39%,

03/20/65

(d)

...

755

965,956

Series

2023-2X,

Class

C,

(Sterling

Overnight

Index

Average

+

3.20%),

8.39%,

03/20/65

(d)

...

1,119

1,431,237

Series

2023-2X,

Class

D,

(Sterling

Overnight

Index

Average

+

4.30%),

9.49%,

03/20/65

(d)

...

959

1,226,880

Twin

Bridges

plc

Series

2020-1,

Class

B,

(Sterling

Overnight

Index

Average

+

2.00%),

7.20%,

12/12/54

(d)

...

2,752

3,512,274

Series

2020-1,

Class

C,

(Sterling

Overnight

Index

Average

+

2.25%),

7.45%,

12/12/54

(d)

...

390

497,064

Series

2020-1,

Class

D,

(Sterling

Overnight

Index

Average

+

3.00%),

8.20%,

12/12/54

(d)

...

225

286,620

Series

2021-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.60%),

6.80%,

03/12/55

(d)

...

436

546,755

Series

2021-1,

Class

D,

(Sterling

Overnight

Index

Average

+

2.10%),

7.30%,

03/12/55

(d)

...

804

996,207

Series

2021-2,

Class

A,

(Sterling

Overnight

Index

Average

+

0.66%),

5.86%,

09/12/55

(d)

...

2,619

3,313,515

Series

2021-2,

Class

B,

(Sterling

Overnight

Index

Average

+

0.90%),

6.10%,

09/12/55

(d)

...

819

1,023,201

Series

2021-2,

Class

C,

(Sterling

Overnight

Index

Average

+

1.15%),

6.35%,

09/12/55

(d)

...

435

534,790

Series

2021-2,

Class

D,

(Sterling

Overnight

Index

Average

+

1.50%),

6.70%,

09/12/55

(d)

...

187

225,441

Series

2022-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.30%),

6.50%,

12/01/55

(d)

...

830

1,014,315

Series

2022-1,

Class

D,

(Sterling

Overnight

Index

Average

+

1.70%),

6.90%,

12/01/55

(d)

...

365

437,377

Series

2022-2,

Class

B,

(Sterling

Overnight

Index

Average

+

2.00%),

7.20%,

06/12/55

(d)

...

5,709

7,316,556

Series

2023-1,

Class

A,

(Sterling

Overnight

Index

Average

+

0.95%),

6.15%,

06/14/55

(d)

...

3,311

4,215,777

Series

2023-1,

Class

B,

(Sterling

Overnight

Index

Average

+

1.60%),

6.80%,

06/14/55

(d)

...

6,190

7,874,990

Series

2023-1,

Class

C,

(Sterling

Overnight

Index

Average

+

2.50%),

7.70%,

06/14/55

(d)

...

2,602

3,329,650

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

91

(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

$

2,142,033

Series

2023-2,

Class

B,

(Sterling

Overnight

Index

Average

+

2.05%),

7.27%,

05/15/56

(d)

...

891

1,143,480

Series

2023-2,

Class

D,

(Sterling

Overnight

Index

Average

+

4.05%),

9.27%,

05/15/56

(d)

...

890

1,142,620

212,488,518

United

States

—

3.7%

Agate

Bay

Mortgage

Trust

(a)(b)

Series

2015-1,

Class

B5,

3.66%,

01/25/45

...............

USD

1,323

867,145

Series

2015-3,

Class

B5,

3.53%,

04/25/45

...............

1,521

999,936

Series

2015-4,

Class

B5,

3.50%,

06/25/45

...............

1,061

654,575

Ajax

Mortgage

Loan

Trust

(a)

Series

2022-A,

Class

A1,

3.50%,

10/25/61

(e)

..............

45,101

43,149,746

Series

2022-A,

Class

A2,

3.00%,

10/25/61

(b)

..............

2,705

2,347,010

Series

2022-A,

Class

A3,

3.00%,

10/25/61

(b)

..............

1,443

1,228,777

Series

2022-A,

Class

B,

3.00%,

10/25/61

...............

10,820

7,784,038

Series

2022-A,

Class

C,

3.00%,

10/25/61

...............

5,347

4,457,880

Series

2022-A,

Class

M1,

3.00%,

10/25/61

...............

1,578

1,311,031

Series

2022-A,

Class

M2,

3.00%,

10/25/61

...............

7,078

5,661,786

Series

2022-A,

Class

M3,

3.00%,

10/25/61

...............

451

348,277

Series

2022-B,

Class

A1,

3.50%,

03/27/62

(e)

..............

51,079

48,075,566

Series

2022-B,

Class

A2,

3.00%,

03/27/62

(b)

..............

2,124

1,728,669

Series

2022-B,

Class

A3,

3.00%,

03/27/62

(b)

..............

1,821

1,443,858

Series

2022-B,

Class

B,

3.00%,

03/27/62

...............

10,116

6,576,554

Series

2022-B,

Class

C,

3.00%,

03/27/62

...............

7,190

5,464,102

Series

2022-B,

Class

M1,

3.00%,

03/27/62

...............

1,365

1,055,367

Series

2022-B,

Class

M2,

3.00%,

03/27/62

...............

6,777

5,016,001

Series

2023-A,

Class

A1,

3.50%,

07/25/62

(e)

..............

59,902

56,278,577

Series

2023-A,

Class

A2,

3.00%,

07/25/62

(b)

..............

2,667

2,274,199

Series

2023-A,

Class

A3,

2.50%,

07/25/62

(b)

..............

1,511

1,208,881

Series

2023-A,

Class

B,

2.50%,

07/25/62

(b)

..............

8,888

6,160,897

Series

2023-A,

Class

C,

2.50%,

07/25/62

(b)

..............

5,066

4,187,523

Series

2023-A,

Class

M1,

2.50%,

07/25/62

(b)

..............

4,578

3,553,440

Series

2023-C,

Class

A1,

3.50%,

05/25/63

(e)

..............

49,841

46,913,303

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2023-C,

Class

A2,

3.00%,

05/25/63

(b)

..............

USD

2,968

$

2,461,927

Series

2023-C,

Class

A3,

2.50%,

05/25/63

(b)

..............

1,583

1,234,028

Series

2023-C,

Class

C,

2.50%,

05/25/63

(b)

..............

12,683

10,067,713

Series

2023-C,

Class

M1,

2.50%,

05/25/63

(b)

..............

1,385

1,049,224

Series

2023-C,

Class

M2,

2.50%,

05/25/63

(b)

..............

8,588

5,954,147

Alternative

Loan

Trust

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)

..............

6,818

5,642,076

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

..........

3,575

1,769,100

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

...............

633

298,440

Series

2006-23CB,

Class

2A5,

(1-

mo.

CME

Term

SOFR

at

0.40%

Floor

and

7.50%

Cap

+

0.51%),

5.87%,

08/25/36

(b)

.........

7,512

1,517,904

Series

2006-34,

Class

A3,

(1-mo.

CME

Term

SOFR

at

0.70%

Floor

and

6.25%

Cap

+

0.81%),

6.17%,

11/25/46

(b)

..............

4,733

1,678,930

Series

2006-45T1,

Class

2A2,

6.00%,

02/25/37

..........

2,403

1,317,946

Series

2006-J7,

Class

2A1,

(1-mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.96%,

11/20/46

(b)

...

3,303

2,486,955

Series

2006-OA11,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

5.85%,

09/25/46

(b)

..

2,545

2,148,798

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%),

6.74%,

11/25/46

(b)

...

9,505

7,306,352

Series

2006-OA16,

Class

A4C,

(1-mo.

CME

Term

SOFR

at

0.68%

Floor

+

0.79%),

6.15%,

10/25/46

(b)

..............

9,396

6,705,852

Series

2006-OA21,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.19%

Floor

+

0.30%),

5.66%,

03/20/47

(b)

..

3,046

2,479,431

Series

2006-OC7,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

0.61%),

5.97%,

07/25/46

(b)

..

5,182

4,351,294

Series

2006-OC10,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.46%

Floor

+

0.57%),

5.93%,

11/25/36

(b)

..............

4,191

3,389,129

Series

2007-25,

Class

1A3,

6.50%,

11/25/37

...............

20,730

9,716,099

Series

2007-3T1,

Class

1A1,

6.00%,

04/25/37

...............

705

337,320

Series

2007-9T1,

Class

1A1,

6.00%,

05/25/37

...............

3,722

1,839,670

Series

2007-OA3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.75%,

04/25/47

(b)

..

2,798

2,448,403

Series

2007-OA3,

Class

2A2,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.83%,

04/25/47

(b)

..

6

517

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

92

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2007-OA8,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.83%,

06/25/47

(b)

..

USD

506

$

382,990

Series

2007-OH2,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

and

10.00%

Cap

+

0.59%),

5.95%,

08/25/47

(b)

.........

556

484,833

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%),

5.95%,

10/25/46

...............

2,499

1,688,651

Series

2006-4,

Class

1A12,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.32%),

5.68%,

10/25/46

...

5,305

2,784,077

American

Home

Mortgage

Investment

Trust,

Series

2007-1,

Class

GA1C,

(1-mo.

CME

Term

SOFR

at

0.19%

Floor

+

0.30%),

5.66%,

05/25/47

(b)

4,777

2,551,018

Angel

Oak

Mortgage

Trust,

Series

2019-5,

Class

B1,

3.96%,

10/25/49

(a)

(b)

......................

715

626,281

APS

Resecuritization

Trust

(a)(b)

Series

2016-1,

Class

1MZ,

3.03%,

07/31/57

...............

21,129

8,431,020

Series

2016-3,

Class

3A,

(1-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.96%),

8.32%,

09/27/46

...

1,213

1,212,619

Banc

of

America

Funding

Trust

(a)(b)

Series

2014-R2,

Class

1C,

0.00%,

11/26/36

...............

9,028

2,716,906

Series

2016-R2,

Class

1A1,

4.70%,

05/01/33

...............

2,660

2,617,408

Barclays

Mortgage

Loan

Trust

(a)

Series

2022-NQM1,

Class

A1,

4.55%,

07/25/52

(e)

.........

13,009

12,741,718

Series

2023-NQM3,

Class

A1,

6.90%,

10/25/63

(e)

.........

78,175

79,087,020

Series

2023-NQM3,

Class

A2,

7.36%,

10/25/63

(e)

.........

12,429

12,613,855

Series

2023-NQM3,

Class

A3,

7.69%,

10/25/63

(e)

.........

7,505

7,631,216

Series

2023-NQM3,

Class

B1,

8.10%,

10/25/63

(b)

.........

3,856

4,013,000

Series

2023-NQM3,

Class

B2,

8.10%,

10/25/63

(b)

.........

3,244

3,284,804

Series

2023-NQM3,

Class

B3,

8.10%,

10/25/63

(b)

.........

8,876

8,261,877

Series

2023-NQM3,

Class

M1,

8.10%,

10/25/63

(b)

.........

6,427

6,799,833

Series

2023-NQM3,

Class

SA,

0.00%,

10/25/63

(b)

.........

10

9,742

Barclays

Mortgage

Trust

(a)

Series

2021-NPL1,

Class

A,

2.00%,

11/25/51

(e)

..............

49,808

45,974,126

Series

2021-NPL1,

Class

B,

4.62%,

11/25/51

(e)

..............

6,222

5,751,811

Series

2021-NPL1,

Class

C,

0.00%,

11/25/51

...............

13,677

13,667,615

Series

2022-RPL1,

Class

A,

4.25%,

02/25/28

(e)

..............

28,753

27,894,154

Series

2022-RPL1,

Class

B,

4.25%,

02/25/28

(e)

..............

4,958

4,516,962

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2022-RPL1,

Class

C,

0.00%,

02/25/28

...............

USD

8,624

$

3,706,013

Series

2022-RPL1,

Class

SA,

0.00%,

02/25/28

..........

289

164,496

Bayview

Commercial

Asset

Trust,

Series

2007-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.68%

Floor

+

0.79%),

6.15%,

09/25/37

(a)(b)

....

5,988

5,484,693

BCAP

LLC

Trust,

Series

2011-RR5,

Class

11A5,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

+

0.26%),

3.78%,

05/28/36

(a)(b)

..........

3,154

2,985,132

Bear

Stearns

ALT-A

Trust

(b)

Series

2006-6,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

and

11.50%

Cap

+

0.43%),

5.79%,

11/25/36

..........

1,903

1,650,504

Series

2007-1,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

and

11.50%

Cap

+

0.43%),

5.79%,

01/25/47

..........

1,727

1,400,163

Bear

Stearns

Asset-Backed

Securities

I

Trust

(e)

Series

2005-AC9,

Class

A5,

6.25%,

12/25/35

...............

2,157

1,849,742

Series

2006-AC1,

Class

1A2,

6.25%,

02/25/36

...............

2,675

1,972,857

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%),

5.75%,

08/25/36

..........

917

893,683

Series

2007-AR2,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

and

10.50%

Cap

+

0.45%),

5.81%,

03/25/37

..........

94

86,614

Series

2007-AR3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

and

10.50%

Cap

+

0.25%),

5.61%,

03/25/37

..........

1,482

1,251,178

Series

2007-AR4,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.21%

Floor

and

10.50%

Cap

+

0.32%),

5.68%,

06/25/37

..........

997

928,758

Cascade

Funding

Mortgage

Trust,

Series

2019-RM3,

Class

C,

(1-mo.

LIBOR

USD

+

0.00%),

4.00%,

06/25/69

(a)(b)

...............

1,101

1,005,776

Chase

Mortgage

Finance

Trust,

Series

2007-S6,

Class

1A1,

6.00%,

12/25/37

.................

49,857

20,974,672

CHL

Mortgage

Pass-Through

Trust

Series

2005-22,

Class

2A1,

4.64%,

11/25/35

(b)

..............

1,041

838,490

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.96%

Floor

+

0.96%),

5.97%,

04/25/46

(b)

..............

26,610

8,102,762

Series

2006-OA5,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

+

0.31%),

5.87%,

04/25/46

(b)

..

1,004

928,634

Series

2007-15,

Class

2A2,

6.50%,

09/25/37

...............

13,136

4,837,017

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

93

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

CHNGE

Mortgage

Trust

(a)

Series

2022-1,

Class

A1,

3.01%,

01/25/67

(b)

..............

USD

4,320

$

3,920,530

Series

2022-4,

Class

A1,

6.00%,

10/25/57

(e)

..............

1,636

1,629,603

CIM

Trust,

Series

2019-J2,

Class

B4,

3.77%,

10/25/49

(a)(b)

..........

1,573

1,153,730

Citicorp

Mortgage

Securities

Trust

Series

2007-9,

Class

1A1,

6.25%,

12/25/37

...............

2,951

2,480,743

Series

2008-2,

Class

1A1,

6.50%,

06/25/38

...............

4,060

3,177,985

Citigroup

Mortgage

Loan

Trust

(a)

Series

2014-C,

Class

B2,

4.25%,

02/25/54

...............

582

522,498

Series

2022-A,

Class

A1,

6.17%,

09/25/62

(e)

..............

12,160

12,204,838

CitiMortgage

Alternative

Loan

Trust,

Series

2007-A6,

Class

1A11,

6.00%,

06/25/37

.................

810

703,890

COLT

Mortgage

Loan

Trust,

Series

2020-2,

Class

M1,

5.25%,

03/25/65

(a)

(b)

......................

2,734

2,668,724

Credit

Suisse

Mortgage

Capital

Certificates

(a)

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

...............

21,075

8,478,600

Series

2021-JR1,

Class

A1,

2.46%,

09/27/66

(b)

..............

34,335

33,949,549

Series

2021-JR1,

Class

A2,

3.50%,

09/27/66

(b)

..............

2,752

2,395,853

Series

2021-JR1,

Class

B2,

0.00%,

09/27/66

...............

4,653

4,061,425

Series

2021-JR1,

Class

PT2,

0.00%,

07/26/60

(b)

..............

3,371

1,049,926

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)

......

3,159

741,295

CSMC

Mortgage-Backed

Trust,

Series

2006-4,

Class

1A3,

6.00%,

05/25/36

647

365,118

CSMC

Trust

(a)(b)

Series

2014-4R,

Class

16A3,

(1-mo.

CME

Term

SOFR

at

0.20%

Floor

+

0.31%),

3.83%,

02/27/36

...

1,929

1,801,107

Series

2014-9R,

Class

9A1,

(1-mo.

CME

Term

SOFR

at

0.12%

Floor

+

0.23%),

5.70%,

08/27/36

...

2,290

1,785,393

Series

2014-SAF1,

Class

B5,

3.85%,

03/25/44

...............

2,835

2,111,369

Series

2015-4R,

Class

1A4,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

+

0.26%),

4.18%,

10/27/36

...

4,968

3,751,835

Series

2020-RPL2,

Class

A12,

3.53%,

02/25/60

..........

4,396

4,394,497

Series

2022-NQM6,

Class

PT,

9.44%,

12/25/67

..........

27,945

28,878,244

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.81%,

08/25/47

(b)

................

2,141

1,901,492

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Deutsche

Alt-B

Securities

Mortgage

Loan

Trust

(b)

Series

2006-AB3,

Class

A3,

6.51%,

07/25/36

...............

USD

845

$

688,242

Series

2006-AB3,

Class

A8,

(1-mo.

LIBOR

USD

+

0.00%),

6.36%,

07/25/36

...............

537

437,657

GCAT

Trust

(a)

Series

2020-NQM2,

Class

B1,

4.85%,

04/25/65

(b)

.........

4,430

3,841,589

Series

2022-NQM4,

Class

A1,

5.27%,

08/25/67

(e)

.........

12,896

12,694,572

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%),

7.01%,

03/25/36

(b)

.....

1,247

1,093,508

GS

Mortgage-Backed

Securities

Corp.

Trust

(a)(b)

Series

2019-PJ2,

Class

B4,

4.38%,

11/25/49

...............

2,568

2,254,552

Series

2020-PJ2,

Class

B4,

3.55%,

07/25/50

...............

1,893

1,499,621

GSMPS

Mortgage

Loan

Trust

(a)(b)

Series

2005-RP1,

Class

1AF,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

+

0.46%),

5.82%,

01/25/35

...

2,661

2,359,129

Series

2005-RP2,

Class

1AF,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

+

0.46%),

5.82%,

03/25/35

...

3,868

3,388,434

Series

2006-RP1,

Class

1AF1,

(1-

mo.

CME

Term

SOFR

at

0.35%

Floor

and

9.15%

Cap

+

0.46%),

5.82%,

01/25/36

..........

2,519

2,018,498

GSR

Mortgage

Loan

Trust

Series

2005-AR1,

Class

2A1,

6.07%,

01/25/35

(b)

..............

309

291,545

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

...............

119

158,550

Series

2007-OA2,

Class

2A1,

3.06%,

06/25/47

(b)

.........

1,467

905,791

HarborView

Mortgage

Loan

Trust

(b)

Series

2006-12,

Class

1A1A,

(1-mo.

CME

Term

SOFR

at

0.41%

Floor

+

0.52%),

5.88%,

12/19/36

...

10,738

8,524,649

Series

2007-4,

Class

2A2,

(1-mo.

CME

Term

SOFR

at

10.00%

Cap

+

0.61%),

5.72%,

07/19/47

...

1,081

996,410

HIG

RCP

LLC,

Series

2023-FL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.27%

Floor

+

2.27%),

7.63%,

09/19/38

(a)(b)

11,630

11,577,586

Homeward

Opportunities

Fund

I

Trust,

Series

2020-2,

Class

B1,

5.45%,

05/25/65

(a)(b)

...............

6,360

6,160,045

Homeward

Opportunities

Fund

Trust,

Series

2022-1,

Class

A1,

5.08%,

07/25/67

(a)(e)

...............

13,007

12,783,256

Impac

Secured

Assets

Trust,

Series

2006-3,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.81%,

11/25/36

(b)

...........

1,634

1,449,523

IndyMac

INDX

Mortgage

Loan

Trust

(b)

Series

2006-AR15,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.24%

Floor

+

0.35%),

5.71%,

07/25/36

...

589

576,077

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

94

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2007-AR19,

Class

3A1,

3.69%,

09/25/37

..........

USD

4,982

$

3,325,119

Series

2007-FLX5,

Class

2A2,

(1-

mo.

CME

Term

SOFR

at

0.24%

Floor

+

0.35%),

5.71%,

08/25/37

1,422

1,236,571

JP

Morgan

Mortgage

Trust

(a)(b)

Series

2021-INV5,

Class

A5A,

2.50%,

12/25/51

..........

18,638

14,866,456

Series

2021-INV5,

Class

B4,

3.19%,

12/25/51

...............

2,535

1,835,388

Series

2021-INV5,

Class

B5,

3.19%,

12/25/51

...............

887

573,503

Series

2021-INV5,

Class

B6,

2.90%,

12/25/51

...............

3,027

1,221,906

Series

2021-INV7,

Class

A5A,

2.50%,

02/25/52

..........

8,565

6,831,599

Series

2021-INV7,

Class

B1,

3.27%,

02/25/52

...............

7,493

6,067,874

Series

2021-INV7,

Class

B2,

3.27%,

02/25/52

...............

1,759

1,408,589

Series

2021-INV7,

Class

B3,

3.27%,

02/25/52

...............

2,446

1,904,016

Series

2021-INV7,

Class

B4,

3.27%,

02/25/52

...............

1,300

954,188

Series

2021-INV7,

Class

B5,

3.27%,

02/25/52

...............

535

357,278

Series

2021-INV7,

Class

B6,

3.20%,

02/25/52

...............

1,749

696,974

JPMorgan

Alternative

Loan

Trust,

Series

2007-A2,

Class

2A1,

4.76%,

05/25/37

(b)

................

795

712,374

JPMorgan

Madison

Avenue

Securities

Trust,

Series

2014-CH1,

Class

M2,

(SOFR

30

day

Average

at

4.25%

Floor

+

4.36%),

9.70%,

11/25/24

(a)(b)

1,058

1,080,422

JPMorgan

Mortgage

Trust

(b)

Series

2007-A1,

Class

4A1,

5.67%,

07/25/35

...............

4

3,506

Series

2021-4,

Class

B3,

2.90%,

08/25/51

(a)

..............

6,577

4,875,559

Legacy

Mortgage

Asset

Trust

(a)(e)

Series

2020-GS5,

Class

A1,

6.25%,

06/25/60

...............

4,640

4,636,134

Series

2020-SL1,

Class

A,

5.73%,

01/25/60

...............

518

518,027

Series

2021-GS2,

Class

A1,

1.75%,

04/25/61

...............

31,649

30,554,500

Lehman

XS

Trust,

Series

2007-16N,

Class

AF2,

(1-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.01%),

7.37%,

09/25/47

(b)

................

2,870

3,702,977

MASTR

Resecuritization

Trust,

Series

2008-3,

Class

A1,

6.01%,

08/25/37

(a)

(b)

......................

1,360

495,483

MCM

Trust

(c)

Series

2021-VFN1,  3.00%,

08/25/28

(a)

..............

41,808

40,096,123

Series

2021-VFN1,  3.00%,

09/25/31

28,890

19,008,233

Merrill

Lynch

Alternative

Note

Asset

Trust,

Series

2007-OAR2,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

5.89%,

04/25/37

(b)

2,853

2,271,015

MFA

Trust

(a)

Series

2020-NQM1,

Class

A3,

2.30%,

08/25/49

(b)

.........

225

205,011

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-NQM1,

Class

B1,

3.51%,

04/25/65

(b)

.........

USD

6,050

$

4,659,733

Series

2022-NQM3,

Class

A1,

5.57%,

09/25/67

(e)

.........

10,475

10,343,255

Morgan

Stanley

Resecuritization

Trust,

Series

2013-R7,

Class

1B,

(1-mo.

CME

Term

SOFR

at

0.16%

Floor

and

10.50%

Cap

+

0.27%),

5.78%,

12/26/46

(a)(b)

...............

1,233

1,124,054

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2014-1A,

Class

B3,

6.89%,

06/25/44

(a)(b)

.......

777

761,972

Mortgage

Loan

Resecuritization

Trust,

Series

2009-RS1,

Class

A85,

(1-mo.

LIBOR

USD

at

0.34%

Floor

and

9.00%

Cap

+

0.34%),

5.80%,

04/16/36

(a)(b)

...............

5,974

5,694,162

NACC

Reperforming

Loan

REMIC

Trust

(a)

Series

2004-R1,

Class

A1,

6.50%,

03/25/34

...............

3,098

2,682,735

Series

2004-R1,

Class

A2,

7.50%,

03/25/34

...............

711

636,467

New

Residential

Mortgage

Loan

Trust

(a)

(b)

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

...............

1,876

1,803,459

Series

2020-RPL1,

Class

B3,

3.88%,

11/25/59

...............

10,258

7,274,847

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust

Series

2001-R1A,

Class

A,

7.00%,

02/19/30

(a)(b)

.............

692

668,317

Series

2005-AP1,

Class

2A4,

6.05%,

02/25/35

(e)

..............

575

554,849

Series

2006-AF1,

Class

1A4,

7.13%,

05/25/36

(e)

..............

1,542

291,402

Series

2007-2,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

6.31%,

06/25/37

(b)

..

716

571,161

NYMT

Loan

Trust,

Series

2020-SP2,

Class

A1,

5.94%,

10/25/60

(a)(b)

...

18,137

18,054,758

OBX

Trust,

Series

2022-NQM7,

Class

A1,

5.11%,

08/25/62

(a)(e)

.......

8,434

8,291,320

PRKCM

Trust

(a)(b)

Series

2021-AFC2,

Class

A1,

2.07%,

11/25/56

...............

3,295

2,746,558

Series

2022-AFC1,

Class

A1A,

4.10%,

04/25/57

..........

1,809

1,726,635

Series

2022-AFC2,

Class

A1,

5.33%,

08/25/57

...............

13,165

12,964,211

PRPM

LLC

(a)

Series

2020-4,

Class

A1,

5.95%,

10/25/25

(e)

..............

9,078

9,048,412

Series

2021-4,

Class

A1,

1.87%,

04/25/26

(e)

..............

5,634

5,503,406

Series

2022-1,

Class

A1,

3.72%,

02/25/27

(e)

..............

1,598

1,540,531

Series

2023-1,

Class

A1,

6.88%,

02/25/28

(b)

..............

17,050

17,218,759

RALI

Trust,

Series

2007-QH9,

Class

A1,

6.29%,

11/25/37

(b)

.........

560

454,820

RCKT

Mortgage

Trust,

Series

2020-1,

Class

B4,

3.47%,

02/25/50

(a)(b)

...

1,631

1,364,330

RCO

VI

Mortgage

LLC,

Series

2022-1,

Class

A1,

3.00%,

01/25/27

(a)(e)

...

17,771

17,103,395

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

95

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Ready

Capital

Mortgage

Financing

LLC,

Series

2022-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.55%

Floor

+

2.55%),

7.91%,

10/25/39

(a)(b)

....

USD

21,390

$

21,362,797

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%),

5.83%,

03/25/35

...............

449

406,911

Series

2005-R2,

Class

1AF1,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

and

9.50%

Cap

+

0.45%),

5.81%,

06/25/35

...............

967

903,743

Series

2005-R3,

Class

AF,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

and

9.50%

Cap

+

0.51%),

5.87%,

09/25/35

...............

1,557

1,305,578

Residential

Mortgage

Loan

Trust

(a)(b)

Series

2019-3,

Class

B2,

5.66%,

09/25/59

...............

5,100

4,480,054

Series

2020-1,

Class

B2,

4.66%,

01/26/60

...............

2,129

1,757,057

RFMSI

Trust,

Series

2006-SA2,

Class

2A1,

5.36%,

08/25/36

(b)

........

7,604

5,331,032

RMF

Buyout

Issuance

Trust,

Series

2021-HB1,

Class

M6,

6.00%,

11/25/31

(a)(b)(c)

..............

4,238

2,527,155

Seasoned

Credit

Risk

Transfer

Trust,

Series

2018-1,

Class

BX,

3.07%,

05/25/57

(b)

................

1,386

501,450

Seasoned

Loans

Structured

Transaction

Trust

(a)(b)

Series

2020-2,

Class

M1,

4.75%,

09/25/60

...............

21,020

20,113,300

Series

2020-3,

Class

M1,

4.75%,

04/26/60

...............

1,607

1,555,911

Sequoia

Mortgage

Trust,

Series

2007-3,

Class

2AA1,

3.92%,

07/20/37

(b)

..

1,483

1,084,589

SG

Residential

Mortgage

Trust,

Series

2022-2,

Class

A1,

5.35%,

08/25/62

(a)

(e)

......................

2,700

2,699,888

STARM

Mortgage

Loan

Trust,

Series

2007-2,

Class

3A3,

4.15%,

04/25/37

(b)

................

426

255,372

Starwood

Mortgage

Residential

Trust,

Series

2020-3,

Class

B1,

4.75%,

04/25/65

(a)(b)

...............

4,942

4,353,814

Structured

Adjustable

Rate

Mortgage

Loan

Trust

(b)

Series

2005-11,

Class

1A1,

5.13%,

05/25/35

...............

657

520,561

Series

2006-3,

Class

4A,

3.81%,

04/25/36

...............

1,326

737,534

Structured

Asset

Mortgage

Investments

II

Trust

(b)

Series

2006-AR2,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.46%

Floor

and

10.50%

Cap

+

0.57%),

5.93%,

02/25/36

..........

881

743,040

Series

2006-AR4,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

and

10.50%

Cap

+

0.49%),

5.85%,

06/25/36

..........

4,070

3,433,550

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2006-AR5,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

and

10.50%

Cap

+

0.53%),

5.89%,

05/25/46

..........

USD

991

$

685,006

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust

(a)

Series

2006-RF3,

Class

1A2,

6.00%,

10/25/36

...............

1,897

1,080,066

Series

2006-RF4,

Class

2A1,

6.00%,

10/25/36

...............

2,272

1,238,807

Thornburg

Mortgage

Securities

Trust,

Series

2006-3,

Class

A1,

(1M

Sofr

FWD

at

0.09%

Floor

+

0.20%),

4.03%,

06/25/46

(b)

...........

2,759

1,797,272

TVC

DSCR,

Series

2021-1,

Class

A,

2.38%,

02/01/51

(a)(c)

..........

51,326

46,880,216

TVC

Holding,

Series

2021-1,  2.38%,

02/01/51

(c)

................

12,832

11,139,028

TVC

Mortgage

Trust,

Series

2023-

RTL1,

Class

A1,

8.25%,

11/25/27

(a)(e)

6,749

6,793,940

Verus

Securitization

Trust

(a)(b)

Series

2019-4,

Class

B1,

3.86%,

11/25/59

...............

1,400

1,222,504

Series

2019-INV2,

Class

M1,

3.50%,

07/25/59

...............

1,415

1,316,862

Series

2020-5,

Class

M1,

2.60%,

05/25/65

...............

3,834

3,214,899

Series

2022-1,

Class

B1,

4.01%,

01/25/67

...............

2,802

1,945,088

Visio

Trust

(a)(b)

Series

2019-2,

Class

B1,

3.91%,

11/25/54

...............

1,825

1,376,892

Series

2020-1,

Class

M1,

4.45%,

08/25/55

...............

1,900

1,729,854

Vista

Point

Securitization

Trust,

Series

2020-2,

Class

B1,

4.90%,

04/25/65

(a)

(b)

......................

1,160

1,025,836

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%),

6.00%,

06/25/46

...............

270

232,464

Series

2007-OA5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.75%

Floor

+

0.75%),

5.76%,

06/25/47

...............

6,841

5,470,210

Series

2007-OA5,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.25%

Floor

+

0.80%),

5.81%,

06/25/47

...............

2,159

1,717,238

Washington

Mutual

Mortgage

Pass-

Through

Certificates

WMALT,

Series

2007-OA3,

Class

5A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.25%

Floor

+

1.25%),

6.26%,

04/25/47

(b)

....

1,909

1,580,075

Washington

Mutual

Mortgage

Pass-

Through

Certificates

WMALT

Trust

Series

2005-9,

Class

5A6,

(1-mo.

CME

Term

SOFR

at

0.55%

Floor

and

5.50%

Cap

+

0.66%),

5.50%,

11/25/35

(b)

..............

676

465,709

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

96

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2005-9,

Class

5A9,

5.50%,

11/25/35

...............

USD

275

$

210,266

Series

2006-1,

Class

4CB,

6.50%,

02/25/36

...............

1,949

1,469,957

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

...............

2,684

2,408,193

Series

2006-4,

Class

3A1,

7.00%,

05/25/36

(e)

..............

2,982

2,499,345

Series

2006-4,

Class

3A5,

6.85%,

05/25/36

(e)

..............

793

664,439

Series

2007-OA1,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.72%

Floor

+

0.72%),

5.73%,

12/25/46

(b)

..............

5,081

3,878,765

Western

Mortgage

Reference

Notes

(a)(b)

Series

2021-CL2,

Class

M1,

(SOFR

30

day

Average

+

3.15%),

8.49%,

07/25/59

...............

12,266

12,886,174

Series

2021-CL2,

Class

M2,

(SOFR

30

day

Average

+

3.70%),

9.04%,

07/25/59

...............

16,757

16,944,584

WinWater

Mortgage

Loan

Trust,

Series

2014-3,

Class

B5,

3.98%,

11/20/44

(a)

(b)

......................

1,651

1,266,680

1,337,316,669

Commercial

Mortgage-Backed

Securities

—

4.4%

Bermuda

—

0.1%

(a)(b)

PFP

Ltd.,

Series

2022-9,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.27%

Floor

+

2.27%),

7.64%,

08/19/35

.

11,988

11,944,005

RIAL

Issuer

Ltd.,

Series

2022-FL8,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.61%,

01/19/37

.................

22,543

22,179,082

34,123,087

Cayman

Islands

—

0.0%

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-W10,

Class

G,

(1-mo.

CME

Term

SOFR

at

4.22%

Floor

+

4.22%),

9.58%,

12/15/34

(a)(b)

...............

2,119

1,964,610

Ireland

—

0.3%

(b)

Agora

Securities

DAC,

Series

2021-1X,

Class

A,

(Sterling

Overnight

Index

Average

at

1.20%

Floor

and

5.12%

Cap

+

1.20%),

6.42%,

07/22/31

(d)

.

GBP

1,160

1,440,909

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

1,696,045

Frost

CMBS

DAC,

Series

2021-1X,

Class

GBA,

(Sterling

Overnight

Index

Average

at

1.35%

Floor

+

1.35%),

6.57%,

11/20/33

(d)

......

1,831

2,242,680

Haus

European

Loan

Conduit

No

39

DAC

Series

39X,

Class

A1,

(3-mo.

EURIBOR

at

0.65%

Floor

+

0.65%),

4.60%,

07/28/51

(d)

...

EUR

2,508

2,608,649

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Series

39X,

Class

B,

(3-mo.

EURIBOR

at

1.10%

Floor

+

1.10%),

5.05%,

07/28/51

(d)

...

EUR

1,039

$

1,046,185

Haus

European

Loan

Conduit

No.

39

DAC,

Series

39X,

Class

C,

(3-mo.

EURIBOR

at

1.40%

Floor

+

1.40%),

5.35%,

07/28/51

(d)

...........

841

789,947

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

11,283,438

Series

2023-1X,

Class

C,

(Sterling

Overnight

Index

Average

at

4.50%

Floor

+

4.50%),

9.72%,

08/17/33

(d)

..............

7,642

9,911,155

Last

Mile

Logistics

Pan

Euro

Finance

DAC

Series

1X,

Class

A,

(3-mo.

EURIBOR

at

0.75%

Floor

+

0.75%),

4.74%,

08/17/33

(d)

...

EUR

1,844

1,986,337

Series

1X,

Class

B,

(3-mo.

EURIBOR

at

1.05%

Floor

+

1.05%),

5.04%,

08/17/33

(d)

...

1,125

1,191,625

Series

1X,

Class

C,

(3-mo.

EURIBOR

at

1.40%

Floor

+

1.40%),

5.39%,

08/17/33

(d)

...

1,331

1,390,137

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

1.90%

Floor

+

1.90%),

5.89%,

08/17/33

(d)

...

1,031

1,074,787

Last

Mile

Securities

PE

DAC

Series

2021-1X,

Class

A1,

(3-mo.

EURIBOR

at

0.90%

Floor

and

4.90%

Cap

+

0.90%),

4.89%,

08/17/31

(d)

..............

3,245

3,497,653

Series

2021-1X,

Class

B,

(3-mo.

EURIBOR

at

1.20%

Floor

and

5.20%

Cap

+

1.20%),

5.19%,

08/17/31

(d)

..............

939

992,266

Series

2021-1X,

Class

C,

(3-mo.

EURIBOR

at

1.60%

Floor

and

5.60%

Cap

+

1.60%),

5.59%,

08/17/31

(d)

..............

1,061

1,116,352

Pearl

Finance

DAC

Series

2020-1,

Class

A2,

(3-mo.

EURIBOR

at

1.90%

Floor

+

1.90%),

5.89%,

11/17/32

(d)

...

1,128

1,229,975

Series

2020-1,

Class

B,

(3-mo.

EURIBOR

at

2.50%

Floor

+

2.50%),

6.49%,

11/17/32

(d)

...

1,355

1,465,472

River

Green

Finance

2020

DAC

Series

2020-1,

Class

B,

(3-mo.

EURIBOR

at

1.05%

Floor

+

1.05%),

5.05%,

01/22/32

(d)

...

539

555,887

Series

2020-1,

Class

C,

(3-mo.

EURIBOR

at

1.40%

Floor

+

1.40%),

5.36%,

01/22/32

(d)

...

322

333,819

Scorpio

European

Loan

Conduit

No.

34

DAC,

Series

34A,

Class

C,

(Sterling

Overnight

Index

Average

at

2.10%

Floor

and

7.10%

Cap

+

2.22%),

7.10%,

05/17/29

(a)

...........

GBP

2,618

3,311,228

Stark

Financing

DAC,

Series

2023-

1X,

Class

B,

(Sterling

Overnight

Index

Average

+

3.10%),

8.33%,

08/17/33

(d)

................

13,404

17,103,075

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

97

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Taurus

UK

DAC

Series

2019-UK2,

Class

B,

(Sterling

Overnight

Index

Average

at

1.80%

Floor

+

1.92%),

7.14%,

11/17/29

(d)

..............

GBP

3,358

$

4,213,249

Series

2019-UK2,

Class

C,

(Sterling

Overnight

Index

Average

at

2.10%

Floor

+

2.22%),

7.44%,

11/17/29

(d)

..............

2,075

2,588,748

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

1,092,127

Series

2021-UK1X,

Class

C,

(Sterling

Overnight

Index

Average

at

1.65%

Floor

+

1.65%),

6.87%,

05/17/31

(d)

..............

536

663,288

Series

2021-UK1X,

Class

D,

(Sterling

Overnight

Index

Average

at

2.60%

Floor

+

2.60%),

7.82%,

05/17/31

(d)

..............

547

670,699

Series

2021-UK4X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.95%

Floor

+

0.95%),

6.17%,

08/17/31

(d)

..............

4,110

5,125,460

Series

2021-UK4X,

Class

B,

(Sterling

Overnight

Index

Average

at

1.50%

Floor

+

1.50%),

6.72%,

08/17/31

(d)

..............

3,831

4,731,142

Series

2021-UK4X,

Class

C,

(Sterling

Overnight

Index

Average

at

1.75%

Floor

+

1.75%),

6.97%,

08/17/31

(d)

..............

506

616,898

Series

2021-UK4X,

Class

D,

(Sterling

Overnight

Index

Average

at

2.10%

Floor

+

2.10%),

7.32%,

08/17/31

(d)

..............

2,282

2,760,500

Vita

Scientia

DAC,

Series

2022-1X,

Class

B,

(3-mo.

EURIBOR

at

1.80%

Floor

+

1.80%),

5.76%,

02/27/33

(d)

EUR

2,700

2,819,435

91,549,167

Italy

—

0.1%

(d)

Cassia

SRL

(b)

Series

2022-1X,

Class

A,

(3-mo.

EURIBOR

at

2.50%

Floor

+

2.50%),

6.46%,

05/22/34

(d)

...

12,859

13,723,353

Series

2022-1X,

Class

B,

(3-mo.

EURIBOR

at

3.50%

Floor

+

3.50%),

7.46%,

05/22/34

(d)

...

6,145

6,306,745

20,030,098

Switzerland

—

0.0%

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2005-C2,

Class

AMFX,

4.88%,

04/15/37

...

USD

13

12,665

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

2,123,168

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

II,

Class

D2,

(Sterling

Overnight

Index

Average

at

1.26%

Floor

+

2.22%),

7.46%,

10/22/37

(d)

..............

GBP

14,689

$

14,448,505

Sage

AR

Funding

plc,

Series

1X,

Class

C,

(Sterling

Overnight

Index

Average

+

2.15%),

7.37%,

11/17/30

(d)

....

535

660,344

17,232,017

United

States

—

3.9%

1211

Avenue

of

the

Americas

Trust

(a)(b)

Series

2015-1211,

Class

C,

4.14%,

08/10/35

...............

USD

1,100

1,011,726

Series

2015-1211,

Class

D,

4.14%,

08/10/35

...............

1,235

1,108,748

Series

2015-1211,

Class

E,

4.14%,

08/10/35

...............

2,360

2,028,422

245

Park

Avenue

Trust

(a)(b)

Series

2017-245P,

Class

D,

3.66%,

06/05/37

...............

1,100

940,693

Series

2017-245P,

Class

E,

3.66%,

06/05/37

...............

5,691

4,557,480

280

Park

Avenue

Mortgage

Trust

(a)(b)

Series

2017-280P,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.38%),

6.74%,

09/15/34

...

1,978

1,844,485

Series

2017-280P,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.79%

Floor

+

1.84%),

7.19%,

09/15/34

...

3,660

3,330,600

Series

2017-280P,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.37%

Floor

+

2.42%),

7.78%,

09/15/34

...

12,926

11,613,899

3650R

Commercial

Mortgage

Trust,

Series

2022-PF2,

Class

A5,

5.29%,

11/15/55

(b)

................

2,100

2,123,868

Alen

Mortgage

Trust

(a)(b)

Series

2021-ACEN,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.26%),

6.63%,

04/15/34

...

2,178

1,956,379

Series

2021-ACEN,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.21%),

8.58%,

04/15/34

...

4,827

2,929,753

Arbor

Multifamily

Mortgage

Securities

Trust

(a)

Series

2020-MF1,

Class

E,

1.75%,

05/15/53

...............

1,165

644,669

Series

2021-MF3,

Class

A5,

2.57%,

10/15/54

...............

3,605

3,051,954

AREIT

LLC,

Series

2022-CRE7,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.24%

Floor

+

2.24%),

7.60%,

06/17/39

(a)(b)

11,460

11,442,171

Ashford

Hospitality

Trust

(a)(b)

Series

2018-ASHF,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.23%

Floor

+

2.27%),

7.63%,

04/15/35

...

3,816

3,653,089

Series

2018-ASHF,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.23%

Floor

+

3.27%),

8.63%,

04/15/35

...

61

58,376

Atrium

Hotel

Portfolio

Trust,

Series

2017-ATRM,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.25%),

7.61%,

12/15/36

(a)(b)

....

8,386

7,277,319

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

98

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

BAMLL

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2015-200P,

Class

F,

3.60%,

04/14/33

...............

USD

4,751

$

4,216,960

Series

2017-SCH,

Class

AF,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.05%),

6.41%,

11/15/33

...

250

220,666

Series

2017-SCH,

Class

BF,

(1-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.45%),

6.81%,

11/15/33

...

6,440

5,586,720

Series

2017-SCH,

Class

CL,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.55%),

6.91%,

11/15/32

...

2,560

2,142,447

Series

2017-SCH,

Class

DL,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.05%),

7.41%,

11/15/32

...

5,070

4,066,048

Series

2018-DSNY,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.45%),

6.81%,

09/15/34

...

576

572,332

Series

2018-DSNY,

Class

C,

(1-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.65%),

7.01%,

09/15/34

...

590

586,412

Series

2018-DSNY,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.00%),

7.36%,

09/15/34

...

5,767

5,680,646

Banc

of

America

Commercial

Mortgage

Trust,

Series

2015-UBS7,

Class

B,

4.34%,

09/15/48

(b)

...........

405

361,973

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-3A,

Class

A1,

(1-mo.

CME

Term

SOFR

+

0.59%),

5.79%,

11/25/35

..........

2,846

2,609,910

Series

2005-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.56%),

5.92%,

01/25/36

...

4,911

4,481,650

Series

2005-4A,

Class

A2,

(1-mo.

CME

Term

SOFR

+

0.70%),

6.06%,

01/25/36

..........

119

108,789

Series

2005-4A,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.45%

Floor

+

0.79%),

6.15%,

01/25/36

...

318

291,766

Series

2006-1A,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.54%

Floor

+

0.65%),

6.01%,

04/25/36

...

477

436,868

Series

2006-2A,

Class

A2,

(1-mo.

CME

Term

SOFR

+

0.53%),

5.89%,

07/25/36

..........

842

785,275

Series

2006-3A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.49%),

5.85%,

10/25/36

...

587

550,162

Series

2006-3A,

Class

A2,

(1-mo.

CME

Term

SOFR

+

0.56%),

5.92%,

10/25/36

..........

636

598,029

Series

2006-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

+

0.46%),

5.82%,

12/25/36

..........

1,928

1,799,085

Series

2007-1,

Class

A2,

(1-mo.

CME

Term

SOFR

+

0.52%),

5.88%,

03/25/37

..........

1,318

1,209,941

Series

2007-2A,

Class

A1,

(1-mo.

CME

Term

SOFR

+

0.38%),

5.74%,

07/25/37

..........

1,859

1,691,518

Series

2007-6A,

Class

A4A,

(1-mo.

CME

Term

SOFR

+

1.61%),

6.97%,

12/25/37

..........

8,709

7,429,391

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2008-2,

Class

A4A,

(1-mo.

CME

Term

SOFR

at

3.75%

Cap

+

2.61%),

7.97%,

04/25/38

....

USD

2,191

$

2,142,547

BBCMS

Mortgage

Trust

(b)

Series

2018-CHRS,

Class

E,

4.27%,

08/05/38

(a)

..............

2,640

1,778,243

Series

2018-TALL,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.87%

Floor

+

0.92%),

6.28%,

03/15/37

(a)

..

2,859

2,651,722

Series

2018-TALL,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.17%),

6.53%,

03/15/37

(a)

..

1,300

1,137,499

Series

2023-5C23,

Class

A3,

6.68%,

12/15/56

...............

9,240

9,854,122

Series

2023-5C23,

Class

D,

7.70%,

12/15/56

(a)

..............

1,148

979,182

Series

2023-C22,

Class

A5,

6.80%,

11/15/56

...............

2,015

2,290,010

BB-UBS

Trust,

Series

2012-SHOW,

Class

E,

4.03%,

11/05/36

(a)(b)

....

2,313

1,976,186

BDS

LLC,

Series

2022-FL12,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.14%

Floor

+

2.14%),

7.49%,

08/19/38

(a)(b)

6,880

6,843,705

Beast

Mortgage

Trust

(a)(b)

Series

2021-SSCP,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

0.86%),

6.23%,

04/15/36

...

6,687

6,556,950

Series

2021-SSCP,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.21%),

6.58%,

04/15/36

...

6,829

6,597,488

Series

2021-SSCP,

Class

C,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.46%),

6.83%,

04/15/36

...

8,403

8,110,298

Series

2021-SSCP,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.71%),

7.08%,

04/15/36

...

7,896

7,558,538

Series

2021-SSCP,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.21%),

7.58%,

04/15/36

...

6,692

6,317,688

Series

2021-SSCP,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.01%),

8.38%,

04/15/36

...

6,430

6,083,846

Series

2021-SSCP,

Class

G,

(1-mo.

CME

Term

SOFR

at

3.80%

Floor

+

3.91%),

9.28%,

04/15/36

...

7,248

6,754,400

Series

2021-SSCP,

Class

H,

(1-mo.

CME

Term

SOFR

at

4.90%

Floor

+

5.02%),

10.38%,

04/15/36

..

5,096

4,738,802

Benchmark

Mortgage

Trust,

Series

2021-B29,

Class

A5,

2.39%,

09/15/54

.................

2,250

1,863,731

BFLD

Trust,

Series

2020-EYP,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.81%),

9.18%,

10/15/35

(a)(b)

6,517

660,197

BHMS,

Series

2018-ATLS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.55%),

6.91%,

07/15/35

(a)(b)

15,173

15,055,660

BHP

Trust,

Series

2019-BXHP,

Class

C,

(1-mo.

CME

Term

SOFR

at

1.52%

Floor

+

1.57%),

6.93%,

08/15/36

(a)(b)

2,699

2,665,739

BLP

Commercial

Mortgage

Trust,

Series

2023-IND,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

7.05%,

03/15/40

(a)(b)

....

7,455

7,410,923

BMO

Mortgage

Trust,

Series

2023-5C2,

Class

A3,

7.05%,

11/15/56

(b)

....

3,360

3,641,544

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

99

(Percentages

shown

are

based

on

Net

Assets)

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%),

7.13%,

05/15/39

(a)(b)

....

USD

5,533

$

5,502,302

BPR

Trust

(a)(b)

Series

2021-TY,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.60%

Floor

+

3.71%),

9.08%,

09/15/38

...

5,768

5,504,894

Series

2022-SSP,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.00%),

8.36%,

05/15/39

...

2,870

2,874,447

BWAY

Mortgage

Trust

(a)

Series

2013-1515,

Class

A2,

3.45%,

03/10/33

...............

3,024

2,838,878

Series

2013-1515,

Class

D,

3.63%,

03/10/33

...............

9,570

8,424,297

Series

2013-1515,

Class

E,

3.72%,

03/10/33

...............

650

563,327

Series

2013-1515,

Class

F,

3.93%,

03/10/33

(b)

..............

601

511,293

BX

Commercial

Mortgage

Trust

(a)

Series

2019-XL,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.92%

Floor

+

1.03%),

6.40%,

10/15/36

(b)

..

736

733,912

Series

2019-XL,

Class

G,

(1-mo.

CME

Term

SOFR

at

2.30%

Floor

+

2.41%),

7.78%,

10/15/36

(b)

..

38,734

38,142,896

Series

2019-XL,

Class

J,

(1-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.76%),

8.13%,

10/15/36

(b)

..

34,290

33,730,713

Series

2020-VIV3,

Class

B,

3.54%,

03/09/44

(b)

..............

10,747

9,404,183

Series

2020-VIV4,

Class

A,

2.84%,

03/09/44

...............

3,680

3,146,201

Series

2020-VKNG,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.93%

Floor

+

1.04%),

6.41%,

10/15/37

(b)

..

1,027

1,018,834

Series

2020-VKNG,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.75%

Floor

+

2.86%),

8.23%,

10/15/37

(b)

..

5,369

5,210,068

Series

2021-NWM,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.91%

Floor

+

1.02%),

6.39%,

02/15/33

(b)

..

25,114

24,522,963

Series

2021-NWM,

Class

B,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.26%),

7.63%,

02/15/33

(b)

..

15,394

15,132,973

Series

2021-NWM,

Class

C,

(1-mo.

CME

Term

SOFR

at

4.25%

Floor

+

4.36%),

9.73%,

02/15/33

(b)

..

10,302

10,105,181

Series

2021-SOAR,

Class

G,

(1-mo.

CME

Term

SOFR

at

2.80%

Floor

+

2.91%),

8.28%,

06/15/38

(b)

..

7,081

6,762,279

Series

2021-VINO,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.92%

Floor

+

2.92%),

8.28%,

05/15/38

(b)

..

1,633

1,546,449

Series

2021-VIV5,

Class

A,

2.84%,

03/09/44

(b)

..............

2,328

1,987,834

Series

2022-CSMO,

Class

C,

(1-mo.

CME

Term

SOFR

at

3.89%

Floor

+

3.89%),

9.25%,

06/15/27

(b)

..

4,000

4,002,506

Series

2023-VLT3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.94%

Floor

+

1.94%),

7.30%,

11/15/28

(b)

..

3,410

3,421,739

Series

2023-XL3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.76%

Floor

+

1.76%),

7.12%,

12/09/40

(b)

..

11,228

11,234,950

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2023-XL3,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.59%

Floor

+

3.59%),

8.95%,

12/09/40

(b)

..

USD

14,970

$

14,965,305

BX

Trust

(a)(b)

Series

2019-OC11,

Class

E,

3.94%,

12/09/41

...............

7,318

6,194,405

Series

2021-ARIA,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.01%),

6.38%,

10/15/36

...

4,436

4,335,755

Series

2021-ARIA,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.01%),

7.37%,

10/15/36

...

4,111

3,914,903

Series

2021-ARIA,

Class

G,

(1-mo.

CME

Term

SOFR

at

3.14%

Floor

+

3.26%),

8.62%,

10/15/36

...

3,602

3,372,959

Series

2021-LBA,

Class

AJV,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.91%),

6.28%,

02/15/36

...

4,253

4,183,494

Series

2021-LBA,

Class

AV,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.91%),

6.28%,

02/15/36

...

4,118

4,051,004

Series

2021-LBA,

Class

FJV,

(1-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.51%),

7.88%,

02/15/36

...

11,223

10,597,272

Series

2021-LBA,

Class

FV,

(1-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.51%),

7.88%,

02/15/36

...

7,117

6,720,470

Series

2021-LBA,

Class

GJV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.48%,

02/15/36

...

2,185

2,036,168

Series

2021-LBA,

Class

GV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.48%,

02/15/36

...

7,383

6,880,521

Series

2021-MFM1,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

7.73%,

01/15/34

...

2,207

2,129,595

Series

2021-MFM1,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.48%,

01/15/34

...

3,418

3,309,030

Series

2021-MFM1,

Class

G,

(1-mo.

CME

Term

SOFR

at

3.90%

Floor

+

4.01%),

9.38%,

01/15/34

...

77

75,045

Series

2021-VIEW,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.60%

Floor

+

3.71%),

9.08%,

06/15/36

...

10,095

9,192,151

Series

2022-GPA,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.17%

Floor

+

2.17%),

7.53%,

08/15/39

...

45,050

45,092,352

Series

2022-GPA,

Class

B,

(1-mo.

CME

Term

SOFR

at

2.66%

Floor

+

2.66%),

8.03%,

08/15/41

...

1,195

1,196,123

Series

2022-GPA,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.06%

Floor

+

4.06%),

9.42%,

08/15/43

...

4,450

4,454,182

Series

2022-LBA6,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

6.36%,

01/15/39

...

5,973

5,873,766

Series

2022-VAMF,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.85%

Floor

+

0.85%),

6.21%,

01/15/39

...

3,580

3,503,708

Series

2022-VAMF,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

6.64%,

01/15/39

...

1,449

1,414,451

Series

2023-DELC,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.69%

Floor

+

2.69%),

8.05%,

05/15/38

...

18,097

18,131,006

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

100

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2023-DELC,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.39%

Floor

+

4.39%),

9.75%,

05/15/38

...

USD

907

$

908,136

BXP

Trust

(a)(b)

Series

2017-CC,

Class

D,

(1-mo.

LIBOR

USD

+

0.00%),

3.55%,

08/13/37

...............

1,930

1,432,205

Series

2017-CC,

Class

E,

(1-mo.

LIBOR

USD

+

0.00%),

3.55%,

08/13/37

...............

3,820

2,596,833

Series

2017-GM,

Class

D,

3.42%,

06/13/39

...............

1,520

1,307,901

Series

2017-GM,

Class

E,

3.42%,

06/13/39

...............

3,300

2,612,055

Series

2021-601L,

Class

D,

2.78%,

01/15/44

...............

3,999

2,462,766

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.20%),

7.81%,

12/15/37

(a)(b)

....

9,282

9,095,447

CD

Mortgage

Trust,

Series

2017-CD6,

Class

B,

3.91%,

11/13/50

(b)

.....

1,143

942,988

CENT

Trust,

Series

2023-CITY,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.62%

Floor

+

2.62%),

7.98%,

09/15/38

(a)(b)

18,476

18,568,796

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

C,

4.84%,

05/10/58

(b)

................

6,142

5,510,677

CFK

Trust

(a)(b)

Series

2019-FAX,

Class

D,

4.64%,

01/15/39

...............

6,897

6,099,003

Series

2019-FAX,

Class

E,

4.64%,

01/15/39

...............

6,152

5,225,711

Citigroup

Commercial

Mortgage

Trust

(b)

Series

2014-GC19,

Class

C,

5.04%,

03/11/47

...............

1,156

1,112,685

Series

2016-GC37,

Class

C,

4.91%,

04/10/49

...............

2,110

1,865,870

Series

2019-SMRT,

Class

D,

4.74%,

01/10/36

(a)

..............

17,385

17,355,967

Series

2019-SMRT,

Class

E,

4.74%,

01/10/36

(a)

..............

1,081

1,079,179

Series

2020-420K,

Class

E,

3.31%,

11/10/42

(a)

..............

2,660

1,922,583

COAST

Commercial

Mortgage

Trust

(a)(b)

Series

2023-2HTL,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.59%

Floor

+

2.59%),

7.95%,

08/15/36

...

5,172

5,130,871

Series

2023-2HTL,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.44%

Floor

+

4.44%),

9.80%,

08/15/36

...

8,751

8,764,116

Cold

Storage

Trust

(a)(b)

Series

2020-ICE5,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.01%),

6.37%,

11/15/37

...

6,359

6,328,953

Series

2020-ICE5,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.77%

Floor

+

2.88%),

8.24%,

11/15/37

...

15,600

15,483,356

Series

2020-ICE5,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.49%

Floor

+

3.61%),

8.96%,

11/15/37

...

13,381

13,239,756

Commercial

Mortgage

Trust

Series

2013-300P,

Class

D,

4.39%,

08/10/30

(a)(b)

.............

750

583,982

Series

2014-UBS2,

Class

A5,

3.96%,

03/10/47

..........

322

321,739

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2015-LC19,

Class

B,

3.83%,

02/10/48

(b)

..............

USD

942

$

878,801

Series

2015-LC23,

Class

A4,

3.77%,

10/10/48

...............

2,008

1,936,411

Series

2016-667M,

Class

D,

3.18%,

10/10/36

(a)(b)

.............

1,840

1,450,750

Credit

Suisse

Mortgage

Capital

Certificates

(a)(b)

Series

2019-ICE4,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.03%),

6.39%,

05/15/36

...

3,939

3,939,274

Series

2019-ICE4,

Class

C,

(1-mo.

CME

Term

SOFR

at

1.43%

Floor

+

1.48%),

6.84%,

05/15/36

...

2,793

2,784,905

Series

2019-ICE4,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.20%),

7.56%,

05/15/36

...

14,066

13,965,733

Series

2019-ICE4,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.70%),

8.06%,

05/15/36

...

14,857

14,707,656

Series

2020-NET,

Class

D,

3.70%,

08/15/37

...............

560

494,731

CSAIL

Commercial

Mortgage

Trust,

Series

2018-CX12,

Class

C,

4.72%,

08/15/51

(b)

................

1,586

1,288,312

CSMC

Trust

(a)

Series

2017-PFHP,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.00%),

6.36%,

12/15/30

(b)

..

2,310

2,185,704

Series

2017-TIME,

Class

A,

3.65%,

11/13/39

...............

2,190

1,892,715

Series

2020-FACT,

Class

E,

(1-mo.

CME

Term

SOFR

at

4.86%

Floor

+

5.23%),

10.59%,

10/15/37

(b)

.

5,754

5,146,722

Series

2020-FACT,

Class

F,

(1-mo.

CME

Term

SOFR

at

6.16%

Floor

+

6.52%),

11.88%,

10/15/37

(b)

.

300

255,223

Series

2021-980M,

Class

E,

3.54%,

07/15/31

(b)

..............

3,955

3,310,516

Series

2021-BHAR,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.26%),

6.63%,

11/15/38

(b)

..

5,892

5,823,586

Series

2021-BHAR,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.61%),

6.98%,

11/15/38

(b)

..

2,356

2,317,383

Series

2021-BHAR,

Class

C,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.11%),

7.48%,

11/15/38

(b)

..

3,520

3,465,483

Series

2021-BHAR,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.61%),

8.98%,

11/15/38

(b)

..

2,565

2,489,727

Series

2022-LION,  (1-day

SOFR

+

3.50%),

8.80%,

02/15/27

(b)(c)

..

23,200

20,907,736

Series

2022-NWPT,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.14%

Floor

+

3.14%),

8.50%,

09/09/24

(b)

..

12,790

12,926,238

DBGS

Mortgage

Trust,

Series

2018-

BIOD,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.60%),

6.96%,

05/15/35

(a)(b)

..........

137

134,470

DBUBS

Mortgage

Trust

(a)(b)

Series

2017-BRBK,

Class

D,

(1-mo.

LIBOR

USD

+

0.00%),

3.53%,

10/10/34

...............

3,760

3,105,994

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

101

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2017-BRBK,

Class

E,

(1-mo.

LIBOR

USD

+

0.00%),

3.53%,

10/10/34

...............

USD

8,126

$

6,033,171

Series

2017-BRBK,

Class

F,

3.53%,

10/10/34

...............

2,070

1,453,192

ELP

Commercial

Mortgage

Trust,

Series

2021-ELP,

Class

G,

(1-mo.

CME

Term

SOFR

at

3.12%

Floor

+

3.23%),

8.59%,

11/15/38

(a)(b)

....

4,922

4,602,469

Extended

Stay

America

Trust

(a)(b)

Series

2021-ESH,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

7.73%,

07/15/38

...

11,884

11,674,668

Series

2021-ESH,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.96%),

8.33%,

07/15/38

...

14,002

13,737,825

Series

2021-ESH,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.81%),

9.18%,

07/15/38

...

13,699

13,404,625

GCT

Commercial

Mortgage

Trust,

Series

2021-GCT,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.46%),

7.83%,

02/15/38

(a)(b)

....

770

155,376

Grace

Trust,

Series

2020-GRCE,

Class

E,

2.68%,

12/10/40

(a)(b)

........

2,546

1,780,731

GS

Mortgage

Securities

Corp.

II

(a)

Series

2005-ROCK,

Class

A,

5.37%,

05/03/32

...............

7,340

7,188,275

Series

2023-SHIP,

Class

E,

7.43%,

09/10/38

(b)

..............

31,848

31,134,140

GS

Mortgage

Securities

Corp.

Trust

Series

2015-GC32,

Class

C,

4.40%,

07/10/48

(b)

..............

1,786

1,614,903

Series

2017-375H,

Class

A,

3.48%,

09/10/37

(a)(b)

.............

1,460

1,308,705

Series

2017-GPTX,

Class

A,

2.86%,

05/10/34

(a)

..............

5,920

4,148,992

Series

2021-DM,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.89%

Floor

+

1.00%),

6.36%,

11/15/36

(a)(b)

.

8,770

8,624,282

Series

2021-ROSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.26%),

6.63%,

05/15/26

(a)(b)

.

2,320

2,067,642

Series

2022-AGSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.79%

Floor

+

2.69%),

8.05%,

11/15/27

(a)(b)

.

19,780

19,793,783

Series

2022-ECI,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.19%),

7.56%,

08/15/39

(a)(b)

.

11,620

11,648,526

Series

2023-FUN,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.09%

Floor

+

2.09%),

7.45%,

03/15/28

(a)(b)

.

7,510

7,481,760

GS

Mortgage

Securities

Trust

(b)

Series

2014-GC20,

Class

B,

4.53%,

04/10/47

...............

370

359,417

Series

2015-590M,

Class

E,

3.81%,

10/10/35

(a)

..............

2,540

1,996,293

Series

2019-GSA1,

Class

C,

3.81%,

11/10/52

...............

570

438,961

Harvest

Commercial

Capital

Loan

Trust,

Series

2020-1,

Class

M4,

5.96%,

04/25/52

(a)(b)

...............

1,181

1,058,828

HIT

Trust,

Series

2022-HI32,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.39%

Floor

+

2.39%),

7.75%,

07/15/24

(a)(b)

2,607

2,606,401

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

HONO

Mortgage

Trust

(a)(b)

Series

2021-LULU,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.46%),

8.83%,

10/15/36

...

USD

3,296

$

3,054,607

Series

2021-LULU,

Class

F,

(1-mo.

CME

Term

SOFR

at

4.40%

Floor

+

4.51%),

9.88%,

10/15/36

...

3,156

2,877,206

Hudson

Yards

Mortgage

Trust,

Series

2019-55HY,

Class

F,

2.94%,

12/10/41

(a)(b)

...............

6,663

4,756,346

ILPT

Commercial

Mortgage

Trust,

Series

2022-LPF2,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.61%,

10/15/39

(a)(b)

....

19,025

18,956,607

IMT

Trust

(a)

Series

2017-APTS,

Class

AFX,

3.48%,

06/15/34

..........

4,090

4,023,120

Series

2017-APTS,

Class

DFX,

3.50%,

06/15/34

(b)

.........

1,350

1,316,794

Series

2017-APTS,

Class

EFX,

3.50%,

06/15/34

(b)

.........

2,090

2,029,235

Independence

Plaza

Trust

(a)

Series

2018-INDP,

Class

B,

3.91%,

07/10/35

...............

1,220

1,150,272

Series

2018-INDP,

Class

C,

4.16%,

07/10/35

...............

2,655

2,480,492

INTOWN

Mortgage

Trust,

Series

2022-

STAY,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.49%

Floor

+

2.49%),

7.85%,

08/15/39

(a)(b)

..........

12,733

12,772,901

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2015-C33,

Class

D1,

4.14%,

12/15/48

(a)(b)

...

4,214

3,455,919

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2019-COR5,

Class

A3,

3.12%,

06/13/52

.....

2,890

2,551,371

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2018-C8,

Class

AS,

4.42%,

06/15/51

.....

379

345,165

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2015-JP1,

Class

C,

4.72%,

01/15/49

(b)

..............

1,100

918,778

Series

2016-NINE,

Class

B,

(1-mo.

LIBOR

USD

+

0.00%),

2.85%,

09/06/38

(a)(b)

.............

6,933

6,128,730

Series

2018-AON,

Class

A,

4.13%,

07/05/31

(a)

..............

4,834

4,325,757

Series

2018-PHH,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.41%

Floor

+

1.26%),

6.62%,

06/15/35

(a)(b)

.

3,566

3,180,721

Series

2019-MFP,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.16%

Floor

+

2.21%),

7.57%,

07/15/36

(a)(b)

.

5,580

5,376,656

Series

2020-609M,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.77%

Floor

+

3.13%),

8.50%,

10/15/33

(a)(b)

.

2,500

2,022,439

Series

2021-MHC,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.91%),

6.28%,

04/15/38

(a)(b)

.

991

982,163

Series

2021-MHC,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.56%),

7.93%,

04/15/38

(a)(b)

.

11,570

11,191,641

Series

2021-MHC,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.06%),

8.43%,

04/15/38

(a)(b)

.

5,050

4,884,048

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

102

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2022-CGSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.97%

Floor

+

2.47%),

8.23%,

12/15/36

(a)(b)

.

USD

12,190

$

12,216,673

Series

2022-NLP,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.54%

Floor

+

3.54%),

8.90%,

04/15/37

(a)(b)

.

12,552

8,541,973

Series

2022-NXSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.18%

Floor

+

2.18%),

7.54%,

09/15/39

(a)(b)

.

19,396

19,438,440

Series

2022-OPO,

Class

D,

3.45%,

01/05/39

(a)(b)

.............

7,412

4,336,016

KNDL

Mortgage

Trust,

Series

2019-

KNSQ,

Class

E,

(1-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.00%),

7.36%,

05/15/36

(a)(b)

..........

3,676

3,623,900

KSL

Commercial

Mortgage

Trust

(a)(b)

Series

2023-HT,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.29%

Floor

+

2.29%),

7.64%,

12/15/36

...

9,780

9,773,828

Series

2023-HT,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.29%

Floor

+

4.29%),

9.64%,

12/15/36

...

36,405

36,427,298

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%),

5.92%,

09/25/36

...

2,219

2,108,280

Series

2007-3A,

Class

M2,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.11%),

7.47%,

10/25/37

...

5,850

5,036,246

LSTAR

Commercial

Mortgage

Trust,

Series

2015-3,

Class

AS,

3.13%,

04/20/48

(a)(b)

...............

323

314,892

LUX

Trust,

Series

2023-LION,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.69%

Floor

+

2.69%),

8.05%,

08/15/40

(a)(b)

4,400

4,442,220

LUXE

Trust,

Series

2021-TRIP,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.75%

Floor

+

2.86%),

8.23%,

10/15/38

(a)(b)

1,216

1,185,657

MAD

Mortgage

Trust

(a)(b)

Series

2017-330M,

Class

D,

3.98%,

08/15/34

...............

2,925

2,159,754

Series

2017-330M,

Class

E,

4.03%,

08/15/34

...............

4,493

3,148,791

Manhattan

West

Mortgage

Trust,

Series

2020-1MW,

Class

D,

2.33%,

09/10/39

(a)(b)

...............

118

99,294

Med

Trust

(a)(b)

Series

2021-MDLN,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.26%),

8.63%,

11/15/38

...

435

422,721

Series

2021-MDLN,

Class

F,

(1-mo.

CME

Term

SOFR

at

4.00%

Floor

+

4.11%),

9.48%,

11/15/38

...

7,179

6,965,939

Series

2021-MDLN,

Class

G,

(1-mo.

CME

Term

SOFR

at

5.25%

Floor

+

5.36%),

10.73%,

11/15/38

..

44,208

42,288,974

MFT

Trust,

Series

2020-ABC,

Class

C,

3.48%,

02/10/42

(a)(b)

..........

3,925

2,166,154

MHC

Commercial

Mortgage

Trust

(a)(b)

Series

2021-MHC,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.92%),

6.28%,

04/15/38

...

3,828

3,787,513

Series

2021-MHC,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.22%),

7.58%,

04/15/38

...

16,309

16,044,079

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-MHC,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.72%),

8.08%,

04/15/38

...

USD

999

$

971,623

MHP

Commercial

Mortgage

Trust

(a)(b)

Series

2021-STOR,

Class

G,

(1-mo.

CME

Term

SOFR

at

2.75%

Floor

+

2.86%),

8.23%,

07/15/38

...

7,927

7,567,735

Series

2021-STOR,

Class

J,

(1-mo.

CME

Term

SOFR

at

3.95%

Floor

+

4.06%),

9.43%,

07/15/38

...

3,438

3,273,355

MIRA

Trust,

Series

2023-MILE,

Class

A,

6.75%,

06/10/38

(a)

...........

6,775

6,982,820

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C25,

Class

C,

4.52%,

10/15/48

(b)

.........

720

602,401

Morgan

Stanley

Capital

I

Trust

Series

2017-ASHF,

Class

G,

(1-mo.

CME

Term

SOFR

at

6.90%

Floor

+

7.20%),

12.56%,

11/15/34

(a)(b)

2,447

2,185,724

Series

2017-H1,

Class

C,

4.28%,

06/15/50

(b)

..............

191

158,894

Series

2017-HR2,

Class

D,

2.73%,

12/15/50

(a)

..............

625

460,038

Series

2018-H3,

Class

C,

4.85%,

07/15/51

(b)

..............

10

8,171

Series

2018-MP,

Class

E,

4.28%,

07/11/40

(a)(b)

.............

7,057

4,215,431

Series

2018-SUN,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.20%),

6.56%,

07/15/35

(a)(b)

.

2,330

2,309,441

Series

2018-SUN,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.80%

Floor

+

2.85%),

8.21%,

07/15/35

(a)(b)

.

74

71,077

Series

2019-H7,

Class

D,

3.00%,

07/15/52

(a)

..............

750

470,590

MSWF

Commercial

Mortgage

Trust,

Series

2023-2,

Class

A5,

6.01%,

12/15/56

(b)

................

9,291

10,006,348

MTN

Commercial

Mortgage

Trust,

Series

2022-LPFL,

Class

F,

(1-mo.

CME

Term

SOFR

at

5.29%

Floor

+

5.29%),

10.66%,

03/15/39

(a)(b)

...

2,870

2,664,880

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

1,342,281

Natixis

Commercial

Mortgage

Securities

Trust

(a)

Series

2018-FL1,

Class

A,

(US

Prime

Rate

+

1.00%),

8.50%,

06/15/35

(b)

..............

319

294,267

Series

2019-LVL,

Class

D,

4.44%,

08/15/38

...............

3,140

2,624,848

NJ

Trust,

Series

2023-GSP,

Class

A,

6.70%,

01/06/29

(a)(b)

..........

4,750

4,952,126

Olympic

Tower

Mortgage

Trust,

Series

2017-OT,

Class

E,

3.95%,

05/10/39

(a)

(b)

......................

7,856

4,866,423

One

Bryant

Park

Trust,

Series

2019-

OBP,

Class

A,

2.52%,

09/15/54

(a)

.

4,638

3,926,685

One

New

York

Plaza

Trust

(a)(b)

Series

2020-1NYP,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.06%),

6.43%,

01/15/36

...

305

290,318

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

103

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2020-1NYP,

Class

AJ,

(1-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.36%),

6.73%,

01/15/36

...

USD

4,673

$

4,308,067

Series

2020-1NYP,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.75%

Floor

+

2.86%),

8.23%,

01/15/36

...

1,660

1,275,882

OPEN

Trust,

Series

2023-AIR,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.09%

Floor

+

3.09%),

8.45%,

10/15/28

(a)(b)

5,975

5,986,736

PKHL

Commercial

Mortgage

Trust

(a)(b)

Series

2021-MF,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.46%),

8.83%,

07/15/38

...

3,276

2,148,539

Series

2021-MF,

Class

G,

(1-mo.

CME

Term

SOFR

at

4.35%

Floor

+

4.46%),

9.83%,

07/15/38

...

3,533

722,099

Ready

Capital

Mortgage

Financing

LLC,

Series

2022-FL9,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.47%

Floor

+

2.47%),

7.82%,

06/25/37

(a)(b)

....

3,994

3,993,967

SG

Commercial

Mortgage

Securities

Trust,

Series

2019-PREZ,

Class

D,

3.48%,

09/15/39

(a)(b)

..........

4,690

3,757,443

STWD

Trust,

Series

2021-FLWR,

Class

E,

(1-mo.

CME

Term

SOFR

at

1.92%

Floor

+

2.04%),

7.40%,

07/15/36

(a)(b)

3,122

3,035,736

Taubman

Centers

Commercial

Mortgage

Trust,

Series

2022-DPM,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.19%

Floor

+

2.19%),

7.55%,

05/15/37

(a)(b)

...............

22,066

21,934,343

THPT

Mortgage

Trust,

Series

2023-

THL,

Class

A,

6.99%,

12/10/34

(a)(b)

3,172

3,223,934

TYSN

Mortgage

Trust,

Series

2023-

CRNR,

Class

A,

6.80%,

12/10/33

(a)(b)

4,360

4,537,911

Velocity

Commercial

Capital

Loan

Trust

(a)

Series

2017-2,

Class

M3,

(3-mo.

LIBOR

USD

+

0.00%),

4.24%,

11/25/47

(b)

..............

546

462,022

Series

2017-2,

Class

M4,

5.00%,

11/25/47

(b)

..............

329

268,396

Series

2018-1,

Class

M2,

4.26%,

04/25/48

...............

291

250,207

Series

2020-1,

Class

M1,

2.80%,

02/25/50

(b)

..............

984

790,210

Series

2020-1,

Class

M2,

2.98%,

02/25/50

(b)

..............

1,175

944,568

Series

2020-1,

Class

M3,

3.19%,

02/25/50

(b)

..............

518

413,407

Series

2020-1,

Class

M4,

3.54%,

02/25/50

(b)

..............

801

623,365

Series

2020-1,

Class

M5,

4.29%,

02/25/50

(b)

..............

906

683,601

Series

2021-4,

Class

M4,

4.48%,

12/26/51

(b)

..............

2,277

1,652,589

Series

2022-4,

Class

M2,

6.97%,

08/25/52

(b)

..............

1,997

1,902,141

Series

2022-4,

Class

M3,

7.53%,

08/25/52

(b)

..............

1,963

1,707,693

Series

2023-2,

Class

A,

6.22%,

05/25/53

(b)

..............

8,517

8,410,143

Wells

Fargo

Commercial

Mortgage

Trust

(a)(b)

Series

2018-1745,

Class

A,

3.75%,

06/15/36

...............

2,708

2,359,552

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2020-SDAL,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.09%

Floor

+

2.20%),

7.57%,

02/15/37

...

USD

5,002

$

4,887,870

Series

2020-SDAL,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.74%

Floor

+

2.85%),

8.22%,

02/15/37

...

2,610

2,546,776

Series

2021-FCMT,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.61%),

8.98%,

05/15/31

...

750

692,549

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C24,

Class

B,

4.20%,

11/15/47

(b)

................

1,770

1,538,983

WMRK

Commercial

Mortgage

Trust

(a)(b)

Series

2022-WMRK,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.79%

Floor

+

2.79%),

8.15%,

11/15/27

...

14,598

14,597,873

Series

2022-WMRK,

Class

B,

(1-mo.

CME

Term

SOFR

at

3.44%

Floor

+

3.44%),

8.80%,

11/15/27

...

4,950

4,943,752

1,414,444,073

Interest

Only

Collateralized

Mortgage

Obligations

—

0.1%

United

States

—

0.1%

(b)

Barclays

Mortgage

Loan

Trust,

Series

2023-NQM3,

Class

XS,

0.82%,

10/25/63

(a)

................

120,512

2,607,389

IndyMac

IMSC

Mortgage

Loan

Trust,

Series

2007-HOA1,

Class

AXPP,

0.00%,

07/25/47

............

12,661

7,809

JP

Morgan

Mortgage

Trust

(a)

Series

2021-INV5,

Class

A2X,

0.50%,

12/25/51

..........

102,160

2,766,510

Series

2021-INV5,

Class

A5X,

0.50%,

12/25/51

..........

11,117

301,048

Series

2021-INV5,

Class

AX1,

0.19%,

12/25/51

..........

200,105

1,840,505

Series

2021-INV7,

Class

A2X,

0.50%,

02/25/52

..........

62,923

1,708,858

Series

2021-INV7,

Class

A3X,

0.50%,

02/25/52

..........

37,808

822,435

Series

2021-INV7,

Class

A4X,

0.50%,

02/25/52

..........

15,746

644,396

Series

2021-INV7,

Class

A5X,

0.50%,

02/25/52

..........

6,852

186,078

Series

2021-INV7,

Class

AX1,

0.27%,

02/25/52

..........

123,328

1,611,137

Reperforming

Loan

REMIC

Trust,

Series

2005-R3,

Class

AS,

0.58%,

09/25/35

(a)

................

1,281

52,517

Seasoned

Credit

Risk

Transfer

Trust,

Series

2017-3,

Class

BIO,

0.64%,

07/25/56

(a)

................

7,383

754,739

Voyager

OPTONE

Delaware

Trust,

Series

2009-1,

Class

SAA7,

(1-mo.

LIBOR

USD

+

0.25%),

5.74%,

02/25/38

(a)

................

31,596

7,295,163

20,598,584

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

139,650

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2016-SS1,

Class

XA,

0.56%,

12/15/35

(a)

....

19,140

159,036

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

104

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

BANK,

Series

2019-BN20,

Class

XB,

0.37%,

09/15/62

............

USD

86,048

$

1,560,859

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

Series

2017-BNK3,

Class

XB,

0.58%,

02/15/50

..........

31,555

520,484

Series

2017-BNK3,

Class

XD,

1.24%,

02/15/50

(a)

.........

12,290

407,654

BBCMS

Mortgage

Trust,

Series

2020-

C7,

Class

XB,

0.99%,

04/15/53

..

2,706

146,623

BBCMS

Trust

(a)

Series

2015-SRCH,

Class

XA,

0.89%,

08/10/35

..........

66,353

1,622,722

Series

2015-SRCH,

Class

XB,

0.19%,

08/10/35

..........

42,790

290,587

Benchmark

Mortgage

Trust

Series

2019-B9,

Class

XA,

(1-mo.

LIBOR

USD

+

0.00%),

1.02%,

03/15/52

...............

31,498

1,218,428

Series

2020-B17,

Class

XB,

(1-mo.

LIBOR

USD

+

0.00%),

0.53%,

03/15/53

...............

13,340

321,396

Series

2021-B23,

Class

XA,

1.27%,

02/15/54

...............

47,858

2,899,149

BMO

Mortgage

Trust,

Series

2023-C5,

Class

XA,

0.73%,

06/15/56

.....

28,362

1,444,931

BX

Trust,

Series

2022-GPA,

Class

XCP,

0.00%,

08/15/23

(a)

...........

242,391

7,102

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XB,

0.69%,

05/10/58

.................

18,700

269,459

Commercial

Mortgage

Trust

Series

2015-CR25,

Class

XA,

0.79%,

08/10/48

..........

13,922

136,196

Series

2018-COR3,

Class

XD,

1.75%,

05/10/51

(a)

.........

8,680

521,033

CSAIL

Commercial

Mortgage

Trust

Series

2017-CX10,

Class

XB,

0.17%,

11/15/50

..........

32,800

316,149

Series

2019-C16,

Class

XA,

1.54%,

06/15/52

...............

68,417

4,261,987

Series

2019-C17,

Class

XA,

1.32%,

09/15/52

...............

27,389

1,452,011

Series

2019-C17,

Class

XB,

0.54%,

09/15/52

...............

41,829

1,083,849

CSMC

OA

LLC,

Series

2014-USA,

Class

X2,

0.04%,

09/15/37

(a)

....

598,765

629,422

DBGS

Mortgage

Trust,

Series

2019-

1735,

Class

X,

0.29%,

04/10/37

(a)

.

52,590

752,681

DBJPM

Mortgage

Trust,

Series

2017-

C6,

Class

XD,

(1-mo.

LIBOR

USD

+

0.00%),

1.00%,

06/10/50

(a)

.....

15,440

433,159

GS

Mortgage

Securities

Corp.

II,

Series

2005-ROCK,

Class

X1,

0.21%,

05/03/32

(a)

................

24,000

70,222

GS

Mortgage

Securities

Trust

Series

2019-GSA1,

Class

XA,

0.81%,

11/10/52

..........

15,727

579,807

Series

2020-GSA2,

Class

XA,

1.71%,

12/12/53

(a)

.........

31,837

2,628,470

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2014-C22,

Class

XA,

0.78%,

09/15/47

...............

5,651

11,019

Series

2015-C27,

Class

XD,

0.50%,

02/15/48

(a)

..............

31,775

154,536

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

$

256,360

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2016-JP3,

Class

XC,

0.75%,

08/15/49

(a)

................

37,589

617,302

Ladder

Capital

Commercial

Mortgage

Mortgage

Trust,

Series

2013-GCP,

Class

XA,

1.15%,

02/15/36

(a)

....

5,873

223,035

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

X,

0.82%,

03/10/50

(a)

................

6,692

110,522

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

(a)

Series

2014-C19,

Class

XD,

1.18%,

12/15/47

...............

51,913

515,621

Series

2014-C19,

Class

XF,

1.18%,

12/15/47

...............

13,486

183,340

Series

2015-C21,

Class

XB,

0.27%,

03/15/48

...............

15,696

50,954

Series

2015-C26,

Class

XD,

1.31%,

10/15/48

...............

18,660

390,740

Morgan

Stanley

Capital

I

Trust

Series

2017-H1,

Class

XD,

2.15%,

06/15/50

(a)

..............

8,870

533,772

Series

2019-H6,

Class

XB,

0.71%,

06/15/52

...............

53,695

1,741,534

Series

2019-L2,

Class

XA,

1.00%,

03/15/52

...............

22,176

882,105

MSWF

Commercial

Mortgage

Trust,

Series

2023-2,

Class

XA,

1.14%,

12/15/56

.................

107,463

7,149,766

Olympic

Tower

Mortgage

Trust,

Series

2017-OT,

Class

XA,

0.38%,

05/10/39

(a)

................

99,000

1,131,996

One

Market

Plaza

Trust

(a)

Series

2017-1MKT,

Class

XCP,

0.00%,

02/10/32

(c)

.........

152,049

15

Series

2017-1MKT,

Class

XNCP,

0.09%,

02/10/32

..........

30,410

79,674

UBS

Commercial

Mortgage

Trust

Series

2019-C17,

Class

XA,

1.46%,

10/15/52

...............

67,002

4,115,555

Series

2019-C18,

Class

XA,

1.01%,

12/15/52

...............

69,160

2,721,246

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-BNK1,

Class

XD,

1.25%,

08/15/49

(a)

.........

9,764

259,464

Series

2019-C50,

Class

XA,

1.41%,

05/15/52

...............

49,198

2,600,314

Series

2021-C59,

Class

XA,

1.52%,

04/15/54

...............

37,676

2,831,345

50,433,281

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)(l)

................

4,021

464,288

Total

Non-Agency

Mortgage-Backed

Securities

—

9.0%

(Cost:

$3,438,585,829)

...........................

3,227,555,556

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

105

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Preferred

Securities

Capital

Trusts

—

0.1%

Spain

—

0.1%

Banco

Bilbao

Vizcaya

Argentaria

SA

,

(5-Year

EUR

Swap

Annual

+

6.46%),

6.00%

(b)(d)(n)

................

EUR

10,000

$

10,955,379

United

States

—

0.0%

(b)(n)

AT&T,

Inc.,

Series

B

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.14%),

2.88%

.

11,200

11,862,005

Citigroup,

Inc.,

Series

Y

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.00%),

4.15%

USD

1,643

1,410,082

13,272,087

Total

Capital

Trusts

—

0.1%  

(Cost:

$23,130,813)

..............................

24,227,466

Shares

Shares

Preferred

Stocks

—

0.8%

Brazil

—

0.0%

Neon

Payments

Ltd.

(c)(f)

..........

28,089

16,226,453

China

—

0.1%

ByteDance

Ltd.,

Series

E-1,

(Acquired

11/11/20,

cost

$32,477,349)

(c)(f)(h)

..

296,396

48,370,826

Germany

—

0.0%

Volocopter

GmbH,

(Acquired

03/03/21,

cost

$11,751,352)

(c)(f)(h)

........

2,211

8,222,802

Israel

—

0.1%

(c)(f)(h)

Deep

Instinct

Ltd.,

Series

D-2,

(Acquired

03/19/21,

cost

$8,210,225)

...............

1,350,837

7,429,603

Deep

Instinct

Ltd.,

Series

D-4,

(Acquired

09/20/22,

cost

$11,103,299)

..............

1,574,860

9,181,434

16,611,037

Sweden

—

0.0%

Volta

Greentech

AB,

Series

C,

(Acquired

02/22/22,

cost

$5,952,131)

(c)(f)(h)

............

50,461

1

United

Kingdom

—

0.0%

10X

Future

Technologies

Holdings

Ltd.,

Series

D,

(Acquired

05/13/21,

cost

$16,122,168)

(c)(f)(h)

...........

425,677

7,145,900

United

States

—

0.6%

(c)

Breeze

Aviation

Group,

Inc.,

Series

B,

(Acquired

07/30/21,

cost

$13,089,026)

(f)(h)

............

24,234

5,186,318

Cap

Hill

Brands

(Preference)

(f)

.....

13,277,076

3,452,040

Caresyntax,

Inc.,

Series

C-2

(f)

.....

47,019

4,604,101

Caresyntax,

Inc.,

Series

C-3

(f)

.....

6,774

562,242

Clarify

Health

Solutions,

Inc.

(f)

.....

1,542,267

11,166,013

Dream

Finders

Homes,

Inc.,

9.00%

..

58,891

55,872,836

Exo

Imaging,

Inc.,

Series

C,

(Acquired

06/24/21,

cost

$5,879,165)

(f)(h)

...

1,003,613

2,649,538

GM

Cruise

Holdings

LLC,

Series

G,

(Acquired

03/25/21,

cost

$7,513,940)

(f)(h)

.............

285,159

3,476,088

JumpCloud,

Inc.,

Series

E-1,

(Acquired

10/30/20,

cost

$8,237,574)

(f)(h)

...

4,516,957

11,698,918

Security

Shares

Shares

Value

United

States

(continued)

JumpCloud,

Inc.,

Series

F,

(Acquired

09/03/21,

cost

$1,779,219)

(f)(h)

...

297,096

$

769,479

Lessen

Holdings,

Inc.,

Series

B

(f)

...

2,002,830

13,029,451

Loadsmart,

Inc.,

Series

C,

(Acquired

10/05/20,

cost

$7,500,000)

(f)(h)

...

877,193

8,552,632

Loadsmart,

Inc.,

Series

D,

(Acquired

01/27/22,

cost

$2,351,580)

(f)(h)

...

117,579

1,361,565

MNTN

Digital,

Series

D,

(Acquired

11/05/21,

cost

$6,262,132)

(f)(h)

...

272,678

3,449,377

Mythic

AI,

Inc.,

Series

C,

(Acquired

01/26/21,

cost

$4,357,643)

(f)(h)

...

6,343

—

Noodle

Partners,

Inc.,

Series

C,

(Acquired

08/26/21,

cost

$7,700,677)

(f)(h)

.............

862,850

3,994,996

PsiQuantum

Corp.,

Series

D,

(Acquired

05/21/21,

cost

$3,512,029)

(f)(h)

...

133,913

3,805,807

Relativity

Space,

Inc.,

Series

E,

(Acquired

05/27/21,

cost

$5,860,925)

(f)(h)

.............

256,663

5,138,393

SCI

PH

Parent,

Inc.,

(Acquired

02/10/23,

cost

$7,993,000)

(b)(f)(h)

..

7,993

7,469,618

Snorkel

AI,

Inc.,

Series

C,

(Acquired

06/30/21,

cost

$2,440,004)

(f)(h)

...

162,454

1,413,350

Ursa

Major

Technologies,

Inc.,

Series

C,

(Acquired

09/13/21,

cost

$7,831,305)

(f)(h)

.............

1,312,920

4,188,215

Ursa

Major

Technologies,

Inc.,

Series

D,

(Acquired

10/14/22,

cost

$1,066,003)

(f)(h)

.............

160,843

532,390

Verge

Genomics,

Series

B,

(Acquired

11/05/21,

cost

$7,544,038)

(f)(h)

...

1,416,243

9,163,092

Verge

Genomics,

Series

C,

(Acquired

09/06/23,

cost

$1,205,410)

(f)(h)

...

167,623

1,206,886

Versa

Networks,

Inc.,

Series

E,

(Acquired

10/14/22,

cost

$27,065,882)

(f)(h)

............

9,274,836

30,235,965

Volato

Group,

Inc.,

Class

A,

(Acquired

12/03/23,

cost

$893)

(f)(h)

.......

178,596

719,742

Zero

Mass

Water,

Inc.,

Series

C-1,

(Acquired

05/07/20,

cost

$6,249,999)

(f)(h)

.............

396,483

7,624,368

Zero

Mass

Water,

Inc.,

Series

D,

(Acquired

07/05/22,

cost

$1,171,040)

(f)(h)

.............

28,589

833,655

202,157,075

Total

Preferred

Stocks

—

0.8%  

(Cost:

$357,955,549)

.............................

298,734,094

Total

Preferred

Securities

—

0.9%

(Cost:

$381,086,362)

.............................

322,961,560

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

(b)

Series

2015-DN1,

Class

B,

(SOFR

30

day

Average

+

11.61%),

16.95%

,

 01/25/25

.

USD

778

782,959

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

106

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2015-HQ2,

Class

B,

(SOFR

30

day

Average

+

8.06%),

13.40%

,

 05/25/25

.

USD

1,537

$

1,620,201

2,403,160

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

............

4,457

4,496,621

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(a)(b)

Series

2017-KGX1,

Class

BFX,

3.59%

,

 10/25/27

........

2,876

2,590,434

Series

2018-K80,

Class

B,

4.23%

,

 08/25/50

........

2,888

2,758,109

Series

2018-W5FX,

Class

CFX,

(1-mo.

LIBOR

USD

+

0.00%),

3.66%

,

 04/25/28

........

10,630

9,109,659

Series

2019-K99,

Class

C,

3.65%

,

 10/25/52

........

1,000

899,667

Government

National

Mortgage

Association,

Series

2023-118,

Class

BA,

3.75%, 05/16/65

(b)

........

2,646

2,493,025

22,347,515

Interest

Only

Collateralized

Mortgage

Obligations

—

0.7%

Federal

Home

Loan

Mortgage

Corp.

Series

389,

Class

C45,

3.00%

,

 10/15/52

........

44,577

7,363,356

Series

5052,

Class

KI,

4.00%

,

 12/25/50

........

64,291

12,920,737

Series

5081,

Class

AI,

3.50%

,

 03/25/51

........

15,985

2,797,308

Series

5081,

Class

PI,

3.00%

,

 03/25/51

........

20,218

3,281,314

Series

5112,

Class

KI,

3.50%

,

 06/25/51

........

32,182

5,860,812

Series

5127,

Class

AI,

3.00%

,

 06/25/51

........

13,318

2,189,431

Series

5152,

Class

EI,

3.50%

,

 10/25/51

........

15,305

2,741,675

Series

5155,

Class

NI,

3.00%

,

 10/25/51

........

43,251

6,019,360

Series

5161,

Class

LI,

3.00%

,

 11/25/51

........

10,381

1,337,805

Series

5164,

Class

IB,

3.00%

,

 11/25/51

........

54,108

8,443,797

Series

5185,

Class

DI,

3.00%

,

 11/25/49

........

26,147

4,224,847

Series

5196,

Class

DI,

3.00%

,

 02/25/52

........

95,605

14,786,058

Federal

National

Mortgage

Association

Series

2020-32,

Class

PI,

4.00%

,

 05/25/50

........

24,684

5,050,743

Series

2020-77,

Class

HI,

4.00%

,

 11/25/50

........

109,138

21,781,658

Series

2020-85,

Class

IP,

3.00%

,

 12/25/50

........

20,062

3,306,688

Series

2021-3,

Class

MI,

3.50%

,

 02/25/51

........

27,544

4,804,148

Series

2021-31,

Class

IB,

4.00%

,

 06/25/51

........

42,568

8,266,659

Series

2021-50,

4.00%

,

 08/25/51

53,249

10,026,005

Series

2023-39,

3.00%

,

 10/25/52

11,843

1,908,631

Series

427,

Class

C71,

3.00%

,

 10/25/49

........

36,165

6,001,173

Security

Par

(000)

Par

(000)

Value

Interest

Only

Collateralized

Mortgage

Obligations

(continued)

Series

427,

Class

C85,

3.50%

,

 08/25/49

........

USD

28,740

$

5,096,606

Series

428,

Class

C16,

3.00%

,

 03/25/50

........

18,499

3,159,027

Series

437,

Class

C11,

3.00%

,

 07/25/52

........

98,903

16,096,591

Government

National

Mortgage

Association

Series

2020-144,

2.50%

,

 09/20/50

........

26,202

3,495,788

Series

2020-146,

Class

DI,

2.50%

,

 10/20/50

........

23,068

3,084,039

Series

2020-149,

Class

IA,

2.50%

,

 10/20/50

........

18,864

2,550,307

Series

2020-151,

Class

MI,

2.50%

,

 10/20/50

........

44,874

6,037,079

Series

2020-175,

Class

DI,

2.50%

,

 11/20/50

........

7,806

1,020,473

Series

2020-185,

Class

MI,

2.50%

,

 12/20/50

........

28,752

3,841,095

Series

2021-140,

Class

JI,

3.00%

,

 08/20/51

........

33,169

5,104,387

Series

2021-176,

Class

IA,

3.50%

,

 10/20/51

........

27,802

4,619,939

Series

2021-214,

Class

AI,

4.00%

,

 12/20/51

........

27,253

4,739,792

Series

2021-215,

Class

LI,

3.00%

,

 12/20/51

........

21,473

3,023,664

Series

2021-67,

Class

QI,

3.00%

,

 04/20/51

........

24,554

3,701,983

Series

2021-76,

Class

JI,

3.00%

,

 08/20/50

........

25,229

3,789,167

Series

2021-78,

Class

IP,

3.00%

,

 05/20/51

........

9,981

1,473,631

Series

2021-83,

Class

PI,

3.00%

,

 05/20/51

........

14,137

2,184,465

Series

2021-96,

Class

MI,

3.00%

,

 06/20/51

........

44,033

6,625,760

Series

2022-78,

Class

D,

3.00%

,

 08/20/51

........

83,500

12,866,320

Series

2022-85,

Class

IK,

3.00%

,

 05/20/51

........

6,330

951,838

226,574,156

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.,

Series

2019-KW08,

Class

X2A,

0.10%, 01/25/29

(a)

...........

272,473

985,072

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

638,674

Government

National

Mortgage

Association

Variable

Rate

Notes

(b)

Series

2009-80,

1.56%

,

 09/16/51

1,912

276,742

Series

2013-30,

0.52%

,

 09/16/53

7,393

104,736

Series

2015-37,

0.62%

,

 10/16/56

1,392

35,533

Series

2015-48,

0.92%

,

 02/16/50

750

13,017

Series

2016-36,

0.66%

,

 08/16/57

1,629

43,453

Series

2016-96,

0.77%

,

 12/16/57

8,629

312,182

2,409,409

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

107

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

—

44.7%

Government

National

Mortgage

Association,

6.00%, 01/15/54

(u)

..

USD

233,475

$

237,387,530

Uniform

Mortgage-Backed

Securities

6.00%

,

 03/01/38

..........

1

922

4.50%

,

 09/01/43

-

11/01/44

...

104

103,306

4.00%

,

 09/01/44

-

06/01/52

...

662,362

636,838,225

4.00%

,

 06/01/46

(v)

.........

101,453

98,282,968

5.00%

,

 10/01/52

..........

1

856

3.00%

,

 01/25/54

(u)

.........

1,015,670

898,352,448

3.50%

,

 01/25/54

(u)

.........

5,571,265

5,110,765,562

4.50%

,

 01/25/54

(u)

.........

2,672,456

2,590,403,491

5.50%

,

 01/25/54

(u)

.........

156,267

156,926,594

6.00%

,

 01/25/54

(u)

.........

2,797,217

2,840,049,424

6.50%

,

 01/25/54

(u)

.........

52,191

53,481,504

7.00%

,

 01/25/54

-

02/25/54

(u)

..

3,419,616

3,526,589,561

16,149,182,391

Total

U.S.

Government

Sponsored

Agency

Securities

—

45.4%  

(Cost:

$16,131,570,132)

...........................

16,402,916,631

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

3.25%, 05/15/42

............

163,156

143,144,072

1.38%, 08/15/50

(w)

...........

75,000

41,791,992

1.88%, 02/15/51

............

64,421

40,849,393

2.88%, 05/15/52

(w)

...........

201,565

160,479,987

3.00%, 08/15/52

(g)(v)(w)(x)

........

1,141,365

933,377,983

3.63%, 02/15/53

............

3,000

2,770,313

U.S.

Treasury

Inflation

Linked

Notes

0.13%, 04/15/26

-

04/15/27

.....

82,242

77,818,553

1.63%, 10/15/27

............

168,511

167,221,307

0.63%, 07/15/32

............

88,153

80,520,652

1.38%, 07/15/33

............

65,038

63,048,817

U.S.

Treasury

Notes

4.63%, 06/30/25

............

19,650

19,696,822

2.38%, 05/15/29

............

1,000

926,875

4.50%, 11/15/33

(w)

...........

80,480

84,491,425

Total

U.S.

Treasury

Obligations

—

5.0%

(Cost:

$1,888,659,654)

...........................

1,816,138,191

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

100,637

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

10,835

Security

Shares

Shares

Value

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)(h)

.........

111,033

$

315,334

Innovid

Corp.

(Issued/Exercisable

01/28/21,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

...................

3,266

98

315,432

Japan

—

0.0%

(f)

JAFCO

Group

Co.

Ltd.

(Issued/

Exercisable

09/28/23,

1

Share

for

1

Warrant,

Expires

09/13/28)

(c)

....

9,000,000

644,681

Money

Forward,

Inc.

(Issued/

Exercisable

08/18/23,

1

Share

for

1

Warrant,

Expires

08/18/28,

Strike

Price

JPY

2.50)

(c)

............

4,000,000

209,929

Sanrio

Co.

Ltd.

(Issued/Exercisable

12/14/23,

1

Share

for

1

Warrant,

Expires

11/28/28)

...........

10,000,000

940,426

1,795,036

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

1,205

United

Kingdom

—

0.0%

10X

Future

Technologies

Holdings

Ltd.

(Issued/Exercisable

12/19/23,

1

Share

for

1

Warrant,

Expires

11/17/30,

Strike

Price

GBP

0.01)

(c)

512,859

954,425

United

States

—

0.0%

(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

23,571

California

Resources

Corp.

(Issued/

Exercisable

10/23/20,

1

Share

for

1

Warrant,

Expires

10/27/24,

Strike

Price

USD

36.00)

...........

12,137

235,215

Cano

Health,

Inc.

(Issued/Exercisable

07/06/20,

1

Share

for

1

Warrant,

Expires

06/03/26,

Strike

Price

USD

11.50)

...................

178,770

125

Caresyntax,

Inc.

(Issued/Exercisable

06/14/23,

1

Share

for

1

Warrant,

Expires

06/21/33,

Strike

Price

USD

0.01)

(c)

...................

5,337

522,546

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

5,170

Crown

PropTech

Acquisitions

(Issued/

Exercisable

01/25/21,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

............

199,600

—

CXApp,

Inc.

(Issued/Exercisable

02/02/21,

1

Share

for

1

Warrant,

Expires

12/15/25,

Strike

Price

USD

11.50)

...................

399,242

31,939

EVgo,

Inc.

(Issued/Exercisable

11/10/20,

1

Share

for

1

Warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

...................

213,790

64,351

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

108

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

FLYR,

Inc.

(Issued/Exercisable

05/10/22,

1

Share

for

1

Warrant,

Expires

05/10/32,

Strike

Price

USD

3.95)

(c)

...................

64,041

$

367,595

FreeWire

Technologies,

Inc.

(Issued/

Exercisable

04/27/22,

1

Share

for

1

Warrant,

Expires

04/26/27,

Strike

Price

USD

3.35)

(c)

...........

1,834,643

110,079

FreeWire

Technologies,

Inc.

(Issued/

Exercisable

03/31/22,

1

Share

for

1

Warrant,

Expires

04/26/27,

Strike

Price

USD

3.35)

(c)

...........

91,732

5,504

FreeWire

Technologies,

Inc.

(Issued/

Exercisable

05/03/22,

1

Share

for

1

Warrant,

Expires

04/26/29,

Strike

Price

USD

3.35)

(c)

...........

1,742,911

17

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

1

Share

for

1

Warrant,

Expires

07/07/33,

Strike

Price

USD

0.01)

(c)

...................

542,449

2,636,302

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

1

Share

for

1

Warrant,

Expires

07/07/33,

Strike

Price

USD

0.01)

(c)

...................

215,258

1,046,154

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

1

Share

for

1

Warrant,

Expires

07/07/33,

Strike

Price

USD

11.17)

(c)

..................

86,103

216,119

Hippo

Holdings,

Inc.

(Issued/

Exercisable

01/04/21,

1

Share

for

1

Warrant,

Expires

08/02/26,

Strike

Price

USD

11.50)

............

7,405

148

Kinsey

Interests,

Inc.

(Issued/

Exercisable

10/16/20,

1

Share

for

1

Warrant,

Expires

12/31/25,

Strike

Price

USD

10.00)

...........

469,648

253,610

Latch,

Inc.

(Issued/Exercisable

12/29/20,

1

Share

for

1

Warrant,

Expires

06/04/26,

Strike

Price

USD

11.50)

...................

164,855

—

Lightning

eMotors,

Inc.

(Issued/

Exercisable

05/06/21,

1

Share

for

1

Warrant,

Expires

12/15/25,

Strike

Price

USD

11.50)

............

375,043

412

Offerpad

Solutions,

Inc.

(Issued/

Exercisable

10/13/20,

1

Share

for

1

Warrant,

Expires

09/01/26,

Strike

Price

USD

11.50)

............

369,311

7,017

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

(Issued/

Exercisable

01/19/21,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

(c)

...........

54,520

1

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

61

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

693

Security

Shares

Shares

Value

United

States

(continued)

Sarcos

Technology

&

Robotics

Corp.

(Issued/Exercisable

12/21/20,

1

Share

for

1

Warrant,

Expires

09/24/26,

Strike

Price

USD

11.50)

505,097

$

2,728

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)(h)

..........

1,143,143

3,223,663

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)(h)

.................

446,489

40,407

8,793,433

Total

Warrants

—

0.0%

(Cost:

$29,806,720)

..............................

11,971,003

Total

Long-Term

Investments

—

130.3%

(Cost:

$47,326,277,488)

...........................

47,041,562,107

Par

(000)

Pa

r

(

000)

Short-Term

Securities

Borrowed

Bond

Agreements

—

0.9%

(y)

Barclays

Bank

plc,

1.75%, 01/10/24

(Purchased

on

11/15/23

to

be

repurchased

at

USD

6,989,509,

collateralized

by

Callon

Petroleum

Co.,

7.50%,

due

at

06/15/30,

par

and

fair

value

of

USD

6,922,000

and

$6,980,982,

respectively)

......

USD

6,974

6,973,915

Barclays

Bank

plc,

5.15%, 01/10/24

(Purchased

on

11/15/23

to

be

repurchased

at

USD

8,028,215,

collateralized

by

Deutsche

Bank

AG,

4.50%,

due

at

04/01/25,

par

and

fair

value

of

USD

8,200,000

and

$8,046,834,

respectively)

......

7,976

7,975,730

Barclays

Bank

plc,

0.25%, Open

(Purchased

on

11/14/23

to

be

repurchased

at

USD

3,205,599,

collateralized

by

INEOS

Quattro

Finance

1

plc,

3.75%,

due

at

07/15/26,

par

and

fair

value

of

EUR

3,249,000

and

$3,452,088,

respectively)

(z)

..............

EUR

2,903

3,204,531

Barclays

Bank

plc,

1.50%, Open

(Purchased

on

11/24/23

to

be

repurchased

at

USD

5,757,037,

collateralized

by

Stellantis

NV,

4.50%,

due

at

07/07/28,

par

and

fair

value

of

EUR

5,000,000

and

$5,809,338,

respectively)

(z)

.....

5,207

5,748,654

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

109

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Barclays

Bank

plc,

2.30%, Open

(Purchased

on

11/24/23

to

be

repurchased

at

USD

1,075,205,

collateralized

by

Olympus

Water

US

Holding

Corp.,

5.38%,

due

at

10/01/29,

par

and

fair

value

of

EUR

1,300,000

and

$1,219,111,

respectively)

(z)

..............

EUR

972

$

1,072,807

Barclays

Bank

plc,

2.30%, Open

(Purchased

on

10/11/23

to

be

repurchased

at

USD

523,080,

collateralized

by

Olympus

Water

US

Holding

Corp.,

5.38%,

due

at

10/01/29,

par

and

fair

value

of

EUR

636,000

and

$596,426,

respectively)

(z)

..............

471

520,420

Barclays

Bank

plc,

3.25%, Open

(Purchased

on

11/24/23

to

be

repurchased

at

USD

4,658,162,

collateralized

by

Arkema

SA,

0.75%,

due

at

12/03/29,

par

and

fair

value

of

EUR

5,000,000

and

$4,822,462,

respectively)

(z)

..............

4,206

4,643,490

Barclays

Bank

plc,

3.55%, Open

(Purchased

on

11/30/23

to

be

repurchased

at

USD

4,516,951,

collateralized

by

Akelius

Residential

Property

Financing

BV,

0.75%,

due

at

02/22/30,

par

and

fair

value

of

EUR

5,550,000

and

$4,740,363,

respectively)

(z)

..............

4,080

4,504,513

Barclays

Bank

plc,

5.00%, Open

(Purchased

on

11/15/23

to

be

repurchased

at

USD

5,067,998,

collateralized

by

AthenaHealth

Group,

Inc.,

6.50%,

due

at

02/15/30,

par

and

fair

value

of

USD

5,780,000

and

$5,243,486,

respectively)

(z)

..

USD

5,036

5,035,825

Barclays

Bank

plc,

5.10%, Open

(Purchased

on

11/15/23

to

be

repurchased

at

USD

5,863,010,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

6,545,000

and

$6,169,163,

respectively)

(z)

.....

5,825

5,825,050

Barclays

Bank

plc,

5.15%, Open

(Purchased

on

11/15/23

to

be

repurchased

at

USD

3,041,988,

collateralized

by

Park

River

Holdings,

Inc.,

5.63%,

due

at

02/01/29,

par

and

fair

value

of

USD

3,983,000

and

$3,182,002,

respectively)

(z)

..............

3,022

3,022,101

Barclays

Bank

plc,

5.15%, Open

(Purchased

on

11/15/23

to

be

repurchased

at

USD

4,708,268,

collateralized

by

PHH

Mortgage

Corp.,

7.88%,

due

at

03/15/26,

par

and

fair

value

of

USD

5,190,000

and

$4,648,159,

respectively)

(z)

.....

4,677

4,677,488

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Barclays

Bank

plc,

5.17%, Open

(Purchased

on

12/26/23

to

be

repurchased

at

USD

1,147,730,

collateralized

by

McAfee

Corp.,

7.38%,

due

at

02/15/30,

par

and

fair

value

of

USD

1,225,000

and

$1,118,733,

respectively)

(z)

.....

USD

1,147

$

1,146,906

Barclays

Capital,

Inc.,

3.75%, 01/10/24

(Purchased

on

11/15/23

to

be

repurchased

at

USD

7,077,511,

collateralized

by

Great

Lakes

Dredge

&

Dock

Corp.,

5.25%,

due

at

06/01/29,

par

and

fair

value

of

USD

8,696,000

and

$7,393,435,

respectively)

...............

7,044

7,043,760

Barclays

Capital,

Inc.,

3.85%, 01/10/24

(Purchased

on

11/28/23

to

be

repurchased

at

USD

1,572,776,

collateralized

by

Clear

Channel

Outdoor

Holdings,

Inc.,

7.75%,

due

at

04/15/28,

par

and

fair

value

of

USD

1,923,000

and

$1,658,019,

respectively)

...............

1,567

1,567,245

Barclays

Capital,

Inc.,

5.15%, 01/10/24

(Purchased

on

11/15/23

to

be

repurchased

at

USD

7,219,392,

collateralized

by

Valaris

Ltd.,

8.38%,

due

at

04/30/30,

par

and

fair

value

of

USD

7,119,000

and

$7,293,700,

respectively)

...............

7,172

7,172,195

Barclays

Capital,

Inc.,

5.15%, 01/10/24

(Purchased

on

11/15/23

to

be

repurchased

at

USD

18,740,894,

collateralized

by

Comerica

Bank,

4.00%,

due

at

07/27/25,

par

and

fair

value

of

USD

19,650,000

and

$18,936,949,

respectively)

.....

18,618

18,618,375

BNP

Paribas

SA,

2.00%, Open

(Purchased

on

10/26/23

to

be

repurchased

at

USD

1,988,562,

collateralized

by

Next

Group

plc,

3.63%,

due

at

05/18/28,

par

and

fair

value

of

GBP

1,700,000

and

$2,062,135,

respectively)

(z)

.....

GBP

1,554

1,981,396

BNP

Paribas

SA,

3.45%, Open

(Purchased

on

10/26/23

to

be

repurchased

at

USD

34,778,457,

collateralized

by

Bonos

y

Obligaciones

del

Estado,

0.50%,

due

at

10/31/31,

par

and

fair

value

of

EUR

40,000,000

and

$37,151,450,

respectively)

(z)

..............

EUR

31,280

34,531,556

BNP

Paribas

SA,

3.50%, Open

(Purchased

on

10/26/23

to

be

repurchased

at

USD

1,716,369,

collateralized

by

Legrand

SA,

0.38%,

due

at

10/06/31,

par

and

fair

value

of

EUR

2,000,000

and

$1,844,259,

respectively)

(z)

..............

1,545

1,705,426

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

110

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

BNP

Paribas

SA,

3.65%, Open

(Purchased

on

10/26/23

to

be

repurchased

at

USD

34,696,251,

collateralized

by

Bonos

y

Obligaciones

del

Estado,

0.70%,

due

at

04/30/32,

par

and

fair

value

of

EUR

40,000,000

and

$37,256,105,

respectively)

(z)

..............

EUR

31,207

$

34,451,188

BNP

Paribas

SA,

4.75%, Open

(Purchased

on

12/13/23

to

be

repurchased

at

USD

2,514,470,

collateralized

by

PHH

Mortgage

Corp.,

7.88%,

due

at

03/15/26,

par

and

fair

value

of

USD

2,795,000

and

$2,503,200,

respectively)

(z)

.....

USD

2,509

2,508,513

BofA

Securities,

Inc.,

5.10%, 01/11/24

(Purchased

on

11/16/23

to

be

repurchased

at

USD

10,174,653,

collateralized

by

Deutsche

Bank

AG,

6.12%,

due

at

07/14/26,

par

and

fair

value

of

USD

10,000,000

and

$10,094,773,

respectively)

.....

10,110

10,110,200

BofA

Securities,

Inc.,

5.18%, 01/11/24

(Purchased

on

11/16/23

to

be

repurchased

at

USD

2,593,837,

collateralized

by

Staples,

Inc.,

7.50%,

due

at

04/15/26,

par

and

fair

value

of

USD

3,105,000

and

$2,888,977,

respectively)

......

2,577

2,577,150

Deutsche

Bank

AG,

5.18%, Open

(Purchased

on

11/24/23

to

be

repurchased

at

USD

4,614,759,

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

$5,028,157,

respectively)

(z)

..............

GBP

3,603

4,591,951

Deutsche

Bank

AG,

5.18%, Open

(Purchased

on

11/24/23

to

be

repurchased

at

USD

21,386,031,

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

$23,301,824,

respectively)

(z)

..............

16,695

21,280,329

Goldman

Sachs

International,

3.60%, Open

(Purchased

on

11/24/23

to

be

repurchased

at

USD

2,646,464,

collateralized

by

Verisure

Midholding

AB,

5.25%,

due

at

02/15/29,

par

and

fair

value

of

EUR

2,615,000

and

$2,749,705,

respectively)

(z)

..............

EUR

2,389

2,637,234

J.P.

Morgan

Securities

LLC,

4.20%, 01/04/24

(Purchased

on

11/30/23

to

be

repurchased

at

USD

1,410,694,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

1,532,000

and

$1,444,027,

respectively)

...............

USD

1,406

1,405,610

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

J.P.

Morgan

Securities

LLC,

5.15%, 01/04/24

(Purchased

on

11/30/23

to

be

repurchased

at

USD

15,404,011,

collateralized

by

First

Quantum

Minerals

Ltd.,

8.63%,

due

at

06/01/31,

par

and

fair

value

of

USD

19,200,000

and

$16,162,944,

respectively)

...............

USD

15,336

$

15,336,000

J.P.

Morgan

Securities

plc,

3.55%, Open

(Purchased

on

11/24/23

to

be

repurchased

at

USD

4,058,374,

collateralized

by

Vonovia

SE,

0.25%,

due

at

09/01/28,

par

and

fair

value

of

EUR

4,500,000

and

$4,215,534,

respectively)

(z)

.....

EUR

3,664

4,044,415

J.P.

Morgan

Securities

plc,

3.60%, Open

(Purchased

on

11/24/23

to

be

repurchased

at

USD

2,648,047,

collateralized

by

Paprec

Holding

SA,

3.50%,

due

at

07/01/28,

par

and

fair

value

of

EUR

2,600,000

and

$2,755,459,

respectively)

(z)

..

2,390

2,638,811

J.P.

Morgan

Securities

plc,

3.60%, Open

(Purchased

on

11/24/23

to

be

repurchased

at

USD

2,074,380,

collateralized

by

Vonovia

SE,

0.25%,

due

at

09/01/28,

par

and

fair

value

of

EUR

2,300,000

and

$2,154,607,

respectively)

(z)

.....

1,872

2,067,145

J.P.

Morgan

Securities

plc,

3.65%, Open

(Purchased

on

11/24/23

to

be

repurchased

at

USD

2,599,779,

collateralized

by

Erste

Group

Bank

AG,

0.88%,

due

at

11/15/32,

par

and

fair

value

of

EUR

2,800,000

and

$2,697,197,

respectively)

(z)

..............

2,347

2,590,587

J.P.

Morgan

Securities

plc,

3.70%, Open

(Purchased

on

11/24/23

to

be

repurchased

at

USD

2,599,905,

collateralized

by

Erste

Group

Bank

AG,

0.88%,

due

at

11/15/32,

par

and

fair

value

of

EUR

2,800,000

and

$2,697,197,

respectively)

(z)

..............

2,347

2,590,586

Merrill

Lynch

International,

1.75%, Open

(Purchased

on

11/24/23

to

be

repurchased

at

USD

11,517,301,

collateralized

by

Stellantis

NV,

4.50%,

due

at

07/07/28,

par

and

fair

value

of

EUR

10,000,000

and

$11,618,676,

respectively)

(z)

....

10,415

11,497,308

Merrill

Lynch

International,

3.30%, Open

(Purchased

on

11/24/23

to

be

repurchased

at

USD

13,975,163,

collateralized

by

Arkema

SA,

0.75%,

due

at

12/03/29,

par

and

fair

value

of

EUR

15,000,000

and

$14,467,386,

respectively)

(z)

..............

12,619

13,930,469

Merrill

Lynch

International,

3.35%, Open

(Purchased

on

11/24/23

to

be

repurchased

at

USD

2,626,411,

collateralized

by

Legrand

SA,

0.38%,

due

at

10/06/31,

par

and

fair

value

of

EUR

3,000,000

and

$2,766,388,

respectively)

(z)

..............

2,371

2,617,885

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

111

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Nomura

Securities

International,

Inc.,

2.00%, Open

(Purchased

on

11/10/23

to

be

repurchased

at

USD

1,963,416,

collateralized

by

CommScope,

Inc.,

8.25%,

due

at

03/01/27,

par

and

fair

value

of

USD

4,195,000

and

$2,214,960,

respectively)

(z)

..............

USD

1,956

$

1,955,919

Nomura

Securities

International,

Inc.,

4.00%, Open

(Purchased

on

12/26/23

to

be

repurchased

at

USD

1,920,729,

collateralized

by

Frontier

Communications

Holdings

LLC,

6.75%,

due

at

05/01/29,

par

and

fair

value

of

USD

2,130,000

and

$1,904,652,

respectively)

(z)

.....

1,920

1,919,662

Nomura

Securities

International,

Inc.,

4.25%, Open

(Purchased

on

12/13/23

to

be

repurchased

at

USD

7,657,087,

collateralized

by

PBF

Holding

Co.

LLC,

6.00%,

due

at

02/15/28,

par

and

fair

value

of

USD

7,980,000

and

$7,768,726,

respectively)

(z)

..............

7,641

7,640,850

Nomura

Securities

International,

Inc.,

4.95%, Open

(Purchased

on

12/13/23

to

be

repurchased

at

USD

4,630,181,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

5,000,000

and

$4,712,882,

respectively)

(z)

..............

4,619

4,618,750

Nomura

Securities

International,

Inc.,

5.05%, Open

(Purchased

on

11/08/23

to

be

repurchased

at

USD

9,280,854,

collateralized

by

CrownRock

LP,

5.00%,

due

at

05/01/29,

par

and

fair

value

of

USD

9,710,000

and

$9,467,250,

respectively)

(z)

..............

9,212

9,212,363

Nomura

Securities

International,

Inc.,

5.32%, Open

(Purchased

on

11/28/23

to

be

repurchased

at

USD

5,732,821,

collateralized

by

Clear

Channel

Outdoor

Holdings,

Inc.,

7.75%,

due

at

04/15/28,

par

and

fair

value

of

USD

7,000,000

and

$6,035,430,

respectively)

(z)

.....

5,705

5,705,000

Nomura

Securities

International,

Inc.,

5.32%, Open

(Purchased

on

11/28/23

to

be

repurchased

at

USD

1,274,435,

collateralized

by

GN

Bondco

LLC,

9.50%,

due

at

10/15/31,

par

and

fair

value

of

USD

1,335,000

and

$1,303,347,

respectively)

(z)

..............

1,268

1,268,250

RBC

Capital

Markets

LLC,

3.25%, Open

(Purchased

on

12/13/23

to

be

repurchased

at

USD

2,000,652,

collateralized

by

Callon

Petroleum

Co.,

7.50%,

due

at

06/15/30,

par

and

fair

value

of

USD

1,985,000

and

$2,001,915,

respectively)

(z)

..............

1,997

1,997,406

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

RBC

Capital

Markets

LLC,

4.75%, Open

(Purchased

on

12/20/23

to

be

repurchased

at

USD

54,460,

collateralized

by

Viasat,

Inc.,

5.63%,

due

at

09/15/25,

par

and

fair

value

of

USD

55,000

and

$53,627,

respectively)

(z)

..............

USD

54

$

54,381

RBC

Capital

Markets

LLC,

4.75%, Open

(Purchased

on

12/13/23

to

be

repurchased

at

USD

96,604,

collateralized

by

PG&E

Corp.,

5.25%,

due

at

07/01/30,

par

and

fair

value

of

USD

100,000

and

$96,455,

respectively)

(z)

.......

96

96,375

RBC

Capital

Markets

LLC,

4.80%, Open

(Purchased

on

12/13/23

to

be

repurchased

at

USD

5,528,023,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

5,970,000

and

$5,627,181,

respectively)

(z)

..............

5,515

5,514,788

RBC

Capital

Markets

LLC,

5.15%, Open

(Purchased

on

11/10/23

to

be

repurchased

at

USD

3,666,623,

collateralized

by

Cargo

Aircraft

Management,

Inc.,

4.75%,

due

at

02/01/28,

par

and

fair

value

of

USD

4,240,000

and

$3,880,490,

respectively)

(z)

..............

3,641

3,641,100

RBC

Capital

Markets

LLC,

5.15%, Open

(Purchased

on

12/13/23

to

be

repurchased

at

USD

9,186,671,

collateralized

by

Weatherford

International

Ltd.,

8.63%,

due

at

04/30/30,

par

and

fair

value

of

USD

8,907,000

and

$9,299,434,

respectively)

(z)

.....

9,163

9,163,076

RBC

Capital

Markets

LLC,

5.15%, Open

(Purchased

on

11/15/23

to

be

repurchased

at

USD

1,818,662,

collateralized

by

Valaris

Ltd.,

8.38%,

due

at

04/30/30,

par

and

fair

value

of

USD

1,800,000

and

$1,844,172,

respectively)

(z)

.....

1,807

1,806,772

RBC

Europe

Ltd.,

3.65%, Open

(Purchased

on

10/26/23

to

be

repurchased

at

USD

2,526,168,

collateralized

by

Verisure

Midholding

AB,

5.25%,

due

at

02/15/29,

par

and

fair

value

of

EUR

2,615,000

and

$2,749,705,

respectively)

(z)

.....

EUR

2,273

2,509,376

Total

Borrowed

Bond

Agreements

—

0.9%

(Cost:

$316,743,122)

.............................

320,950,832

Certificates

of

Deposit

—

0.0%

Yankee

—

0.0%

(aa)

Mizuho

Bank

Ltd.,

New

York,

5.48%, 01/04/24

............

USD

8,080

8,079,832

Total

Certificates

of

Deposit

—

0.0%

(Cost:

$8,080,000)

..............................

8,079,832

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

112

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Commercial

Paper

—

2.9%

(ab)

Societe

Generale

SA,

5.70%

,

03/06/24

USD

31,038

$

30,715,981

UBS

AG

6.20%,

06/18/24

............

21,445

20,898,358

6.05%,

06/25/24

(a)

...........

29,734

28,947,189

AT&T,

Inc.

5.99%,

01/23/24

............

43,025

42,861,714

5.93%,

02/21/24

............

108,823

107,915,090

Bayer

Corp.,

6.29%

,

09/10/24

(a)

....

16,217

15,519,916

FMC

Corp.,

6.13%

,

01/12/24

(a)

.....

41,500

41,402,156

General

Motores

Financial

Co.,

Inc.,

5.96%

,

01/22/20

(a)

...........

25,670

25,572,032

General

Motors

Financial

Co.,

Inc.

(a)

5.96%,

01/23/24

............

16,140

16,075,826

5.96%,

01/25/24

............

33,282

33,139,037

6.18%,

06/20/24

............

20,412

19,863,126

Global

Payments,

Inc.

6.01%,

01/08/24

............

18,770

18,738,432

6.06%,

01/19/24

(a)

...........

20,859

20,784,886

6.06%,

01/22/24

............

54,473

54,251,937

Harley-Davidson

Financial

Services,

Inc.

6.03%,

01/12/24

............

25,097

25,042,353

6.08%,

01/22/24

............

13,287

13,236,462

6.13%,

01/31/24

(a)

...........

16,600

16,512,382

HSBC

USA,

Inc.

6.55%,

06/24/24

............

14,500

14,107,272

6.53%,

07/01/24

............

42,025

40,843,221

6.49%,

08/12/24

(a)

...........

21,190

20,463,768

6.15%,

08/16/24

............

20,636

19,916,222

6.46%,

09/09/24

(a)

...........

24,384

23,442,072

6.53%,

09/16/24

(a)

...........

40,618

39,003,621

6.52%,

10/11/24

(a)

...........

21,297

20,371,262

6.29%,

11/27/24

(a)

...........

20,632

19,595,772

Jabil,

Inc.,

6.14%

,

01/05/24

(a)

......

62,388

62,314,244

Nissan

Motor

Acceptance

Co.

LLC

6.17%,

01/05/24

............

80,192

80,102,652

6.17%,

01/12/24

............

41,500

41,406,691

Stanley

Black

&

Decker,

Inc.

6.04%,

01/19/24

............

62,655

62,455,737

6.06%,

01/22/24

............

50,300

50,117,087

Targa

Resources

Corp.,

6.11%

,

01/04/24

(a)

................

33,365

33,333,073

Total

Commercial

Paper

—

2.9%

(Cost:

$1,058,431,825)

...........................

1,058,949,571

Foreign

Government

Obligations

—

0.7%

Brazil

-

0.3%

Federative

Republic

of

Brazil

Treasury

Bills,

11.59%

,

04/01/24

(ab)

......

BRL

463

92,878,196

Mexico

-

0.4%

United

Mexican

States

Treasury

Bills

(ab)

11.26%,

10/03/24

...........

MXN

37,968

20,600,354

12.89%,

11/28/24

...........

250,000

133,472,705

154,073,059

Total

Foreign

Government

Obligations

—

0.7%

(Cost:

$233,419,117)

.............................

246,951,255

Security

Shares

Shares

Value

Money

Market

Funds

—

6.4%

(s)(ac)

BlackRock

Liquid

Environmentally

Aware

Fund,

Class

Direct,

5.43%

.

394,227,921

$

394,464,458

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.26%

(i)

.....

1,717,704,758

1,717,704,758

SL

Liquidity

Series,

LLC,

Money

Market

Series,

5.58%

(ad)

............

205,956,409

206,038,791

Total

Money

Market

Funds

—

6.4%

(Cost:

$2,317,950,137)

...........................

2,318,208,007

Par

(000)

Pa

r

(

000)

U.S.

Treasury

Obligations

—

0.0%

U.S.

Treasury

Bills,

5.34%

,

 05/09/24

(ab)

USD

3,214

3,155,283

Total

U.S.

Treasury

Obligations

—

0.0%

(Cost:

$3,154,038)

..............................

3,155,283

Total

Short-Term

Securities

—

10.9%

(Cost:

$3,937,778,239)

...........................

3,956,294,780

Total

Options

Purchased

—

0.4%

(Cost:

$127,487,838

)

.............................

162,106,998

Total

Investments

Before

Options

Written,

Borrowed

Bonds,

TBA

Sale

Commitments

and

Investments

Sold

Short

—

141.6%

(Cost:

$51,391,543,565)

...........................

51,159,963,885

Total

Options

Written

—

(0.6)%

(Premiums

Received

—

$(229,471,501))

...............

(222,562,107)

Borrowed

Bonds

Corporate

Bonds

—

(0.6)%

Austria

—

(0.0)%

Erste

Group

Bank

AG,

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.10%),

0.88%

,

 11/15/32

(b)

...........

EUR

(5,600)

(5,394,394)

France

—

(0.1)%

Arkema

SA,

0.75%

,

 12/03/29

......

(20,000)

(19,289,848)

Legrand

SA,

0.38%

,

 10/06/31

.....

(5,000)

(4,610,647)

Paprec

Holding

SA,

3.50%

,

 07/01/28

(2,600)

(2,755,459)

(26,655,954)

Germany

—

(0.1)%

Deutsche

Bank

AG:

4.50%

,

 04/01/25

............

USD

(8,200)

(8,046,834)

(1-day

SOFR

+

3.19%),

6.12%

,

 07/14/26

(b)

.........

(10,000)

(10,094,773)

Vonovia

SE,

0.25%

,

 09/01/28

......

EUR

(6,800)

(6,370,141)

(24,511,748)

Sweden

—

(0.0)%

Akelius

Residential

Property

Financing

BV,

0.75%

,

 02/22/30

.........

(5,550)

(4,740,363)

Verisure

Midholding

AB,

5.25%

,

 02/15/29

............

(5,230)

(5,499,410)

(10,239,773)

United

Kingdom

—

(0.0)%

INEOS

Quattro

Finance

1

plc,

3.75%

,

 07/15/26

............

(3,249)

(3,452,088)

Next

Group

plc,

3.63%

,

 05/18/28

...

GBP

(1,700)

(2,062,135)

(5,514,223)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

113

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

—

(0.4)%

AthenaHealth

Group,

Inc.,

6.50%

,

 02/15/30

(a)

...........

USD

(5,780)

$

(5,243,486)

Callon

Petroleum

Co.,

7.50%

,

 06/15/30

(a)

...........

(8,907)

(8,982,897)

Cargo

Aircraft

Management,

Inc.,

4.75%

,

 02/01/28

(a)

...........

(4,240)

(3,880,490)

Clear

Channel

Outdoor

Holdings,

Inc.,

7.75%

,

 04/15/28

(a)

...........

(8,923)

(7,693,449)

Comerica

Bank,

4.00%

,

 07/27/25

...

(19,650)

(18,936,949)

CommScope,

Inc.,

8.25%

,

 03/01/27

(a)

(4,195)

(2,214,960)

CrownRock

LP,

5.00%

,

 05/01/29

(a)

..

(9,710)

(9,467,250)

Frontier

Communications

Holdings

LLC,

6.75%

,

 05/01/29

(a)

...........

(2,130)

(1,904,652)

GN

Bondco

LLC,

9.50%

,

 10/15/31

(a)

.

(1,335)

(1,303,347)

Great

Lakes

Dredge

&

Dock

Corp.,

5.25%

,

 06/01/29

(a)

...........

(8,696)

(7,393,435)

McAfee

Corp.,

7.38%

,

 02/15/30

(a)

...

(1,225)

(1,118,733)

Medline

Borrower

LP,

5.25%

,

 10/01/29

(a)

...........

(19,047)

(17,953,253)

Olympus

Water

US

Holding

Corp.,

5.38%

,

 10/01/29

............

EUR

(1,936)

(1,815,537)

Park

River

Holdings,

Inc.,

5.63%

,

 02/01/29

(a)

...........

USD

(3,983)

(3,182,002)

PBF

Holding

Co.

LLC,

6.00%

,

 02/15/28

(7,980)

(7,768,726)

PG&E

Corp.,

5.25%

,

 07/01/30

.....

(100)

(96,455)

PHH

Mortgage

Corp.,

7.88%

,

 03/15/26

(a)

...........

(7,985)

(7,151,359)

Staples,

Inc.,

7.50%

,

 04/15/26

(a)

....

(3,105)

(2,888,977)

Stellantis

NV,

4.50%

,

 07/07/28

.....

EUR

(15,000)

(17,428,014)

Valaris

Ltd.,

8.38%

,

 04/30/30

(a)

.....

USD

(8,919)

(9,137,872)

Viasat,

Inc.,

5.63%

,

 09/15/25

(a)

.....

(55)

(53,627)

Weatherford

International

Ltd.,

8.63%

,

 04/30/30

(a)

...........

(8,907)

(9,299,434)

(144,914,904)

Zambia

—

(0.0)%

First

Quantum

Minerals

Ltd.,

8.63%

,

 06/01/31

(a)

...........

(19,200)

(16,162,944)

Foreign

Government

Obligations

—

(0.3)%

Spain

—

(0.2)%

Bonos

y

Obligaciones

del

Estado

(a)

:

0.50%

,

 10/31/31

............

EUR

(40,000)

(37,151,450)

Security

Par

(000)

Par

(000)

Value

Spain

(continued)

0.70%

,

 04/30/32

............

EUR

(40,000)

$

(37,256,105)

(74,407,555)

United

Kingdom

—

(0.1)%

U.K.

Treasury

Inflation

Linked

Bonds,

0.13%

,

 03/22/46

............

GBP

(26,506)

(28,329,981)

Total

Borrowed

Bonds

—

(0.9)%

(Proceeds:

$(357,543,460))

........................

(336,131,476)

TBA

Sale

Commitments

(u)

Government

National

Mortgage

Association,

6.00%, 01/15/54

....

USD

(233,475)

(237,387,530)

Uniform

Mortgage-Backed

Securities

3.00%

,

 01/25/54

............

(964,769)

(853,330,646)

3.50%

,

 01/25/54

............

(200,964)

(184,353,069)

4.00%

,

 01/25/54

............

(748,453)

(707,843,106)

5.00%

,

 01/25/54

............

(3,870,200)

(3,828,776,587)

6.00%

,

 01/25/54

............

(2,797,217)

(2,840,049,424)

6.50%

,

 01/25/54

............

(2,650,812)

(2,716,357,462)

7.00%

,

 01/25/54

............

(297,300)

(306,648,691)

Total

TBA

Sale

Commitments

—

(32.3)%

(Proceeds:

$(11,609,816,394))

......................

(11,674,746,515)

Investments

Sold

Short

Corporate

Bonds

United

Kingdom

—

(0.0)%

eG

Global

Finance

plc,

4.38%

,

02/07/25

.................

EUR

(2,261)

(2,493,621)

Total

Corporate

Bonds

—

(0.0)%

(Proceeds:

$(2,377,773))

..........................

(2,493,621)

Total

Investments

Sold

Short

—

(0.0)%

(Proceeds:

$(2,377,773)

)

..........................

(2,493,621)

Total

Investments

Net

of

Options

Written,

Borrowed

Bonds,

TBA

Sale

Commitments

and

Investments

Sold

Short

—

107.8%

(Cost:

$39,192,334,437)

...........................

38,924,030,166

Liabilities

in

Excess

of

Other

Assets

—

(7.8)%

............

(2,817,202,399)

Net

Assets

—

100.0%

..............................

$

36,106,827,767

(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)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(h)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$319,338,443,

representing

0.88%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$313,429,002.

(i)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Consolidated

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

(j)

Investment

does

not

issue

shares.

(k)

All

or

a

portion

of

this

security

is

on

loan.

(l)

Zero-coupon

bond.

(m)

Convertible

security.

(n)

Perpetual

security

with

no

stated

maturity

date.

(o)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(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.

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

114

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(q)

When-issued

security.

(r)

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.

(s)

Affiliate

of

the

Fund.

(t)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(u)

Represents

or

includes

a

TBA

transaction.

(v)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

borrowed

bonds.

(w)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(x)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

TBA

commitments.

(y)

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

(z)

The

amount

to

be

repurchased

assumes

the

maturity

will

be

the

day

after

the

period

end.

(aa)

Issuer

is

a

U.S.

branch

of

a

foreign

domiciled

bank.

(ab)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

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

12/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/23

Shares

Held

at

12/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquid

Environmentally

Aware

Fund,

Class

Direct

......

$

374,908,494

$

19,437,216

$

—

$

—

$

118,748

$

394,464,458

394,227,921

$

19,437,555

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

467,417,578

1,250,280,239

(a)

—

6,941

—

1,717,704,758

1,717,704,758

32,755,271

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

.........

190,897,846

15,045,918

(a)

—

51,347

43,680

206,038,791

205,956,409

1,829,107

(b)

—

iShares

0-5

Year

TIPS

Bond

ETF

................

38,947,863

—

—

—

654,754

39,602,617

401,690

1,124,208

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

(c)

..............

—

56,560,293

(56,696,884)

136,591

—

—

—

—

—

iShares

20+

Year

Treasury

Bond

ETF

............

12,942,800

7,893,750

(10,794,953)

(166,987)

310,030

10,184,640

103,000

372,367

—

iShares

Biotechnology

ETF

(c)

.

3,851,129

—

(3,797,282)

465,121

(518,968)

—

—

2,076

—

iShares

China

Large-Cap

ETF

(c)

20,929,265

44,527,172

(66,594,890)

1,882,728

(744,275)

—

—

44,951

—

iShares

Core

U.S.

Aggregate

Bond

ETF

(c)

..........

2,250,168

—

(2,309,952)

(411,461)

471,245

—

—

22,740

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(c)

...

55,222,647

270,852,472

(329,602,380)

3,696,011

(168,750)

—

—

1,539,810

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

59,114,812

1,211,564,047

(1,125,836,536)

(1,794,658)

4,879,967

147,927,632

1,336,776

6,676,148

—

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

................

135,337,571

52,346,134

(104,099,415)

(4,032,976)

3,774,202

83,325,516

935,611

7,506,205

—

iShares

Latin

America

40

ETF

12,270,574

—

—

—

3,307,533

15,578,107

536,067

717,795

—

iShares

MSCI

Brazil

ETF

...

13,894,769

9,747,705

(9,452,534)

(2,395,767)

5,573,046

17,367,219

496,774

982,219

—

iShares

MSCI

Japan

ETF

(c)

..

—

4,936,741

(4,994,017)

57,276

—

—

—

—

—

iShares

MSCI

USA

Momentum

Factor

ETF

(c)

..........

—

56,338,868

(56,994,760)

655,892

—

—

—

—

—

iShares

Russell

2000

ETF

(c)

..

—

2,686,015

(2,733,289)

47,274

—

—

—

—

—

iShares

Russell

Mid-Cap

Growth

ETF

..........

—

9,131,489

—

—

872,227

10,003,716

95,766

31,921

—

iShares

U.S.

Real

Estate

ETF

(c)

—

2,694,178

(2,725,496)

31,318

—

—

—

—

—

$

(1,771,350)

$

18,573,439

$

2,642,197,454

$

73,042,373

$

—

—

—

(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

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

115

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)

............................................................

203

01/26/24

$

43,122

$

(528,885)

FTSE

China

A50

Index

......................................................

1,048

01/30/24

12,051

294,506

Euro-Bobl

...............................................................

12,823

03/07/24

1,688,522

2,415,545

SGX

Nikkei

225

Index

.......................................................

71

03/07/24

16,787

122,840

Australia

10-Year

Bond

......................................................

1,604

03/15/24

127,521

3,204,937

MSCI

Emerging

Markets

E-Mini

Index

............................................

320

03/15/24

16,539

760,984

S&P

500

E-Mini

Index

.......................................................

498

03/15/24

120,018

1,866,456

3-mo.

SOFR

.............................................................

4,606

03/19/24

1,089,780

(7,347,818)

Korea

3-Year

Bond

.........................................................

1,345

03/19/24

110,094

1,068,223

U.S.

Treasury

5-Year

Note

....................................................

57,322

03/28/24

6,235,111

87,270,913

3-mo.

SOFR

.............................................................

1,572

06/18/24

373,389

135,188

ECX

Emission

(a)

...........................................................

56

12/16/24

4,969

581,599

3-mo.

SONIA

Index

.........................................................

1,180

03/18/25

362,429

461,858

90,306,346

Short

Contracts

IFSC

NIFTY

50

Index

.......................................................

100

01/25/24

4,370

(65,981)

Euro-BTP

...............................................................

2,271

03/07/24

294,757

(6,945,098)

Euro-Bund

..............................................................

2,043

03/07/24

309,482

1,634,514

Euro-Buxl

...............................................................

819

03/07/24

128,134

(9,265,974)

Euro-OAT

...............................................................

934

03/07/24

135,599

(1,855,512)

Euro-Schatz

.............................................................

8,697

03/07/24

1,022,944

(2,169,978)

Japan

10-Year

Bond

........................................................

1,863

03/13/24

1,938,445

(10,548,669)

EURO

STOXX

50

Index

.....................................................

959

03/15/24

48,183

323,713

EURO

STOXX

Banks

Price

Index

...............................................

859

03/15/24

5,662

44,606

NASDAQ

100

E-Mini

Index

...................................................

80

03/15/24

27,238

(180,858)

Russell

2000

E-Mini

Index

....................................................

884

03/15/24

90,508

(6,267,809)

Canada

10-Year

Bond

.......................................................

1,232

03/19/24

115,460

(4,855,504)

U.S.

Treasury

10-Year

Note

...................................................

30,052

03/19/24

3,392,589

(51,888,043)

U.S.

Treasury

10-Year

Ultra

Note

...............................................

16,662

03/19/24

1,966,376

(80,117,219)

U.S.

Treasury

Long

Bond

.....................................................

651

03/19/24

81,334

(347,385)

U.S.

Treasury

Ultra

Bond

.....................................................

5,719

03/19/24

764,023

(52,023,838)

Long

Gilt

................................................................

1,047

03/26/24

136,992

(4,236,427)

U.S.

Treasury

2-Year

Note

....................................................

54,322

03/28/24

11,185,664

(55,800,174)

3-mo.

SOFR

.............................................................

760

09/17/24

181,403

(307,489)

3-mo.

SOFR

.............................................................

2,104

12/17/24

504,408

(2,189,971)

3-mo.

SOFR

.............................................................

4,606

03/18/25

1,108,434

(9,479,179)

3-mo.

SOFR

.............................................................

1,092

06/17/25

263,636

(1,268,421)

(297,810,696)

$

(207,504,350)

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Consolidated

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

107,012,824

USD

21,764,000

BNP

Paribas

SA

01/03/24

$

265,979

BRL

105,603,690

USD

21,486,000

Citibank

NA

01/03/24

253,890

BRL

156,160,296

USD

31,696,000

Goldman

Sachs

International

01/03/24

451,624

MXN

28,720,231

USD

1,649,945

Goldman

Sachs

International

01/17/24

37,321

AUD

54,034,000

USD

35,927,438

Barclays

Bank

plc

01/18/24

913,082

AUD

43,762,000

USD

29,399,010

Deutsche

Bank

AG

01/18/24

438,034

AUD

44,346,000

USD

28,366,752

JPMorgan

Chase

Bank

NA

01/18/24

1,868,464

AUD

21,418,000

USD

14,260,574

Morgan

Stanley

&

Co.

International

plc

01/18/24

342,274

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

116

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

CAD

15,430,252

USD

11,201,000

HSBC

Bank

plc

01/18/24

$

446,668

CAD

66,223,151

USD

49,181,000

Morgan

Stanley

&

Co.

International

plc

01/18/24

808,153

CHF

6,148,364

USD

7,141,000

Citibank

NA

01/18/24

181,309

CLP

10,838,914,440

USD

11,756,000

Barclays

Bank

plc

01/18/24

536,434

CLP

6,335,467,500

USD

7,179,000

BNP

Paribas

SA

01/18/24

6,066

COP

62,966,693,700

GBP

12,598,000

Standard

Chartered

Bank

01/18/24

136,472

COP

57,804,754,500

USD

14,150,000

Citibank

NA

01/18/24

718,192

COP

114,150,442,000

USD

28,470,000

Societe

Generale

SA

01/18/24

891,092

COP

85,056,840,000

USD

21,479,000

Toronto

Dominion

Bank

01/18/24

398,810

EUR

26,423,000

GBP

22,893,918

BNP

Paribas

SA

01/18/24

3,624

EUR

9,982,000

MXN

187,311,960

Goldman

Sachs

International

01/18/24

24,324

EUR

6,528,000

USD

7,112,656

Barclays

Bank

plc

01/18/24

98,434

EUR

100,063,000

USD

107,917,562

BNP

Paribas

SA

01/18/24

2,616,035

EUR

13,392,000

USD

14,412,189

UBS

AG

01/18/24

381,150

GBP

11,456,000

USD

14,211,970

Barclays

Bank

plc

01/18/24

391,696

GBP

25,808,000

USD

31,686,494

UBS

AG

01/18/24

1,212,544

HUF

2,522,295,004

USD

7,231,000

Barclays

Bank

plc

01/18/24

23,337

HUF

5,316,544,766

USD

14,947,000

BNP

Paribas

SA

01/18/24

343,840

IDR

220,514,080,000

USD

14,282,000

Citibank

NA

01/18/24

43,256

IDR

417,416,490,000

USD

26,568,000

Toronto

Dominion

Bank

01/18/24

548,628

INR

1,776,459,080

USD

21,296,000

Bank

of

America

NA

01/18/24

32,770

JPY

3,634,946,376

USD

25,096,000

Barclays

Bank

plc

01/18/24

746,048

JPY

3,956,823,161

USD

26,868,000

BNP

Paribas

SA

01/18/24

1,262,377

JPY

2,086,251,986

USD

14,272,000

Citibank

NA

01/18/24

559,862

JPY

1,043,271,777

USD

7,117,000

Goldman

Sachs

International

01/18/24

299,968

JPY

2,316,263,487

USD

15,438,000

UBS

AG

01/18/24

1,029,091

KRW

18,523,754,000

USD

14,282,000

Citibank

NA

01/18/24

18,856

KRW

9,310,932,925

USD

7,147,000

Morgan

Stanley

&

Co.

International

plc

01/18/24

41,301

MXN

442,002,728

EUR

23,296,000

Citibank

NA

01/18/24

228,338

MXN

504,437,114

EUR

26,408,000

Goldman

Sachs

International

01/18/24

457,924

MXN

499,881,500

USD

28,646,000

Barclays

Bank

plc

01/18/24

715,673

MXN

250,876,265

USD

14,305,000

BNP

Paribas

SA

01/18/24

430,786

MXN

997,240,549

USD

56,858,000

Goldman

Sachs

International

01/18/24

1,717,184

MXN

1,200,573,926

USD

68,502,103

JPMorgan

Chase

Bank

NA

01/18/24

2,016,329

MXN

141,421,814

USD

7,950,000

UBS

AG

01/18/24

356,731

MYR

134,193,720

USD

28,680,000

Barclays

Bank

plc

01/18/24

614,732

NOK

142,667,146

EUR

12,126,544

Barclays

Bank

plc

01/18/24

652,332

NOK

335,434,936

EUR

29,529,000

BNP

Paribas

SA

01/18/24

409,866

NOK

13,031,198

EUR

1,107,456

Citibank

NA

01/18/24

59,784

NOK

115,150,066

EUR

9,814,000

UBS

AG

01/18/24

497,376

NOK

76,811,889

USD

7,147,000

Citibank

NA

01/18/24

416,324

NOK

156,803,941

USD

14,381,000

Goldman

Sachs

International

01/18/24

1,058,785

PLN

57,145,982

USD

14,294,000

Bank

of

America

NA

01/18/24

226,570

PLN

231,184,389

USD

57,256,000

Citibank

NA

01/18/24

1,487,044

PLN

271,844,613

USD

67,624,000

UBS

AG

01/18/24

1,450,646

THB

1,511,622,850

USD

42,230,000

JPMorgan

Chase

Bank

NA

01/18/24

2,117,688

USD

14,294,000

CLP

12,580,149,400

Citibank

NA

01/18/24

26,828

USD

17,900,000

CLP

15,606,627,710

Morgan

Stanley

&

Co.

International

plc

01/18/24

200,493

USD

14,272,000

CNY

101,564,904

Citibank

NA

01/18/24

2,936

USD

14,675,255

MXN

248,870,000

JPMorgan

Chase

Bank

NA

01/18/24

57,311

ZAR

202,384,226

USD

10,837,000

Bank

of

America

NA

01/18/24

212,052

ZAR

263,159,616

USD

14,234,000

Barclays

Bank

plc

01/18/24

133,050

ZAR

1,063,067,851

USD

57,019,000

Citibank

NA

01/18/24

1,018,584

ZAR

372,300,597

USD

19,804,000

Deutsche

Bank

AG

01/18/24

521,540

ZAR

525,991,428

USD

28,610,000

State

Street

Bank

and

Trust

Co.

01/18/24

106,203

JPY

516,845,685

USD

3,602,000

JPMorgan

Chase

Bank

NA

01/22/24

74,833

ILS

131,282,186

USD

33,413,639

Citibank

NA

01/29/24

2,866,108

COP

58,333,142,000

USD

14,378,748

Citibank

NA

01/31/24

580,203

IDR

581,993,519,175

USD

37,475,435

Citibank

NA

01/31/24

330,864

BRL

189,956,126

USD

38,824,000

Morgan

Stanley

&

Co.

International

plc

02/02/24

213,028

CZK

324,494,494

USD

13,850,520

BNP

Paribas

SA

03/04/24

634,113

AUD

16,364,895

USD

10,768,461

Natwest

Markets

plc

03/14/24

407,674

CLP

8,983,669,682

USD

10,154,481

Goldman

Sachs

International

03/14/24

1,090

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

117

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

6,562,000

GBP

5,696,866

BNP

Paribas

SA

03/14/24

$

761

HUF

2,536,656,000

USD

7,120,438

Citibank

NA

03/14/24

132,237

HUF

5,780,778,222

USD

16,140,804

State

Street

Bank

and

Trust

Co.

03/14/24

387,296

IDR

55,644,301,000

USD

3,602,739

Citibank

NA

03/14/24

11,080

INR

1,164,569,000

USD

13,927,752

JPMorgan

Chase

Bank

NA

03/14/24

22,452

KRW

28,372,017,239

USD

21,708,359

Citibank

NA

03/14/24

292,466

MYR

114,997,251

USD

24,722,617

Barclays

Bank

plc

03/14/24

490,662

NOK

35,731,831

EUR

3,034,843

Barclays

Bank

plc

03/14/24

162,672

NOK

73,307,723

EUR

6,513,000

BNP

Paribas

SA

03/14/24

16,341

NOK

3,263,823

EUR

277,157

Citibank

NA

03/14/24

14,917

RON

32,470,000

USD

7,020,141

BNP

Paribas

SA

03/14/24

178,274

THB

1,405,981,815

USD

39,626,330

Barclays

Bank

plc

03/14/24

1,822,036

USD

3,514,733

CLP

3,102,982,000

Citibank

NA

03/14/24

6,973

AUD

4,530,000

EUR

2,768,671

UBS

AG

03/20/24

28,191

AUD

23,380,000

NZD

25,181,228

State

Street

Bank

and

Trust

Co.

03/20/24

48,101

AUD

4,610,000

NZD

4,955,224

UBS

AG

03/20/24

15,767

AUD

22,960,000

USD

15,211,620

ANZ

Banking

Group

Ltd.

03/20/24

471,082

BRL

100,463,859

USD

20,206,250

Goldman

Sachs

International

03/20/24

324,272

CAD

87,486,113

USD

65,886,549

JPMorgan

Chase

Bank

NA

03/20/24

208,199

EUR

55,000,000

GBP

47,422,100

BNP

Paribas

SA

03/20/24

436,813

EUR

41,186,391

SEK

456,391,302

BNP

Paribas

SA

03/20/24

221,158

EUR

46,800,000

USD

50,655,720

Barclays

Bank

plc

03/20/24

1,170,165

EUR

2,790,000

USD

3,058,844

Deutsche

Bank

AG

03/20/24

30,776

EUR

82,640,000

USD

90,295,161

Societe

Generale

SA

03/20/24

1,219,607

HUF

1,089,000,000

EUR

2,806,325

JPMorgan

Chase

Bank

NA

03/20/24

4,393

HUF

548,000,000

EUR

1,408,766

Societe

Generale

SA

03/20/24

5,994

MXN

29,282,742

USD

1,649,945

Deutsche

Bank

AG

03/20/24

52,850

MXN

158,700,000

USD

8,999,134

Morgan

Stanley

&

Co.

International

plc

03/20/24

229,288

NOK

32,600,000

SEK

31,012,706

Bank

of

America

NA

03/20/24

129,993

NOK

16,400,000

SEK

15,557,696

UBS

AG

03/20/24

69,750

NOK

14,940,000

USD

1,363,489

Deutsche

Bank

AG

03/20/24

109,529

NOK

14,930,000

USD

1,361,457

JPMorgan

Chase

Bank

NA

03/20/24

110,575

NOK

182,722,000

USD

16,845,734

Natwest

Markets

plc

03/20/24

1,169,853

NZD

32,952,000

USD

20,468,069

JPMorgan

Chase

Bank

NA

03/20/24

366,681

SEK

368,242,051

EUR

32,951,955

JPMorgan

Chase

Bank

NA

03/20/24

131,107

SEK

61,500,000

USD

6,066,001

Barclays

Bank

plc

03/20/24

50,195

SEK

23,700,000

USD

2,279,816

BNP

Paribas

SA

03/20/24

77,157

SEK

93,400,000

USD

9,181,821

JPMorgan

Chase

Bank

NA

03/20/24

106,840

THB

522,600,000

EUR

13,686,002

Barclays

Bank

plc

03/20/24

258,231

THB

1,250,170,685

EUR

33,110,526

Citibank

NA

03/20/24

207,247

THB

209,010,000

EUR

5,453,940

HSBC

Bank

plc

03/20/24

125,067

THB

139,320,000

EUR

3,669,584

JPMorgan

Chase

Bank

NA

03/20/24

45,553

USD

2,740,164

CNY

19,312,000

Credit

Agricole

Corporate

&

Investment

Bank

SA

03/20/24

15,315

USD

169,248,741

INR

14,131,423,630

Bank

of

America

NA

03/20/24

37,336

USD

18,481,183

INR

1,540,000,000

Goldman

Sachs

International

03/20/24

41,034

ZAR

309,615,558

USD

16,479,256

BNP

Paribas

SA

03/20/24

332,315

ZAR

771,936,242

USD

40,187,431

Deutsche

Bank

AG

03/20/24

1,727,327

ZAR

56,400,000

USD

2,932,155

Goldman

Sachs

International

03/20/24

130,264

EUR

55,371,333

JPY

8,466,000,000

Bank

of

America

NA

03/21/24

535,083

EUR

33,198,682

JPY

5,079,000,000

Deutsche

Bank

AG

03/21/24

298,649

JPY

8,502,000,000

EUR

54,937,031

Barclays

Bank

plc

03/21/24

204,356

JPY

386,176,355

EUR

2,470,326

BNP

Paribas

SA

03/21/24

36,984

JPY

383,072,239

EUR

2,471,242

Goldman

Sachs

International

03/21/24

13,682

JPY

8,466,000,000

USD

59,426,790

Barclays

Bank

plc

03/21/24

1,358,379

JPY

4,207,540,946

USD

30,010,000

Citibank

NA

03/21/24

199,791

JPY

12,074,176,510

USD

86,277,091

Deutsche

Bank

AG

03/21/24

414,482

JPY

2,319,247,643

USD

16,479,256

Goldman

Sachs

International

03/21/24

172,747

JPY

12,389,771,840

USD

86,537,187

HSBC

Bank

plc

03/21/24

2,420,334

JPY

3,555,217,500

USD

25,000,000

JPMorgan

Chase

Bank

NA

03/21/24

526,163

JPY

4,273,000,000

USD

29,819,187

Societe

Generale

SA

03/21/24

860,594

COP

71,591,985,000

USD

16,311,685

BNP

Paribas

SA

05/17/24

1,675,442

KRW

18,895,000,000

USD

14,719,171

Citibank

NA

06/20/24

12,165

COP

79,612,884,608

USD

18,691,761

Barclays

Bank

plc

08/15/24

978,752

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

118

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

COP

204,718,846,133

USD

47,343,689

BNP

Paribas

SA

08/15/24

$

3,237,630

COP

141,049,230,000

USD

32,627,627

Morgan

Stanley

&

Co.

International

plc

08/15/24

2,222,393

69,085,845

USD

14,358,000

BRL

70,641,360

Citibank

NA

01/03/24

(184,440)

USD

21,764,000

BRL

107,087,150

Goldman

Sachs

International

01/03/24

(281,280)

USD

38,824,000

BRL

189,150,528

Morgan

Stanley

&

Co.

International

plc

01/03/24

(115,090)

USD

4,206,157

GBP

3,347,000

State

Street

Bank

and

Trust

Co.

01/03/24

(60,097)

USD

19,564,511

COP

79,612,884,608

Barclays

Bank

plc

01/09/24

(954,914)

USD

49,525,558

COP

204,718,846,133

BNP

Paribas

SA

01/09/24

(3,238,678)

USD

34,652,851

COP

141,049,230,000

Citibank

NA

01/09/24

(1,701,179)

USD

1,649,945

MXN

28,654,969

Goldman

Sachs

International

01/17/24

(33,487)

USD

23,131,000

TWD

744,193,664

Morgan

Stanley

&

Co.

International

plc

01/17/24

(1,307,480)

CLP

9,216,843,700

USD

10,721,000

BNP

Paribas

SA

01/18/24

(268,159)

CLP

24,958,191,700

USD

28,658,000

Citibank

NA

01/18/24

(352,866)

EUR

39,842,000

MXN

753,806,093

BNP

Paribas

SA

01/18/24

(265,440)

EUR

13,164,000

MXN

248,622,952

Morgan

Stanley

&

Co.

International

plc

01/18/24

(61,952)

EUR

26,336,000

NOK

297,334,756

BNP

Paribas

SA

01/18/24

(185,428)

EUR

9,814,000

NOK

114,277,922

Goldman

Sachs

International

01/18/24

(411,500)

EUR

13,024,000

PLN

57,879,638

BNP

Paribas

SA

01/18/24

(320,156)

EUR

13,340,000

PLN

59,411,638

UBS

AG

01/18/24

(360,366)

EUR

2,565,079

USD

2,833,759

UBS

AG

01/18/24

(270)

GBP

8,556,000

USD

10,924,576

BNP

Paribas

SA

01/18/24

(17,719)

HUF

4,967,622,586

EUR

13,018,000

BNP

Paribas

SA

01/18/24

(92,894)

KRW

18,414,223,200

USD

14,348,000

Citibank

NA

01/18/24

(131,704)

USD

14,399,506

AUD

21,664,000

Barclays

Bank

plc

01/18/24

(371,064)

USD

10,739,106

AUD

16,194,000

BNP

Paribas

SA

01/18/24

(302,005)

USD

25,100,880

AUD

38,153,000

Goldman

Sachs

International

01/18/24

(911,934)

USD

14,272,660

AUD

21,900,000

Morgan

Stanley

&

Co.

International

plc

01/18/24

(658,816)

USD

31,555,000

CAD

43,480,485

Morgan

Stanley

&

Co.

International

plc

01/18/24

(1,266,643)

USD

14,348,000

CAD

19,731,198

UBS

AG

01/18/24

(546,276)

USD

7,141,000

CHF

6,242,424

Goldman

Sachs

International

01/18/24

(293,330)

USD

14,348,000

CLP

12,701,567,000

Societe

Generale

SA

01/18/24

(56,872)

USD

7,180,000

CNY

51,294,034

UBS

AG

01/18/24

(26,406)

USD

7,117,000

COP

28,745,563,000

Bank

of

America

NA

01/18/24

(276,761)

USD

7,145,000

COP

28,716,826,750

BNP

Paribas

SA

01/18/24

(241,370)

USD

7,167,000

COP

29,127,261,360

Citibank

NA

01/18/24

(324,939)

USD

21,401,000

COP

86,079,075,480

Goldman

Sachs

International

01/18/24

(739,744)

USD

18,980,547

COP

77,274,551,808

JPMorgan

Chase

Bank

NA

01/18/24

(895,550)

USD

23,389,000

COP

95,777,955,000

Standard

Chartered

Bank

01/18/24

(1,246,432)

USD

14,278,000

CZK

328,039,620

Citibank

NA

01/18/24

(383,026)

USD

35,834,212

EUR

32,656,000

Barclays

Bank

plc

01/18/24

(238,913)

USD

61,712,183

EUR

56,899,000

BNP

Paribas

SA

01/18/24

(1,140,730)

USD

13,405,579

EUR

12,491,000

Deutsche

Bank

AG

01/18/24

(392,480)

USD

35,793,580

EUR

32,566,000

Goldman

Sachs

International

01/18/24

(180,128)

USD

14,495,635

EUR

13,392,000

UBS

AG

01/18/24

(297,704)

USD

39,346,999

GBP

31,370,000

Barclays

Bank

plc

01/18/24

(642,262)

USD

31,577,817

IDR

490,971,900,471

Deutsche

Bank

AG

01/18/24

(317,191)

USD

35,839,362

IDR

555,743,602,276

HSBC

Bank

plc

01/18/24

(263,410)

USD

17,775,800

IDR

274,644,995,010

Natwest

Markets

plc

01/18/24

(65,963)

USD

10,678,000

JPY

1,565,310,443

Barclays

Bank

plc

01/18/24

(450,315)

USD

28,646,000

JPY

4,159,739,453

BNP

Paribas

SA

01/18/24

(926,978)

USD

7,147,000

JPY

1,049,400,442

Goldman

Sachs

International

01/18/24

(313,538)

USD

10,947,000

JPY

1,642,392,641

Morgan

Stanley

&

Co.

International

plc

01/18/24

(729,318)

USD

7,147,000

KRW

9,261,925,946

UBS

AG

01/18/24

(3,466)

USD

51,157,701

MXN

894,881,196

Barclays

Bank

plc

01/18/24

(1,405,176)

USD

340,351,534

MXN

6,114,063,299

Citibank

NA

01/18/24

(18,771,840)

USD

14,340,000

MXN

252,564,068

Goldman

Sachs

International

01/18/24

(494,924)

USD

21,529,000

MXN

374,940,338

Morgan

Stanley

&

Co.

International

plc

01/18/24

(493,972)

USD

13,718,276

MXN

239,044,089

UBS

AG

01/18/24

(322,521)

USD

7,147,000

NOK

76,093,326

Morgan

Stanley

&

Co.

International

plc

01/18/24

(345,571)

USD

21,584,000

NOK

233,435,641

UBS

AG

01/18/24

(1,401,367)

USD

46,090,000

PLN

189,427,196

BNP

Paribas

SA

01/18/24

(2,042,705)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

119

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

14,305,000

PLN

57,516,714

Citibank

NA

01/18/24

$

(309,771)

USD

45,607,640

PLN

187,305,889

Goldman

Sachs

International

01/18/24

(1,986,049)

USD

34,456,650

PLN

138,633,885

Nomura

International

plc

01/18/24

(769,674)

USD

7,239,000

PLN

28,804,430

UBS

AG

01/18/24

(80,092)

USD

5,430,000

TWD

169,198,800

Citibank

NA

01/18/24

(127,204)

USD

14,304,000

ZAR

269,296,830

Bank

of

America

NA

01/18/24

(398,108)

USD

10,837,000

ZAR

198,836,604

Barclays

Bank

plc

01/18/24

(18,371)

USD

60,787,000

ZAR

1,137,657,277

Citibank

NA

01/18/24

(1,322,752)

USD

14,149,000

ZAR

265,990,767

Deutsche

Bank

AG

01/18/24

(372,615)

USD

10,769,000

ZAR

202,634,889

HSBC

Bank

plc

01/18/24

(293,736)

ZAR

286,513,543

EUR

14,200,000

Deutsche

Bank

AG

01/18/24

(43,845)

USD

3,602,000

TWD

112,166,280

Citibank

NA

01/22/24

(84,416)

USD

22,728,799

ILS

86,755,527

JPMorgan

Chase

Bank

NA

01/29/24

(1,246,032)

USD

11,684,643

ILS

44,526,659

State

Street

Bank

and

Trust

Co.

01/29/24

(620,269)

USD

37,732,982

IDR

581,993,519,175

Citibank

NA

01/31/24

(73,316)

USD

59,431,553

ZAR

1,126,192,272

Bank

of

America

NA

02/05/24

(1,949,518)

USD

13,873,599

EUR

12,818,786

Citibank

NA

02/06/24

(298,093)

USD

1,617,999

EUR

1,494,654

Deutsche

Bank

AG

02/06/24

(34,402)

USD

17,654,366

COP

71,591,985,000

Citibank

NA

02/20/24

(637,243)

USD

31,827,480

CZK

719,158,466

Bank

of

America

NA

03/04/24

(273,977)

USD

35,763,550

CZK

809,817,655

Deutsche

Bank

AG

03/04/24

(384,711)

USD

41,400,155

CZK

944,359,479

HSBC

Bank

plc

03/04/24

(753,719)

EUR

3,312,000

NOK

37,752,418

Barclays

Bank

plc

03/14/24

(55,026)

USD

27,266,754

BRL

136,209,490

Goldman

Sachs

International

03/14/24

(581,394)

USD

38,915,697

COP

158,196,199,003

Citibank

NA

03/14/24

(1,325,461)

USD

26,357,242

CZK

597,933,539

Nomura

International

plc

03/14/24

(327,994)

USD

26,092,903

EUR

24,162,739

Barclays

Bank

plc

03/14/24

(658,007)

USD

12,805,186

EUR

11,854,714

Deutsche

Bank

AG

03/14/24

(319,338)

USD

40,827,620

IDR

640,009,688,485

UBS

AG

03/14/24

(737,809)

USD

12,777,734

MXN

225,868,601

Barclays

Bank

plc

03/14/24

(369,504)

USD

1,474,664

PLN

5,947,172

Citibank

NA

03/14/24

(35,337)

USD

18,003,028

PLN

72,361,083

HSBC

Bank

plc

03/14/24

(369,628)

USD

35,444,037

ZAR

680,434,769

State

Street

Bank

and

Trust

Co.

03/14/24

(1,522,482)

EUR

16,475,932

SEK

184,340,965

Citibank

NA

03/20/24

(87,477)

EUR

32,952,000

SEK

368,785,603

JPMorgan

Chase

Bank

NA

03/20/24

(185,113)

GBP

47,492,280

EUR

55,000,000

Citibank

NA

03/20/24

(347,324)

HUF

1,037,000,000

EUR

2,685,335

Nomura

International

plc

03/20/24

(10,227)

SEK

640,542,020

EUR

57,662,368

BNP

Paribas

SA

03/20/24

(152,652)

SEK

15,809,271

NOK

16,300,000

Deutsche

Bank

AG

03/20/24

(34,871)

SEK

31,724,559

NOK

32,700,000

UBS

AG

03/20/24

(69,058)

USD

35,421,251

AUD

52,462,000

Canadian

Imperial

Bank

of

Commerce

03/20/24

(412,630)

USD

5,672,229

BRL

28,292,000

Goldman

Sachs

International

03/20/24

(109,447)

USD

14,795,092

CAD

20,070,000

Barclays

Bank

plc

03/20/24

(367,561)

USD

32,952,549

CAD

43,963,635

BNP

Paribas

SA

03/20/24

(261,470)

USD

7,416,566

CAD

9,915,000

Deutsche

Bank

AG

03/20/24

(74,102)

USD

32,934,000

CAD

43,955,439

HSBC

Bank

plc

03/20/24

(273,827)

USD

53,083,346

CNY

379,137,023

JPMorgan

Chase

Bank

NA

03/20/24

(411,432)

USD

72,275,195

CNY

513,088,840

UBS

AG

03/20/24

(119,670)

USD

79,861,653

COP

325,675,819,870

Goldman

Sachs

International

03/20/24

(2,880,197)

USD

13,756,820

COP

56,100,312,500

JPMorgan

Chase

Bank

NA

03/20/24

(496,138)

USD

79,817,614

COP

325,675,819,869

Toronto

Dominion

Bank

03/20/24

(2,924,236)

USD

21,008,390

EUR

19,230,000

Barclays

Bank

plc

03/20/24

(286,733)

USD

29,616,623

EUR

27,440,000

BNP

Paribas

SA

03/20/24

(770,178)

USD

72,824,468

EUR

66,394,493

Citibank

NA

03/20/24

(700,176)

USD

358,882,230

EUR

330,835,403

Deutsche

Bank

AG

03/20/24

(7,481,819)

USD

63,343,756

EUR

57,950,000

Morgan

Stanley

&

Co.

International

plc

03/20/24

(829,535)

USD

29,754,923

EUR

27,570,000

Societe

Generale

SA

03/20/24

(775,839)

USD

2,512,607,828

EUR

2,293,122,000

Toronto

Dominion

Bank

03/20/24

(26,774,150)

USD

4,391,676,228

EUR

4,001,994,492

UBS

AG

03/20/24

(40,095,257)

USD

35,447,421

GBP

28,301,255

Deutsche

Bank

AG

03/20/24

(640,557)

USD

1,876,862,936

GBP

1,480,845,000

State

Street

Bank

and

Trust

Co.

03/20/24

(11,417,364)

USD

3,820,336

GBP

3,037,000

UBS

AG

03/20/24

(52,255)

USD

16,075,226

IDR

250,196,427,113

Citibank

NA

03/20/24

(173,281)

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

120

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

71,727,442

IDR

120,332,434,831

Morgan

Stanley

&

Co.

International

plc

03/20/24

$

(1,030,307)

USD

3,086,890

MXN

53,900,000

Barclays

Bank

plc

03/20/24

(47,401)

USD

1,649,945

MXN

28,944,607

Goldman

Sachs

International

03/20/24

(33,187)

USD

57,266,658

MXN

1,009,162,210

Toronto

Dominion

Bank

03/20/24

(1,416,235)

USD

6,131,501

NOK

62,900,000

Barclays

Bank

plc

03/20/24

(70,163)

USD

2,208,101

NOK

24,100,000

Goldman

Sachs

International

03/20/24

(168,053)

USD

6,585,129

NOK

68,400,000

JPMorgan

Chase

Bank

NA

03/20/24

(158,811)

USD

3,093,522

NOK

32,300,000

Morgan

Stanley

&

Co.

International

plc

03/20/24

(91,116)

USD

20,510,149

NZD

32,952,000

JPMorgan

Chase

Bank

NA

03/20/24

(324,601)

USD

1,287,690

SEK

13,400,000

BNP

Paribas

SA

03/20/24

(44,944)

USD

1,286,591

SEK

13,400,000

Goldman

Sachs

International

03/20/24

(46,043)

USD

16,957,911

SEK

176,167,000

Natwest

Markets

plc

03/20/24

(561,956)

USD

16,479,256

ZAR

306,939,326

Citibank

NA

03/20/24

(187,001)

USD

3,008,000

ZAR

56,400,000

JPMorgan

Chase

Bank

NA

03/20/24

(54,419)

EUR

54,911,129

JPY

8,502,000,000

UBS

AG

03/21/24

(233,040)

JPY

8,588,000,000

EUR

56,252,784

Barclays

Bank

plc

03/21/24

(635,284)

JPY

4,957,000,000

EUR

32,250,509

Goldman

Sachs

International

03/21/24

(124,557)

USD

1,158,205

EUR

1,050,000

Deutsche

Bank

AG

03/21/24

(4,604)

USD

16,479,256

JPY

2,319,669,512

BNP

Paribas

SA

03/21/24

(175,776)

USD

37,144,130

JPY

5,196,203,778

Credit

Agricole

Corporate

&

Investment

Bank

SA

03/21/24

(164,177)

USD

5,003,858

JPY

713,213,000

Deutsche

Bank

AG

03/21/24

(116,951)

USD

230,979,797

JPY

32,667,893,023

Goldman

Sachs

International

03/21/24

(3,572,931)

USD

35,271,308

JPY

5,073,122,000

HSBC

Bank

plc

03/21/24

(1,153,282)

USD

19,561,750

JPY

2,735,795,439

JPMorgan

Chase

Bank

NA

03/21/24

(81,031)

USD

120,052,342

JPY

17,018,000,000

Morgan

Stanley

&

Co.

International

plc

03/21/24

(2,135,469)

USD

235,471,859

JPY

33,162,538,000

Natwest

Markets

plc

03/21/24

(2,632,378)

USD

4,901,787

JPY

688,140,000

Toronto

Dominion

Bank

03/21/24

(39,000)

USD

94,072,369

BRL

487,789,034

JPMorgan

Chase

Bank

NA

04/02/24

(5,511,978)

USD

14,652,981

TWD

449,700,000

Bank

of

America

NA

06/20/24

(411,445)

TRY

114,513,600

USD

2,938,356

Barclays

Bank

plc

12/04/24

(59,705)

TRY

800,450,064

USD

20,585,696

Goldman

Sachs

International

12/04/24

(463,924)

(189,470,977)

$

(120,385,132)

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

USD

Currency

...............

Up

and

In

Morgan

Stanley

&

Co.

International

plc

03/07/24

CNH

7.70

CNH

8.25

USD

459,113

$

34,890

USD

Currency

...............

Up

and

Out

HSBC

Bank

plc

03/12/24

JPY

148.00

JPY

153.00

USD

164,669

67,043

101,933

Put

EUR

Currency

...............

One-Touch

BNP

Paribas

SA

01/12/24

USD

1.04

USD

1.04

EUR

4,012

361

USD

Currency

...............

Down

and

Out

Goldman

Sachs

International

01/15/24

MXN

16.98

MXN

16.42

USD

50,028

297,625

USD

Currency

...............

One-Touch

Bank

of

America

NA

01/18/24

MXN

17.00

MXN

17.00

USD

4,071

2,178,028

USD

Currency

...............

Down

and

Out

Credit

Agricole

Corporate

&

Investment

Bank

SA

01/25/24

JPY

145.00

JPY

140.00

USD

81,944

145,367

USD

Currency

...............

Down

and

Out

Credit

Agricole

Corporate

&

Investment

Bank

SA

01/25/24

JPY

140.00

JPY

135.00

USD

103,109

283,280

USD

Currency

...............

Down

and

Out

Bank

of

America

NA

02/01/24

MXN

17.36

MXN

16.75

USD

41,249

130,659

EUR

Currency

...............

One-Touch

Bank

of

America

NA

02/02/24

PLN

4.28

PLN

4.28

EUR

3,972

898,131

USD

Currency

...............

One-Touch

HSBC

Bank

plc

02/05/24

JPY

135.00

JPY

135.00

USD

10,000

1,242,470

USD

Currency

...............

Down

and

Out

Bank

of

America

NA

02/06/24

KRW

1,290.00

KRW

1,240.00

USD

104,708

424,543

USD

Currency

...............

One-Touch

Bank

of

America

NA

02/08/24

JPY

140.00

JPY

140.00

USD

9,862

4,284,249

EUR

Currency

...............

One-Touch

Deutsche

Bank

AG

02/09/24

USD

1.07

USD

1.07

EUR

7,969

686,796

EUR

Currency

...............

Down

and

Out

Royal

Bank

of

Canada

02/19/24

USD

1.08

USD

1.05

EUR

82,383

98,966

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

121

OTC

Barrier

Options

Purchased

(continued)

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

USD

Currency

...............

Down

and

Out

Goldman

Sachs

International

02/27/24

CNH

7.10

CNH

6.95

USD

41,269

$

69,489

USD

Currency

...............

Down

and

Out

Goldman

Sachs

International

02/27/24

CNH

7.10

CNH

6.95

USD

100,478

169,187

EUR

Currency

...............

One-Touch

Goldman

Sachs

International

03/13/24

USD

1.02

USD

1.02

EUR

7,398

78,818

EUR

Currency

...............

One-Touch

Bank

of

America

NA

03/27/24

USD

1.05

USD

1.05

EUR

4,132

304,536

USD

Currency

...............

One-Touch

Bank

of

America

NA

12/17/24

TRY

29.25

TRY

29.25

USD

5,744

237,021

11,529,526

$

11,631,459

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

SPDR

S&P

500

ETF

Trust

......................

13,649

01/05/24

USD

476.00

USD

648,751

$

2,989,131

Invesco

QQQ

Trust

Series

1

....................

3,000

01/11/24

USD

422.00

USD

122,856

171,000

3-mo.

SOFR

Interest

Futures

....................

2,677

01/12/24

USD

95.00

USD

669,250

451,744

SPDR

S&P

500

ETF

Trust

......................

6,000

01/12/24

USD

476.00

USD

285,186

2,289,000

CBOE

Volatility

Index

.........................

1,650

01/17/24

USD

20.00

USD

2,054

45,375

Amazon.com,

Inc.

...........................

650

01/19/24

USD

150.00

USD

9,876

305,500

Applied

Materials,

Inc.

........................

2,000

01/19/24

USD

160.00

USD

32,414

1,140,000

Cheniere

Energy,

Inc.

.........................

600

01/19/24

USD

180.00

USD

10,243

48,000

Chevron

Corp.

.............................

1,600

01/19/24

USD

150.00

USD

23,866

428,800

ConocoPhillips

.............................

1,500

01/19/24

USD

125.00

USD

17,411

41,250

Delta

Air

Lines,

Inc.

..........................

1,000

01/19/24

USD

42.00

USD

4,023

74,500

Delta

Air

Lines,

Inc.

..........................

2,400

01/19/24

USD

35.00

USD

9,655

1,302,000

Dynatrace,

Inc.

.............................

1,000

01/19/24

USD

50.00

USD

5,469

470,000

General

Dynamics

Corp.

.......................

300

01/19/24

USD

260.00

USD

7,790

97,500

Invesco

QQQ

Trust

Series

1

....................

1,500

01/19/24

USD

409.78

USD

61,428

861,000

Invesco

QQQ

Trust

Series

1

....................

2,000

01/19/24

USD

422.00

USD

81,904

262,000

Invesco

S&P

500

Equal

Weight

ETF

...............

7,100

01/19/24

USD

160.00

USD

112,038

781,000

Meta

Platforms,

Inc.

..........................

150

01/19/24

USD

345.00

USD

5,309

219,000

Paramount

Global

...........................

3,280

01/19/24

USD

17.50

USD

4,851

65,600

Sabre

Corp.

...............................

1,000

01/19/24

USD

7.00

USD

440

2,000

Sabre

Corp.

...............................

1,750

01/19/24

USD

6.00

USD

770

6,125

Sabre

Corp.

...............................

2,045

01/19/24

USD

5.50

USD

900

10,225

Sabre

Corp.

...............................

3,140

01/19/24

USD

5.00

USD

1,382

25,120

SPDR

S&P

500

ETF

Trust

......................

3,000

01/19/24

USD

481.00

USD

142,593

771,000

Tenet

Healthcare

Corp.

........................

1,152

01/19/24

USD

85.00

USD

8,706

28,800

T-Mobile

US,

Inc.

............................

2,500

01/19/24

USD

155.00

USD

40,083

1,637,500

Uber

Technologies,

Inc.

.......................

3,000

01/19/24

USD

62.50

USD

18,471

427,500

Viasat,

Inc.

................................

820

01/19/24

USD

35.00

USD

2,292

16,400

Walt

Disney

Co.

(The)

........................

2,400

01/19/24

USD

100.00

USD

21,670

37,200

Wynn

Resorts

Ltd.

...........................

700

01/19/24

USD

90.00

USD

6,378

238,000

Wynn

Resorts

Ltd.

...........................

1,000

01/19/24

USD

95.00

USD

9,111

126,500

Amazon.com,

Inc.

...........................

350

02/16/24

USD

165.00

USD

5,318

96,775

ConocoPhillips

.............................

1,200

02/16/24

USD

125.00

USD

13,928

169,200

Delta

Air

Lines,

Inc.

..........................

2,000

02/16/24

USD

44.00

USD

8,046

148,000

Intel

Corp.

................................

2,000

02/16/24

USD

55.00

USD

10,050

233,000

Invesco

QQQ

Trust

Series

1

....................

2,000

02/16/24

USD

430.00

USD

81,904

539,000

iShares

China

Large-Cap

ETF

...................

15,000

02/16/24

USD

25.00

USD

36,045

1,012,500

iShares

China

Large-Cap

ETF

...................

23,117

02/16/24

USD

26.00

USD

55,550

936,239

iShares

China

Large-Cap

ETF

...................

23,440

02/16/24

USD

27.00

USD

56,326

550,840

JPMorgan

Chase

&

Co.

.......................

1,200

02/16/24

USD

175.00

USD

20,412

297,600

Meta

Platforms,

Inc.

..........................

430

02/16/24

USD

380.00

USD

15,220

433,225

Micron

Technology,

Inc.

.......................

400

02/16/24

USD

90.00

USD

3,414

77,400

Micron

Technology,

Inc.

.......................

700

02/16/24

USD

85.00

USD

5,974

287,000

SPDR

S&P

500

ETF

Trust

......................

1,540

02/16/24

USD

486.00

USD

73,198

672,980

Spirit

AeroSystems

Holdings,

Inc.

.................

500

02/16/24

USD

40.00

USD

1,589

20,000

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

122

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Spirit

AeroSystems

Holdings,

Inc.

.................

1,000

02/16/24

USD

35.00

USD

3,178

$

122,500

Tenet

Healthcare

Corp.

........................

740

02/16/24

USD

85.00

USD

5,592

129,500

Uber

Technologies,

Inc.

.......................

2,500

02/16/24

USD

70.00

USD

15,393

252,500

UBS

Group

AG

.............................

4,000

02/16/24

USD

30.00

USD

12,360

768,000

Walmart,

Inc.

..............................

650

02/16/24

USD

155.00

USD

10,247

373,750

Wells

Fargo

&

Co.

...........................

4,000

02/16/24

USD

47.50

USD

19,688

1,108,000

3-mo.

SOFR

Interest

Futures

....................

5,458

03/15/24

USD

94.94

USD

1,364,500

2,217,313

iShares

China

Large-Cap

ETF

...................

17,000

03/15/24

USD

24.85

USD

40,851

1,759,500

Norfolk

Southern

Corp.

........................

225

03/15/24

USD

230.00

USD

5,319

328,500

Paramount

Global

...........................

1,100

03/15/24

USD

22.50

USD

1,627

22,550

27,924,642

Put

3-mo.

SOFR

Interest

Futures

....................

25,029

01/12/24

USD

94.75

USD

6,257,250

156,431

Carnival

Corp.

..............................

1,000

01/19/24

USD

9.00

USD

1,854

3,000

Carvana

Co.

...............................

1,000

01/19/24

USD

15.00

USD

5,294

1,500

First

Quantum

Minerals

Ltd.

....................

1,000

01/19/24

CAD

8.00

CAD

1,085

9,056

Frontier

Communications

Parent,

Inc.

..............

1,470

01/19/24

USD

20.00

USD

3,725

14,700

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

2,150

01/19/24

USD

76.00

USD

16,639

27,950

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

7,650

01/19/24

USD

73.00

USD

59,203

49,725

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

20,000

01/19/24

USD

77.00

USD

154,780

480,000

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

..

35,000

01/19/24

USD

108.00

USD

387,310

507,500

iShares

Russell

2000

ETF

......................

925

01/19/24

USD

165.00

USD

18,566

6,938

Paramount

Global

...........................

1,350

01/19/24

USD

10.00

USD

1,997

2,025

SPDR

S&P

500

ETF

Trust

......................

2,471

01/19/24

USD

470.00

USD

117,449

579,450

VanEck

Semiconductor

ETF

....................

550

01/19/24

USD

155.00

USD

9,618

9,625

U.S.

Treasury

2-Year

Note

.....................

1,390

01/26/24

USD

102.50

USD

278,000

304,063

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

2,160

02/16/24

USD

73.00

USD

16,716

545,400

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

2,650

02/16/24

USD

75.00

USD

20,508

39,750

iShares

Russell

2000

ETF

......................

750

02/16/24

USD

180.00

USD

15,053

64,125

U.S.

Treasury

2-Year

Note

.....................

1,850

02/23/24

USD

102.50

USD

370,000

751,563

Ford

Motor

Co.

.............................

1,500

03/15/24

USD

9.00

USD

1,829

8,250

Ford

Motor

Co.

.............................

2,500

03/15/24

USD

8.00

USD

3,048

7,500

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

1,600

03/15/24

USD

72.00

USD

12,382

1,600

3-mo.

SOFR

Interest

Futures

....................

1,933

06/14/24

USD

95.19

USD

483,250

676,550

4,246,701

$

32,171,343

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

EUR

Currency

...........

Goldman

Sachs

International

—

01/08/24

CZK

24.90

EUR

46,628

$

54,359

USD

Currency

...........

Goldman

Sachs

International

—

01/11/24

USD

5.05

USD

20,584

20,410

TOPIX

Bank

Index

........

BNP

Paribas

SA

24,787,200

01/12/24

JPY

286.63

JPY

6,206,467

543

TOPIX

Bank

Index

........

Goldman

Sachs

International

41,295,475

01/12/24

JPY

286.49

JPY

10,339,974

939

TOPIX

Bank

Index

........

JPMorgan

Chase

Bank

NA

16,541,324

01/12/24

JPY

286.56

JPY

4,141,782

370

USD

Currency

...........

Goldman

Sachs

International

—

02/16/24

ZAR

19.00

USD

82,329

804,600

Mitsubishi

UFJ

Financial

Group,

Inc.

...........

Goldman

Sachs

International

1,173

03/08/24

JPY

1,301.78

JPY

1,421

247,489

Mizuho

Financial

Group,

Inc.

.

Morgan

Stanley

&

Co.

International

plc

218

03/08/24

JPY

2,556.36

JPY

527

165,373

Sumitomo

Mitsui

Financial

Group,

Inc.

...........

Citibank

NA

35

03/08/24

JPY

7,498.51

JPY

239

186,374

TOPIX

Bank

Index

........

BNP

Paribas

SA

25,500,000

03/08/24

JPY

270.72

JPY

6,384,945

842,502

NOK

Currency

..........

JPMorgan

Chase

Bank

NA

—

03/13/24

SEK

0.99

NOK

933,100

1,471,119

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

03/20/24

CHF

0.90

USD

164,743

70,175

USD

Currency

...........

HSBC

Bank

plc

—

08/21/24

CNH

8.50

USD

989,382

185,795

4,050,048

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

123

OTC

Options

Purchased

(continued)

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

EUR

Currency

...........

JPMorgan

Chase

Bank

NA

—

01/04/24

USD

1.06

EUR

389,757

$

137

USD

Currency

...........

Goldman

Sachs

International

—

01/04/24

BRL

4.89

USD

21,486

224,449

EUR

Currency

...........

Bank

of

America

NA

—

01/12/24

USD

1.04

EUR

220,560

273

EUR

Currency

...........

Deutsche

Bank

AG

—

01/12/24

USD

1.07

EUR

521,335

26,259

EUR

Currency

...........

Deutsche

Bank

AG

—

01/17/24

USD

1.04

EUR

111,200

868

USD

Currency

...........

Bank

of

America

NA

—

01/19/24

MXN

17.50

USD

73,750

2,268,387

USD

Currency

...........

Goldman

Sachs

International

—

01/19/24

MXN

17.10

USD

73,636

934,823

USD

Currency

...........

Goldman

Sachs

International

—

01/24/24

ZAR

18.00

USD

49,067

372,604

USD

Currency

...........

JPMorgan

Chase

Bank

NA

—

01/24/24

ZAR

18.00

USD

94,322

716,262

USD

Currency

...........

JPMorgan

Chase

Bank

NA

—

01/24/24

KRW

1,250.00

USD

122,905

143,613

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

01/24/24

ZAR

18.50

USD

81,937

1,697,666

EUR

Currency

...........

Bank

of

America

NA

—

01/25/24

USD

1.10

EUR

26,341

111,839

USD

Currency

...........

JPMorgan

Chase

Bank

NA

—

01/30/24

JPY

144.00

USD

101,320

2,943,548

EUR

Currency

...........

BNP

Paribas

SA

—

01/31/24

USD

1.10

EUR

32,727

160,756

EUR

Currency

...........

Citibank

NA

—

02/13/24

USD

1.07

EUR

500,613

675,734

USD

Currency

...........

Goldman

Sachs

International

—

02/22/24

KRW

1,280.00

USD

18,077

172,550

USD

Currency

...........

Citibank

NA

—

05/13/24

BRL

4.50

USD

82,335

349,246

10,799,014

$

14,849,062

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

$

31,372

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

791,373

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

292,335

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

463,150

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

652,161

$

2,230,391

OTC

Dual

Binary

Options

Purchased

Description

(a)

Counterparty

Units

Expiration

Date

Notional

Amount

(000)

Value

Put

Payout

at

expiry

if

S&P

500

<=

4,663.22

and

US

2-Year

swap

>=

4.42

..................

UBS

AG

4,247,932

03/01/24

USD

19,809,041

$

138,077

Payout

at

expiry

if

USDJPY

<

137.00

and

USDCNH

>

7.20

............................

Deutsche

Bank

AG

13,529,071

03/07/24

USD

1,853,483

452,713

Payout

at

expiry

if

S&P

500

<=

4,666.87

and

US

2-Year

swap

>=

4.37

..................

UBS

AG

7,123,966

03/15/24

USD

33,246,623

287,447

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

29,132

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

124

OTC

Dual

Binary

Options

Purchased

(continued)

Description

(a)

Counterparty

Units

Expiration

Date

Notional

Amount

(000)

Value

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

$

48,404

$

955,773

(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

......

5.00

%

Markit

CDX

North

American

High

Yield

Index

Series

41.V2

Quarterly

JPMorgan

Chase

Bank

NA

02/21/24

USD

100.50

USD

25,000

$

23,775

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

Markit

CDX

North

American

High

Yield

Index

Series

41.V2

Quarterly

Goldman

Sachs

International

01/17/24

USD

101.00

USD

35,250

11,001

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

iTraxx

Europe

Crossover

Index

Series

40.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

02/21/24

EUR

400.00

EUR

25,135

36,818

$

71,594

(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

4.00%

Semi-Annual

Goldman

Sachs

International

01/10/24

4.00

%

USD

193,843

$

8,178,082

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.00%

Semi-Annual

JPMorgan

Chase

Bank

NA

01/12/24

4.00

USD

55,662

2,363,992

2Yx2Y

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.00%

Annual

Citibank

NA

01/23/24

4.00

USD

494,279

7,860,373

2Yx2Y

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.87%

Annual

Deutsche

Bank

AG

02/01/24

3.87

USD

500,675

6,853,263

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.45%

Annual

JPMorgan

Chase

Bank

NA

02/06/24

3.45

USD

314,802

3,758,871

1-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

At

Termination

4.45%

At

Termination

Citibank

NA

02/12/24

4.45

USD

3,971,739

3,371,922

5-Year

Interest

Rate

Swap

(a)

.

6-mo.

EURIBOR

Semi-Annual

3.00%

Annual

JPMorgan

Chase

Bank

NA

03/01/24

3.00

EUR

300,382

10,129,821

5-Year

Interest

Rate

Swap

(a)

.

6-mo.

EURIBOR

Semi-Annual

3.18%

Annual

JPMorgan

Chase

Bank

NA

03/18/24

3.18

EUR

249,211

10,833,609

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.65%

Semi-Annual

Nomura

International

plc

03/18/24

3.65

USD

195,643

5,296,513

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.24%

Semi-Annual

Citibank

NA

03/26/24

4.24

USD

108,008

3,967,005

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.20%

Semi-Annual

JPMorgan

Chase

Bank

NA

03/28/24

4.20

USD

1,484,303

13,943,242

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.67%

Semi-Annual

Citibank

NA

05/28/24

3.67

USD

251,898

9,066,334

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

12,894,686

98,517,713

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

125

OTC

Interest

Rate

Swaptions

Purchased

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Put

30-Year

Interest

Rate

Swap

(a)

4.40%

Semi-Annual

1-day

SOFR

Annual

Nomura

International

plc

01/05/24

4.40

%

USD

20,285

$

—

10-Year

Interest

Rate

Swap

(a)

2.83%

Annual

6-mo.

EURIBOR

Semi-Annual

JPMorgan

Chase

Bank

NA

03/12/24

2.83

EUR

81,348

487,511

5-Year

Interest

Rate

Swap

(a)

.

4.24%

Semi-Annual

1-day

SOFR

Annual

Citibank

NA

03/26/24

4.24

USD

108,008

149,960

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

1,042,192

1,679,663

$

100,197,376

(a)

Forward

settling

swaption.

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

CBOE

Volatility

Index

..........................

1,650

01/17/24

USD

35.00

USD

2,054

$

(14,025)

Applied

Materials,

Inc.

.........................

2,000

01/19/24

USD

175.00

USD

32,414

(147,000)

Invesco

QQQ

Trust

Series

1

.....................

1,500

01/19/24

USD

423.78

USD

61,428

(153,000)

NASDAQ

100

E-Mini

Index

......................

43

01/19/24

USD

15,800.00

USD

72,352

(4,703,125)

Paramount

Global

............................

3,280

01/19/24

USD

25.00

USD

4,851

(8,201)

Tenet

Healthcare

Corp.

.........................

510

01/19/24

USD

95.00

USD

3,854

(25,500)

T-Mobile

US,

Inc.

.............................

2,500

01/19/24

USD

165.00

USD

40,083

(221,250)

Uber

Technologies,

Inc.

........................

3,000

01/19/24

USD

70.00

USD

18,471

(39,000)

iShares

China

Large-Cap

ETF

....................

23,117

02/16/24

USD

28.00

USD

55,550

(323,638)

iShares

China

Large-Cap

ETF

....................

38,440

02/16/24

USD

30.00

USD

92,371

(345,960)

SPDR

S&P

Biotech

ETF

........................

1,739

02/16/24

USD

92.00

USD

15,528

(520,831)

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

.....

1,164

02/16/24

USD

150.00

USD

15,936

(160,632)

Technology

Select

Sector

SPDR

Fund

..............

800

02/16/24

USD

200.00

USD

15,398

(152,800)

U.S.

Treasury

2-Year

Note

......................

925

02/23/24

USD

104.50

USD

185,000

(115,625)

3-mo.

SOFR

Interest

Futures

.....................

2,729

03/15/24

USD

96.50

USD

682,250

(2,302,594)

iShares

China

Large-Cap

ETF

....................

17,000

03/15/24

USD

28.85

USD

40,851

(365,500)

(9,598,681)

Put

3-mo.

SOFR

Interest

Futures

.....................

25,029

01/12/24

USD

94.63

USD

6,257,250

(156,431)

Applied

Materials,

Inc.

.........................

800

01/19/24

USD

140.00

USD

12,966

(16,000)

Cheniere

Energy,

Inc.

..........................

600

01/19/24

USD

160.00

USD

10,243

(33,000)

Chevron

Corp.

..............................

800

01/19/24

USD

135.00

USD

11,933

(12,400)

Invesco

S&P

500

Equal

Weight

ETF

................

7,100

01/19/24

USD

150.00

USD

112,038

(142,000)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

20,000

01/19/24

USD

75.00

USD

154,780

(140,000)

SPDR

S&P

500

ETF

Trust

.......................

2,471

01/19/24

USD

460.00

USD

117,449

(213,742)

VanEck

Semiconductor

ETF

.....................

550

01/19/24

USD

135.00

USD

9,618

(2,475)

Walt

Disney

Co.

(The)

.........................

2,400

01/19/24

USD

85.00

USD

21,670

(75,600)

U.S.

Treasury

2-Year

Note

......................

2,780

01/26/24

USD

102.00

USD

556,000

(130,315)

Amazon.com,

Inc.

............................

350

02/16/24

USD

140.00

USD

5,318

(91,175)

ConocoPhillips

..............................

1,200

02/16/24

USD

110.00

USD

13,928

(263,400)

Delta

Air

Lines,

Inc.

...........................

2,000

02/16/24

USD

35.00

USD

8,046

(83,000)

Intel

Corp.

.................................

2,000

02/16/24

USD

45.00

USD

10,050

(164,000)

Invesco

QQQ

Trust

Series

1

.....................

3,000

02/16/24

USD

395.00

USD

122,856

(1,215,000)

JPMorgan

Chase

&

Co.

........................

1,200

02/16/24

USD

155.00

USD

20,412

(96,600)

Meta

Platforms,

Inc.

...........................

430

02/16/24

USD

315.00

USD

15,220

(237,575)

Micron

Technology,

Inc.

........................

400

02/16/24

USD

80.00

USD

3,414

(57,000)

Micron

Technology,

Inc.

........................

700

02/16/24

USD

75.00

USD

5,974

(41,650)

UBS

Group

AG

..............................

4,000

02/16/24

USD

27.50

USD

12,360

(108,000)

Walmart,

Inc.

...............................

650

02/16/24

USD

145.00

USD

10,247

(31,200)

Wells

Fargo

&

Co.

............................

4,000

02/16/24

USD

40.00

USD

19,688

(48,000)

U.S.

Treasury

2-Year

Note

......................

1,850

02/23/24

USD

102.00

USD

370,000

(289,063)

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

126

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Norfolk

Southern

Corp.

.........................

225

03/15/24

USD

200.00

USD

5,319

$

(28,688)

3-mo.

SOFR

Interest

Futures

.....................

1,933

06/14/24

USD

94.81

USD

483,250

(217,463)

(3,893,777)

$

(13,492,458)

OTC

Options

Written

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

..............

Goldman

Sachs

International

—

01/04/24

BRL

5.05

USD

21,486

$

(2,961)

USD

Currency

..............

UBS

AG

—

01/04/24

MXN

19.00

USD

21,116

(22)

EUR

Currency

..............

Goldman

Sachs

International

—

01/08/24

CZK

25.35

EUR

59,952

(8,851)

USD

Currency

..............

Citibank

NA

—

01/11/24

BRL

5.05

USD

20,584

(20,408)

TOPIX

Bank

Index

...........

BNP

Paribas

SA

24,787,200

01/12/24

JPY

313.92

JPY

6,206,467

–

TOPIX

Bank

Index

...........

Goldman

Sachs

International

41,295,475

01/12/24

JPY

313.77

JPY

10,339,974

(1)

TOPIX

Bank

Index

...........

JPMorgan

Chase

Bank

NA

16,541,324

01/12/24

JPY

313.85

JPY

4,141,782

–

USD

Currency

..............

Goldman

Sachs

International

—

02/16/24

ZAR

19.50

USD

123,494

(635,672)

USD

Currency

..............

Goldman

Sachs

International

—

02/22/24

KRW

1,330.00

USD

18,077

(85,217)

Mitsubishi

UFJ

Financial

Group,

Inc.

...................

Goldman

Sachs

International

2,143

03/08/24

JPY

1,425.76

JPY

2,596

(165,286)

Mizuho

Financial

Group,

Inc.

....

Morgan

Stanley

&

Co.

International

plc

399

03/08/24

JPY

2,799.82

JPY

962

(83,419)

Sumitomo

Mitsui

Financial

Group,

Inc.

...................

Citibank

NA

63

03/08/24

JPY

8,212.66

JPY

437

(121,969)

TOPIX

Bank

Index

...........

BNP

Paribas

SA

25,500,000

03/08/24

JPY

296.50

JPY

6,384,945

(211,412)

(1,335,218)

Put

EUR

Currency

..............

Deutsche

Bank

AG

—

01/12/24

USD

1.05

EUR

521,335

(1,352)

USD

Currency

..............

HSBC

Bank

plc

—

01/18/24

MXN

17.00

USD

100,010

(903,351)

USD

Currency

..............

Bank

of

America

NA

—

01/19/24

MXN

17.10

USD

73,636

(934,823)

USD

Currency

..............

Goldman

Sachs

International

—

01/19/24

MXN

17.50

USD

73,750

(2,268,387)

USD

Currency

..............

Barclays

Bank

plc

—

01/24/24

KRW

1,250.00

USD

122,905

(143,612)

USD

Currency

..............

HSBC

Bank

plc

—

01/24/24

ZAR

18.50

USD

40,968

(848,832)

USD

Currency

..............

JPMorgan

Chase

Bank

NA

—

01/24/24

ZAR

18.50

USD

40,968

(848,833)

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

01/24/24

ZAR

18.00

USD

143,389

(1,088,867)

EUR

Currency

..............

Bank

of

America

NA

—

01/25/24

USD

1.08

EUR

26,341

(41,903)

USD

Currency

..............

JPMorgan

Chase

Bank

NA

—

01/30/24

JPY

136.00

USD

202,640

(755,813)

EUR

Currency

..............

Citibank

NA

—

02/13/24

USD

1.05

EUR

500,613

(171,999)

(8,007,772)

$

(9,342,990)

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

2Yx2Y

Interest

Rate

Swap

(a)

.

3.45%

Annual

1-day

SOFR

Annual

Citibank

NA

01/23/24

3.45

%

USD

494,279

$

(3,310,444)

2Yx2Y

Interest

Rate

Swap

(a)

.

3.27%

Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

02/01/24

3.27

USD

500,675

(2,334,494)

1-Year

Interest

Rate

Swap

(a)

.

3.75%

At

Termination

1-day

SOFR

At

Termination

Citibank

NA

02/12/24

3.75

USD

2,978,804

(291,091)

5-Year

Interest

Rate

Swap

(a)

.

2.50%

Annual

6-mo.

EURIBOR

Semi-Annual

JPMorgan

Chase

Bank

NA

03/01/24

2.50

EUR

300,382

(3,887,568)

5-Year

Interest

Rate

Swap

(a)

.

3.96%

Semi-Annual

1-day

SOFR

Annual

Barclays

Bank

plc

03/14/24

3.96

USD

108,009

(2,715,391)

5-Year

Interest

Rate

Swap

(a)

.

2.68%

Annual

6-mo.

EURIBOR

Semi-Annual

JPMorgan

Chase

Bank

NA

03/18/24

2.68

EUR

249,211

(5,253,392)

10-Year

Interest

Rate

Swap

(a)

3.15%

Semi-Annual

1-day

SOFR

Annual

Nomura

International

plc

03/18/24

3.15

USD

195,643

(1,563,937)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

127

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

2-Year

Interest

Rate

Swap

(a)

.

3.80%

Semi-Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

03/28/24

3.80

%

USD

1,484,303

$

(7,462,054)

5-Year

Interest

Rate

Swap

(a)

.

3.00%

Annual

6-mo.

EURIBOR

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

05/03/24

3.00

EUR

6,970

(265,767)

5-Year

Interest

Rate

Swap

(a)

.

3.75%

Annual

1-day

SOFR

Annual

Citibank

NA

06/12/24

3.75

USD

270,023

(6,933,410)

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

(6,835,592)

5-Year

Interest

Rate

Swap

(a)

.

3.90%

Semi-Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

11/14/24

3.90

USD

75,694

(2,806,192)

10-Year

Interest

Rate

Swap

(a)

4.48%

Semi-Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

10/20/25

4.48

USD

110,984

(11,632,119)

10-Year

Interest

Rate

Swap

(a)

4.54%

Semi-Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

10/20/25

4.54

USD

55,480

(6,017,075)

10-Year

Interest

Rate

Swap

(a)

3.96%

Semi-Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

11/17/25

3.96

USD

85,910

(6,319,020)

10-Year

Interest

Rate

Swap

(a)

4.00%

Semi-Annual

1-day

SOFR

Annual

Bank

of

America

NA

11/17/25

4.00

USD

153,152

(11,641,389)

10-Year

Interest

Rate

Swap

(a)

3.97%

Semi-Annual

1-day

SOFR

Annual

Citibank

NA

11/20/25

3.97

USD

128,350

(9,509,629)

10-Year

Interest

Rate

Swap

(a)

3.90%

Semi-Annual

1-day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

11/24/25

3.90

USD

63,394

(4,463,556)

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

(6,375,184)

10-Year

Interest

Rate

Swap

(a)

3.87%

Semi-Annual

1-day

SOFR

Annual

Bank

of

America

NA

11/28/25

3.87

USD

63,393

(4,372,895)

10-Year

Interest

Rate

Swap

(a)

3.96%

Semi-Annual

1-day

SOFR

Annual

Citibank

NA

11/28/25

3.96

USD

109,567

(8,072,828)

10-Year

Interest

Rate

Swap

(a)

3.67%

Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

12/05/25

3.67

USD

63,137

(3,790,753)

10-Year

Interest

Rate

Swap

(a)

3.71%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

12/11/25

3.71

USD

141,644

(8,831,526)

10-Year

Interest

Rate

Swap

(a)

3.36%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

12/22/25

3.36

USD

52,824

(2,427,475)

10-Year

Interest

Rate

Swap

(a)

4.17%

Semi-Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

09/28/26

4.17

USD

89,889

(7,872,536)

(134,985,317)

Put

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.80%

Semi-Annual

Nomura

International

plc

01/05/24

4.80

USD

20,285

—

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

5.00%

Semi-Annual

Nomura

International

plc

01/05/24

5.00

USD

20,285

—

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

5.10%

Semi-Annual

Nomura

International

plc

01/05/24

5.10

USD

202,835

—

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

5.15%

Semi-Annual

JPMorgan

Chase

Bank

NA

01/12/24

5.15

USD

854,616

—

5-Year

Interest

Rate

Swap

(a)

.

6-mo.

EURIBOR

Semi-Annual

3.45%

Annual

JPMorgan

Chase

Bank

NA

03/01/24

3.45

EUR

300,382

(77,219)

10-Year

Interest

Rate

Swap

(a)

6-mo.

EURIBOR

Semi-Annual

3.23%

Annual

JPMorgan

Chase

Bank

NA

03/12/24

3.23

EUR

81,348

(143,834)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.96%

Semi-Annual

Barclays

Bank

plc

03/14/24

3.96

USD

108,009

(292,274)

5-Year

Interest

Rate

Swap

(a)

.

6-mo.

EURIBOR

Semi-Annual

3.58%

Annual

JPMorgan

Chase

Bank

NA

03/18/24

3.58

EUR

249,211

(69,737)

2-Year

Interest

Rate

Swap

(a)

.

6-mo.

EURIBOR

Semi-Annual

4.05%

Annual

BNP

Paribas

SA

03/18/24

4.05

EUR

349,362

(13,438)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.79%

Semi-Annual

JPMorgan

Chase

Bank

NA

03/27/24

3.79

USD

732,656

(3,612,307)

5-Year

Interest

Rate

Swap

(a)

.

6-mo.

EURIBOR

Semi-Annual

3.00%

Annual

Morgan

Stanley

&

Co.

International

plc

05/03/24

3.00

EUR

6,970

(18,846)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.50%

Annual

Goldman

Sachs

International

05/06/24

4.50

USD

496,014

(427,062)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.42%

Semi-Annual

Citibank

NA

05/28/24

4.42

USD

251,898

(833,123)

5-Year

Interest

Rate

Swap

(a)

.

6-mo.

EURIBOR

Semi-Annual

3.40%

Annual

JPMorgan

Chase

Bank

NA

05/30/24

3.40

EUR

496,519

(708,528)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.75%

Annual

Citibank

NA

06/12/24

3.75

USD

270,023

(2,021,835)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SONIA

Annual

5.00%

Annual

Goldman

Sachs

International

09/20/24

5.00

GBP

23,520

(40,177)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

5.00%

Semi-Annual

JPMorgan

Chase

Bank

NA

10/24/24

5.00

USD

400,361

(316,487)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.90%

Semi-Annual

Deutsche

Bank

AG

11/14/24

3.90

USD

75,694

(667,551)

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

(584,654)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.42%

Semi-Annual

JPMorgan

Chase

Bank

NA

11/20/24

4.42

USD

2,651,695

(5,639,066)

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

128

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

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

$

(892,814)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.19%

Semi-Annual

Goldman

Sachs

International

11/29/24

4.19

USD

2,693,470

(8,045,101)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.87%

Annual

Goldman

Sachs

International

12/13/24

3.87

USD

1,351,850

(6,157,768)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.48%

Semi-Annual

JPMorgan

Chase

Bank

NA

10/20/25

4.48

USD

110,984

(1,862,974)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.54%

Semi-Annual

JPMorgan

Chase

Bank

NA

10/20/25

4.54

USD

55,480

(887,168)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.96%

Semi-Annual

Deutsche

Bank

AG

11/17/25

3.96

USD

85,910

(2,336,572)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.00%

Semi-Annual

Bank

of

America

NA

11/17/25

4.00

USD

153,152

(4,013,503)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.97%

Semi-Annual

Citibank

NA

11/20/25

3.97

USD

128,350

(3,477,045)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.90%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

11/24/25

3.90

USD

63,394

(1,824,455)

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

(2,867,723)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.87%

Semi-Annual

Bank

of

America

NA

11/28/25

3.87

USD

63,393

(1,873,902)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.96%

Semi-Annual

Citibank

NA

11/28/25

3.96

USD

109,567

(3,013,470)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.67%

Annual

Deutsche

Bank

AG

12/05/25

3.67

USD

63,137

(2,195,239)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.71%

Annual

Bank

of

America

NA

12/11/25

3.71

USD

141,644

(4,775,279)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.36%

Annual

Bank

of

America

NA

12/22/25

3.36

USD

52,824

(2,385,100)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.17%

Semi-Annual

JPMorgan

Chase

Bank

NA

09/28/26

4.17

USD

89,889

(2,667,091)

(64,741,342)

$

(199,726,659)

(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

$

(1,404,619)

$

(451,435)

$

(953,184)

Markit

CDX

North

American

High

Yield

Index

Series

39.V3

.....................

5.00

Quarterly

12/20/27

USD

44,315

(2,764,072)

(461,793)

(2,302,279)

Markit

CDX

North

American

Investment

Grade

Index

Series

39.V1

................

1.00

Quarterly

12/20/27

USD

58,347

(1,131,392)

(675,552)

(455,840)

Markit

CDX

North

American

Investment

Grade

Index

Series

40.V1

................

1.00

Quarterly

06/20/28

USD

12,000

(243,992)

(177,372)

(66,620)

iTraxx

Europe

Crossover

Index

Series

40.V1

.

5.00

Quarterly

12/20/28

EUR

148,963

(13,328,314)

(5,367,584)

(7,960,730)

iTraxx

Europe

Main

Index

Series

40.V1

.....

1.00

Quarterly

12/20/28

EUR

80,743

(1,755,966)

(1,337,288)

(418,678)

iTraxx

Europe

Senior

Financials

Index

Series

40.V1

.........................

1.00

Quarterly

12/20/28

EUR

123,968

(2,121,437)

(862,393)

(1,259,044)

iTraxx

Europe

Subordinated

Financials

Index

Series

40.V1

.....................

1.00

Quarterly

12/20/28

EUR

38,088

416,976

1,131,106

(714,130)

Markit

CDX

North

American

Investment

Grade

Index

Series

41.V1

................

1.00

Quarterly

12/20/28

USD

383,509

(7,545,523)

(6,411,577)

(1,133,946)

$

(29,878,339)

$

(14,613,888)

$

(15,264,451)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

129

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Markit

CDX

North

American

High

Yield

Index

Series

41.V2

...........

5.00

%

Quarterly

12/20/28

B+

USD

417,458

$

24,931,345

$

2,880,389

$

22,050,956

(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.

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)

5.35%

At

Termination

1-day

EFFR

At

Termination

N/A

01/31/24

USD

2,889,665

$

(151,070)

$

—

$

(151,070)

1-day

SOFR

At

Termination

4.40%

At

Termination

N/A

02/13/24

USD

3,922,503

(33,771,865)

—

(33,771,865)

3.75%

At

Termination

1-day

SOFR

At

Termination

N/A

02/13/24

USD

1,961,252

29,719,436

—

29,719,436

28-day

MXIBTIIE

Monthly

4.68%

Monthly

N/A

02/27/24

MXN

993,264

(921,346)

—

(921,346)

28-day

MXIBTIIE

Monthly

4.86%

Monthly

N/A

03/01/24

MXN

993,264

(896,518)

—

(896,518)

1-day

SOFR

Annual

4.66%

Annual

N/A

03/07/24

USD

953,853

(6,169,496)

—

(6,169,496)

1-day

SOFR

Annual

4.66%

Annual

N/A

03/08/24

USD

1,430,518

(9,280,496)

—

(9,280,496)

3.61%

Annual

1-day

SOFR

Annual

N/A

03/08/24

USD

1,159,987

19,773,625

6,265

19,767,360

1-day

SOFR

At

Termination

4.50%

At

Termination

N/A

03/09/24

USD

1,988,333

(16,250,134)

—

(16,250,134)

1-day

SOFR

Annual

4.66%

Annual

N/A

03/18/24

USD

1,926,196

(12,947,821)

—

(12,947,821)

3.61%

Annual

1-day

SOFR

Annual

N/A

03/19/24

USD

342,756

5,899,067

7,995

5,891,072

5.35%

At

Termination

1-day

EFFR

At

Termination

01/31/24

(a)

03/20/24

USD

2,889,631

(244,372)

—

(244,372)

1-day

SONIA

At

Termination

3.22%

At

Termination

N/A

04/03/24

GBP

1,975,043

(46,474,495)

—

(46,474,495)

2.47%

At

Termination

1-day

SONIA

At

Termination

N/A

04/03/24

GBP

987,522

32,576,150

—

32,576,150

6-mo.

EURIBOR

Semi-Annual

1.75%

At

Termination

N/A

05/04/24

EUR

2,904,724

(9,455,476)

—

(9,455,476)

1.00%

At

Termination

6-mo.

EURIBOR

Semi-Annual

N/A

05/04/24

EUR

1,452,362

16,656,484

—

16,656,484

3.56%

Annual

1-day

SOFR

Annual

N/A

06/28/24

USD

267,946

4,694,358

21,455

4,672,903

3-mo.

CD_KSDA

Quarterly

3.87%

Quarterly

N/A

07/03/24

KRW

161,056,480

99,804

—

99,804

1-day

SOFR

At

Termination

4.46%

At

Termination

N/A

07/12/24

USD

1,936,779

(16,354,929)

—

(16,354,929)

1-day

SOFR

At

Termination

5.37%

At

Termination

N/A

07/12/24

USD

910,419

532,850

—

532,850

1-day

SOFR

At

Termination

5.37%

At

Termination

N/A

07/12/24

USD

910,419

505,852

—

505,852

3.55%

Annual

1-day

SOFR

Annual

N/A

07/13/24

USD

246,525

4,306,567

23,760

4,282,807

3.57%

Annual

1-day

SOFR

Annual

N/A

07/16/24

USD

363,491

6,220,365

(3,396)

6,223,761

3.56%

Annual

1-day

SOFR

Annual

N/A

07/20/24

USD

360,069

6,213,900

9,167

6,204,733

3.56%

Annual

1-day

SOFR

Annual

N/A

07/23/24

USD

479,100

8,191,727

11,821

8,179,906

3.56%

Annual

1-day

SOFR

Annual

N/A

08/12/24

USD

356,321

5,901,765

(12,321)

5,914,086

3.56%

Annual

1-day

SOFR

Annual

N/A

08/13/24

USD

604,646

10,031,588

(22,888)

10,054,476

3.53%

Annual

1-day

SOFR

Annual

N/A

08/27/24

USD

678,054

11,187,418

69,396

11,118,022

1-day

SONIA

At

Termination

4.26%

At

Termination

N/A

09/06/24

GBP

551,110

(5,907,972)

—

(5,907,972)

3.51%

Annual

1-day

SOFR

Annual

N/A

10/20/24

USD

262,263

3,948,953

5,186

3,943,767

3.50%

Annual

1-day

SOFR

Annual

N/A

10/25/24

USD

521,289

7,796,554

40,672

7,755,882

11.25%

Monthly

28-day

MXIBTIIE

Monthly

N/A

11/07/24

MXN

3,587,247

(492,430)

—

(492,430)

3-mo.

CD_KSDA

Quarterly

3.93%

Quarterly

N/A

11/09/24

KRW

79,498,490

188,778

—

188,778

3-mo.

CD_KSDA

Quarterly

3.87%

Quarterly

N/A

11/16/24

KRW

106,612,400

210,379

—

210,379

3.48%

Annual

1-day

SOFR

Annual

N/A

11/26/24

USD

426,986

5,932,363

38,376

5,893,987

10.95%

Monthly

28-day

MXIBTIIE

Monthly

N/A

12/03/24

MXN

4,937,193

(90,052)

—

(90,052)

3.46%

Annual

1-day

SOFR

Annual

N/A

12/06/24

USD

560,589

7,700,930

122,281

7,578,649

1-day

SOFR

At

Termination

4.59%

At

Termination

N/A

12/14/24

USD

1,865,764

(4,548,363)

(736)

(4,547,627)

0.23%

Annual

1-day

TONAR

Annual

N/A

01/11/25

JPY

4,977,810

(147,037)

—

(147,037)

0.24%

Annual

1-day

TONAR

Annual

N/A

01/19/25

JPY

25,150,650

(751,376)

—

(751,376)

28-day

MXIBTIIE

Monthly

9.80%

Monthly

N/A

02/04/25

MXN

996,835

(593,944)

—

(593,944)

28-day

MXIBTIIE

Monthly

9.90%

Monthly

N/A

02/05/25

MXN

3,745,186

(1,986,987)

—

(1,986,987)

28-day

MXIBTIIE

Monthly

9.92%

Monthly

N/A

02/05/25

MXN

1,804,542

(934,077)

—

(934,077)

3.80%

Quarterly

3-mo.

BBR

Quarterly

N/A

02/09/25

AUD

144,870

409,795

—

409,795

3-mo.

BBR

Quarterly

4.94%

Semi-Annual

N/A

02/10/25

NZD

161,110

893,904

—

893,904

1-day

SOFR

Annual

2.60%

Annual

N/A

02/17/25

USD

988,820

(45,131,336)

—

(45,131,336)

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

130

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

2.70%

Annual

N/A

02/17/25

USD

988,820

$

(43,180,492)

$

—

$

(43,180,492)

2.00%

Annual

1-day

SOFR

Annual

N/A

02/17/25

USD

278,159

15,988,325

—

15,988,325

1-day

SOFR

Annual

4.03%

Annual

N/A

03/10/25

USD

1,999,163

(33,707,130)

—

(33,707,130)

3.82%

Quarterly

3-mo.

CD_KSDA

Quarterly

03/20/24

(a)

03/20/25

KRW

407,267,975

(1,320,147)

—

(1,320,147)

2.79%

Annual

1-day

SOFR

Annual

N/A

04/26/25

USD

455,000

17,921,437

—

17,921,437

2.80%

Annual

1-day

SOFR

Annual

N/A

05/11/25

USD

145,000

5,590,435

—

5,590,435

2.60%

Annual

1-day

SOFR

Annual

N/A

05/16/25

USD

150,000

6,320,608

—

6,320,608

1-day

SOFR

Annual

4.10%

Annual

N/A

08/11/25

USD

1,000,596

(8,388,874)

—

(8,388,874)

28-day

MXIBTIIE

Monthly

10.84%

Monthly

N/A

09/25/25

MXN

680,000

564,115

—

564,115

4.19%

Annual

1-day

SOFR

Annual

N/A

09/28/25

USD

292,000

1,074,894

—

1,074,894

1-day

SOFR

Annual

4.25%

Annual

N/A

10/17/25

USD

1,489,926

(2,090,441)

—

(2,090,441)

1-day

SOFR

Annual

4.05%

Annual

N/A

10/18/25

USD

765,005

(3,923,605)

—

(3,923,605)

1-day

SOFR

Annual

4.25%

Annual

N/A

10/19/25

USD

685,759

(859,431)

—

(859,431)

0.33%

Annual

1-day

TONAR

Annual

N/A

11/06/25

JPY

25,122,000

(558,499)

—

(558,499)

4.51%

Annual

1-day

SOFR

Annual

N/A

11/07/25

USD

800,000

(3,867,834)

—

(3,867,834)

4.45%

Annual

1-day

SOFR

Annual

N/A

11/08/25

USD

400,000

(1,545,732)

—

(1,545,732)

0.30%

Annual

1-day

TONAR

Annual

N/A

11/10/25

JPY

53,633,000

(980,355)

—

(980,355)

0.31%

Annual

1-day

TONAR

Annual

N/A

11/16/25

JPY

31,275,920

(606,075)

—

(606,075)

0.30%

Annual

1-day

TONAR

Annual

N/A

11/16/25

JPY

22,648,080

(413,164)

—

(413,164)

1-day

SONIA

At

Termination

4.22%

At

Termination

11/20/24

(a)

11/20/25

GBP

147,690

1,446,713

(106,063)

1,552,776

0.25%

Annual

1-day

TONAR

Annual

N/A

11/22/25

JPY

53,774,500

(525,805)

—

(525,805)

1-day

SONIA

At

Termination

4.25%

At

Termination

11/29/24

(a)

11/29/25

GBP

816,255

8,474,106

—

8,474,106

1-day

SOFR

Annual

3.90%

Annual

N/A

12/05/25

USD

486,800

(2,443,114)

—

(2,443,114)

1-day

SONIA

At

Termination

4.13%

At

Termination

12/06/24

(a)

12/06/25

GBP

24,030

220,765

(389)

221,154

1-day

SONIA

At

Termination

4.15%

At

Termination

12/06/24

(a)

12/06/25

GBP

11,830

112,080

(4,124)

116,204

1-day

SONIA

At

Termination

4.11%

At

Termination

12/09/24

(a)

12/09/25

GBP

384,120

3,448,654

(139,957)

3,588,611

1-day

SOFR

Annual

3.88%

Annual

N/A

12/12/25

USD

265,000

(1,306,840)

—

(1,306,840)

1-day

SONIA

At

Termination

4.06%

At

Termination

12/12/24

(a)

12/12/25

GBP

598,225

5,086,618

38,841

5,047,777

2.71%

Annual

1-day

ESTR

Annual

03/11/24

(a)

12/12/25

EUR

162,710

(866,375)

(17,761)

(848,614)

2.97%

Annual

6-mo.

EURIBOR

Semi-Annual

03/11/24

(a)

12/12/25

EUR

81,325

(475,758)

(22,818)

(452,940)

0.23%

Annual

1-day

TONAR

Annual

N/A

12/14/25

JPY

20,252,000

(120,844)

—

(120,844)

1-day

SOFR

Annual

3.75%

Annual

N/A

12/15/25

USD

251,214

(1,800,430)

—

(1,800,430)

1-day

SOFR

Annual

3.93%

Annual

N/A

12/15/25

USD

270,000

(1,008,897)

—

(1,008,897)

0.23%

Annual

1-day

TONAR

Annual

N/A

12/15/25

JPY

53,005,000

(302,536)

—

(302,536)

1-day

SONIA

At

Termination

3.77%

At

Termination

12/16/24

(a)

12/16/25

GBP

339,225

1,750,717

1,321

1,749,396

1-day

SONIA

At

Termination

3.77%

At

Termination

12/16/24

(a)

12/16/25

GBP

594,400

3,041,718

—

3,041,718

1-day

SONIA

At

Termination

3.87%

At

Termination

12/16/24

(a)

12/16/25

GBP

269,300

1,717,206

807,596

909,610

1-day

SOFR

At

Termination

3.46%

At

Termination

12/17/24

(a)

12/17/25

USD

319,625

216,243

—

216,243

1-day

SOFR

At

Termination

3.86%

At

Termination

12/17/24

(a)

12/17/25

USD

3,205

13,986

324

13,662

1-day

SONIA

At

Termination

3.69%

At

Termination

12/19/24

(a)

12/19/25

GBP

85,960

367,406

51,239

316,167

1-day

SOFR

Annual

3.78%

Annual

N/A

12/19/25

USD

589,000

(3,806,106)

—

(3,806,106)

1-day

SOFR

Annual

3.81%

Annual

N/A

12/19/25

USD

613,023

(3,587,043)

—

(3,587,043)

1-day

SONIA

At

Termination

3.40%

At

Termination

12/20/24

(a)

12/20/25

GBP

333,310

308,121

(89,243)

397,364

5.14%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

12/20/25

PLN

200,829

(150,416)

—

(150,416)

1-day

SOFR

At

Termination

3.46%

At

Termination

12/24/24

(a)

12/24/25

USD

94,890

70,839

(1,207)

72,046

1-day

SOFR

At

Termination

3.47%

At

Termination

12/24/24

(a)

12/24/25

USD

96,480

81,949

1,263

80,686

1-day

SOFR

Annual

3.70%

Annual

N/A

01/20/26

USD

472,000

(9,928,970)

—

(9,928,970)

4.33%

Annual

1-day

SOFR

Annual

N/A

02/22/26

USD

511,600

738,556

—

738,556

4.46%

Annual

1-day

SOFR

Annual

N/A

03/02/26

USD

272,500

(697,295)

—

(697,295)

4.47%

Annual

1-day

SOFR

Annual

N/A

03/02/26

USD

272,000

(804,839)

—

(804,839)

3.72%

Annual

1-day

SOFR

Annual

N/A

03/17/26

USD

270,000

4,926,476

—

4,926,476

3.06%

Semi-Annual

1-day

SORA

Semi-Annual

03/20/24

(a)

03/20/26

SGD

62,340

(368,830)

—

(368,830)

2.97%

Semi-Annual

1-day

SORA

Semi-Annual

03/20/24

(a)

03/20/26

SGD

62,340

(290,401)

—

(290,401)

3.85%

Quarterly

3-mo.

CD_KSDA

Quarterly

03/20/24

(a)

03/20/26

KRW

414,480,820

(4,428,641)

—

(4,428,641)

4.10%

Annual

6-mo.

PRIBOR

Semi-Annual

03/20/24

(a)

03/20/26

CZK

1,541,200

(277,369)

—

(277,369)

3.15%

Annual

1-day

SOFR

Annual

N/A

05/27/26

USD

533,651

16,344,689

433,819

15,910,870

0.32%

At

Termination

1-day

TONAR

At

Termination

07/07/25

(a)

07/07/26

JPY

6,402,940

49,973

—

49,973

0.36%

At

Termination

1-day

TONAR

At

Termination

07/07/25

(a)

07/07/26

JPY

9,413,272

44,612

—

44,612

0.29%

At

Termination

1-day

TONAR

At

Termination

07/07/25

(a)

07/07/26

JPY

6,403,900

62,616

—

62,616

0.33%

At

Termination

1-day

TONAR

At

Termination

07/07/25

(a)

07/07/26

JPY

19,207,870

137,052

—

137,052

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

131

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)

0.33%

At

Termination

1-day

TONAR

At

Termination

07/07/25

(a)

07/07/26

JPY

9,797,488

$

69,217

$

—

$

69,217

0.27%

At

Termination

1-day

TONAR

At

Termination

07/07/25

(a)

07/07/26

JPY

28,384,620

330,542

—

330,542

0.32%

At

Termination

1-day

TONAR

At

Termination

07/07/25

(a)

07/07/26

JPY

6,403,910

48,401

—

48,401

3-mo.

CD_KSDA

Quarterly

3.19%

Quarterly

N/A

09/20/26

KRW

41,222,003

54,231

—

54,231

3-mo.

CD_KSDA

Quarterly

3.33%

Quarterly

N/A

09/20/26

KRW

39,807,024

169,040

—

169,040

3-mo.

CD_KSDA

Quarterly

3.38%

Quarterly

N/A

09/20/26

KRW

39,812,996

212,056

—

212,056

3-mo.

CD_KSDA

Quarterly

3.38%

Quarterly

N/A

09/20/26

KRW

36,354,228

188,774

—

188,774

3-mo.

CD_KSDA

Quarterly

3.38%

Quarterly

N/A

09/20/26

KRW

39,812,996

210,009

—

210,009

0.65%

At

Termination

1-day

TONAR

At

Termination

10/08/25

(a)

10/08/26

JPY

13,315,000

(172,614)

—

(172,614)

0.64%

At

Termination

1-day

TONAR

At

Termination

10/08/25

(a)

10/08/26

JPY

13,315,000

(157,154)

—

(157,154)

1-day

SOFR

At

Termination

4.17%

At

Termination

10/23/25

(a)

10/23/26

USD

397,482

3,938,742

—

3,938,742

1-day

SOFR

At

Termination

4.21%

At

Termination

10/27/25

(a)

10/27/26

USD

794,377

8,180,542

—

8,180,542

3.92%

Annual

1-day

SOFR

Annual

11/22/24

(a)

11/22/26

USD

896,273

(10,761,529)

—

(10,761,529)

3.69%

Annual

1-day

SOFR

Annual

12/02/24

(a)

12/02/26

USD

861,910

(6,876,035)

—

(6,876,035)

3.37%

Annual

1-day

SOFR

Annual

12/17/24

(a)

12/17/26

USD

429,888

(1,038,692)

—

(1,038,692)

1-day

SOFR

Annual

4.03%

Annual

N/A

03/07/27

USD

464,406

(475,414)

—

(475,414)

1-day

SOFR

Annual

3.47%

Annual

03/10/25

(a)

03/10/27

USD

200,466

1,140,710

—

1,140,710

1-day

SONIA

At

Termination

3.45%

At

Termination

03/16/26

(a)

03/16/27

GBP

98,090

557,345

113,312

444,033

3-mo.

CD_KSDA

Quarterly

3.66%

Quarterly

03/20/24

(a)

03/20/27

KRW

280,907,775

4,032,528

—

4,032,528

28-day

MXIBTIIE

Monthly

7.49%

Monthly

N/A

04/14/27

MXN

1,412,000

(3,554,266)

—

(3,554,266)

0.67%

Annual

1-day

TONAR

Annual

09/22/25

(a)

09/22/27

JPY

22,036,000

(434,626)

—

(434,626)

0.71%

Annual

1-day

TONAR

Annual

09/29/25

(a)

09/29/27

JPY

21,524,000

(516,089)

—

(516,089)

1-day

SOFR

Annual

3.98%

Annual

N/A

10/06/27

USD

482,431

4,149,561

—

4,149,561

1-day

SONIA

At

Termination

4.11%

At

Termination

10/13/26

(a)

10/13/27

GBP

1,772,630

24,053,201

(203,022)

24,256,223

1-day

SONIA

At

Termination

4.39%

At

Termination

10/20/26

(a)

10/20/27

GBP

398,020

6,649,149

(917)

6,650,066

1-day

SONIA

At

Termination

4.40%

At

Termination

10/20/26

(a)

10/20/27

GBP

398,030

6,684,919

528

6,684,391

1-day

SOFR

Annual

3.30%

Annual

10/23/25

(a)

10/23/27

USD

143,045

516,003

—

516,003

1-day

SOFR

Annual

4.20%

Annual

10/23/25

(a)

10/23/27

USD

206,848

4,095,211

—

4,095,211

1-day

SOFR

Annual

3.92%

Annual

11/03/25

(a)

11/03/27

USD

98,149

1,449,031

—

1,449,031

1-day

SOFR

Annual

3.95%

Annual

11/03/25

(a)

11/03/27

USD

98,149

1,501,848

—

1,501,848

1-day

SOFR

Annual

3.99%

Annual

11/03/25

(a)

11/03/27

USD

196,299

3,126,936

—

3,126,936

1-day

SOFR

Annual

4.07%

Annual

11/03/25

(a)

11/03/27

USD

400,330

6,988,863

—

6,988,863

1-day

SOFR

Annual

3.86%

Annual

11/10/25

(a)

11/10/27

USD

405,709

5,558,777

—

5,558,777

1-day

SOFR

Annual

3.91%

Annual

11/10/25

(a)

11/10/27

USD

410,897

5,944,340

—

5,944,340

1-day

SONIA

Annual

3.72%

Annual

11/17/25

(a)

11/17/27

GBP

325,130

5,761,029

—

5,761,029

1-day

SONIA

At

Termination

3.75%

At

Termination

11/23/26

(a)

11/23/27

GBP

347,180

3,337,919

(300,776)

3,638,695

1-day

SONIA

At

Termination

3.86%

At

Termination

11/27/26

(a)

11/27/27

GBP

472,100

5,121,871

55,130

5,066,741

1-day

SONIA

At

Termination

3.70%

At

Termination

12/01/26

(a)

12/01/27

GBP

120,710

1,093,754

14,642

1,079,112

1-day

SONIA

At

Termination

3.18%

At

Termination

01/26/27

(a)

01/26/28

GBP

101,220

329,594

2,991

326,603

1-day

SONIA

At

Termination

3.18%

At

Termination

02/10/27

(a)

02/10/28

GBP

694,015

2,307,105

—

2,307,105

4.64%

Annual

1-day

SONIA

Annual

N/A

05/26/28

GBP

48,910

(2,797,316)

—

(2,797,316)

1-day

SONIA

Annual

4.86%

Annual

N/A

06/20/28

GBP

124,190

8,832,170

—

8,832,170

6-mo.

EURIBOR

Semi-Annual

3.15%

Annual

N/A

07/21/28

EUR

47,475

1,386,302

—

1,386,302

28-day

MXIBTIIE

Monthly

9.13%

Monthly

N/A

08/15/28

MXN

1,983,412

2,154,094

—

2,154,094

1-day

SONIA

Annual

4.72%

Annual

N/A

10/18/28

GBP

7,090

505,733

—

505,733

28-day

MXIBTIIE

Monthly

9.69%

Monthly

N/A

10/25/28

MXN

818,884

2,071,632

—

2,071,632

1-day

SOFR

Annual

4.40%

Annual

N/A

10/31/28

USD

250,232

8,974,392

—

8,974,392

1-day

ESTR

Annual

2.71%

Annual

11/04/26

(a)

11/04/28

EUR

14,110

215,523

—

215,523

28-day

MXIBTIIE

Monthly

8.95%

Monthly

N/A

11/08/28

MXN

789,444

615,857

—

615,857

1-day

ESTR

Annual

2.65%

Annual

11/10/26

(a)

11/10/28

EUR

81,560

1,137,706

—

1,137,706

1-day

ESTR

Annual

2.69%

Annual

11/10/26

(a)

11/10/28

EUR

61,960

913,500

59,191

854,309

1-day

SOFR

Annual

3.75%

Annual

11/10/26

(a)

11/10/28

USD

35,090

358,035

(1,957)

359,992

1-day

SOFR

Annual

3.92%

Annual

11/10/26

(a)

11/10/28

USD

70,230

915,021

—

915,021

1-day

SOFR

Annual

4.03%

Annual

11/10/26

(a)

11/10/28

USD

35,090

529,488

—

529,488

1-day

SONIA

Annual

4.12%

Annual

N/A

11/17/28

GBP

121,376

4,787,575

—

4,787,575

1-day

ESTR

Annual

2.56%

Annual

11/19/26

(a)

11/19/28

EUR

28,610

343,584

—

343,584

1-day

SONIA

Annual

4.12%

Annual

N/A

11/21/28

GBP

120,683

4,803,990

—

4,803,990

1-day

ESTR

Annual

2.57%

Annual

11/27/26

(a)

11/27/28

EUR

28,610

346,162

—

346,162

1-day

ESTR

Annual

2.33%

Annual

12/02/26

(a)

12/02/28

EUR

226,050

1,654,724

—

1,654,724

1-day

SONIA

At

Termination

3.47%

At

Termination

12/06/27

(a)

12/06/28

GBP

67,940

441,355

(17,400)

458,755

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

132

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

SONIA

Annual

4.06%

Annual

N/A

12/06/28

GBP

8,040

$

300,484

$

—

$

300,484

1-day

SOFR

Annual

3.50%

Annual

12/08/26

(a)

12/08/28

USD

65,500

369,928

—

369,928

1-day

SONIA

Annual

4.02%

Annual

N/A

12/08/28

GBP

31,300

1,108,056

—

1,108,056

1-day

ESTR

Annual

2.23%

Annual

12/10/26

(a)

12/10/28

EUR

341,490

1,767,203

—

1,767,203

1-day

SOFR

Annual

3.47%

Annual

12/10/26

(a)

12/10/28

USD

68,450

352,342

—

352,342

1-day

SONIA

Annual

4.09%

Annual

N/A

12/11/28

GBP

16,320

644,430

—

644,430

1-day

SONIA

Annual

3.68%

Annual

N/A

12/14/28

GBP

122,882

1,979,821

(5,803)

1,985,624

1-day

SOFR

Annual

3.25%

Annual

12/15/26

(a)

12/15/28

USD

419,055

548,828

—

548,828

1-day

SOFR

Annual

3.56%

Annual

12/15/26

(a)

12/15/28

USD

35,690

238,478

—

238,478

2.92%

Annual

1-day

SOFR

Annual

N/A

02/16/29

USD

180,919

8,805,855

455,371

8,350,484

1-day

THOR

Quarterly

2.60%

Quarterly

03/20/24

(a)

03/20/29

THB

681,310

290,696

—

290,696

1-day

THOR

Quarterly

2.71%

Quarterly

03/20/24

(a)

03/20/29

THB

681,310

389,209

—

389,209

3-mo.

CD_KSDA

Quarterly

3.79%

Quarterly

03/20/24

(a)

03/20/29

KRW

350,265,310

10,637,858

—

10,637,858

1-day

SOFR

Annual

3.33%

Annual

06/17/24

(a)

06/17/29

USD

21,760

(9,695)

—

(9,695)

1-day

SOFR

Annual

3.36%

Annual

06/17/24

(a)

06/17/29

USD

16,320

16,090

—

16,090

1-day

SOFR

Annual

3.41%

Annual

06/17/24

(a)

06/17/29

USD

32,640

98,615

—

98,615

1-day

SOFR

Annual

3.42%

Annual

06/17/24

(a)

06/17/29

USD

12,240

46,015

—

46,015

1-day

SOFR

Annual

3.44%

Annual

06/17/24

(a)

06/17/29

USD

16,320

71,939

—

71,939

0.02%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

08/26/31

EUR

157,050

31,529,189

—

31,529,189

1-day

SOFR

Annual

3.79%

Annual

N/A

10/14/31

USD

197,460

3,481,109

—

3,481,109

1-day

SOFR

Annual

3.79%

Annual

N/A

11/19/31

USD

251,205

4,807,877

—

4,807,877

1-day

SOFR

Annual

3.78%

Annual

N/A

01/28/32

USD

467,125

3,734,549

—

3,734,549

2.38%

Annual

1-day

SOFR

Annual

N/A

04/08/32

USD

43,962

4,386,081

—

4,386,081

2.60%

Annual

1-day

SOFR

Annual

N/A

05/26/32

USD

53,426

4,283,779

—

4,283,779

1-day

SOFR

Annual

3.47%

Annual

N/A

10/04/32

USD

223,490

(1,197,391)

—

(1,197,391)

1-day

SOFR

Annual

3.42%

Annual

N/A

10/05/32

USD

103,240

(963,396)

—

(963,396)

1-day

SOFR

Annual

3.05%

Annual

N/A

10/28/32

USD

249,920

(9,086,625)

—

(9,086,625)

1-day

SOFR

Annual

2.88%

Annual

N/A

11/02/32

USD

250,132

(12,338,129)

—

(12,338,129)

1-day

SOFR

Annual

2.92%

Annual

N/A

11/04/32

USD

249,476

(11,471,153)

—

(11,471,153)

1-day

SOFR

Annual

2.90%

Annual

N/A

11/15/32

USD

400,986

(18,856,267)

—

(18,856,267)

1-day

SOFR

Annual

3.20%

Annual

N/A

11/28/32

USD

239,768

(5,560,506)

—

(5,560,506)

1-day

ESTR

Annual

2.34%

Annual

01/19/28

(a)

01/19/33

EUR

150,420

343,937

—

343,937

6-mo.

BBR

Semi-Annual

4.15%

Semi-Annual

N/A

02/09/33

AUD

33,640

(28,174)

—

(28,174)

4.25%

Semi-Annual

3-mo.

BBR

Quarterly

N/A

02/10/33

NZD

37,290

(435,655)

—

(435,655)

6-mo.

EURIBOR

Semi-Annual

2.96%

Annual

N/A

03/31/33

EUR

27,350

1,557,482

3,461

1,554,021

1.91%

Annual

1-day

SARON

Annual

N/A

03/31/33

CHF

24,490

(2,039,585)

23,497

(2,063,082)

1-day

SOFR

Annual

3.14%

Annual

05/12/28

(a)

05/12/33

USD

279,328

(2,676,619)

—

(2,676,619)

1-day

SOFR

Annual

3.75%

Annual

N/A

08/09/33

USD

251,131

3,817,226

—

3,817,226

3.24%

Annual

1-day

SOFR

Annual

N/A

08/09/33

USD

122,861

3,460,993

—

3,460,993

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

N/A

09/20/33

ZAR

550,000

1,598,418

—

1,598,418

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

N/A

09/20/33

ZAR

275,000

800,194

—

800,194

3-mo.

JIBAR

Quarterly

9.92%

Quarterly

N/A

09/20/33

ZAR

275,000

821,370

—

821,370

1-day

TONAR

Annual

1.33%

Annual

09/21/28

(a)

09/21/33

JPY

9,246,000

294,300

—

294,300

1-day

TONAR

Annual

1.34%

Annual

09/28/28

(a)

09/28/33

JPY

9,070,000

311,347

—

311,347

1-day

SOFR

Annual

3.93%

Annual

N/A

10/04/33

USD

249,492

8,309,204

—

8,309,204

1-day

SOFR

Annual

3.50%

Annual

N/A

10/17/33

USD

343,829

(817,849)

—

(817,849)

4.40%

Annual

1-day

SOFR

Annual

N/A

11/01/33

USD

245,780

(18,274,661)

—

(18,274,661)

1-day

ESTR

Annual

3.11%

Annual

11/02/28

(a)

11/02/33

EUR

26,110

884,706

601

884,105

1-day

ESTR

Annual

3.28%

Annual

11/02/28

(a)

11/02/33

EUR

1,850

77,580

—

77,580

1-day

ESTR

Annual

3.13%

Annual

11/08/28

(a)

11/08/33

EUR

48,290

1,671,628

—

1,671,628

1-day

ESTR

Annual

2.93%

Annual

11/14/28

(a)

11/14/33

EUR

53,030

1,328,406

—

1,328,406

1-day

ESTR

Annual

3.09%

Annual

11/14/28

(a)

11/14/33

EUR

52,240

1,717,092

—

1,717,092

1-day

ESTR

Annual

2.73%

Annual

12/07/28

(a)

12/07/33

EUR

10,540

163,334

22,088

141,246

3.82%

Quarterly

3-mo.

CD_KSDA

Quarterly

03/20/24

(a)

03/20/34

KRW

43,803,460

(2,544,515)

—

(2,544,515)

3.62%

Quarterly

3-mo.

CD_KSDA

Quarterly

03/20/24

(a)

03/20/34

KRW

48,004,000

(2,150,604)

—

(2,150,604)

3.81%

Quarterly

3-mo.

CD_KSDA

Quarterly

03/20/24

(a)

03/20/34

KRW

48,004,000

(2,775,335)

—

(2,775,335)

3.46%

Annual

1-day

SOFR

Annual

12/15/26

(a)

12/15/36

USD

95,777

(424,503)

—

(424,503)

2.93%

Annual

1-day

SOFR

Annual

N/A

11/26/41

USD

32,045

2,527,586

(41,226)

2,568,812

3.99%

Annual

1-day

SONIA

Annual

11/29/33

(a)

11/29/43

GBP

135,490

(4,385,507)

—

(4,385,507)

3.93%

Annual

1-day

SONIA

Annual

12/06/33

(a)

12/06/43

GBP

2,010

(54,955)

570

(55,525)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

133

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)

3.81%

Annual

1-day

SONIA

Annual

12/06/33

(a)

12/06/43

GBP

4,060

$

(74,531)

$

495

$

(75,026)

3.81%

Annual

1-day

SONIA

Annual

12/07/33

(a)

12/07/43

GBP

60,650

(1,120,862)

143,566

(1,264,428)

3.83%

Annual

1-day

SONIA

Annual

12/12/33

(a)

12/12/43

GBP

31,130

(613,288)

—

(613,288)

3.83%

Annual

1-day

SONIA

Annual

12/12/33

(a)

12/12/43

GBP

94,500

(1,879,845)

51,179

(1,931,024)

3.73%

Annual

1-day

SONIA

Annual

12/14/33

(a)

12/14/43

GBP

116,040

(1,407,878)

(594,405)

(813,473)

3.69%

Annual

1-day

SONIA

Annual

12/15/33

(a)

12/15/43

GBP

93,060

(851,817)

—

(851,817)

3.65%

Annual

1-day

SOFR

Annual

12/16/33

(a)

12/16/43

USD

49,605

(419,270)

—

(419,270)

3.55%

Annual

1-day

SONIA

Annual

12/19/33

(a)

12/19/43

GBP

10,720

19,392

(22,088)

41,480

3.48%

Annual

1-day

SONIA

Annual

12/20/33

(a)

12/20/43

GBP

49,215

340,803

88,524

252,279

3.45%

Annual

1-day

SOFR

Annual

12/22/33

(a)

12/22/43

USD

15,195

52,638

2,558

50,080

3.44%

Annual

1-day

SOFR

Annual

12/22/33

(a)

12/22/43

USD

14,585

58,325

2,537

55,788

2.81%

Annual

1-day

SOFR

Annual

N/A

01/25/51

USD

62,463

7,543,702

(856,105)

8,399,807

2.81%

Annual

1-day

SOFR

Annual

N/A

01/28/51

USD

111,429

13,431,558

(1,533,896)

14,965,454

2.80%

Annual

1-day

SOFR

Annual

N/A

02/01/51

USD

65,177

7,970,225

(777,975)

8,748,200

2.80%

Annual

1-day

SOFR

Annual

N/A

02/04/51

USD

37,194

4,538,650

(446,159)

4,984,809

2.80%

Annual

1-day

SOFR

Annual

N/A

02/05/51

USD

38,392

4,684,748

(460,495)

5,145,243

2.80%

Annual

1-day

SOFR

Annual

N/A

02/22/51

USD

15,576

1,887,050

(788,035)

2,675,085

2.80%

Annual

1-day

SOFR

Annual

N/A

05/27/51

USD

62,621

7,213,943

(3,241,737)

10,455,680

2.80%

Annual

1-day

SOFR

Annual

N/A

06/07/51

USD

19,517

2,237,607

(1,012,176)

3,249,783

2.79%

Annual

1-day

SOFR

Annual

N/A

01/21/52

USD

153,727

19,045,395

(8,133,503)

27,178,898

1-day

SARON

Annual

1.86%

Annual

N/A

03/31/53

CHF

9,960

2,181,382

(25,556)

2,206,938

2.51%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

03/31/53

EUR

11,160

(525,516)

(3,695)

(521,821)

1-day

SOFR

Annual

4.00%

Annual

N/A

11/03/53

USD

99,173

12,265,546

—

12,265,546

3.65%

Annual

1-day

SOFR

Annual

N/A

11/03/53

USD

99,173

(5,749,083)

—

(5,749,083)

2.96%

Annual

1-day

ESTR

Annual

11/04/33

(a)

11/04/53

EUR

780

(73,050)

—

(73,050)

2.90%

Annual

1-day

ESTR

Annual

11/08/33

(a)

11/08/53

EUR

10,930

(930,886)

—

(930,886)

3.86%

Annual

1-day

SOFR

Annual

11/08/33

(a)

11/08/53

USD

12,830

(876,106)

—

(876,106)

2.91%

Annual

1-day

ESTR

Annual

11/09/33

(a)

11/09/53

EUR

10,070

(870,195)

(125,619)

(744,576)

3.75%

Annual

1-day

SOFR

Annual

11/10/33

(a)

11/10/53

USD

6,330

(361,411)

3,029

(364,440)

3.87%

Annual

1-day

SOFR

Annual

11/10/33

(a)

11/10/53

USD

6,340

(443,000)

—

(443,000)

2.72%

Annual

1-day

ESTR

Annual

11/21/33

(a)

11/21/53

EUR

3,540

(210,292)

—

(210,292)

2.67%

Annual

1-day

ESTR

Annual

11/28/33

(a)

11/27/53

EUR

3,540

(186,358)

—

(186,358)

2.59%

Annual

1-day

ESTR

Annual

12/02/33

(a)

12/02/53

EUR

34,180

(1,429,497)

—

(1,429,497)

3.50%

Annual

1-day

SOFR

Annual

12/08/33

(a)

12/08/53

USD

8,730

(274,718)

—

(274,718)

2.40%

Annual

1-day

ESTR

Annual

12/12/33

(a)

12/12/53

EUR

48,610

(782,517)

—

(782,517)

3.43%

Annual

1-day

SOFR

Annual

12/12/33

(a)

12/12/53

USD

11,060

(274,503)

—

(274,503)

3.47%

Annual

1-day

SOFR

Annual

12/13/33

(a)

12/13/53

USD

6,270

(181,346)

—

(181,346)

$

137,001,102

$

(16,279,401)

$

153,280,503

(a)

Forward

swap.

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

$

484,751

$

—

$

484,751

2.47%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

12/06/33

USD

17,305

(86,678)

—

(86,678)

$

398,073

$

—

$

398,073

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

134

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

$

(52,477)

$

(14,194)

$

(38,283)

Beazer

Homes

USA,

Inc.

....

5.00

Quarterly

BNP

Paribas

SA

06/20/24

USD

2,500

(57,923)

(13,833)

(44,090)

Beazer

Homes

USA,

Inc.

....

5.00

Quarterly

BNP

Paribas

SA

06/20/24

USD

2,500

(57,923)

(14,928)

(42,995)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

2,370

7,543

72,469

(64,926)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

750

2,387

23,587

(21,200)

Staples,

Inc.

.............

5.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

1,000

4,956

27,553

(22,597)

Staples,

Inc.

.............

5.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

1,160

5,749

27,014

(21,265)

Tenet

Healthcare

Corp.

......

5.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

2,483

(57,531)

(2,742)

(54,789)

Tenet

Healthcare

Corp.

......

5.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

2,785

(64,529)

(9,452)

(55,077)

Tenet

Healthcare

Corp.

......

5.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

2,347

(54,380)

(3,135)

(51,245)

Tenet

Healthcare

Corp.

......

5.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

2,750

(63,718)

(9,315)

(54,403)

Tenet

Healthcare

Corp.

......

5.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

2,750

(63,718)

(9,315)

(54,403)

Tenet

Healthcare

Corp.

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/24

USD

1,000

(23,169)

(1,293)

(21,876)

Xerox

Corp.

.............

1.00

Quarterly

BNP

Paribas

SA

06/20/24

USD

1,925

(2,450)

17,232

(19,682)

American

Airlines

Group,

Inc.

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

1,000

(29,099)

(11,320)

(17,779)

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

1,500

(61,692)

24,443

(86,135)

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

2,960

(122,834)

48,233

(171,067)

Boeing

Co.

(The)

..........

1.00

Quarterly

BNP

Paribas

SA

12/20/24

USD

4,760

(35,065)

(18,439)

(16,626)

Boeing

Co.

(The)

..........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/24

USD

11,875

(87,478)

(27,261)

(60,217)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/24

USD

7,750

(69,721)

(38,687)

(31,034)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

7,752

(55,845)

37,318

(93,163)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

12,807

(92,260)

61,653

(153,913)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

17,930

(129,166)

86,315

(215,481)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

12,810

(92,282)

62,864

(155,146)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

12,810

(92,282)

62,864

(155,146)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

12,809

(92,275)

62,859

(155,134)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

NA

06/20/25

USD

880

(49,265)

(27,875)

(21,390)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

NA

06/20/25

USD

1,320

(73,897)

(41,807)

(32,090)

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

USD

4,370

(240,618)

159,676

(400,294)

Electricite

de

France

SA

.....

1.00

Quarterly

Citibank

NA

06/20/25

EUR

11,330

(108,574)

(33,758)

(74,816)

Macy's

Retail

Holdings

LLC

...

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,000

(626)

71,372

(71,998)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

06/20/25

USD

1,625

59,888

209,266

(149,378)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,000

73,709

307,615

(233,906)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,190

(12,139)

37,702

(49,841)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,010

(10,303)

24,356

(34,659)

Simon

Property

Group

LP

....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/25

USD

4,300

(43,863)

106,035

(149,898)

Southwest

Airlines

Co.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,825

(23,285)

27,012

(50,297)

Southwest

Airlines

Co.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

3,750

(30,910)

65,645

(96,555)

Southwest

Airlines

Co.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,825

(23,285)

25,124

(48,409)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/26

USD

7,110

(161,795)

(125,103)

(36,692)

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

1,601

(34,305)

23,412

(57,717)

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

1,601

(34,305)

23,412

(57,717)

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

2,139

(45,832)

29,291

(75,123)

BorgWarner,

Inc.

..........

1.00

Quarterly

BNP

Paribas

SA

12/20/27

USD

3,000

(49,693)

33,061

(82,754)

INEOS

Group

Holdings

SA

...

5.00

Quarterly

BNP

Paribas

SA

12/20/27

EUR

1,202

(153,442)

(102,429)

(51,013)

Intesa

Sanpaolo

SpA

.......

1.00

Quarterly

BNP

Paribas

SA

12/20/27

EUR

5,600

111,609

357,683

(246,074)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Bank

of

America

NA

12/20/27

USD

1,620

309,799

343,842

(34,043)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Barclays

Bank

plc

12/20/27

USD

1,030

196,971

212,733

(15,762)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

12/20/27

USD

650

124,302

141,304

(17,002)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

12/20/27

USD

980

187,409

219,262

(31,853)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

12/20/27

USD

1,215

232,349

358,974

(126,625)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Goldman

Sachs

International

12/20/27

USD

1,030

196,971

212,852

(15,881)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

2,760

527,805

772,660

(244,855)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

12/20/27

USD

7,485

(112,710)

92,639

(205,349)

Simon

Property

Group

LP

....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

4,700

(70,773)

58,280

(129,053)

UniCredit

SpA

............

1.00

Quarterly

Goldman

Sachs

International

12/20/27

EUR

5,600

90,541

352,838

(262,297)

UniCredit

SpA

............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

EUR

5,349

86,483

306,961

(220,478)

Xerox

Corp.

.............

1.00

Quarterly

Citibank

NA

12/20/27

USD

1,050

61,123

97,340

(36,217)

Xerox

Corp.

.............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

1,750

101,872

162,812

(60,940)

Altice

France

SA

..........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

5,430

859,056

1,097,828

(238,772)

Altice

France

SA

..........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

2,797

442,501

424,548

17,953

Altice

France

SA

..........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

4,980

787,864

755,896

31,968

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

135

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)

Caterpillar,

Inc.

...........

1.00

%

Quarterly

Citibank

NA

06/20/28

USD

11,800

$

(341,872)

$

(267,141)

$

(74,731)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

BNP

Paribas

SA

06/20/28

EUR

4,131

(61,350)

166,734

(228,084)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

1,536

(22,812)

76,272

(99,084)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

3,623

(53,806)

194,313

(248,119)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

29,800

(442,567)

952,748

(1,395,315)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

3,487

(51,786)

166,283

(218,069)

Deutsche

Bank

AG

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

17,900

111,511

1,339,119

(1,227,608)

Deutsche

Bank

AG

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

3,496

21,779

169,397

(147,618)

Deutsche

Bank

AG

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

10,488

65,337

508,192

(442,855)

Deutsche

Bank

AG

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

3,916

24,395

200,389

(175,994)

Intrum

AB

...............

5.00

Quarterly

Goldman

Sachs

International

06/20/28

EUR

626

93,492

123,159

(29,667)

Intrum

AB

...............

5.00

Quarterly

HSBC

Bank

plc

06/20/28

EUR

626

93,492

124,824

(31,332)

Intrum

AB

...............

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

1,459

217,900

309,545

(91,645)

Novafives

SAS

...........

5.00

Quarterly

Goldman

Sachs

International

06/20/28

EUR

1,620

(78,510)

49,938

(128,448)

Novafives

SAS

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

2,727

(132,159)

119,639

(251,798)

Novafives

SAS

...........

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/28

EUR

1,080

(52,340)

13,887

(66,227)

Paramount

Global

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

5,500

124,819

218,154

(93,335)

Paramount

Global

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

5,785

131,287

229,458

(98,171)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

06/20/28

USD

1,420

305,791

458,486

(152,695)

Aegon

Ltd.

..............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

EUR

6,610

(121,684)

(61,908)

(59,776)

ArcelorMittal

SA

...........

5.00

Quarterly

Barclays

Bank

plc

12/20/28

EUR

20,060

(3,340,179)

(3,061,173)

(279,006)

AT&T,

Inc.

...............

1.00

Quarterly

BNP

Paribas

SA

12/20/28

USD

42,310

(411,982)

185,258

(597,240)

AutoZone,

Inc.

............

1.00

Quarterly

Deutsche

Bank

AG

12/20/28

USD

37,732

(1,080,253)

(1,069,230)

(11,023)

Barclays

plc

.............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

EUR

7,390

160,962

315,271

(154,309)

BASF

SE

...............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

EUR

21,900

(556,492)

(396,279)

(160,213)

BMW

Finance

NV

.........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/28

EUR

21,800

(550,356)

(378,094)

(172,262)

Centrica

plc

.............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

EUR

9,790

(212,052)

(114,627)

(97,425)

Comcast

Corp.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/28

USD

49,710

(1,259,533)

(987,948)

(271,585)

Commerzbank

AG

.........

1.00

Quarterly

Citibank

NA

12/20/28

EUR

10,630

459,783

754,955

(295,172)

Conagra

Brands,

Inc.

.......

1.00

Quarterly

Bank

of

America

NA

12/20/28

USD

18,866

(313,368)

(293,645)

(19,723)

CVS

Health

Corp.

.........

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

79,566

(1,810,393)

(1,010,611)

(799,782)

CVS

Health

Corp.

.........

1.00

Quarterly

Citibank

NA

12/20/28

USD

49,780

(1,132,666)

(757,769)

(374,897)

CVS

Health

Corp.

.........

1.00

Quarterly

Goldman

Sachs

International

12/20/28

USD

37,732

(858,533)

(774,869)

(83,664)

CVS

Health

Corp.

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

USD

51,834

(1,179,409)

(742,752)

(436,657)

Dow

Chemical

Co.

(The)

.....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/28

USD

37,732

(617,898)

(563,307)

(54,591)

DR

Horton,

Inc.

...........

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

7,516

(165,543)

(132,954)

(32,589)

DR

Horton,

Inc.

...........

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

18,790

(413,858)

(229,878)

(183,980)

DR

Horton,

Inc.

...........

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

25,130

(553,510)

(493,523)

(59,987)

DR

Horton,

Inc.

...........

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

7,516

(165,543)

(91,628)

(73,915)

DR

Horton,

Inc.

...........

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

23,193

(510,849)

(139,777)

(371,072)

DR

Horton,

Inc.

...........

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

7,516

(165,543)

(68,307)

(97,236)

DR

Horton,

Inc.

...........

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

7,516

(165,543)

(61,751)

(103,792)

DR

Horton,

Inc.

...........

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

18,790

(413,858)

(270,448)

(143,410)

DSM

BV

................

1.00

Quarterly

Barclays

Bank

plc

12/20/28

EUR

12,000

(503,085)

(447,218)

(55,867)

eG

Global

Finance

plc

......

5.00

Quarterly

Deutsche

Bank

AG

12/20/28

EUR

3,996

103,257

161,639

(58,382)

Eni

SpA

................

1.00

Quarterly

Barclays

Bank

plc

12/20/28

EUR

19,950

(484,453)

(292,783)

(191,670)

Exelon

Corp.

.............

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

11,129

(315,791)

(243,034)

(72,757)

Exelon

Corp.

.............

1.00

Quarterly

Deutsche

Bank

AG

12/20/28

USD

14,839

(421,054)

(305,229)

(115,825)

Exelon

Corp.

.............

1.00

Quarterly

Deutsche

Bank

AG

12/20/28

USD

37,070

(1,051,857)

(763,840)

(288,017)

Exelon

Corp.

.............

1.00

Quarterly

Goldman

Sachs

International

12/20/28

USD

21,013

(596,234)

(430,808)

(165,426)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Goldman

Sachs

International

12/20/28

USD

68,522

939,581

2,809,595

(1,870,014)

Gap,

Inc.

(The)

...........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/28

USD

1,985

142,926

307,162

(164,236)

General

Motors

Co.

........

5.00

Quarterly

Goldman

Sachs

International

12/20/28

USD

13,789

(2,162,184)

(1,693,266)

(468,918)

HSBC

Holdings

plc

........

1.00

Quarterly

BNP

Paribas

SA

12/20/28

EUR

19,000

(390,058)

(108,807)

(281,251)

HSBC

Holdings

plc

........

1.00

Quarterly

BNP

Paribas

SA

12/20/28

EUR

24,790

(508,923)

(203,506)

(305,417)

ING

Groep

NV

............

1.00

Quarterly

Bank

of

America

NA

12/20/28

EUR

16,550

72,080

265,002

(192,922)

Lennar

Corp.

.............

5.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

14,374

(2,719,552)

(2,646,192)

(73,360)

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

136

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)

Lennar

Corp.

.............

5.00

%

Quarterly

Barclays

Bank

plc

12/20/28

USD

7,516

$

(1,422,003)

$

(1,263,995)

$

(158,008)

Lennar

Corp.

.............

5.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

20,504

(3,879,394)

(3,267,538)

(611,856)

Lennar

Corp.

.............

5.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

3,758

(711,001)

(673,173)

(37,828)

Lennar

Corp.

.............

5.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

7,516

(1,422,003)

(1,211,786)

(210,217)

Lennar

Corp.

.............

5.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

18,790

(3,555,007)

(3,189,987)

(365,020)

Lennar

Corp.

.............

5.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

7,516

(1,422,003)

(1,305,023)

(116,980)

Lennar

Corp.

.............

5.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

7,516

(1,422,003)

(1,222,874)

(199,129)

Lennar

Corp.

.............

5.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

7,516

(1,422,003)

(1,360,292)

(61,711)

Lennar

Corp.

.............

5.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

7,516

(1,422,003)

(1,346,347)

(75,656)

Lincoln

National

Corp.

......

1.00

Quarterly

Bank

of

America

NA

12/20/28

USD

83,390

2,359,610

4,446,188

(2,086,578)

Lincoln

National

Corp.

......

1.00

Quarterly

Bank

of

America

NA

12/20/28

USD

15,063

426,214

943,985

(517,771)

Lincoln

National

Corp.

......

1.00

Quarterly

Citibank

NA

12/20/28

USD

54,290

1,536,194

3,071,804

(1,535,610)

Lincoln

National

Corp.

......

1.00

Quarterly

Goldman

Sachs

International

12/20/28

USD

7,531

213,107

457,682

(244,575)

Lincoln

National

Corp.

......

1.00

Quarterly

Goldman

Sachs

International

12/20/28

USD

7,529

213,041

472,131

(259,090)

Lloyds

Banking

Group

plc

....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

EUR

9,000

(159,020)

6,300

(165,320)

Lowe's

Cos.,

Inc.

..........

1.00

Quarterly

Deutsche

Bank

AG

12/20/28

USD

37,732

(1,022,187)

(949,510)

(72,677)

Mediobanca

Banca

di

Credito

Finanziario

SpA

.........

1.00

Quarterly

Goldman

Sachs

International

12/20/28

EUR

15,000

429,843

910,704

(480,861)

MetLife,

Inc.

.............

1.00

Quarterly

Bank

of

America

NA

12/20/28

USD

14,550

(172,066)

(56,498)

(115,568)

MetLife,

Inc.

.............

1.00

Quarterly

BNP

Paribas

SA

12/20/28

USD

11,640

(137,653)

(45,196)

(92,457)

MetLife,

Inc.

.............

1.00

Quarterly

Citibank

NA

12/20/28

USD

5,820

(68,826)

(25,073)

(43,753)

MetLife,

Inc.

.............

1.00

Quarterly

Citibank

NA

12/20/28

USD

5,820

(68,826)

(25,073)

(43,753)

MetLife,

Inc.

.............

1.00

Quarterly

Citibank

NA

12/20/28

USD

51,720

(611,647)

(375,231)

(236,416)

Novafives

SAS

...........

5.00

Quarterly

Deutsche

Bank

AG

12/20/28

EUR

1,660

(72,092)

11,512

(83,604)

Picard

Bondco

SA

.........

5.00

Quarterly

Deutsche

Bank

AG

12/20/28

EUR

2,715

(134,878)

(33,599)

(101,279)

Prudential

Financial,

Inc.

.....

1.00

Quarterly

Bank

of

America

NA

12/20/28

USD

14,529

(169,436)

(56,417)

(113,019)

Prudential

Financial,

Inc.

.....

1.00

Quarterly

Bank

of

America

NA

12/20/28

USD

13,368

(155,899)

—

(155,899)

Prudential

Financial,

Inc.

.....

1.00

Quarterly

BNP

Paribas

SA

12/20/28

USD

51,680

(602,696)

(161,639)

(441,057)

Prudential

Financial,

Inc.

.....

1.00

Quarterly

Citibank

NA

12/20/28

USD

5,812

(67,774)

(17,504)

(50,270)

Prudential

Financial,

Inc.

.....

1.00

Quarterly

Citibank

NA

12/20/28

USD

5,812

(67,774)

(22,524)

(45,250)

PulteGroup,

Inc.

..........

5.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

20,450

(3,863,235)

(3,308,993)

(554,242)

PulteGroup,

Inc.

..........

5.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

18,790

(3,549,541)

(3,218,184)

(331,357)

PulteGroup,

Inc.

..........

5.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

12,777

(2,413,688)

(2,371,970)

(41,718)

PulteGroup,

Inc.

..........

5.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

7,516

(1,419,816)

(1,241,398)

(178,418)

PulteGroup,

Inc.

..........

5.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

7,516

(1,419,816)

(1,350,160)

(69,656)

PulteGroup,

Inc.

..........

5.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

7,516

(1,419,816)

(1,312,554)

(107,262)

PulteGroup,

Inc.

..........

5.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

7,516

(1,419,816)

(1,230,266)

(189,550)

PulteGroup,

Inc.

..........

5.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

7,516

(1,419,816)

(1,275,218)

(144,598)

Republic

of

Colombia

.......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

USD

41,802

1,020,192

2,010,858

(990,666)

Republic

of

Panama

........

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

1,750

47,844

54,961

(7,117)

Republic

of

Panama

........

1.00

Quarterly

Goldman

Sachs

International

12/20/28

USD

1,675

45,793

56,176

(10,383)

Republic

of

South

Africa

.....

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

15,726

711,444

1,217,052

(505,608)

Republic

of

South

Africa

.....

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

12,580

569,155

983,195

(414,040)

Republic

of

South

Africa

.....

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

14,224

643,515

1,106,251

(462,736)

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

12/20/28

USD

12,900

(46,431)

98,777

(145,208)

Stellantis

NV

.............

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

EUR

9,150

(1,784,233)

(1,512,392)

(271,841)

Stena

AB

...............

5.00

Quarterly

Deutsche

Bank

AG

12/20/28

EUR

2,200

(278,250)

(248,974)

(29,276)

Stena

AB

...............

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/28

EUR

1,650

(208,688)

(166,389)

(42,299)

STMicroelectronics

NV

......

1.00

Quarterly

Bank

of

America

NA

12/20/28

EUR

35,300

(1,310,322)

(1,136,622)

(173,700)

Syensqo

SA

.............

1.00

Quarterly

BNP

Paribas

SA

12/20/28

EUR

23,141

(517,490)

(215,398)

(302,092)

Syensqo

SA

.............

1.00

Quarterly

Goldman

Sachs

International

12/20/28

EUR

26,529

(593,255)

(291,088)

(302,167)

Tesco

plc

...............

1.00

Quarterly

Goldman

Sachs

International

12/20/28

EUR

23,400

(486,426)

(324,231)

(162,195)

Toll

Brothers

Finance

Corp.

...

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

25,483

(49,366)

251,191

(300,557)

Toll

Brothers

Finance

Corp.

...

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

18,790

(36,399)

200,845

(237,244)

Toll

Brothers

Finance

Corp.

...

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

18,790

(36,399)

184,240

(220,639)

Toll

Brothers

Finance

Corp.

...

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

7,516

(14,560)

123,784

(138,344)

Toll

Brothers

Finance

Corp.

...

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

24,221

(46,921)

487,942

(534,863)

Toll

Brothers

Finance

Corp.

...

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

7,516

(14,560)

86,387

(100,947)

Toll

Brothers

Finance

Corp.

...

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

7,516

(14,560)

136,257

(150,817)

Toll

Brothers

Finance

Corp.

...

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/28

USD

11,274

(21,840)

141,434

(163,274)

Tyson

Foods,

Inc.

.........

1.00

Quarterly

Bank

of

America

NA

12/20/28

USD

18,866

(255,529)

(242,714)

(12,815)

Tyson

Foods,

Inc.

.........

1.00

Quarterly

Bank

of

America

NA

12/20/28

USD

7,546

(102,212)

(90,788)

(11,424)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

137

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)

UniCredit

SpA

............

1.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

EUR

10,030

$

335,590

$

542,676

$

(207,086)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

58,261

(322,875)

456,845

(779,720)

United

Mexican

States

......

1.00

Quarterly

BNP

Paribas

SA

12/20/28

USD

16,300

(90,332)

150,843

(241,175)

United

Mexican

States

......

1.00

Quarterly

BNP

Paribas

SA

12/20/28

USD

16,300

(90,332)

168,244

(258,576)

United

Mexican

States

......

1.00

Quarterly

BNP

Paribas

SA

12/20/28

USD

16,303

(90,349)

168,275

(258,624)

United

Mexican

States

......

1.00

Quarterly

BNP

Paribas

SA

12/20/28

USD

15,811

(87,622)

159,823

(247,445)

United

Mexican

States

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

USD

13,043

(72,284)

129,063

(201,347)

Volkswagen

International

Finance

NV

...........

1.00

Quarterly

Barclays

Bank

plc

12/20/28

EUR

12,070

8,882

87,869

(78,987)

Xerox

Corp.

.............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

USD

410

35,906

49,457

(13,551)

Xerox

Corp.

.............

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/28

USD

810

70,935

97,706

(26,771)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

14

(8)

156

(164)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

6,945

(3,824)

86,678

(90,502)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

8,086

(4,452)

84,237

(88,689)

CMBX.NA.9.BBB-

.........

3.00

Monthly

Citigroup

Global

Markets,

Inc.

09/17/58

USD

4,870

849,714

149,261

700,453

CMBX.NA.9.BBB-

.........

3.00

Monthly

Goldman

Sachs

International

09/17/58

USD

1,456

254,042

104,158

149,884

CMBX.NA.9.BBB-

.........

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

1,674

292,078

83,876

208,202

CMBX.NA.9.BBB-

.........

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

1,421

247,935

71,200

176,735

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

10

(1)

(911)

910

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

22

(1)

(10,825)

10,824

$

–

$

–

$

–

$

(54,969,821)

$

(17,770,265)

$

(37,199,556)

$

–

$

–

$

–

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

CCC+

EUR

1,117

$

(128,046)

$

(88,691)

$

(39,355)

Bank

of

America

Corp.

..

1.00

Quarterly

Deutsche

Bank

AG

12/20/24

A-

USD

74,356

445,735

282,685

163,050

Goldman

Sachs

Group,

Inc.

(The)

............

1.00

Quarterly

Deutsche

Bank

AG

12/20/24

BBB+

USD

74,356

477,000

353,716

123,284

Morgan

Stanley

.......

1.00

Quarterly

Deutsche

Bank

AG

12/20/24

A-

USD

74,356

508,941

375,054

133,887

Verizon

Communications,

Inc.

.............

1.00

Quarterly

Deutsche

Bank

AG

12/20/24

BBB+

USD

103,066

571,339

275,218

296,121

Altice

France

SA

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

B-

EUR

5,430

(175,011)

(332,408)

157,397

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

2,200

148,197

121,112

27,085

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

2,850

191,983

152,562

39,421

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

1,033

69,608

57,139

12,469

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

2,400

161,669

115,810

45,859

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

B

EUR

3,790

231,756

201,911

29,845

Altice

France

SA

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B-

EUR

5,593

(324,777)

(93,793)

(230,984)

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB-

USD

1,868

139,185

137,072

2,113

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB-

USD

3,114

231,976

228,344

3,632

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

3,000

223,510

210,361

13,149

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

1,868

139,185

138,233

952

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

980

76,049

59,931

16,118

Vistra

Operations

Co.

LLC

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB

USD

4,408

323,968

153,683

170,285

CMA

CGM

SA

........

5.00

Quarterly

Goldman

Sachs

International

06/20/26

NR

EUR

310

31,950

15,492

16,458

CMA

CGM

SA

........

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

NR

EUR

410

42,256

52,434

(10,178)

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

138

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)

Intrum

AB

...........

5.00

%

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

BB

EUR

2,520

$

(289,862)

$

384,999

$

(674,861)

CMA

CGM

SA

........

5.00

Quarterly

Barclays

Bank

plc

06/20/27

NR

EUR

3,940

508,465

60,489

447,976

CMA

CGM

SA

........

5.00

Quarterly

Barclays

Bank

plc

06/20/27

NR

EUR

110

14,256

2,425

11,831

CMA

CGM

SA

........

5.00

Quarterly

Goldman

Sachs

International

06/20/27

NR

EUR

1,474

190,260

(37,221)

227,481

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

NR

EUR

612

78,999

15,849

63,150

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

NR

EUR

575

74,259

14,898

59,361

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

NR

EUR

163

21,007

4,134

16,873

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

NR

EUR

2,104

271,526

161,174

110,352

CMA

CGM

SA

........

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

NR

EUR

4,295

554,265

761,096

(206,831)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Bank

of

America

NA

12/20/27

CCC+

EUR

631

(123,209)

(115,591)

(7,618)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Barclays

Bank

plc

12/20/27

CCC+

EUR

3,750

(732,721)

(671,579)

(61,142)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Barclays

Bank

plc

12/20/27

CCC+

EUR

1,309

(255,769)

(234,426)

(21,343)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Barclays

Bank

plc

12/20/27

CCC+

EUR

1,065

(208,165)

(190,794)

(17,371)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Barclays

Bank

plc

12/20/27

CCC+

EUR

379

(74,059)

(67,879)

(6,180)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Citibank

NA

12/20/27

CCC+

EUR

1,088

(212,613)

(200,603)

(12,010)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Citibank

NA

12/20/27

CCC+

EUR

309

(60,403)

(56,991)

(3,412)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

CCC+

EUR

647

(126,408)

(117,552)

(8,856)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

CCC+

EUR

225

(43,973)

(40,846)

(3,127)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

CCC+

EUR

469

(91,654)

(85,135)

(6,519)

CMA

CGM

SA

........

5.00

Quarterly

BNP

Paribas

SA

12/20/27

NR

EUR

285

39,570

(8,101)

47,671

CMA

CGM

SA

........

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

NR

EUR

3,100

430,407

(66,656)

497,063

CMA

CGM

SA

........

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

NR

EUR

958

133,010

192,994

(59,984)

HCA,

Inc.

...........

5.00

Quarterly

Citibank

NA

12/20/27

BBB-

USD

1,985

316,531

248,025

68,506

HCA,

Inc.

...........

5.00

Quarterly

Barclays

Bank

plc

06/20/28

BBB-

USD

2,975

517,622

443,710

73,912

Tenet

Healthcare

Corp.

..

5.00

Quarterly

BNP

Paribas

SA

06/20/28

B-

USD

2,675

281,479

227,350

54,129

Bank

of

America

Corp.

..

1.00

Quarterly

Goldman

Sachs

International

12/20/28

A-

USD

15,000

211,961

(32,084)

244,045

Ford

Motor

Co.

.......

5.00

Quarterly

Bank

of

America

NA

12/20/28

BBB-

USD

7,448

969,013

721,935

247,078

Ford

Motor

Co.

.......

5.00

Quarterly

Bank

of

America

NA

12/20/28

BBB-

USD

2,715

353,238

284,412

68,826

Ford

Motor

Co.

.......

5.00

Quarterly

Bank

of

America

NA

12/20/28

BBB-

USD

10,078

1,311,269

968,150

343,119

Ford

Motor

Co.

.......

5.00

Quarterly

Bank

of

America

NA

12/20/28

BBB-

USD

14,896

1,938,027

1,467,769

470,258

Ford

Motor

Co.

.......

5.00

Quarterly

Bank

of

America

NA

12/20/28

BBB-

USD

29,791

3,876,053

2,876,019

1,000,034

Ford

Motor

Co.

.......

5.00

Quarterly

Bank

of

America

NA

12/20/28

BBB-

USD

22,344

2,907,040

2,266,172

640,868

Ford

Motor

Co.

.......

5.00

Quarterly

Bank

of

America

NA

12/20/28

BBB-

USD

14,896

1,938,027

1,450,418

487,609

Ford

Motor

Co.

.......

5.00

Quarterly

Goldman

Sachs

International

12/20/28

BBB-

USD

13,789

1,794,034

1,338,929

455,105

Ford

Motor

Co.

.......

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/28

BBB-

USD

18,620

2,422,533

1,878,605

543,928

Ford

Motor

Co.

.......

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/28

BBB-

USD

11,172

1,453,520

1,136,599

316,921

Ford

Motor

Co.

.......

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/28

BBB-

USD

18,620

2,422,533

1,914,924

507,609

Macy's

Retail

Holdings

LLC

1.00

Quarterly

Bank

of

America

NA

12/20/28

BB+

USD

990

(121,432)

(119,871)

(1,561)

Macy's

Retail

Holdings

LLC

1.00

Quarterly

BNP

Paribas

SA

12/20/28

BB+

USD

990

(121,432)

(100,933)

(20,499)

National

Grid

plc

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

BBB

EUR

9,790

224,135

114,627

109,508

Stellantis

NV

.........

5.00

Quarterly

Barclays

Bank

plc

12/20/28

BBB+

EUR

9,160

1,786,183

1,418,132

368,051

Stellantis

NV

.........

5.00

Quarterly

Barclays

Bank

plc

12/20/28

BBB+

EUR

4,580

893,091

709,066

184,025

Teck

Resources

Ltd.

....

5.00

Quarterly

Citibank

NA

12/20/28

BBB-

USD

28,419

4,847,042

4,290,366

556,676

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

139

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)

Tenet

Healthcare

Corp.

..

5.00

%

Quarterly

Goldman

Sachs

International

12/20/28

B-

USD

1,985

$

212,863

$

99,270

$

113,593

Tenet

Healthcare

Corp.

..

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/28

B-

USD

1,975

211,791

123,523

88,268

CMBX.NA.9.A

........

2.00

Monthly

Goldman

Sachs

International

09/17/58

A

USD

3,707

(350,535)

(55,986)

(294,549)

CMBX.NA.9.A

........

2.00

Monthly

Goldman

Sachs

International

09/17/58

A

USD

3,503

(331,256)

(61,132)

(270,124)

CMBX.NA.9.A

........

2.00

Monthly

Goldman

Sachs

International

09/17/58

A

USD

3,707

(350,535)

(64,922)

(285,613)

CMBX.NA.9.BBB-

.....

3.00

Monthly

Citigroup

Global

Markets,

Inc.

09/17/58

BBB-

USD

1,578

(275,398)

(3,478)

(271,920)

CMBX.NA.9.BBB-

.....

3.00

Monthly

Goldman

Sachs

International

09/17/58

BBB-

USD

579

(101,023)

(1,537)

(99,486)

CMBX.NA.9.BBB-

.....

3.00

Monthly

Goldman

Sachs

International

09/17/58

BBB-

USD

1,392

(242,875)

(138,933)

(103,942)

CMBX.NA.9.BBB-

.....

3.00

Monthly

JPMorgan

Securities

LLC

09/17/58

BBB-

USD

1,360

(237,292)

(280,573)

43,281

CMBX.NA.9.BBB-

.....

3.00

Monthly

JPMorgan

Securities

LLC

09/17/58

BBB-

USD

960

(167,500)

(102,295)

(65,205)

CMBX.NA.9.BBB-

.....

3.00

Monthly

JPMorgan

Securities

LLC

09/17/58

BBB-

USD

1,674

(292,078)

(153,599)

(138,479)

CMBX.NA.9.BBB-

.....

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

BBB-

USD

664

(115,854)

(1,766)

(114,088)

CMBX.NA.9.BBB-

.....

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

BBB-

USD

2,400

(418,750)

2,291

(421,041)

CMBX.NA.9.BBB-

.....

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

BBB-

USD

1,635

(285,273)

(395,323)

110,050

CMBX.NA.10.BBB-

....

3.00

Monthly

JPMorgan

Securities

LLC

11/17/59

BBB-

USD

270

(64,659)

(20,217)

(44,442)

CMBX.NA.14.BBB-

....

3.00

Monthly

Goldman

Sachs

International

12/16/72

BBB-

USD

2,431

(478,097)

(402,443)

(75,654)

$

30,417,657

$

24,165,749

$

6,251,908

(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

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

12.62%

At

Termination

1-day

BZDIOVER

At

Termination

Citibank

NA

01/02/24

BRL

1,379,473

$

5,719

$

—

$

5,719

12.62%

At

Termination

1-day

BZDIOVER

At

Termination

Citibank

NA

01/02/24

BRL

818,625

3,394

—

3,394

1-day

BZDIOVER

At

Termination

11.07%

At

Termination

Barclays

Bank

plc

01/02/25

BRL

400,518

622,537

—

622,537

1-day

BZDIOVER

At

Termination

11.87%

At

Termination

Bank

of

America

NA

01/02/25

BRL

274,843

630,843

—

630,843

1-day

BZDIOVER

At

Termination

12.78%

At

Termination

Morgan

Stanley

&

Co.

International

plc

01/02/25

BRL

1,126,055

5,821,332

—

5,821,332

1-day

BZDIOVER

At

Termination

13.13%

At

Termination

Bank

of

America

NA

01/02/25

BRL

27,073

176,460

—

176,460

1-day

BZDIOVER

At

Termination

13.15%

At

Termination

Bank

of

America

NA

01/02/25

BRL

563,780

3,730,849

—

3,730,849

1-day

BZDIOVER

At

Termination

13.18%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

294,168

1,981,683

—

1,981,683

1-day

BZDIOVER

At

Termination

13.22%

At

Termination

Citibank

NA

01/02/25

BRL

154,749

1,067,204

—

1,067,204

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

140

OTC

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

BZDIOVER

At

Termination

13.32%

At

Termination

Bank

of

America

NA

01/02/25

BRL

562,555

$

4,103,914

$

—

$

4,103,914

10.18%

At

Termination

1-day

IBR

At

Termination

Citibank

NA

06/20/25

COP

66,736,881

(59,095)

—

(59,095)

10.18%

At

Termination

1-day

IBR

At

Termination

Citibank

NA

06/20/25

COP

206,711,111

(183,042)

—

(183,042)

8.62%

At

Termination

1-day

IBR

At

Termination

JPMorgan

Chase

Bank

NA

11/05/25

COP

368,616,006

(1,088,138)

—

(1,088,138)

1-day

BZDIOVER

At

Termination

10.11%

At

Termination

Goldman

Sachs

International

01/02/26

BRL

99,060

51,327

—

51,327

1-day

BZDIOVER

At

Termination

10.58%

At

Termination

Citibank

NA

01/02/26

BRL

432,104

1,525,043

—

1,525,043

1-day

BZDIOVER

At

Termination

11.27%

At

Termination

BNP

Paribas

SA

01/02/26

BRL

43,704

212,305

—

212,305

1-day

BZDIOVER

At

Termination

11.56%

At

Termination

Barclays

Bank

plc

01/02/26

BRL

36,162

225,928

—

225,928

1-day

BZDIOVER

At

Termination

11.75%

At

Termination

Citibank

NA

01/02/26

BRL

265,757

1,917,892

—

1,917,892

1-day

BZDIOVER

At

Termination

11.76%

At

Termination

Citibank

NA

01/02/26

BRL

15,056

110,141

—

110,141

1-day

BZDIOVER

At

Termination

11.78%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/26

BRL

15,719

116,357

—

116,357

1-day

BZDIOVER

At

Termination

11.80%

At

Termination

Citibank

NA

01/02/26

BRL

281,977

2,127,945

—

2,127,945

1-day

BZDIOVER

At

Termination

11.82%

At

Termination

Barclays

Bank

plc

01/02/26

BRL

43,187

330,899

—

330,899

1-day

BZDIOVER

At

Termination

11.83%

At

Termination

Morgan

Stanley

&

Co.

International

plc

01/02/26

BRL

27,644

213,406

—

213,406

1-day

BZDIOVER

At

Termination

9.98%

At

Termination

HSBC

Bank

plc

01/02/26

BRL

316,178

(9,320)

—

(9,320)

28-day

MXIBTIIE

Monthly

6.02%

Monthly

Citibank

NA

03/24/26

MXN

969,089

(4,283,169)

—

(4,283,169)

7.64%

Monthly

28-day

MXIBTIIE

Monthly

UBS

AG

11/18/26

MXN

517,782

1,204,341

—

1,204,341

7.71%

Monthly

28-day

MXIBTIIE

Monthly

BNP

Paribas

SA

11/19/26

MXN

1,002,958

2,220,340

—

2,220,340

1-day

BZDIOVER

At

Termination

10.03%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

241,046

21,572

—

21,572

1-day

BZDIOVER

At

Termination

10.03%

At

Termination

JPMorgan

Chase

Bank

NA

01/04/27

BRL

268,512

117,392

—

117,392

1-day

BZDIOVER

At

Termination

10.10%

At

Termination

Bank

of

America

NA

01/04/27

BRL

256,421

136,006

—

136,006

1-day

BZDIOVER

At

Termination

10.11%

At

Termination

Bank

of

America

NA

01/04/27

BRL

14,970

11,056

—

11,056

1-day

BZDIOVER

At

Termination

10.12%

At

Termination

Bank

of

America

NA

01/04/27

BRL

341,681

228,805

—

228,805

1-day

BZDIOVER

At

Termination

10.12%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

1,830

1,225

—

1,225

1-day

BZDIOVER

At

Termination

10.12%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

327,826

225,234

—

225,234

1-day

BZDIOVER

At

Termination

10.32%

At

Termination

Barclays

Bank

plc

01/04/27

BRL

550,947

1,391,236

—

1,391,236

1-day

BZDIOVER

At

Termination

10.35%

At

Termination

Citibank

NA

01/04/27

BRL

296,900

1,109,822

—

1,109,822

1-day

BZDIOVER

At

Termination

10.43%

At

Termination

JPMorgan

Chase

Bank

NA

01/04/27

BRL

14,970

30,833

—

30,833

1-day

BZDIOVER

At

Termination

9.94%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

7,490

(2,178)

—

(2,178)

1-day

BZDIOVER

At

Termination

9.95%

At

Termination

Citibank

NA

01/04/27

BRL

269,132

(19,062)

—

(19,062)

1-day

BZDIOVER

At

Termination

9.97%

At

Termination

Bank

of

America

NA

01/04/27

BRL

276,479

8,491

—

8,491

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

141

OTC

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

BZDIOVER

At

Termination

9.99%

At

Termination

Morgan

Stanley

&

Co.

International

plc

01/04/27

BRL

268,801

$

53,764

$

—

$

53,764

$

26,091,291

$

—

$

26,091,291

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

0.35%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

Barclays

Bank

plc

01/08/24

USD

100

$

268,986

$

—

$

268,986

1-day

SOFR

minus

0.15%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

BNP

Paribas

SA

01/18/24

USD

874

271,062

—

271,062

0.00%

...........

Quarterly

Citi

Equity

US

1W

Volatility

Carry

Index

Quarterly

Citibank

NA

03/15/24

USD

17,924

24,065

—

24,065

1-day

SOFR

minus

0.10%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

JPMorgan

Chase

Bank

NA

03/15/24

USD

660

1,105,492

—

1,105,492

1-day

SOFR

minus

0.13%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

Goldman

Sachs

International

03/15/24

USD

1,372

478,421

—

478,421

1-day

SOFR

minus

0.13%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

JPMorgan

Chase

Bank

NA

03/15/24

USD

1,854

646,291

—

646,291

1-day

SOFR

minus

0.25%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

Bank

of

America

NA

03/15/24

USD

862

302,829

—

302,829

1-day

SOFR

minus

0.25%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

BNP

Paribas

SA

03/15/24

USD

2,891

1,015,700

—

1,015,700

1-day

SOFR

minus

0.35%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

BNP

Paribas

SA

03/15/24

USD

987

1,471,684

—

1,471,684

1-day

SOFR

minus

0.35%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

BNP

Paribas

SA

03/15/24

USD

660

1,066,843

—

1,066,843

1-day

SOFR

minus

0.35%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

JPMorgan

Chase

Bank

NA

03/15/24

USD

660

1,106,542

—

1,106,542

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

142

(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.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

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)

0.00%

...........

Quarterly

Goldman

Sachs

Systematic

Skew

US

Series

10

Excess

Return

Strategy

Quarterly

Goldman

Sachs

International

12/06/24

USD

19,313

$

(29,017)

$

—

$

(29,017)

0.00%

...........

Quarterly

Citi

Equity

US

1W

Volatility

Carry

Index

Quarterly

Citibank

NA

12/20/24

USD

4,951

12,266

—

12,266

$

7,741,164

$

—

$

7,741,164

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

JPMorgan

Chase

Bank

NA

(b)

04/01/24

$

(261,122,013)

$

(9,591,256)

(c)

$

(270,426,066)

1.1

%

Monthly

Merrill

Lynch

International

&

Co.

(d)

03/15/28

(465,468,730)

(2,940,164)

(e)

(467,077,689)

2.1

$

(12,531,420)

$

(737,503,755)

(b)

(d)

Range:

15-195

basis

points

175

basis

points

Benchmarks:

AUD

-

1D

Overnight

Reserve

Bank

of

Australia

Rate

(AONIA)

AUD

-

1D

Overnight

Reserve

Bank

of

Australia

Rate

(AONIA)

Bank

of

Canada

Overnight

Rate

Target

(CABROVER)

Bank

of

Canada

Overnight

Rate

Target

(CABROVER)

CAD

-

Overnight

Interbank

Rate

Overnight

CHF

-

Swiss

Average

Rate

O/N

(SSARON)

CHF

-

Swiss

Average

Rate

O/N

(SSARON)

DKK

-

1W

Copenhagen

Interbank

Swap

Rate

(CIBOR)

EUR

-

1D

Euro

Short

Term

Rate

(ESTR)

EUR

-

1D

Euro

Short

Term

Rate

(ESTR)

GBP

-

1D

Sterling

Overnight

Index

Average

(SONIA)

GBP

-

1D

Sterling

Overnight

Index

Average

(SONIA)

HKD

-

Overnight

Index

Average

(HONIA)

HKD

-

Overnight

Index

Average

(HONIA)

JPY

-

Provisional

1D

Overnight

Tokyo

Average

Rate

(TONA)

JPY

-

Provisional

1D

Overnight

Tokyo

Average

Rate

(TONA)

MXN

-

28D

Mexican

Interbank

Rate

(TIIE)

MXN

-

28D

Mexican

Interbank

Rate

(TIIE)

NOK

-

Norwegian

Overnight

Weighted

Average

(NOWA)

NOK

-

Norwegian

Overnight

Weighted

Average

(NOWA)

SEK

-

TN

Stockholm

Interbank

Offer

Rate

(STIBOR)

SEK

-

1D

Overnight

Stockholm

Interbank

Offer

Rate

(STIBOR)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

ZAR

-

1D

Rand

Overnight

Interest

Rate

Fixing

(RAONON)

(b)

JPMChase

(c)

Amount

includes

$(287,203)

of

net

dividends

and

financing

fees.

(d)

Merill

Lynch

(e)

Amount

includes

$(1,331,205)

of

net

dividends

and

financing

fees.

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

143

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

April

1,

2024:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Australia

Medibank

Pvt

Ltd.

.........

399,900

$

970,865

(0.4)

%

Transurban

Group

.........

246,600

2,304,325

(0.8)

Wesfarmers

Ltd.

..........

50,300

1,956,113

(0.7)

5,231,303

Brazil

Telefonica

Brasil

SA

........

117,400

1,288,621

(0.5)

Canada

Hydro

One

Ltd.

...........

47,500

1,423,154

(0.5)

Metro,

Inc.

..............

34,800

1,801,390

(0.7)

3,224,544

China

Tencent

Holdings

Ltd.

......

33,300

1,257,237

(0.5)

France

AXA

SA

................

67,600

2,207,576

(0.8)

Eurazeo

SE

.............

12,600

1,001,879

(0.4)

3,209,455

Japan

Heiwa

Corp.

.............

49,400

734,498

(0.3)

Japan

Post

Insurance

Co.

Ltd.

66,500

1,180,417

(0.4)

Kamigumi

Co.

Ltd.

........

63,100

1,503,715

(0.6)

Mani,

Inc.

..............

60,300

910,173

(0.3)

Nippon

Shinyaku

Co.

Ltd.

....

28,200

997,549

(0.4)

NSK

Ltd.

...............

317,400

1,715,181

(0.6)

Otsuka

Corp.

............

44,000

1,810,818

(0.7)

Rakus

Co.

Ltd.

...........

47,400

874,775

(0.3)

Sekisui

House

Ltd.

........

91,600

2,030,426

(0.8)

Shiseido

Co.

Ltd.

.........

45,300

1,365,450

(0.5)

Sojitz

Corp.

.............

58,500

1,317,941

(0.5)

Tokyo

Electron

Ltd.

........

8,200

1,457,467

(0.5)

15,898,410

Netherlands

ABN

AMRO

Bank

NV,

CVA

...

69,300

1,042,167

(0.4)

Koninklijke

Vopak

NV

......

24,800

834,607

(0.3)

1,876,774

South

Africa

Discovery

Ltd.

...........

203,400

1,597,623

(0.6)

South

Korea

Hyundai

Mobis

Co.

Ltd.

.....

7,000

1,282,491

(0.5)

KB

Financial

Group,

Inc.

....

25,700

1,072,250

(0.4)

Samsung

Securities

Co.

Ltd.

..

53,500

1,593,778

(0.6)

3,948,519

Sweden

SKF

AB,

Class

B

..........

66,500

1,332,697

(0.5)

Switzerland

Barry

Callebaut

AG

(Registered)

900

1,519,361

(0.6)

DKSH

Holding

AG

.........

27,200

1,888,687

(0.7)

Novartis

AG

(Registered)

....

31,500

3,181,830

(1.2)

SGS

SA

(Registered)

.......

21,000

1,812,947

(0.7)

8,402,825

Taiwan

Acer,

Inc.

...............

982,000

1,718,267

(0.6)

Asustek

Computer,

Inc.

.....

63,000

1,002,656

(0.4)

Shares

Value

%

of

Basket

Value

Taiwan

(continued)

Cheng

Shin

Rubber

Industry

Co.

Ltd.

................

807,000

$

1,179,305

(0.4)

%

Quanta

Computer,

Inc.

......

104,000

757,164

(0.3)

4,657,392

United

Kingdom

Pearson

plc

.............

115,700

1,421,135

(0.5)

United

States

American

Water

Works

Co.,

Inc.

15,300

2,019,447

(0.7)

eBay,

Inc.

..............

28,500

1,243,170

(0.5)

Healthpeak

Properties,

Inc.

...

79,000

1,564,200

(0.6)

Invesco

Ltd.

.............

56,000

999,040

(0.4)

Kellanova

..............

36,200

2,023,942

(0.7)

Kimberly-Clark

Corp.

.......

21,300

2,588,163

(1.0)

Leidos

Holdings,

Inc.

.......

13,600

1,472,064

(0.5)

Lennar

Corp.,

Class

A

......

6,600

983,664

(0.4)

Mettler-Toledo

International,

Inc.

1,300

1,576,848

(0.6)

Microsoft

Corp.

...........

4,700

1,767,388

(0.6)

T.

Rowe

Price

Group,

Inc.

....

12,400

1,335,356

(0.5)

VICI

Properties,

Inc.

.......

55,600

1,772,528

(0.7)

Walt

Disney

Co.

(The)

......

10,800

975,132

(0.4)

20,320,942

Total

Reference

Entity

—

Long

............

73,667,477

Reference

Entity

—

Short

Common

Stocks

Australia

Aurizon

Holdings

Ltd.

......

(540,800)

(1,400,097)

0.5

CAR

Group

Ltd.

..........

(47,700)

(1,010,824)

0.4

Computershare

Ltd.

........

(72,000)

(1,199,187)

0.4

Endeavour

Group

Ltd.

......

(454,500)

(1,614,068)

0.6

Goodman

Group

..........

(91,100)

(1,568,456)

0.6

Mineral

Resources

Ltd.

.....

(22,500)

(1,071,757)

0.4

NEXTDC

Ltd.

............

(123,100)

(1,149,611)

0.4

Reece

Ltd.

..............

(59,900)

(913,657)

0.3

Suncorp

Group

Ltd.

........

(160,900)

(1,523,621)

0.6

Woodside

Energy

Group

Ltd.

.

(97,500)

(2,058,871)

0.8

(13,510,149)

Belgium

D'ieteren

Group

..........

(6,500)

(1,271,480)

0.5

Groupe

Bruxelles

Lambert

NV

.

(32,500)

(2,559,469)

1.0

Lotus

Bakeries

NV

........

(100)

(908,551)

0.3

(4,739,500)

Brazil

Hapvida

Participacoes

e

Investimentos

SA

.......

(865,400)

(792,187)

0.3

Canada

Bank

of

Nova

Scotia

(The)

...

(59,600)

(2,901,173)

1.1

BCE,

Inc.

...............

(58,500)

(2,303,268)

0.8

CGI,

Inc.

...............

(14,400)

(1,542,644)

0.6

Imperial

Oil

Ltd.

..........

(21,600)

(1,230,420)

0.5

Restaurant

Brands

International,

Inc.

.................

(17,400)

(1,359,512)

0.5

Rogers

Communications,

Inc.,

Class

B

..............

(37,500)

(1,755,500)

0.6

(11,092,517)

China

XPeng,

Inc.,

Class

A

.......

(40,000)

(291,378)

0.1

Finland

Metso

OYJ

..............

(108,100)

(1,097,420)

0.4

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

144

Shares

Value

%

of

Basket

Value

France

Capgemini

SE

...........

(6,100)

$

(1,274,849)

0.5

%

Sodexo

SA

.............

(15,600)

(1,717,379)

0.6

(2,992,228)

Germany

Beiersdorf

AG

............

(17,300)

(2,590,758)

1.0

Hong

Kong

WH

Group

Ltd.

...........

(1,470,000)

(949,325)

0.4

Italy

Davide

Campari-Milano

NV

..

(120,500)

(1,360,773)

0.5

Telecom

Italia

SpA

........

(2,999,500)

(974,184)

0.4

(2,334,957)

Japan

Aeon

Mall

Co.

Ltd.

........

(121,400)

(1,523,486)

0.6

Canon,

Inc.

.............

(46,800)

(1,200,595)

0.4

DIC

Corp.

..............

(83,800)

(1,643,901)

0.6

KDDI

Corp.

.............

(51,500)

(1,633,503)

0.6

Keihan

Holdings

Co.

Ltd.

....

(37,100)

(968,252)

0.4

Kirin

Holdings

Co.

Ltd.

......

(122,300)

(1,790,488)

0.7

K's

Holdings

Corp.

........

(149,900)

(1,403,331)

0.5

Lasertec

Corp.

...........

(2,500)

(656,316)

0.2

McDonald's

Holdings

Co.

Japan

Ltd.

................

(21,400)

(926,987)

0.3

Mitsubishi

Gas

Chemical

Co.,

Inc.

.................

(93,800)

(1,497,549)

0.6

Nikon

Corp.

.............

(102,200)

(1,008,752)

0.4

OKUMA

Corp.

...........

(25,100)

(1,078,116)

0.4

Olympus

Corp.

...........

(55,400)

(799,659)

0.3

Oriental

Land

Co.

Ltd.

......

(35,400)

(1,315,758)

0.5

ORIX

Corp.

.............

(92,700)

(1,741,016)

0.6

Rakuten

Group,

Inc.

.......

(243,600)

(1,086,046)

0.4

Seven

&

i

Holdings

Co.

Ltd.

..

(40,000)

(1,581,982)

0.6

Sony

Group

Corp.

.........

(16,800)

(1,589,833)

0.6

SUMCO

Corp.

...........

(54,200)

(810,787)

0.3

Suzuki

Motor

Corp.

........

(32,400)

(1,380,776)

0.5

Taisho

Pharmaceutical

Holdings

Co.

Ltd.

..............

(13,500)

(825,006)

0.3

Toda

Corp.

..............

(141,500)

(934,513)

0.3

Tokai

Carbon

Co.

Ltd.

......

(127,400)

(924,001)

0.3

Tokyo

Ohka

Kogyo

Co.

Ltd.

..

(51,900)

(1,141,778)

0.4

Ulvac,

Inc.

..............

(14,600)

(695,393)

0.3

Yamada

Holdings

Co.

Ltd.

...

(424,300)

(1,318,498)

0.5

Yamaha

Motor

Co.

Ltd.

.....

(128,400)

(1,142,550)

0.4

Yamato

Holdings

Co.

Ltd.

....

(68,900)

(1,271,445)

0.5

Yokogawa

Electric

Corp.

....

(50,800)

(965,605)

0.4

(34,855,922)

Luxembourg

Reinet

Investments

SCA

....

(31,200)

(795,176)

0.3

Mexico

America

Movil

SAB

de

CV

...

(1,169,300)

(1,083,846)

0.4

Industrias

Penoles

SAB

de

CV

(53,600)

(781,889)

0.3

(1,865,735)

Netherlands

ASR

Nederland

NV

........

(21,600)

(1,020,382)

0.4

Norway

Salmar

ASA

.............

(18,800)

(1,052,891)

0.4

Poland

ORLEN

SA

.............

(99,900)

(1,663,337)

0.6

Shares

Value

%

of

Basket

Value

Singapore

Jardine

Cycle

&

Carriage

Ltd.

.

(32,100)

$

(723,453)

0.3

%

South

Africa

Growthpoint

Properties

Ltd.

..

(2,236,200)

(1,427,843)

0.5

South

Korea

Coway

Co.

Ltd.

...........

(17,874)

(790,559)

0.3

Kakao

Corp.

.............

(26,000)

(1,090,692)

0.4

POSCO

Holdings,

Inc.

......

(2,100)

(807,430)

0.3

Yuhan

Corp.

.............

(19,768)

(1,053,969)

0.4

(3,742,650)

Spain

Telefonica

SA

............

(331,400)

(1,295,732)

0.5

Sweden

Beijer

Ref

AB

............

(66,300)

(889,677)

0.3

Epiroc

AB,

Class

A

........

(57,800)

(1,163,450)

0.4

Securitas

AB,

Class

B

......

(80,300)

(787,261)

0.3

Skanska

AB,

Class

B

.......

(86,500)

(1,567,171)

0.6

(4,407,559)

Switzerland

Baloise

Holding

AG

(Registered)

(9,700)

(1,520,847)

0.6

DSM-Firmenich

AG

........

(12,400)

(1,260,998)

0.5

Givaudan

SA

(Registered)

...

(400)

(1,658,685)

0.6

Helvetia

Holding

AG

(Registered)

...........

(13,800)

(1,902,839)

0.7

Swiss

Life

Holding

AG

(Registered)

...........

(4,600)

(3,196,786)

1.2

Zurich

Insurance

Group

AG

..

(5,100)

(2,666,419)

1.0

(12,206,574)

Taiwan

China

Steel

Corp.

.........

(845,000)

(743,090)

0.3

E.Sun

Financial

Holding

Co.

Ltd.

(2,137,000)

(1,795,349)

0.6

First

Financial

Holding

Co.

Ltd.

(959,000)

(855,707)

0.3

Formosa

Plastics

Corp.

.....

(599,000)

(1,545,103)

0.6

Powerchip

Semiconductor

Manufacturing

Corp.

.....

(673,000)

(644,816)

0.2

Yuanta

Financial

Holding

Co.

Ltd.

................

(2,325,120)

(2,088,906)

0.8

(7,672,971)

United

Kingdom

Diageo

plc

..............

(48,700)

(1,767,575)

0.6

Smith

&

Nephew

plc

.......

(103,000)

(1,414,918)

0.5

St.

James's

Place

plc

.......

(130,500)

(1,135,390)

0.4

United

Utilities

Group

plc

....

(132,500)

(1,789,846)

0.7

(6,107,729)

United

States

Accenture

plc,

Class

A

......

(2,700)

(947,457)

0.4

Airbnb,

Inc.,

Class

A

.......

(6,000)

(816,840)

0.3

Alaska

Air

Group,

Inc.

......

(23,700)

(925,959)

0.3

Apollo

Global

Management,

Inc.

(11,200)

(1,043,728)

0.4

Atlantic

Union

Bankshares

Corp.

(60,340)

(2,204,824)

0.8

Bank

of

Hawaii

Corp.

.......

(55,485)

(4,020,443)

1.5

Banner

Corp.

............

(23,468)

(1,256,946)

0.5

Best

Buy

Co.,

Inc.

.........

(18,300)

(1,432,524)

0.5

Brown-Forman

Corp.,

Class

B

.

(33,200)

(1,895,720)

0.7

Charles

River

Laboratories

International,

Inc.

.......

(3,800)

(898,320)

0.3

Cognizant

Technology

Solutions

Corp.,

Class

A

.........

(14,200)

(1,072,526)

0.4

Columbia

Banking

System,

Inc.

(45,133)

(1,204,148)

0.4

Community

Bank

System,

Inc.

.

(57,468)

(2,994,657)

1.1

CoStar

Group,

Inc.

........

(12,700)

(1,109,853)

0.4

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

145

Shares

Value

%

of

Basket

Value

United

States

(continued)

Cullen/Frost

Bankers,

Inc.

...

(9,595)

$

(1,040,962)

0.4

%

CVB

Financial

Corp.

.......

(144,869)

(2,924,905)

1.1

Darden

Restaurants,

Inc.

....

(9,900)

(1,626,570)

0.6

Dollar

General

Corp.

.......

(7,800)

(1,060,410)

0.4

First

BanCorp

............

(32,496)

(1,202,677)

0.4

GE

HealthCare

Technologies,

Inc.

.................

(14,500)

(1,121,140)

0.4

Gen

Digital,

Inc.

..........

(31,600)

(721,112)

0.3

Glacier

Bancorp,

Inc.

.......

(67,211)

(2,777,159)

1.0

Hologic,

Inc.

.............

(14,000)

(1,000,300)

0.4

IDEX

Corp.

.............

(6,900)

(1,498,059)

0.6

Independent

Bank

Group,

Inc.

.

(69,105)

(3,516,062)

1.3

Iron

Mountain,

Inc.

........

(24,700)

(1,728,506)

0.6

Kroger

Co.

(The)

..........

(35,000)

(1,599,850)

0.6

Laboratory

Corp.

of

America

Holdings

.............

(4,600)

(1,045,534)

0.4

Lakeland

Bancorp,

Inc.

.....

(79,431)

(1,174,785)

0.4

Lamb

Weston

Holdings,

Inc.

..

(12,100)

(1,307,889)

0.5

Loews

Corp.

............

(36,900)

(2,567,871)

1.0

Lowe's

Cos.,

Inc.

.........

(8,900)

(1,980,695)

0.7

OceanFirst

Financial

Corp.

...

(70,548)

(1,224,713)

0.5

Old

National

Bancorp

......

(115,538)

(1,951,437)

0.7

ONEOK,

Inc.

............

(25,100)

(1,762,522)

0.7

Provident

Financial

Services,

Inc.

.................

(66,796)

(1,204,332)

0.5

Public

Storage

...........

(4,200)

(1,281,000)

0.5

Ralph

Lauren

Corp.

........

(8,700)

(1,254,540)

0.5

Realty

Income

Corp.

.......

(51,300)

(2,945,646)

1.1

Regions

Financial

Corp.

.....

(70,800)

(1,372,104)

0.5

Republic

Services,

Inc.

.....

(9,300)

(1,533,663)

0.6

Sandy

Spring

Bancorp,

Inc.

..

(46,937)

(1,278,564)

0.5

Simmons

First

National

Corp.,

Class

A

..............

(82,997)

(1,646,661)

0.6

SouthState

Corp.

.........

(26,070)

(2,201,612)

0.8

Southwest

Airlines

Co.

......

(36,300)

(1,048,344)

0.4

Take-Two

Interactive

Software,

Inc.

.................

(6,700)

(1,078,365)

0.4

Trimble,

Inc.

.............

(18,700)

(994,840)

0.4

Union

Pacific

Corp.

........

(7,700)

(1,891,274)

0.7

Valley

National

Bancorp

.....

(448,712)

(4,873,012)

1.8

WaFd,

Inc.

..............

(104,716)

(3,451,439)

1.3

Waste

Management,

Inc.

....

(12,500)

(2,238,750)

0.8

Waters

Corp.

............

(5,100)

(1,679,073)

0.6

WesBanco,

Inc.

..........

(37,909)

(1,189,205)

0.4

WSFS

Financial

Corp.

......

(28,885)

(1,326,688)

0.5

Xylem,

Inc.

..............

(12,600)

(1,440,936)

0.5

(92,587,151)

Investment

Companies

United

States

Invesco

Preferred

ETF

......

(1,000,000)

(11,470,000)

4.2

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....

(471,097)

(36,458,197)

13.5

iShares

Preferred

&

Income

Securities

ETF

.........

(500,000)

(15,595,000)

5.8

SPDR

S&P

Regional

Banking

ETF

................

(79,103)

(4,147,370)

1.5

Vanguard

Intermediate-Term

Corporate

Bond

ETF

.....

(786,291)

(63,909,732)

23.6

(131,580,299)

Preferred

Securities

Germany

Sartorius

AG

(Preference)

...

(1,900)

(697,720)

0.2

Shares

Value

%

of

Basket

Value

Total

Reference

Entity

—

Short

............

$

(344,093,543)

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

(270,426,066)

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

BHP

Group

Ltd.

..........

60,100

2,053,293

(0.4)

%

Brambles

Ltd.

............

167,300

1,550,685

(0.3)

Macquarie

Group

Ltd.

......

16,900

2,115,572

(0.5)

Woolworths

Group

Ltd.

.....

70,500

1,788,582

(0.4)

7,508,132

Belgium

Elia

Group

SA

...........

12,000

1,502,100

(0.3)

Liberty

Global

Ltd.,

Class

A

...

121,654

2,161,791

(0.5)

3,663,891

Brazil

B3

SA

-

Brasil

Bolsa

Balcao

..

266,000

793,129

(0.2)

Lojas

Renner

SA

..........

176,200

628,980

(0.1)

1,422,109

Canada

Enbridge,

Inc.

............

58,100

2,091,521

(0.4)

Franco-Nevada

Corp.

......

10,300

1,140,886

(0.2)

George

Weston

Ltd.

.......

14,500

1,800,121

(0.4)

Pembina

Pipeline

Corp.

.....

65,000

2,237,878

(0.5)

Power

Corp.

of

Canada

.....

62,100

1,775,758

(0.4)

9,046,164

China

Baidu,

Inc.,

Class

A

........

50,400

750,250

(0.2)

China

Tower

Corp.

Ltd.,

Class

H

9,740,000

1,023,749

(0.2)

Haidilao

International

Holding

Ltd.

................

356,000

664,111

(0.1)

JD.com,

Inc.,

Class

A

.......

64,600

933,024

(0.2)

Prosus

NV

..............

42,700

1,272,037

(0.3)

Wilmar

International

Ltd.

....

591,200

1,597,054

(0.3)

6,240,225

Denmark

Novo

Nordisk

A/S,

Class

B

...

13,400

1,388,658

(0.3)

Finland

Elisa

OYJ

..............

51,900

2,398,942

(0.5)

France

Eiffage

SA

..............

15,000

1,610,259

(0.3)

Gecina

SA

..............

14,800

1,801,739

(0.4)

La

Francaise

des

Jeux

SAEM

.

58,700

2,132,265

(0.5)

Legrand

SA

.............

16,300

1,697,422

(0.4)

7,241,685

Germany

ADLER

Group

SA

.........

54,975

32,165

(0.0)

Deutsche

Lufthansa

AG

(Registered)

...........

125,700

1,117,505

(0.3)

RWE

AG

...............

24,100

1,096,861

(0.2)

2,246,531

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

146

Shares

Value

%

of

Basket

Value

Hong

Kong

Hongkong

Land

Holdings

Ltd.

.

424,000

$

1,474,696

(0.3)

%

Italy

Mediobanca

Banca

di

Credito

Finanziario

SpA

........

145,600

1,804,242

(0.4)

Japan

Alfresa

Holdings

Corp.

......

95,900

1,628,022

(0.3)

Casio

Computer

Co.

Ltd.

....

155,000

1,342,175

(0.3)

FUJIFILM

Holdings

Corp.

....

49,200

2,948,545

(0.6)

GS

Yuasa

Corp.

..........

90,200

1,265,731

(0.3)

Ito

En

Ltd.

..............

47,900

1,454,189

(0.3)

Kansai

Paint

Co.

Ltd.

.......

78,500

1,338,539

(0.3)

Mitsubishi

Chemical

Group

Corp.

...............

215,100

1,314,932

(0.3)

Mizuho

Financial

Group,

Inc.

..

77,000

1,313,452

(0.3)

Nippon

Paint

Holdings

Co.

Ltd.

137,800

1,111,541

(0.2)

Nomura

Research

Institute

Ltd.

53,300

1,547,977

(0.3)

Resorttrust,

Inc.

..........

78,500

1,359,219

(0.3)

Sekisui

Chemical

Co.

Ltd.

....

135,400

1,947,454

(0.4)

SMS

Co.

Ltd.

............

41,900

859,019

(0.2)

Sompo

Holdings,

Inc.

......

27,500

1,345,530

(0.3)

Sumitomo

Rubber

Industries

Ltd.

................

122,800

1,329,789

(0.3)

Suzuken

Co.

Ltd.

.........

41,600

1,375,745

(0.3)

Toray

Industries,

Inc.

.......

277,800

1,439,010

(0.3)

Welcia

Holdings

Co.

Ltd.

....

57,900

1,011,660

(0.2)

25,932,529

Mexico

Arca

Continental

SAB

de

CV

..

111,700

1,216,722

(0.3)

Netherlands

Akzo

Nobel

NV

...........

20,000

1,656,136

(0.4)

ING

Groep

NV

...........

82,700

1,240,049

(0.3)

Koninklijke

Ahold

Delhaize

NV

.

71,000

2,042,773

(0.4)

4,938,958

Norway

Orkla

ASA

..............

156,100

1,212,232

(0.3)

Poland

Powszechny

Zaklad

Ubezpieczen

SA

.................

141,400

1,698,458

(0.4)

South

Korea

Hyundai

Motor

Co.

........

9,100

1,431,476

(0.3)

KB

Financial

Group,

Inc.

....

5,400

225,298

(0.0)

Samsung

C&T

Corp.

.......

12,300

1,233,793

(0.3)

2,890,567

Spain

Acciona

SA

.............

8,000

1,177,955

(0.2)

Banco

Santander

SA

.......

299,600

1,253,132

(0.3)

2,431,087

Sweden

Kinnevik

AB,

Class

B

.......

82,800

889,977

(0.2)

Trelleborg

AB,

Class

B

......

51,100

1,715,124

(0.4)

2,605,101

Switzerland

Clariant

AG

(Registered)

....

113,700

1,679,885

(0.3)

Kuehne

+

Nagel

International

AG

(Registered)

...........

5,000

1,725,485

(0.4)

PSP

Swiss

Property

AG

(Registered)

...........

9,200

1,286,242

(0.3)

4,691,612

Shares

Value

%

of

Basket

Value

Taiwan

Chunghwa

Telecom

Co.

Ltd.

..

543,000

$

2,124,468

(0.5)

%

Compal

Electronics,

Inc.

.....

1,310,000

1,696,855

(0.4)

Nien

Made

Enterprise

Co.

Ltd.

59,000

677,944

(0.1)

4,499,267

United

Kingdom

British

American

Tobacco

plc

.

41,200

1,205,478

(0.2)

British

Land

Co.

plc

(The)

....

240,400

1,222,139

(0.3)

Burberry

Group

plc

........

47,800

862,166

(0.2)

EnQuest

plc

.............

4,891,224

940,177

(0.2)

M&G

plc

...............

578,900

1,638,353

(0.3)

Tesco

plc

...............

340,400

1,261,089

(0.3)

7,129,402

United

States

Altice

USA,

Inc.,

Class

A

....

98,847

321,253

(0.1)

Aon

plc,

Class

A

..........

4,900

1,425,998

(0.3)

Booking

Holdings,

Inc.

......

400

1,418,888

(0.3)

CH

Robinson

Worldwide,

Inc.

.

15,100

1,304,489

(0.3)

Diamondback

Energy,

Inc.

...

11,400

1,767,912

(0.4)

Equinix,

Inc.

.............

1,900

1,530,241

(0.3)

Franklin

Resources,

Inc.

.....

60,800

1,811,232

(0.4)

General

Motors

Co.

........

22,400

804,608

(0.2)

Hartford

Financial

Services

Group,

Inc.

(The)

.......

27,100

2,178,298

(0.5)

Humana,

Inc.

............

3,000

1,373,430

(0.3)

International

Paper

Co.

.....

30,100

1,088,115

(0.2)

JM

Smucker

Co.

(The)

......

10,500

1,326,990

(0.3)

Lockheed

Martin

Corp.

......

3,900

1,767,636

(0.4)

Meta

Platforms,

Inc.,

Class

A

.

3,100

1,097,276

(0.2)

MGM

Resorts

International

...

25,700

1,148,276

(0.2)

MSCI,

Inc.

..............

2,400

1,357,560

(0.3)

NVIDIA

Corp.

............

2,200

1,089,484

(0.2)

Packaging

Corp.

of

America

..

10,100

1,645,391

(0.3)

PepsiCo,

Inc.

............

17,400

2,955,216

(0.6)

Prologis,

Inc.

............

13,000

1,732,900

(0.4)

ResMed,

Inc.

............

7,200

1,238,544

(0.3)

Salesforce,

Inc.

...........

4,600

1,210,444

(0.3)

Snap-on,

Inc.

............

7,600

2,195,184

(0.5)

Southwest

Airlines

Co.

......

10,000

288,800

(0.1)

Synchrony

Financial

.......

37,600

1,435,944

(0.3)

TJX

Cos.,

Inc.

(The)

.......

24,900

2,335,869

(0.5)

Travelers

Cos.,

Inc.

(The)

....

10,500

2,000,145

(0.4)

39,850,123

Total

Reference

Entity

—

Long

............

143,531,333

Reference

Entity

—

Short

Common

Stocks

Brazil

Localiza

Rent

a

Car

SA

.....

(150,954)

(1,970,195)

0.4

China

CITIC

Ltd.

..............

(1,668,000)

(1,667,756)

0.3

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H

.......

(2,664,000)

(1,238,785)

0.3

iQIYI,

Inc.,

ADR

..........

(881,500)

(4,301,720)

0.9

Luye

Pharma

Group

Ltd.

....

(8,509,500)

(4,065,832)

0.9

Weibo

Corp.,

ADR

.........

(487,900)

(5,342,505)

1.1

XPeng,

Inc.,

Class

A

.......

(74,600)

(543,421)

0.1

(17,160,019)

Denmark

Tryg

A/S

...............

(60,500)

(1,316,615)

0.3

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

147

Shares

Value

%

of

Basket

Value

France

Capgemini

SE

...........

(2,100)

$

(438,882)

0.1

%

Engie

SA

...............

(100,600)

(1,772,200)

0.4

Klepierre

SA

.............

(50,300)

(1,373,223)

0.3

Sartorius

Stedim

Biotech

....

(4,400)

(1,166,803)

0.3

(4,751,108)

Hong

Kong

CLP

Holdings

Ltd.

.........

(123,500)

(1,020,371)

0.2

Hong

Kong

&

China

Gas

Co.

Ltd.

................

(1,558,000)

(1,194,649)

0.3

(2,215,020)

Japan

Ajinomoto

Co.,

Inc.

........

(30,600)

(1,177,911)

0.3

Denso

Corp.

............

(71,500)

(1,073,383)

0.2

Iida

Group

Holdings

Co.

Ltd.

..

(96,800)

(1,445,844)

0.3

JAFCO

Group

Co.

Ltd.

......

(52,000)

(607,340)

0.1

JFE

Holdings,

Inc.

.........

(350,000)

(5,414,924)

1.2

Kobe

Steel

Ltd.

...........

(228,300)

(2,942,664)

0.6

Nippon

Telegraph

&

Telephone

Corp.

...............

(1,317,300)

(1,608,535)

0.3

OSG

Corp.

..............

(66,800)

(955,431)

0.2

Sanrio

Co.

Ltd.

...........

(67,400)

(2,804,991)

0.6

SBI

Holdings,

Inc.

.........

(100,500)

(2,255,554)

0.5

(20,286,577)

Macau

Wynn

Macau

Ltd.

.........

(5,444,800)

(4,484,639)

1.0

Netherlands

Heineken

Holding

NV

......

(36,600)

(3,099,073)

0.7

Heineken

NV

............

(24,000)

(2,438,387)

0.5

(5,537,460)

Switzerland

Banque

Cantonale

Vaudoise

(Registered)

...........

(9,700)

(1,250,998)

0.3

SIG

Group

AG

...........

(47,700)

(1,098,580)

0.2

Tecan

Group

AG

(Registered)

.

(2,200)

(900,036)

0.2

(3,249,614)

United

Kingdom

3i

Group

plc

.............

(45,400)

(1,397,390)

0.3

Shares

Value

%

of

Basket

Value

United

States

Air

Transport

Services

Group,

Inc.

.................

(34,000)

$

(598,740)

0.1

%

Arthur

J

Gallagher

&

Co.

....

(7,300)

(1,641,624)

0.4

Avery

Dennison

Corp.

......

(8,800)

(1,779,008)

0.4

Brandywine

Realty

Trust

....

(12,500)

(67,500)

0.0

CDW

Corp.

.............

(7,000)

(1,591,240)

0.3

Celanese

Corp.

..........

(11,700)

(1,817,829)

0.4

Cencora,

Inc.

............

(5,200)

(1,067,976)

0.2

Corning,

Inc.

............

(38,000)

(1,157,100)

0.3

Evergy,

Inc.

.............

(39,200)

(2,046,240)

0.4

Forward

Air

Corp.

.........

(5,500)

(345,785)

0.1

Frontier

Communications

Parent,

Inc.

.................

(60,500)

(1,533,070)

0.3

International

Business

Machines

Corp.

...............

(7,800)

(1,275,690)

0.3

PG&E

Corp.

.............

(141,000)

(2,542,230)

0.6

Revvity,

Inc.

.............

(10,220)

(1,117,148)

0.2

Sabre

Corp.

.............

(187,500)

(825,000)

0.2

Viasat,

Inc.

..............

(7,000)

(195,650)

0.0

(19,601,830)

Investment

Companies

United

States

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....

(317,640)

(24,582,160)

5.3

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(1,787,187)

(197,770,113)

42.4

iShares

Preferred

&

Income

Securities

ETF

.........

(815,000)

(25,419,850)

5.5

SPDR

Bloomberg

High

Yield

Bond

ETF

............

(1,262,082)

(119,557,028)

25.6

Vanguard

Long-Term

Corporate

Bond

ETF

............

(275,000)

(22,041,250)

4.7

Vanguard

Short-Term

Corporate

Bond

ETF

............

(1,800,000)

(139,266,000)

29.8

(528,636,401)

Rights

Brazil

Localiza

Rent

a

Car

SA

.....

(541)

(2,154)

0.0

Total

Reference

Entity

—

Short

............

(610,609,022)

Net

Value

of

Reference

Entity

—

Merrill

Lynch

International

&

Co.

.....................

$

(467,077,689)

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

EFFR

.........................................

Effective

Federal

Funds

Rate

5.33

1-day

ESTR

.........................................

Euro

Short-Term

Rate

3.88

1-day

IBR

...........................................

Colombian

Reference

Banking

Indicator

12.05

1-day

SARON

........................................

Swiss

Average

Rate

Overnight

1.70

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

5.34

1-day

SONIA

.........................................

Sterling

Overnight

Index

Average

5.19

1-day

SORA

.........................................

Singapore

Overnight

Rate

Average

3.62

1-day

THOR

.........................................

Thailand

Overnight

Repo

Rate

ON

2.50

1-day

TONAR

........................................

Tokyo

Overnight

Average

Rate

(0.04)

28-day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

11.50

3-mo.

BBR

..........................................

Australian

Bank

Bill

Rate

4.36

3-mo.

CD_KSDA

......................................

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

3.83

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

148

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Reference

Index

Reference

Rate

3-mo.

JIBAR

.........................................

Johannesburg

Interbank

Average

Rate

8.40

%

6-mo.

BBR

..........................................

Australian

Bank

Bill

Rate

4.45

6-mo.

EURIBOR

......................................

Euro

Interbank

Offered

Rate

3.86

6-mo.

PRIBOR

.......................................

Prague

Interbank

Offered

Rate

6.43

6-mo.

WIBOR

........................................

Warsaw

Interbank

Offered

Rate

5.72

Balances

Reported

in

the

Consolidated

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps,

OTC

Swaps

and

Options

Written

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

............................................

$

6,745,542

$

(34,758,442)

$

665,818,220

$

(505,353,139)

$

—

OTC

Swaps

.....................................................

66,504,384

(60,108,900)

50,630,687

(60,277,300)

—

Options

Written

...................................................

N/A

N/A

73,196,512

(66,287,118)

(222,562,107)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Consolidated

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Consolidated

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Consolidated

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

581,599

$

—

$

3,413,105

$

—

$

96,191,178

$

—

$

100,185,882

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

69,085,845

—

—

69,085,845

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

;

Structured

options

at

value

..............................

—

71,594

29,057,269

25,036,931

106,985,431

955,773

(d)

162,106,998

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

22,050,956

—

—

643,282,513

484,751

665,818,220

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

77,629,595

7,770,181

—

31,735,295

—

117,135,071

$

581,599

$

99,752,145

$

40,240,555

$

94,122,776

$

878,194,417

$

1,440,524

$

1,114,332,016

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

528,885

$

—

$

6,514,648

$

—

$

300,646,699

$

—

$

307,690,232

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

189,470,977

—

—

189,470,977

Options

written

(b)

Options

written

at

value

.....................

—

—

10,863,054

8,760,903

202,938,150

—

222,562,107

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

15,264,451

—

—

490,002,010

86,678

505,353,139

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

102,181,759

12,560,437

—

5,644,004

—

120,386,200

$

528,885

$

117,446,210

$

29,938,139

$

198,231,880

$

999,230,863

$

86,678

$

1,345,462,655

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Consolidated

Schedule

of

Investments.

In

the

Consolidated

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

forward

settling

swaptions.

(c)

Includes

options

purchased

at

value

as

reported

in

the

Consolidated

Schedule

of

Investments.

(d)

Includes

dual

binary

options

at

value.

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

149

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Consolidated

Financial

Statements.

For

the

period

ended

December

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Consolidated

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

13,617,372

$

—

$

(59,010,953)

$

—

$

226,600,794

$

—

$

181,207,213

Forward

foreign

currency

exchange

contracts

....

—

—

—

(106,853,587)

—

—

(106,853,587)

Options

purchased

(a)

.....................

—

(14,466,560)

(96,679,331)

(93,001,892)

(111,499,339)

—

(315,647,122)

Options

written

........................

—

6,980,433

71,679,351

74,326,723

155,057,390

—

308,043,897

Swaps

..............................

—

(45,349,173)

(34,527,523)

—

(24,577,832)

838,968

(103,615,560)

$

13,617,372

$

(52,835,300)

$

(118,538,456)

$

(125,528,756)

$

245,581,013

$

838,968

$

(36,865,159)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

52,714

$

—

$

(19,164,256)

$

—

$

(437,387,489)

$

—

$

(456,499,031)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(117,017,788)

—

—

(117,017,788)

Options

purchased

(b)

.....................

—

610,493

22,759,295

(8,464,627)

(10,129,335)

(1,437,877)

3,337,949

Options

written

........................

—

(342,611)

(8,871,412)

1,271,373

221,835,017

—

213,892,367

Swaps

..............................

—

(17,874,126)

(21,926,978)

—

(59,429,243)

1,108,769

(98,121,578)

$

52,714

$

(17,606,244)

$

(27,203,351)

$

(124,211,042)

$

(285,111,050)

$

(329,108)

$

(454,408,081)

(a)

Options

purchased

are

included

in

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

—

unaffiliated.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

6,892,507,735

Average

notional

value

of

contracts

—

short

.................................................................................

$

15,609,408,468

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

$

12,498,760,684

Average

amounts

sold

—

in

USD

........................................................................................

$

3,429,385,754

Options

Average

value

of

option

contracts

purchased

................................................................................

$

74,390,458

Average

value

of

option

contracts

written

...................................................................................

$

45,467,328

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

$

9,441,839,974

Average

notional

value

of

swaption

contracts

written

...........................................................................

$

22,890,162,752

Structured

options:

Average

notional

value

...............................................................................................

$

9,535,486

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

$

3,027,519,461

Average

notional

value

—

sell

protection

...................................................................................

$

843,787,426

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

$

23,514,691,040

Average

notional

value

—

receives

fixed

rate

................................................................................

$

43,962,122,661

Inflation

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

$

81,113,591

Average

notional

value

—

receives

fixed

rate

................................................................................

$

118,055,080

Total

return

swaps

Average

notional

value

...............................................................................................

$

1,491,013,154

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

150

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

13,617,373

Futures

contracts

....................................................................................

$

26,675,513

$

15,237,470

Forward

foreign

currency

exchange

contracts

.................................................................

69,085,845

189,470,977

Options

(a)(b)

........................................................................................

162,106,998

222,562,107

Swaps

—

centrally

cleared

..............................................................................

—

2,360,997

Swaps

—

OTC

(c)

.....................................................................................

117,135,071

120,386,200

Total

derivative

assets

and

liabilities

in

the

Consolidated

Statements

of

Assets

and

Liabilities

...................................

$

375,003,427

$

550,017,751

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(58,846,856)

(31,090,925)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

316,156,571

$

518,926,826

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Consolidated

Statements

of

Assets

and

Liabilities

and

reported

in

the

Consolidated

Schedule

of

Investments.

(b)

Includes

forward

settling

swaptions.

(c)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

ANZ

Banking

Group

Ltd.

...........................

$

471,082

$

—

$

—

$

—

$

471,082

Bank

of

America

NA

..............................

40,709,943

(40,709,943)

—

—

—

Barclays

Bank

plc

................................

24,537,960

(24,537,960)

—

—

—

BNP

Paribas

SA

.................................

21,803,152

(15,444,670)

—

(6,358,482)

—

Citibank

NA

....................................

53,773,434

(53,773,434)

—

—

—

Citigroup

Global

Markets,

Inc.

........................

849,714

(275,398)

—

(574,316)

—

Credit

Agricole

Corporate

&

Investment

Bank

SA

...........

443,962

(164,177)

—

(279,785)

—

Deutsche

Bank

AG

...............................

14,843,178

(14,843,178)

—

—

—

Goldman

Sachs

International

........................

25,784,361

(25,784,361)

—

—

—

HSBC

Bank

plc

..................................

5,403,574

(4,900,437)

—

—

503,137

JPMorgan

Chase

Bank

NA

..........................

85,691,917

(85,691,917)

—

—

—

JPMorgan

Securities

LLC

...........................

43,281

(43,281)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

22,115,081

(21,301,272)

—

(813,809)

—

Natwest

Markets

plc

..............................

1,577,527

(1,577,527)

—

—

—

Nomura

International

plc

...........................

6,735,531

(2,671,832)

—

(4,063,699)

—

Royal

Bank

of

Canada

.............................

98,966

—

—

—

98,966

Societe

Generale

SA

..............................

2,977,287

(832,711)

—

—

2,144,576

Standard

Chartered

Bank

...........................

136,472

(136,472)

—

—

—

State

Street

Bank

and

Trust

Co.

......................

541,600

(541,600)

—

—

—

Toronto

Dominion

Bank

............................

947,438

(947,438)

—

—

—

UBS

AG

......................................

6,671,111

(6,671,111)

—

—

—

$

316,156,571

$

(300,848,719)

$

—

$

(12,090,091)

$

3,217,761

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

151

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Consolidated

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Consolidated

Schedule

of

Investments

above.

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

(b)

Cash

Collateral

Pledged

(b)

Net

Amount

of

Derivative

Liabilities

(c)(e)

Bank

of

America

NA

..............................

$

59,405,298

$

(40,709,943)

$

(17,115,504)

$

—

$

1,579,851

Barclays

Bank

plc

................................

61,477,149

(24,537,960)

(36,939,189)

—

—

BNP

Paribas

SA

.................................

15,444,670

(15,444,670)

—

—

—

Canadian

Imperial

Bank

of

Commerce

..................

412,630

—

—

—

412,630

Citibank

NA

....................................

75,234,362

(53,773,434)

(4,202,303)

—

17,258,625

Citigroup

Global

Markets,

Inc.

........................

275,398

(275,398)

—

—

—

Credit

Agricole

Corporate

&

Investment

Bank

SA

...........

164,177

(164,177)

—

—

—

Deutsche

Bank

AG

...............................

35,395,514

(14,843,178)

(15,079,587)

—

5,472,749

Goldman

Sachs

International

........................

43,962,294

(25,784,361)

(11,257,487)

—

6,920,446

HSBC

Bank

plc

..................................

4,900,437

(4,900,437)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

100,077,967

(85,691,917)

(14,386,050)

—

—

JPMorgan

Securities

LLC

...........................

804,810

(43,281)

(761,529)

—

—

Merrill

Lynch

International

&

Co.

......................

2,940,164

—

—

(2,940,164)

—

Morgan

Stanley

&

Co.

International

plc

..................

21,301,272

(21,301,272)

—

—

—

Natwest

Markets

plc

..............................

3,260,297

(1,577,527)

—

—

1,682,770

Nomura

International

plc

...........................

2,671,832

(2,671,832)

—

—

—

Societe

Generale

SA

..............................

832,711

(832,711)

—

—

—

Standard

Chartered

Bank

...........................

1,246,432

(136,472)

(1,109,960)

—

—

State

Street

Bank

and

Trust

Co.

......................

13,620,212

(541,600)

—

—

13,078,612

Toronto

Dominion

Bank

............................

31,153,621

(947,438)

(2,534,084)

—

27,672,099

UBS

AG

......................................

44,345,579

(6,671,111)

—

—

37,674,468

$

518,926,826

$

(300,848,719)

$

(103,385,693)

$

(2,940,164)

$

111,752,250

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(d)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(e)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Net

amount

may

be

offset

further

by

the

options

receivable/payable

on

the

Consolidated

Statements

of

Assets

and

Liabilities.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

Bermuda

.............................................

$

—

$

29,959,251

$

5,000,000

$

34,959,251

Canada

.............................................

—

23,445,699

—

23,445,699

Cayman

Islands

........................................

—

2,189,901,532

1

2,189,901,533

France

..............................................

—

7,299,925

—

7,299,925

Germany

............................................

—

5,588,358

—

5,588,358

Hong

Kong

...........................................

—

—

3,776,775

3,776,775

Ireland

..............................................

—

264,230,472

—

264,230,472

Italy

................................................

—

40,424,119

—

40,424,119

Jersey,

Channel

Islands

...................................

—

48,548,287

—

48,548,287

Luxembourg

..........................................

—

6,101,230

—

6,101,230

Netherlands

...........................................

—

10,699,515

—

10,699,515

Portugal

.............................................

—

1,234,466

—

1,234,466

Spain

...............................................

—

16,777,351

—

16,777,351

United

Kingdom

........................................

—

102,907,306

—

102,907,306

United

States

..........................................

—

2,185,762,212

122,199,286

2,307,961,498

Common

Stocks

Brazil

...............................................

727,623

—

—

727,623

Canada

.............................................

65,689

—

15

65,704

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

152

Level

1

Level

2

Level

3

Total

China

...............................................

$

2,607,738

$

5,102,633

$

—

$

7,710,371

France

..............................................

—

1,571,964

—

1,571,964

Germany

............................................

560,223

20,807,823

—

21,368,046

Italy

................................................

—

3,812,157

—

3,812,157

Japan

...............................................

—

35,312,129

—

35,312,129

Netherlands

...........................................

710,640

9,056,386

—

9,767,026

Spain

...............................................

—

737,031

—

737,031

United

Kingdom

........................................

11,057,605

—

52

11,057,657

United

States

..........................................

338,927,196

21,042,201

77,138,955

437,108,352

Corporate

Bonds

Argentina

............................................

—

5,228,650

—

5,228,650

Australia

.............................................

—

80,178,110

37,506,635

117,684,745

Austria

..............................................

—

44,093,860

—

44,093,860

Belgium

.............................................

—

129,976,000

—

129,976,000

Brazil

...............................................

—

76,741,783

—

76,741,783

Canada

.............................................

—

180,832,135

2,861,553

183,693,688

Chile

...............................................

—

24,896,519

—

24,896,519

China

...............................................

—

93,832,886

—

93,832,886

Colombia

............................................

—

43,466,544

—

43,466,544

Costa

Rica

...........................................

—

1,794,573

—

1,794,573

Cyprus

..............................................

—

14,083,958

—

14,083,958

Czech

Republic

........................................

—

15,988,121

—

15,988,121

Denmark

.............................................

—

39,963,340

—

39,963,340

Dominican

Republic

.....................................

—

5,356,435

—

5,356,435

Finland

..............................................

—

58,216,083

—

58,216,083

France

..............................................

—

1,048,259,248

19,088,399

1,067,347,647

Germany

............................................

—

1,060,454,999

19,957,442

1,080,412,441

Greece

..............................................

—

8,752,345

—

8,752,345

Guatemala

...........................................

—

10,630,870

—

10,630,870

Hong

Kong

...........................................

—

11,855,456

—

11,855,456

India

...............................................

—

49,308,509

—

49,308,509

Indonesia

............................................

—

21,619,812

—

21,619,812

Ireland

..............................................

—

49,754,575

—

49,754,575

Israel

...............................................

—

41,372,864

—

41,372,864

Italy

................................................

—

577,895,525

22,065,847

599,961,372

Jamaica

.............................................

—

7,703,398

—

7,703,398

Japan

...............................................

—

232,532,874

—

232,532,874

Kuwait

..............................................

—

15,816,651

—

15,816,651

Luxembourg

..........................................

—

193,057,503

—

193,057,503

Macau

..............................................

—

39,160,085

—

39,160,085

Malaysia

.............................................

—

8,377,967

—

8,377,967

Mexico

..............................................

—

39,207,660

—

39,207,660

Netherlands

...........................................

—

395,759,574

—

395,759,574

New

Zealand

..........................................

—

8,858,895

—

8,858,895

Nigeria

..............................................

—

3,189,938

—

3,189,938

Norway

..............................................

—

5,142,488

—

5,142,488

Oman

...............................................

—

12,343,236

—

12,343,236

Paraguay

............................................

—

5,072,310

—

5,072,310

Peru

................................................

—

4,204,247

—

4,204,247

Philippines

...........................................

—

1,412,940

—

1,412,940

Portugal

.............................................

—

43,728,743

—

43,728,743

Romania

.............................................

—

17,862,666

—

17,862,666

Saudi

Arabia

..........................................

—

10,623,583

—

10,623,583

Singapore

............................................

—

17,652,300

—

17,652,300

Slovenia

.............................................

—

18,663,019

—

18,663,019

South

Africa

...........................................

—

91,731,204

—

91,731,204

South

Korea

..........................................

—

15,528,359

—

15,528,359

Spain

...............................................

—

504,523,042

23,024,055

527,547,097

Sweden

.............................................

—

93,800,733

—

93,800,733

Switzerland

...........................................

—

356,793,396

—

356,793,396

Thailand

.............................................

—

28,864,245

—

28,864,245

Turkey

..............................................

—

3,963,262

—

3,963,262

Ukraine

.............................................

—

35,752,735

—

35,752,735

United

Arab

Emirates

....................................

—

76,584,456

—

76,584,456

Fair

Value

Hierarchy

as

of Period

End

(continued)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

153

Level

1

Level

2

Level

3

Total

United

Kingdom

........................................

$

—

$

1,366,496,944

$

5,981,220

$

1,372,478,164

United

States

..........................................

—

5,524,986,190

410,129,463

5,935,115,653

Zambia

..............................................

—

28,215,378

—

28,215,378

Fixed

Rate

Loan

Interests

..................................

—

—

88,154,978

88,154,978

Floating

Rate

Loan

Interests

Australia

.............................................

—

992,424

—

992,424

Canada

.............................................

—

421,214

—

421,214

Colombia

............................................

—

26,996,000

—

26,996,000

European

Union

........................................

—

—

12,211,027

12,211,027

France

..............................................

—

2,031,652

—

2,031,652

Germany

............................................

—

15,525,083

—

15,525,083

Ireland

..............................................

—

—

45,508,899

45,508,899

Jersey,

Channel

Islands

...................................

—

—

22,250,901

22,250,901

Luxembourg

..........................................

—

8,683,022

17,593,077

26,276,099

Netherlands

...........................................

—

16,117,702

—

16,117,702

Spain

...............................................

—

10,804,321

68,874,364

79,678,685

United

Kingdom

........................................

—

21,976,694

89,433,015

111,409,709

United

States

..........................................

—

513,698,528

471,671,973

985,370,501

Foreign

Agency

Obligations

.................................

—

403,941,004

—

403,941,004

Foreign

Government

Obligations

..............................

—

3,355,460,493

—

3,355,460,493

Investment

Companies

....................................

516,731,700

—

16,854,730

533,586,430

Municipal

Bonds

.........................................

—

464,584,728

—

464,584,728

Non-Agency

Mortgage-Backed

Securities

Bermuda

.............................................

—

34,123,087

—

34,123,087

Cayman

Islands

........................................

—

18,148,191

—

18,148,191

Ireland

..............................................

—

91,549,167

—

91,549,167

Italy

................................................

—

20,030,098

—

20,030,098

Netherlands

...........................................

—

10,714,918

—

10,714,918

Switzerland

...........................................

—

12,665

—

12,665

United

Kingdom

........................................

—

229,720,535

—

229,720,535

United

States

..........................................

—

2,682,698,389

140,558,506

2,823,256,895

Preferred

Securities

Brazil

...............................................

—

—

16,226,453

16,226,453

China

...............................................

—

—

48,370,826

48,370,826

Germany

............................................

—

—

8,222,802

8,222,802

Israel

...............................................

—

—

16,611,037

16,611,037

Spain

...............................................

—

10,955,379

—

10,955,379

Sweden

.............................................

—

—

1

1

United

Kingdom

........................................

—

—

7,145,900

7,145,900

United

States

..........................................

—

13,272,087

202,157,075

215,429,162

U.S.

Government

Sponsored

Agency

Securities

....................

—

16,402,916,631

—

16,402,916,631

U.S.

Treasury

Obligations

...................................

—

1,816,138,191

—

1,816,138,191

Warrants

..............................................

477,869

1,195,141

10,297,993

11,971,003

Short-Term

Securities

Borrowed

Bond

Agreements

.................................

—

320,950,832

—

320,950,832

Certificates

of

Deposit

.....................................

—

8,079,832

—

8,079,832

Commercial

Paper

.......................................

—

1,058,949,571

—

1,058,949,571

Foreign

Government

Obligations

..............................

—

246,951,255

—

246,951,255

Money

Market

Funds

......................................

2,112,169,216

—

—

2,112,169,216

U.S.

Treasury

Obligations

...................................

—

3,155,283

—

3,155,283

Options

Purchased

Credit

contracts

..........................................

—

71,594

—

71,594

Equity

contracts

..........................................

27,613,679

1,443,590

—

29,057,269

Foreign

currency

exchange

contracts

...........................

—

25,036,931

—

25,036,931

Interest

rate

contracts

......................................

4,557,664

102,427,767

—

106,985,431

Other

contracts

..........................................

—

955,773

—

955,773

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

—

2,716,281

2,716,281

Unfunded

commitments

(b)

........................................

—

—

7,197,193

7,197,193

Liabilities

Investments

Borrowed

Bonds

.........................................

—

(336,131,476)

—

(336,131,476)

TBA

Sale

Commitments

....................................

—

(11,674,746,515)

—

(11,674,746,515)

Investment

Sold

Short

Corporate

Bonds

........................................

—

(2,493,621)

—

(2,493,621)

Fair

Value

Hierarchy

as

of Period

End

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

154

Level

1

Level

2

Level

3

Total

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

$

—

$

—

$

(628,966)

$

(628,966)

$

3,016,206,842

$

33,859,843,428

$

2,040,157,763

$

38,916,208,033

Investments

valued

at

NAV

(c)

......................................

239,668,748

$

39,155,876,781

Derivative

Financial

Instruments

(d)

Assets

Commodity

contracts

.......................................

$

581,599

$

—

$

—

$

581,599

Credit

contracts

...........................................

—

33,176,167

—

33,176,167

Equity

contracts

...........................................

2,627,440

8,555,846

—

11,183,286

Foreign

currency

exchange

contracts

............................

—

69,085,845

—

69,085,845

Interest

rate

contracts

.......................................

96,191,178

675,017,808

—

771,208,986

Other

contracts

...........................................

—

484,751

—

484,751

Liabilities

Commodity

contracts

.......................................

(528,885)

—

—

(528,885)

Credit

contracts

...........................................

—

(57,337,310)

—

(57,337,310)

Equity

contracts

...........................................

(16,729,634)

(13,208,505)

—

(29,938,139)

Foreign

currency

exchange

contracts

............................

—

(198,231,880)

—

(198,231,880)

Interest

rate

contracts

.......................................

(303,858,190)

(695,372,673)

—

(999,230,863)

Other

contracts

...........................................

—

(86,678)

—

(86,678)

$

(221,716,492)

$

(177,916,629)

$

—

$

(399,633,121)

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Unfunded

commitments

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.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

155

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

year

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,

2022

...............................

$

78,776,696

$

49,110,433

$

330,214,740

$

—

$

852,706,468

$

—

Transfers

into

Level

3

.............................................

—

—

19,686,527

—

6,951,938

—

Transfers

out

of

Level

3

(a)

...........................................

(75,404,462)

(467,962)

—

—

(51,601,963)

—

Other

(b)

.......................................................

36,982,155

—

(4,768,536)

74,597,254

(106,810,873)

—

Accrued

discounts/premiums

.........................................

(1,859,688)

—

2,166,553

152,953

1,243,555

—

Net

realized

gain

(loss)

............................................

—

(1,128)

(1,285,695)

155,960

(2,046,237)

—

Net

change

in

unrealized

appreciation

(depreciation)

(c)(d)

.......................

2,041,915

(14,903,938)

10,455,956

2,855,689

(9,856,683)

(1,257,342)

Purchases

.....................................................

90,463,733

43,402,510

346,324,984

28,306,811

307,346,044

18,112,072

Sales

........................................................

(24,287)

(893)

(162,179,915)

(17,913,689)

(270,388,993)

—

Closing

balance,

as

of

December

31,

2023

................................

$

130,976,062

$

77,139,022

$

540,614,614

$

88,154,978

$

727,543,256

$

16,854,730

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

December

31,

2023

(d)

...................................................

$

2,017,628

$

(14,703,018)

$

6,841,040

$

2,855,689

$

(14,198,856)

$

(1,257,342)

Non-Agency

Mortgage-

Backed

Securities

Options

Purchased

Preferred

Securities

Unfunded

Commitments

Unfunded

Floating

Rate

Loan

Interests

U.S.

Government

Sponsored

Agency

Securities

Warrants

Total

Investments

Assets/Liabilities

Opening

balance,

as

of

December

31,

2022

.......

$

319,875,783

$

3,494,268

$

340,809,432

$

—

$

(1,151,914)

$

76,592,805

$

6,002,568

$

2,056,431,279

Transfers

into

Level

3

.....................

4,349

—

—

—

—

—

16,147

26,658,961

Transfers

out

of

Level

3

(a)

...................

(201,872,712)

—

—

—

—

(49,493,492)

(253,610)

(379,094,201)

Accrued

discounts/premiums

.................

848,378

—

—

—

—

99,861

—

2,651,612

Net

realized

gain

(loss)

....................

82,329

(4,229,337)

—

—

—

7,595,115

—

271,007

Net

change

in

unrealized

appreciation

(depreciation)

(c)(d)

(8,089,355)

735,069

(53,436,544)

7,197,193

3,239,229

(7,243,705)

3,410,205

(64,852,311)

Purchases

.............................

47,907,078

—

19,388,868

—

—

—

1,569,175

902,821,275

Sales

................................

(18,197,344)

—

(8,027,662)

—

—

(27,550,584)

(446,492)

(504,729,859)

Closing

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

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

December

31,

2023

(d)

....

$

(8,204,246)

$

—

$

(51,318,654)

$

7,197,193

$

3,239,229

$

—

$

5,993,201

$

(61,538,136)

(a)

As

of

December

31,

2022,

the

Fund

used

significant

unobservable

inputs

in

determining

the

value

of

certain

investments.

As

of

December

31,

2023,

the

Fund

used

observable

inputs

in

determining

the

value

of

the

same

investments.

As

a

result,

investments

at

beginning

of

period

value

were

transferred

from

Level

3

to

Level

2

in

the

fair

value

hierarchy.

(b)

Certain

Level

3

investments

were

re-classified

between

Asset-Backed

Securities,

Corporate

Bonds,

Fixed

Rate

Loan

Interests

and

Floating

Rate

Loan

Interests.

(c)

Included

in

the

related

net

change

in

unrealized

appreciation

(depreciation)

in

the

Consolidated

Statements

of

Operations.

(d)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

December

31,

2023

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

156

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

$253,074,034.

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

December

31,

2023,

the

valuation

technique

for

investments

classified

as

Floating

Rate

Loan

Interests

amounting

to

$11,471,019

changed

to

a

Market

approach.

The

investments

were

previously

valued

utilizing

a

Discount

Cash

Flow

approach.

The

change

was

due

to

consideration

of

the

information

that

was

available

at

the

time

the

investments

were

valued.

(c)

For

the

period

end

December

31,

2023,

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.

See

notes

to

consolidated

financial

statements.

Value

Valuation

Approach

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Weighted

Average

of

Unobservable

Inputs

Based

on

Fair

Value

Assets

Asset-Backed

Securities

........................

$

38,295,054

Income

Discount

Rate

9%

—

Common

Stocks

.............................

77,138,868

Market

Revenue

Multiple

2.00x

–

22.00x

9.35x

Volatility

59%

–

80%

80%

Time

to

Exit

0.3

–

3.0

years

3.0

years

EBITDA

Multiple

10.72x

—

Corporate

Bonds

.............................

537,753,052

Income

Discount

Rate

6%

–

56%

15%

Credit

Spread

422

—

Fixed

Rate

Loan

Interests

........................

88,152,926

Income

Discount

Rate

13%

—

Credit

Spread

725

–

819

732

Floating

Rate

Loan

Interests

(b)

.....................

697,276,811

Income

Discount

Rate

7%

–

15%

10%

Credit

Spread

273

–

633

404

Estimated

Recovery

Value

20%

–

88%

73%

Market

EBITDA

Multiple

14.50x

—

Investment

Companies

.........................

16,854,730

Income

Discount

Rate

11%

—

Non-Agency

Mortgage-Backed

Securities

..............

23,434,891

Income

Credit

Spread

517

—

Discount

Rate

13%

—

Preferred

Stocks

(c)

............................

298,734,094

Market

Revenue

Multiple

1.60x

–

31.00x

10.32x

Volatility

50%

–

90%

69%

Time

to

Exit

0.1

–

5.0

years

2.6

years

Gross

Profit

Multiple

28.25x

—

EBIDTAR

Multiple

8.75x

—

EBIDTA

Multiple

7.50x

—

Market

Adjustment

Multiple

1.20x

—

Income

Discount

Rate

11%

–

15%

12%

Warrants

..................................

9,443,303

Market

Revenue

Multiple

4.22x

–

31.00x

9.74x

Volatility

36%

–

88%

72%

Time

to

Exit

0.1

–

3.0

years

2.6

years

Income

Discount

Rate

26%

—

$

1,787,083,729

Consolidated

Statements

of

Assets

and

Liabilities

December

31,

2023

157

Consolidated

Financial

Statements

BlackRock

Inflation

Protected

Bond

Portfolio

BlackRock

Strategic

Income

Opportunities

Portfolio

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

2,578,343,872‌

$

48,517,766,431‌

Investments,

at

value

—

affiliated

(c)

...........................................................................

23,095,573‌

2,642,197,454‌

Cash  

..............................................................................................

5,910,272‌

18,473,707‌

Cash

pledged:

Collateral

—

borrowed

bond

agreements

......................................................................

—‌

16,878,594‌

Collateral

—

exchange-traded

options

written

...................................................................

14,920,000‌

—‌

Collateral

—

OTC

derivatives

.............................................................................

—‌

32,406,000‌

Futures

contracts

.....................................................................................

8,738,820‌

283,913,000‌

Centrally

cleared

swaps

.................................................................................

1,132,000‌

403,488,000‌

Foreign

currency,

at

value

(d)

................................................................................

2,243,569‌

403,563,109‌

Receivables:

–‌

–‌

Investments

sold

.....................................................................................

20,991,927‌

68,032,392‌

Options

written

.......................................................................................

—‌

1,136,197‌

Securities

lending

income

—

affiliated

.......................................................................

—‌

136,434‌

TBA

sale

commitments

.................................................................................

62,794,845‌

11,609,816,394‌

Capital

shares

sold

....................................................................................

7,057,400‌

96,004,245‌

Foreign

withholding

t

ax

claims

............................................................................

—‌

290,591‌

Dividends

—

unaffiliated

................................................................................

16,600‌

822,751‌

Dividends

—

affiliated

..................................................................................

30,743‌

7,093,667‌

Interest

—

unaffiliated

..................................................................................

9,027,627‌

338,354,726‌

From

the

Manager

....................................................................................

181,035‌

—‌

Variation

margin

on

futures

contracts

........................................................................

336,652‌

26,675,513‌

Swap

premiums

paid

....................................................................................

—‌

66,504,384‌

Unrealized

appreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

6,926‌

69,085,845‌

OTC

swaps

.........................................................................................

—‌

50,630,687‌

Unfunded

floating

rate

loan

interests

........................................................................

—‌

2,716,281‌

Unfunded

commitments

.................................................................................

—‌

7,197,193‌

Prepaid

expenses

......................................................................................

94,091‌

1,315,132‌

Total

assets

..........................................................................................

2,734,921,952‌

64,664,498,727‌

LIABILITIES

Investments

sold

short,

at

value

(e)

............................................................................

—‌

2,493,621‌

Cash

received:

Collateral

—

OTC

derivatives

.............................................................................

—‌

19,987,160‌

Collateral

—

TBA

commitments

............................................................................

1,760,000‌

188,529,514‌

Borrowed

bonds,

at

value

(f)

................................................................................

—‌

336,131,476‌

Collateral

on

securities

loaned

..............................................................................

—‌

205,854,536‌

Options

written,

at

value

(g)

.................................................................................

7,565,307‌

222,562,107‌

TBA

sale

commitments,

at

value

(h)

...........................................................................

63,236,639‌

11,674,746,515‌

Reverse

repurchase

agreements,

at

value

......................................................................

234,669,361‌

—‌

Payables:

–‌

–‌

Investments

purchased

.................................................................................

271,251,336‌

15,339,238,952‌

Swaps  

...........................................................................................

—‌

37,107,463‌

Bank

borrowings

.....................................................................................

—‌

59,889,619‌

Accounting

services

fees

................................................................................

67,101‌

628,154‌

Dividends

on

short

sales

................................................................................

—‌

164,387‌

Administration

fees

....................................................................................

71,345‌

1,564,719‌

Proxy

fees

..........................................................................................

71,821‌

469,885‌

Capital

shares

redeemed

................................................................................

12,621,662‌

100,593,248‌

Custodian

fees

.......................................................................................

5,340‌

730,490‌

Deferred

foreign

capital

gain

tax

...........................................................................

—‌

76,596‌

Income

dividend

distributions

.............................................................................

69,401‌

13,118,948‌

Interest

expense

.....................................................................................

1,034,391‌

3,560,967‌

Investment

advisory

fees

................................................................................

405,840‌

13,601,365‌

Trustees'

and

Officer's

fees

..............................................................................

5,907‌

562,932‌

Other

affiliate

fees

....................................................................................

—‌

67,379‌

Professional

fees

.....................................................................................

51,022‌

218,229‌

Registration

fees

.....................................................................................

3,440‌

—‌

Reorganization

costs

..................................................................................

—‌

110,305‌

Service

and

distribution

fees

..............................................................................

105,752‌

329,695‌

Transfer

agent

fees

...................................................................................

736,084‌

6,627,577‌

Consolidated

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2023

2023

BlackRock

Annual

Report

to

Shareholders

158

See

notes

to

consolidated

financial

statements.

BlackRock

Inflation

Protected

Bond

Portfolio

BlackRock

Strategic

Income

Opportunities

Portfolio

Other

accrued

expenses

................................................................................

83,287‌

620,511‌

Variation

margin

on

futures

contracts

........................................................................

442,096‌

15,237,470‌

Variation

margin

on

centrally

cleared

swaps

...................................................................

83,282‌

2,360,997‌

Swap

premiums

received

.................................................................................

—‌

60,108,900‌

Unrealized

depreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

65,898‌

189,470,977‌

OTC

swaps

.........................................................................................

—‌

60,277,300‌

Unfunded

floating

rate

loan

interests

........................................................................

—‌

628,966‌

Total

liabilities

.........................................................................................

594,406,312‌

28,557,670,960‌

Commitments

and

contingent

liabilities

—‌

—‌

NET

ASSETS

.........................................................................................

$

2,140,515,640‌

$

36,106,827,767‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

2,565,254,358‌

$

39,575,786,572‌

Accumulated

loss

......................................................................................

(424,738,718‌)

(3,468,958,805‌)

NET

ASSETS

.........................................................................................

$

2,140,515,640‌

$

36,106,827,767‌

(a)

  Investments,

at

cost

—

unaffiliated

...................................................................

$

2,720,570,058‌

$

48,767,690,420‌

(b)

  Securities

loaned,

at

value

........................................................................

$

—‌

$

200,871,361‌

(c)

  Investments,

at

cost

—

affiliated

.....................................................................

$

23,651,594‌

$

2,623,853,145‌

(d)

  Foreign

currency,

at

cost

.........................................................................

$

2,255,640‌

$

408,736,887‌

(e)

  Proceeds

received

from

short

sales

..................................................................

$

—‌

$

2,377,773‌

(f)

  Proceeds

received

from

borrowed

bonds

...............................................................

$

—‌

$

357,543,460‌

(g)

  Premiums

received

.............................................................................

$

6,931,620‌

$

229,471,501‌

(h)

  Proceeds

received

from

TBA

sale

commitments

...........................................................

$

62,794,845‌

$

11,609,816,394‌

Consolidated

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2023

159

Consolidated

Financial

Statements

See

notes

to

consolidated

financial

statements.

BlackRock

Inflation

Protected

Bond

Portfolio

BlackRock

Strategic

Income

Opportunities

Portfolio

NET

ASSET

VALUE

Institutional

Net

assets

.........................................................................................

$

1,200,730,321‌

$

23,850,573,520‌

Shares

outstanding

..................................................................................

122,952,426‌

2,528,182,104‌

Net

asset

value

.....................................................................................

$

9.77‌

$

9.43‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Investor

A

Net

assets

.........................................................................................

$

334,367,957‌

$

1,001,600,205‌

Shares

outstanding

..................................................................................

35,239,039‌

106,216,863‌

Net

asset

value

.....................................................................................

$

9.49‌

$

9.43‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Investor

C

Net

assets

.........................................................................................

$

26,277,800‌

$

97,045,553‌

Shares

outstanding

..................................................................................

2,906,429‌

10,294,097‌

Net

asset

value

.....................................................................................

$

9.04‌

$

9.43‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Class

K

Net

assets

.........................................................................................

$

579,139,562‌

$

11,157,608,489‌

Shares

outstanding

..................................................................................

60,217,373‌

1,181,836,613‌

Net

asset

value

.....................................................................................

$

9.62‌

$

9.44‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Consolidated

Statements

of

Operations

Year

Ended

December

31,

2023

2023

BlackRock

Annual

Report

to

Shareholders

160

BlackRock

Inflation

Protected

Bond

Portfolio

BlackRock

Strategic

Income

Opportunities

Portfolio

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

................................................................................

$

66,584‌

$

38,126,204‌

Dividends

—

affiliated

..................................................................................

411,163‌

71,213,266‌

Interest

—

unaffiliated

..................................................................................

102,690,467‌

1,947,678,488‌

Securities

lending

income

—

affiliated

—

net

..................................................................

—‌

1,829,107‌

Foreign

taxes

withheld

.................................................................................

—‌

(2,579,716‌)

Foreign

withholding

tax

claims

............................................................................

—‌

310,090‌

Total

investment

income

..................................................................................

103,168,214‌

2,056,577,439‌

EXPENSES

Investment

advisory

...................................................................................

5,932,298‌

165,121,639‌

Transfer

agent

—

class

specific

...........................................................................

2,947,231‌

24,791,535‌

Service

and

distribution

—

class

specific

.....................................................................

1,337,250‌

3,682,466‌

Administration

......................................................................................

938,043‌

11,422,388‌

Administration

—

class

specific

...........................................................................

486,025‌

7,273,258‌

Registration

........................................................................................

236,898‌

1,255,128‌

Accounting

services

...................................................................................

202,653‌

1,784,868‌

Professional

........................................................................................

112,378‌

1,395,686‌

Custodian

..........................................................................................

63,026‌

2,249,252‌

Printing

and

postage

..................................................................................

37,776‌

—‌

Trustees

and

Officer

...................................................................................

30,665‌

452,073‌

Miscellaneous

.......................................................................................

335,708‌

3,732,814‌

Total

expenses

excluding

dividend

expense

and

interest

expense

......................................................

12,659,951‌

223,161,107‌

Dividend

expense

—

unaffiliated

...........................................................................

—‌

15,820‌

Interest

expense

.....................................................................................

12,242,604‌

48,744,969‌

Total

expenses

........................................................................................

24,902,555‌

271,921,896‌

Less:

–‌

–‌

Administration

fees

waived

by

the

Manager

—

class

specific

........................................................

(486,025‌)

(28,388‌)

Fees

waived

and/or

reimbursed

by

the

Manager

................................................................

(701,479‌)

(2,828,748‌)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

...........................................

(2,040,683‌)

(94,682‌)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

21,674,368‌

268,970,078‌

Net

investment

income

...................................................................................

81,493,846‌

1,787,607,361‌

Consolidated

Statements

of

Operations

(continued)

Year

Ended

December

31,

2023

161

Consolidated

Financial

Statements

See

notes

to

consolidated

financial

statements.

BlackRock

Inflation

Protected

Bond

Portfolio

BlackRock

Strategic

Income

Opportunities

Portfolio

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

3,059,241‌

$

764,318,728‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

(a)

...........................................................................

$

(182,071,114‌)

$

(1,598,038,295‌)

Investments

—

affiliated

..............................................................................

397,226‌

591,318‌

Borrowed

bonds

...................................................................................

—‌

79,282,850‌

Forward

foreign

currency

exchange

contracts

................................................................

(136,822‌)

(106,853,587‌)

Foreign

currency

transactions

..........................................................................

(281,174‌)

(24,155,586‌)

Futures

contracts

...................................................................................

20,449,092‌

181,207,213‌

Options

written

....................................................................................

5,184,975‌

308,043,897‌

Short

sales

—

affiliated

...............................................................................

—‌

(2,362,668‌)

Short

sales

—

unaffiliated

.............................................................................

118,770‌

(328,702‌)

Swaps  

.........................................................................................

1,144,375‌

(103,615,560‌)

(155,194,672‌)

(1,266,229,120‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

(b)

...........................................................................

169,101,267‌

2,495,419,792‌

Investments

—

affiliated

..............................................................................

167,526‌

18,573,439‌

Borrowed

bonds

...................................................................................

(292,938‌)

(32,474,153‌)

Forward

foreign

currency

exchange

contracts

................................................................

132,397‌

(117,017,788‌)

Foreign

currency

translations

...........................................................................

(90,411‌)

(3,543,346‌)

Futures

contracts

...................................................................................

(10,088,309‌)

(456,499,031‌)

Options

written

....................................................................................

1,714,383‌

213,892,367‌

Short

sales

—

unaffiliated

.............................................................................

—‌

(115,848‌)

Swaps  

.........................................................................................

(2,390,002‌)

(98,121,578‌)

Unfunded

floating

rate

loan

interests

......................................................................

—‌

3,236,801‌

Unfunded

commitments

..............................................................................

—‌

7,197,193‌

158,253,913‌

2,030,547,848‌

Net

realized

and

unrealized

gain

............................................................................

3,059,241‌

764,318,728‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................................................

$

84,553,087‌

$

2,551,926,089‌

(a)

  Net

of

foreign

capital

gain

tax

and

capital

gain

tax

refund,

if

applicable

of

................................................

$

—‌

$

(206,111‌)

(b)

Net

of

increase

in

deferred

foreign

capital

gain

tax

of

.............................................................

$

—‌

$

(76,596‌)

Consolidated

Statements

of

Changes

in

Net

Assets

2023

BlackRock

Annual

Report

to

Shareholders

162

See

notes

to

consolidated

financial

statements.

BlackRock

Inflation

Protected

Bond

Portfolio

BlackRock

Strategic

Income

Opportunities

Portfolio

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/23

Year

Ended

12/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

81,493,846‌

$

219,039,946‌

$

1,787,607,361‌

$

1,291,411,945‌

Net

realized

loss

................................................

(155,194,672‌)

(105,634,502‌)

(1,266,229,120‌)

(1,510,764,812‌)

Net

change

in

unrealized

appreciation

(depreciation)

........................

158,253,913‌

(502,601,883‌)

2,030,547,848‌

(2,361,722,915‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

84,553,087‌

(389,196,439‌)

2,551,926,089‌

(2,581,075,782‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

From

net

investment

income

and

net

realized

gain:

  Institutional

...................................................

(45,875,910‌)

(136,670,931‌)

(1,046,868,306‌)

(1,211,880,162‌)

  Investor

A

....................................................

(12,622,429‌)

(32,339,725‌)

(40,071,450‌)

(45,090,224‌)

  Investor

C

....................................................

(906,231‌)

(3,141,052‌)

(3,603,287‌)

(4,447,174‌)

  Class

K

......................................................

(20,902,312‌)

(50,831,694‌)

(414,830,127‌)

(395,114,222‌)

Return

of

capital:

–

–

–

–

  Institutional

...................................................

(1,539,532‌)

—‌

(108,729,520‌)

—‌

  Investor

A

....................................................

(445,999‌)

—‌

(4,161,889‌)

—‌

  Investor

C

....................................................

(38,373‌)

—‌

(374,243‌)

—‌

  Class

K

......................................................

(699,669‌)

—‌

(43,084,961‌)

—‌

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(83,030,455‌)

(222,983,402‌)

(1,661,723,783‌)

(1,656,531,782‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

.................

(545,679,117‌)

(43,153,646‌)

(2,542,917,341‌)

(3,109,384,477‌)

NET

ASSETS

Total

decrease

in

net

assets

..........................................

(544,156,485‌)

(655,333,487‌)

(1,652,715,035‌)

(7,346,992,041‌)

Beginning

of

year

..................................................

2,684,672,125‌

3,340,005,612‌

37,759,542,802‌

45,106,534,843‌

End

of

year

......................................................

$

2,140,515,640‌

$

2,684,672,125‌

$

36,106,827,767‌

$

37,759,542,802‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Consolidated

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

163

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(e)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed,

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense would

have

been

0.69%,

0.56%

and

0.34%,

respectively.

(f)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed,

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense would

have

been

0.52%,

0.35%

and

0.34%,

respectively.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Inflation

Protected

Bond

Portfolio

Institutional

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

year

.............................

$

9.76

‌

$

11.82

‌

$

11.91

‌

$

10.82

‌

$

10.23

‌

Net

investment

income

(a)

...................................

0.33

‌

0.76

‌

0.59

‌

0.16

‌

0.22

‌

Net

realized

and

unrealized

gain

(loss)

..........................

0.02

‌

(2.06

)

0.08

‌

1.11

‌

0.62

‌

Net

increase

(decrease)

from

investment

operations

..................

0.35

‌

(1.30

)

0.67

‌

1.27

‌

0.84

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

................................

(0.33

)

(0.66

)

(0.58

)

(0.18

)

(0.25

)

From

net

realized

gain

.....................................

—

‌

(0.10

)

(0.18

)

—

‌

—

‌

Return

of

capital

.........................................

(0.01

)

—

‌

—

‌

—

‌

—

‌

Total

distributions

.........................................

(0.34

)

(0.76

)

(0.76

)

(0.18

)

(0.25

)

Net

asset

value,

end

of

year

.................................

$

9.77

‌

$

9.76

‌

$

11.82

‌

$

11.91

‌

$

10.82

‌

Total

Return

(c)

—

—

—

—

—

Based

on

net

asset

value

....................................

3.63

%

(11.40

)%

5.75

%

11.75

%

8.26

%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

...........................................

1.01

%

0.75

%

(e)

0.56

%

(f)

0.61

%

0.80

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

0.85

%

0.62

%

(e)

0.39

%

(f)

0.43

%

0.65

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

..............................................

0.35

%

0.40

%

(e)

0.38

%

(f)

0.34

%

0.34

%

Net

investment

income

.....................................

3.39

%

7.14

%

4.92

%

1.39

%

2.12

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..................................

$

1,200,730

‌

$

1,524,659

‌

$

2,093,224

‌

$

1,260,218

‌

$

1,343,773

‌

Portfolio

turnover

rate

(g)

......................................

197

%

293

%

246

%

330

%

252

%

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...........................................

145%

235%

246%

319%

220%

See

notes

to

consolidated

financial

statements.

Consolidated

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Annual

Report

to

Shareholders

164

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(e)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed,

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense would

have

been

0.99%,

0.80%

and

0.59%,

respectively.

(f)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed,

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense would

have

been

0.77%,

0.60%

and

0.59%,

respectively.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Inflation

Protected

Bond

Portfolio

Investor

A

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

year

.............................

$

9.48

‌

$

11.50

‌

$

11.60

‌

$

10.55

‌

$

9.99

‌

Net

investment

income

(a)

...................................

0.30

‌

0.70

‌

0.55

‌

0.13

‌

0.20

‌

Net

realized

and

unrealized

gain

(loss)

..........................

0.02

‌

(2.00

)

0.07

‌

1.08

‌

0.59

‌

Net

increase

(decrease)

from

investment

operations

..................

0.32

‌

(1.30

)

0.62

‌

1.21

‌

0.79

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

................................

(0.30

)

(0.62

)

(0.54

)

(0.16

)

(0.23

)

From

net

realized

gain

.....................................

—

‌

(0.10

)

(0.18

)

—

‌

—

‌

Return

of

capital

.........................................

(0.01

)

—

‌

—

‌

—

‌

—

‌

Total

distributions

.........................................

(0.31

)

(0.72

)

(0.72

)

(0.16

)

(0.23

)

Net

asset

value,

end

of

year

.................................

$

9.49

‌

$

9.48

‌

$

11.50

‌

$

11.60

‌

$

10.55

‌

Total

Return

(c)

—

—

—

—

—

Based

on

net

asset

value

....................................

3.45

%

(11.71

)%

5.45

%

11.53

%

7.94

%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

...........................................

1.27

%

1.05

%

(e)

0.80

%

(f)

0.93

%

1.27

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

1.10

%

0.86

%

(e)

0.63

%

(f)

0.68

%

0.90

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

..............................................

0.60

%

0.65

%

(e)

0.62

%

(f)

0.59

%

0.59

%

Net

investment

income

.....................................

3.17

%

6.80

%

4.73

%

1.18

%

1.89

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..................................

$

334,368

‌

$

441,529

‌

$

478,357

‌

$

457,665

‌

$

359,449

‌

Portfolio

turnover

rate

(g)

......................................

197

%

293

%

246

%

330

%

252

%

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...........................................

145%

235%

246%

319%

220%

See

notes

to

consolidated

financial

statements.

Consolidated

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

165

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(e)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed,

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense would

have

been

1.64%,

1.55%

and

1.34%,

respectively.

(f)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed,

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense would

have

been

1.47%,

1.35%

and

1.34%,

respectively.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Inflation

Protected

Bond

Portfolio

Investor

C

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

year

.............................

$

9.06

‌

$

11.01

‌

$

11.12

‌

$

10.17

‌

$

9.66

‌

Net

investment

income

(a)

...................................

0.22

‌

0.61

‌

0.44

‌

0.01

‌

0.10

‌

Net

realized

and

unrealized

gain

(loss)

..........................

0.01

‌

(1.93

)

0.08

‌

1.07

‌

0.59

‌

Net

increase

(decrease)

from

investment

operations

..................

0.23

‌

(1.32

)

0.52

‌

1.08

‌

0.69

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

................................

(0.24

)

(0.53

)

(0.45

)

(0.13

)

(0.18

)

From

net

realized

gain

.....................................

—

‌

(0.10

)

(0.18

)

—

‌

—

‌

Return

of

capital

.........................................

(0.01

)

—

‌

—

‌

—

‌

—

‌

Total

distributions

.........................................

(0.25

)

(0.63

)

(0.63

)

(0.13

)

(0.18

)

Net

asset

value,

end

of

year

.................................

$

9.04

‌

$

9.06

‌

$

11.01

‌

$

11.12

‌

$

10.17

‌

Total

Return

(c)

—

—

—

—

—

Based

on

net

asset

value

....................................

2.56

%

(12.35

)%

4.73

%

10.64

%

7.17

%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

...........................................

1.93

%

1.70

%

(e)

1.51

%

(f)

1.57

%

1.83

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

1.85

%

1.61

%

(e)

1.39

%

(f)

1.43

%

1.65

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

..............................................

1.35

%

1.40

%

(e)

1.38

%

(f)

1.34

%

1.34

%

Net

investment

income

.....................................

2.40

%

6.15

%

3.95

%

0.06

%

1.04

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..................................

$

26,278

‌

$

40,543

‌

$

50,488

‌

$

29,358

‌

$

62,226

‌

Portfolio

turnover

rate

(g)

......................................

197

%

293

%

246

%

330

%

252

%

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...........................................

145%

235%

246%

319%

220%

See

notes

to

consolidated

financial

statements.

Consolidated

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Annual

Report

to

Shareholders

166

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(e)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed,

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense would

have

been

0.55%,

0.50%

and

0.29%,

respectively.

(f)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed,

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense would

have

been

0.34%,

0.29%

and

0.29%,

respectively.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Inflation

Protected

Bond

Portfolio

Class

K

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

year

.............................

$

9.61

‌

$

11.64

‌

$

11.73

‌

$

10.65

‌

$

10.07

‌

Net

investment

income

(a)

...................................

0.33

‌

0.73

‌

0.59

‌

0.17

‌

0.22

‌

Net

realized

and

unrealized

gain

(loss)

..........................

0.02

‌

(2.01

)

0.08

‌

1.09

‌

0.61

‌

Net

increase

(decrease)

from

investment

operations

..................

0.35

‌

(1.28

)

0.67

‌

1.26

‌

0.83

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

................................

(0.33

)

(0.65

)

(0.58

)

(0.18

)

(0.25

)

From

net

realized

gain

.....................................

—

‌

(0.10

)

(0.18

)

—

‌

—

‌

Return

of

capital

.........................................

(0.01

)

—

‌

—

‌

—

‌

—

‌

Total

distributions

.........................................

(0.34

)

(0.75

)

(0.76

)

(0.18

)

(0.25

)

Net

asset

value,

end

of

year

.................................

$

9.62

‌

$

9.61

‌

$

11.64

‌

$

11.73

‌

$

10.65

‌

Total

Return

(c)

—

—

—

—

—

Based

on

net

asset

value

....................................

3.67

%

(11.38

)%

5.80

%

11.85

%

8.28

%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

...........................................

0.85

%

0.61

%

(e)

0.38

%

(f)

0.43

%

0.65

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

0.80

%

0.56

%

(e)

0.33

%

(f)

0.38

%

0.60

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

..............................................

0.30

%

0.35

%

(e)

0.33

%

(f)

0.29

%

0.29

%

Net

investment

income

.....................................

3.43

%

7.06

%

5.03

%

1.48

%

2.14

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..................................

$

579,140

‌

$

677,942

‌

$

717,937

‌

$

460,370

‌

$

340,162

‌

Portfolio

turnover

rate

(g)

......................................

197

%

293

%

246

%

330

%

252

%

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...........................................

145%

235%

246%

319%

220%

See

notes

to

consolidated

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

167

Financial

Highlights

(a)

Consolidated

Financial

Highlights.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(h)

Excludes

underlying

investments

in

total

return

swaps.

BlackRock

Strategic

Income

Opportunities

Portfolio

Institutional

Year

Ended

12/31/23

(a)

Year

Ended

12/31/22

(a)

Year

Ended

12/31/21

(a)

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

year

...........................

$

9.20

‌

$

10.15

‌

$

10.37

‌

$

9.97

‌

$

9.60

‌

Net

investment

income

(b)

.................................

0.45

‌

0.29

‌

0.23

‌

0.26

‌

0.34

‌

Net

realized

and

unrealized

gain

(loss)

........................

0.20

‌

(0.86

)

(0.13

)

0.44

‌

0.38

‌

Net

increase

(decrease)

from

investment

operations

................

0.65

‌

(0.57

)

0.10

‌

0.70

‌

0.72

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..............................

(0.38

)

(0.34

)

(0.22

)

(0.30

)

(0.35

)

From

net

realized

gain

...................................

—

‌

(0.04

)

(0.10

)

—

‌

—

‌

Return

of

capital

.......................................

(0.04

)

—

‌

—

‌

—

‌

—

‌

Total

distributions

.......................................

(0.42

)

(0.38

)

(0.32

)

(0.30

)

(0.35

)

Net

asset

value,

end

of

year

...............................

$

9.43

‌

$

9.20

‌

$

10.15

‌

$

10.37

‌

$

9.97

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

..................................

7.26

%

(5.64

)%

(e)

0.96

%

7.21

%

7.62

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.........................................

0.76

%

0.70

%

0.68

%

0.73

%

0.74

%

Total

expenses

after

fees

waived

and/or

reimbursed

................

0.75

%

0.69

%

0.68

%

0.72

%

0.74

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense

and

interest

expense

.............................

0.62

%

0.60

%

0.61

%

0.60

%

0.61

%

Net

investment

income

...................................

4.89

%

3.02

%

2.23

%

2.62

%

3.49

%

Supplemental

Data

Net

assets,

end

of

year

(000)

................................

$

23,850,574

‌

$

27,215,944

‌

$

33,577,122

‌

$

25,026,882

‌

$

23,223,183

‌

Portfolio

turnover

rate

(g)

....................................

1,005

%

(h)

894

%

1,155

%

1,515

%

1,805

%

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...........................................

728%

673%

755%

1,030%

1,307%

See

notes

to

consolidated

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Annual

Report

to

Shareholders

168

(a)

Consolidated

Financial

Highlights.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(h)

Excludes

underlying

investments

in

total

return

swaps.

BlackRock

Strategic

Income

Opportunities

Portfolio

Investor

A

Year

Ended

12/31/23

(a)

Year

Ended

12/31/22

(a)

Year

Ended

12/31/21

(a)

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

year

...........................

$

9.20

‌

$

10.15

‌

$

10.37

‌

$

9.97

‌

$

9.60

‌

Net

investment

income

(b)

.................................

0.43

‌

0.26

‌

0.20

‌

0.23

‌

0.31

‌

Net

realized

and

unrealized

gain

(loss)

........................

0.20

‌

(0.86

)

(0.13

)

0.44

‌

0.38

‌

Net

increase

(decrease)

from

investment

operations

................

0.63

‌

(0.60

)

0.07

‌

0.67

‌

0.69

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..............................

(0.36

)

(0.31

)

(0.19

)

(0.27

)

(0.32

)

From

net

realized

gain

...................................

—

‌

(0.04

)

(0.10

)

—

‌

—

‌

Return

of

capital

.......................................

(0.04

)

—

‌

—

‌

—

‌

—

‌

Total

distributions

.......................................

(0.40

)

(0.35

)

(0.29

)

(0.27

)

(0.32

)

Net

asset

value,

end

of

year

...............................

$

9.43

‌

$

9.20

‌

$

10.15

‌

$

10.37

‌

$

9.97

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

..................................

7.00

%

(5.91

)%

(e)

0.67

%

6.90

%

7.31

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.........................................

1.01

%

0.98

%

0.97

%

1.02

%

1.05

%

Total

expenses

after

fees

waived

and/or

reimbursed

................

1.01

%

0.97

%

0.97

%

1.01

%

1.03

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense

and

interest

expense

.............................

0.87

%

0.88

%

0.90

%

0.89

%

0.90

%

Net

investment

income

...................................

4.64

%

2.73

%

1.96

%

2.34

%

3.20

%

Supplemental

Data

Net

assets,

end

of

year

(000)

................................

$

1,001,600

‌

$

1,118,485

‌

$

1,387,829

‌

$

1,583,745

‌

$

1,501,890

‌

Portfolio

turnover

rate

(g)

....................................

1,005

%

(h)

894

%

1,155

%

1,515

%

1,805

%

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...........................................

728%

673%

755%

1,030%

1,307%

See

notes

to

consolidated

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

169

Financial

Highlights

(a)

Consolidated

Financial

Highlights.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees

for

the

year

ended

December

31,

2019,

the

expense

ratio

would

have

been

1.77%.

(h)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(i)

Excludes

underlying

investments

in

total

return

swaps.

BlackRock

Strategic

Income

Opportunities

Portfolio

Investor

C

Year

Ended

12/31/23

(a)

Year

Ended

12/31/22

(a)

Year

Ended

12/31/21

(a)

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

year

...........................

$

9.20

‌

$

10.14

‌

$

10.36

‌

$

9.96

‌

$

9.59

‌

Net

investment

income

(b)

.................................

0.36

‌

0.19

‌

0.13

‌

0.16

‌

0.24

‌

Net

realized

and

unrealized

gain

(loss)

........................

0.20

‌

(0.85

)

(0.13

)

0.44

‌

0.38

‌

Net

increase

(decrease)

from

investment

operations

................

0.56

‌

(0.66

)

—

‌

0.60

‌

0.62

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..............................

(0.30

)

(0.24

)

(0.12

)

(0.20

)

(0.25

)

From

net

realized

gain

...................................

—

‌

(0.04

)

(0.10

)

—

‌

—

‌

Return

of

capital

.......................................

(0.03

)

—

‌

—

‌

—

‌

—

‌

Total

distributions

.......................................

(0.33

)

(0.28

)

(0.22

)

(0.20

)

(0.25

)

Net

asset

value,

end

of

year

...............................

$

9.43

‌

$

9.20

‌

$

10.14

‌

$

10.36

‌

$

9.96

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

..................................

6.23

%

(6.48

)%

(e)

(0.04

)%

6.14

%

6.54

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.........................................

1.74

%

1.70

%

1.68

%

1.75

%

1.77

%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

................

1.73

%

1.69

%

1.67

%

1.74

%

1.76

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense

and

interest

expense

.............................

1.60

%

1.60

%

1.61

%

1.62

%

1.63

%

Net

investment

income

...................................

3.90

%

1.97

%

1.25

%

1.59

%

2.48

%

Supplemental

Data

Net

assets,

end

of

year

(000)

................................

$

97,046

‌

$

129,029

‌

$

200,734

‌

$

247,844

‌

$

434,348

‌

Portfolio

turnover

rate

(h)

....................................

1,005

%

(i)

894

%

1,155

%

1,515

%

1,805

%

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...........................................

728%

673%

755%

1,030%

1,307%

See

notes

to

consolidated

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Annual

Report

to

Shareholders

170

(a)

Consolidated

Financial

Highlights.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(h)

Excludes

underlying

investments

in

total

return

swaps.

BlackRock

Strategic

Income

Opportunities

Portfolio

Class

K

Year

Ended

12/31/23

(a)

Year

Ended

12/31/22

(a)

Year

Ended

12/31/21

(a)

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

year

...........................

$

9.21

‌

$

10.16

‌

$

10.38

‌

$

9.98

‌

$

9.60

‌

Net

investment

income

(b)

.................................

0.46

‌

0.30

‌

0.24

‌

0.27

‌

0.35

‌

Net

realized

and

unrealized

gain

(loss)

........................

0.20

‌

(0.86

)

(0.13

)

0.44

‌

0.39

‌

Net

increase

(decrease)

from

investment

operations

................

0.66

‌

(0.56

)

0.11

‌

0.71

‌

0.74

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..............................

(0.39

)

(0.35

)

(0.23

)

(0.31

)

(0.36

)

From

net

realized

gain

...................................

—

‌

(0.04

)

(0.10

)

—

‌

—

‌

Return

of

capital

.......................................

(0.04

)

—

‌

—

‌

—

‌

—

‌

Total

distributions

.......................................

(0.43

)

(0.39

)

(0.33

)

(0.31

)

(0.36

)

Net

asset

value,

end

of

year

...............................

$

9.44

‌

$

9.21

‌

$

10.16

‌

$

10.38

‌

$

9.98

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

..................................

7.36

%

(5.56

)%

(e)

1.05

%

7.29

%

7.82

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.........................................

0.67

%

0.61

%

0.59

%

0.65

%

0.66

%

Total

expenses

after

fees

waived

and/or

reimbursed

................

0.66

%

0.60

%

0.59

%

0.63

%

0.65

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense

and

interest

expense

.............................

0.53

%

0.51

%

0.52

%

0.52

%

0.52

%

Net

investment

income

...................................

5.02

%

3.14

%

2.33

%

2.71

%

3.57

%

Supplemental

Data

Net

assets,

end

of

year

(000)

................................

$

11,157,608

‌

$

9,296,084

‌

$

9,940,850

‌

$

8,585,689

‌

$

8,858,737

‌

Portfolio

turnover

rate

(g)

....................................

1,005

%

(h)

894

%

1,155

%

1,515

%

1,805

%

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...........................................

728%

673%

755%

1,030%

1,307%

See

notes

to

consolidated

financial

statements.

Notes

to

Consolidated

Financial

Statements

171

Notes

to

Consolidated

Financial

Statements

1.

ORGANIZATION 

BlackRock

Funds

V (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Massachusetts

business trust.

The

following,

each

of

which

is

a

series

of

the

Trust, are

referred

to

herein

collectively

as

the

“Funds”

or

individually

as

a

“Fund”:

Each

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

and

Class

K

Shares

are

sold

only

to

certain

eligible

investors.

Investor

A

and

Investor

C

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares,

and

Investor

C

Shares

also

bear

certain

expenses

related

to

the

distribution

of

such

shares.

Investor

A

and

Investor

C

Shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

automatically

convert

to

Investor

A

Shares

after

approximately

eight

years.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

C

shareholders

may

vote

on

material

changes

to

the

Investor

A

Shares

distribution

and

service

plan).

(a)

Investor

A

Shares

may

be

subject

to

a

CDSC

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

(b)

A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

The

Funds,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”)

or

its

affiliates,

are

included

in

a

complex

of

funds

referred

to

as

the

BlackRock

Fixed-Income

Complex.

Reorganization:

The

Board

of

Trustees

of

the

Trust

(the

“Board”)

of Strategic

Income

Opportunities

(the

“Acquiring

Fund”)

and

the Board

and

shareholders

of

BlackRock

Multi-Sector

Opportunities

Trust

II

("MSO

2"

or

the

"Target

Fund")

approved

the

reorganization

of

the

Target

Fund

into

Strategic

Income

Opportunities

(the

"Acquiring

Fund").

As

a

result,

the

Acquiring

Fund

acquired

substantially

all

of

the

assets

and

assumed

substantially

all

of

the

liabilities

of

the

Target

Fund

in

exchange

for

an

equal

aggregate

value

of

newly-issued

shares

of

the

Acquiring

Fund.

Each

Common

Shareholder

of

the

Target

Fund

received

shares

of

the

Acquiring

Fund

in

an

amount

equal

to

the

aggregate

net

asset

value

(“NAV”)

of

such

Common

Shareholder's

Target

Fund

Common

Shares,

as

determined

at

the

close

of

business

on

November

10,

2023,

less

the

costs

of

the

Target

Fund’s

reorganization.

The

reorganization

was

accomplished

by

a

tax-free

exchange

of

shares

of

the

Acquiring

Fund

in

the

following

amounts

and

at

the

following

conversion

ratios:

The

Target

Fund’s

net

assets

and

composition

of

net

assets

on

November

10,

2023,

the

valuation

date

of

the

reorganization

were

as

follows: 

For

financial

reporting

purposes,

assets

received

and

shares

issued

by

the

Acquiring

Fund

were

recorded

at

fair

value.

However,

the

cost

basis

of

the

investments

received

from

the

Target

Fund

was

carried

forward

to

align

ongoing

reporting

of

the

Acquiring

Fund's

realized

and

unrealized

gains

and

losses

with

amounts

distributable

to

shareholders

for

tax

purposes. 

The

net

assets

of

the

Acquiring

Fund

before

the

reorganization

were

$35,331,654,867.

The

aggregate

net

assets

of the

Acquiring

Fund

immediately

after

the reorganization

amounted

to

$35,411,936,864. The

Target

Fund’s

fair

value

and

cost

of financial

instruments

prior

to

the

reorganization

were

as

follows: 

The

purpose

of

these

transactions

was

to

combine two

funds managed

by

the

Manager

with

same

or

substantially

similar

(but

not

identical)

investment

objectives

and

strategies.

The

reorganization

was

a

tax-free

event

and

was

effective

on

November

13,

2023.

Assuming

the

reorganization

had

been

completed

on

January

1,

2023,

the

beginning

of

the

fiscal

reporting

period

of

the

Acquiring

Fund,

the

pro

forma

results

of

operations

for

the

year

ended

December

31,

2023,

were

as

follows:

•

Net

investment

income

(loss):

$1,791,509,530

Fund

Name

Herein

Referred

To

As

Diversification

Classification

BlackRock

Inflation

Protected

Bond

Portfolio

......................................

Inflation

Protected

Bond

Diversified

BlackRock

Strategic

Income

Opportunities

Portfolio

..................................

Strategic

Income

Opportunities

Diversified

Share

Class

Initial

Sales

Charge

Contingent

Deferred

Sales

Charge

(“CDSC”)

Conversion

Privilege

Institutional

and

Class

K

Shares

...................................

No

No

None

Investor

A

Shares

............................................

Yes

No

(a)

None

Investor

C

Shares

...........................................

No

Yes

(b)

To

Investor

A

Shares

after

approximately

8

years

Target

Fund

Target

Fund's

Share

Class

Shares

Prior

to

Reorganization

Conversion

Ratio

Strategic

Income

Opportunities’

Share

Class

Shares

of

Strategic

Income

Opportunities

MSO

2

Common

1,181,996‌

7.50355730

Investor

A

8,869,175‌

Target

Fund

Net

Assets

Paid-In

Capital

Accumulated

Loss

MSO

2

$

80,281,997‌

$

119,228,909‌

$

(

38,946,912‌

)

Target

Fund

Fair

Value

of

Investment

Cost

of

Investments

MSO

2

$

64,193,018‌

$

70,394,815‌

Notes

to

Consolidated

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

172

•

Net

realized

and

change

in

unrealized

gain/loss

on

investments:

$764,011,394

•

Net

increase/decrease

in

net

assets

resulting

from

operations:

$2,555,520,924

Because

the

combined

investment

portfolios

have

been

managed

as

a

single

integrated

portfolio

since

the

reorganization

was

completed,

it

is

not

practicable

to

separate

the

amounts

of

revenue

and

earnings

of

the

Target

Fund

that

have

been

included

in

the

Acquiring

Fund's

Consolidated

Statements

of

Operations

since

November

13,

2023.

Basis

of

Consolidation:

The

accompanying

consolidated

financial

statements

of

Inflation

Protected

Bond

includes

the

account

of

Cayman

Inflation

Protected

Bond

Portfolio,

Ltd.

(the

"Inflation

Protected

Bond

Cayman

Subsidiary"),

which

is

a

wholly-owned

subsidiary

of

Inflation

Protected

Bond

and

primarily

invests

in

commodity-related

instruments

and

other

derivatives.

The

Inflation

Protected

Bond

Cayman

Subsidiary

enables

Inflation

Protected

Bond

to

hold

these

commodity-related

instruments

and

satisfies

regulated

investment

company

tax

requirements.

Inflation

Protected

Bond

may

invest

up

to

25%

of

its

total

assets

in

the

Inflation

Protected

Bond

Cayman

Subsidiary.

The

net

assets

of

the

Inflation

Protected

Bond

Cayman

Subsidiary

as

of

period

end

were

$6,047,257,

which

is

0.3%

of

Inflation

Protected

Bond’s

consolidated

net

assets.

Intercompany

accounts

and

transactions,

if

any,

have

been

eliminated.

The

Inflation

Protected

Bond

Cayman

Subsidiary

is

subject

to

the

same

investment

policies

and

restrictions

that

apply

to

Inflation

Protected

Bond,

except

that

the

Inflation

Protected

Bond

Cayman

Subsidiary

may

invest

without

limitation

in

commodity-related

instruments. 

The

accompanying

consolidated

financial

statements

of

Strategic

Income

Opportunities

includes

the

account

of

BlackRock

Cayman

Strategic

Income

Opportunities

Portfolio

II,

Ltd.

(the

"Strategic

Income

Opportunities

Cayman

Subsidiary"

or

together

with

the

Inflation

Protected

Bond

Cayman

Subsidiary,

the

"Cayman

Subsidiaries"),

which

is

a

wholly-owned

subsidiary

of

Strategic

Income

Opportunities

and

primarily

invests

in

commodity-related

instruments

and

other

derivatives.

The

Strategic

Income

Opportunities

Cayman

Subsidiary

enables

Strategic

Income

Opportunities

to

hold

these

commodity-related

instruments

and

satisfies

regulated

investment

company

tax

requirements.

Strategic

Income

Opportunities

may

invest

up

to

25%

of

its

total

assets

in

the

Strategic

Income

Opportunities

Cayman

Subsidiary.

The

net

assets

of

the

Strategic

Income

Opportunities

Cayman

Subsidiary

as

of

period

end

were

$75,664,501,

which

is

0.2%

of

Strategic

Income

Opportunities’

consolidated

net

assets.

Intercompany

accounts

and

transactions,

if

any,

have

been

eliminated.

The

Strategic

Income

Opportunities

Cayman

Subsidiary

is

subject

to

the

same

investment

policies

and

restrictions

that

apply

to

Strategic

Income

Opportunities,

except

that

the

Strategic

Income

Opportunities

Cayman

Subsidiary

may

invest

without

limitation

in

commodity-related

instruments.

The

accompanying

consolidated

financial

statements

of

Strategic

Income

Opportunities

includes

the

account

of

SIO

Neptunite

2023-2

LLC,

which

is

a

wholly-owned

subsidiary

of

Strategic

Income

Opportunities

that

invests

in

floating

rate

loan

interests.

The

net

assets

of

SIO

Neptunite

2023-2

LLC

as

of

period

end

were

$16,364,117,

which

is

less

than

0.1%

of

Strategic

Income

Opportunities'

consolidated

net

assets.

Intercompany

accounts

and

transactions,

if

any,

have

been

eliminated.

SIO

Neptunite

2023-2

LLC

is

subject

to

the

same

investment

policies

and

restrictions

that

apply

to

Strategic

Income

Opportunities.

SIO

Neptunite

2023-2

LLC

has

entered

into

a

credit

agreement

with

Mizuho

Bank,

Ltd.

that

established

a

non-recourse,

revolving

credit

facility

with

a

maximum

commitment

of

up

to

$200

million

(the

“Mizuho

Facility”)

as

leverage

for

investment

purposes.

The

Mizuho

Facility

has

the

following

terms:

an

upfront

fee

of

0.15%

of

the

maximum

commitment

and

interest

at

a

rate

equal

to

3-month

SOFR

on

the

date

the

loan

is

made

plus

1.60%

per

annum

on

amounts

borrowed.

There

are

no

commitment

fees

or

unused

fees

associated

with

the

Mizuho

Facility.

The

agreement

expires

on

July

6,

2025

unless

extended

or

renewed.

SIO

Neptunite

2023-2

LLC's

borrowings

are

secured

by

eligible

securities

held

in

its

portfolio

of

investments.

The

accompanying

consolidated

financial

statements

of

Strategic

Income

Opportunities

includes

the

account

of

SIO

Neptunite

2022-1

LLC,

which

was

a

wholly-owned

subsidiary

of

Strategic

Income

Opportunities

that

invested

in

floating

rate

loan

interests.

SIO

Neptunite

2022-1

LLC

entered

into

a

credit

agreement

with

Citibank

NA

that

established

a

revolving

credit

facility

with

an

initial

commitment

of

up

to

$150

million

(the

“Citibank

Facility”)

as

leverage

for

investment

purposes.

Effective

December

19,

2023,

SIO

Neptunite

2022-1

LLC

was

dissolved

and

the

Citibank

Facility

was

terminated.

The

Citibank

Facility

had

the

following

terms:

an

upfront

fee

of

0.15%

of

the

initial

commitment,

an

unused

commitment

fee

of

0.50%

per

annum

when

the

amount

borrowed

was

less

than

$150

million

and

interest

at

a

rate

equal

to

3-month

Secured

Overnight

Financing

Rate

(“SOFR”)

on

the

date

the

loan

is

made

plus

1.30%

per

annum

on

amounts

borrowed.

The

upfront

fee

in

May

2023

was

0.15%

of

the

Citibank

Facility

as

the

amount

borrowed

exceeded

50%

of

the

Citibank

Facility

on

the

determination

date.

SIO

Neptunite

2022-1

LLC's

borrowings

were

secured

by

eligible

securities

held

in

its

portfolio

of

investments.

During

the

period,

SIO

Neptunite

2022-1

and

SIO

Neptunite

2023-2

paid

the

upfront

fee

and

accrued

the

commitment

fee

based

on

the

daily

unused

portion

of

the

Citibank

Facility,

if

any.

The

upfront

fees

and

interest

associated

with

the

agreement

are

included

in

the

Consolidated

Statements

of

Operations

as

interest

expense

and

fees,

if

any.

The

commitment

fees,

if

any,

associated

with

the

agreements

are

subject

to

Strategic

Income

Opportunities'

expense

limitation

and

are

included

in

the

Consolidated

Statements

of

Operations

within

miscellaneous

expenses.

Advances

to

SIO

Neptunite

2023-2

LLC

as

of

period

end,

if

any,

are

shown

in

the

Consolidated

Statements

of

Assets

and

Liabilities

as

bank

borrowings.

For

the

year

ended

December

31,

2023,

the

maximum

amount

borrowed,

the

average

daily

borrowing

and

the

weighted

average

interest

rate,

if

any,

under

SIO

Neptunite

2023-2

LLC's

credit

agreement

were

as

follows:

The

accompanying

consolidated

financial

statements

of

Strategic

Income

Opportunities

includes

the

account

of

BR-SIP

Subsidiary,

LLC

(the

“Taxable

Subsidiary”

or

together

with

the

Cayman

Subsidiaries,

SIO

Neptunite

2023-2

LLC

and

SIO

Neptunite

2022-1

LLC,

the

“Subsidiaries”),

which

is

a

wholly-owned

taxable

subsidiary

of

Strategic

Income

Opportunities.

The

Taxable

Subsidiary

enables

Strategic

Income

Opportunities

to

hold

certain

pass-through

investments

and

satisfy

regulated

investment

company

tax

requirements.

Income

earned

and

gains

realized

on

the

investment

held

by

the

Taxable

Subsidiary

are

taxable

to

such

subsidiary.

A

tax

provision

for

income,

if

any,

is

shown

as

income

tax

in

the

Consolidated

Statements

of

Operations

for

Strategic

Income

Opportunities.

A

tax

provision

for

realized

and

unrealized

gains,

if

any,

is

included

as

a

reduction

of

realized

and/or

unrealized

gain

(loss)

in

the

Consolidated

Statements

of

Operations

for

Strategic

Income

Opportunities.

Taxes

payable

or

deferred

as

of

December

31,

2023,

if

any,

are

disclosed

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

Strategic

Income

Opportunities

may

invest

up

to

25%

of

its

total

assets

in

the

Taxable

Subsidiary.

The

net

assets

of

the

Taxable

Subsidiary

as

of

period

end

were

$19,118,931,

which

is

less

than

0.1%

of

Strategic

Income

Opportunities’

consolidated

net

assets.

Intercompany

accounts

and

transactions,

if

any,

have

been

eliminated.

The

Taxable

Subsidiary

is

subject

to

the

same

investment

policies

and

restrictions

that

apply

to

Strategic

Income

Opportunities.

Maximum

Amount

Borrowed

Average

Borrowing

Weighted

Average

Interest

Rates

SIO

Neptunite

2022-1

...........................................................

$

139,028,396‌

$

67,594,011‌

3.19‌%

SIO

Neptunite

2023-2

...........................................................

59,889,619‌

12,619,129‌

2.40‌

Notes

to

Consolidated

Financial

Statements

(continued)

173

Notes

to

Consolidated

Financial

Statements

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

consolidated

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

consolidated

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

consolidated

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed

(the

"trade

dates").

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

and

payment-in-kind

interest

are

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

For

convertible

securities,

premiums

attributable

to

the

debt

instrument

are

amortized,

but

premiums

attributable

to

the

conversion

feature

are

not

amortized. 

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Consolidated

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Consolidated

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

December

31,

2023

,

if

any,

are

disclosed

in

the Consolidated

Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Consolidated

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

Bank

Overdraft:

Certain

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Consolidated

Statements

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions:

Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly.

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

dates

and

made

at

least

annually.

The

portion

of

distributions,

if

any,

that

exceeds

a

fund’s

current

and

accumulated

earnings

and

profits,

as

measured

on

a

tax

basis,

constitute

a

non-taxable

return

of

capital.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP

.

Net

income

and

realized

gains

from

investments

held

by

the

Cayman

Subsidiaries,

are

treated

as

ordinary

income

for

tax

purposes. If

a

net

loss

is

realized

by

the Cayman

Subsidiaries

in

any

taxable

year,

the

loss

will

generally

not

be

available

to

offset

the

Funds'

ordinary

income

and/or

capital

gains

for

that

year.  

Deferred

Compensation

Plan:

Under

the

Deferred

Compensation

Plan

(the

“Plan”)

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board”), the 

trustees

who

are

not

“interested

persons”

of

the

Funds,

as

defined

in

the

1940

Act

(“Independent

Trustees

”),

may

defer

a

portion

of

their

annual

complex-wide

compensation.

Deferred

amounts

earn

an

approximate

return

as

though

equivalent

dollar

amounts

had

been

invested

in

common

shares

of

certain

funds

in

the

BlackRock

Fixed-Income

Complex

selected

by

the

Independent

Trustees

.

This

has

the

same

economic

effect

for

the

Independent 

Trustees

as

if

the

Independent 

Trustees

had

invested

the

deferred

amounts

directly

in

certain

funds

in

the

BlackRock

Fixed-Income

Complex.  

The

Plan

is

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

of

each

Fund,

as

applicable.

Deferred

compensation

liabilities,

if

any, are

included

in

the

Trustees’

and

Officer’s

fees

payable

in

the

Consolidated

Statements

of

Assets

and

Liabilities

and

will

remain

as

a

liability

of

the

Funds

until

such

amounts

are

distributed

in

accordance

with

the

Plan. Net

appreciation

(depreciation)

in

the

value

of

participants’

deferral

accounts

is

allocated

among

the

participating

funds

in

the

BlackRock

Fixed-Income

Complex

and

reflected

as

Trustee

and

Officer

expense

on

the Consolidated

Statements

of

Operations.

The

Trustee

and

Officer

expense

may

be

negative

as

a

result

of

a

decrease

in

value

of

the

deferred

accounts.

Notes

to

Consolidated

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

174

Indemnifications:

In

the

normal

course

of

business,

a

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

A

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

a

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to

a

Fund

or

its

classes

are

charged

to

that

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Funds

and

other

shared

expenses

prorated

to

the

Funds

are

allocated

daily

to

each

class

based

on

their

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods. 

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

consolidated

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

has

approved

the

designation

of

each

Fund’s

Manager

as

the

valuation

designee

for

each

Fund.

Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

the

Manager’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value.

The

Manager

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services. Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third-party

pricing

service.Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Exchange-traded

funds

(“ETFs”)

and

closed-end

funds traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

ETFs

and

closed-end

funds

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day’s

published net

asset

value

(“NAV”).

Certain

Funds

value

their

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

their

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Exchange-traded

options

are

valued

at

the

mean

between

the

last bid

and

ask

prices

at

the

close

of

the

options

market in

which

the

options

trade.

An

exchange-

traded

option

for

which there

is

no

mean

price

is

valued

at

the

last

bid

(long

positions)

or

ask

(short

positions)

price.

If

no

bid

or

ask

price

is

available,

the

prior

day’s

price will

be

used,

unless

it

is

determined

that

the

prior

day’s

price

no

longer

reflects

the

fair

value

of

the

option.

Over-the-counter

(“OTC”)

options

and

options

on

swaps

(“swaptions”)

are

valued

by

an

independent

pricing

service

using

a

mathematical

model,

which

incorporates

a

number

of

market

data

factors,

such

as

the

trades

and

prices

of

the

underlying

instruments.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the NYSE.

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with the

Manager's policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

Notes

to

Consolidated

Financial

Statements

(continued)

175

Notes

to

Consolidated

Financial

Statements

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that

each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Valuation

Committee

and

third-party

pricing

services

utilized

by

the

Valuation

Committee

include one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involves

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by a

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date a

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price a

Fund

could

receive

upon

the

sale

of

the

investment.

Fair

Value

Hierarchy:

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

each

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

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.

As

of

December

31,

2023,

certain

investments

of

Strategic

Income

Opportunities

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.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

Standard

Inputs

Generally

Considered

By

The

Valuation

Committee

And

Third-Party

Pricing

Services

Market

approach

........................

(i)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(i)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(i)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Consolidated

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

176

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Inflation-Indexed

Bonds:

Inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

are

fixed-income

securities

whose

principal

value

is

periodically

adjusted

according

to

the

rate

of

inflation.

If

the

index

measuring

inflation

rises

or

falls,

the

principal

value

of

inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

will

be

adjusted

upward

or

downward,

and

consequently

the

interest

payable

on

these

securities

(calculated

with

respect

to

a

larger

or

smaller

principal

amount)

will

be

increased

or

reduced,

respectively.

Any

upward

or

downward

adjustment

in

the

principal

amount

of

an

inflation-indexed

bond

is

included

as

interest

income

in

the

Consolidated

Statements

of

Operations,

even

though

investors

do

not

receive

their

principal

until

maturity.

Repayment

of

the

original

bond

principal

upon

maturity

(as

adjusted

for

inflation)

is

guaranteed

in

the

case

of

U.S.

Treasury

inflation-indexed

bonds.

For

bonds

that

do

not

provide

a

similar

guarantee,

the

adjusted

principal

value

of

the

bond

repaid

at

maturity

may

be

less

than

the

original

principal.

With

regard

to

municipal

inflation-indexed

bonds

and

certain

corporate

inflation-indexed

bonds,

the

inflation

adjustment

is

typically

reflected

in

the

semi-annual

coupon

payment.

As

a

result,

the

principal

value

of

municipal

inflation-indexed

bonds

and

such

corporate

inflation-indexed

bonds

does

not

adjust

according

to

the

rate

of

inflation.

Multiple

Class

Pass-Through

Securities:

Multiple

class

pass-through

securities,

including

collateralized

mortgage

obligations

(“CMOs”)

and

commercial

mortgage-backed

securities,

may

be

issued

by

Ginnie

Mae,

U.S.

Government

agencies

or

instrumentalities

or

by

trusts

formed

by

private

originators

of,

or

investors

in,

mortgage

loans.

In

general,

CMOs

are

debt

obligations

of

a

legal

entity

that

are

collateralized

by

a

pool

of

residential

or

commercial

mortgage

loans

or

Mortgage

Assets.

The

payments

on

these

are

used

to

make

payments

on

the

CMOs

or

multiple

pass-through

securities.

Multiple

class

pass-through

securities

represent

direct

ownership

interests

in

the

Mortgage

Assets.

Classes

of

CMOs

include

interest

only

(“IOs”),

principal

only

(“POs”),

planned

amortization

classes

and

targeted

amortization

classes.

IOs

and

POs

are

stripped

mortgage-backed

securities

representing

interests

in

a

pool

of

mortgages,

the

cash

flow

from

which

has

been

separated

into

interest

and

principal

components.

IOs

receive

the

interest

portion

of

the

cash

flow

while

POs

receive

the

principal

portion.

IOs

and

POs

can

be

extremely

volatile

in

response

to

changes

in

interest

rates.

As

interest

rates

rise

and

fall,

the

value

of

IOs

tends

to

move

in

the

same

direction

as

interest

rates.

POs

perform

best

when

prepayments

on

the

underlying

mortgages

rise

since

this

increases

the

rate

at

which

the

principal

is

returned

and

the

yield

to

maturity

on

the

PO.

When

payments

on

mortgages

underlying

a

PO

are

slower

than

anticipated,

the

life

of

the

PO

is

lengthened

and

the

yield

to

maturity

is

reduced.

If

the

underlying

Mortgage

Assets

experience

greater

than

anticipated

prepayments

of

principal,

a

fund’s

initial

investment

in

the

IOs

may

not

fully

recoup. 

Stripped

Mortgage-Backed

Securities:

Stripped

mortgage-backed

securities

are

typically

issued

by

the

U.S.

Government,

its

agencies

and

instrumentalities.

Stripped

mortgage-backed

securities

are

usually

structured

with

two

classes

that

receive

different

proportions

of

the

interest

(IOs)

and

principal

(POs)

distributions

on

a

pool

of

Mortgage

Assets.

Stripped

mortgage-backed

securities

may

be

privately

issued.

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments. 

Capital

Securities

and

Trust

Preferred

Securities:

Capital

securities,

including

trust

preferred

securities,

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics.

In

the

case

of

trust

preferred

securities,

an

affiliated

business

trust

of

a

corporation

issues

these

securities,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

securities

can

be

structured

with

either

a

fixed

or

adjustable

coupon

that

can

have

either

a

perpetual

or

stated

maturity

date.

For

trust

preferred

securities,

the

issuing

bank

or

corporation

pays

interest

to

the

trust,

which

is

then

distributed

to

holders

of

these

securities

as

a

dividend.

Dividends

can

be

deferred

without

creating

an

event

of

default

or

acceleration,

although

maturity

cannot

take

place

unless

all

cumulative

payment

obligations

have

been

met.

The

deferral

of

payments

does

not

affect

the

purchase

or

sale

of

these

securities

in

the

open

market.

These

securities

generally

are

rated

below

that

of

the

issuing

company’s

senior

debt

securities

and

are

freely

callable

at

the

issuer’s

option. 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

Notes

to

Consolidated

Financial

Statements

(continued)

177

Notes

to

Consolidated

Financial

Statements

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

or

revolving

lines

of

credit.

Floating

rate

loan

interests

are

typically

senior

in

the

corporate

capital

structure

of

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

at

rates

that

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

Since

the

rates

reset

only

periodically,

changes

in

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

be

expected

to

cause

some

fluctuations

in

the

NAV

of

a

fund

to

the

extent

that

it

invests

in

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

by

one

or

more

European

banks,

such

as

SOFR,

the

prime

rate

offered

by

one

or

more

U.S.

banks

or

the

certificate

of

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

These

investments

are

treated

as

investments

in

debt

securities

for

purposes

of

a

fund’s

investment

policies. 

When

a

fund

purchases

a

floating

rate

loan

interest,

it

may

receive

a

facility

fee

and

when

it

sells

a

floating

rate

loan

interest,

it

may

pay

a

facility

fee.

On

an

ongoing

basis,

a

fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

amount

of

a

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

to

income

over

the

term

of

the

loan

or

term

of

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

to

income

as

earned.

Prepayment

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

In

connection

with

floating

rate

loan

interests,

the

Funds

may

also

enter

into

unfunded

floating

rate

loan

interests

(“commitments”).

In

connection

with

these

commitments,

a

fund

earns

a

commitment

fee,

typically

set

as

a

percentage

of

the

commitment

amount.

Such

fee

income,

which

is

included

in

interest

income

in

the

Consolidated

Statements

of

Operations,

is

recognized

ratably

over

the

commitment

period.

Unfunded

floating

rate

loan

interests

are

marked-to-market

daily,

and

any

unrealized

appreciation

(depreciation)

is

included

in

the

Consolidated

Statements

of

Assets

and

Liabilities

and

Consolidated

Statements

of

Operations.

As

of

period

end,

Strategic

Income

Opportunities

had

the

following

unfunded

floating

rate

loan

interests: 

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

Strategic

Income

Opportunities

Casavo

Theta

Refinancing

DAC,

Term

Loan

...............

$

28,897,708‌

$

29,072,608‌

$

31,783,590‌

$

2,710,982‌

Strategic

Income

Opportunities

CML

La

Quinta

Resort,

Term

Loan

.....................

3,728,528‌

3,728,528‌

3,630,233‌

(98,295‌)

Strategic

Income

Opportunities

CML

Lake

Tahoe

Resort

Hotel,

Term

Loan

................

145,842‌

145,842‌

140,251‌

(5,591‌)

Strategic

Income

Opportunities

CML

ST

Regis

Aspen,

Term

Loan

......................

400,260‌

400,260‌

400,260‌

–‌

Strategic

Income

Opportunities

CoreWeave

Compute

Acquisition

Co.

II

LLC,

Delayed

Draw

Term

Loan

.........................................

25,653,980‌

25,653,980‌

25,238,386‌

(415,594‌)

Strategic

Income

Opportunities

Helios

Service

Partners

LLC,

Delayed

Draw

2nd

Lien

Term

Loan

.

4,076,328‌

4,045,755‌

4,051,054‌

5,299‌

Strategic

Income

Opportunities

Park

Avenue

Tower,

Term

Loan

.......................

650,268‌

650,268‌

610,185‌

(40,083‌)

Strategic

Income

Opportunities

Sheraton

Austin,

Term

Loan

..........................

1,754,224‌

1,754,224‌

1,715,493‌

(38,731‌)

Strategic

Income

Opportunities

Vinoy

St.

Petersburg

(The),

Term

Loan

..................

865,625‌

865,625‌

834,953‌

(30,672‌)

$

2,087,315‌

Notes

to

Consolidated

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

178

Forward

Commitments,

When-Issued

and

Delayed

Delivery

Securities

:

The

Funds

may

purchase

securities

on

a

when-issued

basis

and

may

purchase

or

sell

securities

on

a

forward

commitment

basis.

Settlement

of

such

transactions

normally

occurs

within

a

month

or

more

after

the

purchase

or

sale

commitment

is

made. The

Funds

may

purchase

securities

under

such

conditions

with

the

intention

of

actually

acquiring

them

but

may

enter

into

a

separate

agreement

to

sell

the

securities

before

the

settlement

date.

Since

the

value

of

securities

purchased

may

fluctuate

prior

to

settlement, the

Funds

may

be

required

to

pay

more

at

settlement

than

the

security

is

worth.

In

addition,

a

fund

is

not

entitled

to

any

of

the

interest

earned

prior

to

settlement.

When

purchasing

a

security

on

a

delayed

delivery

basis, the

Funds

assume

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations.

In

the

event

of

default

by

the

counterparty, the

Funds'

maximum

amount

of

loss

is

the

unrealized

appreciation

of

unsettled

when-issued

transactions.

These

types

of

securities

may

be

considered

unfunded

and

may

obligate

the

Funds

to

make

future

cash

payments.

An

unfunded

commitment

is

marked-to-market

and

any

unrealized

appreciation

(depreciation)

is

separately

presented

in

the

Consolidated

Statements

of

Assets

and

Liabilities

and

Consolidated

Statements

of

Operations.

As

of

period

end,

Strategic

Income

Opportunities

had

the

following

unfunded

commitments:

TBA

Commitments:

TBA

commitments

are

forward

agreements

for

the

purchase

or

sale

of

securities,

including

mortgage-backed

securities

for

a

fixed

price,

with

payment

and

delivery

on

an

agreed

upon

future

settlement

date.

The

specific

securities

to

be

delivered

are

not

identified

at

the

trade

date.

However,

delivered

securities

must

meet

specified

terms,

including

issuer,

rate

and

mortgage

terms.

When

entering

into

TBA

commitments,

a

fund

may

take

possession

of

or

deliver

the

underlying

mortgage-backed

securities

but

can

extend

the

settlement

or

roll

the

transaction.

TBA

commitments

involve

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

or

sold

declines

or

increases,

respectively,

prior

to

settlement

date,

if

there

are

expenses

or

delays

in

connection

with

the

TBA

transactions,

or

if

the

counterparty

fails

to

complete

the

transaction.

In

order

to

better

define

contractual

rights

and

to

secure

rights

that

will

help

a

fund

mitigate its

counterparty

risk,

TBA

commitments

may

be

entered

into

by

a

fund

under

Master

Securities

Forward

Transaction

Agreements

(each,

an

“MSFTA”).

An

MSFTA

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

default

and/or

termination

event. The

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

the

collateral

currently

pledged

by

a

fund

and

the

counterparty. Cash

collateral

that

has

been

pledged

to

cover

the

obligations

of

a

fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Consolidated

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

for

TBA

commitments

or

cash

received

as

collateral

for

TBA

commitments,

respectively.

Non-cash

collateral

pledged

by

a

fund,

if

any,

is

noted

in

the

Consolidated

Schedules

of

Investments. Typically,

a

fund

is

permitted

to

sell,

re-pledge

or

use

the

collateral

it

receives;

however,

the

counterparty

is

not

permitted

to

do

so.

To

the

extent

amounts

due

to

a

fund

are

not

fully

collateralized,

contractually

or

otherwise,

a

fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Mortgage

Dollar

Roll

Transactions

:

The

Funds

may

sell

TBA

mortgage-backed

securities

and

simultaneously

contract

to

repurchase

substantially

similar

(i.e.,

same

type,

coupon

and

maturity)

securities

on

a

specific

future

date

at

an

agreed

upon

price.

During

the

period

between

the

sale

and

repurchase,

a

fund

is

not

entitled

to

receive

interest

and

principal

payments

on

the

securities

sold.

Mortgage

dollar

roll

transactions

are

treated

as

purchases

and

sales

and

a

fund realizes

gains

and

losses

on

these

transactions.

Mortgage

dollar

rolls

involve

the

risk

that

the

market

value

of

the

securities

that

a

fund

is

required

to

purchase

may

decline

below

the

agreed

upon

repurchase

price

of

those

securities.

Commitments:

Commitments

are

agreements

to

acquire

an

investment

at

a

future

date

(subject

to

conditions)

in

connection

with

a

potential

public

or

non-public

offering. 

Such

agreements

may

obligate

a

fund

to

make

future

cash

payments. As

of

December

31,

2023

,

Strategic

Income

Opportunities

had

outstanding

commitments

of

$55,359,612.

These

commitments

are

not

included

in

the

net

assets

of

Strategic

Income

Opportunities

as

of

December

31,

2023

.

Borrowed

Bond

Agreements:

Repurchase

agreements

may

be

referred

to

as

borrowed

bond

agreements

when

entered

into

in

connection

with

short

sales

of

bonds.

In

a

borrowed

bond

agreement,

a

fund

borrows

a

bond

from

a

counterparty

in

exchange

for

cash

collateral.

The

agreement

contains

a

commitment

that

the

security

and

the

cash

will

be

returned

to

the

counterparty

and

a

fund

at

a

mutually

agreed

upon

date.

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

Earnings

on

cash

collateral

and

compensation

to

the

lender

of

the

bond

are

based

on

agreed

upon

rates

between

a

fund

and

the

counterparty.

The

value

of

the

underlying

cash

collateral

approximates

the

market

value

and

accrued

interest

of

the

borrowed

bond.

To

the

extent

that

a

borrowed

bond

transaction

exceeds

one

business

day,

the

value

of

the

cash

collateral

in

the

possession

of

the

counterparty

is

monitored

on

a

daily

basis

to

ensure

the

adequacy

of

the

collateral.

As

the

market

value

of

the

borrowed

bond

changes,

the

cash

collateral

is

periodically

increased

or

decreased

with

a

frequency

and

in

amounts

prescribed

in

the

borrowed

bond

agreement.

A

fund

may

also

experience

delays

in

gaining

access

to

the

collateral.

Reverse

Repurchase

Agreements:

Reverse

repurchase

agreements

are

agreements

with

qualified

third-party

broker

dealers

in

which

a

fund

sells

securities

to

a

bank

or

broker-dealer

and

agrees

to

repurchase

the

same

securities

at

a

mutually

agreed

upon

date

and

price.

A

fund

receives

cash

from

the

sale

to

use

for

other

investment

purposes.

During

the

term

of

the

reverse

repurchase

agreement,

a

fund

continues

to

receive

the

principal

and

interest

payments

on

the

securities

sold.

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

Interest

on

the

value

of

the

reverse

repurchase

agreements

issued

and

outstanding

is

based

upon

competitive

market

rates

determined

at

the

time

of

issuance.

A

fund

may

utilize

reverse

repurchase

agreements

when

it

is

anticipated

that

the

interest

income

to

be

earned

from

the

investment

of

the

proceeds

of

the

transaction

is

greater

than

the

interest

expense

of

the

transaction.

Reverse

repurchase

agreements

involve

leverage

risk.

If

a

fund

suffers

a

loss

on

its

investment

of

the

transaction

proceeds

from

a

reverse

repurchase

agreement,

a

fund

would

still

be

required

to

pay

the

full

repurchase

price.

Further,

a

fund

remains

subject

to

the

risk

that

the

market

value

of

the

securities

repurchased

declines

below

the

repurchase

price.

In

such

cases,

a

fund

would

be

required

to

return

a

portion

of

the

cash

received

from

the

transaction

or

provide

additional

securities

to

the

counterparty. 

Cash

received

in

exchange

for

securities

delivered

plus

accrued

interest

due

to

the

counterparty

is

recorded

as

a

liability

in

the

Consolidated

Statements

of

Assets

and

Liabilities

at

face

value

including

accrued

interest.

Due

to

the

short-term

nature

of

the

reverse

repurchase

agreements,

face

value

approximates

fair

value.

Interest

payments

Fund

Name

Investment

Name

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

Strategic

Income

Opportunities

Puerto

Rico

Electric

Power

Authority,

Series

B-1

............

$

5,347,670‌

$

5,347,670‌

$

6,181,907‌

$

834,237‌

Strategic

Income

Opportunities

Puerto

Rico

Electric

Power

Authority,

Series

B-2

............

25,971,252‌

25,971,252‌

32,334,208‌

6,362,956‌

$

7,197,193‌

Notes

to

Consolidated

Financial

Statements

(continued)

179

Notes

to

Consolidated

Financial

Statements

made

by

a

fund

to

the

counterparties

are

recorded

as

a

component

of

interest

expense

in

the

Consolidated

Statements

of

Operations.

In

periods

of

increased

demand

for

the

security,

a

fund

may

receive

a

fee

for

the

use

of

the

security

by

the

counterparty,

which

may

result

in

interest

income

to

a

fund.

For

the

year

ended

December

31,

2023,

the

average

daily

amount

of

reverse

repurchase

agreements

outstanding and

the

weighted

average

interest

rate

for

Inflation

Protection

Bond

were $218,231,647

and

5.06%,

respectively.

Borrowed

bond

agreements

and

reverse

repurchase

transactions are

entered

into

by

a

fund

under

Master

Repurchase

Agreements

(each,

an

“MRA”),

which

permit

a

fund,

under

certain

circumstances,

including

an

event

of

default

(such

as

bankruptcy

or

insolvency),

to

offset

payables

and/or

receivables

under

the

MRA

with

collateral

held

and/or

posted

to

the

counterparty

and

create

one

single

net

payment

due

to

or

from

a

fund.

With

borrowed

bond

agreements

and

reverse

repurchase

transactions,

typically

a

fund

and

counterparty

under

an

MRA

are

permitted

to

sell,

re-pledge,

or

use

the

collateral

associated

with

the

transaction.

Bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

the

MRA

counterparty’s

bankruptcy

or

insolvency.

Pursuant

to

the

terms

of

the

MRA,

a

fund

receives

or

posts

securities

and

cash

as

collateral

with

a

market

value

in

excess

of

the

repurchase

price

to

be

paid

or

received

by

a

fund

upon

the

maturity

of

the

transaction.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty,

a

fund

is

considered

an

unsecured

creditor

to

the

extent

that

the

aggregate

market

value

of

the

cash

collateral

and

the

purchased

securities

it

holds

is

less

than

the

repurchase

price.

As

such,

the

receipt

of

any

shortfall

or

any

closeout

amount

owed

to

a

fund

upon

termination

of

the

MRA

could

be

delayed

or

not

received

at

all.

As

of

period

end,

the

following

table

is

a

summary

of

Inflation

Protected

Bond’s

open

reverse

repurchase

agreements by

counterparty

which

are

subject

to

offset

under

an MRA

on

a

net

basis:

As

of

period

end,

the

following

table

is

a

summary

of

Strategic

Income

Opportunities’

open

borrowed

bond

agreements by

counterparty

which

are

subject

to

offset

under

an MRA

on

a

net

basis:

When

a

fund

enters

into

an

MRA

and

International

Swaps

and

Derivatives

Association,

Inc.

(an

“ISDA”)

and/or

Master

Securities

Lending

Agreements

(“MSLA”)

with

the

same

counterparty,

the

agreements

may

contain

a

set-off

provision

allowing

a

fund

to

offset

a

net

amount

payable

with

a

net

amount

receivable

upon

default

of

the

counterparty.

Bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

restrict

or

prohibit

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

For

example,

regardless

of

the

contractual

rights

included

in

an

MRA,

such

laws

may

prohibit

a

fund

from

setting

off

amounts

owed

to

a

defaulting

counterparty

under

an

MRA

against

amounts

owed

to

a

fund

by

affiliates

of

the

defaulting

counterparty.

However,

the

insolvency

regimes

of

many

jurisdictions

generally

permit

set-off

of

simultaneous

payables

and

receivables

with

Counterparty

Reverse

Repurchase

Agreements

Fair

Value

of

Non-Cash

Collateral

Pledged

Including

Accrued

Interest

(a)

(a)

Cash

Collateral

Pledged/Received

Net

Amount

(b)

(b)

Inflation

Protected

Bond

BofA

Securities,

Inc.

..........................

$

(36,580,862‌)

$

36,431,839‌

$

—‌

$

(149,023‌)

HSBC

Securities

(USA),

Inc.

....................

(125,912,746‌)

125,287,583‌

—‌

(625,163‌)

Nomura

Securities

International,

Inc.

..............

(66,879,533‌)

66,405,037‌

—‌

(474,496‌)

Santander

US

Capital

Markets

LLC

...............

(5,296,220‌)

5,278,271‌

—‌

(17,949‌)

$

(234,669,361‌)

$

233,402,730‌

$

—‌

$

(1,266,631‌)

(a)

Collateral,

if

any,

with

a

value

of

$233,402,730

has

been

pledged

in

connection

with

open

reverse

repurchase

agreements.

Excess

of

net

collateral

pledged,

if

any,

to

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(b)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Counterparty

Borrowed

Bond

Agreements

(a)

Borrowed

Bonds

at

Value

including

Accrued

Interest

(b)

Exposure

Due

(to)/from

Counterparty

before

Collateral

Non-Cash

Collateral

Received

Cash

Collateral

Received

Non-Cash

Collateral

Pledged

Including

Accrued

Interest

Cash

Collateral

Pledged

Net

Collateral

(Received)/

Pledged

Net

Exposure

Due

(to)/from

Counterparty

(c)

Strategic

Income

Opportunities

Barclays

Bank

plc

..............

$

54,351,430‌

$

(56,920,720‌)

$

(2,569,290‌)

$

—‌

$

—‌

$

—‌

$

2,275,000‌

$

2,275,000‌

$

(294,290‌)

Barclays

Capital,

Inc.

............

34,401,575‌

(35,792,574‌)

(1,390,999‌)

—‌

—‌

—‌

1,158,000‌

1,158,000‌

(232,999‌)

BNP

Paribas

SA

...............

75,178,079‌

(81,178,518‌)

(6,000,439‌)

—‌

—‌

—‌

6,000,439‌

6,000,439‌

—‌

BofA

Securities,

Inc.

.............

12,687,350‌

(13,317,713‌)

(630,363‌)

—‌

—‌

287,786‌

—‌

287,786‌

(342,577‌)

Deutsche

Bank

AG

..............

25,872,280‌

(28,337,977‌)

(2,465,697‌)

—‌

—‌

—‌

2,465,697‌

2,465,697‌

—‌

Goldman

Sachs

International

.......

2,637,234‌

(2,806,969‌)

(169,735‌)

—‌

—‌

—‌

—‌

—‌

(169,735‌)

J.P.

Morgan

Securities

LLC

........

16,741,610‌

(17,767,451‌)

(1,025,841‌)

—‌

—‌

—‌

551,000‌

551,000‌

(474,841‌)

J.P.

Morgan

Securities

plc

.........

13,931,544‌

(14,566,867‌)

(635,323‌)

—‌

—‌

—‌

500,000‌

500,000‌

(135,323‌)

Merrill

Lynch

International

.........

28,045,662‌

(29,106,845‌)

(1,061,183‌)

—‌

—‌

—‌

830,500‌

830,500‌

(230,683‌)

Nomura

Securities

International,

Inc.

..

32,320,794‌

(34,022,566‌)

(1,701,772‌)

—‌

—‌

—‌

1,276,000‌

1,276,000‌

(425,772‌)

RBC

Capital

Markets

LLC

.........

22,273,898‌

(23,067,274‌)

(793,376‌)

—‌

—‌

—‌

717,000‌

717,000‌

(76,376‌)

RBC

Europe

Ltd.

...............

2,509,376‌

(2,806,969‌)

(297,593‌)

—‌

—‌

263,176‌

—‌

263,176‌

(34,417‌)

$

320,950,832‌

$

(339,692,443‌)

$

(18,741,611‌)

$

—‌

$

—‌

$

550,962‌

$

15,773,636‌

$

16,324,598‌

$

(2,417,013‌)

...........................................

(a)

Included

in

Investments

at

value-unaffiliated

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

(b)

Includes

accrued

interest

on

borrowed

bonds

in

the

amount

of

$3,560,967

which

is

included

in

interest

expense

payable

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

(c)

Net

exposure

represents

the

net

receivable

(payable)

that

would

be

due

from/to

the

counterparty

in

the

event

of

default.

Notes

to

Consolidated

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

180

the

same

legal

entity

under

certain

types

of

financial

contracts.

These

rules

would

apply

upon

a

default

of

the

legal

entity,

regardless

of

the

existence

of

a

contractual

set-off

right

in

those

contracts.

In

the

event

the

counterparty

of

securities

under

an

MRA

files

for

bankruptcy

or

becomes

insolvent,

a

fund’s

use

of

the

proceeds

from

the

agreement

may

be

restricted

while

the

counterparty,

or

its

trustee

or

receiver,

determines

whether

or

not

to

enforce

a

fund’s

obligation

to

repurchase

the

securities.

Short

Sale

Transactions:

 In

short

sale

transactions,

a

fund

sells

a

security

it

does

not

hold

in

anticipation

of

a

decline

in

the

market

price

of

that

security.

When

a

fund

makes

a

short

sale,

it

will

borrow

the

security

sold

short

(borrowed

bond)

and

deliver

the

fixed-income

security

to

the

counterparty

to

which

it

sold

the

security

short.

An

amount

equal

to

the

proceeds

received

by

a

fund

is

reflected

as

an

asset

and

an

equivalent

liability.

The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

market

value

of

the

short

sale.

A

fund

is

required

to

repay

the

counterparty

interest

on

the

security

sold

short,

which,

if

applicable,

is

included

in

interest

expense

in

the

Consolidated

Statements

of

Operations.

A

fund

is

exposed

to

market

risk

based

on

the

amount,

if

any,

that

the

market

value

of

the

security

increases

beyond

the

market

value

at

which

the

position

was

sold.

Thus,

a

short

sale

of

a

security

involves

the

risk

that

instead

of

declining,

the

price

of

the

security

sold

short

will

rise.

The

short

sale

of

securities

involves

the

possibility

of

an

unlimited

loss

since

there

is

an

unlimited

potential

for

the

market

price

of

the

security

sold

short

to

increase.

A

gain

is

limited

to

the

price

at

which

a

fund

sold

the

security

short.

A

realized

gain

or

loss

is

recognized

upon

the

termination

of

a

short

sale

if

the

market

price

is

either

less

than

or

greater

than

the

proceeds

originally

received.

There

is

no

assurance

that

a

fund

will

be

able

to

close

out

a

short

position

at

a

particular

time

or

at

an

acceptable

price.

Securities

Lending:

 Certain

Funds

may

lend

their

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Funds

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund,

or

excess

collateral returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Funds

are

entitled

to

all

distributions

made

on

or in

respect

of

the

loaned

securities,

but

do

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent,

BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Consolidated

Schedules

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Funds’

Consolidated

Schedules

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

related

collateral,

if

any,  are

shown

separately

in

the

Consolidated

Statements

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated

and

collateral

on

securities

loaned,

respectively.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

MSLA,

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-

defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Funds

benefit

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

the

Funds.

As

of

period

end,

the

following

table

is

a

summary

of

Strategic

Income

Opportunities’

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Fund

Name/Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

Net

Amount

Strategic

Income

Opportunities

BofA

Securities,

Inc.

...........................

$

30,122,368‌

$

(30,122,368‌)

$

—‌

$

—‌

Citigroup

Global

Markets,

Inc.

....................

4,478,421‌

(4,478,421‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

......................

153,319,665‌

(153,319,665‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

......................

9,497,051‌

(9,497,051‌)

—‌

—‌

Toronto-Dominion

Bank

........................

3,453,856‌

(3,453,856‌)

—‌

—‌

$

200,871,361‌

$

(200,871,361‌)

$

—‌

$

—‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund's

Consolidated

Statements

of

Assets

and

Liabilities.

Notes

to

Consolidated

Financial

Statements

(continued)

181

Notes

to

Consolidated

Financial

Statements

5.

Derivative

Financial

Instruments

The

Funds

engage

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Funds

and/or

to

manage

their

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Consolidated

Schedules

of

Investments.

These

contracts

may

be

transacted

on

an

exchange

or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk),

foreign

currencies

(foreign

currency

exchange

rate

risk),

bitcoin

(commodity

risk)

or

to

the

applicable

commodities

market

(commodities

price

risk).

Futures

contracts

are

exchange-traded agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Strategic

Income

Opportunities

may

invest

in

cash-settled

bitcoin

futures

that

are

traded

on

commodity

exchanges

registered

with

the

Commodity

Futures

Trading

Commission.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Consolidated

Schedules

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Consolidated

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Funds

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Consolidated

Statements

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

Consolidated

Statements

of

Assets

and

Liabilities. Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Consolidated

Statements

of

Assets

and

Liabilities. A

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Options:

The

Funds

may purchase

and

write

call

and

put

options

to

increase

or

decrease

their

exposure

to

the

risks

of

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

in

the

case

of

options

written,

to

generate

gains

from

options

premiums.

A

call

option

gives

the

purchaser

(holder)

of

the

option

the

right

(but

not

the

obligation)

to

buy,

and

obligates

the

seller

(writer)

to

sell

(when

the

option

is

exercised)

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

A

put

option

gives

the

holder

the

right

to

sell

and

obligates

the

writer

to

buy

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

Premiums

paid

on

options

purchased

and

premiums

received

on

options

written,

as

well

as

the

daily

fluctuation

in

market

value,

are

included

in

investments

at

value

–

unaffiliated

and

options

written

at

value,

respectively,

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

When

an

instrument

is

purchased

or

sold

through

the

exercise

of

an

option,

the

premium

is

offset

against

the

cost

or

proceeds

of

the

underlying

instrument.

When

an

option

expires,

a

realized

gain

or

loss

is

recorded

in

the

Consolidated

Statements

of

Operations

to

the

extent

of

the

premiums

received

or

paid.

When

an

option

is

closed

or

sold,

a

gain

or

loss

is

recorded

in

the

Consolidated

Statements

of

Operations

to

the

extent

the

cost

of

the

closing

transaction

exceeds

the

premiums

received

or

paid.

When

the

Funds

write

a

call

option,

such

option

is

typically

“covered,”

meaning

that

they

hold

the

underlying

instrument

subject

to

being

called

by

the

option

counterparty.

When

the

Funds

write

a

put

option,

cash

is

segregated

in

an

amount

sufficient

to

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

in

cash

pledged

as

collateral

for

options

written

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

Swaptions

–

The

Funds

may purchase

and

write

swaptions

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

the

Funds’

holdings,

as

a

duration

management

technique

or

to

protect

against

an

increase

in

the

price

of

securities

it

anticipates

purchasing

at

a

later

date.

The

purchaser

and

writer

of

a

swaption

is

buying

or

granting

the

right

to

enter

into

a

previously

agreed

upon

interest

rate

or

credit

default

swap

agreement

(interest

rate

risk

and/or

credit

risk)

at

any

time

before

the

expiration

of

the

option. 

Foreign

currency

options

–

The

Funds

may

purchase

and

write

foreign

currency

options,

foreign

currency

futures

and

options

on

foreign

currency

futures

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

Foreign

currency

options

give

the

purchaser

the

right

to

buy

from

or

sell

to

the

writer

a

foreign

currency

at

any

time

before

the

expiration

of

the

option.

Notes

to

Consolidated

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

182

Barrier

options

– Certain

Funds

may

purchase

and

write

a

variety

of

options

with

non-standard

payout

structures

or

other

features

(“barrier

options”)

that

are

generally

traded

OTC.

The

Funds

may

invest

in

various

types

of

barrier

options,

including

down-and-out

options,

down-and-in

options,

double

no-touch

options,

one-touch

options,

instant

one-touch

options,

up-and-out

options

and

up-and-in

options.

Down-and-out

options

expire

worthless

to

the

purchaser

if

the

price

of

the

underlying

instrument

falls

below

a

specific

barrier

price

level

prior

to

the

expiration

date.

Down-and-in

options

expire

worthless

to

the

purchaser

unless

the

price

of

the

underlying

instrument

falls

below

a

specific

barrier

price

level

prior

to

the

expiration

date.

Double

no-touch

options

provide

the

purchaser

an

agreed-upon

payout

if

the

price

of

the

underlying

instrument

does

not

reach

or

surpass

predetermined

barrier

price

levels

prior

to

the

option’s

expiration

date.

One-touch

options

and

instant

one-touch

options

provide

the

purchaser

an

agreed-upon

payout

if

the

price

of

the

underlying

instrument

reaches

or

surpasses

predetermined

barrier

price

levels

prior

to

the

expiration

date.

Up-

and-out

options

expire

worthless

to

the

purchaser

if

the

price

of

the

underlying

instrument

increases

beyond

a

predetermined

barrier

price

level

prior

to

the

expiration

date.

Up-and-in

options

can

only

be

exercised

when

the

price

of

the

underlying

instrument

increases

beyond

a

predetermined

barrier

price

level.

In

purchasing

and

writing

options,

the

Funds

bear

the

risk

of

an

unfavorable

change

in

the

value

of

the

underlying

instrument

or

the

risk

that

they

may

not

be

able

to

enter

into

a

closing

transaction

due

to

an

illiquid

market.

Exercise

of

a

written

option

could

result

in

the

Funds

purchasing

or

selling

a

security

when they

otherwise

would

not,

or

at

a

price

different

from

the

current

market

value.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Consolidated

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Consolidated

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Consolidated

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Funds’

counterparty

on

the

swap. Each

Fund is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap, each

Fund is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

are

designated

in

the

Consolidated

Schedules

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract, each

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and recorded

as

realized

gains

(losses)

in

the

Consolidated

Statements

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Funds

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Funds

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Funds

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Funds

receive

payment

from

or

make

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

each

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Notes

to

Consolidated

Financial

Statements

(continued)

183

Notes

to

Consolidated

Financial

Statements

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Funds

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

Consolidated

Statements

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Funds

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Forward

swaps

—

The

Funds

may enter

into

forward

interest

rate

swaps

and

forward

total

return

swaps.

In

a

forward

swap,

each

Fund

and

the

counterparty

agree

to

make

periodic

net

payments

beginning

on

a

specified

date

or

a

net

payment

at

termination.

Inflation

swaps

—

Inflation

swaps

are

entered

into

to

gain

or

reduce

exposure

to

inflation

(inflation

risk).

In

an

inflation

swap,

one

party

makes

fixed

interest

payments

on

a

notional

principal

amount

in

exchange

for

another

party’s

variable

payments

based

on

an

inflation

index,

such

as

the

Consumer

Price

Index.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Funds

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Consolidated

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Consolidated

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from the

counterparties

are

not

fully

collateralized, each

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of

their

agreement

with

such

counterparty, each

Fund bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Funds,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Funds’

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of each

Fund.

For

such

services,

Inflation

Protected

Bond

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

Inflation

Protected

Bond’s

net

assets:

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

.........................................................................................................

0.250%

$1

billion

-

$

3

billion

.....................................................................................................

0.240

$

3

billion

-

$5

billion

.....................................................................................................

0.230

$5

billion

-

$10

billion

....................................................................................................

0.220

Greater

than

$10

billion

...................................................................................................

0.210

Notes

to

Consolidated

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

184

For

such

services,

Strategic

Income

Opportunities

pays

the

Manager

a

monthly

fee,

based

on

the

average

daily

net

assets

that

are

attributable

to

Strategic

Income

Opportunities' direct

investments

in

fixed-income

and

equity

securities

and

instruments,

including

ETFs

advised

by

the

Manager

or

other

investment

advisers,

other

investments,

and

cash

and

cash

equivalents

(including

money

market

funds,

whether

advised

by

the

Manager

or

other

investment

advisers)

and

excludes

investments

in

other

BlackRock

equity

and/or

fixed-income

mutual

funds,

at

the

following

annual

rates:

The

Manager

provides

investment

management

and

other

services

to

the

Subsidiaries.

The

Manager

does

not

receive

separate

compensation

from

the

Subsidiaries

for

providing

investment

management

or

administrative

services.

However, The

Funds pay

the

Manager

based

on

the

Funds'

net

assets,

which

includes

the

assets

of

the

Subsidiaries.

With

respect

to

each

Fund,

the

Manager

entered

into

separate

sub-advisory

agreements

with

each

of BlackRock

International

Limited

(“BIL”)

and

BlackRock

(Singapore)

Limited

("BSL")

(collectively,

the

“Sub-Advisers”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

and

BSL

for

services

they

provide

for

that

portion

of

each

Fund

for

which

BIL

and

BSL,

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

each

Fund

to

the

Manager.

Service

and

Distribution

Fees:

The

Trust

,

on behalf

of the

Funds,

entered

into

a

Distribution

Agreement

and

a Distribution

and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

each

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

each

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services to

the

Funds.

The

ongoing

service

and/or

distribution fee compensates BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution

related

services

to

shareholders.

For

the

year

ended

December

31,

2023,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

each

Fund:

Administration:

The

Trust,

on

behalf

of the

Funds, entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Consolidated

Statements

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Consolidated

Statements

of

Operations,

at

an

annual

rate

of

0.02% of

the

average

daily

net

assets

of

each

respective

class.

For

the

year

ended

December

31,

2023, the

following

table

shows

the

class

specific

administration

fees

borne

directly

by

each

share

class

of

each

Fund:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Funds

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the

year

ended

December

31,

2023,

the

Funds

paid

the

following

amounts

to

affiliates

of

BlackRock

in

return

for

these

services,

which

are

included

in

transfer

agent

—

class

specific

in

the

Consolidated

Statements

of

Operations:

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

.........................................................................................................

0.550%

$1

billion

-

$2

billion

.....................................................................................................

0.500

$2

billion

-

$3

billion

.....................................................................................................

0.475

$3

billion

-

$35

billion

....................................................................................................

0.450

Greater

than

$35

billion

...................................................................................................

0.430

Share

Class

Service

Fees

Distribution

Fees

Investor

A

.................................................................................................

0.25‌

%

—‌

%

Investor

C

.................................................................................................

0.25‌

0.75‌

Fund

Name

Investor

A

Investor

C

Total

Inflation

Protected

Bond

............................................................................

$

994,864‌

$

342,386‌

$

1,337,250‌

Strategic

Income

Opportunities

.......................................................................

2,569,393‌

1,113,073‌

3,682,466‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

million

......................................................................................................

0.0425%

$500

million

-

$1

billion

..................................................................................................

0.0400

$1

billion

-

$2

billion

....................................................................................................

0.0375

$2

billion

-

$4

billion

....................................................................................................

0.0350

$4

billion

-

$13

billion

...................................................................................................

0.0325

Greater

than

$13

billion

..................................................................................................

0.0300

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Total

Inflation

Protected

Bond

...........................................................

$

274,731‌

$

79,589‌

$

6,848‌

$

124,857‌

$

486,025‌

Strategic

Income

Opportunities

......................................................

5,076,081‌

205,551‌

22,261‌

1,969,365‌

7,273,258‌

Fund

Name

Institutional

Investor

A

Total

Inflation

Protected

Bond

.............................................................................

$

164,000‌

$

—‌

$

164,000‌

Strategic

Income

Opportunities

........................................................................

1,783,314‌

3,714‌

1,787,028‌

Notes

to

Consolidated

Financial

Statements

(continued)

185

Notes

to

Consolidated

Financial

Statements

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Funds.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the year

ended

December

31,

2023,

each

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Consolidated

Statements

of

Operations:

For

the

year

ended

December

31,

2023,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

each

Fund:

Other

Fees:

For

the 

year

ended

December

31,

2023

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of each

Fund’s Investor

A

Shares as

follows:

For

the year

ended

December

31,

2023,

affiliates

received

CDSCs

as

follows:

Expense

Limitations,

Waivers

and

Reimbursements:

With

respect

to each

Fund,

the

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

each

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2024.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees, or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of a

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver. These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Consolidated

Statements

of

Operations.

For

the

year

ended

December

31,

2023,

the

amounts

waived

were

as

follows:

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

Inflation

Protected

Bond's

assets

invested

in

affiliated

equity

and

fixed-income

mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2024.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

Strategic

Income

Opportunities'

assets

invested

in

affiliated

equity

and

fixed-income

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2024.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Consolidated

Statements

of

Operations.

For

the

year

ended

December

31,

2023,

the

amounts

waived

in

investment

advisory

fees

pursuant

to

these

arrangements

were

as

follows:

With

respect

to

each

Fund,

the

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

each

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2024,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of a

Fund. For

the

year

ended

December

31,

2023,

the

amounts

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Consolidated

Statements

of

Operations

were

as

follows:

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Total

Inflation

Protected

Bond

...........................................................

$

4,594‌

$

11,454‌

$

3,001‌

$

3,202‌

$

22,251‌

Strategic

Income

Opportunities

......................................................

46,435‌

12,809‌

4,309‌

16,766‌

80,319‌

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Total

Inflation

Protected

Bond

...........................................................

$

2,185,384‌

$

702,200‌

$

28,954‌

$

30,693‌

$

2,947,231‌

Strategic

Income

Opportunities

......................................................

23,684,674‌

971,573‌

78,013‌

57,275‌

24,791,535‌

Fund

Name

Other

Fees

Inflation

Protected

Bond

....................................................................................................

$

4,209‌

Strategic

Income

Opportunities

...............................................................................................

20,802‌

Fund

Name

Investor

A

Investor

C

Inflation

Protected

Bond

.........................................................................................

$

4,214‌

$

6,386‌

Strategic

Income

Opportunities

....................................................................................

37,919‌

6,962‌

Fund

Name

Fees

waived

and/or

Reimbursed

by

the

Manager

Inflation

Protected

Bond

................................................................................................

$

2,643‌

Strategic

Income

Opportunities

...........................................................................................

871,797‌

Fund

Name

Fees

waived

and/

or

Reimbursed

by

the

Manager

Inflation

Protected

Bond

....................................................................................................

$

15,591‌

Strategic

Income

Opportunities

...............................................................................................

1,923,484‌

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Inflation

Protected

Bond

.................................................................

0.34‌%

0.59‌%

1.34‌%

0.29‌%

Strategic

Income

Opportunities

............................................................

0.65‌

0.90‌

1.65‌

N/A‌

Fund

Name

Fees

waived

and/or

Reimbursed

by

the

Manager

Inflation

Protected

Bond

......................................................................................................

$

683,245‌

Strategic

Income

Opportunities

.................................................................................................

33,467‌

Notes

to

Consolidated

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

186

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in

administration

fees

waived

by

the

manager

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific,

respectively,

in

the

Consolidated

Statements

of

Operations.

For

the

year

ended

December

31,

2023,

class

specific

expense

waivers

and/or

reimbursements are as

follows: 

Securities

Lending:

 The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Funds

are

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company,

Money

Market

Series,

managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the

Money

Market

Series

will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Funds.

The

Money

Market

Series

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

of

the

value

withdrawn,

if

such

fee

is

determined

to

be

in

the

best

interests

of

the

Money

Market

Series.

The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

Strategic

Income

Opportunities

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

Strategic

Income

Opportunities

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Fixed-Income

Complex

in

a

calendar

year

exceeds

a

specified

threshold, Strategic

Income

Opportunities,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

85%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses. 

Prior

to

January

1,

2023,

Strategic

Income

Opportunities

retained

81%

of

securities

lending

income

(which

excluded

collateral

investment

expenses)

and

the

amount

retained

could

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Fixed-Income

Complex

in

a

calendar

year

exceeded

a

specified

threshold,

the

Fund

would

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excluded

collateral

investment

expenses),

and

the

amount

retained

could

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

The

share

of

securities

lending

income

earned

by

Strategic

Income

Opportunities

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Consolidated

Statements

of

Operations.

For

the year

ended December

31,

2023,

Strategic

Income

Opportunities

paid

BIM $363,173

for

securities

lending agent

services. 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

each

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

each

Fund’s

investment

policies

and

restrictions.

Each

Fund

is

currently

permitted

to

borrow

and

lend

under

the

Interfund

Lending

Program.

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

December

31,

2023,

the

Funds

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Funds

reimburse

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Trust’s

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Consolidated

Statements

of

Operations. 

Fund

Name/Share

Class

Administration

Fees

Waived

by

the

Manager

-

Class

Specific

Transfer

Agent

Fees

Waived

and/or

Reimbursed

by

the

Manager

-

Class

Specific

Inflation

Protected

Bond

Institutional

....................................................................................

$

274,731‌

$

1,495,743‌

Investor

A

.....................................................................................

79,589‌

502,426‌

Investor

C

.....................................................................................

6,848‌

11,821‌

Class

K

......................................................................................

124,857‌

30,693‌

$

486,025‌

$

2,040,683‌

Strategic

Income

Opportunities

Institutional

....................................................................................

27,176‌

90,547‌

Investor

A

.....................................................................................

1,093‌

3,874‌

Investor

C

.....................................................................................

119‌

261‌

$

28,388‌

$

94,682‌

Notes

to

Consolidated

Financial

Statements

(continued)

187

Notes

to

Consolidated

Financial

Statements

7.

PURCHASES

AND

SALES 

For

the

year

ended

December

31,

2023,

purchases

and

sales

of

investments,

including

paydowns/payups,

mortgage

dollar

rolls

and

excluding

short-term

securities,

were

as

follows:

For

the

year

ended

December

31,

2023,

purchases

and

sales

related

to

mortgage

dollar

rolls

were

as

follows:

8.

INCOME

TAX

INFORMATION 

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

Each Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

each

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

years

after

they

are

filed.

The

statutes

of

limitations

on

each

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Funds

as

of

December

31,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

Consolidated

financial

statements.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or NAVs

per

share.

As

of

period

end,

permanent

differences

attributable

to

non-deductible

expenses

and

income

recognized

from

the

Funds

wholly

owned

subsidiaries

were reclassified

to

the

following

accounts: 

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

December

31,

2023,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales

and

straddles,

amortization

methods

of

premiums

on

fixed

income

securities,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

and

foreign

currency

exchange

contracts,

the

accrual

of

income

on

securities

in

default,

the

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies,

the

timing

and

recognition

of

partnership

income,

the

accounting

for

swap

agreements,

the

deferral

of

compensation

to

trustees

and

the

classification

of

investments.

(c)

The

Fund

has

elected

to

defer

these

qualified

late-year

losses

and

recognize

such

losses

in

the

next

taxable

year.

U.S.

Government

Securities

Other

Securities

Fund

Name

Purchases

Sales

Purchases

Sales

Inflation

Protected

Bond

.................................................

$

1,869,534,708‌

$

2,599,695,149‌

$

3,607,487,808‌

$

3,426,801,477‌

Strategic

Income

Opportunities

............................................

22,164,677,026‌

28,762,416,462‌

351,615,436,112‌

346,863,946,450‌

Fund

Name

Purchases

Sales

Inflation

Protected

Bond

.................................................................................

$

1,445,989,055‌

$

1,445,862,745‌

Strategic

Income

Opportunities

............................................................................

102,711,747,571‌

102,681,494,144‌

Fund

Name

Paid-In

Capital

Accumulated

Earnings

(Loss)

Inflation

Protected

Bond

......................................................................

$

(147,061‌)

$

147,061‌

Strategic

Income

Opportunities

.................................................................

(13,738,753‌)

13,738,753‌

—‌

Fund

Name

Year

Ended

12/31/23

Year

Ended

12/31/22

Inflation

Protected

Bond

Ordinary

income

...........................................................................................

$

80,306,882‌

$

196,806,219‌

Long-term

capital

gains

......................................................................................

—‌

26,177,183‌

Return

of

capital

...........................................................................................

$

2,723,573‌

$

—‌

$

83,030,455‌

$

222,983,402‌

Strategic

Income

Opportunities

Ordinary

income

...........................................................................................

$

1,505,373,170‌

$

1,656,531,782‌

Return

of

capital

...........................................................................................

$

156,350,613‌

$

—‌

$

1,661,723,783‌

$

1,656,531,782‌

Fund

Name

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Qualified

Late-Year

Ordinary

Losses

(c)

Total

Inflation

Protected

Bond

.................................................

$

(174,774,078‌)

$

(249,672,848‌)

$

(291,792‌)

$

(42

4

,

738

,

718‌

)

Strategic

Income

Opportunities

............................................

(2,616,274,329‌)

(776,798,618‌)

(75,885,858‌)

(3,468,958,805‌)

Notes

to

Consolidated

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

188

As

of

December

31,

2023, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

9.

BANK

BORROWINGS 

The

Trust,

on

behalf

of

the

Funds,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”), is

party

to

a

364-day,

$2.50

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Funds

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Funds,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

(x)

Daily

Simple

SOFR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.10%

and

(y) 0.80%

per

annum.

The

agreement

expires

in

April

2024

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year

ended

December

31,

2023,

the

Funds

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business, the

Funds

invest

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

each

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

each

Fund

is

subject. 

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

discretionary

liquidity

fees

under

certain

circumstances.  

Market

Risk:

Each

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

each

Fund

to

reinvest

in

lower

yielding

securities. Each

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

each

Fund’s

portfolio

will

decline

if

each

Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

each

Fund

portfolio’s

current

earnings

rate.

Municipal

securities

are

subject

to

the

risk

that

litigation,

legislation

or

other

political

events,

local

business

or

economic

conditions,

credit

rating

downgrades,

or

the

bankruptcy

of

the

issuer

could

have

a

significant

effect

on

an

issuer’s

ability

to

make

payments

of

principal

and/or

interest

or

otherwise

affect

the

value

of

such

securities.

Municipal

securities

can

be

significantly

affected

by

political

or

economic

changes,

including

changes

made

in

the

law

after

issuance

of

the

securities,

as

well

as

uncertainties

in

the

municipal

market

related

to,

taxation,

legislative

changes

or

the

rights

of

municipal

security

holders,

including

in

connection

with

an

issuer

insolvency.

Municipal

securities

backed

by

current

or

anticipated

revenues

from

a

specific

project

or

specific

assets

can

be

negatively

affected

by

the

discontinuance

of

the

tax

benefits

supporting

the

project

or

assets

or

the

inability

to

collect

revenues

for

the

project

or

from

the

assets.

Municipal

securities

may

be

less

liquid

than

taxable

bonds,

and

there

may

be

less

publicly

available

information

on

the

financial

condition

of

municipal

security

issuers

than

for

issuers

of

other

securities.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. A

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that a

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. A

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

each

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of a

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which a

Fund

invests. 

The

price a

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from a

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore a

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by a

Fund,

and a

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Inflation

Protected

Bond

.............................................

$

2,848,343,610‌

$

–‌

$

(249,065,473‌)

$

(249,065,473‌)

Strategic

Income

Opportunities

........................................

51,523,175,708‌

2,560,203,483‌

(2,780,630,646‌)

(220,427,163‌)

Notes

to

Consolidated

Financial

Statements

(continued)

189

Notes

to

Consolidated

Financial

Statements

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Consolidated

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

For

OTC

options

purchased,

each

Fund

bears

the

risk

of

loss

in

the

amount

of

the

premiums

paid

plus

the

positive

change

in

market

values

net

of

any

collateral

held

by

the

Funds

should

the

counterparty

fail

to

perform

under

the

contracts.

Options

written

by

the

Funds

do

not

typically

give

rise

to

counterparty

credit

risk,

as

options

written

generally

obligate

the

Funds,

and

not

the

counterparty,

to

perform.

The

Funds

may

be

exposed

to

counterparty

credit

risk

with

respect

to

options

written

to

the

extent

the

Funds

deposits

collateral

with

its

counterparty

to

a

written

option. 

With

exchange-traded

options

purchased

and

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds. 

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each Fund’s

portfolio

are

disclosed

in

its Consolidated

Schedules

of

Investments.

Certain

Funds

invest

a

significant

portion

of

their

assets

in

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

to

as

“junk

bonds”)

or

are

unrated

may

be

deemed

speculative,

involve

greater

levels

of

risk

than

higher-rated

securities

of

similar

maturity

and

are

more

likely

to

default.

High

yield

securities

may

be

issued

by

less

creditworthy

issuers,

and

issuers

of

high

yield

securities

may

be

unable

to

meet

their

interest

or

principal

payment

obligations.

High

yield

securities

are

subject

to

extreme

price

fluctuations,

may

be

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features. 

The

Funds

invest

a

significant

portion

of

their

assets

in fixed-income securities and/or use

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the period

of

historically

low

interest

rates

that

ended

in

March

2022. The

Federal

Reserve

has

recently been

raising the

federal

funds

rate

as

part

of

its

efforts

to

address

inflation.

There

is

a

risk

that

interest

rates

will

continue

to

rise,

which

will

likely

drive

down

the

prices

of

bonds

and

other

fixed-income

securities,

and

could

negatively

impact

the

Funds’

performance.

The

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Funds

invest.

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

backed

by

commercial

or

residential

mortgage

loans

or

in

issuers

that

hold

mortgage

and

other

asset-

backed

securities.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

a

greater

risk

of

prepayment

or

payment

extension

by

securities

issuers. Changes

in

economic

conditions,

including

delinquencies

and/or

defaults

on

assets

underlying

these

securities,

can

affect

the

value,

income

and/or

liquidity

of

such

positions.

Investment

percentages

in

these

securities

are

presented

in

the

Consolidated

Schedules

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

Funds

may

be

exposed

to

financial

instruments

that

recently

transitioned

from,

or

continue

to

be

tied

to,

the

London

Interbank

Offered

Rate

(“LIBOR”)

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

United

Kingdom’s

Financial

Conduct

Authority,

which

regulates

LIBOR,

has

ceased

publishing

all

LIBOR

settings,

but

some

USD

LIBOR

settings

will

continue

to

be

published

under

a

synthetic

methodology

until

September

30,

2024

for

certain

legacy

contracts.

SOFR

has

been

used

increasingly

on

a

voluntary

basis

in

new

instruments

and

transactions.

Under

U.S.

regulations

that

implement

a

statutory

fallback

mechanism

to

replace

LIBOR,

benchmark

rates

based

on

SOFR

have

replaced

LIBOR

in

certain

financial

contracts.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain.

Notes

to

Consolidated

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

190

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

12.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

consolidated

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

consolidated

financial

statements.

d

Year

Ended

12/31/23

Year

Ended

12/31/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Inflation

Protected

Bond

Institutional

Shares

sold

..........................................

34,442,749‌

$

338,036,574‌

65,664,415‌

$

716,001,119‌

Shares

issued

in

reinvestment

of

distributions

.....................

4,708,760‌

45,925,296‌

12,212,200‌

131,098,269‌

Shares

redeemed

......................................

(72,489,810‌)

(708,426,737‌)

(98,619,715‌)

(1,041,431,906‌)

(33,338,301‌)

$

(324,464,867‌)

(20,743,100‌)

$

(194,332,518‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

....................

8,683,373‌

$

81,822,553‌

28,759,645‌

$

293,782,459‌

Shares

issued

in

reinvestment

of

distributions

.....................

1,337,487‌

12,684,035‌

3,005,402‌

31,298,505‌

Shares

redeemed

......................................

(21,332,305‌)

(201,274,781‌)

(26,797,548‌)

(271,876,415‌)

(11,311,445‌)

$

(106,768,193‌)

4,967,499‌

$

53,204,549‌

Investor

C

Shares

sold

..........................................

343,677‌

$

3,153,902‌

1,780,946‌

$

18,004,199‌

Shares

issued

in

reinvestment

of

distributions

.....................

99,119‌

897,772‌

302,181‌

3,012,011‌

Shares

redeemed

and

automatic

conversion

of

shares

...............

(2,012,663‌)

(18,215,273‌)

(2,194,078‌)

(21,251,507‌)

(1,569,867‌)

$

(14,163,599‌)

(110,951‌)

$

(235,297‌)

Class

K

Shares

sold

..........................................

20,006,142‌

$

193,051,528‌

35,751,337‌

$

378,488,468‌

Shares

issued

in

reinvestment

of

distributions

.....................

2,247,386‌

21,574,857‌

4,711,340‌

49,711,414‌

Shares

redeemed

......................................

(32,617,499‌)

(314,908,843‌)

(31,558,340‌)

(329,990,262‌)

(10,363,971‌)

$

(100,282,458‌)

8,904,337‌

$

98,209,620‌

(56,583,584‌)

$

(545,679,117‌)

(6,982,215‌)

$

(43,153,646‌)

Strategic

Income

Opportunities

Institutional

Shares

sold

..........................................

864,520,092‌

$

7,974,325,942‌

1,281,480,388‌

$

12,369,438,085‌

Shares

issued

in

reinvestment

of

distributions

.....................

113,174,026‌

1,042,050,665‌

116,277,089‌

1,099,035,398‌

Shares

redeemed

......................................

(1,406,710,997‌)

(12,947,280,122‌)

(1,748,337,415‌)

(16,688,976,517‌)

(429,016,879‌)

$

(3,930,903,515‌)

(350,579,938‌)

$

(3,220,503,034‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

....................

23,136,391‌

$

213,186,399‌

31,163,196‌

$

298,768,503‌

Shares

issued

resulting

from

reorganization

......................

8,869,175‌

80,281,997‌

—‌

—‌

Shares

issued

in

reinvestment

of

distributions

.....................

4,455,091‌

41,000,801‌

4,455,109‌

42,051,817‌

Shares

redeemed

......................................

(51,828,105‌)

(476,662,881‌)

(50,797,245‌)

(484,530,530‌)

(15,367,448‌)

$

(142,193,684‌)

(15,178,940‌)

$

(143,710,210‌)

Investor

C

Shares

sold

..........................................

1,746,893‌

$

16,094,132‌

2,015,178‌

$

19,271,039‌

Shares

issued

in

reinvestment

of

distributions

.....................

417,738‌

3,843,616‌

458,417‌

4,317,597‌

Shares

redeemed

and

automatic

conversion

of

shares

...............

(5,901,604‌)

(54,278,777‌)

(8,238,893‌)

(78,837,876‌)

(3,736,973‌)

$

(34,341,029‌)

(5,765,298‌)

$

(55,249,240‌)

Class

K

Shares

sold

..........................................

416,530,171‌

$

3,813,648,520‌

239,685,502‌

$

2,292,830,887‌

Shares

issued

in

reinvestment

of

distributions

.....................

46,437,606‌

427,600,136‌

38,410,956‌

363,052,167‌

Shares

redeemed

......................................

(290,515,054‌)

(2,676,727,769‌)

(247,285,787‌)

(2,345,805,047‌)

172,452,723‌

$

1,564,520,887‌

30,810,671‌

$

310,078,007‌

(275,668,577‌)

$

(2,542,917,341‌)

(340,713,505‌)

$

(3,109,384,477‌)

Report

of

Independent

Registered

Public

Accounting

Firm

191

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

of

BlackRock

Inflation

Protected

Bond

Portfolio

and

BlackRock

Strategic

Income

Opportunities

Portfolio

and

the

Board

of

Trustees

of

BlackRock

Funds

V:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

consolidated

statements

of

assets

and

liabilities

of

BlackRock

Inflation

Protected

Bond

Portfolio

and

BlackRock

Strategic

Income

Opportunities

Portfolio

of

BlackRock

Funds

V

(the

“Funds”),

including

the

consolidated

schedules

of

investments,

as

of

December

31,

2023,

the

related

consolidated

statements

of

operations

for

the

year

then

ended,

the

consolidated

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

consolidated

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

December

31,

2023,

and

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

their

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Funds

are

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

their

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Funds’

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2023,

by

correspondence

with

custodians

or

counterparties;

when

replies

were

not

received,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

26,

2024

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Important

Tax

Information

(Unaudited)

2023

BlackRock

Annual

Report

to

Shareholders

192

The

following

amount,

or maximum

amount

allowable

by

law, is

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

December

31,

2023:

The

following

amount,

or

maximum

amount

allowable

by

law, is

hereby

designated

as

qualified

business

income

for

individuals

for

the

fiscal

year

ended

December

31,

2023:

The

Funds

hereby

designate

the

following

amounts,

or

maximum

amounts

allowable

by

law,

of

distributions

from

direct

federal

obligation

interest

for

the

fiscal

year

ended

December

31,

2023:

The

law

varies

in

each

state

as

to

whether

and

what

percent

of

ordinary

income

dividends

attributable

to

federal

obligations

is

exempt

from

state

income

tax.

Shareholders

are

advised

to

check

with

their

tax

advisers

to

determine

if

any

portion

of

the

dividends

received

is

exempt

from

state

income

tax.

The

following

percentage,

or

maximum

percentage

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended

December

31,

2023

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

The

Funds

hereby

designate

the

following

amounts,

or

maximum

amounts

allowable by

law,

as

interest

income

eligible

to

be

treated

as

a

Section

163(j)

interest

dividend

for

the

fiscal

year

ended

December

31,

2023:

The

Funds

hereby

designate

the

following

amounts,

or

maximum

amounts

allowable

by

law,

as

interest-related

dividends eligible

for

exemption

from

U.S.

withholding

tax

for

nonresident

aliens

and

foreign

corporations

for

the

fiscal

year

ended

December

31,

2023:

Fund

Name

Qualified

Dividend

Income

Strategic

Income

Opportunities

.........................................................................................

$

56,332,059‌

Fund

Name

Qualified

Business

Income

Strategic

Income

Opportunities

.........................................................................................

$

190,989‌

Fund

Name

Federal

Obligation

Interest

Inflation

Protected

Bond

..............................................................................................

$

75,123,438‌

Strategic

Income

Opportunities

.........................................................................................

172,709,621‌

Fund

Name

Dividends-Received

Deduction

Strategic

Income

Opportunities

...........................................................................................

0.79‌

%

Fund

Name

Interest

Dividends

Inflation

Protected

Bond

..............................................................................................

$

82,128,299‌

Strategic

Income

Opportunities

.........................................................................................

1,662,764,717‌

Fund

Name

Interest-Related

Dividends

Inflation

Protected

Bond

..............................................................................................

$

79,455,851‌

Strategic

Income

Opportunities

.........................................................................................

938,518,126‌

Statement

Regarding

Liquidity

Risk

Management

Program

193

Statement

Regarding

Liquidity

Risk

Management

Program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

BlackRock

Funds

V

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for

BlackRock

Inflation

Protected

Bond

Portfolio

and

BlackRock

Strategic

Income

Opportunities

Portfolio

(the

“Funds”),

each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

November

14-15,

2023

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Advisors,

LLC,

the

investment

adviser

to

each

Fund,

as

the

program

administrator

for

each

Fund’s

Program.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2022

through

September

30,

2023

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

the

imposition

of

capital

controls

in

certain

countries.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Where

a

fund

participated

in

borrowings

for

investment

purposes

(such

as

tender

option

bonds

or

reverse

repurchase

agreements),

such

borrowings

were

factored

into

the

Program’s

calculation

of

a

fund’s

liquidity

bucketing.

A

fund’s

derivative

exposure

was

also

considered

in

such

calculation.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

Fund’s

reasonably

anticipated

trading

size

utilized

for

liquidity

classifications.

Each

Fund

has

adopted

an

in-kind

redemption

policy

which

may

be

utilized

to

meet

larger

redemption

requests.

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

.

The

Committee

considered

the

terms

of

the

credit

facility

committed

to

each

Fund,

the

financial

health

of

the

institution

providing

the

facility

and

the

fact

that

the

credit

facility

is

shared

among

multiple

funds

(including

that

a

portion

of

the

aggregate

commitment

amount

is

specifically

designated

for

BlackRock

Floating

Rate

Income

Portfolio,

a

series

of

BlackRock

Funds

V,

and

BlackRock

Floating

Rate

Loan

ETF,

a

series

of

BlackRock

ETF

Trust

II).

The

Committee

also

considered

other

types

of

borrowing

available

to

the

funds,

such

as

the

ability

to

use

reverse

repurchase

agreements

and

interfund

lending,

as

applicable.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Trustee

and

Officer

Information

2023

BlackRock

Annual

Report

to

Shareholders

194

Independent

Trustees

(a)

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

5

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

5

Years

R.

Glenn

Hubbard

1958

Chair

of

the

Board

(Since

2022)

Trustee

(Since

2019)

Dean,

Columbia

Business

School

from

2004

to

2019;

Faculty

member,

Columbia

Business

School

since

1988.

69

RICs

consisting

of

102

Portfolios

ADP

(data

and

information

services)

from

2004

to

2020;

Metropolitan

Life

Insurance

Company

(insurance);

TotalEnergies

SE

(multi-energy)

W.

Carl

Kester

(d)

1951

Vice

Chair

of

the

Board

(Since

2022)

Trustee

(Since

2019)

Baker

Foundation

Professor

and

George

Fisher

Baker

Jr.

Professor

of

Business

Administration,

Emeritus,

Harvard

Business

School

since

2022;

George

Fisher

Baker

Jr.

Professor

of

Business

Administration,

Harvard

Business

School

from

2008

to

2022;

Deputy

Dean

for

Academic

Affairs

from

2006

to

2010;

Chairman

of

the

Finance

Unit,

from

2005

to

2006;

Senior

Associate

Dean

and

Chairman

of

the

MBA

Program

from

1999

to

2005;

Member

of

the

faculty

of

Harvard

Business

School

since

1981.

71

RICs

consisting

of

104

Portfolios

None

Cynthia

L.

Egan

1955

Trustee

(Since

2019)

Advisor,

U.S.

Department

of

the

Treasury

from

2014

to

2015;

President,

Retirement

Plan

Services,

for

T.

Rowe

Price

Group,

Inc.

from

2007

to

2012;

executive

positions

within

Fidelity

Investments

from

1989

to

2007.

71

RICs

consisting

of

104

Portfolios

Unum

(insurance);

The

Hanover

Insurance

Group

(Board

Chair);

Huntsman

Corporation

(Lead

Independent

Director

and

non-Executive

Vice

Chair

of

the

Board)

(chemical

products)

Frank

J.

Fabozzi

(d)

1948

Trustee

(Since

2019)

Editor

of

The

Journal

of

Portfolio

Management

since

1986;

Professor

of

Finance,

EDHEC

Business

School

(France)

from

2011

to

2022;

Professor

of

Practice,

Johns

Hopkins

University

since

2021;

Professor

in

the

Practice

of

Finance,

Yale

University

School

of

Management

from

1994

to

2011

and

currently

a

Teaching

Fellow

in

Yale's

Executive

Programs;

Visiting

Professor,

Rutgers

University

for

the

Spring

2019

semester;

Visiting

Professor,

New

York

University

for

the

2019

academic

year;

Adjunct

Professor

of

Finance,

Carnegie

Mellon

University

in

fall

2020

semester.

71

RICs

consisting

of

104

Portfolios

None

Lorenzo

A.

Flores

1964

Trustee

(Since

2021)

Vice

Chairman,

Kioxia,

Inc.

since

2019;

Chief

Financial

Officer,

Xilinx,

Inc.

from

2016

to

2019;

Corporate

Controller,

Xilinx,

Inc.

from

2008

to

2016.

69

RICs

consisting

of

102

Portfolios

None

Stayce

D.

Harris

1959

Trustee

(Since

2021)

Lieutenant

General,

Inspector

General

of

the

United

States

Air

Force

from

2017

to

2019;

Lieutenant

General,

Assistant

Vice

Chief

of

Staff

and

Director,

Air

Staff,

United

States

Air

Force

from

2016

to

2017;

Major

General,

Commander,

22nd

Air

Force,

AFRC,

Dobbins

Air

Reserve

Base,

Georgia

from

2014

to

2016;

Pilot,

United

Airlines

from

1990

to

2020.

69

RICs

consisting

of

102

Portfolios

KULR

Technology

Group,

Inc.

in

2021;

The

Boeing

Company

(airplane

manufacturer)

J.

Phillip

Holloman

1955

Trustee

(Since

2021)

President

and

Chief

Operating

Officer,

Cintas

Corporation

from

2008

to

2018.

69

RICs

consisting

of

102

Portfolios

PulteGroup,

Inc.

(home

construction);

Rockwell

Automation

Inc.

(industrial

automation);

Vestis

Corporation

(uniforms

and

facilities

services)

Catherine

A.

Lynch

(d)

1961

Trustee

(Since

2019)

Chief

Executive

Officer,

Chief

Investment

Officer

and

various

other

positions,

National

Railroad

Retirement

Investment

Trust

from

2003

to

2016;

Associate

Vice

President

for

Treasury

Management,

The

George

Washington

University

from

1999

to

2003;

Assistant

Treasurer,

Episcopal

Church

of

America

from

1995

to

1999.

71

RICs

consisting

of

104

Portfolios

PennyMac

Mortgage

Investment

Trust

Trustee

and

Officer

Information

(continued)

195

Trustee

and

Officer

Information

Non-Management

Interested

Trustee

(a)(f)

Interested

Trustees

(a)(e)

(a)

The

address

of

each

Trustee

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New

York,

New

York

10001.

(b)

Each

Independent

Trustee

holds

office

until

his

or

her

successor

is

duly

elected

and

qualifies

or

until

his

or

her

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Trust's

by-laws

or

charter

or

statute,

or

until

December

31

of

the

year

in

which

he

or

she

turns

75.

Trustees

who

are

“interested

persons,”

as

defined

in

the

Investment

Company

Act

serve

until

their

successor

is

duly

elected

and

qualifies

or

until

their

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Trust's

by-laws

or

statute,

or

until

December

31

of

the

year

in

which

they

turn

72.

The

Board

may

determine

to

extend

the

terms

of

Independent

Trustees

on

a

case-by-case

basis,

as

appropriate.

(c)

Following

the

combination

of

Merrill

Lynch

Investment

Managers,

L.P.

(“MLIM”)

and

BlackRock,

Inc.

in

September

2006,

the

various

legacy

MLIM

and

legacy

BlackRock

fund

boards

were

realigned

and

consolidated

into

three

new

fund

boards

in

2007.

Certain

Independent

Trustees

first

became

members

of

the

boards

of

other

legacy

MLIM

or

legacy

BlackRock

funds

as

follows:

Frank

J.

Fabozzi,

1988;

R.

Glenn

Hubbard,

2004;

and

W.

Carl

Kester,

1995.

Certain

other

Independent

Trustees

became

members

of

the

boards

of

the

closed-end

funds

in

the

Fixed-Income

Complex

as

follows:

Cynthia

L.

Egan,

2016;

and

Catherine

A.

Lynch,

2016.

(d)

Dr.

Fabozzi,

Ms.

Egan,

Dr.

Kester,

Ms.

Lynch,

Mr.

Steinmetz

and

Mr.

Perlowski

are

also

trustees

of

the

BlackRock

Credit

Strategies

Fund

and

BlackRock

Private

Investments

Fund.

(e)

Mr.

Fairbairn

and

Mr.

Perlowski

are

both

"interested

persons,"

as

defined

in

the

1940

Act,

of

the

Company

based

on

their

positions

with

BlackRock,

Inc.

and

its

affiliates.

Mr.

Fairbairn

and

Mr.

Perlowski

are

also

board

members

of

the

BlackRock

Multi-Asset

Complex

.

(f)

Mr.

Steinmetz

is

currently

classified

as

a

non-management

interested

Trustee

based

on

his

former

directorship

at

another

company

that

is

not

an

affiliate

of

BlackRock,

Inc.

Mr.

Steinmetz

does

not

currently

serve

as

an

officer

or

employee

of

BlackRock,

Inc.

or

its

affiliates

or

own

any

securities

of

BlackRock,

Inc.

It

is

anticipated

that

Mr.

Steinmetz

will

become

an

Independent

Trustee

effective

January

19,

2024.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

5

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

5

Years

Arthur

P.

Steinmetz

1958

Trustee

(Since

2023)

Consultant,

Posit

PBC

(enterprise

data

science)

since

2020;

Director,

ScotiaBank

(U.S.)

from

2020

to

2023;

Chairman,

Chief

Executive

Officer

and

President

of

OppenheimerFunds,

Inc.

from

2015,

2014

and

2013,

respectively

to

2019;

Trustee,

President

and

Principal

Executive

Officer

of

104

OppenheimerFunds

funds

from

2014

to

2019;.

Portfolio

manager

of

various

OppenheimerFunds

fixed

income

mutual

funds

from

1986

to

2014.

70

RICs

consisting

of

103

Portfolios

Trustee

of

104

OppenheimerFunds

funds

from

2014

to

2019

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

5

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

5

Years

Robert

Fairbairn

1965

Trustee

(Since

2015)

Vice

Chairman

of

BlackRock,

Inc.

since

2019;

Member

of

BlackRock's

Global

Executive

and

Global

Operating

Committees;

Co-Chair

of

BlackRock's

Human

Capital

Committee;

Senior

Managing

Director

of

BlackRock,

Inc.

from

2010

to

2019;

oversaw

BlackRock's

Strategic

Partner

Program

and

Strategic

Product

Management

Group

from

2012

to

2019;

Member

of

the

Board

of

Managers

of

BlackRock

Investments,

LLC

from

2011

to

2018;

Global

Head

of

BlackRock's

Retail

and

iShares

®

businesses

from

2012

to

2016.

97

RICs

consisting

of

268

Portfolios

None

John

M.

Perlowski

(d)

1964

Trustee

(Since

2015);

President

and

Chief

Executive

Officer

(Since

2010)

Managing

Director

of

BlackRock,

Inc.

since

2009;

Head

of

BlackRock

Global

Accounting

and

Product

Services

since

2009;

Advisory

Director

of

Family

Resource

Network

(charitable

foundation)

since

2009.

99

RICs

consisting

of

270

Portfolios

None

Trustee

and

Officer

Information

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

196

Officers

Who

Are

Not

Trustees

(a)

(a)

The

address

of

each

Officer

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New

York,

New

York

10001.

(b)

Officers

of

the

Trust

serve

at

the

pleasure

of

the

Board.

Further

information

about

the

Trust's

Trustees

and

Officers

is

available

in

the

Trust's

Statement

of

Additional

Information,

which

can

be

obtained

without

charge

by

calling

(800)

441-7762.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

Principal

Occupation(s)

During

Past

5

Years

Jennifer

McGovern

1977

Vice

President

(Since

2014)

Managing

Director

of

BlackRock,

Inc.

since

2016;

Director

of

BlackRock,

Inc.

from

2011

to

2015;

Head

of

Americas

Product

Development

and

Governance

for

BlackRock’s

Global

Product

Group

since

2019;

Head

of

Product

Structure

and

Oversight

for

BlackRock's

U.S.

Wealth

Advisory

Group

from

2013

to

2019.

Trent

Walker

1974

Chief

Financial

Officer

(Since

2021)

Managing

Director

of

BlackRock,

Inc.

since

September

2019;

Executive

Vice

President

of

PIMCO

from

2016

to

2019;

Senior

Vice

President

of

PIMCO

from

2008

to

2015;

Treasurer

from

2013

to

2019

and

Assistant

Treasurer

from

2007

to

2017

of

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

2

PIMCO-sponsored

interval

funds

and

21

PIMCO-sponsored

closed-end

funds.

Jay

M.

Fife

1970

Treasurer

(Since

2007)

Managing

Director

of

BlackRock,

Inc.

since

2007.

Aaron

Wasserman

1974

Chief

Compliance

Officer

(Since

2023)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Chief

Compliance

Officer

of

the

BlackRock-advised

funds

in

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

iShares

Complex

since

2023;

Deputy

Chief

Compliance

Officer

for

the

BlackRock-advised

funds

in

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-

Income

Complex

and

the

iShares

Complex

from

2014

to

2023.

Lisa

Belle

1968

Anti-Money

Laundering

Compliance

Officer

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2019;

Global

Financial

Crime

Head

for

Asset

and

Wealth

Management

of

JP

Morgan

from

2013

to

2019;

Managing

Director

of

RBS

Securities

from

2012

to

2013;

Head

of

Financial

Crimes

for

Barclays

Wealth

Americas

from

2010

to

2012.

Janey

Ahn

1975

Secretary

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Director

of

BlackRock,

Inc.

from

2009

to

2017.

Effective

July

1,

2023,

Aaron

Wasserman

replaced

Charles

Park

as

Chief

Compliance

Officer

of

the

Trust.

Effective

December

31,

2023,

Frank

Fabozzi

retired

as

Trustee

of

the

Trust.

Effective

January

19,

2024,

Arthur

Steinmetz

became

an

Independent

Trustee

of

the

Trust.

Additional

Information

197

Additional

Information

Proxy

Results

BlackRock

Funds

V

A

Special

Meeting

of

Shareholders

was

held

on

November

9,

2023

for

shareholders

of

record

on

September

11,

2023,

to

elect

Trustees

to

the

Trust's

Board.

Approved

the

Trustees*

as

follows:

*

Denotes

Trust-wide

proposal

and

voting

results.

Tailored

Shareholder

Reports

for

Open-End Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Funds.

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Funds

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Funds

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Funds

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Funds at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedules

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/fundreports

.

Availability

of

Proxy

Voting

Policies,

Procedures

and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Funds

voted

proxies

relating

to

securities

held

in

the

Funds'

portfolios

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800) 

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Votes

For

Votes

Withheld

Lorenzo

A.

Flores

6,098,355,552

50,013,664

Stayce

D.

Harris

6,100,362,778

48,006,437

J.

Phillip

Holloman

6,094,339,498

54,029,718

Arthur

P.

Steinmetz

6,096,630,633

51,738,582

Additional

Information

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

198

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisers

BlackRock

International

Limited

Edinburgh,

EH3

8BL

United

Kingdom

BlackRock

(Singapore)

Limited

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodians

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Citibank

NA

(a)

New

York,

NY

10013

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10001

Legal

Counsel

Willkie

Farr

&

Gallagher

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

(a)

For

SIO

Neptunite

2023-2

LLC.

Glossary

of

Terms

Used

in

this

Report

199

Glossary

of

Terms

Used

in

this

Report

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

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

ILS

Israeli

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

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

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

COP

Certificates

of

Participation

CSMC

Credit

Suisse

Mortgage

Capital

CVA

Certification

Van

Aandelon

(Dutch

Certificate)

CWABS

Countrywide

Asset-Backed

Certificates

DAC

Designated

Activity

Company

EM

Emerging

Markets

EFFR

Effective

Federal

Funds

Rate

ESG

Environmental,

Social

And

Governance

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

IBR

Colombian

Reference

Banking

Indicator

JIBAR

Johannesburg

Interbank

Average

Rate

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

NASDAQ

National

Association

of

Securities

Dealers

Automated

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

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

REPO_CORRA

Canadian

Overnight

Repo

Rate

SARON

Swiss

Average

Rate

Overnight

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

VRDN

Variable

Rate

Demand

Notes

WIBOR

Warsaw

Interbank

Offered

Rate

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Funds

unless

preceded

or

accompanied

by

the

Funds’

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

EMDSIP-12/23-AR

Item 2 – Code of Ethics –

The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The

registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Frank J. Fabozzi

Lorenzo A. Flores
Catherine A. Lynch

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert.  The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.  The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Inflation Protected Bond Portfolio	$30,294	$29,172	$0	$44	$22,900	$22,000	$407	$431
BlackRock Strategic Income Opportunities Portfolio	$121,176	$116,484	$6,500	$44	$33,300	$33,000	$407	$431

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$2,154,000	$2,098,000

1

The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

2

The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

3

Non-audit fees of $2,154,000 and $2,098,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription.  These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

                        Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g)

The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Inflation Protected Bond Portfolio	$23,307	$22,475
BlackRock Strategic Income Opportunities Portfolio	$40,207	$33,475

              Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

Current Fiscal Year End	Previous Fiscal Year End
$2,154,000	$2,098,000

              These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

              (h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and

the Affiliated Service Providers

that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

               (i) – Not Applicable

               (j) – Not Applicable

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

 
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 –  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 –  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 – Exhibits attached hereto

              (a)(1) Code of Ethics – See Item 2

              (a)(2) Section 302 Certifications are attached

  <<section302>>

(a)(3)

Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4)

Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

<<section906>>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds V  

By:     /s/ John M. Perlowski _

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds V  

Date: February 26, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ John M. Perlowski _

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds V  

Date: February 26, 2024

By:     /s/ Trent Walker _

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds V  

Date: February 26, 2024