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 Strategic Income Opportunities Portfolio

BlackRock Sustainable Emerging Markets Flexible Bond Fund (Formerly BlackRock Emerging Markets Flexible Dynamic Bond 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, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 12/31/2022

Date of reporting period: 06/30/2022

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

JUNE

30,

2022

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2022

Semi-Annual

Report

(Unaudited)

BlackRock

Funds

V

BlackRock

Strategic

Income

Opportunities

Portfolio

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Dear

Shareholder,

The

12-month

reporting

period

as

of

June

30,

2022

saw

the

emergence

of

significant

challenges

that

disrupted

the

economic

recovery

and

strong

financial

markets.

The

U.S.

economy

shrank

in

the

first

quarter

of

2022,

ending

the

run

of

robust

growth

that

followed

the

reopening

of

global

economies

and

the

development

of

COVID-19

vaccines.

Rapid

changes

in

consumer

spending

led

to

supply

constraints

and

elevated

inflation,

which

reached

a

40-year

high.

Moreover,

while

the

foremost

effect

of

Russia’s

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

ongoing

war

continued

to

present

challenges

for

both

investors

and

policymakers.

Equity

prices

fell,

as

persistently

high

inflation

drove

investors’

expectations

for

higher

interest

rates,

particularly

weighing

on

relatively

high-valuation

growth

stocks

and

economically

sensitive

small-capitalization

stocks.

While

both

large-

and

small-capitalization

U.S.

stocks

fell,

declines

for

small-capitalization

U.S.

stocks

were

particularly

steep.

Both

emerging

market

stocks

and

international

equities

from

developed

markets

fell

significantly,

pressured

by

rising

interest

rates

and

a

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

rose

notably

during

the

reporting

period

as

increasing

inflation

drove

investors’

expectations

for

higher

interest

rates.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

increasing

uncertainty

led

to

higher

corporate

bond

spreads

(the

difference

in

yield

between

U.S.

Treasuries

and

similarly-dated

corporate

bonds).

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

is

growing

faster

than

expected,

raised

interest

rates

three

times

while

indicating

that

additional

large

rate

hikes

were

likely.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

began

to

reduce

its

balance

sheet.

Continued

high

inflation

and

the

Fed’s

statements

led

many

analysts

to

anticipate

that

interest

rates

have

significant

room

to

rise

before

peaking.

Furthermore,

the

horrific

war

in

Ukraine

has

significantly

clouded

the

outlook

for

the

global

economy,

leading

to

major

volatility

in

energy

and

metals

markets.

Sanctions

on

Russia,

Europe’s

top

energy

supplier,

and

general

wartime

disruption

have

magnified

supply

problems

for

key

commodities.

We

believe

elevated

energy

prices

will

continue

to

exacerbate

inflationary

pressure

while

also

constraining

economic

growth.

Combating

inflation

without

stifling

a

recovery,

while

buffering

against

ongoing

supply

and

price

shocks,

will

be

an

especially

challenging

environment

for

setting

effective

monetary

policy.

Despite

the

likelihood

of

more

rate

increases

on

the

horizon,

we

believe

the

Fed

will

err

on

the

side

of

protecting

employment,

even

at

the

expense

of

higher

inflation.

However,

markets

have

been

primed

to

expect

sharp

tightening,

which

could

weigh

on

valuations

until

central

banks

begin

to

tap

the

brakes.

In

this

environment,

while

we

favor

an

overweight

to

equities

in

the

long-term,

the

market’s

concerns

over

excessive

rate

hikes

from

central

banks

moderate

our

outlook.

Furthermore,

the

energy

shock

and

a

deteriorating

economic

backdrop

in

China

and

Europe

are

likely

to

challenge

corporate

earnings,

so

we

are

underweight

equities

overall

in

the

near-term.

We

take

the

opposite

view

on

credit,

where

higher

spreads

provide

near-term

opportunities,

while

the

likelihood

of

a

higher

inflation

regime

leads

us

to

take

an

underweight

stance

on

credit

in

the

long-term.

We

believe

that

investment-grade

corporates,

U.K.

gilts,

local-currency

emerging

market

debt,

and

inflation-protected

bonds

(particularly

in

Europe)

offer

strong

opportunities

in

a

six-

to

twelve-month

horizon.

Overall,

our

view

is

that

investors

need

to

think

globally,

extend

their

scope

across

a

broad

array

of

asset

classes,

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

June

30,

2022

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(19.96)%

(10.62)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(23.43)

(25.20)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(19.57)

(17.77)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(17.63)

(25.28)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.15

0.18

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(11.34)

(10.94)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(10.35)

(10.29)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(8.98)

(8.57)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(14.19)

(12.82)

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi-Annual

Report:

Fund

Summaries

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

4

The

Benefits

and

Risks

of

Leveraging

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

10

About

Fund

Performance 

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

10

Disclosure

of

Expenses

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

11

Derivative

Financial

Instruments

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

11

Financial

Statements:

Schedules

of

Investments

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

12

Statements

of

Assets

and

Liabilities

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

159

Statements

of

Operations

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

162

Statements

of

Changes

in

Net

Assets

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

164

Financial

Highlights

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

165

Notes

to

Financial

Statements

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

173

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

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

191

Additional

Information

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

195

Glossary

of

Terms

Used

in

this

Report

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

197

Fund

Summary

as

of

June

30,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

4

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.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

June

30,

2022,

the

Fund’s

Institutional

Share

Class

returned

(5.45)%,

the

Investor

A

Shares

returned

(5.58)%,

the

Investor

C

Shares

returned

(5.92)%,

and

the

Class

K

Shares

returned

(5.41)%.

For

the

same

period,

the

Bloomberg

U.S.

Universal

Index

returned

(10.93)%

and

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

returned

0.14%.

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

positioning

across

global

interest

rate

markets.

The

Fund’s

allocations

to

European

corporate

credit

and

U.S.

high

yield

corporate

credit

detracted

from

performance

over

the

period.

The

Fund’s

positioning

with

respect

to

duration

and

corresponding

interest

rate

sensitivity

detracted

from

performance

as

well

as

rates

moved

higher

over

the

period.

The

Fund

held

derivatives

during

the

period

as

a

part

of

its

investment

strategy.

Derivatives

are

used

by

the

Fund

as

a

means

to

manage

risk

and/or

take

outright

views

on

interest

rates,

credit

risk

and/or

foreign

exchange

positions

in

the

Fund.

Derivatives

contributed

to

the

Fund's

performance

over

the

period.

The

Fund’s

cash

position

averaged

a

little

over

6%

for

the

period.

Exposure

to

cash

helped

mitigate

volatility

and

contributed

to

performance

against

a

backdrop

of

negative

bond

market

returns.

Describe

recent

portfolio

activity.

This

period

was

challenging

with

most

areas

of

the

fixed

income

market

down

on

concerns

around

high

inflation,

global

monetary

policy

tightening,

the

Russia/Ukraine

invasion,

China

lockdowns

and

fears

around

a

potential

recession.

Given

these

cross

currents,

the

Fund

held

a

defensive

posture

throughout

the

first

quarter

of

2022,

with

an

elevated

cash

position.

The

Fund

also

carried

reduced

exposure

to

high

yield

corporate

and

emerging

market

debt

relative

to

its

historical

range.

In

turn,

the

Fund

favored

high-quality

assets,

namely

U.S.

investment

grade

corporate

bonds,

agency

mortgage-backed

securities,

high-quality,

short

maturity

securitized

assets,

and

municipal

bonds.

The

Fund

tactically

managed

duration

while

holding

it

toward

the

lower

end

of

the

Fund’s

historical

range.

In

the

second

quarter

of

2022,

while

maintaining

a

defensive

posture

as

yields

rose

and

credit

spreads

widened,

the

Fund

began

to

selectively

deploy

cash

as

both

spreads

and

all-in

yields

began

to

look

increasingly

attractive.

The

Fund

tactically

added

some

duration

given

more

balanced

yield

levels

from

a

risk/reward

perspective.

In

addition,

the

Fund

tactically

added

to

Treasury

inflation-protected

securities

(“TIPS”)

as

valuations

appeared

attractive

and

for

inflation

hedging

benefits.

Within

spread

assets,

the

Fund

continued

to

prefer

high-quality

paper,

particularly

within

U.S.

and

non-U.S.

investment

grade

corporate

credit,

municipal

bonds

and

high-quality

securitized

assets,

while

opportunistically

adding

to

emerging

market

local

debt

and

rotating

out

of

bank

loans

in

favor

of

U.S.

high

yield

corporate

credit.

Describe

portfolio

positioning

at

period

end.

At

period-end,

the

Fund’s

yield

curve

exposure

was

focused

on

intermediate

and

longer

maturities.

In

addition,

the

Fund

maintained

a

tactical

allocation

to

TIPS.

The

Fund

was

most

constructive

on

higher

quality

sectors

of

the

fixed

income

market,

such

as

investment

grade

corporate

bonds,

municipal

bonds

and

securitized

assets,

given

attractive

yield

levels

and

in

order

to

maintain

a

more

defensive

stance

against

a

backdrop

of

inflationary

pressures

and

monetary

policy

tightening,

while

opportunistically

adding

risk

in

areas

such

as

high

yield

corporate

credit.

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

June

30,

2022

(continued)

5

Fund

Summary

BlackRock

Strategic

Income

Opportunities

Portfolio

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.

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Average

Annual

Total

Returns

(a)(b)

1

Year

5

Years

10

Years

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

3.55‌%

3.55‌%

(5.45‌)%

(5.73‌)%

N/A‌

2.33‌%

N/A‌

2.99‌%

N/A‌

Investor

A

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

3.12‌

3.12‌

(5.58‌)

(6.00‌)

(9.76‌)%

2.04‌

1.21‌%

2.70‌

2.28‌%

Investor

C

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

2.54‌

2.53‌

(5.92‌)

(6.67‌)

(7.59‌)

1.30‌

1.30‌

2.09‌

2.09‌

Class

K

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

3.63‌

3.63‌

(5.41‌)

(5.64‌)

N/A‌

2.42‌

N/A‌

3.05‌

N/A‌

Bloomberg

U.S.

Universal

Index

(c)

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

—‌

—‌

(10.93‌)

(10.89‌)

N/A‌

0.94‌

N/A‌

1.83‌

N/A‌

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(d)

.....

—‌

—‌

0.14‌

0.17‌

N/A‌

1.11‌

N/A‌

0.64‌

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.

(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.

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

(01/01/22)

Ending

Account

Value

(06/30/22)

Including

Dividend

Expense

and

Interest

Expense

(a)

Excluding

Dividend

Expense

and

Interest

Expense

(a)

Beginning

Account

Value

(01/01/22)

Ending

Account

Value

(06/30/22)

Expenses

Paid

During

the

Period

(a)

Ending

Account

Value

(06/30/22)

Expenses

Paid

During

the

Period

(a)

Including

Dividend

Expense

and

Interest

Expense

Excluding

Dividend

Expense

and

Interest

Expense

Institutional

....

$

1,000.00‌

$

945.50‌

$

3.38‌

$

2.89‌

$

1,000.00‌

$

1,021.32‌

$

3.51‌

$

1,021.82‌

$

3.01‌

0.70‌%

0.60‌%

Investor

A

.....

1,000.00‌

944.20‌

4.77‌

4.29‌

1,000.00‌

1,019.89‌

4.96‌

1,020.38‌

4.46‌

0.99‌

0.89‌

Investor

C

.....

1,000.00‌

940.80‌

8.23‌

7.

75‌

1,000.00‌

1,016.31‌

8.55‌

1,016.

81‌

8.

05‌

1.71‌

1.6

1‌

Class

K

......

1,000.00‌

945.90‌

2.94‌

2.

46‌

1,000.00‌

1,021.77‌

3.06‌

1,022.2

7‌

2.

56‌

0.61‌

0.5

1‌

(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

181/365

(to

reflect

the

six

month

period

shown).

Fund

Summary

as

of

June

30,

2022

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

6

BlackRock

Strategic

Income

Opportunities

Portfolio

Portfolio

Information

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

U.S.

Treasury

Obligations

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

29.2‌

%

Corporate

Bonds

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

21.3‌

U.S.

Government

Sponsored

Agency

Securities

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

18.9‌

Asset-Backed

Securities

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

9.6‌

Non-Agency

Mortgage-Backed

Securities

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

6.3‌

Floating

Rate

Loan

Interests

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

4.4‌

Municipal

Bonds

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

3.5‌

Investment

Companies

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

2.1‌

Common

Stocks

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

1.7‌

Foreign

Government

Obligations

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

1.5‌

Foreign

Agency

Obligations

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

0.8‌

Preferred

Securities

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

0.7‌

Warrants

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

—‌

(b)

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(c)

Percent

of

Total

Investments

(a)

AAA/

Aaa

(

d

)

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

52.4‌

%

AA/Aa

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

4.2‌

A

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

5.6‌

BBB/Baa

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

8.3‌

BB/Ba

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

7.7‌

B

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

5.4‌

CCC/

Caa

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

0.8‌

CC/Ca

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

0.5‌

C

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

0.2‌

D

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

—‌

(b)

NR

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

14.9‌

(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.

Fund

Summary

as

of

June

30,

2022

7

Fund

Summary

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Investment

Objective

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund's

(the

“Fund”)

investment

objective

is

to

seek

maximum

long

term

total

return,

while

seeking

to

maintain

certain

environmental,

governance

and

social

(“ESG”)

characteristics,

climate

risk

exposure

and

climate

opportunities

relative

to

the

Fund’s

benchmark.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

June

30,

2022,

the

Fund

outperformed

its

benchmark,

a

custom

blend

of

50%

J.P.

Morgan

GBI-EM

Global

Diversified

Index/50%

J.P.

Morgan

EMBI

Global

Diversified

Index.

What

factors

influenced

performance?

Emerging

market

bonds

fell

sharply

in

the

first

half

of

the

year.

Investors

reacted

negatively

to

Russia’s

invasion

of

Ukraine

and

the

resulting

impact

on

energy

prices

and

global

supply

chains.

In

addition,

surging

inflation

prompted

the

Fed

to

raise

interest

rates

aggressively.

These

factors

weighed

on

returns

across

the

bond

market,

with

higher-risk

categories

experiencing

the

weakest

performance.

An

underweight

in

Russian

bonds

(both

local

and

hard-currency

issues)

made

a

meaningful

contribution

to

performance.

The

country’s

financial

markets

tumbled

following

the

invasion

of

Ukraine

in

February

2022

and

the

sanctions

that

followed.

The

Fund

also

benefited

from

its

duration

management

strategies,

which

it

achieved

through

short

positions

in

developed

market

bond

futures.

(Duration

is

a

measure

of

interest

rate

sensitivity;

the

value

of

a

short

position

rises

when

the

price

of

the

underlying

security

falls.)

Risk

management

strategies

designed

to

capture

rising

yield

spreads

using

derivatives

linked

to

emerging

market,

U.S.

high

yield,

and

certain

European

indexes

contributed

by

offsetting

some

of

the

negative

performance

for

emerging

market

debt.

An

overweight

in

Ukraine

was

the

largest

detractor

amid

the

ongoing

military

conflict.

Other

notable

detractors

included

long

positions

in

higher

yielding

countries,

such

as

Ghana,

Egypt,

Cote

D'Ivoire

and

Benin.

Yield

spreads

for

these

countries

rose

amid

broader

“risk-off”

sentiment

and

a

growing

consensus

that

the

global

growth

is

set

to

slow.

The

Fund

held

a

higher-than-normal

cash

position

at

points

during

the

period,

which

was

primarily

a

result

of

its

currency

positioning.

The

allocation

to

cash

made

a

positive

contribution

to

relative

performance

given

the

downturn

in

the

market.

Describe

recent

portfolio

activity.

The

Fund

reduced

its

allocations

to

Russia

and

Ukraine

at

the

start

of

the

year.

This

move

was

partly

a

result

of

a

larger

effort

to

reduce

portfolio

concentration,

as

well

as

a

response

to

the

steadily

rising

risks

in

the

lead-up

to

the

invasion.

The

Fund

also

made

several

notable

changes

in

its

high

yield

positioning

by

adding

to

Mexico,

Oman

and

Panama

and

reducing

its

allocations

to

Argentina

and

Brazil.

The

Fund

sought

to

maintain

an

underweight

to

duration

relative

to

the

benchmark.

Toward

the

end

of

the

period,

the

Fund

reduced

the

extent

of

its

risk-management

strategies

by

decreasing

its

short

positions

in

the

developed

markets

and

Central/Eastern

Europe.

It

did

so

on

the

belief

that

slowing

economic

growth

indicated

that

the

rise

in

prevailing

yields

was

largely

played

out.

On

the

foreign

exchange

side,

the

Fund

increased

its

exposure

to

the

euro

against

the

U.S.

dollar

and

higher-beta

emerging

market

currencies.

(Beta

measures

sensitivity

to

overall

market

movements;

higher

beta

indicates

greater

volatility.)

Describe

portfolio

positioning

at

period

end.

The

Fund

maintained

a

broadly

defensive

positioning

given

the

uncertainty

about

economic

growth

and

inflation.

The

Fund

closed

the

period

with

elevated

cash

levels,

a

low

weighting

in

local-currency

emerging

market

debt,

and

a

tilt

toward

issues

denominated

in

hard

currencies.

Oman,

Paraguay

and

Cote

D’Ivoire

were

the

Fund’s

largest

overweights,

while

Malaysia,

Thailand

and

Japan

were

its

most

significant

underweights.

The

Fund’s

beta

was

slightly

higher

than

the

index,

and

its

duration

was

1.66

years

below

the

index.

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

June

30,

2022

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

8

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

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.

Average

Annual

Total

Returns

(a)(b)

1

Year

5

Years

10

Years

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

6.78‌%

5.07‌%

(13.04‌)%

(16.51‌)%

N/A‌

(2.03‌)%

N/A‌

0.93‌%

N/A‌

Investor

A

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

6.26‌

4.50‌

(13.15‌)

(16.62‌)

(19.96‌)%

(2.25‌)

(3.05‌)%

0.67‌

0.26‌%

Investor

C

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

5.73‌

3.59‌

(13.48‌)

(17.25‌)

(18.04‌)

(2.98‌)

(2.98‌)

0.06‌

0.06‌

Class

K

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

6.83‌

5.20‌

(13.02‌)

(16.37‌)

N/A‌

(1.98‌)

N/A‌

1.00‌

N/A‌

J.P.

Morgan

GBI-EM

Global

Diversified

Index

(c)

......

—‌

—‌

(14.53‌)

(19.28‌)

N/A‌

(2.31‌)

N/A‌

(1.49‌)

N/A‌

J.P.

Morgan

EMBI

Global

Diversified

Index

(d)

......

—‌

—‌

(20.31‌)

(21.22‌)

N/A‌

(1.19‌)

N/A‌

2.21‌

N/A‌

50%

J.P.

Morgan

GBI-

EM

Global

Diversified

Index/50%

J.P.

Morgan

EMBI

Global

Diversified

Index

(e)

.

—‌

—‌

(17.45‌)

(20.23‌)

N/A‌

(1.70‌)

N/A‌

0.40‌

N/A‌

J.P.

Morgan

ESG

GBI-EM

Global

Diversified

Index

(f)

.

—‌

—‌

(15.11‌)

(20.40‌)

N/A‌

(2.15‌)

N/A‌

N/A‌

N/A‌

J.P.

Morgan

ESG

EMBI

Global

Diversified

Index

(g)

......

—‌

—‌

(21.13‌)

(22.14‌)

N/A‌

(1.07‌)

N/A‌

N/A‌

N/A‌

50%

J.P.

Morgan

ESG

GBI-

EM

Global

Diversified

Ind

ex/50%

J.P.

Morgan

ESG

EMBI

Global

Diversified

Index

(h)

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

—‌

—‌

(18.15‌)

(21.25‌)

N/A‌

(1.75‌)

N/A‌

N/A‌

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.

(b)

The

Fund

invests

primarily

in

a

global

portfolio

of

fixed-income

securities

and

derivatives

of

any

maturity

of

issuers

located

in

emerging

markets

that

may

be

denominated

in

any

currency

(on

a

hedged

or

un-hedged

basis).

The

Fund’s

total

returns

for

the

period

beginning

on

the

date

of

the

Reorganization

and

ending

on

October

31,

2021

are

the

returns

of

the

Fund

when

it

followed

a

different

investment

objective

and

different

investment

strategies

and

investment

process

under

the

name

“BlackRock

Emerging

Markets

Flexible

Dynamic

Bond

Portfolio.”

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

BlackRock

Emerging

Markets

Flexible

Dynamic

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.

The

Predecessor

Fund’s

returns

from

September

3,

2012

through

January

2,

2014

are

the

returns

of

the

Predecessor

Fund

when

it

followed

different

investment

strategies

under

the

name

“BlackRock

Emerging

Market

Local

Debt

Portfolio.”

The

Predecessor

Fund’s

returns

prior

to

September

3,

2012

are

the

returns

of

the

Predecessor

Fund

when

it

followed

different

investment

strategies

under

the

name

“BlackRock

Emerging

Market

Debt

Portfolio.”

(c)

An

unmanaged

index

that

tracks

local

currency

bonds.

(d)

An

unmanaged,

market-capitalization

weighted,

total-return

index

tracking

the

traded

market

for

U.S.-dollar-denominated

Brady

bonds,

Eurobonds,

traded

loans,

and

local

market

debt

instruments

issued

by

emerging

market

sovereign

and

quasi-sovereign

entities.

(e)

A

customized

weighted

index

comprised

of

the

returns

of

50%

J.P.

Morgan

GBI-EM

Global

Diversified

Index/50%

J.P.

Morgan

EMBI

Global

Diversified

Index.

(f)

An

index

tracking

the

performance

of

bonds

issued

by

emerging

market

governments

and

denominated

in

the

local

currency

of

the

issuer.

The

index

applies

an

ESG

scoring

and

screening

methodology

to

tilt

toward

issuers

ranked

higher

on

ESG

criteria

and

green

bond

issues,

and

to

underweight

or

remove

issuers

that

rank

lower.

The

index

is

based

on

the

established

flagship

J.P.

Morgan

GBI-EM

Global

Diversified.

The

J.P.

Morgan

ESG

GBI-EM

Global

Diversified

Index

commenced

in

December

2012.

(g)

An

index

tracking

liquid,

US

Dollar

emerging

market

fixed

and

floating-rate

debt

instruments

issued

by

sovereign

and

quasi-sovereign

entities.

The

index

applies

an

ESG

scoring

and

screening

methodology

to

tilt

toward

issuers

ranked

higher

on

ESG

criteria

and

green

bond

issues,

and

to

underweight

and

remove

issuers

that

rank

lower.

The

index

is

based

on

the

established

flagship

J.P.

Morgan

EMBI

Global

Diversified

Index.

The

J.P.

Morgan

ESG

EMBI

Global

Diversified

Index

commenced

in

December

2012.

(h)

A

customized

weighted

index

comprised

of

the

returns

of

50%

J.P.

Morgan

ESG

GBI-EM

Global

Diversified

Index/50%

J.P.

Morgan

ESG

EMBI

Global

Diversified

Index.

The

J.P.

Morgan

ESG

GBI-EM

Global

Diversified

Index/50%

J.P.

Morgan

ESG

EMBI

Global

Diversified

Index

commenced

in

December

2012.

Fund

Summary

as

of

June

30,

2022

(continued)

9

Fund

Summary

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(01/01/22)

Ending

Account

Value

(06/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(01/01/22)

Ending

Account

Value

(06/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

869.60‌

$

3.48‌

$

1,000.00‌

$

1,021.08‌

$

3.76‌

0.75‌%

Investor

A

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

1,000.00‌

868.50‌

4.59‌

1,000.00‌

1,019.89‌

4.96‌

0.99‌

Investor

C

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

1,000.00‌

865.20‌

8.09‌

1,000.00‌

1,016.12‌

8.75‌

1.75‌

Class

K

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

1,000.00‌

869.80‌

3.20‌

1,000.00‌

1,021.37‌

3.46‌

0.69‌

(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

181/365

(to

reflect

the

six

month

period

shown).

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

Foreign

Government

Obligations

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

82.2‌

%

U.S.

Treasury

Obligations

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

14.2‌

Corporate

Bonds

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

3.6‌

GEOGRAPHIC

ALLOCATION

—

%

—

%

Country/Geographic

Region

Percent

of

at

Total

Investments 

(a)

—

—

United

States

15.7‌

%

Mexico

11.6‌

Poland

7.9‌

Brazil

6.7‌

South

Africa

5.3‌

Hungary

4.0‌

Chile

4.0‌

China

3.7‌

Indonesia

3.6‌

Colombia

3.2‌

Czech

Republic

3.2‌

Oman

2.7‌

Dominican

Republic

2.2‌

Egypt

2.2‌

Peru

2.0‌

Paraguay

1.7‌

Gabon

1.6‌

Ecuador

1.6‌

Ghana

1.4‌

Ivory

Coast

1.3‌

Philippines

1.2‌

Qatar

1.2‌

United

Arab

Emirates

1.1‌

Ukraine

1.1‌

Guatemala

1.1‌

Other

(b)

8.7‌

—

—

(a)

Excludes

short-term

securities.

(b)

Includes

holdings

within

countries

and

geographic

regions

that

are

less

than

1%

of

long-term

investments.

Please

refer

to

Schedule

of

Investments

for

such

countries/geographic

region.

The

Benefits

and

Risks

of

Leveraging

2022

BlackRock

Semi-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.

On

the

close

of

business

on

September

1,

2015,

the

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund's

BlackRock

Shares

were

redesignated

as

Class

K

Shares.

Prior

to

September

1,

2015,

performance

is

that

of

the

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund's

BlackRock

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

m

ost

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.

Distributio

ns

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

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, 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.

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

Financial

Statements.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

12

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

June

30,

2022

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

Bermuda

—

0.0%

(a)(b)

BPCRE

Ltd.,

Series

2022-FL2,

Class

A,

(TSFR1M

+

2.40%),

3.91%,

01/18/37

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

USD

10,398

$

10,239,798

OHA

Credit

Funding

11

Ltd.,

Series

2022-11A,

Class

E,

(3

Month

CME

Term

SOFR

+

7.25%),

8.35%,

07/19/33

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

2,000

1,886,411

12,126,209

Canada

—

0.1%

Fairstone

Financial

Issuance

Trust

I

(a)

Series

2020-1A,

Class

A,

2.51%,

10/20/39

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

CAD

13,510

9,872,418

Series

2020-1A,

Class

B,

3.74%,

10/20/39

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

18,261

13,633,896

Series

2020-1A,

Class

C,

5.16%,

10/20/39

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

2,125

1,599,037

25,105,351

Cayman

Islands

—

3.8%

522

Funding

CLO

Ltd.

(a)(b)

Series

2018-3A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

3.11%,

10/20/31

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

USD

750

709,681

Series

2019-4A,

Class

CR,

(LIBOR

USD

3

Month

+

2.40%),

3.46%,

04/20/30

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

500

479,102

Series

2019-4A,

Class

DR,

(LIBOR

USD

3

Month

+

3.65%),

4.71%,

04/20/30

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

3,500

3,360,570

Series

2019-5A,

Class

AR,

(3

Month

CME

Term

SOFR

+

1.33%),

2.18%,

04/15/35

..........

6,900

6,635,936

AGL

CLO

3

Ltd.,

Series

2020-3A,

Class

D,

(LIBOR

USD

3

Month

+

3.30%),

4.34%,

01/15/33

(a)(b)

..........

375

358,172

AGL

CLO

5

Ltd.

(a)(b)

Series

2020-5A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.40%),

2.46%,

07/20/34

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

390

371,612

Series

2020-5A,

Class

ER,

(LIBOR

USD

3

Month

+

6.45%),

7.51%,

07/20/34

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

3,910

3,481,274

AGL

CLO

7

Ltd.,

Series

2020-7A,

Class

ER,

(LIBOR

USD

3

Month

+

6.35%),

7.39%,

07/15/34

(a)(b)

..........

500

440,972

AGL

CLO

9

Ltd.,

Series

2020-9A,

Class

E,

(LIBOR

USD

3

Month

+

7.26%),

8.32%,

01/20/34

(a)(b)

..........

970

895,684

AGL

Core

CLO

2

Ltd.,

Series

2019-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.39%),

2.45%,

04/20/32

(a)(b)

....

4,775

4,692,082

AIMCO

CLO,

Series

2018-BA,

Class

AR,

(LIBOR

USD

3

Month

+

1.10%),

2.14%,

01/15/32

(a)(b)

..........

2,000

1,950,097

AIMCO

CLO

10

Ltd.,

Series

2019-10A,

Class

SUB,

0.00%,

07/22/32

(a)(b)

..

7,900

4,953,300

Aimco

CLO

14

Ltd.,

Series

2021-14A,

Class

SUB,

0.00%,

04/20/34

(a)(b)(c)

.

20,000

15,516,000

Allegro

CLO

II-S

Ltd.

(a)(b)

Series

2014-1RA,

Class

B,

(LIBOR

USD

3

Month

+

2.15%),

3.25%,

10/21/28

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

2,740

2,653,827

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2014-1RA,

Class

C,

(LIBOR

USD

3

Month

+

3.00%),

4.10%,

10/21/28

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

USD

7,480

$

7,069,940

Allegro

CLO

IV

Ltd.,

Series

2016-1A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.55%),

2.59%,

01/15/30

(a)(b)

....

1,630

1,565,718

Allegro

CLO

VI

Ltd.,

Series

2017-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.13%),

2.17%,

01/17/31

(a)(b)

....

250

244,961

Allegro

CLO

VIII

Ltd.,

Series

2018-2A,

Class

B1,

(LIBOR

USD

3

Month

+

1.67%),

2.71%,

07/15/31

(a)(b)

....

500

476,058

Allegro

CLO

XI

Ltd.,

Series

2019-2A,

Class

C,

(LIBOR

USD

3

Month

+

3.00%),

4.04%,

01/19/33

(a)(b)

....

560

538,689

ALM

Ltd.

(a)(b)

Series

2020-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.85%),

2.89%,

10/15/29

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

12,790

12,470,411

Series

2020-1A,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

3.04%,

10/15/29

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

500

480,012

ALM

VII

Ltd.,

Series

2012-7A,

Class

SUB,

0.00%,

10/15/16

(a)(b)

......

12,160

1,824

AMMC

CLO

21

Ltd.,

Series

2017-21A,

Class

A,

(LIBOR

USD

3

Month

+

1.25%),

2.54%,

11/02/30

(a)(b)

....

1,720

1,691,710

AMMC

CLO

XIII

Ltd.,

Series

2013-13A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.05%),

2.23%,

07/24/29

(a)(b)

....

5,331

5,271,313

Anchorage

Capital

CLO

3-R

Ltd.

(a)(b)

Series

2014-3RA,

Class

A,

(LIBOR

USD

3

Month

+

1.05%),

2.29%,

01/28/31

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

2,944

2,897,293

Series

2014-3RA,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

2.74%,

01/28/31

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

9,800

9,394,112

Anchorage

Capital

CLO

4-R

Ltd.,

Series

2014-4RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

3.09%,

01/28/31

(a)(b)

1,500

1,425,223

Anchorage

Capital

CLO

5-R

Ltd.

(a)(b)

Series

2014-5RA,

Class

B,

(LIBOR

USD

3

Month

+

1.45%),

2.49%,

01/15/30

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

16,585

16,117,180

Series

2014-5RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.89%,

01/15/30

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

5,245

5,072,101

Anchorage

Capital

CLO

6

Ltd.,

Series

2015-6A,

Class

ARR,

(LIBOR

USD

3

Month

+

1.05%),

2.09%,

07/15/30

(a)(b)

6,570

6,462,204

Anchorage

Capital

CLO

7

Ltd.

(a)(b)

Series

2015-7A,

Class

AR2,

(LIBOR

USD

3

Month

+

1.09%),

2.33%,

01/28/31

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

14,610

14,385,555

Series

2015-7A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.75%),

2.99%,

01/28/31

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

8,000

7,694,911

Series

2015-7A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.20%),

3.44%,

01/28/31

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

7,325

7,001,926

Series

2015-7A,

Class

D1R2,

(LIBOR

USD

3

Month

+

3.50%),

4.74%,

01/28/31

..........

8,610

8,124,096

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Anchorage

Capital

CLO

8

Ltd.,

Series

2016-8A,

Class

AR2A,

(LIBOR

USD

3

Month

+

1.20%),

2.42%,

10/27/34

(a)(b)

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

USD

1,150

$

1,105,793

Anchorage

Capital

CLO

Ltd.

(a)(b)

Series

2013-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.25%),

2.27%,

10/13/30

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

2,910

2,875,293

Series

2013-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.65%),

2.67%,

10/13/30

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

3,680

3,564,330

Series

2013-1A,

Class

BR,

(LIBOR

USD

3

Month

+

2.15%),

3.17%,

10/13/30

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

1,160

1,122,339

Series

2013-1A,

Class

CR,

(LIBOR

USD

3

Month

+

3.20%),

4.22%,

10/13/30

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

1,583

1,519,010

Series

2018-1RA,

Class

A1,

(LIBOR

USD

3

Month

+

0.99%),

2.01%,

04/13/31

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

6,650

6,506,397

Anchorage

Credit

Funding

3

Ltd.

(a)

Series

2016-3A,

Class

A1R,

2.87%,

01/28/39

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

6,000

5,319,581

Series

2016-3A,

Class

SUBR,

0.00%,

01/28/39

(b)(c)

........

7,500

5,730,000

Anchorage

Credit

Funding

Ltd.,

Series

2021-14A,

Class

SUB,

0.00%,

01/21/40

(a)(b)(c)

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

10,000

9,670,000

Antares

CLO

Ltd.,

Series

2021-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.53%),

2.71%,

07/25/33

(a)(b)

....

10,000

9,849,864

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(LIBOR

USD

3

Month

+

1.01%),

2.07%,

04/20/31

(a)(b)

...

4,630

4,535,042

Apidos

CLO

XVIII,

Series

2018-18A,

Class

A1,

(LIBOR

USD

3

Month

+

1.14%),

2.28%,

10/22/30

(a)(b)

....

540

529,513

Apidos

CLO

XXII

(a)(b)

Series

2015-22A,

Class

BR,

(LIBOR

USD

3

Month

+

1.95%),

3.01%,

04/20/31

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

750

711,709

Series

2015-22A,

Class

CR,

(LIBOR

USD

3

Month

+

2.95%),

4.01%,

04/20/31

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

800

741,110

Apidos

CLO

XXVI,

Series

2017-26A,

Class

BR,

(LIBOR

USD

3

Month

+

1.95%),

2.99%,

07/18/29

(a)(b)

....

2,750

2,626,844

Apidos

CLO

XXXI,

Series

2019-31A,

Class

BR,

(LIBOR

USD

3

Month

+

1.55%),

2.59%,

04/15/31

(a)(b)

....

250

234,771

Apidos

CLO

XXXII,

Series

2019-32A,

Class

D,

(LIBOR

USD

3

Month

+

3.50%),

4.56%,

01/20/33

(a)(b)

....

300

283,820

Apidos

CLO

XXXVI,

Series

2021-36A,

Class

B,

(LIBOR

USD

3

Month

+

1.60%),

2.66%,

07/20/34

(a)(b)

....

1,320

1,243,947

Apidos

CLO

XXXVII,

Series

2021-37A,

Class

E,

(LIBOR

USD

3

Month

+

6.30%),

7.44%,

10/22/34

(a)(b)

....

1,600

1,442,008

Apidos

CLO

XXXVIII,

Series

2021-38A,

Class

E2,

(LIBOR

USD

3

Month

+

7.75%),

7.99%,

01/21/34

(a)(b)

....

1,220

1,149,628

Apollo

Credit

Funding

IV

Ltd.,

Series

4A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.60%),

2.64%,

07/15/30

(a)(b)

750

722,388

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Apres

Static

CLO

Ltd.

(a)(b)

Series

2019-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.70%),

2.74%,

10/15/28

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

USD

500

$

488,180

Series

2019-1A,

Class

CR,

(LIBOR

USD

3

Month

+

4.25%),

5.29%,

10/15/28

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

9,150

9,072,098

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2022-FL2,

Class

A,

(TSFR1M

+

1.85%),

3.13%,

05/15/37

(a)(b)

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

16,870

16,533,602

Ares

LII

CLO

Ltd.,

Series

2019-52A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.05%),

2.19%,

04/22/31

(a)(b)

....

2,000

1,946,116

ARES

Loan

Funding

I

Ltd.

(a)(b)

Series

2021-ALFA,

Class

E,

(LIBOR

USD

3

Month

+

6.70%),

7.74%,

10/15/34

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

10,850

9,872,027

Series

2021-ALFA,

Class

SUB,

0.00%,

10/15/34

..........

14,000

10,577,746

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

ER,

(LIBOR

USD

3

Month

+

6.50%),

7.68%,

10/25/34

(a)(b)

....

3,375

3,085,329

Ares

XLI

CLO

Ltd.,

Series

2016-41A,

Class

BR,

(LIBOR

USD

3

Month

+

1.45%),

2.49%,

04/15/34

(a)(b)

....

4,500

4,189,561

Ares

XLV

CLO

Ltd.,

Series

2017-45A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

3.09%,

10/15/30

(a)(b)

....

1,125

1,078,862

Ares

XLVIII

CLO

Ltd.,

Series

2018-48A,

Class

B,

(LIBOR

USD

3

Month

+

1.58%),

2.64%,

07/20/30

(a)(b)

....

5,055

4,795,519

Ares

XXXVII

CLO

Ltd.,

Series

2015-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.17%),

2.21%,

10/15/30

(a)(b)

....

1,500

1,479,096

Assurant

CLO

Ltd.,

Series

2018-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.04%),

2.10%,

04/20/31

(a)(b)

....

750

734,642

Atrium

IX,

Series

9A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.50%),

3.10%,

05/28/30

(a)(b)

..........

325

311,132

Atrium

VIII,

Series

8A,

Class

SUB,

0.00%,

10/23/24

(a)(b)

..........

13,300

24,206

Atrium

XII,

Series

12A,

Class

CR,

(LIBOR

USD

3

Month

+

1.65%),

2.79%,

04/22/27

(a)(b)

..........

4,365

4,221,910

Atrium

XIII

(a)(b)

Series

13A,

Class

A1,

(LIBOR

USD

3

Month

+

1.18%),

2.36%,

11/21/30

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

1,000

979,109

Series

13A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

2.98%,

11/21/30

6,000

5,689,312

Atrium

XV,

Series

15A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

4.18%,

01/23/31

(a)(b)

..........

250

234,857

Avery

Point

IV

CLO

Ltd.,

Series

2014-

1A,

Class

D,

(LIBOR

USD

3

Month

+

3.50%),

4.68%,

04/25/26

(a)(b)

....

3,750

3,721,829

Babson

CLO

Ltd.,

Series

2015-IA,

Class

BR,

(LIBOR

USD

3

Month

+

1.40%),

2.46%,

01/20/31

(a)(b)

....

250

237,107

Bain

Capital

Credit

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.50%),

2.56%,

07/20/30

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

1,400

1,327,746

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

14

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2018-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.08%),

2.12%,

07/19/31

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

USD

5,210

$

5,096,861

Series

2021-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.17%),

2.23%,

10/20/34

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

1,820

1,762,013

Balboa

Bay

Loan

Funding

Ltd.,

Series

2021-1A,

Class

E,

(LIBOR

USD

3

Month

+

6.16%),

7.22%,

07/20/34

(a)(b)

350

304,764

Ballyrock

CLO

14

Ltd.

(a)(b)

Series

2020-14A,

Class

B,

(LIBOR

USD

3

Month

+

2.30%),

3.36%,

01/20/34

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

250

235,250

Series

2020-14A,

Class

D,

(LIBOR

USD

3

Month

+

7.00%),

8.06%,

01/20/34

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

250

227,220

Ballyrock

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

1.90%),

2.94%,

10/15/28

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

5,000

4,884,498

Series

2016-1A,

Class

DR2,

(LIBOR

USD

3

Month

+

3.15%),

4.19%,

10/15/28

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

9,050

8,868,929

Series

2018-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.60%),

2.66%,

04/20/31

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

2,300

2,197,261

Series

2020-2A,

Class

DR,

(LIBOR

USD

3

Month

+

6.15%),

7.21%,

10/20/31

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

1,340

1,220,037

Bardot

CLO

Ltd.,

Series

2019-2A,

Class

DR,

(LIBOR

USD

3

Month

+

3.00%),

4.14%,

10/22/32

(a)(b)

..........

940

876,250

Barings

CLO

Ltd.,

Series

2018-3A,

Class

A1,

(LIBOR

USD

3

Month

+

0.95%),

2.01%,

07/20/29

(a)(b)

....

1,615

1,595,208

Battalion

CLO

IX

Ltd.,

Series

2015-9A,

Class

DR,

(LIBOR

USD

3

Month

+

3.25%),

4.29%,

07/15/31

(a)(b)

....

450

413,172

Battalion

CLO

VIII

Ltd.

(a)(b)

Series

2015-8A,

Class

A2R2,

(LIBOR

USD

3

Month

+

1.55%),

2.59%,

07/18/30

..........

11,000

10,426,986

Series

2015-8A,

Class

BR2,

(LIBOR

USD

3

Month

+

2.00%),

3.04%,

07/18/30

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

8,500

8,126,448

Bean

Creek

CLO

Ltd.,

Series

2015-1A,

Class

ER,

(LIBOR

USD

3

Month

+

5.75%),

6.81%,

04/20/31

(a)(b)

....

370

316,239

Benefit

Street

Partners

CLO

II

Ltd.,

Series

2013-IIA,

Class

A2R2,

(LIBOR

USD

3

Month

+

1.45%),

2.49%,

07/15/29

(a)(b)

..........

4,000

3,885,704

Benefit

Street

Partners

CLO

III

Ltd.

(a)(b)

Series

2013-IIIA,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.00%),

2.06%,

07/20/29

..........

540

534,402

Series

2013-IIIA,

Class

A2R2,

(LIBOR

USD

3

Month

+

1.65%),

2.71%,

07/20/29

..........

2,850

2,776,981

Benefit

Street

Partners

CLO

V-B

Ltd.,

Series

2018-5BA,

Class

A1A,

(LIBOR

USD

3

Month

+

1.09%),

2.15%,

04/20/31

(a)(b)

..........

300

293,574

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Benefit

Street

Partners

CLO

VIII

Ltd.,

Series

2015-8A,

Class

A1AR,

(LIBOR

USD

3

Month

+

1.10%),

2.16%,

01/20/31

(a)(b)

..........

USD

3,640

$

3,567,043

Benefit

Street

Partners

CLO

XII

Ltd.,

Series

2017-12A,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

3.04%,

10/15/30

(a)(b)

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

1,375

1,307,338

Benefit

Street

Partners

CLO

XX

Ltd.

(a)(b)

Series

2020-20A,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

2.74%,

07/15/34

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

3,000

2,812,818

Series

2020-20A,

Class

ER,

(LIBOR

USD

3

Month

+

6.75%),

7.79%,

07/15/34

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

1,000

939,252

Benefit

Street

Partners

CLO

XXIII

Ltd.,

Series

2021-23A,

Class

E,

(LIBOR

USD

3

Month

+

6.81%),

7.99%,

04/25/34

(a)(b)

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

1,250

1,148,004

Birch

Grove

CLO

2

Ltd.

(a)(b)

Series

2021-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.26%),

2.30%,

10/19/34

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

5,500

5,306,517

Series

2021-2A,

Class

D1,

(LIBOR

USD

3

Month

+

3.30%),

4.34%,

10/19/34

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

10,250

9,763,964

Series

2021-2A,

Class

E,

(LIBOR

USD

3

Month

+

6.95%),

7.99%,

10/19/34

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

3,000

2,731,127

Birch

Grove

CLO

3

Ltd.,

Series

2021-

3A,

Class

D1,

(LIBOR

USD

3

Month

+

3.20%),

3.40%,

01/19/35

(a)(b)

...

1,250

1,180,951

Birch

Grove

CLO

Ltd.

(a)(b)

Series

19A,

Class

BR,

(LIBOR

USD

3

Month

+

1.75%),

3.58%,

06/15/31

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

2,000

1,912,654

Series

19A,

Class

CR,

(LIBOR

USD

3

Month

+

2.20%),

4.03%,

06/15/31

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

6,000

5,738,204

Series

19A,

Class

DR,

(LIBOR

USD

3

Month

+

3.35%),

5.18%,

06/15/31

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

4,795

4,527,666

Series

19A,

Class

E,

(LIBOR

USD

3

Month

+

6.77%),

8.60%,

06/15/31

750

695,692

BlueMountain

CLO

Ltd.

(a)(b)

Series

2013-2A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.18%),

2.32%,

10/22/30

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

1,225

1,210,798

Series

2013-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

2.74%,

10/22/30

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

4,000

3,838,234

Series

2016-2A,

Class

C1R2,

(LIBOR

USD

3

Month

+

3.10%),

4.58%,

08/20/32

..........

250

229,738

Series

2018-2A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

3.11%,

08/15/31

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

2,750

2,629,463

BlueMountain

CLO

XXIX

Ltd.

(a)(b)

Series

2020-29A,

Class

BR,

(LIBOR

USD

3

Month

+

1.75%),

2.93%,

07/25/34

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

1,175

1,102,768

Series

2020-29A,

Class

D1R,

(LIBOR

USD

3

Month

+

3.15%),

4.33%,

07/25/34

..........

250

234,056

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

BlueMountain

CLO

XXVIII

Ltd.,

Series

2021-28A,

Class

A,

(LIBOR

USD

3

Month

+

1.26%),

2.30%,

04/15/34

(a)(b)

USD

450

$

436,943

Bristol

Park

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.45%),

2.49%,

04/15/29

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

6,250

5,965,095

Series

2016-1A,

Class

DR,

(LIBOR

USD

3

Month

+

2.95%),

3.99%,

04/15/29

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

500

474,274

Brookside

Mill

CLO

Ltd.

(a)(b)

Series

2013-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.35%),

2.39%,

01/17/28

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

1,000

988,922

Series

2013-1A,

Class

DR,

(LIBOR

USD

3

Month

+

2.65%),

3.69%,

01/17/28

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

500

485,902

Burnham

Park

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.15%),

2.21%,

10/20/29

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

13,998

13,839,445

Series

2016-1A,

Class

DR,

(LIBOR

USD

3

Month

+

2.85%),

3.91%,

10/20/29

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

500

457,958

Canyon

CLO

Ltd.,

Series

2020-3A,

Class

E,

(LIBOR

USD

3

Month

+

7.25%),

8.29%,

01/15/34

(a)(b)

....

380

351,287

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2015-4A,

Class

SBB1,

(LIBOR

USD

3

Month

+

8.50%),

9.56%,

07/20/32

(a)(b)

..........

141

127,496

Carlyle

US

CLO

Ltd.

(a)(b)

Series

2018-4A,

Class

A2,

(LIBOR

USD

3

Month

+

1.80%),

2.86%,

01/20/31

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

550

533,153

Series

2019-2A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.12%),

2.16%,

07/15/32

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

3,000

2,913,958

Series

2021-6A,

Class

A1,

(LIBOR

USD

3

Month

+

1.16%),

2.20%,

07/15/34

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

2,000

1,937,506

CarVal

CLO

I

Ltd.,

Series

2018-1A,

Class

D,

(LIBOR

USD

3

Month

+

2.89%),

3.93%,

07/16/31

(a)(b)

....

1,455

1,370,952

CarVal

CLO

II

Ltd.,

Series

2019-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

3.06%,

04/20/32

(a)(b)

....

700

665,050

CarVal

CLO

VC

Ltd.

(a)(b)

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

3.46%,

10/15/34

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

500

471,254

Series

2021-2A,

Class

E,

(LIBOR

USD

3

Month

+

6.75%),

6.96%,

10/15/34

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

500

456,444

CBAM

Ltd.

(a)(b)

Series

2017-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.25%),

2.31%,

07/20/30

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

6,700

6,620,806

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.40%),

3.46%,

07/20/30

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

750

719,730

Series

2018-6A,

Class

B1R,

(3

Month

CME

Term

SOFR

+

2.36%),

3.21%,

01/15/31

....

3,000

2,888,793

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2018-7A,

Class

B1,

(LIBOR

USD

3

Month

+

1.60%),

2.66%,

07/20/31

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

USD

1,000

$

948,568

Series

2019-9A,

Class

B2,

(LIBOR

USD

3

Month

+

1.90%),

2.94%,

02/12/30

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

4,750

4,642,304

Cedar

Funding

IX

CLO

Ltd.,

Series

2018-9A,

Class

D,

(LIBOR

USD

3

Month

+

2.60%),

3.66%,

04/20/31

(a)(b)

250

229,192

Cedar

Funding

V

CLO

Ltd.,

Series

2016-5A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.10%),

2.14%,

07/17/31

(a)(b)

450

440,833

Cedar

Funding

VII

CLO

Ltd.

(a)(b)

Series

2018-7A,

Class

A2,

(LIBOR

USD

3

Month

+

1.13%),

2.19%,

01/20/31

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

250

241,396

Series

2018-7A,

Class

E,

(LIBOR

USD

3

Month

+

4.55%),

5.61%,

01/20/31

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

2,963

2,457,535

Cedar

Funding

XI

CLO

Ltd.,

Series

2019-11A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.35%),

2.95%,

05/29/32

(a)(b)

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

1,000

958,729

Cedar

Funding

XIV

CLO

Ltd.

(a)(b)

Series

2021-14A,

Class

B,

(LIBOR

USD

3

Month

+

1.60%),

2.64%,

07/15/33

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

4,000

3,809,444

Series

2021-14A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

4.29%,

07/15/33

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

13,250

12,295,523

Series

2021-14A,

Class

E,

(LIBOR

USD

3

Month

+

6.34%),

7.38%,

07/15/33

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

7,350

6,806,645

Series

2021-14A,

Class

SUB,

0.00%,

07/15/33

..........

21,540

12,521,202

CIFC

Funding

Ltd.

(a)(b)

Series

2012-2RA,

Class

A2,

(LIBOR

USD

3

Month

+

1.25%),

2.31%,

01/20/28

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

250

244,047

Series

2013-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.75%),

2.79%,

07/16/30

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

1,250

1,212,066

Series

2013-1A,

Class

CR,

(LIBOR

USD

3

Month

+

3.55%),

4.59%,

07/16/30

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

500

474,583

Series

2013-2A,

Class

A1L2,

(LIBOR

USD

3

Month

+

1.00%),

2.04%,

10/18/30

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

22,000

21,605,291

Series

2013-3RA,

Class

B,

(LIBOR

USD

3

Month

+

1.85%),

3.03%,

04/24/31

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

650

615,066

Series

2013-4A,

Class

DRR,

(LIBOR

USD

3

Month

+

2.80%),

4.02%,

04/27/31

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

250

234,827

Series

2014-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.10%),

2.14%,

01/18/31

..........

630

618,890

Series

2014-2RA,

Class

B1,

(LIBOR

USD

3

Month

+

2.80%),

3.98%,

04/24/30

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

650

611,851

Series

2015-1A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.45%),

2.59%,

01/22/31

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

400

380,875

Series

2015-3A,

Class

BR,

(LIBOR

USD

3

Month

+

1.15%),

2.19%,

04/19/29

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

8,750

8,393,228

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

16

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2017-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

2.80%,

04/23/29

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

USD

2,870

$

2,786,612

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.45%),

3.55%,

04/23/29

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

9,770

9,468,623

Series

2017-5A,

Class

A1,

(LIBOR

USD

3

Month

+

1.18%),

2.22%,

11/16/30

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

250

246,350

Series

2017-5A,

Class

C,

(LIBOR

USD

3

Month

+

2.85%),

3.89%,

11/16/30

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

800

744,846

Series

2018-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.00%),

2.04%,

04/18/31

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

250

244,363

Series

2021-4A,

Class

B,

(LIBOR

USD

3

Month

+

1.58%),

2.62%,

07/15/33

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

500

477,616

Series

2021-4A,

Class

E,

(LIBOR

USD

3

Month

+

6.00%),

7.04%,

07/15/33

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

1,425

1,254,304

Clear

Creek

CLO

(a)(b)

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

2.26%,

10/20/30

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

800

787,184

Series

2015-1A,

Class

DR,

(LIBOR

USD

3

Month

+

2.95%),

4.01%,

10/20/30

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

1,400

1,302,834

Series

2015-1A,

Class

ER,

(LIBOR

USD

3

Month

+

6.30%),

7.36%,

10/20/30

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

1,375

1,173,835

Crown

City

CLO

I,

Series

2020-1A,

Class

DR,

(LIBOR

USD

3

Month

+

7.00%),

8.06%,

07/20/34

(a)(b)

....

625

546,447

Crown

City

CLO

III

(a)(b)

Series

2021-1A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.17%),

2.23%,

07/20/34

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

250

241,889

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

3.30%),

4.36%,

07/20/34

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

3,500

3,168,035

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

6.75%),

7.81%,

07/20/34

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

1,500

1,333,577

Crown

Point

CLO

10

Ltd.,

Series

2021-

10A,

Class

A,

(LIBOR

USD

3

Month

+

1.17%),

2.23%,

07/20/34

(a)(b)

...

6,500

6,240,445

Crown

Point

CLO

9

Ltd.,

Series

2020-

9A,

Class

DR,

(LIBOR

USD

3

Month

+

3.75%),

4.79%,

07/14/34

(a)(b)

...

1,000

940,776

Deer

Creek

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

2.24%,

10/20/30

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

3,000

2,951,244

Series

2017-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

2.71%,

10/20/30

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

1,750

1,674,515

Series

2017-1A,

Class

D,

(LIBOR

USD

3

Month

+

2.95%),

4.01%,

10/20/30

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

900

845,878

Series

2017-1A,

Class

E,

(LIBOR

USD

3

Month

+

6.35%),

7.41%,

10/20/30

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

500

437,368

Diameter

Capital

CLO

2

Ltd.,

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

6.06%),

7.10%,

10/15/36

(a)(b)

1,000

940,791

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Dryden

45

Senior

Loan

Fund

(a)(b)

Series

2016-45A,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

2.74%,

10/15/30

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

USD

4,000

$

3,820,231

Series

2016-45A,

Class

CR,

(LIBOR

USD

3

Month

+

2.20%),

3.24%,

10/15/30

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

375

358,685

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

2.64%,

07/18/30

(a)(b)

1,000

963,261

Dryden

65

CLO

Ltd.,

Series

2018-65A,

Class

B,

(LIBOR

USD

3

Month

+

1.60%),

2.64%,

07/18/30

(a)(b)

....

700

664,153

Dryden

77

CLO

Ltd.,

Series

2020-77A,

Class

XR,

(LIBOR

USD

3

Month

+

1.00%),

2.48%,

05/20/34

(a)(b)

....

250

249,713

Dryden

78

CLO

Ltd.,

Series

2020-78A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

4.04%,

04/17/33

(a)(b)

....

250

229,350

Dryden

XXVIII

Senior

Loan

Fund,

Series

2013-28A,

Class

A1LR,

(LIBOR

USD

3

Month

+

1.20%),

2.61%,

08/15/30

(a)(b)

..........

23,925

23,605,963

Eaton

Vance

CLO

Ltd.

(a)(b)

Series

2014-1RA,

Class

A2,

(LIBOR

USD

3

Month

+

1.49%),

2.53%,

07/15/30

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

1,750

1,690,676

Series

2018-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.20%),

3.24%,

10/15/30

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

1,000

948,663

Series

2019-1A,

Class

ER,

(LIBOR

USD

3

Month

+

6.50%),

7.54%,

04/15/31

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

5,000

4,594,916

Elevation

CLO

Ltd.

(a)(b)

Series

2014-2A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.23%),

2.27%,

10/15/29

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

240

237,283

Series

2018-10A,

Class

B,

(LIBOR

USD

3

Month

+

1.90%),

2.96%,

10/20/31

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

2,773

2,682,833

Series

2021-12A,

Class

E,

(LIBOR

USD

3

Month

+

7.27%),

8.33%,

04/20/32

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

1,000

891,244

Elmwood

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.45%),

2.51%,

10/20/33

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

2,000

1,963,922

Series

2019-1A,

Class

DR,

(LIBOR

USD

3

Month

+

4.40%),

5.46%,

10/20/33

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

6,750

6,533,358

Series

2019-1A,

Class

ER,

(LIBOR

USD

3

Month

+

7.71%),

8.77%,

10/20/33

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

2,625

2,516,008

Elmwood

CLO

II

Ltd.

(a)(b)

Series

2019-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.15%),

2.21%,

04/20/34

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

3,100

2,997,332

Series

2019-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

2.71%,

04/20/34

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

5,950

5,629,177

Series

2019-2A,

Class

ER,

(LIBOR

USD

3

Month

+

6.80%),

7.86%,

04/20/34

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

14,500

13,677,132

Series

2019-2A,

Class

FR,

(LIBOR

USD

3

Month

+

8.00%),

9.06%,

04/20/34

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

7,500

6,747,029

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2019-2A,

Class

SUB,

0.00%,

04/20/34

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

USD

4,000

$

2,875,107

Elmwood

CLO

IV

Ltd.,

Series

2020-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

2.74%,

04/15/33

(a)(b)

....

5,950

5,659,205

Elmwood

CLO

V

Ltd.,

Series

2020-2A,

Class

ER,

(LIBOR

USD

3

Month

+

6.10%),

7.16%,

10/20/34

(a)(b)

....

4,850

4,397,876

Elmwood

CLO

VI

Ltd.,

Series

2020-3A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

2.71%,

10/20/34

(a)(b)

....

1,750

1,647,656

Elmwood

CLO

VII

Ltd.

(a)(b)

Series

2020-4A,

Class

E,

(LIBOR

USD

3

Month

+

7.10%),

8.14%,

01/17/34

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

2,703

2,496,486

Series

2020-4A,

Class

F,

(LIBOR

USD

3

Month

+

8.01%),

9.05%,

01/17/34

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

5,000

4,482,194

Series

2020-4A,

Class

SUB,

0.00%,

01/17/34

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

1,000

736,197

Elmwood

CLO

VIII

Ltd.

(a)(b)

Series

2021-1A,

Class

E1,

(LIBOR

USD

3

Month

+

6.00%),

7.06%,

01/20/34

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

750

673,238

Series

2021-1A,

Class

F1,

(LIBOR

USD

3

Month

+

8.00%),

9.06%,

01/20/34

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

1,500

1,347,606

Series

2021-1A,

Class

F2,

(LIBOR

USD

3

Month

+

8.00%),

9.06%,

01/20/34

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

1,500

1,350,458

Elmwood

CLO

X

Ltd.

(a)(b)

Series

2021-3A,

Class

A,

(LIBOR

USD

3

Month

+

1.04%),

2.10%,

10/20/34

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

1,000

972,223

Series

2021-3A,

Class

E,

(LIBOR

USD

3

Month

+

5.85%),

6.91%,

10/20/34

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

3,000

2,627,040

Flatiron

CLO

19

Ltd.,

Series

2019-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.00%),

4.41%,

11/16/34

(a)(b)

....

800

741,514

FS

Rialto

(a)(b)

Series

2021-FL2,

Class

A,

(LIBOR

USD

1

Month

+

1.22%),

2.73%,

05/16/38

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

1,790

1,750,970

Series

2021-FL3,

Class

A,

(LIBOR

USD

1

Month

+

1.25%),

2.76%,

11/16/36

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

2,300

2,196,242

Galaxy

XXII

CLO

Ltd.,

Series

2016-

22A,

Class

ARR,

(LIBOR

USD

3

Month

+

1.20%),

2.24%,

04/16/34

(a)(b)

850

822,090

Generate

CLO

3

Ltd.

(a)(b)

Series

2016-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.25%),

2.31%,

10/20/29

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

6,465

6,393,088

Series

2016-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.75%),

2.81%,

10/20/29

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

10,455

10,109,914

Series

2016-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.60%),

4.66%,

10/20/29

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

10,778

10,419,000

Series

2016-1A,

Class

ER,

(LIBOR

USD

3

Month

+

6.40%),

7.46%,

10/20/29

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

7,052

6,718,614

Series

2016-1A,

Class

FR,

(LIBOR

USD

3

Month

+

7.25%),

8.31%,

10/20/29

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

2,917

2,421,377

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Generate

CLO

4

Ltd.

(a)(b)

Series

2016-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.55%),

2.61%,

04/20/32

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

USD

2,750

$

2,597,343

Series

2016-2A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

4.21%,

04/20/32

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

6,500

6,008,537

Series

2016-2A,

Class

ER,

(LIBOR

USD

3

Month

+

6.75%),

7.81%,

04/20/32

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

3,250

2,988,201

Generate

CLO

7

Ltd.,

Series

2019-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.75%),

3.89%,

01/22/33

(a)(b)

....

500

473,270

Gilbert

Park

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.19%),

2.23%,

10/15/30

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

850

836,673

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.99%,

10/15/30

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

7,160

6,818,892

Series

2017-1A,

Class

D,

(LIBOR

USD

3

Month

+

2.95%),

3.99%,

10/15/30

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

6,223

5,883,832

GoldenTree

Loan

Management

US

CLO

5

Ltd.,

Series

2019-5A,

Class

BR,

(LIBOR

USD

3

Month

+

1.55%),

2.61%,

10/20/32

(a)(b)

..........

2,040

1,918,248

GoldenTree

Loan

Opportunities

IX

Ltd.

(a)(b)

Series

2014-9A,

Class

AR2,

(LIBOR

USD

3

Month

+

1.11%),

2.35%,

10/29/29

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

5,951

5,880,900

Series

2014-9A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.60%),

2.84%,

10/29/29

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

3,500

3,389,279

GoldenTree

Loan

Opportunities

XI

Ltd.,

Series

2015-11A,

Class

AR2,

(LIBOR

USD

3

Month

+

1.07%),

2.11%,

01/18/31

(a)(b)

..........

4,095

4,021,928

GoldentTree

Loan

Management

US

CLO

1

Ltd.

(a)(b)

Series

2021-9A,

Class

E,

(LIBOR

USD

3

Month

+

4.75%),

5.81%,

01/20/33

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

2,340

1,903,730

Series

2021-11A,

Class

E,

(LIBOR

USD

3

Month

+

5.35%),

6.41%,

10/20/34

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

5,765

5,079,960

Series

2021-11A,

Class

EJ,

(LIBOR

USD

3

Month

+

7.75%),

8.81%,

10/20/34

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

1,375

1,312,626

Golub

Capital

Partners

CLO

53B

Ltd.,

Series

2021-53A,

Class

E,

(LIBOR

USD

3

Month

+

6.70%),

7.76%,

07/20/34

(a)(b)

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

500

426,514

Golub

Capital

Partners

CLO

55B

Ltd.,

Series

2021-55A,

Class

E,

(LIBOR

USD

3

Month

+

6.56%),

7.62%,

07/20/34

(a)(b)

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

2,690

2,496,731

Gracie

Point

International

Funding

(a)(b)

Series

2020-B,

Class

B,

(LIBOR

USD

1

Month

+

2.40%),

3.46%,

05/02/23

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

15,000

15,002,995

Series

2021-1A,

Class

B,

(LIBOR

USD

1

Month

+

1.40%),

2.46%,

11/01/23

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

1,320

1,308,526

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

18

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2021-1A,

Class

C,

(LIBOR

USD

1

Month

+

2.40%),

3.46%,

11/01/23

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

USD

1,729

$

1,706,752

Great

Lakes

CLO

V

Ltd.,

Series

2021-

5A,

Class

A,

(LIBOR

USD

3

Month

+

1.70%),

2.74%,

04/15/33

(a)(b)

....

6,500

6,448,326

GT

Loan

Financing

I

Ltd.,

Series

2013-

1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

3.34%,

07/28/31

(a)(b)

...

500

482,602

Gulf

Stream

Meridian

1

Ltd.

(a)(b)

Series

2020-IA,

Class

A1,

(LIBOR

USD

3

Month

+

1.37%),

2.41%,

04/15/33

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

5,250

5,100,783

Series

2020-IA,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

3.04%,

04/15/33

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

250

240,575

Series

2020-IA,

Class

E,

(LIBOR

USD

3

Month

+

6.45%),

7.49%,

04/15/33

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

2,875

2,663,141

Gulf

Stream

Meridian

3

Ltd.,

Series

2021-IIIA,

Class

A1,

(LIBOR

USD

3

Month

+

1.32%),

2.36%,

04/15/34

(a)(b)

1,000

966,939

Gulf

Stream

Meridian

4

Ltd.

(a)(b)

Series

2021-4A,

Class

A2,

(LIBOR

USD

3

Month

+

1.85%),

2.89%,

07/15/34

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

1,000

968,783

Series

2021-4A,

Class

D,

(LIBOR

USD

3

Month

+

6.35%),

7.39%,

07/15/34

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

2,875

2,525,016

Gulf

Stream

Meridian

5

Ltd.,

Series

2021-5A,

Class

A2,

(LIBOR

USD

3

Month

+

1.80%),

2.84%,

07/15/34

(a)(b)

3,250

3,152,533

Gulf

Stream

Meridian

6

Ltd.

(a)(b)

Series

2021-6A,

Class

A1,

(LIBOR

USD

3

Month

+

1.19%),

2.23%,

01/15/37

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

1,000

964,080

Series

2021-6A,

Class

D,

(LIBOR

USD

3

Month

+

6.36%),

7.40%,

01/15/37

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

1,250

1,098,273

Gulf

Stream

Meridian

7

Ltd.

(a)(b)

Series

2022-7A,

Class

A1,

(3

Month

CME

Term

SOFR

+

1.36%),

1.66%,

07/15/35

..........

10,000

9,627,367

Series

2022-7A,

Class

D,

(3

Month

CME

Term

SOFR

+

6.85%),

7.15%,

07/15/35

..........

2,250

2,115,041

Harbor

Park

CLO

Ltd.,

Series

2018-1A,

Class

E,

(LIBOR

USD

3

Month

+

5.60%),

6.66%,

01/20/31

(a)(b)

....

1,500

1,329,650

Highbridge

Loan

Management,

Series

3A-2014,

Class

A1R,

(LIBOR

USD

3

Month

+

1.18%),

2.22%,

07/18/29

(a)(b)

1,000

987,605

Highbridge

Loan

Management

Ltd.

(a)(b)

Series

12A-18,

Class

A1B,

(LIBOR

USD

3

Month

+

1.25%),

2.29%,

07/18/31

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

930

899,934

Series

7A-2015,

Class

BR,

(LIBOR

USD

3

Month

+

1.18%),

2.59%,

03/15/27

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

580

569,538

Series

7A-2015,

Class

CR,

(LIBOR

USD

3

Month

+

1.70%),

3.11%,

03/15/27

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

1,670

1,624,597

HPS

Loan

Management

Ltd.,

Series

6A-2015,

Class

A1R,

(LIBOR

USD

3

Month

+

1.00%),

2.36%,

02/05/31

(a)(b)

6,103

5,984,433

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Jamestown

CLO

XII

Ltd.,

Series

2019-

1A,

Class

A2,

(LIBOR

USD

3

Month

+

2.15%),

3.21%,

04/20/32

(a)(b)

...

USD

2,300

$

2,217,733

KKR

CLO

10

Ltd.,

Series

10,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

3.53%,

09/15/29

(a)(b)

..........

3,000

2,922,057

LCM

XIV

LP,

Series

14A,

Class

AR,

(LIBOR

USD

3

Month

+

1.04%),

2.10%,

07/20/31

(a)(b)

..........

750

732,893

LCM

XX

LP,

Series

20A,

Class

BR,

(LIBOR

USD

3

Month

+

1.55%),

2.61%,

10/20/27

(a)(b)

..........

5,000

4,882,947

LCM

XXI

LP,

Series

21A,

Class

BR,

(LIBOR

USD

3

Month

+

1.40%),

2.46%,

04/20/28

(a)(b)

..........

250

244,925

LoanCore

Issuer

Ltd.

(a)(b)

Series

2018-CRE1,

Class

A,

(LIBOR

USD

1

Month

+

1.13%),

2.45%,

05/15/28

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

398

395,897

Series

2021-CRE5,

Class

A,

(LIBOR

USD

1

Month

+

1.30%),

2.62%,

07/15/36

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

6,950

6,712,034

Loanpal

Solar

Loan

Ltd.

(a)

Series

2020-2GF,

Class

A,

2.75%,

07/20/47

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

4,104

3,648,752

Series

2021-1GS,

Class

A,

2.29%,

01/20/48

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

9,835

8,508,057

Longfellow

Place

CLO

Ltd.,

Series

2013-1A,

Class

BR3,

(LIBOR

USD

3

Month

+

1.75%),

2.79%,

04/15/29

(a)(b)

7,000

6,860,562

Madison

Park

Funding

LVII

Ltd.,

Series

2018-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.10%),

4.14%,

10/15/31

(a)(b)

875

805,605

Madison

Park

Funding

XIII

Ltd.,

Series

2014-13A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.50%),

2.54%,

04/19/30

(a)(b)

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

5,000

4,843,445

Madison

Park

Funding

XIX

Ltd.

(a)(b)

Series

2015-19A,

Class

A1R2,

(LIBOR

USD

3

Month

+

0.92%),

2.06%,

01/22/28

..........

1,860

1,834,569

Series

2015-19A,

Class

A2R2,

(LIBOR

USD

3

Month

+

1.50%),

2.64%,

01/22/28

..........

5,000

4,849,462

Madison

Park

Funding

XLIX

Ltd.,

Series

2021-49A,

Class

E,

(LIBOR

USD

3

Month

+

6.25%),

7.29%,

10/19/34

(a)(b)

2,750

2,464,739

Madison

Park

Funding

XLV

Ltd.,

Series

2020-45A,

Class

SUB,

0.00%,

07/15/34

(a)(b)

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

2,000

1,610,848

Madison

Park

Funding

XVIII

Ltd.,

Series

2015-18A,

Class

ARR,

(LIBOR

USD

3

Month

+

0.94%),

2.04%,

10/21/30

(a)(b)

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

24,750

24,234,903

Madison

Park

Funding

XXII

Ltd.,

Series

2016-22A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.26%),

2.30%,

01/15/33

(a)(b)

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

1,750

1,709,778

Madison

Park

Funding

XXIII

Ltd.,

Series

2017-23A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

3.22%,

07/27/31

(a)(b)

3,000

2,877,991

Madison

Park

Funding

XXIV

Ltd.,

Series

2016-24A,

Class

BR,

(LIBOR

USD

3

Month

+

1.75%),

2.81%,

10/20/29

(a)(b)

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

7,250

6,997,003

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Madison

Park

Funding

XXIX

Ltd.,

Series

2018-29A,

Class

E,

(LIBOR

USD

3

Month

+

5.70%),

6.74%,

10/18/30

(a)(b)

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

USD

1,750

$

1,536,964

Madison

Park

Funding

XXV

Ltd.,

Series

2017-25A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.65%),

2.83%,

04/25/29

(a)(b)

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

6,500

6,292,411

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-26A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

2.44%,

07/29/30

(a)(b)

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

2,000

1,985,860

Madison

Park

Funding

XXVII

Ltd.,

Series

2018-27A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.03%),

2.09%,

04/20/30

(a)(b)

..........

350

343,296

Madison

Park

Funding

XXX

Ltd.

(b)

Series

2018-30A,

Class

E,

(LIBOR

USD

3

Month

+

4.95%),

5.99%,

04/15/29

(a)

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

2,050

1,816,150

Series

2018-30X,

Class

E,

(LIBOR

USD

3

Month

+

4.95%),

5.99%,

04/15/29

(d)

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

1,000

885,927

Madison

Park

Funding

XXXIII

Ltd.,

Series

2019-33A,

Class

BR,

(3

Month

CME

Term

SOFR

+

1.80%),

2.65%,

10/15/32

(a)(b)

..........

15,500

15,067,477

Madison

Park

Funding

XXXIV

Ltd.

(a)(b)

Series

2019-34A,

Class

AR,

(LIBOR

USD

3

Month

+

1.12%),

2.30%,

04/25/32

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

250

244,343

Series

2019-34A,

Class

DR,

(LIBOR

USD

3

Month

+

3.35%),

4.53%,

04/25/32

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

250

235,495

Series

2019-34A,

Class

SUB,

0.00%,

04/25/32

..........

8,550

4,947,030

Madison

Park

Funding

XXXVIII

Ltd.

(a)(b)

Series

2021-38A,

Class

A,

(LIBOR

USD

3

Month

+

1.12%),

2.16%,

07/17/34

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

2,750

2,658,986

Series

2021-38A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

2.69%,

07/17/34

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

2,250

2,125,946

Series

2021-38A,

Class

C,

(LIBOR

USD

3

Month

+

1.90%),

2.94%,

07/17/34

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

250

231,106

Series

2021-38A,

Class

E,

(LIBOR

USD

3

Month

+

6.00%),

7.04%,

07/17/34

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

1,500

1,362,591

Marble

Point

CLO

XXIII

Ltd.,

Series

2021-4A,

Class

D1,

(LIBOR

USD

3

Month

+

3.65%),

4.79%,

01/22/35

(a)(b)

500

484,271

Mariner

CLO

LLC

(a)(b)

Series

2016-3A,

Class

AR2,

(LIBOR

USD

3

Month

+

0.99%),

2.17%,

07/23/29

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

212

208,848

Series

2016-3A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.50%),

2.68%,

07/23/29

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

5,250

5,058,737

Series

2016-3A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.05%),

3.23%,

07/23/29

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

23,000

22,103,524

Series

2016-3A,

Class

DR2,

(LIBOR

USD

3

Month

+

2.90%),

4.08%,

07/23/29

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

3,750

3,512,269

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

MP

CLO

VII

Ltd.

(a)(b)

Series

2015-1A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.60%),

2.64%,

10/18/28

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

USD

500

$

477,580

Series

2015-1A,

Class

CRR,

(LIBOR

USD

3

Month

+

2.20%),

3.24%,

10/18/28

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

3,690

3,546,094

MP

CLO

VIII

Ltd.,

Series

2015-2A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.80%),

3.04%,

04/28/34

(a)(b)

....

11,250

10,778,539

Myers

Park

CLO

Ltd.

(a)(b)

Series

2018-1A,

Class

B1,

(LIBOR

USD

3

Month

+

1.60%),

2.66%,

10/20/30

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

250

238,520

Series

2018-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

3.11%,

10/20/30

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

1,000

948,026

Series

2018-1A,

Class

E,

(LIBOR

USD

3

Month

+

5.50%),

6.56%,

10/20/30

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

750

645,720

Neuberger

Berman

CLO

XIV

Ltd.,

Series

2013-14A,

Class

AR2,

(LIBOR

USD

3

Month

+

1.03%),

2.27%,

01/28/30

(a)(b)

..........

1,986

1,953,325

Neuberger

Berman

CLO

XVII

Ltd.

(a)(b)

Series

2014-17A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.00%),

3.14%,

04/22/29

..........

5,350

5,123,895

Series

2014-17A,

Class

DR2A,

(LIBOR

USD

3

Month

+

2.80%),

3.94%,

04/22/29

..........

1,500

1,380,877

Neuberger

Berman

CLO

XX

Ltd.

(a)(b)

Series

2015-20A,

Class

ARR,

(LIBOR

USD

3

Month

+

1.16%),

2.20%,

07/15/34

..........

439

424,792

Series

2015-20A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.65%),

2.69%,

07/15/34

..........

500

470,830

Series

2015-20A,

Class

ERR,

(LIBOR

USD

3

Month

+

6.50%),

7.54%,

07/15/34

..........

1,888

1,666,078

Neuberger

Berman

CLO

XXII

Ltd.

(a)(b)

Series

2016-22A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

2.69%,

10/17/30

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

400

383,686

Series

2016-22A,

Class

CR,

(LIBOR

USD

3

Month

+

2.20%),

3.24%,

10/17/30

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

250

238,256

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.,

Series

2019-32A,

Class

ER,

(LIBOR

USD

3

Month

+

6.10%),

7.14%,

01/20/32

(a)(b)

..........

425

391,173

Neuberger

Berman

Loan

Advisers

CLO

34

Ltd.,

Series

2019-34A,

Class

BR,

(3

Month

CME

Term

SOFR

+

1.75%),

2.60%,

01/20/35

(a)(b)

....

3,400

3,228,148

Neuberger

Berman

Loan

Advisers

CLO

35

Ltd.,

Series

2019-35A,

Class

C,

(LIBOR

USD

3

Month

+

2.60%),

3.64%,

01/19/33

(a)(b)

..........

500

474,932

Neuberger

Berman

Loan

Advisers

CLO

39

Ltd.,

Series

2020-39A,

Class

E,

(LIBOR

USD

3

Month

+

7.20%),

8.26%,

01/20/32

(a)(b)

..........

250

240,319

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

20

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Neuberger

Berman

Loan

Advisers

CLO

46

Ltd.,

Series

2021-46A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

2.71%,

01/20/36

(a)(b)

..........

USD

750

$

707,306

Niagara

Park

CLO

Ltd.,

Series

2019-

1A,

Class

ER,

(LIBOR

USD

3

Month

+

5.95%),

6.99%,

07/17/32

(a)(b)

...

2,500

2,192,992

Northwoods

Capital

20

Ltd.,

Series

2019-20A,

Class

ER,

(LIBOR

USD

3

Month

+

7.85%),

9.03%,

01/25/32

(a)(b)

1,250

1,222,879

Ocean

Trails

CLO

V,

Series

2014-5A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.95%),

2.97%,

10/13/31

(a)(b)

....

2,500

2,405,309

OCP

CLO

Ltd.

(a)

Series

2013-4A,

Class

A2RR,

(LIBOR

USD

3

Month

+

1.45%),

2.63%,

04/24/29

(b)

.........

5,250

5,128,936

Series

2013-4A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.90%),

3.08%,

04/24/29

(b)

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

19,500

18,916,917

Series

2013-4A,

Class

CRR,

(LIBOR

USD

3

Month

+

3.00%),

4.18%,

04/24/29

(b)

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

12,000

11,647,168

Series

2014-5A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.08%),

2.29%,

04/26/31

(b)

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

1,410

1,381,833

Series

2014-7A,

Class

A2RR,

(LIBOR

USD

3

Month

+

1.65%),

2.71%,

07/20/29

(b)

.........

1,600

1,540,880

Series

2014-7A,

Class

B2RR,

5.11%,

07/20/29

..........

3,830

3,535,908

Series

2015-9A,

Class

BR2,

(3

Month

CME

Term

SOFR

+

1.75%),

2.16%,

01/15/33

(b)

...

10,250

9,662,022

Series

2017-14A,

Class

B,

(LIBOR

USD

3

Month

+

1.95%),

3.43%,

11/20/30

(b)

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

1,200

1,140,797

Series

2019-16A,

Class

AR,

(LIBOR

USD

3

Month

+

1.00%),

1.99%,

04/10/33

(b)

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

500

484,057

Series

2020-18A,

Class

AR,

(LIBOR

USD

3

Month

+

1.09%),

2.15%,

07/20/32

(b)

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

1,000

974,021

Series

2020-18A,

Class

DR,

(LIBOR

USD

3

Month

+

3.20%),

4.26%,

07/20/32

(b)

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

4,750

4,384,350

Series

2020-20A,

Class

D1,

(LIBOR

USD

3

Month

+

3.95%),

4.94%,

10/09/33

(b)

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

2,500

2,460,315

Series

2020-20A,

Class

E,

(LIBOR

USD

3

Month

+

7.66%),

8.65%,

10/09/33

(b)

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

1,500

1,395,153

Octagon

Investment

Partners

18-R

Ltd.,

Series

2018-18A,

Class

A1A,

(LIBOR

USD

3

Month

+

0.96%),

2.00%,

04/16/31

(a)(b)

..........

276

268,224

Octagon

Investment

Partners

33

Ltd.,

Series

2017-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.19%),

2.25%,

01/20/31

(a)(b)

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

1,750

1,719,807

Octagon

Investment

Partners

36

Ltd.,

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

0.97%),

2.01%,

04/15/31

(a)(b)

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

250

243,822

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Octagon

Investment

Partners

37

Ltd.,

Series

2018-2A,

Class

A2,

(LIBOR

USD

3

Month

+

1.58%),

2.76%,

07/25/30

(a)(b)

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

USD

1,000

$

948,710

Octagon

Investment

Partners

49

Ltd.,

Series

2020-5A,

Class

E,

(LIBOR

USD

3

Month

+

6.75%),

7.79%,

01/15/33

(a)(b)

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

750

695,344

Octagon

Investment

Partners

XV

Ltd.,

Series

2013-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.35%),

2.39%,

07/19/30

(a)(b)

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

1,000

984,654

OHA

Credit

Funding

2

Ltd.,

Series

2019-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.15%),

2.25%,

04/21/34

(a)(b)

4,500

4,372,823

OHA

Credit

Funding

3

Ltd.,

Series

2019-3A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

2.71%,

07/02/35

(a)(b)

250

236,152

OHA

Credit

Funding

4

Ltd.,

Series

2019-4A,

Class

AR,

(LIBOR

USD

3

Month

+

1.15%),

2.29%,

10/22/36

(a)(b)

500

482,381

OHA

Credit

Funding

6

Ltd.,

Series

2020-6A,

Class

AR,

(LIBOR

USD

3

Month

+

1.14%),

2.20%,

07/20/34

(a)(b)

1,000

969,726

OHA

Credit

Partners

XI

Ltd.,

Series

2015-11A,

Class

CR,

(LIBOR

USD

3

Month

+

2.15%),

3.21%,

01/20/32

(a)(b)

300

286,221

OHA

Credit

Partners

XIII

Ltd.,

Series

2016-13A,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

2.80%,

10/25/34

(a)(b)

750

708,678

OHA

Loan

Funding

Ltd.,

Series

2013-

2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.04%),

2.54%,

05/23/31

(a)(b)

...

14,402

14,111,915

OSD

CLO

Ltd.,

Series

2021-23A,

Class

E,

(LIBOR

USD

3

Month

+

6.00%),

7.04%,

04/17/31

(a)(b)

..........

500

443,056

Owl

Rock

CLO

VI

Ltd.,

Series

2021-6A,

Class

A,

(LIBOR

USD

3

Month

+

1.45%),

3.55%,

06/21/32

(a)(b)

....

1,500

1,486,276

OZLM

Funding

IV

Ltd.

(a)(b)

Series

2013-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.25%),

2.39%,

10/22/30

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

981

968,489

Series

2013-4A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.70%),

2.84%,

10/22/30

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

960

921,916

OZLM

VI

Ltd.

(a)(b)

Series

2014-6A,

Class

A2AS,

(LIBOR

USD

3

Month

+

1.75%),

2.79%,

04/17/31

..........

1,800

1,717,963

Series

2014-6A,

Class

SUB,

0.00%,

04/17/31

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

3,200

490,560

OZLM

VIII

Ltd.

(a)(b)

Series

2014-8A,

Class

A2R3,

(LIBOR

USD

3

Month

+

1.65%),

2.69%,

10/17/29

..........

3,815

3,727,617

Series

2014-8A,

Class

CRR,

(LIBOR

USD

3

Month

+

3.15%),

4.19%,

10/17/29

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

1,835

1,725,824

OZLM

XX

Ltd.,

Series

2018-20A,

Class

A2,

(LIBOR

USD

3

Month

+

1.65%),

2.71%,

04/20/31

(a)(b)

..........

250

237,795

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2013-2A,

Class

A2R3,

(LIBOR

USD

3

Month

+

1.50%),

2.54%,

10/17/31

..........

1,250

1,182,611

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2014-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.13%),

2.17%,

01/17/31

..........

USD

1,670

$

1,642,857

Series

2015-1A,

Class

A2R4,

(LIBOR

USD

3

Month

+

1.70%),

3.20%,

05/21/34

..........

2,500

2,359,912

Series

2015-2A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.75%),

3.81%,

07/20/30

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

500

465,481

Series

2015-2A,

Class

DR2,

(LIBOR

USD

3

Month

+

5.75%),

6.81%,

07/20/30

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

3,500

3,104,633

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.03%),

2.07%,

04/18/31

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

6,260

6,130,027

Series

2018-2A,

Class

D,

(LIBOR

USD

3

Month

+

5.60%),

6.66%,

07/16/31

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

750

657,663

Series

2020-3A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.60%),

3.01%,

11/15/31

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

2,040

1,959,067

Series

2021-2A,

Class

E,

(LIBOR

USD

3

Month

+

6.35%),

7.39%,

07/15/34

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

250

232,437

Series

2021-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.15%),

1.38%,

01/15/35

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

250

241,035

Palmer

Square

Loan

Funding

Ltd.

(a)(b)

Series

2018-5A,

Class

SUB,

0.00%,

01/20/27

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

4,750

578,598

Series

2019-3A,

Class

A2,

(LIBOR

USD

3

Month

+

1.60%),

3.08%,

08/20/27

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

14,500

14,272,089

Series

2019-3A,

Class

B,

(LIBOR

USD

3

Month

+

2.10%),

3.58%,

08/20/27

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

1,000

980,331

Series

2019-3A,

Class

C,

(LIBOR

USD

3

Month

+

3.40%),

4.88%,

08/20/27

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

6,800

6,712,309

Series

2019-3A,

Class

D,

(LIBOR

USD

3

Month

+

5.35%),

6.83%,

08/20/27

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

2,750

2,716,630

Series

2019-4A,

Class

A2,

(LIBOR

USD

3

Month

+

1.60%),

2.78%,

10/24/27

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

2,250

2,211,672

Series

2019-4A,

Class

C,

(LIBOR

USD

3

Month

+

3.25%),

4.43%,

10/24/27

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

2,250

2,209,784

Series

2019-4A,

Class

D,

(LIBOR

USD

3

Month

+

5.90%),

7.08%,

10/24/27

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

3,225

3,204,539

Series

2020-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.35%),

2.83%,

02/20/28

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

7,600

7,389,662

Series

2020-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.50%),

3.98%,

02/20/28

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

4,150

3,943,358

Series

2020-1A,

Class

D,

(LIBOR

USD

3

Month

+

4.85%),

6.33%,

02/20/28

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

600

583,233

Series

2020-4A,

Class

B,

(LIBOR

USD

3

Month

+

2.30%),

3.82%,

11/25/28

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

7,500

7,337,312

Series

2020-4A,

Class

C,

(LIBOR

USD

3

Month

+

3.60%),

5.12%,

11/25/28

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

3,000

2,934,581

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2020-4A,

Class

D,

(LIBOR

USD

3

Month

+

7.05%),

8.57%,

11/25/28

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

USD

2,500

$

2,481,211

Series

2020-4A,

Class

E,

(LIBOR

USD

3

Month

+

8.57%),

10.09%,

11/25/28

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

1,000

983,204

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

6.00%),

7.06%,

04/20/29

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

3,000

2,864,511

Series

2021-2A,

Class

A2,

(LIBOR

USD

3

Month

+

1.25%),

2.73%,

05/20/29

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

11,750

11,277,624

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

5.00%),

6.48%,

05/20/29

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

500

432,719

Series

2021-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.50%),

3.56%,

07/20/29

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

5,250

4,881,178

Series

2021-3A,

Class

D,

(LIBOR

USD

3

Month

+

5.00%),

6.06%,

07/20/29

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

4,875

4,260,769

Series

2021-4A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

2.79%,

10/15/29

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

500

471,583

Series

2021-4A,

Class

C,

(LIBOR

USD

3

Month

+

2.60%),

3.64%,

10/15/29

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

2,000

1,831,703

Series

2021-4A,

Class

D,

(LIBOR

USD

3

Month

+

5.00%),

6.04%,

10/15/29

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

10,000

8,577,029

Series

2021-4A,

Class

E,

(LIBOR

USD

3

Month

+

7.51%),

8.55%,

10/15/29

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

2,000

1,869,097

Series

2022-2A,

Class

A2,

(3

Month

CME

Term

SOFR

+

1.90%),

2.99%,

10/15/30

..........

25,000

24,287,443

Series

2022-2A,

Class

B,

(3

Month

CME

Term

SOFR

+

2.20%),

3.29%,

10/15/30

..........

10,500

9,994,770

Series

2022-2A,

Class

C,

(3

Month

CME

Term

SOFR

+

3.10%),

4.19%,

10/15/30

..........

6,000

5,585,781

Series

2022-2A,

Class

D,

(3

Month

CME

Term

SOFR

+

6.20%),

7.29%,

10/15/30

..........

11,500

11,085,175

Parallel

Ltd.,

Series

2015-1A,

Class

C1R,

(LIBOR

USD

3

Month

+

1.75%),

2.81%,

07/20/27

(a)(b)

....

1,670

1,637,793

Park

Avenue

Institutional

Advisers

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

DR,

(LIBOR

USD

3

Month

+

6.81%),

8.22%,

02/14/34

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

3,250

2,912,732

Series

2019-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.48%),

2.89%,

05/15/32

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

500

492,184

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

7.30%),

8.36%,

01/20/34

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

2,300

2,088,819

Series

2021-2A,

Class

E,

(LIBOR

USD

3

Month

+

7.01%),

8.05%,

07/15/34

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

900

802,666

Pikes

Peak

CLO

1,

Series

2018-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

2.36%,

07/24/31

(a)(b)

....

250

246,015

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

22

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Pikes

Peak

CLO

11,

Series

2022-11A,

Class

A1,

(3

Month

CME

Term

SOFR

+

1.95%),

3.98%,

07/25/34

(a)(b)

USD

11,000

$

10,972,500

Pikes

Peak

CLO

4,

Series

2019-4A,

Class

DR,

(LIBOR

USD

3

Month

+

3.25%),

4.29%,

07/15/34

(a)(b)

....

375

349,896

Pikes

Peak

CLO

6,

Series

2020-6A,

Class

ER2,

(LIBOR

USD

3

Month

+

6.43%),

7.89%,

05/18/34

(a)(b)

....

500

453,515

Post

CLO

Ltd.

(a)(b)

Series

2018-1A,

Class

D,

(LIBOR

USD

3

Month

+

2.95%),

3.99%,

04/16/31

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

2,250

2,127,025

Series

2021-1A,

Class

E,

(LIBOR

USD

3

Month

+

6.45%),

7.49%,

10/15/34

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

750

703,782

PPM

CLO

2

Ltd.

(a)(b)

Series

2019-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.75%),

2.79%,

04/16/32

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

3,500

3,312,943

Series

2019-2A,

Class

DR,

(LIBOR

USD

3

Month

+

3.40%),

4.44%,

04/16/32

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

1,250

1,171,579

Rad

CLO

15

Ltd.

(a)(b)

Series

2021-15A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

1.90%,

01/20/34

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

4,500

4,252,521

Series

2021-15A,

Class

E,

(LIBOR

USD

3

Month

+

6.20%),

6.45%,

01/20/34

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

1,250

1,143,509

Rad

CLO

3

Ltd.

(a)(b)

Series

2019-3A,

Class

BR,

(LIBOR

USD

3

Month

+

1.55%),

2.59%,

04/15/32

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

400

375,933

Series

2019-3A,

Class

CR,

(LIBOR

USD

3

Month

+

1.85%),

2.89%,

04/15/32

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

700

657,543

Series

2019-3A,

Class

DR,

(LIBOR

USD

3

Month

+

2.75%),

3.79%,

04/15/32

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

750

698,048

Series

2019-3A,

Class

ER,

(LIBOR

USD

3

Month

+

6.50%),

7.54%,

04/15/32

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

750

662,336

Rad

CLO

4

Ltd.

(a)(b)

Series

2019-4A,

Class

C,

(LIBOR

USD

3

Month

+

2.80%),

3.98%,

04/25/32

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

1,425

1,366,785

Series

2019-4A,

Class

D,

(LIBOR

USD

3

Month

+

3.85%),

5.03%,

04/25/32

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

2,000

1,931,645

Series

2019-4A,

Class

E,

(LIBOR

USD

3

Month

+

6.75%),

7.93%,

04/25/32

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

3,000

2,685,686

Rad

CLO

5

Ltd.,

Series

2019-5A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

4.33%,

07/24/32

(a)(b)

..........

250

236,536

Rad

CLO

6

Ltd.,

Series

2019-6A,

Class

E,

(LIBOR

USD

3

Month

+

7.53%),

8.59%,

01/20/33

(a)(b)

..........

2,250

2,140,578

Rad

CLO

7

Ltd.,

Series

2020-7A,

Class

A1,

(LIBOR

USD

3

Month

+

1.20%),

2.24%,

04/17/33

(a)(b)

..........

250

243,125

Rad

CLO

9

Ltd.

(a)(b)

Series

2020-9A,

Class

B1,

(LIBOR

USD

3

Month

+

1.90%),

2.94%,

01/15/34

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

500

481,427

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2020-9A,

Class

E,

(LIBOR

USD

3

Month

+

7.59%),

8.63%,

01/15/34

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

USD

3,000

$

2,829,530

Regatta

IX

Funding

Ltd.

(a)(b)

Series

2017-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.80%),

2.84%,

04/17/30

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

1,250

1,225,819

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.45%),

3.49%,

04/17/30

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

2,320

2,241,641

Regatta

VI

Funding

Ltd.,

Series

2016-

1A,

Class

DR2,

(LIBOR

USD

3

Month

+

3.10%),

4.16%,

04/20/34

(a)(b)

3,000

2,775,230

Regatta

VII

Funding

Ltd.

(a)(b)

Series

2016-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.15%),

3.25%,

06/20/34

..........

1,300

1,256,031

Series

2016-1A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.60%),

3.70%,

06/20/34

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

250

235,819

Regatta

VIII

Funding

Ltd.

(a)(b)

Series

2017-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

2.74%,

10/17/30

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

5,020

4,831,594

Series

2017-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.20%),

4.24%,

10/17/30

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

840

790,978

Regatta

XIII

Funding

Ltd.,

Series

2018-

2A,

Class

C,

(LIBOR

USD

3

Month

+

3.10%),

4.14%,

07/15/31

(a)(b)

....

375

348,018

Regatta

XVI

Funding

Ltd.,

Series

2019-

2A,

Class

B,

(LIBOR

USD

3

Month

+

2.05%),

3.09%,

01/15/33

(a)(b)

....

250

242,154

Regatta

XVII

Funding

Ltd.

(a)(b)

Series

2020-1A,

Class

D,

(LIBOR

USD

3

Month

+

4.15%),

5.19%,

10/15/33

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

600

583,115

Series

2020-1A,

Class

E,

(LIBOR

USD

3

Month

+

7.61%),

8.65%,

10/15/33

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

500

472,164

Regatta

XXIV

Funding

Ltd.

(a)(b)

Series

2021-5A,

Class

D,

(LIBOR

USD

3

Month

+

3.10%),

4.16%,

01/20/35

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

500

460,122

Series

2021-5A,

Class

E,

(LIBOR

USD

3

Month

+

6.80%),

7.86%,

01/20/35

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

500

456,995

Rockford

Tower

CLO

Ltd.

(a)(b)

Series

2017-2A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

2.94%,

10/15/29

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

1,250

1,198,519

Series

2017-2A,

Class

DR,

(LIBOR

USD

3

Month

+

2.85%),

3.89%,

10/15/29

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

5,360

5,059,274

Series

2017-2A,

Class

ER,

(LIBOR

USD

3

Month

+

6.25%),

7.29%,

10/15/29

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

4,500

3,960,090

Series

2017-3A,

Class

A,

(LIBOR

USD

3

Month

+

1.19%),

2.25%,

10/20/30

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

11,725

11,504,650

Series

2017-3A,

Class

E,

(LIBOR

USD

3

Month

+

5.75%),

6.81%,

10/20/30

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

1,305

1,171,973

Series

2017-3A,

Class

SUB,

0.00%,

10/20/30

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

1,750

963,550

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2018-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.10%),

2.58%,

05/20/31

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

USD

1,000

$

978,094

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.72%),

3.20%,

05/20/31

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

250

239,463

Series

2018-1A,

Class

SUB,

0.00%,

05/20/31

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

1,750

922,250

Series

2018-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.16%),

2.22%,

10/20/31

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

1,159

1,135,994

Series

2018-2A,

Class

B,

(LIBOR

USD

3

Month

+

1.80%),

2.86%,

10/20/31

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

1,087

1,056,679

Series

2018-2A,

Class

SUB,

0.00%,

10/20/31

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

1,750

891,800

Series

2020-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.80%),

2.86%,

01/20/32

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

6,000

5,833,226

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.00%),

3.06%,

07/20/34

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

250

233,065

Rockford

Tower

Credit

Funding

I

Ltd.,

Series

2022-1A,

Class

SUB,

0.00%,

04/20/40

(a)(b)(c)

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

5,000

5,000,000

Romark

CLO

IV

Ltd.

(a)(b)

Series

2021-4A,

Class

C1,

(LIBOR

USD

3

Month

+

3.20%),

4.19%,

07/10/34

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

3,500

3,267,183

Series

2021-4A,

Class

C2,

(LIBOR

USD

3

Month

+

5.00%),

5.99%,

07/10/34

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

1,750

1,727,075

Series

2021-4A,

Class

D,

(LIBOR

USD

3

Month

+

6.95%),

7.94%,

07/10/34

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

1,000

917,310

Romark

CLO

Ltd.,

Series

2017-1A,

Class

B,

(LIBOR

USD

3

Month

+

2.15%),

3.33%,

10/23/30

(a)(b)

....

1,650

1,590,474

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.03%),

2.09%,

04/20/31

(a)(b)

....

421

412,585

RR

17

Ltd.,

Series

2021-17A,

Class

SUB,

0.00%,

07/15/34

(a)(b)

......

6,475

4,771,947

RR

3

Ltd.,

Series

2018-3A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.09%),

2.13%,

01/15/30

(a)(b)

..........

500

491,417

RR

4

Ltd.,

Series

2018-4A,

Class

A2,

(LIBOR

USD

3

Month

+

1.55%),

2.59%,

04/15/30

(a)(b)

..........

2,000

1,904,179

Seneca

Park

CLO

Ltd.,

Series

2014-1A,

Class

SUB,

0.00%,

07/17/26

(a)(b)

..

2,000

1,420

Shackleton

CLO

Ltd.,

Series

2015-7RA,

Class

C,

(LIBOR

USD

3

Month

+

2.35%),

3.39%,

07/15/31

(a)(b)

....

250

237,994

Silver

Creek

CLO

Ltd.

(a)(b)

Series

2014-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.24%),

2.30%,

07/20/30

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

3,327

3,294,926

Series

2014-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.35%),

4.41%,

07/20/30

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

500

477,431

Sixth

Street

CLO

XIX

Ltd.,

Series

2021-

19A,

Class

E,

(LIBOR

USD

3

Month

+

5.90%),

6.96%,

07/20/34

(a)(b)

...

5,000

4,414,170

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Sixth

Street

CLO

XVI

Ltd.

(a)(b)

Series

2020-16A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.32%),

2.38%,

10/20/32

..........

USD

5,000

$

4,916,277

Series

2020-16A,

Class

E,

(LIBOR

USD

3

Month

+

7.32%),

8.38%,

10/20/32

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

4,113

3,951,164

Sixth

Street

CLO

XVII

Ltd.,

Series

2021-17A,

Class

E,

(LIBOR

USD

3

Month

+

6.20%),

7.26%,

01/20/34

(a)(b)

2,250

2,055,327

Sixth

Street

CLO

XVIII

Ltd.,

Series

2021-18A,

Class

E,

(LIBOR

USD

3

Month

+

6.50%),

7.56%,

04/20/34

(a)(b)

4,000

3,690,599

Sound

Point

CLO

II

Ltd.,

Series

2013-

1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.07%),

2.28%,

01/26/31

(a)(b)

525

516,101

Sound

Point

CLO

XII

Ltd.,

Series

2016-2A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.05%),

3.11%,

10/20/28

(a)(b)

2,000

1,948,627

Sound

Point

CLO

XV

Ltd.

(a)(b)

Series

2017-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.50%),

2.68%,

01/23/29

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

2,000

1,935,069

Series

2017-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

3.23%,

01/23/29

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

3,350

3,247,608

Sound

Point

CLO

XXIX

Ltd.,

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.50%),

4.68%,

04/25/34

(a)(b)

345

322,838

Steele

Creek

CLO

Ltd.,

Series

2017-

1A,

Class

A,

(LIBOR

USD

3

Month

+

1.25%),

2.29%,

10/15/30

(a)(b)

....

420

413,786

Strata

CLO

I

Ltd.

(a)(b)

Series

2018-1A,

Class

E,

(LIBOR

USD

3

Month

+

7.08%),

8.12%,

01/15/31

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

1,690

1,619,773

Series

2018-1A,

Class

USUB,

0.00%,

01/15/18

..........

7,680

4,113,408

Stratus

CLO

Ltd.

(a)(b)

Series

2021-1A,

Class

E,

(LIBOR

USD

3

Month

+

5.00%),

5.09%,

12/29/29

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

3,750

3,180,479

Series

2021-1A,

Class

SUB,

0.00%,

12/29/29

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

2,820

1,114,464

Series

2021-2A,

Class

E,

(LIBOR

USD

3

Month

+

5.75%),

6.81%,

12/28/29

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

1,250

1,102,524

Series

2021-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

3.11%,

12/29/29

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

250

237,337

Series

2021-3A,

Class

E,

(LIBOR

USD

3

Month

+

5.75%),

6.81%,

12/29/29

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

600

527,419

Symphony

CLO

XIV

Ltd.,

Series

2014-

14A,

Class

B1RR,

(LIBOR

USD

3

Month

+

1.70%),

2.74%,

07/14/26

(a)(b)

25,100

24,696,339

Symphony

CLO

XVI

Ltd.,

Series

2015-16A,

Class

AR,

(LIBOR

USD

3

Month

+

1.15%),

2.19%,

10/15/31

(a)(b)

300

293,903

Symphony

CLO

XXI

Ltd.,

Series

2019-21A,

Class

DR,

(LIBOR

USD

3

Month

+

3.30%),

4.34%,

07/15/32

(a)(b)

1,750

1,619,419

Symphony

CLO

XXIII

Ltd.

(a)(b)

Series

2020-23A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

3.04%,

01/15/34

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

510

484,997

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

24

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2020-23A,

Class

ER,

(LIBOR

USD

3

Month

+

6.15%),

7.19%,

01/15/34

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

USD

510

$

463,928

Symphony

Static

CLO

I

Ltd.,

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

3.03%,

10/25/29

(a)(b)

1,500

1,463,718

TIAA

CLO

III

Ltd.

(a)(b)

Series

2017-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.15%),

2.19%,

01/16/31

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

269

264,477

Series

2017-2A,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

2.54%,

01/16/31

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

750

710,831

TICP

CLO

I-2

Ltd.,

Series

2018-IA,

Class

C,

(LIBOR

USD

3

Month

+

3.04%),

4.25%,

04/26/28

(a)(b)

....

500

487,700

TICP

CLO

II-2

Ltd.,

Series

2018-IIA,

Class

C,

(LIBOR

USD

3

Month

+

2.95%),

4.01%,

04/20/28

(a)(b)

....

590

572,739

TICP

CLO

III-2

Ltd.,

Series

2018-3R,

Class

B,

(LIBOR

USD

3

Month

+

1.35%),

2.41%,

04/20/28

(a)(b)

....

500

490,810

TICP

CLO

IX

Ltd.

(a)(b)

Series

2017-9A,

Class

A,

(LIBOR

USD

3

Month

+

1.14%),

2.20%,

01/20/31

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

2,000

1,966,289

Series

2017-9A,

Class

B,

(LIBOR

USD

3

Month

+

1.60%),

2.66%,

01/20/31

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

250

241,542

Series

2017-9A,

Class

D,

(LIBOR

USD

3

Month

+

2.90%),

3.96%,

01/20/31

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

500

471,569

TICP

CLO

V

Ltd.,

Series

2016-5A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

4.19%,

07/17/31

(a)(b)

....

250

227,563

TICP

CLO

VII

Ltd.,

Series

2017-7A,

Class

ER,

(LIBOR

USD

3

Month

+

7.05%),

8.09%,

04/15/33

(a)(b)

....

5,400

4,820,979

TICP

CLO

XI

Ltd.

(a)(b)

Series

2018-11A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

2.24%,

10/20/31

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

500

488,535

Series

2018-11A,

Class

B,

(LIBOR

USD

3

Month

+

1.73%),

2.79%,

10/20/31

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

2,000

1,927,127

Series

2018-11A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

4.11%,

10/20/31

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

250

233,669

Series

2018-11A,

Class

E,

(LIBOR

USD

3

Month

+

6.00%),

7.06%,

10/20/31

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

1,425

1,273,561

TICP

CLO

XII

Ltd.

(a)(b)

Series

2018-12A,

Class

AR,

(LIBOR

USD

3

Month

+

1.17%),

2.21%,

07/15/34

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

1,000

968,531

Series

2018-12A,

Class

ER,

(LIBOR

USD

3

Month

+

6.25%),

7.29%,

07/15/34

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

625

548,695

TICP

CLO

XIV

Ltd.,

Series

2019-14A,

Class

DR,

(LIBOR

USD

3

Month

+

6.70%),

7.76%,

10/20/32

(a)(b)

....

2,500

2,300,268

TICP

CLO

XV

Ltd.

(a)(b)

Series

2020-15A,

Class

A,

(LIBOR

USD

3

Month

+

1.28%),

2.34%,

04/20/33

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

250

245,081

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2020-15A,

Class

E,

(LIBOR

USD

3

Month

+

6.15%),

7.21%,

04/20/33

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

USD

500

$

448,684

Trestles

CLO

II

Ltd.,

Series

2018-2A,

Class

D,

(LIBOR

USD

3

Month

+

5.75%),

6.93%,

07/25/31

(a)(b)

....

3,860

3,414,889

Trestles

CLO

III

Ltd.

(a)(b)

Series

2020-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.33%),

2.39%,

01/20/33

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

4,750

4,627,590

Series

2020-3A,

Class

B1,

(LIBOR

USD

3

Month

+

1.85%),

2.91%,

01/20/33

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

1,500

1,431,133

Series

2020-3A,

Class

E,

(LIBOR

USD

3

Month

+

6.50%),

7.56%,

01/20/33

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

2,250

1,987,759

Series

2020-3A,

Class

SUB,

0.00%,

01/20/33

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

1,000

710,986

Trestles

CLO

IV

Ltd.,

Series

2021-4A,

Class

A,

(LIBOR

USD

3

Month

+

1.17%),

2.27%,

07/21/34

(a)(b)

....

1,000

962,379

Trestles

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.90%),

4.08%,

04/25/32

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

1,500

1,403,893

Series

2017-1A,

Class

ER,

(LIBOR

USD

3

Month

+

8.53%),

9.71%,

04/25/32

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

2,000

1,847,265

Trestles

CLO

V

Ltd.,

Series

2021-5A,

Class

E,

(LIBOR

USD

3

Month

+

6.35%),

7.41%,

10/20/34

(a)(b)

....

4,250

3,907,733

Triaxx

Prime

CDO

Ltd.,

Series

2006-1A,

Class

A2,

(LIBOR

USD

3

Month

+

0.45%),

2.06%,

03/03/39

(a)(b)

....

50,060

312,069

Trimaran

Cavu

Ltd.

(a)(b)

Series

2019-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.90%),

2.96%,

07/20/32

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

1,250

1,217,023

Series

2019-1A,

Class

B,

(LIBOR

USD

3

Month

+

2.20%),

3.26%,

07/20/32

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

250

239,581

Series

2019-1A,

Class

C1,

(LIBOR

USD

3

Month

+

3.15%),

4.21%,

07/20/32

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

500

485,423

Series

2019-1A,

Class

D,

(LIBOR

USD

3

Month

+

4.15%),

5.21%,

07/20/32

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

1,500

1,471,664

Series

2019-1A,

Class

E,

(LIBOR

USD

3

Month

+

7.04%),

8.10%,

07/20/32

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

1,250

1,100,437

Series

2019-2A,

Class

C,

(LIBOR

USD

3

Month

+

4.72%),

5.76%,

11/26/32

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

575

568,908

Series

2021-1A,

Class

E,

(LIBOR

USD

3

Month

+

6.50%),

7.68%,

04/23/32

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

2,000

1,705,291

Series

2021-2A,

Class

D1,

(LIBOR

USD

3

Month

+

3.25%),

4.43%,

10/25/34

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

1,550

1,449,891

Trinitas

CLO

IV

Ltd.,

Series

2016-4A,

Class

A2L2,

(LIBOR

USD

3

Month

+

1.40%),

2.44%,

10/18/31

(a)(b)

....

900

928,311

Trinitas

CLO

XIV

Ltd.

(a)(b)

Series

2020-14A,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

3.18%,

01/25/34

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

1,160

1,115,368

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2020-14A,

Class

C,

(LIBOR

USD

3

Month

+

3.00%),

4.18%,

01/25/34

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

USD

625

$

604,500

Trinitas

CLO

XV

Ltd.,

Series

2021-15A,

Class

E,

(LIBOR

USD

3

Month

+

7.45%),

8.59%,

04/22/34

(a)(b)

....

1,750

1,578,240

Trinitas

CLO

XVI

Ltd.,

Series

2021-16A,

Class

E,

(LIBOR

USD

3

Month

+

7.00%),

8.06%,

07/20/34

(a)(b)

....

6,000

5,248,915

Voya

CLO

Ltd.

(a)(b)

Series

2014-4A,

Class

BR2,

(LIBOR

USD

3

Month

+

2.09%),

3.13%,

07/14/31

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

6,200

5,870,779

Series

2015-3A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.19%),

2.25%,

10/20/31

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

1,500

1,470,586

Series

2017-2A,

Class

A1R,

(LIBOR

USD

3

Month

+

0.98%),

2.02%,

06/07/30

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

280

274,887

Series

2017-2A,

Class

A2AR,

(LIBOR

USD

3

Month

+

1.65%),

2.69%,

06/07/30

..........

750

723,330

Series

2017-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.13%),

2.17%,

10/15/30

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

3,750

3,693,849

Series

2017-4A,

Class

B,

(LIBOR

USD

3

Month

+

1.45%),

2.49%,

10/15/30

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

750

714,352

Series

2018-3A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.15%),

2.19%,

10/15/31

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

300

294,156

Series

2019-2A,

Class

E,

(LIBOR

USD

3

Month

+

6.60%),

7.66%,

07/20/32

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

250

220,440

Series

2019-3A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

2.69%,

10/17/32

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

1,300

1,235,449

Whitebox

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

CR,

(LIBOR

USD

3

Month

+

3.05%),

4.23%,

07/24/32

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

8,780

7,868,807

Series

2019-1A,

Class

DR,

(LIBOR

USD

3

Month

+

6.40%),

7.58%,

07/24/32

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

5,050

4,627,549

Series

2019-1A,

Class

SUB,

0.00%,

07/24/32

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

4,300

2,565,810

Whitebox

CLO

II

Ltd.

(a)(b)

Series

2020-2A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.22%),

2.40%,

10/24/34

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

4,500

4,333,237

Series

2020-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.75%),

2.93%,

10/24/34

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

3,750

3,571,711

Series

2020-2A,

Class

DR,

(LIBOR

USD

3

Month

+

3.35%),

4.53%,

10/24/34

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

6,750

6,357,369

Series

2020-2A,

Class

ER,

(LIBOR

USD

3

Month

+

7.10%),

8.28%,

10/24/34

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

2,000

1,881,651

Whitebox

CLO

III

Ltd.

(a)(b)

Series

2021-3A,

Class

D,

(LIBOR

USD

3

Month

+

3.35%),

4.39%,

10/15/34

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

5,750

5,416,621

Series

2021-3A,

Class

E,

(LIBOR

USD

3

Month

+

6.85%),

7.89%,

10/15/34

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

6,720

6,249,658

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

York

CLO

1

Ltd.,

Series

2014-1A,

Class

CRR,

(LIBOR

USD

3

Month

+

2.10%),

3.24%,

10/22/29

(a)(b)

....

USD

2,250

$

2,182,423

1,601,740,145

France

—

0.0%

(b)(d)

FCT

Autonoria

Series

2019-1,

Class

C,

(EURIBOR

1

Month

+

1.20%),

0.67%,

09/25/35

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

EUR

323

334,701

Series

2019-1,

Class

D,

(EURIBOR

1

Month

+

1.60%),

1.07%,

09/25/35

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

216

222,629

Series

2019-1,

Class

E,

(EURIBOR

1

Month

+

2.70%),

2.17%,

09/25/35

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

537

549,260

Series

2019-1,

Class

F,

(EURIBOR

1

Month

+

3.70%),

3.17%,

09/25/35

179

184,823

FCT

Noria

Series

2018-1,

Class

D,

(EURIBOR

1

Month

+

1.50%),

0.97%,

06/25/38

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

291

298,817

Series

2018-1,

Class

E,

(EURIBOR

1

Month

+

2.65%),

2.12%,

06/25/38

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

308

315,866

Series

2021-1,

Class

B,

(EURIBOR

1

Month

+

0.70%),

0.17%,

10/25/49

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

1,300

1,337,295

Series

2021-1,

Class

C,

(EURIBOR

1

Month

+

1.10%),

0.57%,

10/25/49

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

900

915,138

Series

2021-1,

Class

D,

(EURIBOR

1

Month

+

1.50%),

0.97%,

10/25/49

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

900

915,463

FCT

Pixel,

Series

2021-1,

Class

D,

(EURIBOR

3

Month

+

1.75%),

1.39%,

02/25/38

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

300

314,092

5,388,084

Germany

—

0.0%

Red

&

Black

Auto

Germany

UG

(b)(d)

Series

6,

Class

C,

(EURIBOR

1

Month

+

1.40%),

0.86%,

10/15/28

98

100,732

Series

6,

Class

D,

(EURIBOR

1

Month

+

2.25%),

1.71%,

10/15/28

98

101,057

Series

8,

Class

B,

(EURIBOR

1

Month

+

0.75%),

0.21%,

09/15/30

500

512,738

Series

8,

Class

C,

(EURIBOR

1

Month

+

0.95%),

0.41%,

09/15/30

400

406,392

Series

8,

Class

D,

(EURIBOR

1

Month

+

1.35%),

0.81%,

09/15/30

100

101,138

1,222,057

Ireland

—

0.4%

(b)

AlbaCore

Euro

CLO

IV

DAC,

Series

4X,

Class

D,

(EURIBOR

3

Month

+

4.60%),

4.60%,

07/15/35

(d)

.....

2,605

2,611,120

Alme

Loan

Funding

V

DAC,

Series

5A,

Class

ER,

(EURIBOR

3

Month

+

5.41%),

5.41%,

07/15/31

(a)

.....

3,800

3,357,563

Anchorage

Capital

Europe

CLO

2

DAC

Series

2A,

Class

B1R,

(EURIBOR

3

Month

+

1.60%),

1.60%,

04/15/34

(a)

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

2,563

2,489,217

Series

2A,

Class

DR,

(EURIBOR

3

Month

+

3.55%),

3.55%,

04/15/34

(a)

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

2,110

2,008,567

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

26

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Series

2X,

Class

ER,

(EURIBOR

3

Month

+

6.45%),

6.45%,

04/15/34

(d)

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

EUR

1,580

$

1,378,838

Anchorage

Capital

Europe

CLO

DAC

Series

4A,

Class

D,

(EURIBOR

3

Month

+

3.20%),

3.20%,

04/25/34

(a)

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

590

558,688

Series

4X,

Class

E,

(EURIBOR

3

Month

+

5.71%),

5.71%,

04/25/34

(d)

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

896

758,021

Aqueduct

European

CLO

2

DAC

(d)

Series

2017-2X,

Class

B1,

(EURIBOR

3

Month

+

1.20%),

1.20%,

10/15/30

..........

2,518

2,512,571

Series

2017-2X,

Class

E,

(EURIBOR

3

Month

+

4.40%),

4.40%,

10/15/30

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

534

466,374

Aqueduct

European

CLO

DAC

Series

2019-3X,

Class

AR,

(EURIBOR

3

Month

+

0.93%),

0.93%,

08/15/34

(d)

.........

5,000

5,047,532

Series

2020-5A,

Class

CR,

(EURIBOR

3

Month

+

2.00%),

2.00%,

04/20/34

(a)

.........

1,250

1,169,435

Ares

European

CLO

VII

DAC

(d)

Series

7X,

Class

AAR,

(EURIBOR

3

Month

+

1.50%),

1.50%,

10/15/30

1,200

1,189,487

Series

7X,

Class

DR,

(EURIBOR

3

Month

+

5.26%),

5.26%,

10/15/30

250

223,115

Ares

European

CLO

X

DAC,

Series

10A,

Class

DR,

(EURIBOR

3

Month

+

2.80%),

2.80%,

10/15/31

(a)

....

2,000

1,893,906

Ares

European

CLO

XII

DAC

Series

12A,

Class

B1R,

(EURIBOR

3

Month

+

1.70%),

1.70%,

04/20/32

(a)

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

862

847,136

Series

12X,

Class

E,

(EURIBOR

3

Month

+

6.10%),

6.10%,

04/20/32

(d)

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

338

298,285

Armada

Euro

CLO

III

DAC,

Series

3A,

Class

DR,

(EURIBOR

3

Month

+

3.30%),

3.30%,

07/15/31

(a)

.....

2,800

2,724,568

Aurium

CLO

II

DAC,

Series

2X,

Class

ERR,

(EURIBOR

3

Month

+

6.08%),

6.08%,

06/22/34

(d)

...........

1,050

899,042

Aurium

CLO

VIII

DAC,

Series

8X,

Class

A,

(EURIBOR

3

Month

+

0.85%),

0.85%,

06/23/34

(d)

...........

5,000

4,987,560

Avoca

CLO

XIV

DAC

(d)

Series

14X,

Class

ER,

(EURIBOR

3

Month

+

4.70%),

4.70%,

01/12/31

2,240

1,928,660

Series

14X,

Class

FR,

(EURIBOR

3

Month

+

6.35%),

6.35%,

01/12/31

1,100

846,788

Series

14X,

Class

SUB,

0.00%,

01/12/31

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

4,510

1,920,637

Avoca

CLO

XV

DAC

(d)

Series

15X,

Class

B2R,

(EURIBOR

3

Month

+

1.05%),

1.05%,

04/15/31

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

150

149,522

Series

15X,

Class

ER,

(EURIBOR

3

Month

+

4.13%),

4.13%,

04/15/31

1,305

1,112,924

Series

15X,

Class

FR,

(EURIBOR

3

Month

+

5.84%),

5.84%,

04/15/31

1,760

1,568,709

Series

15X,

Class

M1,

0.00%,

04/15/31

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

3,100

1,688,971

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Avoca

CLO

XVIII

DAC

(d)

Series

18X,

Class

B1,

(EURIBOR

3

Month

+

1.25%),

1.25%,

04/15/31

EUR

5,800

$

5,743,634

Series

18X,

Class

C,

(EURIBOR

3

Month

+

1.75%),

1.75%,

04/15/31

150

144,943

Avoca

CLO

XX

DAC,

Series

20X,

Class

E,

(EURIBOR

3

Month

+

5.75%),

5.75%,

07/15/32

(d)

...........

945

830,266

Avoca

CLO

XXII

DAC

Series

22A,

Class

D,

(EURIBOR

3

Month

+

2.90%),

2.90%,

04/15/35

(a)

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

970

899,426

Series

22A,

Class

E,

(EURIBOR

3

Month

+

5.23%),

5.23%,

04/15/35

(a)

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

970

805,261

Series

22X,

Class

B1,

(EURIBOR

3

Month

+

1.30%),

1.30%,

04/15/35

(d)

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

710

681,430

Avoca

CLO

XXIII

DAC,

Series

23A,

Class

D,

(EURIBOR

3

Month

+

3.05%),

3.05%,

04/15/34

(a)

.....

750

695,555

Avoca

CLO

XXV

DAC,

Series

25A,

Class

E,

(EURIBOR

3

Month

+

6.14%),

6.14%,

10/15/34

(a)

.....

930

792,268

BBAM

European

CLO

I

DAC

(d)

Series

1X,

Class

AR,

(EURIBOR

3

Month

+

0.87%),

0.87%,

07/22/34

5,000

5,028,261

Series

1X,

Class

ER,

(EURIBOR

3

Month

+

5.91%),

5.91%,

07/22/34

1,050

901,806

Bilbao

CLO

I

DAC

Series

1A,

Class

D,

(EURIBOR

3

Month

+

4.73%),

4.73%,

07/20/31

(a)

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

2,500

2,102,733

Series

1X,

Class

A2A,

(EURIBOR

3

Month

+

1.30%),

1.30%,

07/20/31

(d)

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

4,300

4,277,656

Bilbao

CLO

III

DAC,

Series

3X,

Class

DR,

(EURIBOR

3

Month

+

5.96%),

5.96%,

05/17/34

(d)

...........

3,420

2,929,879

BlueMountain

EUR

CLO

DAC

Series

2021-1A,

Class

E,

(EURIBOR

3

Month

+

5.41%),

5.41%,

04/15/34

(a)

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

2,120

1,756,324

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.41%),

5.41%,

04/15/34

(d)

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

1,050

869,878

BlueMountain

Fuji

EUR

CLO

III

DAC,

Series

3X,

Class

E,

(EURIBOR

3

Month

+

5.26%),

5.26%,

01/15/31

(d)

1,330

1,134,719

BlueMountain

Fuji

EUR

CLO

V

DAC,

Series

5X,

Class

C,

(EURIBOR

3

Month

+

2.45%),

2.45%,

01/15/33

(d)

500

482,421

Cairn

CLO

IX

DAC,

Series

2018-9X,

Class

A,

(EURIBOR

3

Month

+

0.71%),

0.71%,

04/25/32

(d)

.....

2,700

2,777,417

Capital

Four

CLO

II

DAC,

Series

2X,

Class

E,

(EURIBOR

3

Month

+

5.91%),

5.91%,

01/15/34

(d)

.....

1,050

910,449

Carlyle

Euro

CLO

DAC,

Series

2021-

2A,

Class

C,

(EURIBOR

3

Month

+

3.30%),

3.30%,

10/15/35

(a)

.....

2,690

2,519,544

CIFC

European

Funding

CLO

I

DAC,

Series

1X,

Class

E,

(EURIBOR

3

Month

+

5.86%),

5.86%,

07/15/32

(d)

250

219,037

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

CIFC

European

Funding

CLO

II

DAC,

Series

2X,

Class

B1,

(EURIBOR

3

Month

+

1.60%),

1.60%,

04/15/33

(d)

EUR

400

$

387,863

CIFC

European

Funding

CLO

III

DAC

Series

3A,

Class

C,

(EURIBOR

3

Month

+

2.50%),

2.50%,

01/15/34

(a)

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

500

478,847

Series

3A,

Class

D,

(EURIBOR

3

Month

+

3.60%),

3.60%,

01/15/34

(a)

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

375

351,342

Series

3X,

Class

E,

(EURIBOR

3

Month

+

5.61%),

5.61%,

01/15/34

(d)

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

850

724,349

CIFC

European

Funding

CLO

IV

DAC,

Series

4X,

Class

E,

(EURIBOR

3

Month

+

5.97%),

5.97%,

08/18/35

(d)

930

790,041

Clontarf

Park

CLO

DAC,

Series

1X,

Class

CE,

(EURIBOR

3

Month

+

3.05%),

3.05%,

08/05/30

(d)

.....

1,470

1,446,344

CVC

Cordatus

Loan

Fund

IV

DAC,

Series

4X,

Class

BR1,

(EURIBOR

3

Month

+

1.30%),

1.30%,

02/22/34

(d)

1,120

1,080,781

CVC

Cordatus

Loan

Fund

XIX

DAC,

Series

19A,

Class

D,

(EURIBOR

3

Month

+

3.80%),

3.80%,

12/23/33

(a)

400

387,429

CVC

Cordatus

Loan

Fund

XVII

DAC

Series

17A,

Class

ER,

(EURIBOR

3

Month

+

6.12%),

6.12%,

11/18/33

(a)

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

1,170

981,217

Series

17X,

Class

ER,

(EURIBOR

3

Month

+

6.12%),

6.12%,

11/18/33

(d)

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

820

687,690

CVC

Cordatus

Loan

Fund

XVIII

DAC,

Series

18A,

Class

ER,

(EURIBOR

3

Month

+

6.06%),

6.06%,

07/29/34

(a)

794

666,986

CVC

Cordatus

Loan

Fund

XX

DAC

Series

20A,

Class

DE,

(EURIBOR

3

Month

+

3.00%),

3.00%,

06/22/34

(a)

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

1,450

1,319,437

Series

20A,

Class

E,

(EURIBOR

3

Month

+

5.61%),

5.61%,

06/22/34

(a)

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

660

551,170

Series

20X,

Class

E,

(EURIBOR

3

Month

+

5.61%),

5.61%,

06/22/34

(d)

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

554

462,649

CVC

Cordatus

Loan

Fund

XXI

DAC,

Series

21X,

Class

E,

(EURIBOR

3

Month

+

5.93%),

5.93%,

09/22/34

(d)

520

440,254

Dartry

Park

CLO

DAC,

Series

1A,

Class

CRR,

(EURIBOR

3

Month

+

3.35%),

3.35%,

01/28/34

(a)

...........

500

470,337

Euro-Galaxy

III

CLO

DAC

(a)

Series

2013-3A,

Class

CRRR,

(EURIBOR

3

Month

+

2.35%),

2.35%,

04/24/34

..........

700

684,435

Series

2013-3A,

Class

DRRR,

(EURIBOR

3

Month

+

3.25%),

3.25%,

04/24/34

..........

1,380

1,333,494

Euro-Galaxy

V

CLO

DAC,

Series

2016-

5X,

Class

ERR,

(EURIBOR

3

Month

+

5.82%),

5.82%,

02/15/34

(d)

....

1,290

1,115,723

Fair

Oaks

Loan

Funding

I

DAC,

Series

1X,

Class

AR,

(EURIBOR

3

Month

+

0.85%),

0.85%,

04/15/34

(d)

.....

5,000

5,041,042

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Fidelity

Grand

Harbour

CLO

DAC,

Series

2021-1A,

Class

D,

(EURIBOR

3

Month

+

3.60%),

3.60%,

10/15/34

(a)

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

EUR

1,490

$

1,427,256

Harvest

CLO

XIX

DAC,

Series

19X,

Class

D,

(EURIBOR

3

Month

+

2.55%),

2.55%,

04/14/31

(d)

.....

240

229,498

Harvest

CLO

XVIII

DAC,

Series

18X,

Class

B,

(EURIBOR

3

Month

+

1.20%),

1.20%,

10/15/30

(d)

.....

700

700,270

Harvest

CLO

XXIII

DAC

(d)

Series

23X,

Class

A,

(EURIBOR

3

Month

+

0.95%),

0.95%,

10/20/32

1,817

1,834,710

Series

23X,

Class

D,

(EURIBOR

3

Month

+

3.00%),

3.00%,

10/20/32

1,360

1,230,198

Henley

CLO

IV

DAC

Series

4A,

Class

C,

(EURIBOR

3

Month

+

2.10%),

2.10%,

04/25/34

(a)

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

920

870,370

Series

4A,

Class

D,

(EURIBOR

3

Month

+

3.00%),

3.00%,

04/25/34

(a)(c)

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

500

491,531

Series

4X,

Class

B1,

(EURIBOR

3

Month

+

1.35%),

1.35%,

04/25/34

(d)

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

450

436,358

Holland

Park

CLO

DAC,

Series

1X,

Class

A1RR,

(EURIBOR

3

Month

+

0.92%),

0.92%,

11/14/32

(d)

......

625

635,569

Invesco

Euro

CLO,

Series

6X,

Class

E,

(EURIBOR

3

Month

+

5.99%),

5.99%,

07/15/34

(d)

...........

770

666,811

Invesco

Euro

CLO

III

DAC

(d)

Series

3X,

Class

B1,

(EURIBOR

3

Month

+

1.75%),

1.75%,

07/15/32

450

441,734

Series

3X,

Class

F,

(EURIBOR

3

Month

+

8.07%),

8.07%,

07/15/32

867

756,070

Invesco

Euro

CLO

IV

DAC,

Series

4A,

Class

B1,

(EURIBOR

3

Month

+

1.70%),

1.70%,

04/15/33

(a)

.....

625

607,266

Invesco

Euro

CLO

V

DAC

Series

5A,

Class

D,

(EURIBOR

3

Month

+

3.80%),

3.80%,

01/15/34

(a)

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

1,550

1,510,078

Series

5X,

Class

D,

(EURIBOR

3

Month

+

3.80%),

3.80%,

01/15/34

(d)

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

450

437,770

Invesco

Euro

CLO

VII

DAC,

Series

7A,

Class

E,

(EURIBOR

3

Month

+

6.24%),

6.24%,

01/15/35

(a)

.....

1,500

1,311,186

Madison

Park

Euro

Funding

X

DAC

(d)

Series

10X,

Class

A1,

(EURIBOR

3

Month

+

0.74%),

0.74%,

10/25/30

2,700

2,761,197

Series

10X,

Class

B1,

(EURIBOR

3

Month

+

1.20%),

1.20%,

10/25/30

1,850

1,817,749

Madison

Park

Euro

Funding

XI

DAC,

Series

11X,

Class

C,

(EURIBOR

3

Month

+

1.85%),

1.85%,

02/15/31

(d)

1,350

1,323,489

Madison

Park

Euro

Funding

XIV

DAC,

Series

14A,

Class

DR,

(EURIBOR

3

Month

+

3.60%),

3.60%,

07/15/32

(a)

1,090

1,055,937

Madison

Park

Euro

Funding

XVI

DAC

(a)

Series

16A,

Class

D,

(EURIBOR

3

Month

+

3.20%),

3.20%,

05/25/34

1,250

1,164,897

Series

16A,

Class

E,

(EURIBOR

3

Month

+

6.02%),

6.02%,

05/25/34

3,120

2,678,142

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

28

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Man

GLG

Euro

CLO,

Series

6A,

Class

DR,

(EURIBOR

3

Month

+

3.50%),

3.50%,

10/15/32

(a)

...........

EUR

950

$

924,283

Marino

Park

CLO

DAC,

Series

1X,

Class

X,

(EURIBOR

3

Month

+

0.45%),

0.45%,

01/16/34

(d)

.....

938

979,761

Neuberger

Berman

Loan

Advisers

Euro

CLO,

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.52%),

5.52%,

04/17/34

(d)

...........

658

552,947

North

Westerly

VII

ESG

CLO

DAC,

Series

VII-X,

Class

E,

(EURIBOR

3

Month

+

5.66%),

5.66%,

05/15/34

(d)

420

352,017

Northwoods

Capital

19

Euro

DAC,

Series

2019-19A,

Class

C,

(EURIBOR

3

Month

+

2.50%),

2.50%,

11/25/33

(a)

...........

500

496,072

Northwoods

Capital

21

Euro

DAC,

Series

2020-21X,

Class

ER,

(EURIBOR

3

Month

+

6.06%),

6.06%,

07/22/34

(d)

...........

1,050

899,649

Northwoods

Capital

23

Euro

DAC,

Series

2021-23X,

Class

E,

(EURIBOR

3

Month

+

6.21%),

6.21%,

03/15/34

(d)

...........

895

760,582

OAK

Hill

European

Credit

Partners

V

DAC,

Series

2016-5A,

Class

BR,

(EURIBOR

3

Month

+

1.90%),

1.90%,

01/21/35

(a)

...........

425

414,433

OAK

Hill

European

Credit

Partners

VI

DAC,

Series

2017-6X,

Class

B1,

(EURIBOR

3

Month

+

1.20%),

1.20%,

01/20/32

(d)

...........

450

439,793

OCP

Euro

CLO

DAC

Series

2017-2X,

Class

B,

(EURIBOR

3

Month

+

1.35%),

1.35%,

01/15/32

(d)

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

700

702,214

Series

2017-2X,

Class

E,

(EURIBOR

3

Month

+

5.00%),

5.00%,

01/15/32

(d)

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

897

783,912

Series

2017-2X,

Class

F,

(EURIBOR

3

Month

+

6.40%),

6.40%,

01/15/32

(d)

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

600

487,534

Series

2019-3A,

Class

CR,

(EURIBOR

3

Month

+

2.30%),

2.30%,

04/20/33

(a)

.........

250

241,787

Series

2019-3A,

Class

DR,

(EURIBOR

3

Month

+

3.30%),

3.30%,

04/20/33

(a)

.........

250

237,550

Series

2020-4A,

Class

ER,

(EURIBOR

3

Month

+

5.94%),

5.94%,

09/22/34

(a)

.........

1,120

981,612

Penta

CLO

DAC

(a)

Series

2019-6A,

Class

B1R,

(EURIBOR

3

Month

+

1.70%),

1.70%,

07/25/34

..........

500

486,069

Series

2019-6A,

Class

CR,

(EURIBOR

3

Month

+

2.30%),

2.30%,

07/25/34

..........

500

470,915

Series

2021-9A,

Class

D,

(EURIBOR

3

Month

+

3.10%),

3.10%,

07/25/36

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

1,650

1,521,477

Prodigy

Finance

DAC

(a)

Series

2021-1A,

Class

A,

(LIBOR

USD

1

Month

+

1.25%),

2.87%,

07/25/51

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

USD

9,808

9,636,557

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Series

2021-1A,

Class

B,

(LIBOR

USD

1

Month

+

2.50%),

4.12%,

07/25/51

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

USD

1,220

$

1,202,948

Series

2021-1A,

Class

C,

(LIBOR

USD

1

Month

+

3.75%),

5.37%,

07/25/51

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

700

690,915

Series

2021-1A,

Class

D,

(LIBOR

USD

1

Month

+

5.90%),

7.52%,

07/25/51

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

460

453,298

Providus

CLO

V

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.29%),

5.29%,

02/15/35

(d)

...........

EUR

600

496,142

Rockfield

Park

CLO

DAC,

Series

1X,

Class

D,

(EURIBOR

3

Month

+

5.95%),

5.95%,

07/16/34

(d)

.....

820

709,029

Rockford

Tower

Europe

CLO

DAC

Series

2018-1A,

Class

E,

(EURIBOR

3

Month

+

5.36%),

5.36%,

12/20/31

(a)

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

1,200

1,036,100

Series

2018-1X,

Class

B,

(EURIBOR

3

Month

+

1.85%),

1.85%,

12/20/31

(d)

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

2,750

2,722,305

Series

2018-1X,

Class

C,

(EURIBOR

3

Month

+

2.47%),

2.47%,

12/20/31

(d)

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

1,640

1,609,148

Series

2019-1X,

Class

B1,

(EURIBOR

3

Month

+

1.60%),

1.60%,

01/20/33

(d)

.........

5,012

4,921,062

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.96%),

5.96%,

04/20/34

(d)

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

868

735,867

RRE

5

Loan

Management

DAC,

Series

5A,

Class

A2R,

(EURIBOR

3

Month

+

1.75%),

1.75%,

01/15/37

(a)

....

3,524

3,382,314

RRE

6

Loan

Management

DAC,

Series

6X,

Class

D,

(EURIBOR

3

Month

+

6.25%),

6.25%,

04/15/35

(d)

.....

550

483,565

RRE

9

Loan

Management

DAC,

Series

9A,

Class

A2,

(EURIBOR

3

Month

+

1.70%),

1.70%,

10/15/36

(a)

.....

1,720

1,667,761

Sound

Point

Euro

CLO

II

Funding

DAC,

Series

2A,

Class

ER,

(EURIBOR

3

Month

+

6.34%),

6.34%,

01/26/36

(a)

550

467,143

Sound

Point

Euro

CLO

III

Funding

DAC,

Series

3X,

Class

C,

(EURIBOR

3

Month

+

2.30%),

2.30%,

04/15/33

(d)

...........

750

721,962

Sound

Point

Euro

CLO

V

Funding

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.84%),

5.84%,

07/25/35

(d)

1,050

877,278

Sound

Point

Euro

CLO

VII

Funding

DAC,

Series

7A,

Class

E,

(EURIBOR

3

Month

+

6.27%),

6.27%,

01/25/35

(a)

...........

860

737,590

St

Paul's

CLO

X

DAC,

Series

10A,

Class

DR,

(EURIBOR

3

Month

+

3.75%),

3.75%,

04/22/35

(a)

.....

750

729,000

St

Paul's

CLO

XII

DAC

(d)

Series

12X,

Class

D,

(EURIBOR

3

Month

+

3.20%),

3.20%,

04/15/33

1,880

1,757,891

Series

12X,

Class

E,

(EURIBOR

3

Month

+

5.32%),

5.32%,

04/15/33

650

547,004

St.

Paul's

CLO

XII

DAC,

Series

12X,

Class

B1,

(EURIBOR

3

Month

+

1.60%),

1.60%,

04/15/33

(d)

.....

1,350

1,322,334

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Sutton

Park

CLO

DAC

(d)

Series

1X,

Class

A2A,

(EURIBOR

3

Month

+

1.70%),

1.70%,

11/15/31

EUR

645

$

639,673

Series

1X,

Class

BE,

(EURIBOR

3

Month

+

2.35%),

2.35%,

11/15/31

500

489,927

Voya

Euro

CLO

I

DAC

(d)

Series

1X,

Class

A,

(EURIBOR

3

Month

+

0.75%),

0.75%,

10/15/30

4,920

5,069,772

Series

1X,

Class

B1NE,

(EURIBOR

3

Month

+

1.15%),

1.15%,

10/15/30

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

750

751,023

Voya

Euro

CLO

II

DAC

(a)(c)

Series

2A,

Class

B1R,

(EURIBOR

3

Month

+

1.67%),

1.67%,

07/15/35

250

253,801

Series

2A,

Class

CR,

(EURIBOR

3

Month

+

2.15%),

2.15%,

07/15/35

250

247,971

Voya

Euro

CLO

III

DAC,

Series

3X,

Class

B1,

(EURIBOR

3

Month

+

1.65%),

1.65%,

04/15/33

(d)

.....

439

426,071

Voya

Euro

CLO

IV

DAC,

Series

4A,

Class

B1R,

(EURIBOR

3

Month

+

1.75%),

1.75%,

10/15/34

(a)

.....

1,880

1,794,421

Voya

Euro

CLO

V

DAC

(a)

Series

5A,

Class

D,

(EURIBOR

3

Month

+

3.10%),

3.10%,

04/15/35

660

615,921

Series

5A,

Class

E,

(EURIBOR

3

Month

+

5.81%),

5.81%,

04/15/35

970

819,041

184,677,100

Italy

—

0.0%

(b)(d)

Autoflorence

SRL

Series

2,

Class

B,

(EURIBOR

1

Month

+

0.75%),

0.24%,

12/24/44

898

932,265

Series

2,

Class

C,

(EURIBOR

1

Month

+

1.15%),

0.64%,

12/24/44

414

425,001

Series

2,

Class

D,

(EURIBOR

1

Month

+

2.35%),

1.84%,

12/24/44

222

230,525

Brignole

Co.

SRL

Series

2021,

Class

B,

(EURIBOR

1

Month

+

0.80%),

0.29%,

07/24/36

143

148,989

Series

2021,

Class

D,

(EURIBOR

1

Month

+

1.60%),

1.09%,

07/24/36

100

104,156

Red

&

Black

Auto

Italy

Srl,

Series

1,

Class

D,

(EURIBOR

1

Month

+

2.85%),

2.30%,

12/28/31

.......

598

606,927

2,447,863

Jersey

—

0.1%

(a)(b)

AGL

Static

CLO

18

Ltd.,

Series

2022-

18A,

Class

B,

(3

Month

CME

Term

SOFR

+

2.00%),

3.12%,

04/21/31

USD

21,500

20,752,292

AGL

Static

CLO

Ltd.,

Series

2022-18A,

Class

E,

(3

Month

CME

Term

SOFR

+

6.85%),

7.97%,

04/21/31

.....

4,000

3,604,656

24,356,948

Luxembourg

—

0.0%

(b)

BL

Consumer

Credit

(d)

Series

2021-1,

Class

C,

(EURIBOR

1

Month

+

1.10%),

0.57%,

09/25/38

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

EUR

528

551,789

Series

2021-1,

Class

D,

(EURIBOR

1

Month

+

1.65%),

1.12%,

09/25/38

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

681

712,570

Series

2021-1,

Class

E,

(EURIBOR

1

Month

+

2.85%),

2.32%,

09/25/38

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

355

360,656

Security

Par

(000)

Par

(000)

Value

Luxembourg

(continued)

E-Carat

SA

(d)

Series

10FR,

Class

C,

(EURIBOR

1

Month

+

1.10%),

0.60%,

12/20/28

EUR

111

$

115,746

Series

10FR,

Class

D,

(EURIBOR

1

Month

+

1.50%),

1.00%,

12/20/28

56

57,805

Penta

CLO

(a)

Series

2022-11A,

Class

B,

(EURIBOR

3

Month

+

2.45%),

2.45%,

11/15/34

(c)

.........

2,600

2,724,670

Series

2022-11A,

Class

D,

(EURIBOR

3

Month

+

4.80%),

4.80%,

11/15/34

..........

2,030

2,074,157

Penta

CLO

DAC,

Series

2020-8A,

Class

ER,

(EURIBOR

3

Month

+

5.93%),

5.93%,

01/15/34

(a)

.....

820

817,221

SC

Germany

SA

Compartment

Consumer

(d)

Series

2020-1,

Class

C,

(EURIBOR

1

Month

+

1.75%),

1.21%,

11/14/34

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

2,795

2,900,095

Series

2020-1,

Class

D,

(EURIBOR

1

Month

+

2.50%),

1.96%,

11/14/34

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

1,147

1,187,794

Silver

Arrow

SA

Compartment

(d)

Series

10,

Class

C,

(EURIBOR

1

Month

+

1.35%),

0.81%,

03/15/27

300

313,138

Series

10,

Class

D,

(EURIBOR

1

Month

+

2.60%),

2.06%,

03/15/27

300

313,356

12,128,997

Netherlands

—

0.0%

(b)(d)

Contego

CLO

II

BV,

Series

2X,

Class

BRNE,

(EURIBOR

3

Month

+

1.45%),

1.04%,

11/15/26

.......

774

806,948

Euro-Galaxy

VI

CLO

DAC,

Series

2018-

6X,

Class

E,

(EURIBOR

3

Month

+

4.10%),

4.10%,

04/11/31

.......

710

622,571

OZLME

IV

DAC,

Series

4X,

Class

B,

(EURIBOR

3

Month

+

1.35%),

1.35%,

07/27/32

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

2,890

2,890,230

4,319,749

Portugal

—

0.0%

TAGUS

-

Sociedade

de

Titularizacao

de

Creditos

SA

(d)

Series

2,

Class

D,

(EURIBOR

1

Month

+

2.85%),

2.34%,

09/23/38

(b)

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

900

921,511

Series

7,

Class

SEN,

0.70%,

02/12/24

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

5,291

5,489,970

6,411,481

Spain

—

0.0%

(d)

Autonoria

Spain

(b)

Series

2021-SP,

Class

C,

(EURIBOR

1

Month

+

1.05%),

0.52%,

01/31/39

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

2,100

2,164,630

Series

2021-SP,

Class

D,

(EURIBOR

1

Month

+

1.55%),

1.02%,

01/31/39

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

900

929,142

Series

2021-SP,

Class

E,

(EURIBOR

1

Month

+

2.65%),

2.12%,

01/31/39

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

500

515,836

Series

2021-SP,

Class

F,

(EURIBOR

1

Month

+

3.90%),

3.37%,

01/31/39

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

200

204,961

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

30

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Spain

(continued)

Autonoria

Spain

FT,

Series

2021-SP,

Class

B,

(EURIBOR

1

Month

+

0.80%),

0.27%,

01/31/39

(b)

.....

EUR

1,300

$

1,343,588

FT

Santander

Consumer

Spain

Auto

Series

2020-1,

Class

B,

(EURIBOR

3

Month

+

0.95%),

0.78%,

03/20/33

(b)

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

577

590,645

Series

2020-1,

Class

C,

(EURIBOR

3

Month

+

1.95%),

1.78%,

03/20/33

(b)

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

173

176,930

Series

2020-1,

Class

D,

3.50%,

03/20/33

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

289

292,892

6,218,624

United

Kingdom

—

0.2%

Azure

Finance

No.

2

plc,

Series

2,

Class

C,

(SONIO/N

+

3.00%),

4.12%,

07/20/30

(b)(d)

..........

GBP

1,699

2,062,576

Dowson

plc

(b)(d)

Series

2021-2,

Class

A,

(SONIO/N

+

0.68%),

1.80%,

10/20/28

....

2,369

2,875,007

Series

2021-2,

Class

B,

(SONIO/N

+

1.20%),

2.32%,

10/20/28

....

1,200

1,440,360

Series

2021-2,

Class

C,

(SONIO/N

+

1.60%),

2.72%,

10/20/28

....

1,300

1,535,924

Series

2022-1,

Class

C,

(SONIO/N

+

2.25%),

3.37%,

01/20/29

....

2,528

2,990,621

Series

2022-1,

Class

D,

(SONIO/N

+

2.70%),

3.82%,

01/20/29

....

725

852,163

Greene

King

Finance

plc

Series

A5,  (SONIO/N

+

2.62%),

3.81%,

12/15/33

(b)(d)

........

21,399

24,485,644

Series

A6,  4.06%,

03/15/35

(d)

...

3,633

4,167,953

Series

B1,  (SONIO/N

+

1.92%),

3.11%,

12/15/34

(b)

.........

2,472

2,463,905

Series

B2,  (SONIO/N

+

2.20%),

3.39%,

03/15/36

(b)(d)

........

900

887,412

Motor

plc

(d)

Series

2016-1,

Class

D,

4.25%,

11/25/25

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

220

267,997

Series

2016-1,

Class

E,

5.25%,

11/25/25

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

1,112

1,355,067

Newday

Funding

Master

Issuer

plc

(b)(d)

Series

2021-1X,

Class

B,

(SONIO/N

+

1.55%),

2.61%,

03/15/29

...

775

930,074

Series

2021-3X,

Class

A1,

(SONIO/N

+

0.90%),

1.96%,

11/15/29

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

2,321

2,780,405

Series

2021-3X,

Class

B,

(SONIO/N

+

1.35%),

2.41%,

11/15/29

...

677

803,897

PCL

Funding

IV

plc,

Series

2020-1,

Class

C,

(SONIO/N

+

2.20%),

3.26%,

09/15/24

(b)(d)

..........

537

653,297

PCL

Funding

V

plc,

Series

2021-1,

Class

C,

(SONIO/N

+

1.70%),

2.76%,

10/15/25

(b)(d)

..........

116

137,963

PCL

Funding

VI

plc,

Series

2022-1,

Class

B,

(SONIO/N

+

3.10%),

0.00%,

07/15/26

(b)(d)

..........

1,937

2,357,910

Satus

plc

(b)(d)

Series

2021-1,

Class

A,

(SONIO/N

+

0.70%),

1.78%,

08/17/28

....

198

240,809

Series

2021-1,

Class

B,

(SONIO/N

+

1.20%),

2.28%,

08/17/28

....

400

483,600

Series

2021-1,

Class

C,

(SONIO/N

+

1.60%),

2.68%,

08/17/28

....

300

360,484

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

2021-1,

Class

D,

(SONIO/N

+

1.90%),

2.98%,

08/17/28

....

GBP

200

$

238,575

Series

2021-1,

Class

E,

(SONIO/N

+

3.20%),

4.28%,

08/17/28

....

166

200,716

Trafford

Centre

Finance

Ltd.

(The),

Series

B2,  (SONIO/N

+

0.94%),

2.01%,

07/28/35

(b)(d)

..........

3,400

3,277,656

Turbo

Finance

plc,

Series

9,

Class

B,

(SONIO/N

+

1.65%),

2.77%,

08/20/28

(b)(d)

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

1,590

1,927,424

59,777,439

United

States

—

5.9%

510

Loan

Acquisition

Trust,

Series

2020-1,

Class

A,

5.11%,

09/25/60

(a)(e)

USD

9,606

9,254,540

AccessLex

Institute,

Series

2007-A,

Class

A3,

(LIBOR

USD

3

Month

+

0.30%),

1.82%,

05/25/36

(b)

.....

3,264

3,148,808

ACE

Securities

Corp.

Home

Equity

Loan

Trust

Series

2003-MH1,  0.00%,

08/15/30

(a)(c)

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

4,314

3,312,281

Series

2007-HE4,

Class

A2A,

(LIBOR

USD

1

Month

+

0.26%),

1.88%,

05/25/37

(b)

.........

7,488

1,564,191

Series

2007-HE4,

Class

A2C,

(LIBOR

USD

1

Month

+

0.60%),

2.22%,

05/25/37

(b)

.........

370

79,097

ACRES

Commercial

Realty

Ltd.,

Series

2021-FL1,

Class

A,

(LIBOR

USD

1

Month

+

1.20%),

2.72%,

06/15/36

(a)(b)

13,320

12,953,700

Affirm

Asset

Securitization

Trust,

Series

2022-X1,

Class

A,

1.75%,

02/15/27

(a)

23,985

23,527,333

Ajax

Mortgage

Loan

Trust

(a)

Series

2017-D,

Class

B,

0.00%,

12/25/57

(b)(c)

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

108

101,758

Series

2018-A,

Class

B,

0.00%,

04/25/58

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

204

199,081

Series

2018-B,

Class

B,

0.00%,

02/26/57

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

474

327,548

Series

2018-D,

Class

B,

0.00%,

08/25/58

(b)

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

62

44,254

Series

2018-E,

Class

C,

0.00%,

06/25/58

(b)

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

19

18,318

Series

2018-F,

Class

C,

0.00%,

11/25/58

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

793

523,270

Series

2019-E,

Class

A,

3.00%,

09/25/59

(e)

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

24,152

24,018,903

Series

2019-E,

Class

B,

4.88%,

09/25/59

(e)

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

5,930

5,840,175

Series

2019-E,

Class

C,

0.00%,

09/25/59

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

12,686

12,572,352

Series

2019-G,

Class

A,

3.00%,

09/25/59

(e)

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

22,728

22,153,595

Series

2019-G,

Class

B,

4.25%,

09/25/59

(e)

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

4,576

4,395,209

Series

2019-G,

Class

C,

0.00%,

09/25/59

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

11,580

10,357,654

Series

2019-H,

Class

A,

3.00%,

11/25/59

(e)

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

11,674

11,595,519

Series

2019-H,

Class

B,

4.25%,

11/25/59

(e)

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

4,238

4,144,614

Series

2019-H,

Class

C,

0.00%,

11/25/59

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

10,380

10,947,107

Series

2020-A,

Class

A,

2.37%,

12/25/59

(e)

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

36,998

35,797,938

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2020-A,

Class

B,

3.50%,

12/25/59

(e)

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

USD

7,074

$

6,686,279

Series

2020-A,

Class

C,

0.00%,

12/25/59

(c)

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

16,755

10,505,560

Series

2020-C,

Class

A,

2.25%,

09/27/60

(e)

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

2,625

2,573,555

Series

2020-C,

Class

B,

5.00%,

09/27/60

(e)

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

4,968

4,771,111

Series

2020-C,

Class

C,

0.00%,

09/27/60

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

15,591

13,839,106

Series

2020-D,

Class

A,

2.25%,

06/25/60

(e)

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

8,422

8,005,352

Series

2020-D,

Class

B,

5.00%,

06/25/60

(e)

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

7,064

6,763,791

Series

2020-D,

Class

C,

0.00%,

06/25/60

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

16,689

14,561,604

Series

2021-C,

Class

A,

2.12%,

01/25/61

(e)

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

26,806

25,056,685

Series

2021-C,

Class

B,

3.72%,

01/25/61

(e)

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

6,014

5,505,331

Series

2021-C,

Class

C,

0.00%,

01/25/61

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

15,200

13,535,975

Series

2021-D,

Class

A,

2.00%,

03/25/60

(e)

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

61,029

56,657,109

Series

2021-D,

Class

B,

4.00%,

03/25/60

(b)

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

10,911

9,944,081

Series

2021-D,

Class

C,

0.00%,

03/25/60

(b)(c)

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

16,170

11,912,146

Series

2021-E,

Class

A1,

1.74%,

12/25/60

(b)

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

49,496

43,727,120

Series

2021-E,

Class

A2,

2.69%,

12/25/60

(b)

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

8,637

7,290,564

Series

2021-E,

Class

B1,

3.73%,

12/25/60

(b)

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

5,214

4,337,778

Series

2021-E,

Class

B3,

3.80%,

12/25/60

(b)

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

12,755

8,560,340

Series

2021-E,

Class

M1,

2.94%,

12/25/60

(b)

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

8,544

6,934,099

Series

2021-E,

Class

SA,

0.00%,

12/25/60

(b)

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

215

101,580

Series

2021-E,

Class

XS,

0.00%,

12/25/60

(b)

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

196,421

7,841,792

Series

2021-F,

Class

A,

1.87%,

06/25/61

(e)

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

89,086

82,024,453

Series

2021-F,

Class

B,

3.75%,

06/25/61

(e)

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

11,970

10,868,686

Series

2021-F,

Class

C,

0.00%,

06/25/61

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

22,342

19,838,809

Series

2021-G,

Class

A,

1.87%,

06/25/61

(b)

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

88,976

82,481,746

Series

2021-G,

Class

B,

3.75%,

06/25/61

(b)

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

14,966

13,550,280

Series

2021-G,

Class

C,

0.00%,

06/25/61

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

27,100

24,464,072

American

Homes

4

Rent

Trust

(a)

Series

2014-SFR2,

Class

E,

6.23%,

10/17/36

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

8,624

8,768,329

Series

2015-SFR1,

Class

XS,

0.00%,

04/17/52

(b)

.........

22,387

224

AMSR

Trust

(a)

Series

2020-SFR1,

Class

E,

3.22%,

04/17/37

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

2,102

1,993,288

Series

2020-SFR4,

Class

E2,

2.46%,

11/17/37

..........

4,080

3,727,510

Series

2020-SFR4,

Class

F,

2.86%,

11/17/37

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

4,520

4,132,441

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-SFR1,

Class

F,

3.60%,

06/17/38

(b)

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

USD

5,128

$

4,313,548

Series

2021-SFR2,

Class

F1,

3.28%,

08/17/38

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

6,744

5,932,472

Aqua

Finance

Trust

(a)

Series

2021-A,

Class

A,

1.54%,

07/17/46

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

1,309

1,209,190

Series

2021-A,

Class

B,

2.40%,

07/17/46

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

5,070

4,332,691

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2021-FL4,

Class

A,

(LIBOR

USD

1

Month

+

1.35%),

2.67%,

11/15/36

(a)(b)

..........

3,850

3,724,875

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(LIBOR

USD

1

Month

+

0.48%),

2.10%,

05/25/35

(b)

6,200

5,433,252

Arm

Master

Trust

LLC,

Series

2021-T1,

Class

A,

2.43%,

11/15/27

(a)

.....

3,429

3,197,960

BankAmerica

Manufactured

Housing

Contract

Trust

(b)

Series

1997-2,

Class

B1,

7.07%,

02/10/22

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

4,500

1,597,393

Series

1998-2,

Class

B1,

7.37%,

12/10/25

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

8,475

2,463,708

Bankers

Healthcare

Group

Securitization

Trust,

Series

2020-A,

Class

C,

5.17%,

09/17/31

(a)

.....

750

718,836

Battalion

CLO

XII

Ltd.,

Series

2018-

12A,

Class

B2R,

(LIBOR

USD

3

Month

+

2.08%),

3.52%,

05/17/31

(a)(b)

250

243,896

Battalion

CLO

XX

Ltd.,

Series

2021-

20A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

2.22%,

07/15/34

(a)(b)

...

4,500

4,309,814

Bayview

Financial

Revolving

Asset

Trust

(a)(b)

Series

2004-B,

Class

A1,

(LIBOR

USD

1

Month

+

1.00%),

2.63%,

05/28/39

(c)

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

23,684

18,946,931

Series

2004-B,

Class

A2,

(LIBOR

USD

1

Month

+

1.30%),

2.93%,

05/28/39

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

958

810,759

Series

2005-A,

Class

A1,

(LIBOR

USD

1

Month

+

1.00%),

2.63%,

02/28/40

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

12,083

11,513,730

Series

2005-E,

Class

A1,

(LIBOR

USD

1

Month

+

1.00%),

2.63%,

12/28/40

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

824

817,135

BCMSC

Trust

(b)

Series

2000-A,

Class

A2,

7.58%,

06/15/30

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

7,777

1,222,259

Series

2000-A,

Class

A3,

7.83%,

06/15/30

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

7,219

1,172,850

Series

2000-A,

Class

A4,

8.29%,

06/15/30

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

5,207

895,627

Bear

Stearns

Asset-Backed

Securities

I

Trust

(b)

Series

2004-HE7,

Class

M2,

(LIBOR

USD

1

Month

+

1.73%),

3.35%,

08/25/34

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

178

173,009

Series

2006-HE1,

Class

1M4,

(LIBOR

USD

1

Month

+

1.02%),

2.64%,

12/25/35

..........

4,515

6,456,600

Series

2006-HE7,

Class

1A2,

(LIBOR

USD

1

Month

+

0.34%),

1.96%,

09/25/36

..........

3,007

2,903,181

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

32

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2006-HE8,

Class

1A3,

(LIBOR

USD

1

Month

+

0.26%),

1.88%,

10/25/36

..........

USD

2,391

$

2,075,533

Series

2007-FS1,

Class

1A3,

(LIBOR

USD

1

Month

+

0.34%),

1.96%,

05/25/35

..........

757

746,949

Series

2007-HE1,

Class

21A2,

(LIBOR

USD

1

Month

+

0.16%),

1.78%,

01/25/37

..........

1,375

1,363,546

Series

2007-HE2,

Class

1A4,

(LIBOR

USD

1

Month

+

0.32%),

1.94%,

03/25/37

..........

3,118

2,887,388

Series

2007-HE2,

Class

22A,

(LIBOR

USD

1

Month

+

0.14%),

1.76%,

03/25/37

..........

2,115

2,009,032

Series

2007-HE2,

Class

23A,

(LIBOR

USD

1

Month

+

0.14%),

1.76%,

03/25/37

..........

3,729

3,528,194

Series

2007-HE3,

Class

1A3,

(LIBOR

USD

1

Month

+

0.25%),

1.87%,

04/25/37

..........

1,456

1,894,252

Series

2007-HE3,

Class

1A4,

(LIBOR

USD

1

Month

+

0.35%),

1.97%,

04/25/37

..........

18,471

17,834,155

BHG

Securitization

Trust

(a)

Series

2021-A,

Class

A,

1.42%,

11/17/33

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

4,677

4,376,662

Series

2021-A,

Class

B,

2.79%,

11/17/33

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

1,995

1,798,373

Series

2021-A,

Class

C,

3.69%,

11/17/33

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

160

144,885

Series

2021-B,

Class

C,

2.24%,

10/17/34

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

1,600

1,377,103

Series

2021-B,

Class

D,

3.17%,

10/17/34

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

175

149,226

Series

2022-A,

Class

C,

3.08%,

02/20/35

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

13,300

11,857,973

Series

2022-A,

Class

D,

3.56%,

02/20/35

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

300

265,139

Series

2022-A,

Class

E,

4.30%,

02/20/35

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

600

530,643

Brex

Commercial

Charge

Card

Master

Trust,

Series

2021-1,

Class

A,

2.09%,

07/15/24

(a)

...........

11,650

11,425,341

Carrington

Mortgage

Loan

Trust

(b)

Series

2006-NC1,

Class

M2,

(LIBOR

USD

1

Month

+

0.63%),

2.25%,

01/25/36

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

1,620

1,366,051

Series

2006-NC4,

Class

A3,

(LIBOR

USD

1

Month

+

0.16%),

1.78%,

10/25/36

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

1,348

1,293,897

Cascade

MH

Asset

Trust,

Series

2019-

MH1,

Class

A,

4.00%,

11/25/44

(a)(b)

19,532

18,545,624

C-BASS

Trust,

Series

2006-CB7,

Class

A4,

(LIBOR

USD

1

Month

+

0.32%),

1.94%,

10/25/36

(b)

...........

1,227

856,362

Citigroup

Mortgage

Loan

Trust

(b)

Series

2007-AHL2,

Class

A3B,

(LIBOR

USD

1

Month

+

0.20%),

1.82%,

05/25/37

..........

13,303

9,762,588

Series

2007-AHL2,

Class

A3C,

(LIBOR

USD

1

Month

+

0.27%),

1.89%,

05/25/37

..........

6,043

4,455,921

Series

2007-AHL3,

Class

A3B,

(LIBOR

USD

1

Month

+

0.17%),

1.79%,

07/25/45

..........

6,562

4,944,527

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2007-AMC1,

Class

A1,

(LIBOR

USD

1

Month

+

0.16%),

1.78%,

12/25/36

(a)

.........

USD

7,359

$

4,178,920

Cloud

Pass-Through

Trust,

Series

2019-1A,

Class

CLOU,

3.55%,

12/05/22

(a)(b)

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

189

188,471

College

Avenue

Student

Loans

LLC

(a)

Series

2021-A,

Class

B,

2.32%,

07/25/51

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

8,610

7,886,912

Series

2021-A,

Class

C,

2.92%,

07/25/51

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

1,562

1,427,404

Series

2021-B,

Class

B,

2.42%,

06/25/52

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

2,090

1,860,308

Series

2021-B,

Class

C,

2.72%,

06/25/52

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

900

794,987

Series

2021-B,

Class

D,

3.78%,

06/25/52

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

220

192,846

Series

2021-C,

Class

D,

4.11%,

07/26/55

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

530

463,423

Conseco

Finance

Corp.

Series

1996-10,

Class

B1,

7.24%,

11/15/28

(b)

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

3,302

3,193,887

Series

1997-3,

Class

M1,

7.53%,

03/15/28

(b)

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

2,972

2,856,531

Series

1997-6,

Class

M1,

7.21%,

01/15/29

(b)

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

2,175

2,074,710

Series

1998-4,

Class

M1,

6.83%,

04/01/30

(b)

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

869

801,467

Series

1998-6,

Class

M1,

6.63%,

06/01/30

(b)

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

2,322

2,228,485

Series

1998-8,

Class

A1,

6.28%,

09/01/30

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

656

661,179

Series

1998-8,

Class

M1,

6.98%,

09/01/30

(b)

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

6,194

5,914,493

Series

1999-5,

Class

A5,

7.86%,

03/01/30

(b)

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

2,682

1,262,813

Series

1999-5,

Class

A6,

7.50%,

03/01/30

(b)

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

2,878

1,304,251

Conseco

Finance

Securitizations

Corp.

Series

2000-1,

Class

A5,

8.06%,

09/01/29

(b)

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

4,152

1,048,399

Series

2000-4,

Class

A6,

8.31%,

05/01/32

(b)

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

5,128

1,226,381

Series

2000-5,

Class

A6,

7.96%,

05/01/31

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

6,310

2,218,021

Series

2000-5,

Class

A7,

8.20%,

05/01/31

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

11,489

4,158,193

Credit

Suisse

ABS

Repackaging

Trust,

Series

2013-A,

Class

B,

2.50%,

01/25/30

(a)

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

3,401

3,297,838

Credit-Based

Asset

Servicing

&

Securitization

LLC

Series

2006-CB2,

Class

AF4,

6.20%,

12/25/36

(e)

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

1,112

941,814

Series

2006-MH1,

Class

B1,

6.25%,

10/25/36

(a)(e)

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

1,944

1,873,701

Series

2006-SL1,

Class

A2,

6.06%,

09/25/36

(a)(e)

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

12,029

600,558

Series

2007-CB6,

Class

A4,

(LIBOR

USD

1

Month

+

0.34%),

1.96%,

07/25/37

(a)(b)

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

1,528

1,075,027

CSMC

Trust,

Series

2017-2,

Class

CERT,

0.00%,

02/01/47

(a)

......

2,779

2,195,035

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

CWABS

Asset-Backed

Certificates

Trust

(b)

Series

2005-16,

Class

1AF,

4.50%,

04/25/36

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

USD

6,714

$

5,966,816

Series

2006-11,

Class

3AV2,

(LIBOR

USD

1

Month

+

0.16%),

1.78%,

09/25/46

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

116

115,097

Series

2006-12,

Class

1A,

(LIBOR

USD

1

Month

+

0.26%),

1.88%,

12/25/36

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

2,915

2,635,109

Series

2006-18,

Class

M1,

(LIBOR

USD

1

Month

+

0.30%),

1.92%,

03/25/37

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

12,743

11,517,358

CWABS

Revolving

Home

Equity

Loan

Trust,

Series

2004-U,

Class

2A,

(LIBOR

USD

1

Month

+

0.27%),

1.59%,

03/15/34

(b)

...........

257

245,630

CWHEQ

Home

Equity

Loan

Trust

Series

2006-S3,

Class

A4,

7.02%,

01/25/29

(e)

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

204

310,687

Series

2006-S5,

Class

A5,

6.16%,

06/25/35

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

379

467,653

CWHEQ

Revolving

Home

Equity

Loan

Resuritization

Trust

(a)(b)

Series

2006-RES,

Class

4Q1B,

(LIBOR

USD

1

Month

+

0.30%),

1.62%,

12/15/33

..........

30

29,929

Series

2006-RES,

Class

5B1A,

(LIBOR

USD

1

Month

+

0.19%),

1.51%,

05/15/35

..........

214

209,122

Series

2006-RES,

Class

5B1B,

(LIBOR

USD

1

Month

+

0.19%),

1.51%,

05/15/35

..........

224

213,901

CWHEQ

Revolving

Home

Equity

Loan

Trust

(b)

Series

2005-B,

Class

2A,

(LIBOR

USD

1

Month

+

0.18%),

1.50%,

05/15/35

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

723

707,646

Series

2006-C,

Class

2A,

(LIBOR

USD

1

Month

+

0.18%),

1.50%,

05/15/36

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

3,150

2,989,820

Series

2006-H,

Class

1A,

(LIBOR

USD

1

Month

+

0.15%),

1.47%,

11/15/36

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

1,665

1,521,729

Diameter

Capital

CLO

1

Ltd.

(a)(b)

Series

2021-1A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.24%),

2.28%,

07/15/36

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

60,000

58,099,098

Series

2021-1A,

Class

A1B,

(LIBOR

USD

3

Month

+

1.55%),

2.59%,

07/15/36

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

11,250

10,875,048

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

6.05%),

7.09%,

07/15/36

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

5,000

4,319,297

Series

2021-1A,

Class

SUB,

0.00%,

07/15/36

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

5,000

3,962,500

Diameter

Capital

CLO

3

Ltd.,

Series

2022-3A,

Class

A1A,

(3

Month

CME

Term

SOFR

+

1.39%),

1.69%,

04/15/37

(a)(b)

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

2,500

2,413,080

Education

Funding

Trust,

Series

2020-

A,

Class

R,

0.00%,

07/25/41

(a)(c)

..

75

4,125,000

EDvestinU

Private

Education

Loan

Issue

No.

3

LLC,

Series

2021-A,

Class

B,

3.50%,

11/25/50

(a)

.....

1,660

1,404,364

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

2,805

$

2,631,403

Elmwood

CLO

15

Ltd.

(a)(b)

Series

2022-2A,

Class

A1,

(3

Month

CME

Term

SOFR

+

1.34%),

1.98%,

04/22/35

..........

5,290

5,112,756

Series

2022-2A,

Class

D,

(3

Month

CME

Term

SOFR

+

3.67%),

4.31%,

04/22/35

..........

2,960

2,728,271

First

Franklin

Mortgage

Loan

Trust

(b)

Series

2004-FFH3,

Class

M3,

(LIBOR

USD

1

Month

+

1.05%),

2.67%,

10/25/34

..........

2,818

2,624,276

Series

2006-FF13,

Class

A1,

(LIBOR

USD

1

Month

+

0.24%),

1.86%,

10/25/36

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

5,025

3,606,080

Series

2006-FF13,

Class

A2C,

(LIBOR

USD

1

Month

+

0.32%),

1.94%,

10/25/36

..........

2,947

2,115,584

Series

2006-FF16,

Class

2A4,

(LIBOR

USD

1

Month

+

0.42%),

2.04%,

12/25/36

..........

5,424

2,622,036

FirstKey

Homes

Trust

(a)

Series

2020-SFR1,

Class

G,

4.78%,

08/17/37

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

6,572

6,127,741

Series

2021-SFR1,

Class

F1,

3.24%,

08/17/38

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

8,036

7,000,944

Series

2022-SFR1,

Class

E2,

5.00%,

05/17/39

..........

5,000

4,617,984

Series

2022-SFR2,

Class

E1,

4.50%,

07/17/39

..........

4,977

4,500,418

Foundation

Finance

Trust,

Series

2021-

2A,

Class

A,

2.19%,

01/15/42

(a)

..

11,599

10,886,015

Fremont

Home

Loan

Trust

(b)

Series

2006-3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.28%),

1.90%,

02/25/37

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

5,853

4,585,640

Series

2006-3,

Class

2A3,

(LIBOR

USD

1

Month

+

0.34%),

1.96%,

02/25/37

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

5,661

2,152,012

FS

Rialto

Issuer

LLC,

Series

2022-FL5,

Class

A,

(TSFR1M

+

2.30%),

3.20%,

06/19/37

(a)(b)

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

19,964

19,596,904

GAM

Resecuritization

Trust,

Series

2018-B,

Class

A1,

(US

Prime

Rate

-

2.00%),

2.75%,

08/27/51

(a)(b)

....

8,863

8,292,998

GoldenTree

Loan

Opportunities

X

Ltd.

(a)(b)

Series

2015-10A,

Class

AR,

(LIBOR

USD

3

Month

+

1.12%),

2.18%,

07/20/31

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

4,833

4,735,657

Series

2015-10A,

Class

DR,

(LIBOR

USD

3

Month

+

3.05%),

4.11%,

07/20/31

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

750

695,439

Goldman

Home

Improvement

Trust

Issuer

Trust,

Series

2021-GRN2,

Class

B,

1.97%,

06/25/51

(a)

.....

4,583

4,102,170

Golub

Capital

BDC

3

CLO

1

LLC,

Series

2021-1A,

Class

C1,

(LIBOR

USD

3

Month

+

2.80%),

3.84%,

04/15/33

(a)(b)

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

1,750

1,656,722

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-3CS,

Class

A,

2.10%,

05/20/48

(a)

...........

19,925

17,164,315

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

34

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Greenpoint

Manufactured

Housing

(b)

Series

1999-5,

Class

M1B,

8.29%,

12/15/29

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

USD

2,517

$

2,542,154

Series

1999-5,

Class

M2,

9.23%,

12/15/29

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

2,849

2,513,635

Grippen

Park

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.26%),

2.32%,

01/20/30

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

1,255

1,240,192

Series

2017-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.30%),

4.36%,

01/20/30

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

450

425,757

GSAA

Home

Equity

Trust

(b)

Series

2005-14,

Class

1A2,

(LIBOR

USD

1

Month

+

0.70%),

2.32%,

12/25/35

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

1,962

916,931

Series

2006-4,

Class

1A1,

2.94%,

03/25/36

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

3,989

3,015,190

Series

2007-2,

Class

AF3,

5.92%,

03/25/37

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

1,484

342,352

GSAMP

Trust

(b)

Series

2007-H1,

Class

A1B,

(LIBOR

USD

1

Month

+

0.20%),

1.82%,

01/25/47

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

3,301

1,802,768

Series

2007-HS1,

Class

M6,

(LIBOR

USD

1

Month

+

3.38%),

5.00%,

02/25/47

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

3,414

3,181,297

Home

Equity

Asset

Trust

(b)

Series

2006-3,

Class

M2,

(LIBOR

USD

1

Month

+

0.60%),

2.22%,

07/25/36

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

4,008

3,620,098

Series

2007-1,

Class

2A3,

(LIBOR

USD

1

Month

+

0.30%),

1.92%,

05/25/37

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

5,359

4,086,200

Home

Equity

Mortgage

Loan

Asset-

Backed

Trust

(b)

Series

2004-A,

Class

M2,

(LIBOR

USD

1

Month

+

2.03%),

3.65%,

07/25/34

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

1,128

1,102,683

Series

2007-A,

Class

2A2,

(LIBOR

USD

1

Month

+

0.19%),

1.81%,

04/25/37

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

4,377

3,004,108

Home

Equity

Mortgage

Trust,

Series

2006-2,

Class

1A1,

5.87%,

07/25/36

(e)

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

7,379

976,762

Home

Loan

Mortgage

Loan

Trust,

Series

2005-1,

Class

A3,

(LIBOR

USD

1

Month

+

0.72%),

2.04%,

04/15/36

(b)

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

2,833

2,604,362

Irwin

Home

Equity

Loan

Trust,

Series

2006-P1,

Class

1A,

(LIBOR

USD

1

Month

+

0.28%),

1.90%,

12/25/36

(a)(b)

118

112,519

JPMorgan

Mortgage

Acquisition

Trust

Series

2006-CW1,

Class

M1,

(LIBOR

USD

1

Month

+

0.41%),

2.03%,

05/25/36

(b)

.........

2,757

2,687,946

Series

2007-CH1,

Class

MF1,

5.79%,

11/25/36

(e)

.........

11,109

11,872,770

Kapitus

Asset

Securitization

LLC,

Series

2022-1A,

Class

A,

3.38%,

07/10/28

(a)

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

16,278

15,327,264

KeyCorp

Student

Loan

Trust

(b)

Series

2004-A,

Class

2D,

(LIBOR

USD

3

Month

+

1.25%),

2.47%,

07/28/42

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

6,870

6,301,338

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2005-A,

Class

2C,

(LIBOR

USD

3

Month

+

1.30%),

3.50%,

12/27/38

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

USD

14,836

$

13,766,946

Legacy

Mortgage

Asset

Trust

(a)

Series

2019-SL2,

Class

A,

3.38%,

02/25/59

(b)

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

10,968

10,385,022

Series

2019-SL2,

Class

B,

0.00%,

02/25/59

(c)

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

4,259

638,851

Series

2019-SL2,

Class

M,

4.25%,

02/25/59

(b)

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

4,695

4,436,015

Lehman

ABS

Manufactured

Housing

Contract

Trust

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(b)

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

10,135

10,277,804

Series

2002-A,

Class

C,

0.00%,

06/15/33

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

709

642,138

Lehman

ABS

Mortgage

Loan

Trust,

Series

2007-1,

Class

2A1,

(LIBOR

USD

1

Month

+

0.09%),

1.71%,

06/25/37

(a)(b)

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

984

698,342

Lending

Funding

Trust,

Series

2020-2A,

Class

B,

3.54%,

04/21/31

(a)

.....

3,340

3,103,155

LendingPoint

Pass-Through

Trust

(a)

Series

2022-ST1,

Class

A,

2.50%,

03/15/28

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

1,982

1,906,042

Series

2022-ST2,

Class

A,

3.25%,

04/15/28

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

2,848

2,763,032

Lendmark

Funding

Trust

(a)

Series

2019-2A,

Class

B,

3.22%,

04/20/28

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

6,150

5,893,226

Series

2019-2A,

Class

C,

3.72%,

04/20/28

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

7,820

7,392,233

Series

2021-1A,

Class

D,

5.05%,

11/20/31

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

1,355

1,096,749

Series

2021-2A,

Class

C,

3.09%,

04/20/32

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

1,950

1,578,704

Series

2021-2A,

Class

D,

4.46%,

04/20/32

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

1,420

1,132,084

Series

2022-1A,

Class

A,

5.12%,

07/20/32

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

19,321

19,410,748

Loanpal

Solar

Loan

Ltd.,

Series

2020-

3GS,

Class

A,

2.47%,

12/20/47

(a)

.

20,376

18,086,247

Long

Beach

Mortgage

Loan

Trust

(b)

Series

2006-2,

Class

1A,

(LIBOR

USD

1

Month

+

0.36%),

1.98%,

03/25/46

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

—

(f)

2

Series

2006-5,

Class

2A3,

(LIBOR

USD

1

Month

+

0.30%),

1.92%,

06/25/36

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

8,544

4,607,215

Series

2006-7,

Class

2A3,

(LIBOR

USD

1

Month

+

0.32%),

1.94%,

08/25/36

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

19,561

8,939,174

Long

Point

Park

CLO

Ltd.,

Series

2017-

1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.38%),

2.42%,

01/17/30

(a)(b)

...

3,750

3,559,960

Madison

Avenue

Manufactured

Housing

Contract

Trust,

Series

2002-A,

Class

B2,

(LIBOR

USD

1

Month

+

3.25%),

4.87%,

03/25/32

(b)

...........

1,517

1,516,162

Mariner

Finance

Issuance

Trust

(a)

Series

2019-AA,

Class

B,

3.51%,

07/20/32

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

5,530

5,350,926

Series

2019-AA,

Class

C,

4.01%,

07/20/32

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

4,920

4,720,799

Series

2020-AA,

Class

B,

3.21%,

08/21/34

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

2,030

1,898,373

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2020-AA,

Class

C,

4.10%,

08/21/34

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

USD

2,530

$

2,349,187

Series

2020-AA,

Class

D,

5.75%,

08/21/34

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

3,350

3,088,683

Series

2021-AA,

Class

C,

2.96%,

03/20/36

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

1,190

1,027,636

Series

2021-AA,

Class

D,

3.83%,

03/20/36

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

1,180

1,035,370

Series

2021-AA,

Class

E,

5.40%,

03/20/36

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

5,040

4,544,033

Series

2021-BA,

Class

D,

3.42%,

11/20/36

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

1,130

938,936

Series

2021-BA,

Class

E,

4.68%,

11/20/36

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

2,520

2,090,523

MASTR

Asset-Backed

Securities

Trust

(b)

Series

2006-AM2,

Class

A4,

(LIBOR

USD

1

Month

+

0.52%),

2.14%,

06/25/36

(a)

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

3,685

3,319,560

Series

2007-HE1,

Class

A4,

(LIBOR

USD

1

Month

+

0.28%),

1.90%,

05/25/37

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

5,000

4,042,525

MASTR

Specialized

Loan

Trust,

Series

2006-3,

Class

A,

(LIBOR

USD

1

Month

+

0.26%),

1.88%,

06/25/46

(a)(b)

1,052

994,943

Mercury

Financial

Credit

Card

Master

Trust

(a)

Series

2021-1A,

Class

A,

1.54%,

03/20/26

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

30,410

28,933,643

Series

2022-1A,

Class

A,

2.50%,

09/21/26

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

44,043

41,715,698

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust

(b)

Series

2007-2,

Class

A2C,

(LIBOR

USD

1

Month

+

0.24%),

1.86%,

05/25/37

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

4,161

3,260,436

Series

2007-H1,

Class

1A2,

(LIBOR

USD

1

Month

+

3.50%),

5.12%,

10/25/37

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

4,669

4,310,161

Merrill

Lynch

Mortgage

Investors

Trust

(b)

Series

2006-OPT1,

Class

M1,

(LIBOR

USD

1

Month

+

0.26%),

1.88%,

08/25/37

..........

1,111

1,059,062

Series

2006-RM3,

Class

A2B,

(LIBOR

USD

1

Month

+

0.18%),

1.80%,

06/25/37

..........

2,854

654,953

Mill

City

Solar

Loan

Ltd.

(a)

Series

2019-1A,

Class

A,

4.34%,

03/20/43

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

11,490

11,208,502

Series

2019-2GS,

Class

A,

3.69%,

07/20/43

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

19,594

18,411,032

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

(b)

Series

2005-HE5,

Class

M4,

(LIBOR

USD

1

Month

+

0.87%),

2.49%,

09/25/35

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

7,358

6,098,480

Series

2007-SEA1,

Class

2A1,

(LIBOR

USD

1

Month

+

1.90%),

3.52%,

02/25/47

(a)

.........

1,438

1,383,840

Morgan

Stanley

Home

Equity

Loan

Trust,

Series

2006-3,

Class

A3,

(LIBOR

USD

1

Month

+

0.32%),

1.94%,

04/25/36

(b)

...........

2,557

1,899,100

Mosaic

Solar

Loan

Trust

(a)

Series

2018-2GS,

Class

A,

4.20%,

02/22/44

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

10,735

10,328,528

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2018-2GS,

Class

C,

5.97%,

02/22/44

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

USD

2,408

$

2,308,073

Series

2019-1A,

Class

A,

4.37%,

12/21/43

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

16,809

16,082,090

Mosaic

Solar

Loans

LLC,

Series

2017-

2A,

Class

A,

3.82%,

06/22/43

(a)

..

1,614

1,530,462

Nationstar

Home

Equity

Loan

Trust,

Series

2007-B,

Class

M1,

(LIBOR

USD

1

Month

+

0.41%),

2.03%,

04/25/37

(b)

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

5,455

5,049,704

Navient

Private

Education

Loan

Trust

(a)

Series

2014-AA,

Class

B,

3.50%,

08/15/44

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

14,970

13,943,770

Series

2015-AA,

Class

B,

3.50%,

12/15/44

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

10,722

10,196,559

Navient

Private

Education

Refi

Loan

Trust

(a)

Series

2020-FA,

Class

B,

2.69%,

07/15/69

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

4,310

3,829,062

Series

2021-DA,

Class

A,

(US

Prime

Rate

-

1.99%),

2.01%,

04/15/60

(b)

20,882

19,911,055

Series

2021-DA,

Class

B,

2.61%,

04/15/60

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

3,100

2,812,107

Series

2021-DA,

Class

C,

3.48%,

04/15/60

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

7,980

7,154,362

Series

2021-DA,

Class

D,

4.00%,

04/15/60

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

2,550

2,287,678

Nelnet

Student

Loan

Trust

(a)

Series

2021-A,

Class

B2,

2.85%,

04/20/62

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

41,500

35,873,202

Series

2021-A,

Class

C,

3.75%,

04/20/62

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

24,060

21,567,653

Series

2021-A,

Class

D,

4.93%,

04/20/62

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

9,810

8,839,806

Series

2021-BA,

Class

B,

2.68%,

04/20/62

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

34,100

28,923,930

Series

2021-BA,

Class

C,

3.57%,

04/20/62

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

9,550

8,108,861

Series

2021-BA,

Class

D,

4.75%,

04/20/62

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

2,780

2,422,773

Series

2021-CA,

Class

B,

2.53%,

04/20/62

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

31,570

25,949,716

Series

2021-CA,

Class

C,

3.36%,

04/20/62

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

1,230

1,024,241

Series

2021-CA,

Class

D,

4.44%,

04/20/62

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

1,880

1,590,400

Series

2021-DA,

Class

B,

2.90%,

04/20/62

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

19,700

16,854,148

Series

2021-DA,

Class

C,

3.50%,

04/20/62

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

2,110

1,841,463

Series

2021-DA,

Class

D,

4.38%,

04/20/62

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

651

547,798

New

Century

Home

Equity

Loan

Trust,

Series

2005-C,

Class

M2,

(LIBOR

USD

1

Month

+

0.68%),

2.30%,

12/25/35

(b)

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

3,924

2,971,481

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2006-

S5,

Class

A1,

(LIBOR

USD

1

Month

+

0.40%),

2.02%,

10/25/36

(a)(b)

...

118

135,824

Oakwood

Mortgage

Investors,

Inc.

(b)

Series

2001-D,

Class

A2,

5.26%,

09/15/31

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

1,796

998,255

Series

2001-D,

Class

A4,

6.93%,

09/15/31

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

1,469

950,569

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

36

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

OneMain

Financial

Issuance

Trust

(a)

Series

2018-1A,

Class

E,

5.52%,

03/14/29

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

USD

14,596

$

14,080,519

Series

2019-1A,

Class

B,

3.79%,

02/14/31

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

3,803

3,801,696

Series

2019-1A,

Class

E,

5.69%,

02/14/31

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

22,805

22,750,065

Series

2019-2A,

Class

D,

4.05%,

10/14/36

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

13,070

11,551,432

Series

2020-2A,

Class

D,

3.45%,

09/14/35

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

10,930

9,705,920

Series

2021-1A,

Class

A2,

(SOFR30A

+

0.76%),

1.54%,

06/16/36

(b)

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

4,537

4,288,945

Series

2021-1A,

Class

C,

2.22%,

06/16/36

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

800

679,279

Oportun

Issuance

Trust

(a)

Series

2021-B,

Class

A,

1.47%,

05/08/31

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

7,520

6,973,965

Series

2021-B,

Class

B,

1.96%,

05/08/31

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

1,960

1,799,886

Series

2021-B,

Class

C,

3.65%,

05/08/31

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

920

861,996

Series

2021-B,

Class

D,

5.41%,

05/08/31

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

1,670

1,579,217

Series

2021-C,

Class

A,

2.18%,

10/08/31

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

30,280

28,009,097

Series

2021-C,

Class

B,

2.67%,

10/08/31

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

14,009

12,824,549

Series

2021-C,

Class

C,

3.61%,

10/08/31

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

4,506

4,041,737

Series

2021-C,

Class

D,

5.57%,

10/08/31

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

300

268,785

Option

One

Mortgage

Loan

Trust

Series

2005-4,

Class

M3,

(LIBOR

USD

1

Month

+

0.74%),

2.36%,

11/25/35

(b)

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

6,618

5,586,760

Series

2006-3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.14%),

1.76%,

02/25/37

(b)

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

1,806

1,238,174

Series

2007-CP1,

Class

2A3,

(LIBOR

USD

1

Month

+

0.21%),

1.83%,

03/25/37

(b)

.........

6,755

5,263,002

Series

2007-FXD1,

Class

1A1,

5.87%,

01/25/37

(e)

.........

16,644

14,234,896

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(e)

.........

13,976

12,184,291

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(e)

.........

6,982

6,117,208

Origen

Manufactured

Housing

Contract

Trust

(b)

Series

2001-A,

Class

M1,

7.82%,

03/15/32

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

3,440

3,193,995

Series

2007-B,

Class

A1,

(LIBOR

USD

1

Month

+

1.20%),

2.52%,

10/15/37

(a)

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

2,497

2,427,749

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(e)

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

4,925

4,349,560

Pagaya

AI

Debt

Selection

Trust,

Series

2021-2,

Class

NOTE,

3.00%,

01/25/29

(a)

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

6,922

6,558,164

PRET

LLC

(a)

Series

2021-NPL6,

Class

A1,

2.49%,

07/25/51

(e)

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

26,112

24,415,651

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-RN4,

Class

A1,

2.49%,

10/25/51

(b)

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

USD

12,928

$

12,756,465

Progress

Residential

(a)

Series

2021-SFR1,

Class

F,

2.76%,

04/17/38

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

5,100

4,366,832

Series

2021-SFR3,

Class

F,

3.44%,

05/17/26

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

12,190

10,634,191

Series

2021-SFR4,

Class

F,

3.41%,

05/17/38

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

15,230

13,750,229

Progress

Residential

Trust

(a)

Series

2020-SFR2,

Class

B,

2.58%,

06/17/37

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

950

906,847

Series

2020-SFR3,

Class

E,

2.30%,

10/17/27

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

4,710

4,237,134

Series

2020-SFR3,

Class

F,

2.80%,

10/17/27

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

8,860

8,003,072

Series

2021-SFR10,

Class

E2,

3.67%,

12/17/40

..........

1,734

1,443,028

Series

2021-SFR10,

Class

F,

4.61%,

12/17/40

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

7,000

5,830,429

Series

2021-SFR2,

Class

F,

3.40%,

04/19/38

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

10,966

9,726,978

Series

2021-SFR5,

Class

F,

3.16%,

07/17/38

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

3,192

2,730,827

Series

2021-SFR6,

Class

F,

3.42%,

07/17/38

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

6,423

5,575,834

Series

2021-SFR7,

Class

F,

3.83%,

08/17/40

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

10,265

8,516,068

Series

2021-SFR9,

Class

F,

4.05%,

11/17/40

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

2,637

2,128,264

Series

2022-SFR1,

Class

F,

4.88%,

02/17/41

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

5,383

4,702,387

Series

2022-SFR1,

Class

G,

5.52%,

02/17/41

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

5,383

4,664,467

Series

2022-SFR3,

Class

E1,

5.20%,

04/17/39

..........

4,500

4,232,127

Series

2022-SFR5,

Class

E1,

6.62%,

06/17/39

..........

4,054

4,054,158

PRPM

LLC,

Series

2020-4,

Class

A1,

2.95%,

10/25/25

(a)(e)

..........

11,370

10,998,330

RAMP

Series

Trust,

Series

2004-RS7,

Class

A2A,

(LIBOR

USD

1

Month

+

0.62%),

1.63%,

07/25/34

(b)

.....

2,867

2,304,977

RASC

Trust,

Series

2006-EMX9,

Class

1A4,

(LIBOR

USD

1

Month

+

0.24%),

2.10%,

11/25/36

(b)

......

2,626

2,167,979

Regional

Management

Issuance

Trust

(a)

Series

2020-1,

Class

A,

2.34%,

10/15/30

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

9,260

8,792,615

Series

2020-1,

Class

B,

3.23%,

10/15/30

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

1,140

1,070,006

Series

2020-1,

Class

C,

3.80%,

10/15/30

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

1,500

1,407,960

Series

2021-2,

Class

B,

2.35%,

08/15/33

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

560

468,713

Series

2021-2,

Class

C,

3.23%,

08/15/33

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

1,339

1,110,521

Series

2022-1,

Class

A,

3.07%,

03/15/32

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

8,970

8,475,199

Series

2022-1,

Class

B,

3.71%,

03/15/32

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

1,698

1,586,691

Series

2022-1,

Class

C,

4.46%,

03/15/32

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

1,117

1,040,523

Series

2022-1,

Class

D,

6.72%,

03/15/32

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

3,555

3,311,062

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Republic

Finance

Issuance

Trust

(a)

Series

2020-A,

Class

A,

2.47%,

11/20/30

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

USD

9,180

$

8,827,638

Series

2020-A,

Class

B,

3.54%,

11/20/30

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

9,340

8,774,961

Series

2020-A,

Class

C,

4.05%,

11/20/30

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

2,420

2,264,333

Series

2021-A,

Class

A,

2.30%,

12/22/31

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

26,760

24,818,145

Series

2021-A,

Class

B,

2.80%,

12/22/31

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

5,960

5,442,264

Series

2021-A,

Class

C,

3.53%,

12/22/31

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

2,040

1,857,504

Series

2021-A,

Class

D,

5.23%,

12/22/31

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

2,860

2,603,286

SACO

I

Trust,

Series

2006-9,

Class

A1,

(LIBOR

USD

1

Month

+

0.30%),

1.92%,

08/25/36

(b)

...........

142

141,456

Saxon

Asset

Securities

Trust,

Series

2007-1,

Class

M1,

(LIBOR

USD

1

Month

+

0.29%),

1.91%,

01/25/47

(b)

3,223

3,148,571

Securitized

Asset-Backed

Receivables

LLC

Trust,

Series

2006-OP1,

Class

M6,

(LIBOR

USD

1

Month

+

1.01%),

2.63%,

10/25/35

(b)

...........

570

481,665

Service

Experts

Issuer

LLC,

Series

2021-1A,

Class

A,

2.67%,

02/02/32

(a)

13,764

12,690,825

Sesac

Finance

LLC,

Series

2019-1,

Class

A2,

5.22%,

07/25/49

(a)

....

19,871

19,083,104

SG

Mortgage

Securities

Trust

(b)

Series

2006-FRE2,

Class

A2C,

(LIBOR

USD

1

Month

+

0.32%),

1.94%,

07/25/36

..........

2,400

569,753

Series

2006-OPT2,

Class

A3D,

(LIBOR

USD

1

Month

+

0.21%),

1.83%,

10/25/36

..........

4,623

3,532,112

Signal

Peak

CLO

1

Ltd.,

Series

2014-

1A,

Class

BR3,

(LIBOR

USD

3

Month

+

1.80%),

2.84%,

04/17/34

(a)(b)

1,000

952,236

Signal

Peak

CLO

2

LLC

(a)(b)

Series

2015-1A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.50%),

2.56%,

04/20/29

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

23,708

22,877,772

Series

2015-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

1.90%),

2.96%,

04/20/29

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

14,000

13,428,688

SLM

Private

Education

Loan

Trust,

Series

2010-C,

Class

A5,

(LIBOR

USD

1

Month

+

4.75%),

6.07%,

10/15/41

(a)(b)

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

26,417

28,853,873

SMB

Private

Education

Loan

Trust

(a)

Series

2015-B,

Class

B,

3.50%,

12/17/40

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

10,350

9,981,625

Series

2015-C,

Class

B,

3.50%,

09/15/43

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

6,210

5,939,257

Series

2020-A,

Class

B,

3.00%,

08/15/45

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

5,930

5,026,873

Series

2020-PTA,

Class

C,

3.20%,

09/15/54

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

4,455

3,674,988

Series

2021-A,

Class

C,

2.99%,

01/15/53

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

25,580

22,958,531

Series

2021-A,

Class

D1,

3.86%,

01/15/53

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

10,640

9,955,991

Series

2021-A,

Class

D2,

3.86%,

01/15/53

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

5,800

5,386,580

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-C,

Class

C,

3.00%,

01/15/53

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

USD

1,330

$

1,252,843

Series

2021-C,

Class

D,

3.93%,

01/15/53

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

637

580,996

SoFi

RR

Funding

IV

Trust,

Series

2021-

1,

Class

A,

2.98%,

12/31/25

(a)(c)(e)

.

5,739

5,578,590

Soundview

Home

Loan

Trust,

Series

2004-WMC1,

Class

M2,

(LIBOR

USD

1

Month

+

0.80%),

2.42%,

01/25/35

(b)

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

110

97,539

SpringCastle

America

Funding

LLC

(a)

Series

2020-AA,

Class

A,

1.97%,

09/25/37

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

12,014

11,154,234

Series

2020-AA,

Class

B,

2.66%,

09/25/37

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

19,740

19,714,711

STAR

Trust,

Series

2021-SFR1,

Class

F,

(LIBOR

USD

1

Month

+

2.40%),

3.92%,

04/17/38

(a)(b)

..........

1,870

1,802,698

Sunrun

Xanadu

Issuer

LLC,

Series

2019-1A,

Class

A,

3.98%,

06/30/54

(a)

17,075

16,056,582

Tricon

American

Homes

Trust

(a)

Series

2018-SFR1,

Class

E,

4.56%,

05/17/37

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

2,360

2,323,414

Series

2018-SFR1,

Class

F,

4.96%,

05/17/37

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

1,630

1,576,075

Series

2020-SFR1,

Class

F,

4.88%,

07/17/38

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

7,772

7,547,544

Upstart

Pass-Through

Trust

(a)

Series

2020-ST5,

Class

A,

3.00%,

12/20/26

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

1,259

1,209,609

Series

2020-ST6,

Class

A,

3.00%,

01/20/27

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

2,284

2,200,175

Series

2021-ST2,

Class

A,

2.50%,

04/20/27

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

6,251

6,000,439

Series

2021-ST3,

Class

A,

2.00%,

05/20/27

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

3,842

3,690,365

Series

2021-ST5,

Class

A,

2.00%,

07/20/27

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

882

837,861

Series

2022-ST1,

Class

A,

2.60%,

03/20/30

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

8,015

7,675,250

VOLT

CVI

LLC,

Series

2021-NP12,

Class

A1,

2.73%,

12/26/51

(a)(e)

...

27,917

26,238,479

Washington

Mutual

Asset-Backed

CertificatesTrust

(b)

Series

2006-HE4,

Class

2A2,

(LIBOR

USD

1

Month

+

0.36%),

1.98%,

09/25/36

..........

13,707

4,879,116

Series

2006-HE5,

Class

1A,

(LIBOR

USD

1

Month

+

0.16%),

1.78%,

10/25/36

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

4,063

3,240,211

Woodmont

Trust,

Series

2017-2A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.67%),

2.73%,

04/20/33

(a)(b)

....

14,000

13,618,259

Yale

Mortgage

Loan

Trust,

Series

2007-

1,

Class

A,

(LIBOR

USD

1

Month

+

0.40%),

2.02%,

06/25/37

(a)(b)

....

5,852

2,134,727

2,511,665,771

Total

Asset-Backed

Securities

—

10.5%

(Cost:

$4,848,707,112)

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

4,457,585,818

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

38

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Shares

Shares

Value

Common

Stocks

Australia

—

0.0%

Glencore

plc

(g)

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

255,000

$

1,381,191

Brazil

—

0.0%

MercadoLibre,

Inc.

(g)

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

1,038

661,071

Canada

—

0.0%

CTC

Triangle

BV

(c)(g)

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

1,393,669

408,939

Fairfax

Financial

Holdings

Ltd.

.....

1,286

681,464

Northern

Graphite

Corp.

(g)(h)

.......

435,208

209,625

Teck

Resources

Ltd.,

Class

B

.....

22,207

679,045

1,979,073

China

—

0.0%

Agricultural

Bank

of

China

Ltd.,

Class

H

(g)

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

3,951,000

1,493,698

Bank

of

China

Ltd.,

Class

H

(g)

......

3,798,000

1,517,572

China

Construction

Bank

Corp.,

Class

H

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

2,073,000

1,397,723

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

(g)

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

2,559,000

1,526,825

5,935,818

Denmark

—

0.0%

Pandora

A/S

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

26,504

1,683,865

France

—

0.0%

BNP

Paribas

SA

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

18,000

860,976

Hermes

International

...........

762

857,576

LVMH

Moet

Hennessy

Louis

Vuitton

SE

4,250

2,604,732

Societe

Generale

SA

...........

127,488

2,818,723

7,142,007

Germany

—

0.1%

Commerzbank

AG

(g)

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

125,000

886,892

Covestro

AG

(a)(d)

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

102,551

3,563,514

Deutsche

Telekom

AG

(Registered)

.

50,096

996,372

Evonik

Industries

AG

...........

163,831

3,513,549

Fresenius

SE

&

Co.

KGaA

........

740,874

22,531,268

HeidelbergCement

AG

..........

15,439

745,415

KION

Group

AG

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

82,975

3,473,518

Mercedes-Benz

Group

AG

........

180,859

10,503,995

Siemens

AG

(Registered)

........

6,726

691,409

46,905,932

Ireland

—

0.0%

ICON

plc

(g)

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

26,000

5,634,200

Israel

—

0.0%

Taboola.com

Ltd.,

(Acquired

09/02/21,

cost

$4,305,746)

(g)(i)

..........

430,575

1,089,355

Italy

—

0.0%

Enel

SpA

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

1,056,039

5,791,553

Netherlands

—

0.1%

Climate

Transition

Capital

Acquisition

I

BV

(g)(h)

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

310,735

3,207,502

Shell

plc

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

435,908

11,310,741

14,518,243

South

Korea

—

0.0%

Coupang,

Inc.

(g)(h)

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

430,482

5,488,646

Switzerland

—

0.0%

ABB

Ltd.

(Registered)

...........

29,345

786,980

Alcon,

Inc.

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

12,044

844,544

Cie

Financiere

Richemont

SA

(Registered)

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

28,289

3,042,855

Security

Shares

Shares

Value

Switzerland

(continued)

Sika

AG

(Registered)

...........

3,284

$

758,069

TE

Connectivity

Ltd.

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

26,786

3,030,836

8,463,284

United

Kingdom

—

0.1%

Alphawave

IP

Group

plc

(g)

........

1,758,129

2,876,389

AstraZeneca

plc

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

10,806

1,425,547

Barclays

plc

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

417,888

781,433

BP

plc,

ADR

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

316,315

8,967,530

Exscientia

plc,

(Acquired

03/31/22,

cost

$10,893,500),

ADR

(g)(i)

........

1,555,200

16,936,128

Genius

Sports

Ltd.

(g)

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

1,196,795

2,692,789

Hedosophia

European

Growth

(g)

....

444,510

4,518,495

Lloyds

Banking

Group

plc

........

18,192,105

9,359,960

NEW

Look

Retailers

(c)(g)

..........

2,172,402

27

Standard

Chartered

plc

..........

112,272

847,586

48,405,884

United

States

—

1.5%

Abbott

Laboratories

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

25,000

2,716,250

Adobe,

Inc.

(g)

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

5,000

1,830,300

Advanced

Micro

Devices,

Inc.

(g)

....

8,631

660,013

Agilent

Technologies,

Inc.

........

5,643

670,219

Aiven,

Inc.

(g)

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

101,555

11,368,067

Aiven,

Inc.

(c)(g)

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

67,703

7,578,674

Alcoa

Corp.

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

80,030

3,647,767

Align

Technology,

Inc.

(g)

..........

6,500

1,538,355

Alphabet,

Inc.,

Class

A

(g)

.........

329

716,976

Alphabet,

Inc.,

Class

C

(g)

.........

2,039

4,460,211

AltC

Acquisition

Corp.,

Class

A

(g)

....

499,729

4,822,385

Altice

USA,

Inc.,

Class

A

(g)

........

21,343

197,423

Altus

Power,

Inc.,

(Acquired

01/21/22,

cost

$6,854,000)

(g)(i)

..........

685,400

4,324,874

Applied

Materials,

Inc.

..........

42,099

3,830,167

Archer-Daniels-Midland

Co.

.......

128,460

9,968,496

Astra

Space,

Inc.,

(Acquired

08/13/21,

cost

$10,481,750)

(g)(i)

.........

1,048,175

1,362,627

Bank

of

America

Corp.

..........

21,469

668,330

Blend

Labs,

Inc.,

Class

A

(g)(h)

......

250,000

590,000

Booking

Holdings,

Inc.

(g)

.........

1,200

2,098,788

Bunge

Ltd.

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

128,590

11,661,827

Caesars

Entertainment,

Inc.

(g)

.....

50,447

1,932,120

California

Resources

Corp.

(j)

......

725,054

27,914,579

Cano

Health,

Inc.,

(Acquired

07/21/21,

cost

$9,158,040)

(g)(i)

..........

915,804

4,011,222

Capri

Holdings

Ltd.

(g)

...........

191,758

7,863,996

CareMax

Corp.,

(Acquired

07/15/21,

cost

$6,155,250)

(g)(i)

..........

615,525

2,234,356

Carlson

Travel,

Inc.

(g)

...........

17,611

334,609

Caterpillar,

Inc.

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

3,717

664,451

Century

Communities,

Inc.

.......

71,488

3,214,815

CF

Industries

Holdings,

Inc.

.......

127,303

10,913,686

CH

Robinson

Worldwide,

Inc.

.....

6,573

666,305

Chesapeake

Energy

Corp.

.......

140,934

11,429,747

Chevron

Corp.

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

49,981

7,236,249

ConocoPhillips

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

57,671

5,179,432

Consolidated

Edison,

Inc.

........

7,041

669,599

Crowdstrike

Holdings,

Inc.,

Class

A

(g)

.

14,400

2,427,264

Crown

PropTech

Acquisitions

(g)

.....

598,800

5,892,192

Crown

PropTech

Acquisitions

(c)(g)

...

229,536

739,106

CSX

Corp.

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

15,191

441,450

Datadog,

Inc.,

Class

A

(g)

.........

24,700

2,352,428

Davidson

Kempner

Mercant

Co-

Invest

Fund

LP,

(Acquired

04/1/21,

cost

$24,367,702)

(g)(i)(k)

...........

37,491,500

39,306,089

Deere

&

Co.

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

2,219

664,524

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Shares

Shares

Value

United

States

(continued)

Delta

Air

Lines,

Inc.

(g)

...........

104,677

$

3,032,493

Devon

Energy

Corp.

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

163,465

9,008,556

DiamondRock

Hospitality

Co.

(g)

....

769,114

6,314,426

Domino's

Pizza,

Inc.

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

14,600

5,689,766

Dow,

Inc.

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

12,950

668,349

Dynatrace,

Inc.

(g)

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

345,772

13,637,248

Edwards

Lifesciences

Corp.

(g)

.....

30,776

2,926,490

Element

Solutions,

Inc.

..........

302,555

5,385,479

Eli

Lilly

&

Co.

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

22,700

7,360,021

Energy

Transfer

LP

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

659,999

6,586,790

EQT

Corp.

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

160,252

5,512,669

Excelerate

Energy,

Inc.,

Class

A

(g)(h)

..

839,649

16,725,808

Exxon

Mobil

Corp.

(j)

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

218,601

18,720,990

Fanatics

Holdings

Inc.,

Class

A

(Acquired

12/15/21,

cost

$27,387,008)

(c)(g)(i)

...........

403,700

24,399,628

FedEx

Corp.

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

2,933

664,940

Ford

Motor

Co.

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

372,994

4,151,423

Forestar

Group,

Inc.

(g)

...........

118,660

1,624,455

Freeport-McMoRan,

Inc.

.........

179,035

5,238,564

Generac

Holdings,

Inc.

(g)

.........

42,785

9,009,665

General

Motors

Co.

(g)

...........

118,222

3,754,731

Green

Plains,

Inc.

(g)

............

308,129

8,371,865

Halliburton

Co.

...............

110,000

3,449,600

HCA

Healthcare,

Inc.

...........

19,543

3,284,397

Highland

Transcend

Partners

I

Corp.,

Class

A

(g)

.................

71,470

704,694

Hilton

Worldwide

Holdings,

Inc.

....

54,120

6,031,133

Home

Depot,

Inc.

(The)

.........

2,443

670,042

HP,

Inc.

....................

20,292

665,172

Humana,

Inc.

................

4,000

1,872,280

Informatica,

Inc.,

Class

A

(g)(h)

......

633,675

13,161,430

Intuit,

Inc.

...................

24,200

9,327,648

Intuitive

Surgical,

Inc.

(g)

..........

15,109

3,032,527

IQVIA

Holdings,

Inc.

(g)

...........

26,500

5,750,235

JPMorgan

Chase

&

Co.

.........

5,921

666,764

Khosla

Ventures

Acquisition

Co.

(g)

...

223,080

2,175,030

Kinder

Morgan,

Inc.

............

40,045

671,154

KINS

Technology

Group,

Inc.

(c)(g)

....

299,400

206,586

Latch,

Inc.,

(Acquired

07/12/21,

cost

$7,153,250)

(g)(i)

.............

715,325

815,470

Lions

Gate

Entertainment

Corp.,

Class

A

(g)(h)

....................

895,325

8,335,476

LyondellBasell

Industries

NV,

Class

A

44,200

3,865,732

MGM

Resorts

International

.......

103,276

2,989,840

Mosaic

Co.

(The)

..............

74,952

3,539,983

Mr

Cooper

Group,

Inc.

(g)

.........

112,359

4,128,070

NetApp,

Inc.

.................

10,267

669,819

New

Look

Builders,

Inc.

(c)(g)

.......

8,689,610

87

Nielsen

Holdings

plc

............

76,763

1,782,437

NIKE,

Inc.,

Class

B

............

23,301

2,381,362

Nucor

Corp.

.................

6,426

670,939

Offerpad

Solutions,

Inc.,

Class

A

(Acquired

10/01/21,

cost

$10,765,000)

(g)(i)

............

1,076,500

2,346,770

ONEOK,

Inc.

.................

12,092

671,106

Opendoor

Technologies,

Inc.

(g)

.....

1,367,000

6,438,570

Otis

Worldwide

Corp.

...........

23,500

1,660,745

Park

Hotels

&

Resorts,

Inc.

.......

362,883

4,924,322

Pioneer

Natural

Resources

Co.

....

18,105

4,038,863

Pivotal

Investment

Corp.

III

(g)

......

272,602

2,671,500

Planet

Labs

Pbc,

Class

A

(Acquired

01/06/22,

cost

$8,772,000)

(g)(i)

...

877,200

3,798,276

Playstudios,

Inc.,

Class

A

(Acquired

07/30/21,

cost

$11,459,823)

(g)(i)

...

1,145,983

4,904,807

Security

Shares

Shares

Value

United

States

(continued)

Prologis,

Inc.

.................

5,701

$

670,723

PROOF

Acquisition

Corp.

I

(c)(g)

.....

178,596

198,242

Raymond

James

Financial,

Inc.

....

92,000

8,225,720

Rocket

Lab

USA,

Inc.

(g)

..........

639,711

2,424,505

Salesforce,

Inc.

(g)

..............

87,175

14,387,362

Sarcos

Technology

&

Robotics

Corp.

(g)(h)

443,506

1,179,726

Sarcos

Technology

&

Robotics

Corp.

(c)(g)

120,943

290,263

Sarcos

Technology

&

Robotics,

(Acquired

10/21/21,

cost

$50,017,930)

(g)(i)

............

5,001,793

13,304,769

SBA

Communications

Corp.

......

2,085

667,304

Schlumberger

NV

.............

65,000

2,324,400

Sema4

Holdings

Corp.

(g)

.........

111,402

140,367

Sempra

Energy

...............

4,457

669,753

Service

Properties

Trust

.........

766,304

4,007,770

ServiceNow,

Inc.

(g)

.............

7,118

3,384,751

Signet

Jewelers

Ltd.

............

106,548

5,696,056

Snorkel

AI,

Inc.,

(Acquired

06/30/21,

cost

$609,993)

(c)(g)(i)

..........

40,613

388,260

Sonder

Holdings,

Inc.,

Class

A

(Acquired

02/09/22,

cost

$10,797,388)

(g)(i)

............

1,202,324

1,250,417

Sonos,

Inc.

(g)(j)

................

228,247

4,117,576

Starbucks

Corp.

...............

50,657

3,869,688

Starwood

Property

Trust,

Inc.

......

297,782

6,220,666

Sunstone

Hotel

Investors,

Inc.

(g)

....

331,117

3,284,681

SVF

Investment

Corp.,

(Acquired

06/07/22,

cost

$6,000,000)

(c)(g)(i)

..

600,000

6,126,610

Taylor

Morrison

Home

Corp.

(g)

.....

173,738

4,058,520

Tesla,

Inc.

(g)(j)

.................

4,320

2,909,174

Tishman

Speyer

Innovation

Corp.

II,

Class

A

(g)

.................

175,279

1,715,981

Toast,

Inc.,

Class

A

(g)

...........

339,433

4,392,263

TPB

Acquisition

Corp.

I,

Class

A

(g)

...

443,988

4,288,924

United

Rentals,

Inc.

(g)

...........

25,109

6,099,227

United

States

Steel

Corp.

........

326,712

5,851,412

UnitedHealth

Group,

Inc.

.........

19,184

9,853,478

Vantage

Drilling

Co.

(g)

...........

1,556,671

156

Western

Digital

Corp.

(g)

..........

177,145

7,941,410

WillScot

Mobile

Mini

Holdings

Corp.

(g)

231,506

7,505,425

Xenia

Hotels

&

Resorts,

Inc.

(g)

.....

423,967

6,160,241

XPO

Logistics,

Inc.

(g)

...........

20,000

963,200

626,456,210

Total

Common

Stocks

—

1.8%

(Cost:

$952,565,319)

.............................

781,536,332

Par

(000)

Pa

r

(

000)

Corporate

Bonds

Argentina

—

0.1%

(a)

Generacion

Mediterranea

SA,

9.63%

,

12/01/27

.................

USD

19,021

15,122,004

Genneia

SA,

8.75%

,

09/02/27

.....

3,550

3,337,000

18,459,004

Australia

—

0.1%

FMG

Resources

August

2006

Pty.

Ltd.

(a)

4.50%,

09/15/27

............

261

232,942

6.13%,

04/15/32

............

14,256

12,830,400

Glencore

Capital

Finance

DAC,

1.25%

,

03/01/33

(d)

................

EUR

3,800

2,716,094

National

Australia

Bank

Ltd.,

3.38%

,

01/14/26

.................

USD

1,224

1,199,565

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

40

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Australia

(continued)

OA

Leasing

Corp.,

0.00%

,

03/28/26

(c)

AUD

19,039

$

12,911,691

Oceana

Australian

Fixed

Income

Trust

(c)

10.00%,

08/31/23

...........

11,165

7,802,974

10.25%,

08/31/25

...........

20,716

14,942,684

Santos

Finance

Ltd.,

5.25%

,

03/13/29

(d)

USD

6,650

6,401,445

59,037,795

Austria

—

0.1%

ams-OSRAM

AG

(d)

0.00%,

03/05/25

(l)(m)

..........

EUR

17,200

14,037,307

6.00%,

07/31/25

............

5,707

5,591,908

2.13%,

11/03/27

(m)

...........

7,000

5,252,766

BAWAG

Group

AG,

(EUR

Swap

Annual

5

Year

+

2.30%),

2.38%

,

03/26/29

(b)

(d)

......................

8,500

8,632,331

Erste

Group

Bank

AG,

(EUR

Swap

Annual

5

Year

+

6.20%),

6.50%

(b)(d)(n)

1,000

1,019,131

Lenzing

AG

(EUR

Swap

Annual

5

Year

+

11.21%),

5.75%

(b)(d)(n)

.......

16,700

16,678,579

51,212,022

Bahrain

—

0.0%

Oil

and

Gas

Holding

Co.

BSCC

(The),

7.63%

,

11/07/24

(d)

...........

USD

8,000

8,229,000

Belgium

—

0.3%

Anheuser-Busch

InBev

Worldwide,

Inc.

3.50%,

06/01/30

............

40,653

38,106,626

4.60%,

04/15/48

............

1,341

1,203,940

4.50%,

06/01/50

............

3,817

3,431,391

Eliott

Capital

SARL,

0.00%

,

12/30/22

(d)(l)

(m)

......................

EUR

6,000

6,210,927

House

of

Finance

NV

(The),

4.38%

,

07/15/26

(d)

................

2,400

2,436,861

Solvay

Finance

SACA

(b)(d)(n)

(EUR

Swap

Annual

5

Year

+

3.70%),

5.43%

...........

4,290

4,431,498

(EUR

Swap

Annual

5

Year

+

5.22%),

5.87%

...........

16,506

16,951,513

Solvay

SA

(b)(d)(n)

(EUR

Swap

Annual

5

Year

+

3.92%),

4.25%

...........

34,700

35,029,893

(EUR

Swap

Annual

5

Year

+

2.98%),

2.50%

...........

12,500

11,216,340

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%

,

03/01/28

(a)

......

USD

3,000

2,647,200

121,666,189

Brazil

—

0.3%

Atento

Luxco

1

SA,

8.00%

,

02/10/26

(a)

7,540

5,331,251

Azul

Investments

LLP

(a)

5.88%,

10/26/24

............

4,427

3,347,365

7.25%,

06/15/26

............

5,470

3,799,257

Banco

Votorantim

SA,

4.00%

,

09/24/22

(a)

................

5,500

5,499,313

Braskem

Netherlands

Finance

BV

(b)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

8.22%),

8.50%,

01/23/81

(a)

...

9,200

9,210,350

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

8.22%),

8.50%,

01/23/81

(d)

...

2,967

2,970,338

BRF

GmbH,

4.35%

,

09/29/26

(a)

....

10,946

9,850,032

BRF

SA,

5.75%

,

09/21/50

(a)

.......

9,140

6,079,814

CSN

Resources

SA,

5.88%

,

04/08/32

(a)

10,000

7,600,000

Security

Par

(000)

Par

(000)

Value

Brazil

(continued)

Embraer

Netherlands

Finance

BV

5.05%,

06/15/25

............

USD

7,000

$

6,760,687

6.95%,

01/17/28

(a)

...........

4,000

3,872,000

GOL

Equity

Finance

SA,

3.75%

,

07/15/24

(a)(m)

...............

2,589

1,888,041

Gol

Finance

SA,

7.00%

,

01/31/25

(a)

..

18,702

11,622,124

JSM

Global

SARL,

4.75%

,

10/20/30

(a)

10,000

7,567,500

Klabin

Austria

GmbH,

3.20%

,

01/12/31

(a)

................

7,040

5,359,200

MARB

BondCo

plc,

3.95%

,

01/29/31

(d)

8,723

6,664,546

MC

Brazil

Downstream

Trading

SARL,

7.25%

,

06/30/31

(a)

...........

11,470

9,176,000

Movida

Europe

SA,

5.25%

,

02/08/31

(d)

3,000

2,311,125

Odebrecht

Offshore

Drilling

Finance

Ltd.,

7.72%

,

(7.72%

Cash

or

7.72%

PIK),

12/01/26

(a)(o)

...........

4

942

Oi

SA,

10.00%

,

(10.00%

Cash

or

4.00%

PIK),

07/27/25

(o)

.............

5,000

2,300,000

Simpar

Europe

SA,

5.20%

,

01/26/31

(a)

10,925

8,448,439

Suzano

Austria

GmbH

5.75%,

07/14/26

(a)

...........

3,000

3,033,000

5.00%,

01/15/30

............

5,000

4,523,750

3.75%,

01/15/31

............

2,625

2,120,213

Series

DM3N,

3.13%,

01/15/32

..

8,865

6,659,831

135,995,118

Canada

—

0.4%

1011778

BC

ULC,

3.88%

,

01/15/28

(a)

327

283,810

Air

Canada

Pass-Through

Trust,

Series

2015-2,

Class

B,

5.00%

,

12/15/23

(a)

6,719

6,597,378

ARI

FCP

Investments

LP

(b)(c)

2.98%,

01/06/25

............

5,420

5,406,258

0.00%,

01/30/25

............

2,906

2,804,748

Brookfield

Residential

Properties,

Inc.

(a)

6.25%,

09/15/27

............

3,900

3,232,887

5.00%,

06/15/29

............

2,892

2,186,554

Canadian

National

Railway

Co.,

2.75%

,

03/01/26

.................

15,000

14,408,474

Hammerhead

Resources,

Inc.,

Series

AI,

9.00%

,

07/10/22

(c)

.........

27,356

27,355,713

Mattamy

Group

Corp.

(a)

5.25%,

12/15/27

............

6,447

5,264,767

4.63%,

03/01/30

............

7,171

5,240,667

NOVA

Chemicals

Corp.,

4.88%

,

06/01/24

(a)

................

6,144

5,839,857

Rockpoint

Gas

Storage

Canada

Ltd.,

7.00%

,

03/31/23

(a)

...........

7,300

7,172,250

Rogers

Communications,

Inc.,

2.95%

,

03/15/25

(a)

................

24,833

23,989,287

Royal

Bank

of

Canada

0.65%,

07/29/24

............

1,378

1,294,798

0.75%,

10/07/24

............

3,560

3,324,332

1.20%,

04/27/26

............

673

604,587

Thomson

Reuters

Corp.,

3.35%

,

05/15/26

.................

763

740,183

Toronto-Dominion

Bank

(The)

2.35%,

03/08/24

............

15,000

14,689,275

Series

FXD,

1.95%,

01/12/27

...

15,000

13,568,871

2.80%,

03/10/27

............

1,414

1,322,999

2.00%,

09/10/31

............

2,751

2,234,066

147,561,761

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

—

0.0%

Pearl

Holding

II

Ltd.,

6.00%

,

(6.00%

Cash

or

14.00%

PIK),

(b)(d)(n)(o)

....

USD

3,340

$

83,989

Chile

—

0.1%

Kenbourne

Invest

SA

(a)

6.88%,

11/26/24

............

12,384

11,264,022

4.70%,

01/22/28

............

4,435

3,431,027

VTR

Comunicaciones

SpA

5.13%,

01/15/28

(a)

...........

5,000

3,705,625

5.13%,

01/15/28

(d)

...........

8,693

6,442,600

4.38%,

04/15/29

(a)

...........

9,385

6,358,337

31,201,611

China

—

0.3%

Agile

Group

Holdings

Ltd.

(d)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

11.25%),

8.38%

(b)(n)

........

700

150,500

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

11.29%),

7.88%

(b)(n)

........

1,101

231,210

5.75%,

01/02/25

............

701

238,340

6.05%,

10/13/25

............

809

262,925

Angang

Steel

Co.

Ltd.,

0.00%

,

05/25/23

(d)(l)(m)

..............

HKD

70,000

8,858,388

Central

China

Real

Estate

Ltd.

(d)

6.88%,

08/08/22

............

USD

200

141,600

7.25%,

04/24/23

............

400

194,700

7.90%,

11/07/23

............

891

349,049

China

Aoyuan

Group

Ltd.

(d)(g)(p)

7.95%,

02/19/23

............

11,988

1,099,899

6.35%,

02/08/24

............

3,576

286,080

5.98%,

08/18/25

............

3,500

332,063

6.20%,

03/24/26

............

2,804

224,320

China

City

Construction

International

Co.

Ltd.,

5.35%

,

07/03/17

(c)(d)(g)(p)

..

CNY

2,990

—

China

Evergrande

Group,

10.00%

,

04/11/23

(d)(g)(p)

..............

USD

4,707

384,797

China

SCE

Group

Holdings

Ltd.

(d)

7.38%,

04/09/24

............

1,349

445,170

7.00%,

05/02/25

............

1,483

415,240

Chong

Hing

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.86%),

5.70%

(b)(d)

(n)

......................

250

248,250

CIFI

Holdings

Group

Co.

Ltd.

(d)

6.45%,

11/07/24

............

200

128,000

6.00%,

07/16/25

............

1,000

592,500

5.95%,

10/20/25

............

2,559

1,509,810

5.25%,

05/13/26

............

702

393,120

4.45%,

08/17/26

............

1,618

897,990

CIMC

Enric

Holdings

Ltd.,

0.00%

,

11/30/26

(d)(l)(m)

..............

HKD

35,000

4,487,179

Country

Garden

Holdings

Co.

Ltd.,

2.70%

,

07/12/26

(d)

...........

USD

1,670

768,200

Dexin

China

Holdings

Co.

Ltd.,

9.95%

,

12/03/22

(d)

................

386

232,155

Easy

Tactic

Ltd.

(d)

9.13%,

07/28/22

............

767

201,721

8.63%,

02/27/24

............

521

90,784

8.63%,

03/05/24

............

762

129,445

11.63%,

09/03/24

...........

218

36,556

European

TopSoho

SARL,

Series

SMCP,

4.00%

,

09/21/21

(d)(g)(m)(p)

..

EUR

13,600

9,706,934

Fantasia

Holdings

Group

Co.

Ltd.

(d)(g)(p)

6.95%,

12/17/21

............

USD

3,180

266,921

Security

Par

(000)

Par

(000)

Value

China

(continued)

7.95%,

07/05/22

............

USD

5,938

$

489,885

11.75%,

04/17/23

...........

10,350

853,875

11.88%,

06/01/23

...........

3,142

259,215

9.88%,

10/19/23

............

3,695

304,838

Fortune

Star

BVI

Ltd.,

5.95%

,

10/19/25

(d)

................

4,961

3,026,210

Greenland

Global

Investment

Ltd.

(d)

6.13%,

04/22/23

............

853

281,490

6.75%,

09/26/23

............

1,205

361,500

Hilong

Holding

Ltd.,

9.75%

,

11/18/24

(d)

4,056

2,203,675

Jingrui

Holdings

Ltd.,

12.00%

,

07/25/22

(d)

................

2,542

392,214

Knight

Castle

Investments

Ltd.,

7.99%

,

01/23/21

(d)(g)(p)

..............

6,000

4,200,000

KWG

Group

Holdings

Ltd.

(d)

7.88%,

09/01/23

............

1,099

269,255

7.40%,

03/05/24

............

703

144,115

5.88%,

11/10/24

............

1,014

197,730

6.30%,

02/13/26

............

1,270

222,250

Luye

Pharma

Group

Ltd.,

1.50%

,

07/09/24

(d)(m)

...............

7,996

8,013,974

Meituan,

0.00%

,

04/27/27

(d)(l)(m)

.....

5,000

4,382,500

Modern

Land

China

Co.

Ltd.,

9.80%

,

04/11/23

(d)(g)(p)

..............

6,833

1,093,280

New

Metro

Global

Ltd.

(d)

6.80%,

08/05/23

............

750

510,000

4.80%,

12/15/24

............

891

498,960

4.50%,

05/02/26

............

853

400,910

Nickel

Resources

International

Holdings

Co.

Ltd.,

Series

1,

12.00%

,

12/12/18

(d)(g)(p)

..............

HKD

8,000

101,952

NXP

BV

3.88%,

06/18/26

............

USD

17,425

16,798,789

4.30%,

06/18/29

............

5,475

5,221,781

3.25%,

11/30/51

............

4,359

3,018,299

Pearl

Holding

III

Ltd.,

9.00%

,

10/22/25

(d)

2,660

950,950

Poseidon

Finance

1

Ltd.,

0.00%

,

02/01/25

(d)(l)(m)

..............

4,500

5,238,000

Powerlong

Real

Estate

Holdings

Ltd.,

7.13%

,

11/08/22

(d)

...........

1,860

362,700

Prime

Bloom

Holdings

Ltd.,

6.95%

,

07/05/22

(d)(g)(p)

..............

9,232

1,846,400

Redsun

Properties

Group

Ltd.,

9.70%

,

04/16/23

(d)

................

4,244

636,600

RKPF

Overseas

Ltd.

(d)

6.00%,

09/04/25

............

1,020

499,800

5.20%,

01/12/26

............

2,318

1,054,690

Ronshine

China

Holdings

Ltd.

(d)

7.35%,

12/15/23

............

464

58,000

7.10%,

01/25/25

............

4,000

400,000

Shimao

Group

Holdings

Ltd.

(d)

4.60%,

07/13/30

............

6,669

700,245

3.45%,

01/11/31

............

2,103

220,815

Shui

On

Development

Holding

Ltd.

(d)

5.75%,

11/12/23

............

300

268,500

6.15%,

08/24/24

............

1,560

1,287,000

5.50%,

03/03/25

............

1,109

837,295

5.50%,

06/29/26

............

315

218,925

Sinic

Holdings

Group

Co.

Ltd.,

10.50%

,

06/18/22

(d)(g)(p)

..............

2,919

58,380

Sino-Ocean

Land

Treasure

III

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.26%),

4.90%

(b)(d)(n)

................

2,044

817,983

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

42

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

China

(continued)

Sunac

China

Holdings

Ltd.

(d)(g)(p)

7.50%,

02/01/24

............

USD

2,133

$

298,620

7.00%,

07/09/25

............

3,583

501,620

Times

China

Holdings

Ltd.

(d)

6.75%,

07/16/23

............

500

90,000

6.20%,

03/22/26

............

513

71,820

5.75%,

01/14/27

............

4,845

654,075

Wanda

Group

Overseas

Ltd.,

7.50%

,

07/24/22

(d)

................

2,210

2,143,700

Yango

Justice

International

Ltd.

(g)(p)

10.25%,

09/15/22

...........

1,207

79,813

8.25%,

11/25/23

(d)

...........

2,403

144,180

7.50%,

04/15/24

(d)

...........

2,633

157,980

7.88%,

09/04/24

(d)

...........

1,150

69,000

7.50%,

02/17/25

(d)

...........

2,628

157,680

Yanlord

Land

HK

Co.

Ltd.,

6.80%

,

02/27/24

(d)

................

2,115

1,787,175

Yuzhou

Group

Holdings

Co.

Ltd.

(d)(g)(p)

8.50%,

02/04/23

............

2,050

143,500

6.00%,

10/25/23

............

5,795

405,650

8.50%,

02/26/24

............

6,500

455,000

8.38%,

10/30/24

............

2,450

171,500

Zhenro

Properties

Group

Ltd.,

9.15%

,

05/06/23

(d)(g)(p)

..............

1,255

81,575

ZhongAn

Online

P&C

Insurance

Co.

Ltd.,

3.50%

,

03/08/26

(d)

........

2,691

2,428,628

111,848,342

Colombia

—

0.2%

Avianca

Midco

2

Ltd.,

9.00%

,

12/01/28

(a)

................

25,111

21,686,236

Banco

Davivienda

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

5.10%),

6.65%

(a)(b)

(n)

......................

3,075

2,394,272

Banco

GNB

Sudameris

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.66%),

7.50%

,

04/16/31

(a)(b)

..........

2,500

2,114,531

Bancolombia

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.93%),

4.88%

,

10/18/27

(b)

7,523

6,973,821

Frontera

Energy

Corp.,

7.88%

,

06/21/28

(a)

................

8,715

7,070,044

Geopark

Ltd.,

5.50%

,

01/17/27

(a)

...

3,325

2,765,153

Grupo

Aval

Ltd.

4.75%,

09/26/22

(d)

...........

4,000

3,983,250

4.38%,

02/04/30

(a)

...........

21,544

16,781,429

Millicom

International

Cellular

SA,

6.63%

,

10/15/26

(a)

...........

5,400

5,144,513

Promigas

SA

ESP

3.75%,

10/16/29

(a)

...........

7,620

6,100,762

3.75%,

10/16/29

(d)

...........

5,000

4,003,125

79,017,136

Cyprus

—

0.0%

ASG

Finance

DAC,

7.88%

,

12/03/24

(a)

13,214

12,388,125

Bank

of

Cyprus

PCL,

(EUR

Swap

Annual

1

Year

+

2.79%),

2.50%

,

06/24/27

(b)(d)

...............

EUR

5,508

4,469,690

16,857,815

Security

Par

(000)

Par

(000)

Value

Denmark

—

0.0%

(d)

Danske

Bank

A/S,

(EUR

Swap

Annual

5

Year

+

1.90%),

1.50%

,

09/02/30

(b)

EUR

11,256

$

10,647,105

Nassa

Topco

A/S,

2.88%

,

04/06/24

..

3,200

3,185,768

Nykredit

Realkredit

A/S,

(EUR

Swap

Annual

5

Year

+

4.57%),

4.13%

(b)(n)

1,200

1,147,505

14,980,378

Finland

—

0.0%

Citycon

OYJ

(EUR

Swap

Annual

5

Year

+

4.71%),

4.50%

(b)(d)(n)

........

2,067

1,472,957

France

—

1.1%

Accor

SA,

0.70%

,

12/07/27

(d)(m)

.....

2,684

1,157,031

Adevinta

ASA

(d)

2.63%,

11/15/25

............

1,081

1,011,054

3.00%,

11/15/27

............

641

560,900

Air

France-KLM,

3.88%

,

07/01/26

(d)

..

5,600

4,753,501

Altice

France

SA

(d)

2.50%,

01/15/25

............

14,890

13,604,420

2.13%,

02/15/25

............

10,219

9,236,727

5.88%,

02/01/27

............

10,357

9,404,660

4.13%,

01/15/29

............

14,825

11,698,253

4.25%,

10/15/29

............

5,582

4,353,666

Arkema

SA,

(EUR

Swap

Annual

5

Year

+

1.57%),

1.50%

(b)(d)(n)

.........

2,300

2,058,263

AXA

SA,

(EURIBOR

3

Month

+

3.60%),

4.25%

,

03/10/43

(b)(d)

..........

16,775

16,580,783

Banijay

Entertainment

SASU,

3.50%

,

03/01/25

(d)

................

2,917

2,721,226

Banijay

Group

SAS,

6.50%

,

03/01/26

(d)

1,800

1,573,390

Banque

Federative

du

Credit

Mutuel

SA,

(EUR

Swap

Annual

5

Year

+

2.20%),

3.88%

,

06/16/32

(b)(d)

....

15,300

15,512,542

BNP

Paribas

SA

(b)(n)

(LIBOR

USD

6

Month

+

0.08%),

1.57%

.................

USD

1,090

802,349

(USD

Swap

Semi

5

Year

+

4.15%),

6.63%

(a)

................

3,600

3,451,500

(USD

Swap

Semi

5

Year

+

5.15%),

7.38%

(d)

................

3,400

3,365,822

Series

TMO,

(BFRTMO

-

0.25%),

0.00%

.................

EUR

2,563

2,058,281

Burger

King

France

SAS,

(EURIBOR

3

Month

+

4.75%),

4.75%

,

11/01/26

(b)(d)

3,125

3,020,271

CAB

SELAS,

3.38%

,

02/01/28

(d)

....

4,898

4,111,543

Casino

Guichard

Perrachon

SA

(EURIBOR

Swap

Rate

10

Year

+

1.00%),

2.51%

(b)(n)

.........

11,374

2,979,846

(EURIBOR

Swap

Rate

5

Year

+

3.82%),

3.99%

(b)(d)(n)

........

11,600

4,637,598

5.25%,

04/15/27

(d)

...........

3,500

2,449,087

CGG

SA,

7.75%

,

04/01/27

(d)

......

1,496

1,332,573

Chrome

Bidco

SASU,

3.50%

,

05/31/28

(d)

................

10,660

9,141,461

Chrome

Holdco

SASU,

5.00%

,

05/31/29

(d)

................

2,294

1,814,119

CMA

CGM

SA,

7.50%

,

01/15/26

(d)

...

10,258

10,984,433

Credit

Agricole

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.24%),

4.75%

(a)(b)(n)

....

USD

6,450

5,012,725

Engie

SA,

(EUR

Swap

Annual

5

Year

+

2.09%),

1.88%

(b)(d)(n)

..........

EUR

4,400

3,176,393

Faurecia

SE

(d)

3.13%,

06/15/26

............

3,000

2,628,950

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

France

(continued)

2.75%,

02/15/27

............

EUR

7,852

$

6,397,661

3.75%,

06/15/28

............

2,011

1,625,063

Getlink

SE,

3.50%

,

10/30/25

(d)

.....

5,658

5,653,091

Goldstory

SASU

(d)

5.38%,

03/01/26

............

16,702

14,733,033

(EURIBOR

3

Month

+

5.50%),

5.50%,

03/01/26

(b)

.........

2,350

2,222,571

Holding

d'Infrastructures

des

Metiers

de

l'Environnement,

0.63%

,

09/16/28

(d)

35,043

29,461,644

Iliad

Holding

SASU

(d)

5.13%,

10/15/26

............

4,419

4,121,493

5.63%,

10/15/28

............

300

267,259

Iliad

SA

(d)

1.50%,

10/14/24

............

100

97,252

1.88%,

02/11/28

............

100

83,312

IPD

3

BV,

5.50%

,

12/01/25

(d)

......

1,178

1,097,694

Korian

SA

(d)

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

9.08%),

4.13%

(b)(n)

...............

GBP

5,200

4,969,607

(EURIBOR

6

Month

+

9.00%),

1.88%

(b)(m)(n)

.............

EUR

9,608

3,042,444

0.88%,

03/06/27

(m)

..........

5,441

2,691,379

La

Financiere

Atalian

SASU

(d)

4.00%,

05/15/24

............

7,640

6,164,881

5.13%,

05/15/25

............

4,900

3,916,050

6.63%,

05/15/25

............

GBP

2,815

2,595,245

La

Poste

SA,

(EUR

Swap

Annual

5

Year

+

2.44%),

3.13%

(b)(d)(n)

.....

EUR

7,600

7,128,156

Lion/Polaris

Lux

4

SA,

(EURIBOR

3

Month

+

4.00%),

4.00%

,

07/01/26

(b)

(d)

......................

1,331

1,247,606

Loxam

SAS

(d)

4.25%,

04/15/24

............

1,026

1,029,740

3.25%,

01/14/25

............

2,277

2,147,430

3.75%,

07/15/26

............

5,707

5,121,231

4.50%,

02/15/27

............

1,457

1,308,888

5.75%,

07/15/27

............

828

679,005

Lune

Holdings

SARL,

5.63%

,

11/15/28

(d)

................

3,550

2,987,041

Novafives

SAS,

5.00%

,

06/15/25

(d)

..

2,247

1,530,583

Orano

SA,

2.75%

,

03/08/28

(d)

......

6,300

5,570,509

Paprec

Holding

SA

(d)

4.00%,

03/31/25

............

3,000

2,725,561

3.50%,

07/01/28

............

4,365

3,548,761

Parts

Europe

SA,

(EURIBOR

3

Month

+

4.00%),

4.00%

,

07/20/27

(b)(d)

....

843

826,176

Picard

Groupe

SAS,

3.88%

,

07/01/26

(d)

13,062

11,153,410

RCI

Banque

SA,

(EUR

Swap

Annual

5

Year

+

2.85%),

2.63%

,

02/18/30

(b)(d)

3,400

3,088,114

Renault

SA,

2.38%

,

05/25/26

(d)

.....

1,900

1,704,107

Rubis

Terminal

Infra

SAS,

5.63%

,

05/15/25

(d)

................

7,742

7,829,607

Societe

Generale

SA

(b)

(USD

Swap

Semi

5

Year

+

4.30%),

7.38%

(d)(n)

...............

USD

6,500

6,260,470

(USD

Swap

Semi

5

Year

+

4.98%),

7.88%

(a)(n)

...............

3,500

3,429,336

(USD

Swap

Rate

5

Year

+

5.87%),

8.00%

(a)(n)

...............

5,400

5,289,567

(EUR

Swap

Annual

5

Year

+

1.55%),

1.00%,

11/24/30

.....

EUR

4,500

4,121,738

(EUR

Swap

Annual

5

Year

+

1.60%),

1.13%,

06/30/31

(d)

...

40,500

36,207,249

Security

Par

(000)

Par

(000)

Value

France

(continued)

Suez

SA,

(EUR

Swap

Annual

5

Year

+

2.50%),

2.88%

(b)(d)(n)

..........

EUR

11,500

$

11,461,749

Teleperformance,

3.75%

,

06/24/29

(d)

.

27,200

28,913,618

Tereos

Finance

Groupe

I

SA,

7.50%

,

10/30/25

(d)

................

7,071

7,272,865

TotalEnergies

SE

(d)

Series

FP,

0.50%,

12/02/22

(m)

...

USD

6,400

6,537,600

(EUR

Swap

Annual

5

Year

+

1.77%),

1.75%

(b)(n)

.........

EUR

4,500

4,423,689

(EUR

Swap

Annual

5

Year

+

2.15%),

2.63%

(b)(n)

.........

13,100

12,767,175

Series

NC7,

(EUR

Swap

Annual

5

Year

+

1.99%),

1.63%

(b)(n)

....

6,713

5,593,622

(EUR

Swap

Annual

5

Year

+

2.40%),

2.00%

(b)(n)

.........

15,525

11,921,453

Series

NC12,

(EUR

Swap

Annual

5

Year

+

2.51%),

2.13%

(b)(n)

....

11,338

8,183,491

Vallourec

SA,

8.50%

,

06/30/26

(d)

....

8,372

8,102,269

Verallia

SA,

1.88%

,

11/10/31

(d)

.....

12,700

9,904,532

474,349,394

Germany

—

1.6%

ADLER

Group

SA

(d)

2.00%,

11/23/23

(e)(m)

.........

4,100

3,007,616

3.25%,

08/05/25

............

17,900

10,107,725

2.75%,

11/13/26

............

8,700

4,567,700

2.25%,

04/27/27

............

2,800

1,395,006

2.25%,

01/14/29

............

1,000

489,288

ADLER

Real

Estate

AG

(d)

2.13%,

02/06/24

............

1,700

1,289,603

3.00%,

04/27/26

............

3,200

2,211,312

Allianz

SE,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.17%),

3.20%

(b)(d)(n)

.....

USD

8,800

6,424,000

Aroundtown

SA

(b)(d)(n)

(EUR

Swap

Annual

5

Year

+

3.98%),

3.38%

...........

EUR

2,200

1,700,114

(EUR

Swap

Annual

5

Year

+

3.46%),

2.88%

...........

2,322

1,665,994

ATF

Netherlands

BV,

(EUR

Swap

Annual

5

Year

+

4.38%),

3.75%

(b)(d)(n)

10,900

9,950,503

Bayer

AG

(b)(d)

(EUR

Swap

Annual

5

Year

+

2.55%),

3.75%,

07/01/74

....

8,661

8,177,742

(EURIBOR

Swap

Rate

5

Year

+

2.65%),

2.38%,

11/12/79

.....

34,200

30,198,691

Bertelsmann

SE

&

Co.

KGaA,

(EUR

Swap

Annual

5

Year

+

2.64%),

3.00%

,

04/23/75

(b)(d)

..........

30,300

30,388,146

Cheplapharm

Arzneimittel

GmbH

(d)

3.50%,

02/11/27

............

5,419

4,829,854

4.38%,

01/15/28

............

13,127

11,688,297

Commerzbank

AG,

(EUR

Swap

Annual

5

Year

+

6.36%),

6.13%

(b)(d)(n)

....

9,000

8,511,974

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

1.88%

,

10/15/24

(d)

...

9,300

8,046,244

Deutsche

Bahn

Finance

GmbH

(d)

(EUR

Swap

Annual

5

Year

+

1.26%),

0.95%

(b)(n)

.........

9,900

9,194,686

1.13%,

05/29/51

............

20,100

12,888,515

Deutsche

Bank

AG

(b)

(SOFR

+

1.32%),

2.55%,

01/07/28

USD

35,215

30,482,433

(EURIBOR

3

Month

+

1.93%),

3.25%,

05/24/28

(d)

.........

EUR

12,700

12,715,492

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

44

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

(EURIBOR

Swap

Rate

5

Year

+

3.30%),

4.00%,

06/24/32

(d)

...

EUR

21,400

$

20,508,696

Deutsche

Lufthansa

AG

(d)

1.63%,

11/16/23

............

2,600

2,610,997

2.00%,

07/14/24

............

5,300

5,189,073

2.88%,

02/11/25

............

3,400

3,171,667

2.88%,

05/16/27

............

3,400

2,811,580

3.75%,

02/11/28

............

3,100

2,607,037

3.50%,

07/14/29

............

13,700

10,773,630

DIC

Asset

AG,

2.25%

,

09/22/26

(d)

...

5,900

4,111,632

Douglas

GmbH,

6.00%

,

04/08/26

(d)

..

2,500

2,017,304

EnBW

Energie

Baden-Wuerttemberg

AG

(b)(d)

(EURIBOR

Swap

Rate

5

Year

+

1.73%),

1.63%,

08/05/79

....

1,000

817,319

(EUR

Swap

Annual

5

Year

+

1.42%),

1.13%,

11/05/79

.....

3,100

2,879,014

(EUR

Swap

Annual

5

Year

+

2.18%),

2.13%,

08/31/81

....

38,800

27,127,846

Fraport

AG

Frankfurt

Airport

Services

Worldwide,

1.88%

,

03/31/28

(d)

...

5,590

5,118,756

Gruenenthal

GmbH

(d)

3.63%,

11/15/26

............

2,790

2,638,548

4.13%,

05/15/28

............

5,148

4,612,594

HT

Troplast

GmbH,

9.25%

,

07/15/25

(d)

815

755,860

IHO

Verwaltungs

GmbH

(o)

3.75%,

(3.75%

Cash

or

4.50%

PIK),

09/15/26

(d)

..............

2,828

2,456,827

3.88%,

(3.88%

Cash

or

4.63%

PIK),

05/15/27

(b)(d)

.............

4,541

3,700,674

6.00%,

(6.00%

Cash

or

6.75%

PIK),

05/15/27

(a)

..............

USD

400

356,018

LANXESS

AG,

(EUR

Swap

Annual

5

Year

+

4.51%),

4.50%

,

12/06/76

(b)(d)

EUR

8,000

8,155,147

LEG

Immobilien

SE,

1.50%

,

01/17/34

(d)

6,300

4,518,309

Nidda

BondCo

GmbH

(d)

5.00%,

09/30/25

............

1,329

1,121,144

7.25%,

09/30/25

............

674

588,488

Nidda

Healthcare

Holding

GmbH

3.50%,

09/30/24

(d)

...........

50,847

47,064,375

PCF

GmbH

(d)

4.75%,

04/15/26

............

1,566

1,292,358

(EURIBOR

3

Month

+

4.75%),

4.75%,

04/15/26

(b)

.........

5,190

4,609,543

Phoenix

PIB

Dutch

Finance

BV,

2.38%

,

08/05/25

(d)

................

3,000

2,860,903

ProGroup

AG,

3.00%

,

03/31/26

(d)

...

8,700

8,005,236

Renk

AG,

5.75%

,

07/15/25

(d)

......

3,151

3,004,902

RWE

AG,

2.75%

,

05/24/30

(d)

......

24,980

24,878,849

Schenck

Process

Holding

GmbH,

5.38%

,

06/15/23

(d)

...........

800

806,553

Sudzucker

International

Finance

BV,

(EURIBOR

3

Month

+

3.10%),

2.89%

(b)(d)(n)

................

4,736

4,069,735

Techem

Verwaltungsgesellschaft

674

mbH,

6.00%

,

07/30/26

(d)

.......

5,921

5,239,097

Techem

Verwaltungsgesellschaft

675

mbH,

2.00%

,

07/15/25

(d)

.......

689

631,422

Tele

Columbus

AG,

3.88%

,

05/02/25

(d)

16,177

14,201,266

thyssenkrupp

AG

(d)

1.88%,

03/06/23

............

4,040

4,124,945

2.88%,

02/22/24

............

11,148

11,205,502

2.50%,

02/25/25

............

212

205,060

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

TK

Elevator

Holdco

GmbH,

6.63%

,

07/15/28

(d)

................

EUR

1,620

$

1,447,947

TK

Elevator

Midco

GmbH

(d)

4.38%,

07/15/27

............

6,043

5,455,623

(EURIBOR

3

Month

+

4.75%),

4.75%,

07/15/27

(b)

.........

6,120

6,024,799

TK

Elevator

US

Newco,

Inc.,

5.25%

,

07/15/27

(a)

................

USD

8,738

7,790,495

Traton

Finance

Luxembourg

SA,

1.25%

,

03/24/33

(d)

...........

EUR

11,400

8,651,152

Volkswagen

International

Finance

NV

(b)

(d)(n)

(EUR

Swap

Annual

5

Year

+

2.54%),

2.70%

...........

7,800

8,037,504

Series

NC6,

(EUR

Swap

Annual

6

Year

+

2.97%),

3.38%

......

28,400

27,430,361

(EUR

Swap

Annual

5

Year

+

3.75%),

3.50%

...........

7,000

6,638,763

(EUR

Swap

Annual

12

Year

+

2.97%),

4.63%

...........

7,900

7,792,425

(EUR

Swap

Annual

10

Year

+

3.37%),

3.88%

...........

10,600

9,736,399

(EUR

Swap

Annual

9

Year

+

3.36%),

4.38%

...........

1,900

1,597,575

Volkswagen

Leasing

GmbH,

0.63%

,

07/19/29

(d)

................

19,300

16,150,819

Vonovia

Finance

BV

(d)

2.13%,

03/22/30

............

3,000

2,672,121

2.25%,

04/07/30

............

1,200

1,066,852

Vonovia

SE

(d)

1.50%,

06/14/41

............

15,200

9,099,605

1.63%,

09/01/51

............

3,800

2,003,012

Wintershall

Dea

Finance

2

BV,

Series

NC5,

(EUR

Swap

Annual

5

Year

+

2.92%),

2.50%

(b)(d)(n)

..........

43,200

31,568,499

Wintershall

Dea

Finance

BV

(d)

0.84%,

09/25/25

............

20,700

19,815,117

1.33%,

09/25/28

............

15,300

13,359,192

ZF

Europe

Finance

BV

(d)

2.00%,

02/23/26

............

1,300

1,125,575

2.50%,

10/23/27

............

1,900

1,519,595

ZF

Finance

GmbH

(d)

3.00%,

09/21/25

............

8,000

7,347,722

2.00%,

05/06/27

............

1,800

1,451,704

2.75%,

05/25/27

............

3,200

2,641,505

2.25%,

05/03/28

............

1,900

1,461,176

3.75%,

09/21/28

............

21,800

17,924,065

680,588,443

Greece

—

0.0%

Public

Power

Corp.

SA,

3.88%

,

03/30/26

(d)

................

1,758

1,605,561

Guernsey

—

0.0%

Doric

Nimrod

Air

Alpha

Pass-Through

Trust,

Series

2013-1,

Class

A,

5.25%

,

05/30/23

(a)

...........

USD

466

459,806

Hong

Kong

—

0.0%

Bank

of

East

Asia

Ltd.

(The)

(b)(d)(n)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.26%),

5.88%

...........

1,876

1,846,453

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.53%),

5.83%

...........

2,898

2,796,570

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Hong

Kong

(continued)

Li

&

Fung

Ltd.,

4.38%

,

10/04/24

(d)

...

USD

2,200

$

2,111,725

Melco

Resorts

Finance

Ltd.

5.25%,

04/26/26

(d)

...........

1,150

805,000

5.63%,

07/17/27

(d)

...........

200

134,880

5.38%,

12/04/29

(a)

...........

392

233,240

NWD

MTN

Ltd.,

4.13%

,

07/18/29

(d)

..

7,500

6,622,500

REXLot

Holdings

Ltd.

(d)(g)(m)(p)

6.00%,

04/28/17

............

HKD

1,103

43,744

4.50%,

04/17/19

............

15,091

19,232

14,613,344

India

—

0.2%

ABJA

Investment

Co.

Pte.

Ltd.

(d)

5.95%,

07/31/24

............

USD

400

399,000

5.45%,

01/24/28

............

2,055

1,931,700

Adani

Electricity

Mumbai

Ltd.,

3.95%

,

02/12/30

(d)

................

949

776,282

Adani

Green

Energy

Ltd.,

4.38%

,

09/08/24

(d)

................

3,000

2,688,750

Adani

Transmission

Step-One

Ltd.,

4.00%

,

08/03/26

(d)

...........

3,579

3,379,471

Azure

Power

Solar

Energy

Pvt

Ltd.,

5.65%

,

12/24/24

(d)

...........

1,276

1,203,667

BPRL

International

Singapore

Pte.

Ltd.,

4.38%

,

01/18/27

(d)

...........

2,171

2,111,705

CA

Magnum

Holdings,

5.38%

,

10/31/26

(d)

................

2,455

2,123,575

Continuum

Energy

Levanter

Pte.

Ltd.

4.50%,

02/09/27

(a)

...........

7,471

5,827,258

4.50%,

02/09/27

(d)

...........

877

683,886

GMR

Hyderabad

International

Airport

Ltd.

(d)

4.75%,

02/02/26

............

1,090

988,357

4.25%,

10/27/27

............

200

167,850

Greenko

Dutch

BV,

3.85%

,

03/29/26

(d)

5,587

4,735,152

Greenko

Mauritius

Ltd.,

6.25%

,

02/21/23

(d)

................

200

197,975

Greenko

Solar

Mauritius

Ltd.

(d)

5.55%,

01/29/25

............

200

186,250

5.95%,

07/29/26

............

2,454

2,165,655

HDFC

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.93%),

3.70%

(b)(d)(n)

....

5,000

4,150,000

Hindustan

Petroleum

Corp.

Ltd.,

4.00%

,

07/12/27

(d)

................

2,149

2,061,428

HPCL-Mittal

Energy

Ltd.,

5.45%

,

10/22/26

(d)

................

616

575,960

ICICI

Bank

Ltd.,

3.80%

,

12/14/27

(d)

..

2,145

2,061,613

India

Green

Power

Holdings,

4.00%

,

02/22/27

(d)

................

1,228

951,700

JSW

Steel

Ltd.,

5.38%

,

04/04/25

(d)

..

1,860

1,708,875

Network

i2i

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.27%),

5.65%

(b)(d)(n)

....

5,162

4,777,431

Periama

Holdings

LLC,

5.95%

,

04/19/26

(d)

................

4,031

3,587,590

REC

Ltd.,

3.88%

,

07/07/27

(d)

......

1,906

1,800,932

ReNew

Power

Pvt.

Ltd.,

6.45%

,

09/27/22

(d)

................

200

198,975

Shriram

Transport

Finance

Co.

Ltd.

(d)

5.95%,

10/24/22

............

3,401

3,357,467

5.10%,

07/16/23

............

4,000

3,840,000

Summit

Digitel

Infrastructure

Pvt.

Ltd.,

2.88%

,

08/12/31

(d)

...........

6,285

4,830,085

Security

Par

(000)

Par

(000)

Value

India

(continued)

TML

Holdings

Pte.

Ltd.,

4.35%

,

06/09/26

(d)

................

USD

2,600

$

2,272,237

UPL

Corp.

Ltd.

(d)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%),

5.25%

(b)(n)

.........

1,082

827,933

4.50%,

03/08/28

............

4,875

4,152,281

4.63%,

06/16/30

............

1,725

1,400,269

Vedanta

Resources

Finance

II

plc

8.00%,

04/23/23

(d)

...........

2,133

1,774,123

13.88%,

01/21/24

(d)

..........

5,535

4,926,150

8.95%,

03/11/25

(a)

...........

19,475

15,385,250

Vedanta

Resources

Ltd.,

6.13%

,

08/09/24

(a)

................

5,000

3,031,500

Videocon

Industries

Ltd.,

0.00%

,

12/31/20

(c)(d)(e)(g)(m)(p)

...........

735

—

97,238,332

Indonesia

—

0.1%

Freeport

Indonesia

PT,

4.76%

,

04/14/27

(a)

................

5,835

5,587,013

LLPL

Capital

Pte.

Ltd.,

6.88%

,

02/04/39

(d)

................

5,230

4,863,432

Majapahit

Holding

BV,

7.88%

,

06/29/37

(d)

................

4,650

5,229,216

Minejesa

Capital

BV,

4.63%

,

08/10/30

(d)

2,000

1,780,220

Star

Energy

Geothermal

Darajat

II,

4.85%

,

10/14/38

(d)

...........

8,000

6,779,000

Star

Energy

Geothermal

Wayang

Windu

Ltd.,

6.75%

,

04/24/33

(d)

...

2,468

2,311,221

Theta

Capital

Pte.

Ltd.

(d)

8.13%,

01/22/25

............

2,643

2,272,980

6.75%,

10/31/26

............

200

152,000

28,975,082

Ireland

—

0.1%

(d)

Bank

of

Ireland

Group

plc

(b)

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

2.70%),

3.13%,

09/19/27

..........

GBP

6,800

8,228,140

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.50%),

4.13%,

09/19/27

....

USD

5,725

5,656,300

(EUR

Swap

Annual

5

Year

+

1.65%),

1.38%,

08/11/31

.....

EUR

10,525

9,429,268

eircom

Finance

DAC,

1.75%

,

11/01/24

18,364

17,822,535

41,136,243

Israel

—

0.1%

Teva

Pharmaceutical

Finance

Netherlands

II

BV

6.00%,

01/31/25

............

3,198

3,263,999

4.50%,

03/01/25

............

4,419

4,324,963

1.88%,

03/31/27

(d)

...........

2,821

2,304,595

3.75%,

05/09/27

............

9,749

8,638,021

1.63%,

10/15/28

(d)

...........

821

604,838

4.38%,

05/09/30

............

8,204

6,833,844

25,970,260

Italy

—

0.7%

ASTM

SpA

(d)

1.50%,

01/25/30

............

2,600

2,097,080

2.38%,

11/25/33

............

2,075

1,589,870

Autostrade

per

l'Italia

SpA,

2.25%

,

01/25/32

(d)

................

450

353,351

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

46

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Italy

(continued)

Banco

BPM

SpA

(b)(d)

(EUR

Swap

Annual

5

Year

+

4.18%),

4.38%,

09/21/27

....

EUR

7,400

$

7,537,260

(EUR

Swap

Annual

5

Year

+

5.42%),

5.00%,

09/14/30

....

1,017

1,013,841

(EUR

Swap

Annual

5

Year

+

3.80%),

3.25%,

01/14/31

....

400

372,022

(EUR

Swap

Annual

5

Year

+

3.17%),

2.88%,

06/29/31

....

14,420

12,806,945

(EUR

Swap

Annual

5

Year

+

3.40%),

3.38%,

01/19/32

....

3,050

2,680,853

Cedacri

Mergeco

SpA,

(EURIBOR

3

Month

+

4.63%),

4.62%

,

05/15/28

(b)

(d)

......................

2,393

2,311,599

Centurion

Bidco

SpA,

5.88%

,

09/30/26

(d)

................

5,349

4,908,469

Diocle

Spa,

(EURIBOR

3

Month

+

3.88%),

3.88%

,

06/30/26

(b)(d)

....

1,765

1,789,333

doValue

SpA

(d)

5.00%,

08/04/25

............

800

796,301

3.38%,

07/31/26

............

6,385

5,764,863

Enel

SpA,

Series

6.5Y,

(EUR

Swap

Annual

5

Year

+

1.72%),

1.38%

(b)(d)(n)

29,400

23,326,555

Eni

SpA

(b)(d)(n)

Series

NC5.,

(EUR

Swap

Annual

5

Year

+

3.45%),

2.63%

......

26,900

25,112,474

Series

NC6,

(EUR

Swap

Annual

5

Year

+

2.20%),

2.00%

......

8,266

7,016,404

Series

NC9,

(EUR

Swap

Annual

5

Year

+

3.64%),

3.38%

......

600

493,475

Fabric

BC

SpA,

(EURIBOR

3

Month

+

4.13%),

4.13%

,

08/31/26

(b)(d)

....

1,600

1,579,645

FIS

Fabbrica

Italiana

Sintetici

SpA,

5.63%

,

08/01/27

(d)

...........

150

132,380

Gamma

Bidco

SpA

(d)

5.13%,

07/15/25

............

13,900

13,109,855

6.25%,

07/15/25

............

2,878

2,804,880

Hera

SpA,

2.50%

,

05/25/29

(d)

......

9,470

9,246,364

IMA

Industria

Macchine

Automatiche

SpA

(d)

3.75%,

01/15/28

............

1,984

1,663,867

(EURIBOR

3

Month

+

4.00%),

4.00%,

01/15/28

(b)

.........

2,413

2,307,442

Intesa

Sanpaolo

SpA

(EUR

Swap

Annual

5

Year

+

6.07%),

5.88%

(b)(d)(n)

........

4,479

4,312,399

(USD

Swap

Semi

5

Year

+

5.46%),

7.70%

(a)(b)(n)

..............

USD

5,127

4,618,135

(EUR

Swap

Annual

5

Year

+

7.19%),

7.75%

(b)(d)(n)

........

EUR

3,056

3,034,402

(EUR

Swap

Annual

5

Year

+

5.56%),

6.38%

(b)(d)(n)

........

1,075

950,652

(EUR

Swap

Annual

5

Year

+

5.75%),

5.88%,

03/04/29

(b)(d)

..

1,100

1,167,325

5.15%,

06/10/30

(d)

...........

GBP

1,275

1,340,450

(EUR

Swap

Annual

5

Year

+

6.09%),

5.88%

(b)(d)(n)

........

EUR

6,325

5,157,865

Intesa

Sanpaolo

Vita

SpA,

2.38%

,

12/22/30

(d)

................

18,500

14,623,465

Leather

2

SpA,

(EURIBOR

3

Month

+

4.50%),

4.50%

,

09/30/28

(b)(d)

....

1,196

1,015,212

Nexi

SpA,

0.00%

,

02/24/28

(d)(l)(m)

....

10,000

6,821,663

Rekeep

SpA,

7.25%

,

02/01/26

(d)

....

5,004

4,518,264

Security

Par

(000)

Par

(000)

Value

Italy

(continued)

Rossini

SARL

(d)

(EURIBOR

3

Month

+

3.88%),

3.88%,

10/30/25

(b)

.........

EUR

1,558

$

1,517,405

6.75%,

10/30/25

............

9,368

9,425,293

Saipem

Finance

International

BV,

3.38%

,

07/15/26

(d)

...........

100

82,534

Taurus

Law

130

Securities

S.r.l.,

(Acquired

12/22/21,

cost

$30,079,350),

0.00%

,

08/24/26

(b)(c)(i)

(m)

......................

26,659

27,937,299

TeamSystem

SpA,

(EURIBOR

3

Month

+

3.75%),

3.75%

,

02/15/28

(b)(d)

...

4,600

4,333,037

Telecom

Italia

Capital

SA

6.38%,

11/15/33

............

USD

3,455

2,667,951

7.20%,

07/18/36

............

6,500

4,935,092

Telecom

Italia

Finance

SA,

7.75%

,

01/24/33

.................

EUR

1,069

1,155,197

Telecom

Italia

SpA

(d)

4.00%,

04/11/24

............

4,877

5,021,412

2.75%,

04/15/25

............

2,475

2,399,151

3.00%,

09/30/25

............

600

581,612

2.88%,

01/28/26

............

1,100

1,034,116

1.63%,

01/18/29

............

12,737

9,638,402

UniCredit

SpA

(b)(d)

(EUR

Swap

Annual

5

Year

+

6.39%),

6.63%

(n)

..........

8,300

8,239,166

(EUR

Swap

Annual

5

Year

+

4.93%),

5.38%

(n)

..........

5,100

4,597,463

(EURIBOR

Swap

Rate

5

Year

+

7.33%),

7.50%

(n)

..........

1,300

1,255,591

(EURIBOR

Swap

Rate

5

Year

+

4.08%),

3.88%

(n)

..........

2,000

1,497,734

(EURIBOR

Swap

Rate

5

Year

+

4.74%),

4.88%,

02/20/29

....

1,028

1,073,253

(EUR

Swap

Annual

5

Year

+

2.40%),

2.00%,

09/23/29

....

200

193,342

(EUR

Swap

Annual

5

Year

+

2.80%),

2.73%,

01/15/32

....

10,600

9,398,885

Unipol

Gruppo

SpA,

3.25%

,

09/23/30

(d)

1,800

1,718,617

Verde

Bidco

SpA,

4.63%

,

10/01/26

(d)

.

709

607,721

277,685,233

Jamaica

—

0.0%

(a)

Digicel

Group

Holdings

Ltd.,

8.00%

,

(8.00%

Cash

or

8.00%

PIK),

04/01/25

(o)

................

USD

5,008

3,267,556

Digicel

International

Finance

Ltd.

8.75%,

05/25/24

............

4,843

4,440,126

13.00%,

(13.00%

Cash

or

13.00%

PIK),

12/31/25

(o)

..........

2,847

2,439,399

8.00%,

12/31/26

............

1,933

1,377,609

11,524,690

Japan

—

0.4%

East

Japan

Railway

Co.,

1.10%

,

09/15/39

(d)

................

EUR

8,700

6,377,822

HIS

Co.

Ltd.,

0.00%

,

11/15/24

(d)(l)(m)

..

JPY

370,000

2,242,023

Medipal

Holdings

Corp.,

0.00%

,

10/07/22

(d)(l)(m)

..............

850,000

6,261,608

Mitsubishi

UFJ

Financial

Group,

Inc.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

2.34%

,

01/19/28

(b)

.....

USD

16,539

14,907,502

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Japan

(continued)

Mizuho

Financial

Group,

Inc.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.25%),

3.26%

,

05/22/30

(b)

...........

USD

15,000

$

13,446,697

Nomura

Holdings,

Inc.

5.10%,

07/03/25

............

10,166

10,210,159

2.33%,

01/22/27

............

14,677

12,995,011

Rakuten

Group,

Inc.,

(EUR

Swap

Annual

5

Year

+

4.74%),

4.25%

(b)(d)(n)

EUR

9,886

7,149,666

SoftBank

Group

Corp.

(d)

5.38%,

07/30/22

............

USD

596

590,296

(USD

Swap

Rate

5

Year

+

4.23%),

6.00%

(b)(n)

...............

13,075

11,636,750

2.13%,

07/06/24

............

EUR

9,951

9,333,195

4.50%,

04/20/25

............

689

653,444

4.75%,

07/30/25

............

5,402

5,019,190

3.13%,

09/19/25

............

9,200

8,075,804

2.88%,

01/06/27

............

3,424

2,770,815

5.00%,

04/15/28

............

14,908

12,392,035

3.38%,

07/06/29

............

2,729

1,961,169

4.00%,

09/19/29

............

19,471

14,487,290

Sumitomo

Mitsui

Financial

Group,

Inc.,

2.47%

,

01/14/29

............

USD

10,164

8,851,639

Takeda

Pharmaceutical

Co.

Ltd.

5.00%,

11/26/28

............

15,285

15,569,907

2.05%,

03/31/30

............

7,225

6,043,095

2.00%,

07/09/40

............

EUR

1,930

1,531,211

3.18%,

07/09/50

............

USD

3,973

2,973,623

175,479,951

Kuwait

—

0.1%

Ahli

United

Sukuk

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.01%),

3.88%

(b)(d)

(n)

......................

2,551

2,308,655

MEGlobal

Canada

ULC,

5.88%

,

05/18/30

(d)

................

9,100

9,565,237

NBK

Tier

1

Ltd.,

(CMTUSD6Y

+

2.88%),

3.63%

(a)(b)(n)

................

13,516

12,124,697

23,998,589

Luxembourg

—

0.5%

Altice

Financing

SA

(d)

2.25%,

01/15/25

............

EUR

14,430

13,233,191

3.00%,

01/15/28

............

22,307

17,411,562

4.25%,

08/15/29

............

12,583

9,922,732

Altice

France

Holding

SA

8.00%,

05/15/27

(a)

...........

1,020

876,446

8.00%,

05/15/27

(d)

...........

1,137

976,979

Cidron

Aida

Finco

SARL

(d)

5.00%,

04/01/28

............

9,845

8,569,976

6.25%,

04/01/28

............

GBP

6,356

6,325,127

Cullinan

Holdco

Scsp,

4.63%

,

10/15/26

(d)

................

EUR

1,723

1,455,209

Dragon

Aviation

Finance

Luxembourg

SA,

Series

1401,

4.00%

,

11/28/22

(d)

USD

2,433

2,425,142

Garfunkelux

Holdco

3

SA

(d)

6.75%,

11/01/25

............

EUR

20,988

19,513,497

7.75%,

11/01/25

............

GBP

10,473

11,410,161

Herens

Midco

SARL,

5.25%

,

05/15/29

(d)

EUR

4,123

2,819,169

Kleopatra

Holdings

2

SCA,

6.50%

,

09/01/26

(d)

................

5,300

3,565,755

Matterhorn

Telecom

SA,

4.00%

,

11/15/27

(d)

................

2,589

2,306,171

Security

Par

(000)

Par

(000)

Value

Luxembourg

(continued)

Monitchem

HoldCo

2

SA,

9.50%

,

09/15/26

(d)

................

EUR

1,300

$

1,284,001

Monitchem

HoldCo

3

SA,

5.25%

,

03/15/25

(d)

................

7,402

7,107,283

SES

SA

(d)

(EUR

Swap

Annual

5

Year

+

5.40%),

5.63%

(b)(n)

.........

8,300

8,401,418

(EUR

Swap

Annual

5

Year

+

3.19%),

2.88%

(b)(n)

.........

50,480

44,171,931

3.50%,

01/14/29

............

23,200

23,726,267

Summer

BC

Holdco

A

SARL,

9.25%

,

10/31/27

(d)

................

1,944

1,567,290

Summer

BC

Holdco

B

SARL,

5.75%

,

10/31/26

(d)

................

20,782

18,972,250

Vivion

Investments

SARL

(d)

3.00%,

08/08/24

............

12,100

10,899,262

3.50%,

11/01/25

............

1,700

1,503,634

218,444,453

Macau

—

0.1%

Champion

Path

Holdings

Ltd.

(d)

4.50%,

01/27/26

............

USD

2,831

1,755,220

4.85%,

01/27/28

............

3,091

1,767,279

MGM

China

Holdings

Ltd.

5.38%,

05/15/24

(a)

...........

327

276,315

5.25%,

06/18/25

(d)

...........

750

577,172

5.88%,

05/15/26

(a)

...........

327

248,275

5.88%,

05/15/26

(d)

...........

1,150

873,137

4.75%,

02/01/27

(d)

...........

4,816

3,402,986

Sands

China

Ltd.,

4.88%

,

06/18/30

(e)

.

3,250

2,342,275

Studio

City

Finance

Ltd.

6.00%,

07/15/25

(d)

...........

750

476,250

5.00%,

01/15/29

(a)

...........

3,100

1,545,738

Wynn

Macau

Ltd.

4.88%,

10/01/24

(a)

...........

747

542,038

4.88%,

10/01/24

(d)

...........

200

145,124

5.50%,

01/15/26

(d)

...........

3,700

2,557,625

5.50%,

10/01/27

(a)

...........

327

209,280

5.50%,

10/01/27

(d)

...........

200

128,000

5.13%,

12/15/29

(a)

...........

435

265,350

17,112,064

Malaysia

—

0.0%

(d)

Cindai

Capital

Ltd.,

0.00%

,

02/08/23

(l)(m)

10,000

9,827,360

TNB

Global

Ventures

Capital

Bhd.,

4.85%

,

11/01/28

............

1,250

1,274,844

11,102,204

Mexico

—

0.3%

Axtel

SAB

de

CV,

6.38%

,

11/14/24

(a)

.

10,148

8,935,314

Banco

Mercantil

del

Norte

SA

(b)(n)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%),

6.75%

(d)

..........

6,000

5,632,500

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.64%),

5.88%

(a)

..........

7,215

6,016,859

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.64%),

5.88%

(d)

..........

6,000

5,003,625

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

5.03%),

6.63%

(a)

..........

6,555

5,349,699

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

5.03%),

6.63%

(d)

..........

6,000

4,896,750

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

48

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Mexico

(continued)

Braskem

Idesa

SAPI

6.99%,

02/20/32

(a)

...........

USD

9,155

$

7,095,125

6.99%,

02/20/32

(d)

...........

12,073

9,356,575

Cemex

SAB

de

CV

(d)

3.13%,

03/19/26

............

EUR

3,336

3,239,882

3.88%,

07/11/31

............

USD

8,522

6,418,771

Fresnillo

plc,

4.25%

,

10/02/50

(d)

....

4,000

2,933,250

Grupo

Televisa

SAB,

6.63%

,

01/15/40

2,691

2,923,603

Industrias

Penoles

SAB

de

CV

5.65%,

09/12/49

(d)

...........

4,000

3,564,500

4.75%,

08/06/50

(d)

...........

3,400

2,683,450

4.75%,

08/06/50

(a)

...........

600

473,550

Metalsa

S

A

P

I

de

CV,

3.75%

,

05/04/31

(d)

................

14,668

10,322,605

Mexico

City

Airport

Trust,

4.25%

,

10/31/26

(d)

................

7,772

7,111,380

Nemak

SAB

de

CV,

3.63%

,

06/28/31

(d)

5,000

3,471,250

Operadora

de

Servicios

Mega

SA

de

CV

Sofom

ER,

8.25%

,

02/11/25

(a)

.

15,300

9,928,744

Orbia

Advance

Corp.

SAB

de

CV

(d)

5.88%,

09/17/44

............

4,000

3,564,500

5.50%,

01/15/48

............

4,000

3,364,500

Trust

Fibra

Uno

(d)

5.25%,

01/30/26

............

1,114

1,048,065

6.39%,

01/15/50

............

2,510

1,996,705

115,331,202

Morocco

—

0.0%

Vivo

Energy

Investments

BV,

5.13%

,

09/24/27

(a)

................

1,264

1,191,320

Netherlands

—

0.5%

ABN

AMRO

Bank

NV,

2.38%

,

06/01/27

(d)

................

EUR

17,100

17,216,910

Cooperatieve

Rabobank

UA

4.38%,

08/04/25

............

USD

3,190

3,163,225

(EUR

Swap

Annual

5

Year

+

4.10%),

4.63%

(b)(d)(n)

........

EUR

3,400

3,274,068

IMCD

NV,

2.13%

,

03/31/27

(d)

......

13,100

12,330,318

ING

Groep

NV

4.63%,

01/06/26

(a)

...........

USD

2,938

2,931,355

(SOFR

+

1.64%),

3.87%,

03/28/26

(b)

8,560

8,388,079

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

1.40%,

07/01/26

(a)(b)

..

1,288

1,169,988

(EURIBOR

3

Month

+

0.85%),

1.25%,

02/16/27

(b)(d)

........

EUR

8,500

8,277,418

(EUR

Swap

Annual

5

Year

+

1.20%),

1.00%,

11/13/30

(b)(d)

..

12,900

12,027,512

Intertrust

Group

BV,

3.38%

,

11/15/25

(d)

5,716

5,677,196

Koninklijke

KPN

NV,

(EUR

Swap

Annual

5

Year

+

2.34%),

2.00%

(b)(d)(n)

5,800

5,569,615

Lincoln

Financing

SARL

(d)

3.63%,

04/01/24

............

3,200

3,240,429

(EURIBOR

3

Month

+

3.88%),

3.88%,

04/01/24

(b)

.........

6,200

6,318,874

Louis

Dreyfus

Co.

Finance

BV,

1.63%

,

04/28/28

(d)

................

2,473

2,209,426

Nobel

Bidco

BV,

3.13%

,

06/15/28

(d)

..

9,942

6,980,542

Nobian

Finance

BV,

3.63%

,

07/15/26

(d)

2,953

2,382,493

OCI

NV,

3.63%

,

10/15/25

(d)

.......

1,895

1,939,507

Q-Park

Holding

I

BV

(d)

1.50%,

03/01/25

............

2,725

2,474,347

(EURIBOR

3

Month

+

2.00%),

2.00%,

03/01/26

(b)

.........

2,412

2,189,662

Security

Par

(000)

Par

(000)

Value

Netherlands

(continued)

2.00%,

03/01/27

............

EUR

1,488

$

1,239,465

Summer

BidCo

BV

(d)(o)

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

(b)

..............

1,782

1,484,725

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

...............

563

468,901

Titan

Holdings

II

BV,

5.13%

,

07/15/29

(d)

1,453

1,258,488

Trivium

Packaging

Finance

BV

(e)

3.75%,

08/15/26

(d)

...........

3,300

3,167,072

5.50%,

08/15/26

(a)

...........

USD

4,128

3,899,763

United

Group

BV

(d)

4.88%,

07/01/24

............

EUR

18,913

17,996,648

4.00%,

11/15/27

............

6,856

5,441,438

4.63%,

08/15/28

............

7,357

5,886,485

(EURIBOR

3

Month

+

4.88%),

4.87%,

02/01/29

(b)

.........

2,684

2,464,981

5.25%,

02/01/30

............

4,410

3,407,809

Viterra

Finance

BV

(d)

0.38%,

09/24/25

............

13,300

12,463,402

1.00%,

09/24/28

............

44,570

37,604,285

VZ

Vendor

Financing

II

BV,

2.88%

,

01/15/29

(d)

................

13,300

10,314,760

Ziggo

BV,

2.88%

,

01/15/30

(d)

......

5,787

4,608,282

219,467,468

Nigeria

—

0.0%

IHS

Holding

Ltd.

(a)

5.63%,

11/29/26

............

USD

8,000

6,554,000

6.25%,

11/29/28

............

5,020

4,003,450

10,557,450

Norway

—

0.0%

Aker

BP

ASA,

1.13%

,

05/12/29

(d)

...

EUR

16,200

14,371,413

DNB

Bank

ASA,

(LIBOR

USD

6

Month

+

0.13%),

0.93%

(b)(n)

..........

USD

350

236,250

14,607,663

Paraguay

—

0.0%

Frigorifico

Concepcion

SA,

7.70%

,

07/21/28

(a)

................

6,083

4,801,008

Peru

—

0.0%

InRetail

Consumer,

3.25%

,

03/22/28

(a)

7,200

5,941,350

Philippines

—

0.0%

(d)

Globe

Telecom,

Inc.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.53%),

4.20%

(b)(n)

.........

2,530

2,352,900

2.50%,

07/23/30

............

1,554

1,235,236

3.00%,

07/23/35

............

2,386

1,727,315

Rizal

Commercial

Banking

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.24%),

6.50%

(b)(n)

.................

3,325

3,178,076

8,493,527

Portugal

—

0.1%

(d)

Banco

Espirito

Santo

SA

(g)(p)

2.63%,

05/08/17

............

EUR

6,100

926,912

4.75%,

01/15/18

............

15,500

2,355,268

4.00%,

01/21/23

............

19,000

2,887,102

EDP

-

Energias

de

Portugal

SA

(b)

(EUR

Swap

Annual

5

Year

+

4.29%),

4.50%,

04/30/79

....

4,500

4,562,060

(EUR

Swap

Annual

5

Year

+

1.84%),

1.70%,

07/20/80

....

7,500

6,739,628

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Portugal

(continued)

(EUR

Swap

Annual

5

Year

+

2.38%),

1.88%,

08/02/81

....

EUR

6,000

$

5,069,458

22,540,428

Saudi

Arabia

—

0.1%

Arabian

Centres

Sukuk

II

Ltd.,

5.63%

,

10/07/26

(a)

................

USD

11,500

10,420,437

Arabian

Centres

Sukuk

Ltd.,

5.38%

,

11/26/24

(d)

................

6,000

5,659,875

EIG

Pearl

Holdings

SARL,

4.39%

,

11/30/46

(a)

................

29,714

23,252,394

39,332,706

Singapore

—

0.0%

DBS

Group

Holdings

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.92%),

3.30%

(b)(d)

(n)

......................

2,832

2,669,160

Puma

International

Financing

SA

5.13%,

10/06/24

(a)

...........

7,000

6,335,000

5.00%,

01/24/26

(d)

...........

4,000

3,467,000

United

Overseas

Bank

Ltd.,

(USD

Swap

Semi

5

Year

+

1.79%),

3.88%

(b)(d)(n)

2,165

2,134,961

14,606,121

South

Africa

—

0.2%

AngloGold

Ashanti

Holdings

plc,

3.75%

,

10/01/30

.................

7,605

6,359,681

Liquid

Telecommunications

Financing

plc,

5.50%

,

09/04/26

(a)

........

9,445

8,264,375

Sasol

Financing

USA

LLC

5.88%,

03/27/24

............

5,000

4,881,250

4.38%,

09/18/26

............

25,955

22,619,263

6.50%,

09/27/28

............

5,000

4,541,563

5.50%,

03/18/31

............

10,130

7,744,385

Stillwater

Mining

Co.

4.00%,

11/16/26

(d)

...........

4,000

3,320,000

4.50%,

11/16/29

(a)

...........

8,466

6,645,810

64,376,327

South

Korea

—

0.1%

(d)

Hanwha

Life

Insurance

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%),

4.70%

(b)(n)

.................

2,500

2,488,750

Heungkuk

Life

Insurance

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.47%),

4.48%

(b)(n)

.................

6,000

5,845,500

KDB

Life

Insurance

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.66%),

7.50%

(b)(n)

.................

4,640

4,431,200

Kookmin

Bank

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.64%),

4.35%

(b)(n)

.........

5,000

4,807,187

2.50%,

11/04/30

............

5,000

4,218,550

LG

Chem

Ltd.,

3.63%

,

04/15/29

....

2,078

1,981,633

POSCO

Holdings,

Inc.,

0.00%

,

09/01/26

(l)(m)

...............

EUR

10,000

9,724,976

Shinhan

Financial

Group

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.06%),

2.88%

(b)(n)

.................

USD

10,300

8,999,625

SK

Battery

America,

Inc.,

2.13%

,

01/26/26

.................

2,363

2,113,562

Security

Par

(000)

Par

(000)

Value

South

Korea

(continued)

SK

Hynix,

Inc.,

2.38%

,

01/19/31

....

USD

3,000

$

2,368,410

Tongyang

Life

Insurance

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.98%),

5.25%

(b)(n)

.................

6,350

6,064,250

53,043,643

Spain

—

0.7%

(d)

Abertis

Infraestructuras

Finance

BV,

(EUR

Swap

Annual

5

Year

+

3.69%),

3.25%

(b)(n)

.................

EUR

4,300

3,594,079

Almirall

SA,

2.13%

,

09/30/26

......

1,479

1,375,583

Banco

Bilbao

Vizcaya

Argentaria

SA,

(EUR

Swap

Annual

5

Year

+

6.04%),

6.00%

(b)(n)

.................

5,800

5,698,228

Banco

de

Sabadell

SA

(b)

(EUR

Swap

Annual

1

Year

+

2.20%),

2.63%,

03/24/26

....

500

496,917

(EUR

Swap

Annual

5

Year

+

2.20%),

2.00%,

01/17/30

....

1,600

1,458,746

(EUR

Swap

Annual

5

Year

+

2.95%),

2.50%,

04/15/31

....

6,500

5,659,140

Banco

Santander

SA,

(EUR

Swap

Annual

5

Year

+

4.53%),

4.38%

(b)(n)

8,800

7,755,207

CaixaBank

SA

(b)(n)

(EUR

Swap

Annual

5

Year

+

5.82%),

6.00%

...........

200

209,523

(EUR

Swap

Annual

5

Year

+

6.22%),

6.38%

...........

10,800

11,204,681

(EUR

Swap

Annual

5

Year

+

6.50%),

6.75%

...........

2,000

2,017,304

Cellnex

Finance

Co.

SA

2.25%,

04/12/26

............

12,400

12,087,610

0.75%,

11/15/26

............

11,800

10,448,689

2.00%,

09/15/32

............

15,300

10,855,092

2.00%,

02/15/33

............

10,200

7,077,760

Cellnex

Telecom

SA

1.50%,

01/16/26

(m)

..........

1,700

2,243,260

1.75%,

10/23/30

............

4,700

3,504,702

0.75%,

11/20/31

(m)

...........

50,600

36,111,649

Cirsa

Finance

International

SARL

6.25%,

12/20/23

............

2,823

2,810,934

4.75%,

05/22/25

............

5,619

5,189,474

4.50%,

03/15/27

............

2,802

2,363,767

Ferrovial

Netherlands

BV,

(EUR

Swap

Annual

5

Year

+

2.13%),

2.12%

(b)(n)

3,060

2,649,635

Food

Service

Project

SA,

5.50%

,

01/21/27

.................

3,407

3,061,589

Grifols

Escrow

Issuer

SA,

3.88%

,

10/15/28

.................

1,340

1,156,779

Grupo

Antolin-Irausa

SA,

3.50%

,

04/30/28

.................

3,125

2,179,775

Iberdrola

International

BV,

Series

NC8,

(EUR

Swap

Annual

5

Year

+

2.57%),

2.25%

(b)(n)

.................

4,400

3,573,048

Kaixo

Bondco

Telecom

SA,

5.13%

,

09/30/29

.................

10,099

8,016,810

Lorca

Telecom

Bondco

SA,

4.00%

,

09/18/27

.................

17,112

14,968,490

Naturgy

Finance

BV

(b)(n)

(EUR

Swap

Annual

8

Year

+

3.35%),

4.13%

...........

1,500

1,550,075

(EUR

Swap

Annual

9

Year

+

3.08%),

3.38%

...........

700

680,602

(EUR

Swap

Annual

5

Year

+

2.44%),

2.37%

...........

5,300

4,290,569

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

50

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Spain

(continued)

Repsol

International

Finance

BV

(b)(n)

(EUR

Swap

Annual

5

Year

+

4.00%),

3.75%

...........

EUR

6,180

$

5,830,641

(EUR

Swap

Annual

5

Year

+

2.77%),

2.50%

...........

27,475

23,861,723

(EUR

Swap

Annual

5

Year

+

4.41%),

4.25%

...........

5,598

5,015,793

Telefonica

Europe

BV

(b)(n)

(EUR

Swap

Annual

5

Year

+

2.33%),

2.63%

...........

7,700

7,892,338

Series

NC5,

(EUR

Swap

Annual

5

Year

+

2.45%),

3.00%

......

3,500

3,539,635

(EUR

Swap

Annual

10

Year

+

4.30%),

5.88%

...........

9,600

9,934,566

(EUR

Swap

Annual

6

Year

+

4.11%),

4.38%

...........

11,400

11,393,023

(EUR

Swap

Annual

8

Year

+

2.97%),

3.88%

...........

5,700

5,343,763

(EUR

Swap

Annual

6

Year

+

2.87%),

2.88%

...........

4,600

3,707,018

(EUR

Swap

Annual

8

Year

+

2.62%),

2.38%

...........

45,400

33,619,286

Tendam

Brands

SAU

5.00%,

09/15/24

............

12,985

12,961,268

(EURIBOR

3

Month

+

5.25%),

5.25%,

09/15/24

(b)

.........

2,271

2,271,800

299,660,571

Sweden

—

0.2%

(d)

Fastighets

AB

Balder,

(EUR

Swap

Annual

5

Year

+

3.19%),

2.87%

,

06/02/81

(b)

................

2,625

1,472,127

Heimstaden

Bostad

AB

(b)(n)

(EUR

Swap

Annual

5

Year

+

3.91%),

3.38%

...........

3,950

2,426,683

(EUR

Swap

Annual

5

Year

+

3.90%),

3.63%

...........

3,500

2,017,304

(EUR

Swap

Annual

5

Year

+

3.15%),

2.63%

...........

9,235

4,910,138

(EUR

Swap

Annual

5

Year

+

3.27%),

3.00%

...........

4,100

2,150,618

Intrum

AB

4.88%,

08/15/25

............

11,655

11,045,821

3.50%,

07/15/26

............

2,969

2,594,255

Samhallsbyggnadsbolaget

i

Norden

AB,

(EUR

Swap

Annual

5

Year

+

3.22%),

2.88%

(b)(n)

.................

2,400

783,347

SBB

Treasury

OYJ

0.75%,

12/14/28

............

6,000

3,718,650

1.13%,

11/26/29

............

2,400

1,490,185

Skandinaviska

Enskilda

Banken

AB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.46%),

5.13%

(b)(n)

...........

USD

3,200

2,904,000

Svenska

Handelsbanken

AB

(b)(n)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.94%),

4.38%

...........

1,000

851,250

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.05%),

4.75%

...........

600

491,160

Verisure

Holding

AB

3.50%,

05/15/23

............

EUR

14,292

14,527,982

(EURIBOR

3

Month

+

5.00%),

5.00%,

04/15/25

(b)

.........

8,180

8,292,862

3.88%,

07/15/26

............

5,350

4,901,791

Security

Par

(000)

Par

(000)

Value

Sweden

(continued)

3.25%,

02/15/27

............

EUR

8,864

$

7,662,669

Verisure

Midholding

AB,

5.25%

,

02/15/29

.................

6,410

5,105,731

Volvo

Car

AB,

2.50%

,

10/07/27

....

2,930

2,660,190

80,006,763

Switzerland

—

0.3%

Argentum

Netherlands

BV,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.76%),

4.63%

(b)(d)(n)

................

USD

13,600

12,648,000

Credit

Suisse

Group

AG

(b)

(USD

Swap

Semi

5

Year

+

5.11%),

7.13%

(d)(n)

...............

13,000

12,960,090

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%

(d)(n)

...............

5,300

5,043,151

(USD

Swap

Semi

5

Year

+

3.46%),

6.25%

(a)(n)

...............

5,800

5,278,000

(USD

Swap

Semi

5

Year

+

3.46%),

6.25%

(d)(n)

...............

11,847

10,780,770

(USD

Swap

Rate

5

Year

+

4.33%),

7.25%

(d)(n)

...............

1,715

1,490,076

(EUR

Swap

Annual

1

Year

+

1.60%),

2.13%,

10/13/26

(d)

...

EUR

8,600

8,398,952

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.89%),

5.25%

(a)(n)

.........

USD

1,100

849,734

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.38%),

9.75%

(d)(n)

.........

5,000

5,106,250

ELM

BV

for

Firmenich

International

SA,

(EUR

Swap

Annual

5

Year

+

4.39%),

3.75%

(b)(d)(n)

................

EUR

7,214

6,940,528

Novartis

Capital

Corp.,

3.00%

,

11/20/25

USD

1,157

1,142,810

Roche

Holdings,

Inc.

(a)

1.93%,

12/13/28

............

10,000

8,838,379

2.61%,

12/13/51

............

4,359

3,164,930

UBS

AG,

1.38%

,

01/13/25

(a)

.......

18,155

16,997,832

UBS

Group

AG

(b)

(USD

Swap

Semi

5

Year

+

4.34%),

7.00%

(a)(n)

...............

16,062

15,646,353

(USD

Swap

Semi

5

Year

+

4.87%),

7.00%

(d)(n)

...............

3,400

3,366,000

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.55%),

4.49%,

05/12/26

(a)

...

7,970

7,939,555

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.86%),

5.13%

(d)(n)

.........

750

672,070

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.00%),

2.10%,

02/11/32

(a)

...

2,760

2,191,388

129,454,868

Tanzania,

United

Republic

Of

—

0.0%

HTA

Group

Ltd.,

7.00%

,

12/18/25

(a)

..

7,875

6,567,258

Thailand

—

0.1%

(d)

Bangkok

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.90%),

3.73%

,

09/25/34

(b)

5,137

4,487,812

GC

Treasury

Center

Co.

Ltd.,

2.98%

,

03/18/31

.................

3,885

3,239,847

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Thailand

(continued)

Kasikornbank

PCL

(b)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.94%),

5.28%

(n)

..........

USD

1,960

$

1,796,217

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.70%),

3.34%,

10/02/31

....

3,406

3,070,296

Krung

Thai

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.53%),

4.40%

(b)(n)

2,980

2,577,700

Thaioil

Treasury

Center

Co.

Ltd.,

3.75%

,

06/18/50

............

4,145

2,755,679

TMBThanachart

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.26%),

4.90%

(b)(n)

.................

2,667

2,432,471

20,360,022

Turkey

—

0.0%

Turkish

Airlines

Pass-Through

Trust,

Series

2015-1,

Class

A,

4.20%

,

03/15/27

(a)

................

5,578

4,543,140

Ukraine

—

0.0%

Metinvest

BV

8.50%,

04/23/26

(a)

...........

2,000

1,031,700

8.50%,

04/23/26

(d)

...........

1,515

781,513

7.65%,

10/01/27

(d)

...........

908

470,911

7.75%,

10/17/29

(d)

...........

1,315

676,239

2,960,363

United

Arab

Emirates

—

0.1%

Abu

Dhabi

National

Oil

Co.,

0.70%

,

06/04/24

(d)(m)

...............

6,000

5,520,000

DP

World

Salaam,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.75%),

6.00%

(b)(d)(n)

....

11,960

11,993,638

Emirates

NBD

Bank

PJSC,

(CMTUSD6Y

+

3.66%),

6.13%

(b)(d)(n)

16,339

16,339,000

Galaxy

Pipeline

Assets

Bidco

Ltd.,

2.63%

,

03/31/36

(d)

...........

14,960

12,092,355

MAF

Global

Securities

Ltd.

(b)(d)(n)

(USD

Swap

Semi

5

Year

+

3.48%),

5.50%

.................

5,000

4,986,875

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.54%),

6.38%

...........

7,273

7,001,626

Shelf

Drilling

Holdings

Ltd.,

8.88%

,

11/15/24

(a)

................

793

773,175

58,706,669

United

Kingdom

—

2.3%

Arqiva

Broadcast

Finance

plc,

6.75%

,

09/30/23

(d)

................

GBP

3,000

3,478,128

Astrazeneca

Finance

LLC,

1.75%

,

05/28/28

.................

USD

11,100

9,792,553

AstraZeneca

plc

3.38%,

11/16/25

............

4,100

4,059,940

1.38%,

08/06/30

............

2,751

2,258,068

2.13%,

08/06/50

............

4,359

2,910,445

B&M

European

Value

Retail

SA,

3.63%

,

07/15/25

(d)

................

GBP

1,100

1,131,480

Barclays

plc

(b)

(5-year

SONIA

Mid-Swaps

Rate

+

6.74%),

7.25%

(d)(n)

.........

6,500

7,773,982

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.67%),

8.00%

(n)

..........

USD

3,100

$

3,045,750

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

6.58%),

7.13%

(n)

................

GBP

1,515

1,768,136

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.87%),

6.13%

(n)

..........

USD

4,400

4,085,299

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

6.02%),

6.38%

(d)(n)

...............

GBP

200

223,983

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

6.96%),

8.88%

(d)(n)

...............

2,975

3,591,612

(EURIBOR

12

Month

+

0.85%),

0.88%,

01/28/28

(d)

.........

EUR

10,000

9,156,254

(EUR

Swap

Annual

1

Year

+

1.26%),

0.58%,

08/09/29

(d)

...

26,700

22,762,673

BCP

V

Modular

Services

Finance

II

plc

(d)

4.75%,

11/30/28

............

6,800

5,654,529

6.13%,

11/30/28

............

GBP

2,650

2,514,546

Bellis

Acquisition

Co.

plc

(d)

3.25%,

02/16/26

............

23,113

21,804,978

4.50%,

02/16/26

............

13,517

13,163,395

Bellis

Finco

plc,

4.00%

,

02/16/27

(d)

..

1,200

1,006,949

BP

Capital

Markets

plc

(d)

1.00%,

04/28/23

(m)

..........

4,400

5,412,466

(EUR

Swap

Annual

5

Year

+

3.88%),

3.25%

(b)(n)

.........

EUR

3,300

3,126,798

British

American

Tobacco

plc,

Series

5.25,

(EUR

Swap

Annual

5

Year

+

3.37%),

3.00%

(b)(d)(n)

..........

33,570

25,349,423

British

Telecommunications

plc

(b)

(EURIBOR

Swap

Rate

5

Year

+

2.13%),

1.87%,

08/18/80

(d)

...

28,915

25,756,253

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.99%),

4.25%,

11/23/81

(a)

...

USD

6,879

5,987,713

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.49%),

4.88%,

11/23/81

(a)

...

19,000

16,150,000

BUPA

Finance

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

3.17%),

4.00%

(b)(d)(n)

.........

GBP

1,150

933,758

Chanel

Ceres

plc,

0.50%

,

07/31/26

(d)

.

EUR

3,518

3,373,755

Channel

Link

Enterprises

Finance

plc

(b)(d)

Series

A8,

(EURIBOR

6

Month

+

5.90%),

2.71%,

06/30/50

....

4,400

4,367,424

Series

A5,

(LIBOR

GBP

6

Month

+

5.78%),

3.04%,

06/30/50

....

GBP

3,075

3,425,672

Connect

Finco

SARL,

6.75%

,

10/01/26

(a)

................

USD

17,390

15,627,176

Constellation

Automotive

Financing

plc,

4.88%

,

07/15/27

(d)

...........

GBP

6,217

5,940,844

Cornwall

Jersey

Ltd.,

0.75%

,

04/16/26

(d)

(m)

......................

2,900

2,224,007

CPUK

Finance

Ltd.

(d)

4.88%,

08/28/25

............

1,812

2,046,095

6.50%,

08/28/26

............

1,400

1,602,451

4.50%,

08/28/27

............

1,495

1,627,545

Dignity

Finance

plc

(d)

Series

A,

3.55%,

12/31/34

.....

1,741

2,109,323

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

52

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

B,

4.70%,

12/31/49

.....

GBP

485

$

529,133

EC

Finance

plc,

3.00%

,

10/15/26

(d)

..

EUR

13,842

12,652,879

eG

Global

Finance

plc

(d)

3.63%,

02/07/24

............

7,932

7,582,749

4.38%,

02/07/25

............

10,733

10,010,406

6.25%,

10/30/25

............

9,090

8,536,909

Galaxy

Bidco

Ltd.,

6.50%

,

07/31/26

(d)

GBP

14,578

16,237,406

GlaxoSmithKline

Capital

plc,

3.00%

,

06/01/24

.................

USD

19,800

19,645,223

Heathrow

Finance

plc

(d)(e)

5.25%,

03/01/24

............

GBP

1,400

1,660,609

4.38%,

03/01/27

............

1,800

1,883,289

4.63%,

09/01/29

............

2,894

3,034,949

Heathrow

Funding

Ltd.,

2.63%

,

03/16/28

(d)

................

11,165

12,076,339

HSBC

Bank

plc

(b)(n)

Series

2M,

(LIBOR

USD

6

Month

+

0.25%),

1.75%

...........

USD

4,600

3,516,240

Series

3M,

(LIBOR

USD

6

Month

+

0.10%),

2.98%

...........

1,940

1,491,666

Series

1M,

(LIBOR

USD

6

Month

+

0.25%),

3.12%

...........

8,000

6,104,000

HSBC

Holdings

plc

(b)

(EUR

Swap

Annual

5

Year

+

4.38%),

5.25%

(d)(n)

.........

EUR

4,500

4,645,038

(USD

Swap

Rate

5

Year

+

3.45%),

6.25%

(n)

................

USD

4,500

4,413,375

(EUR

Swap

Annual

5

Year

+

5.34%),

6.00%

(d)(n)

.........

EUR

4,500

4,659,733

(SOFR

+

0.71%),

0.98%,

05/24/25

USD

14,752

13,755,150

(EURIBOR

3

Month

+

1.45%),

3.02%,

06/15/27

(d)

.........

EUR

16,200

16,760,234

(SONIO/N

+

1.31%),

1.75%,

07/24/27

...............

GBP

12,060

13,181,745

Iceland

Bondco

plc

(d)

4.63%,

03/15/25

............

4,900

4,603,180

4.38%,

05/15/28

............

2,891

2,322,681

INEOS

Styrolution

Group

GmbH,

2.25%

,

01/16/27

(d)

...........

EUR

1,680

1,356,544

Informa

plc,

2.13%

,

10/06/25

(d)

.....

18,950

19,245,338

InterContinental

Hotels

Group

plc,

3.38%

,

10/08/28

(d)

...........

GBP

1,156

1,281,418

International

Consolidated

Airlines

Group

SA

(d)

0.63%,

11/17/22

(m)

...........

EUR

3,600

3,691,622

0.50%,

07/04/23

............

3,000

2,936,482

2.75%,

03/25/25

............

6,200

5,494,297

1.13%,

05/18/28

(m)

..........

26,300

18,516,088

3.75%,

03/25/29

............

10,300

7,620,483

Intu

Jersey

2

Ltd.,

2.88%

,

11/01/22

(d)(g)(m)

(p)

......................

GBP

4,200

1,175,912

Jaguar

Land

Rover

Automotive

plc

2.20%,

01/15/24

(d)

...........

EUR

7,400

7,008,428

7.75%,

10/15/25

(a)

...........

USD

5,380

4,982,418

6.88%,

11/15/26

(d)

...........

EUR

1,200

1,101,087

5.88%,

01/15/28

(a)

...........

USD

6,400

4,888,832

4.50%,

07/15/28

(d)

...........

EUR

5,821

4,354,690

Jerrold

Finco

plc

(d)

4.88%,

01/15/26

............

GBP

1,041

1,112,610

5.25%,

01/15/27

............

7,501

8,051,230

Just

Eat

Takeaway.com

NV

(d)(m)

Series

A,

0.00%,

08/09/25

(l)

....

EUR

2,900

2,096,793

Series

B,

0.63%,

02/09/28

.....

1,700

890,555

Kane

Bidco

Ltd.

(d)

5.00%,

02/15/27

............

2,701

2,500,940

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

6.50%,

02/15/27

............

GBP

7,339

$

7,800,963

Linde

plc,

1.00%

,

09/30/51

(d)

......

EUR

1,800

1,018,898

Lloyds

Bank

plc,

3.50%

,

05/14/25

...

USD

3,172

3,137,145

Lloyds

Banking

Group

plc

(USD

Swap

Semi

5

Year

+

4.76%),

7.50%

(b)(n)

...............

6,000

5,820,000

4.65%,

03/24/26

............

6,814

6,675,933

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

1.60%),

1.99%,

12/15/31

(b)

.........

GBP

3,976

4,148,593

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.50%),

3.37%,

12/14/46

(b)

...

USD

2,989

2,119,749

Market

Bidco

Finco

plc,

5.50%

,

11/04/27

(d)

................

GBP

21,011

19,438,285

Mclaren

Finance

plc,

7.50%

,

08/01/26

(a)

USD

565

417,478

Metrocentre

Finance

plc,

8.75%

,

(8.75%

Cash

or

8.75%

PIK),

12/06/23

(o)

................

GBP

966

584,633

Mitchells

&

Butlers

Finance

plc,

Series

D1,

(SONIO/N

+

2.36%),

3.55%

,

06/15/36

(b)(d)

...............

2,225

2,149,552

National

Express

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(b)

(d)(n)

.....................

2,575

2,829,587

National

Grid

plc,

3.25%

,

03/30/34

(d)

.

EUR

6,430

6,264,655

Nationwide

Building

Society,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

5.39%),

5.88%

(b)

(d)(n)

.....................

GBP

1,800

2,071,390

NatWest

Group

plc

5.13%,

05/28/24

............

USD

3,192

3,206,068

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

3.55%),

3.62%,

08/14/30

(b)(d)

........

GBP

6,200

7,079,043

(EUR

Swap

Annual

5

Year

+

1.27%),

1.04%,

09/14/32

(b)(d)

..

EUR

4,700

4,007,848

Neptune

Energy

Bondco

plc,

6.63%

,

05/15/25

(a)

................

USD

28,691

27,543,360

NGG

Finance

plc

(b)(d)

(GBP

Swap

12

Year

+

3.48%),

5.63%,

06/18/73

..........

GBP

5,200

5,978,647

(EUR

Swap

Annual

5

Year

+

2.14%),

1.63%,

12/05/79

....

EUR

22,500

21,184,440

Ocado

Group

plc,

3.88%

,

10/08/26

(d)

.

GBP

8,895

8,683,646

Pinewood

Finance

Co.

Ltd.,

3.25%

,

09/30/25

(d)

................

13,262

14,004,775

Premier

Foods

Finance

plc,

3.50%

,

10/15/26

(d)

................

2,975

3,141,623

Rolls-Royce

plc

4.63%,

02/16/26

(d)

...........

EUR

1,525

1,498,241

5.75%,

10/15/27

(a)

...........

USD

325

292,922

5.75%,

10/15/27

(d)

...........

GBP

485

554,967

1.63%,

05/09/28

(d)

...........

EUR

1,700

1,324,318

SCC

Power

plc

(a)(o)

8.00%,

(8.00%

Cash

or

8.00%

PIK),

12/31/28

...............

USD

22,005

9,422,886

4.00%,

(4.00%

Cash

or

4.00%

PIK),

05/17/32

...............

11,919

1,132,323

Sherwood

Financing

plc

(d)

4.50%,

11/15/26

............

EUR

1,987

1,741,824

6.00%,

11/15/26

............

GBP

5,808

5,659,881

(EURIBOR

3

Month

+

4.63%),

4.62%,

11/15/27

(b)

.........

EUR

1,552

1,471,909

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Sky

Ltd.,

3.75%

,

09/16/24

(a)

.......

USD

2,074

$

2,067,231

SSE

plc,

(EUR

Swap

Annual

5

Year

+

2.70%),

4.00%

(b)(d)(n)

..........

EUR

7,688

6,944,823

Standard

Chartered

plc,

(EUR

Swap

Annual

5

Year

+

1.55%),

1.20%

,

09/23/31

(b)(d)

...............

35,125

31,599,263

Stonegate

Pub

Co.

Financing

plc

(d)

8.00%,

07/13/25

............

GBP

11,340

12,630,827

8.25%,

07/31/25

............

26,391

29,338,790

Synthomer

plc,

3.88%

,

07/01/25

(d)

...

EUR

2,790

2,645,741

Tesco

Property

Finance

1

plc,

7.62%

,

07/13/39

(d)

................

GBP

2,972

4,350,057

Tesco

Property

Finance

3

plc,

5.74%

,

04/13/40

(d)

................

6,621

8,474,606

Tesco

Property

Finance

4

plc,

5.80%

,

10/13/40

(d)

................

3,144

4,031,263

Thames

Water

Kemble

Finance

plc,

4.63%

,

05/19/26

(d)

...........

6,433

7,304,113

Unique

Pub

Finance

Co.

plc

(The)

(d)

Series

M,

7.39%,

03/28/24

(e)

....

10,148

12,591,162

Series

A4,

5.66%,

06/30/27

....

6,047

7,709,222

Series

N,

6.46%,

03/30/32

(e)

....

7,605

10,601,110

Very

Group

Funding

plc

(The),

6.50%

,

08/01/26

(d)

................

18,609

17,178,023

Virgin

Media

Finance

plc,

3.75%

,

07/15/30

(d)

................

EUR

4,971

3,873,680

Virgin

Media

Secured

Finance

plc

5.25%,

05/15/29

(d)

...........

GBP

400

415,221

5.50%,

05/15/29

(a)

...........

USD

7,752

6,930,675

4.25%,

01/15/30

(d)

...........

GBP

2,425

2,374,846

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%

,

07/15/28

(d)

.......

4,480

4,362,803

Vmed

O2

UK

Financing

I

plc

(d)

4.00%,

01/31/29

............

22,525

21,750,389

3.25%,

01/31/31

............

EUR

7,911

6,367,887

4.50%,

07/15/31

............

GBP

5,251

5,033,734

Vodafone

Group

plc

4.25%,

09/17/50

............

USD

2,574

2,150,682

(EUR

Swap

Annual

5

Year

+

3.43%),

4.20%,

10/03/78

(b)(d)

..

EUR

2,210

2,038,053

(USD

Swap

Semi

5

Year

+

3.05%),

6.25%,

10/03/78

(b)(d)

........

USD

7,400

7,061,642

(EUR

Swap

Annual

5

Year

+

2.67%),

3.10%,

01/03/79

(b)(d)

..

EUR

35,850

35,873,593

Series

NC6,

(EUR

Swap

Annual

5

Year

+

3.00%),

2.63%,

08/27/80

(b)

(d)

....................

3,525

3,187,943

Series

NC10,

(EUR

Swap

Annual

5

Year

+

3.23%),

3.00%,

08/27/80

(b)

(d)

....................

13,460

10,674,972

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.77%),

4.13%,

06/04/81

(b)

...

USD

3,713

2,776,885

967,596,921

United

States

—

11.5%

AbbVie,

Inc.

3.80%,

03/15/25

............

794

787,644

3.20%,

05/14/26

............

1,591

1,532,576

2.95%,

11/21/26

............

6,250

5,922,166

3.20%,

11/21/29

............

7,975

7,336,529

4.25%,

11/21/49

............

1,349

1,197,550

Adient

Global

Holdings

Ltd.,

3.50%

,

08/15/24

(d)

................

EUR

1,770

1,676,188

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Advanced

Micro

Devices,

Inc.,

7.50%

,

08/15/22

.................

USD

37,185

$

37,400,673

Aetna,

Inc.,

3.50%

,

11/15/24

......

5,004

4,943,805

Affinity

Gaming,

6.88%

,

12/15/27

(a)

..

3,515

2,952,741

AIG

Global

Funding,

0.65%

,

06/17/24

(a)

12,226

11,488,836

Albertsons

Cos.,

Inc.

(a)

7.50%,

03/15/26

............

261

259,625

4.63%,

01/15/27

............

588

525,272

5.88%,

02/15/28

............

1,683

1,572,982

3.50%,

03/15/29

............

8,069

6,530,355

4.88%,

02/15/30

............

435

373,160

Alexandria

Real

Estate

Equities,

Inc.

4.50%,

07/30/29

............

3,950

3,846,950

1.88%,

02/01/33

............

2,751

2,068,475

2.95%,

03/15/34

............

5,310

4,418,520

Allegiant

Travel

Co.,

8.50%

,

02/05/24

(a)

8,741

8,631,737

Allied

Universal

Holdco

LLC

(d)

3.63%,

06/01/28

............

EUR

3,660

2,886,058

4.88%,

06/01/28

............

GBP

1,916

1,829,143

Allstate

Corp.

(The),

1.45%

,

12/15/30

USD

2,751

2,185,509

Alphabet,

Inc.

1.10%,

08/15/30

............

2,789

2,288,998

2.25%,

08/15/60

............

2,258

1,467,054

Altria

Group,

Inc.,

3.70%

,

02/04/51

..

2,484

1,587,651

Amazon.com,

Inc.

3.00%,

04/13/25

............

15,000

14,847,686

3.45%,

04/13/29

............

7,975

7,752,360

2.50%,

06/03/50

............

4,829

3,403,441

3.10%,

05/12/51

............

3,277

2,580,519

2.70%,

06/03/60

............

4,359

2,952,479

Ambac

Assurance

Corp.,

5.10%

(a)(n)

..

1,407

1,280,748

AMC

Networks,

Inc.,

4.75%

,

08/01/25

349

325,107

American

Airlines

Group,

Inc.,

Series

2017-1C,

5.18%

,

08/15/23

(c)

....

1,382

1,380,757

American

Airlines

Pass-Through

Trust

(c)

Series

2011-1,

Class

B,

4.87%,

04/22/25

...............

1,563

1,542,994

Series

2019-1B,

4.00%,

12/15/25

3,762

3,658,545

Series

2019-1A,

3.50%,

12/15/27

34,199

31,976,252

American

Airlines,

Inc.,

Series

2017-2C,

5.18%

,

10/15/23

(c)

...........

1,418

1,396,347

American

Express

Co.

2.25%,

03/04/25

............

7,285

6,998,444

4.05%,

05/03/29

............

13,381

13,119,388

American

Honda

Finance

Corp.,

2.25%

,

01/12/29

.................

15,000

13,216,696

American

Tower

Corp.

1.30%,

09/15/25

............

9,000

8,147,908

2.75%,

01/15/27

............

4,435

4,055,860

1.88%,

10/15/30

............

10,195

7,931,318

2.70%,

04/15/31

............

10,000

8,229,514

3.10%,

06/15/50

............

10,979

7,589,673

2.95%,

01/15/51

............

3,166

2,143,647

American

University

(The),

Series

2019,

3.67%

,

04/01/49

............

9,911

8,474,239

Amgen,

Inc.

1.90%,

02/21/25

............

1,319

1,258,699

3.13%,

05/01/25

............

7,632

7,481,299

2.60%,

08/19/26

............

4,070

3,849,265

1.65%,

08/15/28

............

7,633

6,545,101

2.00%,

01/15/32

............

2,751

2,238,957

3.00%,

01/15/52

............

2,456

1,741,522

2.77%,

09/01/53

............

4,359

2,940,956

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

54

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

AMN

Healthcare,

Inc.,

4.63%

,

10/01/27

(a)

................

USD

3,243

$

2,973,085

Amphenol

Corp.

4.35%,

06/01/29

............

714

701,408

2.20%,

09/15/31

............

2,751

2,245,658

Apple,

Inc.

3.00%,

11/13/27

............

8,785

8,509,672

1.65%,

05/11/30

............

5,655

4,792,880

2.65%,

05/11/50

............

1,659

1,223,694

2.40%,

08/20/50

............

4,359

3,059,110

2.65%,

02/08/51

............

3,067

2,260,429

Applied

Materials,

Inc.,

1.75%

,

06/01/30

11,058

9,304,463

Aptiv

plc

2.40%,

02/18/25

............

11,956

11,417,975

3.10%,

12/01/51

............

6,815

4,395,223

Aramark

Services,

Inc.,

5.00%

,

02/01/28

(a)

................

501

454,011

Ardagh

Metal

Packaging

Finance

USA

LLC

6.00%,

06/15/27

(a)

...........

4,101

4,058,883

2.00%,

09/01/28

(d)

...........

EUR

2,115

1,748,507

3.25%,

09/01/28

(a)

...........

USD

9,543

8,145,604

3.00%,

09/01/29

(d)

...........

EUR

2,761

2,152,404

4.00%,

09/01/29

(a)

...........

USD

475

381,187

Ardagh

Packaging

Finance

plc

5.25%,

04/30/25

(a)

...........

11,544

10,678,160

2.13%,

08/15/26

(d)

...........

EUR

9,628

8,170,477

4.13%,

08/15/26

(a)

...........

USD

218

184,692

4.75%,

07/15/27

(d)

...........

GBP

14,511

12,671,020

Ashland

Services

BV,

2.00%

,

01/30/28

(d)

................

EUR

2,700

2,317,185

Ashton

Woods

USA

LLC

(a)

6.63%,

01/15/28

............

USD

12,838

10,912,300

4.63%,

08/01/29

............

2,230

1,672,500

4.63%,

04/01/30

............

6,259

4,596,296

AT&T,

Inc.

1.70%,

03/25/26

............

11,534

10,538,354

2.30%,

06/01/27

............

11,286

10,302,359

4.10%,

02/15/28

............

34,200

33,498,220

4.35%,

03/01/29

............

8,066

7,942,087

4.30%,

02/15/30

............

6,650

6,489,740

2.25%,

02/01/32

............

8,000

6,535,869

3.15%,

09/04/36

............

EUR

3,500

3,370,797

3.50%,

09/15/53

............

USD

2,458

1,863,161

3.65%,

09/15/59

............

2,456

1,839,416

Avantor

Funding,

Inc.,

2.63%

,

11/01/25

(d)

................

EUR

4,600

4,461,274

Avaya,

Inc.,

6.13%

,

09/15/28

(a)

.....

USD

9,374

6,116,535

Avis

Budget

Finance

plc,

4.13%

,

11/15/24

(d)

................

EUR

1,800

1,794,730

Axalta

Coating

Systems

Dutch

Holding

B

BV,

3.75%

,

01/15/25

(d)

.......

1,816

1,717,527

Banff

Merger

Sub,

Inc.,

8.38%

,

09/01/26

(d)

................

958

891,294

Bank

of

America

Corp.

(SOFR

+

0.67%),

1.84%,

02/04/25

(b)

USD

10,639

10,255,574

(LIBOR

USD

3

Month

+

0.97%),

3.46%,

03/15/25

(b)

.........

2,026

1,996,771

(SOFR

+

1.11%),

3.84%,

04/25/25

(b)

45,769

45,536,518

(LIBOR

USD

3

Month

+

0.87%),

2.46%,

10/22/25

(b)

.........

4,901

4,668,222

(SOFR

+

0.65%),

1.53%,

12/06/25

(b)

3,036

2,824,832

3.38%,

04/02/26

............

17,433

16,897,883

3.50%,

04/19/26

............

1,570

1,529,567

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

N,

(SOFR

+

0.91%),

1.66%,

03/11/27

(b)

..............

USD

1,479

$

1,325,523

(LIBOR

USD

3

Month

+

1.58%),

3.82%,

01/20/28

(b)

.........

3,369

3,230,471

(LIBOR

USD

3

Month

+

1.51%),

3.71%,

04/24/28

(b)

.........

7,960

7,587,877

(SOFR

+

1.58%),

4.38%,

04/27/28

(b)

34,526

33,989,835

(EURIBOR

3

Month

+

0.76%),

0.58%,

08/24/28

(b)(d)

........

EUR

8,000

7,342,675

(SOFR

+

1.37%),

1.92%,

10/24/31

(b)

USD

2,751

2,197,467

Series

N,

(SOFR

+

1.22%),

2.65%,

03/11/32

(b)

..............

7,045

5,920,337

(SOFR

+

1.32%),

2.69%,

04/22/32

(b)

30,042

25,220,795

(EURIBOR

3

Month

+

1.20%),

2.82%,

04/27/33

(b)(d)

........

EUR

14,975

14,519,493

(SOFR

+

1.83%),

4.57%,

04/27/33

(b)

USD

15,664

15,244,378

(LIBOR

USD

3

Month

+

3.15%),

4.08%,

03/20/51

(b)

.........

2,893

2,493,358

Series

N,

(SOFR

+

1.65%),

3.48%,

03/13/52

(b)

..............

6,026

4,712,331

(SOFR

+

1.56%),

2.97%,

07/21/52

(b)

9,272

6,582,879

Bank

of

New

York

Mellon

Corp.

(The)

3.35%,

04/25/25

............

25,000

24,713,852

2.05%,

01/26/27

............

8,000

7,350,401

3.85%,

04/26/29

............

25,000

24,252,326

1.65%,

01/28/31

............

2,751

2,226,605

Banner

Health,

2.91%

,

01/01/42

....

9,541

7,472,209

Bausch

Health

Cos.,

Inc.

(a)

5.50%,

11/01/25

............

2,458

2,158,825

6.13%,

02/01/27

............

14,298

12,153,300

5.75%,

08/15/27

............

218

180,586

4.88%,

06/01/28

............

5,138

4,020,690

Beazer

Homes

USA,

Inc.,

7.25%

,

10/15/29

.................

11,497

9,104,621

Becton

Dickinson

and

Co.

3.70%,

06/06/27

............

7,975

7,706,698

1.96%,

02/11/31

............

2,751

2,220,549

Becton

Dickinson

Euro

Finance

SARL

1.21%,

06/04/26

............

EUR

7,590

7,467,159

1.34%,

08/13/41

............

24,250

15,980,476

Belden,

Inc.

(d)

3.88%,

03/15/28

............

1,000

893,488

3.38%,

07/15/31

............

462

357,124

Berry

Global,

Inc.,

4.88%

,

07/15/26

(a)

USD

3,127

2,984,284

Blackstone

Holdings

Finance

Co.

LLC,

2.00%

,

01/30/32

(a)

...........

2,751

2,185,843

Blue

Racer

Midstream

LLC,

7.63%

,

12/15/25

(a)

................

1,592

1,504,709

Boston

Properties

LP

2.75%,

10/01/26

............

4,045

3,770,264

2.55%,

04/01/32

............

10,217

8,131,133

Boxer

Parent

Co.,

Inc.,

6.50%

,

10/02/25

(d)

................

EUR

14,774

14,497,670

Boyd

Gaming

Corp.,

4.75%

,

12/01/27

USD

14,020

12,688,100

BP

Capital

Markets

America,

Inc.,

3.00%

,

03/17/52

............

2,484

1,789,359

Bristol-Myers

Squibb

Co.

3.25%,

02/27/27

............

2,605

2,554,509

3.90%,

02/20/28

............

5,215

5,221,386

1.45%,

11/13/30

............

2,751

2,260,063

2.55%,

11/13/50

............

4,359

3,083,850

Broadcom,

Inc.

(a)

1.95%,

02/15/28

............

2,509

2,136,382

2.45%,

02/15/31

............

10,851

8,718,111

3.75%,

02/15/51

............

7,720

5,719,489

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

55

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Buckeye

Partners

LP

4.15%,

07/01/23

............

USD

3,919

$

3,835,800

4.35%,

10/15/24

............

4,975

4,676,280

4.13%,

03/01/25

(a)

...........

4,616

4,273,631

3.95%,

12/01/26

............

261

228,304

Caesars

Entertainment,

Inc.

(a)

6.25%,

07/01/25

............

29,011

27,958,771

8.13%,

07/01/27

............

10,979

10,608,459

Caesars

Resort

Collection

LLC,

5.75%

,

07/01/25

(a)

................

4,358

4,167,599

California

Resources

Corp.,

7.13%

,

02/01/26

(a)

................

2,943

2,877,754

Calpine

Corp.

(a)

4.50%,

02/15/28

............

32,856

29,829,220

5.13%,

03/15/28

............

4,315

3,798,494

Carnival

Corp.

(d)

10.13%,

02/01/26

...........

EUR

27,046

27,995,656

7.63%,

03/01/26

............

2,480

2,031,973

Carrols

Restaurant

Group,

Inc.,

5.88%

,

07/01/29

(a)

................

USD

5,500

4,015,000

Catalent

Pharma

Solutions,

Inc.

2.38%,

03/01/28

(d)

...........

EUR

7,334

6,264,125

CCO

Holdings

LLC,

5.00%

,

02/01/28

(a)

USD

1,861

1,717,145

CDI

Escrow

Issuer,

Inc.,

5.75%

,

04/01/30

(a)

................

4,120

3,749,200

Cedar

Fair

LP

5.38%,

04/15/27

............

218

206,594

5.25%,

07/15/29

............

218

192,250

Centene

Corp.

4.25%,

12/15/27

............

8,076

7,538,704

2.45%,

07/15/28

............

13,570

11,317,923

2.63%,

08/01/31

............

9,317

7,411,673

Centennial

Resource

Production

LLC

(a)

5.38%,

01/15/26

............

30,495

27,508,294

6.88%,

04/01/27

............

4,962

4,712,087

Century

Communities,

Inc.,

6.75%

,

06/01/27

.................

13,410

12,863,006

Change

Healthcare

Holdings

LLC,

5.75%

,

03/01/25

(a)

...........

5,842

5,688,297

Charles

River

Laboratories

International,

Inc.,

4.25%

,

05/01/28

(a)

1,122

1,007,904

Charles

Schwab

Corp.

(The)

4.20%,

03/24/25

............

1,291

1,308,738

3.45%,

02/13/26

............

2,532

2,503,959

1.65%,

03/11/31

............

2,751

2,204,095

Charter

Communications

Operating

LLC

4.91%,

07/23/25

............

3,525

3,533,178

3.75%,

02/15/28

............

8,128

7,505,872

4.20%,

03/15/28

............

7,758

7,248,300

2.25%,

01/15/29

............

26,729

21,962,350

2.80%,

04/01/31

............

15,832

12,679,181

3.50%,

06/01/41

............

2,934

2,053,508

3.70%,

04/01/51

............

2,444

1,653,843

3.90%,

06/01/52

............

3,684

2,557,485

3.85%,

04/01/61

............

8,043

5,289,363

Chemours

Co.

(The),

4.00%

,

05/15/26

EUR

3,600

3,338,769

Cheniere

Energy

Partners

LP

4.50%,

10/01/29

............

USD

3,032

2,706,666

3.25%,

01/31/32

(a)

...........

504

396,900

Cheniere

Energy,

Inc.,

4.63%

,

10/15/28

6,600

5,943,762

Chesapeake

Energy

Corp.

5.38%,

06/15/21

(c)(g)(p)

.........

4,795

1

5.50%,

02/01/26

(a)

...........

4,468

4,254,787

5.88%,

02/01/29

(a)

...........

579

545,997

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

CHRISTUS

Health,

Series

C,

4.34%

,

07/01/28

.................

USD

2,504

$

2,512,544

Churchill

Downs,

Inc.

(a)

5.50%,

04/01/27

............

261

247,950

4.75%,

01/15/28

............

218

194,020

Cigna

Corp.

1.25%,

03/15/26

............

2,133

1,924,193

3.40%,

03/15/51

............

1,552

1,193,780

Cisco

Systems,

Inc.,

2.50%

,

09/20/26

714

685,869

Citgo

Holding,

Inc.,

9.25%

,

08/01/24

(a)

7,525

7,280,437

Citigroup,

Inc.

(LIBOR

USD

3

Month

+

0.90%),

3.35%,

04/24/25

(b)

.........

8,123

7,956,067

(SOFR

+

0.67%),

0.98%,

05/01/25

(b)

6,203

5,811,151

(SOFR

+

1.37%),

4.14%,

05/24/25

(b)

6,762

6,734,375

(SOFR

+

0.69%),

2.01%,

01/25/26

(b)

17,268

16,176,786

(SOFR

+

1.53%),

3.29%,

03/17/26

(b)

8,407

8,127,798

3.40%,

05/01/26

............

537

518,674

(SOFR

+

1.28%),

3.07%,

02/24/28

(b)

42,373

39,309,050

(LIBOR

USD

3

Month

+

1.15%),

3.52%,

10/27/28

(b)

.........

6,561

6,130,149

(SOFR

+

3.91%),

4.41%,

03/31/31

(b)

6,414

6,125,812

(SOFR

+

4.55%),

5.32%,

03/26/41

(b)

3,088

3,101,859

Clarios

Global

LP,

4.38%

,

05/15/26

(d)

.

EUR

5,505

5,022,853

Clean

Harbors,

Inc.,

4.88%

,

07/15/27

(a)

USD

641

586,515

Clear

Channel

Outdoor

Holdings,

Inc.,

5.13%

,

08/15/27

(a)

...........

747

630,715

Clorox

Co.

(The)

3.90%,

05/15/28

............

9,200

9,059,486

1.80%,

05/15/30

............

2,751

2,249,809

Coca-Cola

Co.

(The)

1.38%,

03/15/31

............

2,751

2,239,309

3.00%,

03/05/51

............

1,149

927,777

2.50%,

03/15/51

............

4,359

3,156,877

Colgate

Energy

Partners

III

LLC

(a)

7.75%,

02/15/26

............

1,526

1,450,669

5.88%,

07/01/29

............

2,835

2,484,169

Comcast

Corp.

3.95%,

10/15/25

............

4,259

4,275,803

3.15%,

03/01/26

............

6,540

6,365,893

2.35%,

01/15/27

............

7,932

7,393,870

3.30%,

02/01/27

............

7,037

6,839,795

3.55%,

05/01/28

............

677

656,246

3.40%,

04/01/30

............

8,140

7,637,579

4.25%,

10/15/30

............

5,842

5,759,924

1.50%,

02/15/31

............

2,751

2,210,953

2.45%,

08/15/52

............

4,359

2,893,121

2.94%,

11/01/56

............

2,458

1,708,051

2.99%,

11/01/63

............

4,916

3,353,070

Commercial

Metals

Co.

4.13%,

01/15/30

............

22,119

18,624,261

4.38%,

03/15/32

............

7,677

6,288,028

Conservation

Fund

A

Nonprofit

Corp.

(The),

Series

2019,

3.47%

,

12/15/29

1,530

1,412,645

Constellium

SE,

4.25%

,

02/15/26

(d)

..

EUR

150

141,808

Costco

Wholesale

Corp.,

1.75%

,

04/20/32

.................

USD

2,751

2,263,007

Cottage

Health

Obligated

Group,

Series

2020,

3.30%

,

11/01/49

........

1,024

825,933

Coty,

Inc.

3.88%,

04/15/26

(d)

...........

EUR

7,281

6,729,006

4.75%,

04/15/26

(d)

...........

2,300

2,066,819

6.50%,

04/15/26

(a)

...........

USD

5,420

4,996,915

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

56

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Covanta

Holding

Corp.,

4.88%

,

12/01/29

(a)

................

USD

3,270

$

2,660,864

Cox

Communications,

Inc.,

1.80%

,

10/01/30

(a)

................

15,000

11,865,437

Crown

Castle

International

Corp.

4.30%,

02/15/29

............

6,322

6,069,833

3.30%,

07/01/30

............

3,750

3,307,184

2.50%,

07/15/31

............

2,751

2,251,121

3.25%,

01/15/51

............

1,628

1,167,820

CrownRock

LP,

5.63%

,

10/15/25

(a)

..

1,594

1,498,360

CSC

Holdings

LLC

5.25%,

06/01/24

............

2,591

2,422,585

5.50%,

04/15/27

(a)

...........

599

542,820

5.38%,

02/01/28

(a)

...........

465

402,225

6.50%,

02/01/29

(a)

...........

777

701,732

CSX

Corp.,

2.50%

,

05/15/51

......

4,359

2,932,706

CVS

Health

Corp.

2.88%,

06/01/26

............

2,375

2,260,172

3.75%,

04/01/30

............

10,464

9,787,581

1.75%,

08/21/30

............

10,131

8,114,334

2.70%,

08/21/40

............

2,328

1,680,745

5.05%,

03/25/48

............

2,495

2,388,334

Dana

Financing

Luxembourg

SARL,

3.00%

,

07/15/29

(d)

...........

EUR

1,650

1,231,996

Dana,

Inc.,

4.25%

,

09/01/30

......

USD

1,736

1,347,488

Danaher

Corp.,

2.80%

,

12/10/51

...

4,359

3,140,140

Darling

Ingredients,

Inc.,

5.25%

,

04/15/27

(a)

................

588

568,890

DCP

Midstream

Operating

LP

5.38%,

07/15/25

............

729

708,952

5.13%,

05/15/29

............

261

234,900

Deere

&

Co.,

2.75%

,

04/15/25

.....

7,085

6,930,001

Dell

International

LLC

6.02%,

06/15/26

............

11,945

12,398,394

5.30%,

10/01/29

............

5,938

5,853,859

3.45%,

12/15/51

(a)

...........

9,272

6,273,251

Delta

Air

Lines,

Inc.,

4.50%

,

10/20/25

(a)

6,447

6,264,310

Discovery

Communications

LLC,

4.00%

,

09/15/55

............

2,456

1,720,442

DISH

DBS

Corp.,

5.25%

,

12/01/26

(a)

.

7,550

5,917,992

Dow

Chemical

Co.

(The),

1.88%

,

03/15/40

.................

EUR

6,400

4,499,780

Duke

Realty

LP,

2.25%

,

01/15/32

...

USD

2,751

2,291,099

Earthstone

Energy

Holdings

LLC,

8.00%

,

04/15/27

(a)

...........

17,147

16,225,349

eBay,

Inc.,

1.90%

,

03/11/25

.......

1,417

1,331,025

Elanco

Animal

Health,

Inc.,

6.40%

,

08/28/28

(e)

................

1,716

1,633,460

Elevance

Health,

Inc.

2.38%,

01/15/25

............

943

907,844

1.50%,

03/15/26

............

11,312

10,329,556

3.65%,

12/01/27

............

3,402

3,310,938

2.88%,

09/15/29

............

8,000

7,207,307

3.13%,

05/15/50

............

2,376

1,793,558

Eli

Lilly

&

Co.

3.10%,

05/15/27

............

1,610

1,563,922

3.38%,

03/15/29

............

11,376

11,134,740

2.25%,

05/15/50

............

4,359

3,080,915

1.38%,

09/14/61

............

EUR

15,520

9,020,377

Encore

Capital

Group,

Inc.

(d)

4.88%,

10/15/25

............

6,368

6,423,095

5.38%,

02/15/26

............

GBP

2,175

2,478,841

Endeavor

Energy

Resources

LP,

5.75%

,

01/30/28

(a)

...........

USD

1,367

1,302,273

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Energizer

Gamma

Acquisition

BV,

3.50%

,

06/30/29

(d)

...........

EUR

2,905

$

2,160,996

Equinix,

Inc.

2.63%,

11/18/24

............

USD

2,975

2,853,684

1.00%,

09/15/25

............

8,250

7,391,241

3.20%,

11/18/29

............

6,725

5,974,072

2.50%,

05/15/31

............

7,607

6,164,053

3.00%,

07/15/50

............

2,180

1,492,534

2.95%,

09/15/51

............

3,219

2,171,970

ESC

Investments

&

Realty

Corp.,

Inc.

(c)

(g)(p)

6.63%,

08/15/20

............

1,665

—

6.13%,

02/15/21

............

27,853

3

Exelon

Corp.,

2.75%

,

03/15/27

(a)

...

4,486

4,193,452

Expedia

Group,

Inc.,

2.95%

,

03/15/31

2,751

2,188,141

FedEx

Corp.,

3.25%

,

04/01/26

.....

7,360

7,241,071

Fidelity

National

Information

Services,

Inc.,

1.15%

,

03/01/26

.........

1,052

930,182

Fiserv,

Inc.

3.20%,

07/01/26

............

11,095

10,505,668

4.40%,

07/01/49

............

1,314

1,129,267

Five

Point

Operating

Co.

LP,

7.88%

,

11/15/25

(a)

................

21,761

18,252,039

FLYR,

Inc.,

10.00%

,

01/20/27

(c)

....

11,894

11,976,069

Flyreel,

Inc.,

8.00%

,

07/20/23

(c)(m)

...

22,656

23,392,320

Ford

Foundation

(The),

Series

2020,

2.42%

,

06/01/50

............

450

320,856

Ford

Motor

Co.,

3.25%

,

02/12/32

...

4,719

3,529,340

Ford

Motor

Credit

Co.

LLC

3.35%,

11/01/22

............

19,649

19,506,355

5.58%,

03/18/24

............

5,700

5,671,500

Forestar

Group,

Inc.

(a)

3.85%,

05/15/26

............

2,712

2,228,661

5.00%,

03/01/28

............

18,586

15,179,718

Freed

Corp.,

10.00%

,

12/01/23

(c)

...

28,526

27,527,590

Freedom

Mortgage

Corp.

(a)

8.13%,

11/15/24

............

9,681

8,351,412

8.25%,

04/15/25

............

8,496

7,150,961

FreeWire

Technologies,

Inc.,

0.00%

,

03/31/25

(b)(c)

...............

16,411

16,798,300

Frontier

Communications

Holdings

LLC

(a)

5.88%,

10/15/27

............

14,270

12,830,194

5.00%,

05/01/28

............

10,987

9,338,950

6.75%,

05/01/29

............

17,326

14,250,635

8.75%,

05/15/30

............

9,536

9,640,801

Frontier

Florida

LLC,

Series

E,

6.86%

,

02/01/28

.................

15,750

14,584,730

Frontier

North,

Inc.,

Series

G,

6.73%

,

02/15/28

.................

4,850

4,631,750

Full

House

Resorts,

Inc.,

8.25%

,

02/15/28

(a)

................

3,216

2,570,474

GATX

Corp.,

3.50%

,

03/15/28

.....

980

916,291

General

Mills,

Inc.,

4.20%

,

04/17/28

.

7,715

7,654,328

General

Motors

Co.,

5.95%

,

04/01/49

4,582

4,254,909

General

Motors

Financial

Co.,

Inc.

3.80%,

04/07/25

............

10,000

9,749,070

4.35%,

04/09/25

............

6,355

6,276,655

2.35%,

02/26/27

............

15,000

13,211,935

0.60%,

05/20/27

(d)

...........

EUR

3,740

3,280,662

2.70%,

08/20/27

............

USD

31,919

28,085,425

2.35%,

01/08/31

............

2,751

2,132,807

George

Washington

University

(The),

Series

2018,

4.13%

,

09/15/48

...

5,324

4,895,373

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

57

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Georgia-Pacific

LLC,

3.60%

,

03/01/25

(a)

USD

1,170

$

1,163,464

Gilead

Sciences,

Inc.

3.65%,

03/01/26

............

9,590

9,417,878

1.20%,

10/01/27

............

8,140

7,011,910

1.65%,

10/01/30

............

2,751

2,254,136

2.80%,

10/01/50

............

11,663

8,138,903

Global

Payments,

Inc.

2.65%,

02/15/25

............

5,107

4,873,750

3.20%,

08/15/29

............

2,900

2,534,262

4.15%,

08/15/49

............

1,385

1,082,960

GLP

Capital

LP,

4.00%

,

01/15/31

...

3,678

3,172,012

Golden

Entertainment,

Inc.,

7.63%

,

04/15/26

(a)

................

3,070

3,039,300

Goldman

Sachs

Group,

Inc.

(The)

(SOFR

+

0.61%),

0.86%,

02/12/26

(b)

1,842

1,675,770

(SOFR

+

0.79%),

1.09%,

12/09/26

(b)

12,566

11,192,026

(SOFR

+

0.80%),

1.43%,

03/09/27

(b)

7,186

6,369,755

(SOFR

+

0.82%),

1.54%,

09/10/27

(b)

36,586

32,115,330

(SOFR

+

0.91%),

1.95%,

10/21/27

(b)

12,311

10,895,880

(SOFR

+

1.11%),

2.64%,

02/24/28

(b)

15,345

13,926,767

(SOFR

+

1.85%),

3.62%,

03/15/28

(b)

20,249

19,164,071

1.25%,

02/07/29

(d)

...........

EUR

22,000

19,818,130

0.88%,

05/09/29

(d)

...........

38,800

33,820,069

(SOFR

+

1.09%),

1.99%,

01/27/32

(b)

USD

7,520

5,940,348

2.38%,

07/21/32

............

2,751

2,224,614

(SOFR

+

1.47%),

2.91%,

07/21/42

(b)

2,751

2,008,704

Grand

Canyon

University

3.25%,

10/01/23

............

6,106

6,014,410

5.13%,

10/01/28

............

8,775

8,189,620

Graphic

Packaging

International

LLC,

2.63%

,

02/01/29

(d)

...........

EUR

1,246

1,059,478

GSK

Consumer

Healthcare

Capital

UK

plc,

3.13%

,

03/24/25

(a)

........

USD

350

340,849

GSK

Consumer

Healthcare

Capital

US

LLC

(a)

3.02%,

03/24/24

............

12,447

12,260,922

3.38%,

03/24/27

............

20,313

19,442,190

GXO

Logistics,

Inc.

1.65%,

07/15/26

............

1,760

1,535,725

2.65%,

07/15/31

............

9,270

7,313,227

Hanesbrands

Finance

Luxembourg

SCA,

3.50%

,

06/15/24

(d)

.......

EUR

585

566,936

HCA,

Inc.

5.38%,

02/01/25

............

USD

10,172

10,118,699

4.50%,

02/15/27

............

20,000

19,228,054

3.13%,

03/15/27

(a)

...........

5,492

4,989,626

3.50%,

09/01/30

............

23,483

19,977,223

2.38%,

07/15/31

............

2,751

2,144,996

5.25%,

06/15/49

............

1,252

1,078,286

3.50%,

07/15/51

............

9,272

6,332,183

Healthpeak

Properties,

Inc.,

1.35%

,

02/01/27

.................

3,840

3,364,510

HF

Sinclair

Corp.,

5.88%

,

04/01/26

(a)

.

5,975

6,026,628

Hilton

Domestic

Operating

Co.,

Inc.,

4.88%

,

01/15/30

............

435

393,131

Hilton

Worldwide

Finance

LLC,

4.88%

,

04/01/27

.................

521

490,852

Home

Depot,

Inc.

(The)

2.88%,

04/15/27

............

7,000

6,762,581

1.50%,

09/15/28

............

12,000

10,448,126

1.38%,

03/15/31

............

2,751

2,216,314

2.38%,

03/15/51

............

4,359

2,947,778

Homes

by

West

Bay

LLC,

9.50%

,

04/30/27

(c)

................

28,500

26,898,300

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Horizon

Therapeutics

USA,

Inc.,

5.50%

,

08/01/27

(a)

................

USD

706

$

680,831

Howard

Hughes

Corp.

(The),

5.38%

,

08/01/28

(a)

................

7,145

5,983,938

Howmet

Aerospace,

Inc.,

5.90%

,

02/01/27

.................

17,254

16,995,190

HP,

Inc.,

3.00%

,

06/17/27

........

2,529

2,338,162

Humana,

Inc.

1.35%,

02/03/27

............

837

731,818

2.15%,

02/03/32

............

3,116

2,523,135

iHeartCommunications,

Inc.

6.38%,

05/01/26

............

349

322,875

5.25%,

08/15/27

(a)

...........

5,017

4,293,699

4.75%,

01/15/28

(a)

...........

218

179,650

Intel

Corp.

3.40%,

03/25/25

............

12,639

12,618,454

3.10%,

02/15/60

............

828

591,216

Intercontinental

Exchange,

Inc.

1.85%,

09/15/32

............

2,751

2,148,608

3.00%,

09/15/60

............

4,359

2,936,963

International

Business

Machines

Corp.

3.50%,

05/15/29

............

15,465

14,702,891

4.25%,

05/15/49

............

2,437

2,153,588

2.95%,

05/15/50

............

7,936

5,745,961

International

Flavors

&

Fragrances,

Inc.

(a)

1.83%,

10/15/27

............

19,795

17,053,707

3.47%,

12/01/50

............

1,550

1,129,271

International

Game

Technology

plc

(a)

6.50%,

02/15/25

............

961

956,195

6.25%,

01/15/27

............

639

621,507

IQVIA,

Inc.,

5.00%

,

05/15/27

(a)

.....

479

453,182

Iron

Mountain

UK

plc,

3.88%

,

11/15/25

(d)

................

GBP

2,968

3,228,842

Iron

Mountain,

Inc.,

5.00%

,

07/15/28

(a)

USD

4,190

3,711,028

John

Deere

Capital

Corp.

1.25%,

01/10/25

............

15,000

14,223,981

3.35%,

04/18/29

............

10,000

9,591,307

Johnson

&

Johnson,

2.25%

,

09/01/50

4,359

3,043,614

JPMorgan

Chase

&

Co.

(b)

(3

Month

CME

Term

SOFR

+

0.58%),

0.97%,

06/23/25

....

2,046

1,912,599

(SOFR

+

0.61%),

1.56%,

12/10/25

7,507

7,013,245

(SOFR

+

1.85%),

2.08%,

04/22/26

7,430

6,947,591

(SOFR

+

1.32%),

4.08%,

04/26/26

22,913

22,627,203

(SOFR

+

1.56%),

4.32%,

04/26/28

54,985

54,079,180

(SOFR

+

1.89%),

2.18%,

06/01/28

6,997

6,220,813

(LIBOR

USD

3

Month

+

1.12%),

4.01%,

04/23/29

..........

8,000

7,667,747

(3

Month

CME

Term

SOFR

+

1.11%),

1.76%,

11/19/31

.....

2,751

2,175,374

(SOFR

+

1.07%),

1.95%,

02/04/32

7,745

6,190,374

(SOFR

+

1.51%),

2.53%,

11/19/41

7,110

5,086,834

(SOFR

+

2.44%),

3.11%,

04/22/51

4,088

2,996,154

JPMorgan

Chase

Bank

NA

(l)(m)

0.00%,

08/07/22

(d)

...........

9,000

8,968,500

0.00%,

12/28/23

............

10,000

9,460,000

Kaiser

Foundation

Hospitals,

Series

2021,

2.81%

,

06/01/41

........

9,354

7,252,888

KAR

Auction

Services,

Inc.,

5.13%

,

06/01/25

(a)

................

534

507,786

Keurig

Dr

Pepper,

Inc.,

3.80%

,

05/01/50

1,430

1,135,402

Kilroy

Realty

LP,

2.50%

,

11/15/32

...

2,751

2,147,103

Kimco

Realty

Corp.,

2.25%

,

12/01/31

2,751

2,211,505

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

58

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Kinetik

Holdings

LP,

5.88%

,

06/15/30

(a)

USD

5,261

$

5,011,708

Kraft

Heinz

Foods

Co.,

4.38%

,

06/01/46

8,000

6,667,242

Kronos

International,

Inc.,

3.75%

,

09/15/25

(d)

................

EUR

150

140,170

Lam

Research

Corp.,

3.75%

,

03/15/26

USD

5,704

5,690,012

Lamar

Media

Corp.,

3.75%

,

02/15/28

261

231,698

Level

3

Financing,

Inc.,

4.63%

,

09/15/27

(a)

................

435

370,837

Liberty

Mutual

Group,

Inc.,

(EUR

Swap

Annual

5

Year

+

3.70%),

3.63%

,

05/23/59

(b)(d)

...............

EUR

4,425

4,167,572

Lightning

eMotors,

Inc.,

7.50%

,

05/15/24

(a)(m)

...............

USD

4,313

3,040,665

Lions

Gate

Capital

Holdings

LLC,

5.50%

,

04/15/29

(a)

...........

6,864

5,353,920

Litigation

Systems,

Inc.,

4.00%

,

10/30/27

(c)

................

15,942

15,245,328

LogMeIn,

Inc.,

5.50%

,

09/01/27

(a)

...

17,519

12,197,872

Lowe's

Cos.,

Inc.

4.00%,

04/15/25

............

985

988,253

3.35%,

04/01/27

............

9,489

9,131,530

1.70%,

10/15/30

............

14,506

11,632,166

2.63%,

04/01/31

............

6,889

5,896,304

5.13%,

04/15/50

............

119

116,144

3.00%,

10/15/50

............

22,542

15,706,771

4.25%,

04/01/52

............

13,345

11,556,073

Lumen

Technologies,

Inc.,

5.13%

,

12/15/26

(a)

................

12,320

10,371,222

LYB

International

Finance

III

LLC,

3.63%

,

04/01/51

............

5,014

3,705,435

LyondellBasell

Industries

NV,

5.75%

,

04/15/24

.................

5,905

6,040,084

M/I

Homes,

Inc.,

4.95%

,

02/01/28

...

10,833

9,208,531

Macy's

Retail

Holdings

LLC

(a)

5.88%,

04/01/29

............

1,000

851,250

5.88%,

03/15/30

............

5,000

4,195,223

Magallanes,

Inc.

(a)

3.43%,

03/15/24

............

13,953

13,678,572

3.64%,

03/15/25

............

6,748

6,535,502

Marriott

International,

Inc.,

Series

FF,

4.63%

,

06/15/30

............

2,643

2,533,803

Marriott

Ownership

Resorts,

Inc.,

6.13%

,

09/15/25

(a)

...........

3,188

3,154,859

Masonite

International

Corp.,

5.38%

,

02/01/28

(a)

................

588

532,140

Massachusetts

Institute

of

Technology,

3.96%

,

07/01/38

............

8,375

8,244,564

Matador

Resources

Co.,

5.88%

,

09/15/26

.................

457

439,305

Mauser

Packaging

Solutions

Holding

Co.,

5.50%

,

04/15/24

(a)

........

5,504

5,256,320

Maxar

Technologies,

Inc.,

7.75%

,

06/15/27

(a)

................

2,575

2,550,589

McDonald's

Corp.

3.30%,

07/01/25

............

1,781

1,769,242

3.50%,

07/01/27

............

5,395

5,286,143

3.63%,

09/01/49

............

1,463

1,207,943

McLaren

Health

Care

Corp.,

Series

A,

4.39%

,

05/15/48

............

3,666

3,405,105

Medline

Borrower

LP,

3.88%

,

04/01/29

(a)

................

44,006

37,480,350

Merck

&

Co.,

Inc.

2.75%,

02/10/25

............

12,821

12,667,782

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

2.15%,

12/10/31

............

USD

13,066

$

11,239,131

2.45%,

06/24/50

............

4,359

3,061,210

Metropolitan

Life

Global

Funding

I,

1.88%

,

01/11/27

(a)

...........

637

576,946

MGM

Resorts

International

5.75%,

06/15/25

............

109

103,822

4.63%,

09/01/26

............

391

347,076

5.50%,

04/15/27

............

285

255,791

Microchip

Technology,

Inc.,

4.25%

,

09/01/25

.................

1,485

1,445,662

Microsoft

Corp.

3.13%,

11/03/25

............

26,105

26,084,422

2.68%,

06/01/60

............

4,359

3,125,215

Midwest

Gaming

Borrower

LLC,

4.88%

,

05/01/29

(a)

................

6,911

5,632,465

Mondelez

International

Holdings

Netherlands

BV,

1.25%

,

09/24/26

(a)

983

873,919

Mondelez

International,

Inc.

1.50%,

02/04/31

............

2,751

2,156,830

1.38%,

03/17/41

............

EUR

4,687

3,124,840

2.63%,

09/04/50

............

USD

1,747

1,187,929

Moody's

Corp.

2.55%,

08/18/60

............

1,065

663,652

3.10%,

11/29/61

............

3,294

2,258,654

Morgan

Stanley

(SOFR

+

1.16%),

3.62%,

04/17/25

(b)

17,921

17,691,541

(SOFR

+

0.53%),

0.79%,

05/30/25

(b)

15,956

14,853,698

3.63%,

01/20/27

............

4,816

4,664,579

(SOFR

+

0.86%),

1.51%,

07/20/27

(b)

1,562

1,369,921

(SOFR

+

1.00%),

2.48%,

01/21/28

(b)

21,862

19,873,474

(SOFR

+

1.61%),

4.21%,

04/20/28

(b)

41,389

40,464,214

(SOFR

+

1.14%),

2.70%,

01/22/31

(b)

6,424

5,563,955

(EURIBOR

3

Month

+

0.72%),

0.50%,

02/07/31

(b)

.........

EUR

21,000

17,583,817

(SOFR

+

1.03%),

1.79%,

02/13/32

(b)

USD

2,751

2,163,927

(EURIBOR

3

Month

+

1.25%),

2.95%,

05/07/32

(b)

.........

EUR

10,810

10,724,199

(SOFR

+

1.43%),

2.80%,

01/25/52

(b)

USD

7,879

5,470,121

Motorola

Solutions,

Inc.

4.60%,

02/23/28

............

6,470

6,257,136

2.75%,

05/24/31

............

8,585

6,937,010

5.50%,

09/01/44

............

2,324

2,163,246

MPT

Operating

Partnership

LP

5.25%,

08/01/26

............

218

205,885

5.00%,

10/15/27

............

610

557,949

4.63%,

08/01/29

............

392

343,980

Nationstar

Mortgage

Holdings,

Inc.

(a)

6.00%,

01/15/27

............

2,465

2,138,239

5.50%,

08/15/28

............

7,695

6,172,458

5.13%,

12/15/30

............

7,284

5,445,008

5.75%,

11/15/31

............

3,441

2,634,774

Nestle

Holdings,

Inc.,

2.50%

,

09/14/41

(a)

................

2,751

2,095,083

Netflix,

Inc.,

3.63%

,

05/15/27

......

EUR

13,000

12,744,671

New

Home

Co.,

Inc.

(The),

7.25%

,

10/15/25

(a)

................

USD

2,117

1,730,648

Newmont

Corp.,

2.60%

,

07/15/32

...

7,048

5,816,005

Nexstar

Media,

Inc.

(a)

5.63%,

07/15/27

............

2,431

2,218,287

4.75%,

11/01/28

............

4,104

3,519,180

NextEra

Energy

Capital

Holdings,

Inc.

1.90%,

06/15/28

............

4,475

3,891,090

2.44%,

01/15/32

............

6,776

5,643,412

3.00%,

01/15/52

............

5,165

3,691,071

NGPL

PipeCo

LLC,

7.77%

,

12/15/37

(a)

15,327

16,679,403

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

59

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Norfolk

Southern

Corp.,

2.90%

,

08/25/51

.................

USD

7,505

$

5,374,142

Northern

States

Power

Co.

3.20%,

04/01/52

............

5,555

4,362,796

4.50%,

06/01/52

............

6,633

6,531,198

Northern

Trust

Corp.,

4.00%

,

05/10/27

12,505

12,580,263

Novelis

Sheet

Ingot

GmbH,

3.38%

,

04/15/29

(d)

................

EUR

1,615

1,330,765

NRG

Energy,

Inc.

5.75%,

01/15/28

............

USD

713

648,067

5.25%,

06/15/29

(a)

...........

319

284,708

NVIDIA

Corp.,

2.85%

,

04/01/30

....

7,565

6,925,639

OA

Leasing

Corp.,

8.00%

,

01/21/24

(c)

AUD

3,090

2,108,984

Occidental

Petroleum

Corp.,

8.50%

,

07/15/27

.................

USD

9,955

10,954,681

OhioHealth

Corp.,

Series

2020,

3.04%

,

11/15/50

..................

1,592

1,232,228

OI

European

Group

BV

(d)

3.13%,

11/15/24

............

EUR

630

622,167

2.88%,

02/15/25

............

4,398

4,173,723

Olympus

Water

US

Holding

Corp.

(d)

3.88%,

10/01/28

............

1,004

850,468

5.38%,

10/01/29

............

1,076

807,938

Omnicom

Group,

Inc.,

2.60%

,

08/01/31

USD

1,119

939,502

Oncor

Electric

Delivery

Co.

LLC

2.95%,

04/01/25

............

11,100

10,844,465

5.75%,

03/15/29

............

1,477

1,595,464

4.15%,

06/01/32

(a)

...........

3,154

3,159,252

Oracle

Corp.

3.40%,

07/08/24

............

8,354

8,234,692

2.95%,

11/15/24

............

8,300

8,042,965

2.50%,

04/01/25

............

1,650

1,567,693

2.95%,

05/15/25

............

2,812

2,691,644

2.30%,

03/25/28

............

6,775

5,829,144

2.95%,

04/01/30

............

40,000

34,159,912

3.60%,

04/01/50

............

20,222

14,047,380

3.95%,

03/25/51

............

26,526

19,483,261

3.85%,

04/01/60

............

2,456

1,684,858

Organon

&

Co.,

2.88%

,

04/30/28

(d)

..

EUR

1,907

1,669,118

Outfront

Media

Capital

LLC

(a)

5.00%,

08/15/27

............

USD

283

247,271

4.63%,

03/15/30

............

218

171,756

Owens

&

Minor,

Inc.,

6.63%

,

04/01/30

(a)

3,300

3,014,451

Pacific

Gas

&

Electric

Co.

3.25%,

06/01/31

............

1,750

1,413,410

5.90%,

06/15/32

............

2,990

2,890,393

4.50%,

07/01/40

............

14,900

11,547,854

4.20%,

06/01/41

............

740

541,877

4.60%,

06/15/43

............

2,995

2,282,393

Paramount

Global

3.38%,

02/15/28

............

2,600

2,386,041

4.95%,

05/19/50

............

3,674

3,079,411

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.00%),

6.38%,

03/30/62

(b)

...

12,544

11,199,283

Park

Intermediate

Holdings

LLC,

4.88%

,

05/15/29

(a)

...........

9,753

8,374,560

Parker-Hannifin

Corp.,

4.25%

,

09/15/27

3,981

3,953,201

PBF

Holding

Co.

LLC,

9.25%

,

05/15/25

(a)

................

15,950

16,687,688

PDC

Energy,

Inc.,

5.75%

,

05/15/26

..

261

243,469

PeaceHealth

Obligated

Group,

Series

2018,

4.79%

,

11/15/48

........

1,293

1,284,491

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Peninsula

Pacific

Entertainment

LLC,

8.50%

,

11/15/27

(a)

...........

USD

15,430

$

16,195,328

PepsiCo,

Inc.,

2.38%

,

10/06/26

....

2,334

2,235,495

Piedmont

Healthcare,

Inc.,

Series

2042,

2.72%

,

01/01/42

............

6,383

4,780,547

Pitney

Bowes,

Inc.

(a)

6.88%,

03/15/27

............

22,000

17,472,700

7.25%,

03/15/29

............

16,525

12,501,824

Playtika

Holding

Corp.,

4.25%

,

03/15/29

(a)

................

1,750

1,443,750

PNC

Bank

NA

3.25%,

06/01/25

............

13,500

13,288,909

4.20%,

11/01/25

............

2,576

2,573,175

Principal

Life

Global

Funding

II

(a)

0.75%,

04/12/24

............

990

936,262

1.25%,

08/16/26

............

917

811,358

Procter

&

Gamble

Co.

(The),

3.00%

,

03/25/30

.................

12,980

12,246,457

Progressive

Corp.

(The)

2.50%,

03/15/27

............

5,320

5,028,584

3.20%,

03/26/30

............

6,075

5,651,531

3.00%,

03/15/32

............

2,480

2,221,401

Providence

St

Joseph

Health

Obligated

Group,

Series

21A,

2.70%

,

10/01/51

4,579

3,108,210

QUALCOMM,

Inc.

3.25%,

05/20/27

............

3,271

3,198,601

1.65%,

05/20/32

............

2,751

2,221,801

Rattler

Midstream

LP,

5.63%

,

07/15/25

(a)

................

2,525

2,523,914

Regions

Financial

Corp.,

2.25%

,

05/18/25

.................

1,877

1,790,683

Republic

Services,

Inc.

2.90%,

07/01/26

............

7,650

7,306,401

1.45%,

02/15/31

............

6,026

4,730,577

RHP

Hotel

Properties

LP,

4.75%

,

10/15/27

.................

824

730,979

RMIT

Cash

Management

LLC,

Series

2021-3,

0.00%

,

10/17/33

(c)

.....

43,330

41,388,513

Rocket

Mortgage

LLC

(a)

3.63%,

03/01/29

............

11,968

9,410,678

3.88%,

03/01/31

............

5,216

3,908,296

Roper

Technologies,

Inc.,

1.75%

,

02/15/31

.................

2,751

2,143,577

Royalty

Pharma

plc

1.20%,

09/02/25

............

3,355

2,990,911

1.75%,

09/02/27

............

2,600

2,216,354

2.20%,

09/02/30

............

12,775

10,305,512

2.15%,

09/02/31

............

2,751

2,146,561

3.55%,

09/02/50

............

2,946

2,056,994

RWJ

Barnabas

Health,

Inc.,

3.48%

,

07/01/49

.................

3,026

2,491,523

Ryder

System,

Inc.,

2.50%

,

09/01/24

2,406

2,321,188

S&P

Global,

Inc.,

1.25%

,

08/15/30

..

2,751

2,177,542

Sabre

GLBL,

Inc.

(a)

9.25%,

04/15/25

............

10,710

10,319,621

7.38%,

09/01/25

............

4,215

3,909,412

Salesforce,

Inc.,

2.90%

,

07/15/51

...

4,359

3,296,310

San

Diego

Gas

&

Electric

Co.,

2.95%

,

08/15/51

.................

10,000

7,373,577

Santander

Holdings

USA,

Inc.,

(SOFR

+

1.25%),

2.49%

,

01/06/28

(b)

....

3,152

2,781,926

SCIL

IV

LLC

(d)

(EURIBOR

3

Month

+

4.38%),

4.37%,

11/01/26

(b)

.........

EUR

2,347

2,252,938

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

60

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

4.38%,

11/01/26

............

EUR

1,381

$

1,171,234

Select

Medical

Corp.,

6.25%

,

08/15/26

(a)

................

USD

26,248

24,501,458

Sempra

Energy,

3.70%

,

04/01/29

...

5,806

5,452,403

Service

Properties

Trust

4.50%,

06/15/23

............

17,112

15,907,743

4.35%,

10/01/24

............

2,486

2,020,124

4.50%,

03/15/25

............

5,364

4,237,112

7.50%,

09/15/25

............

8,341

7,642,441

5.50%,

12/15/27

............

1,318

1,067,580

Sherwin-Williams

Co.

(The)

2.95%,

08/15/29

............

8,000

7,157,267

2.20%,

03/15/32

............

2,751

2,213,756

Silgan

Holdings,

Inc.

3.25%,

03/15/25

............

EUR

6,300

6,221,863

2.25%,

06/01/28

............

1,922

1,583,754

Sirius

XM

Radio,

Inc.

(a)

5.00%,

08/01/27

............

USD

1,302

1,207,631

5.50%,

07/01/29

............

3,568

3,251,340

Sitka

Holdings

LLC,

(LIBOR

USD

3

Month

+

4.50%),

6.75%

,

07/06/26

(a)

(b)

......................

10,145

9,814,844

Sonoco

Products

Co.,

2.25%

,

02/01/27

11,664

10,490,660

Southern

California

Edison

Co.

Series

E,

3.70%,

08/01/25

.....

360

354,099

Series

H,

3.65%,

06/01/51

.....

5,905

4,579,176

SRS

Distribution,

Inc.,

4.63%

,

07/01/28

(a)

................

3,208

2,807,000

Standard

Industries,

Inc.

2.25%,

11/21/26

(d)

...........

EUR

1,556

1,272,854

5.00%,

02/15/27

(a)

...........

USD

434

387,370

4.75%,

01/15/28

(a)

...........

1,345

1,149,975

State

Street

Corp.,

(SOFR

+

0.56%),

1.68%

,

11/18/27

(b)

...........

7,050

6,330,097

Steel

Dynamics,

Inc.

3.45%,

04/15/30

............

4,125

3,673,409

3.25%,

10/15/50

............

2,985

2,052,716

Stellantis

NV,

3.38%

,

07/07/23

(d)

....

EUR

4,110

4,359,199

Stem,

Inc.,

0.50%

,

12/01/28

(a)(m)

....

USD

1,234

758,587

Summer

BC

Bidco

B

LLC,

5.50%

,

10/31/26

(a)

................

875

783,692

SUN

Country

Marine,

Inc.,

Series

2019-

1C,

7.00%

,

12/15/23

(c)

........

3,429

3,334,235

Sun

Country,

Inc.

(c)

Series

2019-1B,

4.70%,

12/15/25

3,906

3,701,389

4.84%,

03/15/31

............

8,976

8,706,551

Sunoco

LP

6.00%,

04/15/27

............

521

496,711

5.88%,

03/15/28

............

3,502

3,192,974

4.50%,

04/30/30

(a)

...........

12,203

9,852,501

Sutter

Health,

Series

2018,

3.70%

,

08/15/28

.................

4,931

4,817,035

Talen

Energy

Supply

LLC

(a)(g)(p)

7.25%,

05/15/27

............

17,501

17,232,360

6.63%,

01/15/28

............

15,140

14,659,626

Tap

Rock

Resources

LLC,

7.00%

,

10/01/26

(a)

................

16,966

16,019,608

Targa

Resources

Partners

LP

6.50%,

07/15/27

............

327

334,966

5.00%,

01/15/28

............

327

311,310

Target

Corp.,

2.65%

,

09/15/30

.....

3,850

3,454,698

Taylor

Morrison

Communities,

Inc.,

5.88%

,

06/15/27

(a)

...........

6,372

5,873,136

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

TEGNA,

Inc.

4.63%,

03/15/28

............

USD

2,091

$

1,955,085

5.00%,

09/15/29

............

479

453,062

Tenet

Healthcare

Corp.

4.63%,

07/15/24

............

333

319,590

4.88%,

01/01/26

(a)

...........

915

841,800

6.25%,

02/01/27

(a)

...........

653

601,031

5.13%,

11/01/27

(a)

...........

653

587,700

4.63%,

06/15/28

(a)

...........

861

749,742

4.25%,

06/01/29

(a)

...........

34,264

28,857,483

4.38%,

01/15/30

(a)

...........

18,009

15,236,154

6.13%,

06/15/30

(a)

...........

9,286

8,567,078

Texas

Capital

Bank

NA,

(LIBOR

USD

3

Month

+

4.50%),

6.75%

,

09/30/24

(a)

(b)

......................

33,200

31,851,052

Texas

Instruments,

Inc.,

1.75%

,

05/04/30

.................

4,422

3,791,557

Thermo

Fisher

Scientific

Finance

I

BV,

1.63%

,

10/18/41

............

EUR

3,905

2,932,093

Thermo

Fisher

Scientific,

Inc.,

1.22%

,

10/18/24

.................

USD

754

714,330

T-Mobile

USA,

Inc.

3.75%,

04/15/27

............

8,000

7,703,357

2.05%,

02/15/28

............

5,298

4,599,670

2.40%,

03/15/29

(a)

...........

8,314

7,179,749

3.88%,

04/15/30

............

6,455

6,024,168

2.25%,

11/15/31

............

2,751

2,232,757

2.70%,

03/15/32

(a)

...........

8,631

7,241,294

4.50%,

04/15/50

............

2,060

1,827,845

3.30%,

02/15/51

............

8,361

6,088,348

3.40%,

10/15/52

(a)

...........

3,684

2,720,520

Toyota

Motor

Credit

Corp.

1.80%,

02/13/25

............

4,077

3,886,881

3.05%,

03/22/27

............

2,414

2,320,911

1.90%,

09/12/31

............

2,751

2,256,091

TransDigm,

Inc.

(a)

8.00%,

12/15/25

............

1,489

1,505,737

6.25%,

03/15/26

............

7,243

6,980,441

Transocean

Phoenix

2

Ltd.,

7.75%

,

10/15/24

(a)

................

14,169

13,495,687

Transocean

Proteus

Ltd.,

6.25%

,

12/01/24

(a)

................

1,653

1,541,702

TRI

Pointe

Homes,

Inc.

5.25%,

06/01/27

............

11,685

10,214,360

5.70%,

06/15/28

............

562

484,997

Truist

Bank

3.30%,

05/15/26

............

5,628

5,424,585

3.80%,

10/30/26

............

6,489

6,340,745

TWDC

Enterprises

18

Corp.,

3.15%

,

09/17/25

.................

1,598

1,572,064

UGI

International

LLC,

2.50%

,

12/01/29

(d)

................

EUR

3,048

2,395,358

Union

Pacific

Corp.

2.75%,

03/01/26

............

USD

6,170

5,920,319

2.80%,

02/14/32

............

3,643

3,242,726

3.25%,

02/05/50

............

1,544

1,210,736

United

Rentals

North

America,

Inc.

5.50%,

05/15/27

............

434

425,609

3.88%,

11/15/27

............

327

304,110

4.88%,

01/15/28

............

1,450

1,370,946

5.25%,

01/15/30

............

327

303,292

United

Wholesale

Mortgage

LLC,

5.50%

,

11/15/25

(a)

...........

16,105

13,795,382

UnitedHealth

Group,

Inc.

3.10%,

03/15/26

............

3,393

3,320,296

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

61

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

3.38%,

04/15/27

............

USD

8,090

$

7,958,101

3.88%,

12/15/28

............

13,400

13,327,801

2.90%,

05/15/50

............

6,743

5,049,994

3.13%,

05/15/60

............

2,889

2,107,808

University

of

Southern

California,

3.03%

,

10/01/39

............

208

178,392

Univision

Communications,

Inc.,

7.38%

,

06/30/30

(a)

................

2,495

2,438,863

US

Bancorp

3.10%,

04/27/26

............

2,063

1,988,439

(SOFR

+

0.73%),

2.22%,

01/27/28

(b)

25,768

23,606,295

Venture

Global

Calcasieu

Pass

LLC,

3.88%

,

11/01/33

(a)

...........

5,496

4,534,200

Verizon

Communications,

Inc.

2.63%,

08/15/26

............

878

829,516

4.13%,

03/16/27

............

4,800

4,788,399

2.10%,

03/22/28

............

8,000

7,105,773

3.88%,

02/08/29

............

13,797

13,348,421

4.02%,

12/03/29

............

30,969

29,994,092

1.68%,

10/30/30

............

2,751

2,217,071

2.36%,

03/15/32

............

27,902

23,134,628

2.88%,

01/15/38

............

EUR

1,700

1,613,739

1.50%,

09/19/39

............

4,300

3,279,061

2.88%,

11/20/50

............

USD

3,565

2,529,759

3.55%,

03/22/51

............

3,095

2,481,176

2.99%,

10/30/56

............

11,003

7,639,077

Vertiv

Group

Corp.,

4.13%

,

11/15/28

(a)

5,274

4,282,066

VICI

Properties

LP

5.63%,

05/01/24

(a)

...........

6,773

6,688,337

3.50%,

02/15/25

(a)

...........

49,232

46,052,725

4.38%,

05/15/25

............

6,524

6,371,854

4.50%,

09/01/26

(a)

...........

434

399,280

4.25%,

12/01/26

(a)

...........

23,451

21,418,033

5.75%,

02/01/27

(a)

...........

4,419

4,193,189

3.75%,

02/15/27

(a)

...........

8,266

7,270,547

4.63%,

12/01/29

(a)

...........

5,361

4,792,493

4.13%,

08/15/30

(a)

...........

9,804

8,460,068

5.13%,

05/15/32

............

25,753

24,268,082

5.63%,

05/15/52

............

9,401

8,556,508

Visa,

Inc.

1.10%,

02/15/31

............

2,751

2,200,811

2.00%,

08/15/50

............

4,359

2,891,063

Vistra

Operations

Co.

LLC

(a)

4.88%,

05/13/24

............

3,506

3,487,949

3.55%,

07/15/24

............

19,463

18,785,732

5.13%,

05/13/25

............

24,012

23,775,602

5.63%,

02/15/27

............

1,129

1,061,554

5.00%,

07/31/27

............

6,425

5,841,032

VMware,

Inc.

4.65%,

05/15/27

............

7,659

7,619,418

1.80%,

08/15/28

............

4,241

3,521,978

4.70%,

05/15/30

............

26,083

25,148,934

2.20%,

08/15/31

............

24,962

19,655,746

Walmart,

Inc.,

2.65%

,

09/22/51

....

4,359

3,276,958

Walt

Disney

Co.

(The)

3.80%,

03/22/30

............

7,900

7,638,186

6.65%,

11/15/37

............

4,830

5,753,888

2.75%,

09/01/49

............

4,359

3,111,426

Washington

Mutual

Bank

(c)(g)(p)

0.00%,

09/21/17

(b)

...........

25,126

2

0.00%,

09/21/17

(l)

...........

15,753

2

Washington

Mutual

Escrow

Bonds

(c)(g)(p)

0.00%,

11/06/09

............

45,161

451,610

0.00%,

09/19/17

(l)

...........

2,631

—

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Washington

Mutual,

Inc.,

0.00%

,

10/03/17

(b)(c)(g)(p)

.............

USD

14,745

$

1

Waste

Management,

Inc.

1.15%,

03/15/28

............

4,550

3,877,558

1.50%,

03/15/31

............

2,751

2,188,737

2.95%,

06/01/41

............

2,906

2,260,940

Weekley

Homes

LLC,

4.88%

,

09/15/28

(a)

................

3,099

2,443,824

Wells

Fargo

&

Co.,

(LIBOR

USD

3

Month

+

0.75%),

2.16%

,

02/11/26

(b)

24,006

22,562,397

Welltower,

Inc.

4.00%,

06/01/25

............

4,125

4,094,263

2.05%,

01/15/29

............

7,945

6,686,852

2.75%,

01/15/32

............

15,000

12,493,703

Western

Alliance

Bancorp,

6.47%

,

12/30/24

(a)(b)

...............

102,400

102,340,548

Western

Digital

Corp.,

4.75%

,

02/15/26

4,473

4,267,734

William

Lyon

Homes,

Inc.,

6.63%

,

07/15/27

(a)

................

1,621

1,552,756

WMG

Acquisition

Corp.,

2.25%

,

08/15/31

(d)

................

EUR

2,330

1,853,883

Workday,

Inc.,

3.70%

,

04/01/29

....

USD

5,821

5,444,908

WRKCo,

Inc.

3.90%,

06/01/28

............

10,557

10,175,528

4.90%,

03/15/29

............

9,019

9,046,129

Wynn

Las

Vegas

LLC

(a)

5.50%,

03/01/25

............

3,270

2,992,050

5.25%,

05/15/27

............

392

335,744

Wynn

Resorts

Finance

LLC

(a)

7.75%,

04/15/25

............

8,896

8,658,121

5.13%,

10/01/29

............

8,102

6,381,135

Xerox

Holdings

Corp.

(a)

5.00%,

08/15/25

............

28,325

26,347,349

5.50%,

08/15/28

............

10,355

8,657,486

XHR

LP

(a)

6.38%,

08/15/25

............

2,317

2,234,416

4.88%,

06/01/29

............

3,000

2,573,572

4,861,155,449

Vietnam

—

0.0%

Mong

Duong

Finance

Holdings

BV,

5.13%

,

05/07/29

(d)

...........

3,721

2,993,777

Zambia

—

0.0%

First

Quantum

Minerals

Ltd.

(a)

7.50%,

04/01/25

............

2,460

2,332,388

6.88%,

03/01/26

............

2,815

2,590,053

4,922,441

Total

Corporate

Bonds

—

23.4%

(Cost:

$11,651,467,280)

...........................

9,911,125,221

Floating

Rate

Loan

Interests

Canada

—

0.0%

(b)

Arterra

Wines

Canada,

Inc.,

Term

Loan

B1,

11/24/27

(k)(q)

.............

997

929,311

Clarios

Global

LP,

1st

Lien

Term

Loan,

(EURIBOR

1

Month

+

3.25%),

3.25%

,

 04/30/26

............

EUR

6,400

5,985,891

GFL

Environmental,

Inc.,

Term

Loan,

05/30/25

(k)(q)

...............

USD

997

970,457

Kestrel

Bidco,

Inc.,

Term

Loan,

12/11/26

(q)

................

6

5,129

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

62

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Canada

(continued)

Raptor

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

6.10%

,

 11/01/26

.......

USD

1,538

$

1,443,413

9,334,201

France

—

0.0%

(b)

Altice

France

SA,

Term

Loan

B13,

08/14/26

(k)(q)

...............

1,000

911,560

Bidco

SB,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

4.00%),

4.00%

-

4.23%

,

 11/16/28

.......

EUR

2,500

2,382,462

Emeria

Holding,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

3.50%),

3.50%

,

 03/27/28

............

2,500

2,301,848

Inovie

Group,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

4.00%),

4.00%

,

 03/03/28

............

1,000

942,778

Tarkett

Participation,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

3.43%),

3.66%

,

 04/21/28

............

1,888

1,565,127

8,103,775

Germany

—

0.1%

(b)

Minimax

Viking

GmbH,

Facility

Term

Loan

B1C,

07/31/25

(k)(q)

........

USD

995

948,800

Nidda

Healthcare

Holding

GmbH,

Facility

Term

Loan

(b)

 08/21/26

(q)

................

EUR

5,000

4,659,290

(LIBOR

GBP

6

Month

+

4.50%),

5.71%, 08/21/26

..........

GBP

2,000

2,154,621

Rain

Carbon,

Inc.,

Term

Loan,

(EURIBOR

3

Month

+

3.00%),

3.00%

,

 01/16/25

............

EUR

7,300

7,069,933

Springer

Nature

Deutschland

GmbH,

Term

Loan

B18,

08/14/26

(k)(q)

....

USD

1,000

957,250

Tele

Columbus

AG,

Term

Loan

A3,

10/15/24

(q)

................

EUR

3,100

2,810,078

TK

Elevator

Midco

GmbH,

Facility

Term

Loan

B1,

07/30/27

(k)(q)

.........

USD

1,998

1,866,424

Wittur

Holding

GmbH,

Facility

1st

Lien

Term

Loan

B,

(EURIBOR

6

Month

+

4.50%),

4.50%

,

 10/02/26

......

EUR

5,060

3,842,761

24,309,157

Ireland

—

0.0%

ICON

plc,

Term

Loan

(LIBOR

USD

3

Month

+

2.25%),

4.56%, 07/03/28

(b)(k)

........

USD

979

944,199

944,199

Jersey,

Channel

Islands

—

0.1%

(b)(c)

Vita

Global

FinCo

Ltd.,

Facility

Term

Loan,

(LIBOR

GBP

6

Month

+

7.00%),

8.19%

,

 07/06/27

......

GBP

7,799

9,293,040

Vita

Global

FinCo

Ltd.,

Term

Loan,

(EURIBOR

3

Month

+

7.00%),

0.00%

-

15.00%

,

 01/01/28

......

EUR

12,999

13,333,663

22,626,703

Luxembourg

—

0.2%

(b)

AEA

International

Holdings

SARL,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

6.06%

,

 09/07/28

(c)

USD

7,372

7,021,598

AI

Convoy

SARL,

Term

Loan,

01/18/27

(k)(q)

...............

997

951,029

Security

Par

(000)

Par

(000)

Value

Luxembourg

(continued)

Connect

Finco

SARL,

Term

Loan

 12/11/26

(b)(k)(q)

..............

USD

15,366

$

14,098,643

Herens

Holdco

SARL,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

4.00%),

4.00%

,

 07/03/28

......

EUR

6,600

5,891,587

Jazz

Pharmaceuticals

plc,

Term

Loan

 05/05/28

(b)(k)(q)

..............

USD

25,213

24,003,715

LSF10

XL

Bidco

SCA,

Facility

Term

Loan

B4,

04/12/28

(q)

..........

EUR

1,564

1,398,415

Luxembourg

Life

Fund

II

-

Absolute

Return

Fund

III,

Delayed

Draw

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

0.00%

-

15.00%

,

 01/01/28

(c)

USD

2,894

2,850,618

Luxembourg

Life

Fund

II

-

Absolute

Return

Fund

III,

Term

Loan,

(LIBOR

USD

3

Month

+

9.25%),

0.00%

-

15.00%

,

 01/01/28

(c)

..........

18,759

18,477,500

Motion

Acquisition

Ltd.,

Facility

Term

Loan

B,

11/12/26

(q)

...........

EUR

4,100

3,780,531

78,473,636

Mexico

—

0.0%

Credito

Real

SAB

de

CV

SOFOM

ENR,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

5.25%

,

 02/21/23

(b)(c)

...

USD

2,240

246,400

Netherlands

—

0.0%

(b)

Median

BV,

Facility

Term

Loan

B1,

(EURIBOR

6

Month

+

5.00%),

5.23%

,

 10/14/27

............

EUR

9,000

8,700,605

Nobel

Bidco

BV,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

3.50%),

3.50%

,

 09/01/28

............

6,000

4,858,254

Nouryon

Finance

BV,

Term

Loan,

10/01/25

(k)(q)

...............

USD

997

940,891

14,499,750

Norway

—

0.0%

Silk

Bidco

AS,

Facility

Term

Loan

B,

02/24/25

(b)(q)

...............

EUR

9,000

6,790,716

Puerto

Rico

—

0.0%

Evertec

Group,

LLC,

Term

Loan

B,

11/27/24

(b)(k)(q)

..............

USD

997

978,238

Spain

—

0.1%

(b)

Challenger,

Term

Loan,

(EURIBOR

1

Month

+

0.00%),

0.00%

-

15.00%

,

 01/01/28

(c)

..........

EUR

37,962

39,086,519

Invictus

Media

SLU,

2nd

Lien

Term

Loan,

12/26/25

(c)(q)

...........

97

91,663

Invictus

Media

SLU,

Facility

Term

Loan

B1,

(EURIBOR

6

Month

+

4.75%),

4.75%

,

 06/26/25

............

3

2,577

Invictus

Media

SLU,

Facility

Term

Loan

B2,

(EURIBOR

1

Month

+

5.75%),

0.00%

-

6.75%

,

 06/26/25

......

2

1,611

Pax

Midco

Spain

SLU,

Facility

B

Term

Loan,

(EURIBOR

6

Month

+

4.75%),

4.75%

,

 07/01/26

............

1,619

1,425,450

Promotora

de

Informaciones

SA,

Term

Loan,

(EURIBOR

6

Month

+

6.00%),

6.00%

,

 03/31/25

(c)

...........

1

1,142

40,608,962

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

63

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Sweden

—

0.0%

(b)

Diaverum

Holding

SARL,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

3.25%),

3.25%

,

 07/04/24

......

EUR

500

$

477,037

Quimper

AB,

Facility

Term

Loan

B1,

(EURIBOR

3

Month

+

2.93%),

2.93%

,

 02/16/26

............

8,375

7,736,557

8,213,594

United

Kingdom

—

0.2%

(b)

Emerald

2

Limited,

1st

Lien

Term

Loan,

07/12/28

(k)(q)

...............

USD

997

950,889

Entain

plc,

Facility

Term

Loan

B,

03/29/27

(q)

................

7,204

6,881,260

INEOS

Styrolution

Group

GmbH,

Term

Loan

B,

01/29/26

(k)(q)

..........

997

939,188

Mercia,

Term

Loan

A1,

(LIBOR

GBP

3

Month

+

2.40%),

0.00%

-

15.00%

,

 01/01/28

(c)

..........

GBP

14,171

17,250,104

Mercia,

Term

Loan

A2,

(LIBOR

GBP

3

Month

+

2.40%),

0.00%

-

15.00%

,

 01/01/28

(c)

..........

29,233

35,585,631

Mercia,

Term

Loan

B1,

(LIBOR

GBP

3

Month

+

2.40%),

0.00%

-

15.00%

,

 01/01/28

(c)

..........

1,646

2,003,630

Misys

Ltd.,

1st

Lien

Term

Loan,

(EURIBOR

3

Month

+

3.00%),

4.00%

,

 06/13/24

............

EUR

5,429

5,104,260

Rainbow

UK

Holdco

Ltd.,

Term

Loan

B2,

(EURIBOR

6

Month

+

3.75%),

3.75%

,

 02/24/29

............

2,600

2,393,813

71,108,775

United

States

—

4.1%

ACProducts

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

5.92%

-

6.50%

,

 05/17/28

(b)

.....

USD

8,623

6,639,883

Advantage

Sales

&

Marketing

Inc.,

1st

Lien

Term

Loan

B1,

10/28/27

(b)(k)(q)

997

915,177

Ahead

DB

Holdings

LLC,

1st

Lien

Term

Loan

B,

10/18/27

(b)(k)(q)

........

997

935,139

AHP

Health

Partners,

Inc.,

Term

Loan,

08/24/28

(b)(k)(q)

..............

748

704,164

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

(b)

(LIBOR

USD

1

Month

+

3.75%),

5.42%, 02/02/26

..........

8,251

7,329,692

(LIBOR

USD

1

Month

+

4.75%),

6.26%, 02/02/26

..........

3,307

2,976,480

AIT

Worldwide

Logistics

Holdings,

Inc.,

1st

Lien

Term

Loan,

04/06/28

(b)(k)(q)

997

901,060

AlixPartners

LLP,

Term

Loan

(b)

(EURIBOR

3

Month

+

3.25%),

3.25%, 02/04/28

..........

EUR

988

962,411

 02/04/28

(k)(q)

...............

USD

997

946,195

Allegiant

Travel

Co.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.44%

,

 02/05/24

(b)

...........

35,329

34,092,281

Allied

Universal

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 05/12/28

(b)

.....

7,444

6,808,194

Allspring

Buyer

LLC,

Term

Loan,

11/01/28

(b)(k)(q)

..............

998

956,353

Altar

BidCo,

Inc.,

1st

Lien

Term

Loan

 02/01/29

(b)(k)(q)

..............

29,430

26,987,310

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Altar

Bidco,

Inc.,

2nd

Lien

Term

Loan,

02/01/30

(b)(q)

...............

USD

12,695

$

11,446,701

Amentum

Government

Services

Holdings

LLC,

1st

Lien

Term

Loan,

(SOFR

6

Month

+

4.00%),

4.78%

-

5.60%

,

 02/15/29

(b)(k)

..........

1,000

949,380

American

Auto

Auction

Group

LLC,

1st

Lien

Term

Loan

B,

(SOFR

3

Month

+

5.00%),

7.05%

,

 12/30/27

(b)

.....

20,431

19,052,215

American

Auto

Auction

Group

LLC,

2nd

Lien

Term

Loan

B,

(SOFR

3

Month

+

8.75%),

10.80%

,

 01/02/29

(b)(c)

...

10,919

10,482,240

American

Builders

&

Contractors

Supply

Co.,

Inc.,

Term

Loan,

01/15/27

(b)(k)(q)

..............

997

941,330

American

Rock

Salt

Co.

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.67%

,

 06/09/28

(b)

.....

2,369

2,132,132

AMF

MF

Portfolio,

Term

Loan,

0.00%

-

15.00%

,

 01/01/28

(c)(r)

.........

4,446

4,446,000

AmWINS

Group,

Inc.,

Term

Loan,

02/19/28

(b)(k)(q)

..............

997

940,534

Apex

Group

Treasury

Ltd.,

1st

Lien

Term

Loan,

07/27/28

(b)(k)(q)

......

997

942,626

Apex

Tool

Group

LLC,

1st

Lien

Term

Loan,

(SOFR

1

Month

+

5.25%),

6.53%

,

 02/08/29

(b)

...........

22,308

19,568,569

AppLovin

Corp.,

Term

Loan,

08/15/25

(b)

(k)(q)

.....................

997

951,704

APX

Group,

Inc.,

Term

Loan,

07/10/28

(b)

(k)(q)

.....................

1,000

942,190

Arches

Buyer

Inc.,

Term

Loan,

12/06/27

(b)(k)(q)

..............

1,000

910,000

Array

Tech,

Inc.,

Term

Loan,

10/14/27

(b)

(k)(q)

.....................

997

915,718

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.63%

,

 11/24/27

(b)(c)

4,909

4,516,584

Ascend

Performance

Materials

Operations

LLC,

Term

Loan,

08/27/26

(b)(k)(q)

..............

997

970,038

Astoria

Energy

LLC,

Term

Loan

B,

12/10/27

(b)(k)(q)

..............

996

935,699

Asurion

LLC,

Term

Loan

B6,

11/03/23

(b)

(k)(q)

.....................

1,000

958,750

Avaya,

Inc.,

Term

Loan,

12/15/27

(b)(c)(q)

3,333

3,016,365

Avaya,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.25%),

5.57%

,

 12/15/27

(b)

...........

3,510

2,632,500

Avaya,

Inc.,

Term

Loan

B2,

12/15/27

(b)(q)

3,700

2,793,500

B&G

Foods,

Inc.,

Term

Loan

B4,

10/10/26

(b)(k)(q)

..............

1,000

939,690

Bakelite

UK

Intermediate

Ltd.,

Term

Loan,

(SOFR

3

Month

+

4.00%),

6.16%

,

 05/29/29

(b)(c)

..........

15,351

14,314,807

Bally's

Corp.,

Facility

Term

Loan

B

 10/02/28

(b)(k)(q)

..............

31,297

28,974,353

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

5.98%

,

 02/12/25

(b)

.....

12,069

11,938,576

Barracuda

Networks,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.99%

,

 10/30/28

(b)

.....

4,224

4,213,139

BCP

Renaissance

Parent

LLC,

Term

Loan

B3,

11/02/26

(b)(k)(q)

........

997

948,786

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

64

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

BCPE

North

Star

US

Holdco

2,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

6.25%

,

 06/09/28

(b)

USD

10,208

$

9,378,922

Beacon

Roofing

Supply,

Inc.,

Term

Loan,

05/19/28

(b)(k)(q)

..........

997

949,891

Belron

Group

SA,

Term

Loan,

04/13/28

(b)(k)(q)

..............

997

956,748

Broadstreet

Partners,

Inc.,

Term

Loan,

01/27/27

(b)(k)(q)

..............

997

935,737

Brookfield

Property

REIT

Inc.,

Term

Loan

B,

(SOFR

1

Month

+

2.50%),

4.13%

,

 08/27/25

(b)(k)

..........

997

953,314

Brown

Group

Holdings

LLC,

Term

Loan,

06/07/28

(b)(k)(q)

..............

997

944,333

Cablevision

Lightpath

LLC,

Term

Loan

 11/30/27

(b)(k)(q)

..............

2,974

2,797,377

Caesars

Resort

Collection

LLC,

Term

Loan

B,

12/23/24

(b)(k)(q)

........

997

958,531

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 07/21/25

(b)

.....

3,696

3,554,787

Caliber

Home

Loans,

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

0.00%

-

15.00%

,

 07/01/25

(b)(c)

...

50,380

50,254,050

Calpine

Construction

Finance

Co.

LP,

Term

Loan

B,

01/15/25

(b)(k)(q)

.....

997

955,828

Calpine

Corp.,

Term

Loan,

04/05/26

(b)(k)

(q)

......................

997

937,584

Carnival

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

5.88%

,

 06/30/25

(b)(k)

..........

997

924,142

Catalent

Pharma

Solutions,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.00%),

3.63%

,

 02/22/28

(b)(k)

....

997

981,016

CCC

Intelligent

Solutions,

Inc.,

Term

Loan,

09/21/28

(b)(k)(q)

..........

997

944,128

CCI

Buyer,

Inc.,

1st

Lien

Term

Loan,

12/17/27

(b)(k)(q)

..............

997

907,702

CDK

Global,

Inc.,

Term

Loan

B

 07/06/29

(b)(k)(q)

..............

1,000

942,630

Centuri

Group,

Inc.,

Term

Loan,

08/27/28

(b)(k)(q)

..............

1,496

1,429,399

Change

Healthcare

Holdings,

Inc.,

Term

Loan

 03/01/24

(b)(k)(q)

..............

9,433

9,161,109

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan,

09/29/28

(b)(k)(q)

......

997

941,129

Chobani

LLC,

Term

Loan,

10/25/27

(b)(k)(q)

997

902,204

Citadel

Securities

LP,

Term

Loan,

02/02/28

(b)(k)(q)

..............

997

957,267

City

Brewing

Co.

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.47%

,

 04/05/28

(b)

.....

3,967

3,510,808

Clarios

Global

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 04/30/26

(b)(k)

..........

1,000

931,250

CMG

Media

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 12/17/26

(b)(k)

..........

997

916,843

CML

Hyatt

Lost

Pines,

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

0.00%

-

15.00%

,

 01/01/28

(b)(c)

...

25,700

25,314,500

CML

La

Quinta

Resort,

Term

Loan,

01/01/38

(b)(c)(q)

..............

21,603

21,370,931

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

CML

Lake

Tahoe

Resort

Hotel,

Term

Loan,

01/01/38

(b)(c)(q)

..........

USD

13,037

$

12,901,449

CML

Paradise

Plaza,

Term

Loan,

01/01/28

(b)(c)(q)

..............

23,953

23,556,528

CML

ST

Regis

Aspen,

Term

Loan,

01/01/28

(b)(c)(q)

..............

28,933

28,419,631

CML

Trigrams,

Term

Loan,

09/15/24

(b)(c)

(q)

......................

109,494

108,529,966

Cobham

Ultra

US

Co.,

Term

Loan,

11/17/28

(b)(q)

...............

3,887

3,689,424

Colorado

Plaza,

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

0.00%

-

15.00%

,

 05/15/24

(b)(c)

.........

15,894

14,463,647

Conair

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

6.00%

,

 05/17/28

(b)

.....

2,320

1,933,585

ConnectWise

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

5.75%

,

 09/29/28

(b)

...........

12,875

11,758,879

Coral

US

Co.,

Term

Loan

B-6,

10/15/29

(b)(k)(q)

..............

1,000

934,750

Core

&

Main

LP,

Term

Loan

B,

07/27/28

(b)(k)(q)

..............

1,500

1,425,630

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

4.57%

,

 04/12/28

(b)

.....

11,667

9,625,308

Coty,

Inc.,

Term

Loan

B,

(EURIBOR

1

Month

+

2.50%),

2.50%

,

 04/07/25

(b)

EUR

2,376

2,319,921

Covanta

Holding

Corp.,

Term

Loan

B,

11/30/28

(b)(k)(q)

..............

USD

928

875,092

Covanta

Holding

Corp.,

Term

Loan

C,

11/30/28

(b)(k)(q)

..............

70

65,714

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 10/02/28

(b)

.....

1,698

1,555,635

CP

Iris

Holdco

I,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan,

10/02/28

(b)(q)

....

340

311,903

CQP

Holdco

LP,

Term

Loan,

06/05/28

(b)

(k)(q)

.....................

997

935,139

Creative

Artists

Agency,

LLC,

Term

Loan,

11/27/26

(b)(k)(q)

..........

997

943,581

Crocs,

Inc.,

Term

Loan,

02/20/29

(b)(k)(q)

1,000

908,130

CSC

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.82%

,

 04/15/27

(b)

...........

9,502

8,811,198

Cushman

&

Wakefield

US

Borrower

LLC,

Term

Loan,

08/21/25

(b)(k)(q)

..

997

936,854

CWGS

Group,

LLC,

Term

Loan,

06/03/28

(b)(k)(q)

..............

997

884,431

Dealer

Tire,

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.25%),

5.92%

,

 01/01/38

(b)(k)

..........

997

952,139

Delta

Topco,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

9.34%

,

 12/01/28

(b)(c)

..........

4,652

3,954,200

Diamond

(BC)

BV,

Term

Loan,

09/29/28

(b)(k)(q)

..............

997

918,941

DirectTV

Financing

LLC,

Term

Loan

 08/02/27

(b)(k)(q)

..............

10,276

9,432,255

DRI

Holding,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.25%),

6.92%

,

 12/21/28

(b)

...........

6,298

5,495,193

DS

Parent,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

5.75%),

8.00%

,

 12/10/28

(b)

...........

9,880

9,451,589

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

65

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

02/06/26

(b)(k)(q)

..........

USD

997

$

939,176

ECL

Entertainment

LLC,

Term

Loan

B,

(LIBOR

USD

3

Month

+

7.50%),

9.75%

,

 05/01/28

(b)

...........

9,591

9,345,395

Ecovyst

Catalyst

Technologies

LLC,

Term

Loan,

06/09/28

(b)(k)(q)

......

997

951,348

EFS

Cogen

Holdings

I

LLC,

Term

Loan

B,

10/01/27

(b)(k)(q)

............

1,000

933,960

Electron

Bidco,

Inc.,

1st

Lien

Term

Loan,

11/01/28

(b)(k)(q)

..........

998

931,954

Element

Materials

Technology

Group

US

Holdings,

Inc.,

Term

Loan,

04/12/29

(b)(k)(q)

..............

316

302,368

Element

Materials

Technology

Group

US

Holdings,

Inc.,

Term

Loan

B,

04/12/29

(b)(k)(q)

..............

684

655,132

Emerald

Technologies

US

Acquisitionco,

Inc.,

Term

Loan

B,

(SOFR

1

Month

+

6.25%),

7.88%

,

 12/29/27

(b)

...........

7,937

7,617,137

Engineered

Machinery

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

6.00%

,

 05/19/28

(b)(k)

997

934,532

Ensemble

RCM,

LLC,

Term

Loan,

08/03/26

(b)(k)(q)

..............

997

962,316

Entegris,

Inc.,

Term

Loan

B,

07/06/29

(b)

(k)(q)

.....................

1,000

965,000

Enterprise

Development

Authority

(The),

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.25%),

5.92%

,

 02/28/28

(b)

5,693

5,415,858

EP

Purchaser

LLC,

1st

Lien

Term

Loan,

11/06/28

(b)(k)(q)

..............

998

946,797

Evercommerce

Solutions,

Inc.,

Term

Loan,

07/06/28

(b)(k)(q)

..........

997

942,626

Everi

Holdings,

Inc.,

Term

Loan

B,

08/03/28

(b)(k)(q)

..............

997

954,316

EW

Scripps

Co.

(The),

Term

Loan

B3,

01/07/28

(b)(k)(q)

..............

997

941,540

Fanatics

Commerce

Intermediate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.31%

-

4.92%

,

 11/24/28

(b)

...........

10,632

10,016,527

Fertitta

Entertainment

LLC,

Term

Loan

B,

(SOFR

1

Month

+

4.00%),

5.53%

,

 01/27/29

(b)

...........

15,412

14,173,501

FinCo

I

LLC,

Term

Loan,

06/27/25

(b)(k)(q)

1,000

950,630

First

Advantage

Holdings

LLC,

1st

Lien

Term

Loan,

01/31/27

(b)(k)(q)

......

1,000

957,140

First

Eagle

Holdings,

Inc.,

Term

Loan,

02/01/27

(b)(k)(q)

..............

997

928,804

First

Student

Bidco,

Inc.,

Term

Loan

B,

07/21/28

(b)(k)(q)

..............

728

648,892

First

Student

Bidco,

Inc.,

Term

Loan

C,

07/21/28

(b)(k)(q)

..............

270

240,728

Flexera

Software

LLC,

1st

Lien

Term

Loan,

03/03/28

(b)(k)(q)

..........

998

943,965

Flexsys

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.25%),

6.31%

-

6.92%

,

 11/01/28

(b)(c)

4,555

4,201,987

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.49%

,

 01/31/28

(b)(c)

2,223

1,934,281

Freeport

LNG

investments

LLLP,

Term

Loan

B,

12/21/28

(b)(k)(q)

........

1,000

861,670

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Froneri

International

Limited,

1st

Lien

Term

Loan

B2,

01/29/27

(b)(k)(q)

....

USD

997

$

915,584

Frontier

Communications

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

6.06%

,

 05/01/28

(b)

....

15,496

14,465,434

Galaxy

Brands,

Delayed

Draw

Term

Loan,

01/01/38

(b)(q)

...........

6,122

6,121,873

Galaxy

Brands,

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

0.00%

-

15.00%

,

 01/01/38

(b)(c)

.........

28,373

27,663,888

Gates

Global

LLC,

Term

Loan

B3,

03/31/27

(b)(k)(q)

..............

997

939,116

Global

Medical

Response,

Inc.,

Term

Loan,

10/02/25

(b)(k)(q)

..........

997

925,780

GoodRx,

Inc.,

1st

Lien

Term

Loan,

10/10/25

(b)(k)(q)

..............

1,000

910,500

GoTo

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

6.35%

,

 08/31/27

(b)

...........

29,533

22,371,371

Great

Outdoors

Group,

LLC,

Term

Loan

B2,

03/06/28

(b)(k)(q)

...........

997

906,716

Green

Plains

Operating

Co.

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

8.83%

,

 07/20/26

(b)(c)

....

23,920

23,472,696

Greeneden

US

Holdings

I

LLC,

Term

Loan

 12/01/27

(b)(k)(q)

..............

5,230

4,986,682

Griffon

Corp.,

Term

Loan

B,

01/24/29

(b)(k)

(q)

......................

623

593,193

Grifols

Worldwide

Operations

Ltd.,

Term

Loan

B,

11/15/27

(b)(k)(q)

.........

1,000

942,880

Grosvenor

Capital

Management

Holdings

LLLP,

Term

Loan,

02/24/28

(b)(k)(q)

..............

997

942,614

GYP

Holdings

III

Corp.,

Term

Loan,

06/01/25

(b)(k)(q)

..............

997

945,101

Hamilton

Projects

Acquiror

LLC,

Term

Loan,

06/17/27

(b)(k)(q)

..........

997

953,817

Hanger,

Inc.,

Term

Loan

B,

03/06/25

(b)(k)

(q)

......................

928

894,172

Helix

Gen

Funding,

LLC,

Term

Loan,

06/03/24

(b)(k)(q)

..............

970

893,414

Herschend

Entertainment

Co.

LLC,

Term

Loan

 08/27/28

(b)(k)(q)

..............

4,772

4,539,812

Hertz

Corp.

(The),

Term

Loan

B,

06/30/28

(b)(k)(q)

..............

838

787,700

Hertz

Corp.

(The),

Term

Loan

C,

06/30/28

(b)(k)(q)

..............

160

149,951

Hillman

Group,

Inc.

(The),

Term

Loan,

07/14/28

(b)(k)(q)

..............

997

931,404

Hilton

Grand

Vacations

Borrower

LLC,

Term

Loan

 08/02/28

(b)(k)(q)

..............

4,399

4,110,553

Hilton

Washington

Dupont

Hotel,

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

0.00%

-

15.00%

,

 04/01/24

(b)

(c)

......................

30,785

27,090,708

Hostess

Brands

LLC,

1st

Lien

Term

Loan

B,

08/03/25

(b)(k)(q)

........

997

953,619

Houston

Center,

Term

Loan,

12/09/22

(b)

(c)(q)

.....................

28,416

28,263,386

HRNI

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.25%),

5.92%

,

 12/11/28

(b)

...........

38,514

37,358,531

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

66

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Hudson

River

Trading

LLC,

Term

Loan,

03/20/28

(b)(k)(q)

..............

USD

997

$

930,395

Hydrofarm

Holdings

Group,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

8.38%

,

 10/25/28

(b)(c)

....

4,515

4,154,085

Hyland

Software,

Inc.,

1st

Lien

Term

Loan,

07/01/24

(b)(k)(q)

..........

997

960,286

II-VI,

Inc.,

Term

Loan

B,

07/02/29

(b)(k)(q)

1,500

1,434,375

Imprivata,

Inc.,

Term

Loan,

12/01/27

(b)(k)

(q)

......................

1,000

958,130

Informatica

LLC,

Term

Loan

 10/27/28

(b)(k)(q)

..............

42,881

40,602,716

Insulet

Corp.,

Term

Loan

B,

05/04/28

(b)(k)

(q)

......................

997

945,113

Interface

Security

Systems

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

7.00%),

0.00%

-

15.00%

,

 08/07/23

(b)

(c)

......................

12,651

12,240,234

IRB

Holding

Corp.,

Term

Loan

B,

12/15/27

(b)(k)(q)

..............

1,000

936,670

Iridium

Satellite

LLC,

Term

Loan

B2,

11/04/26

(b)(k)(q)

..............

997

955,057

ITT

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

4.42%

,

 07/10/28

(b)

...........

3,859

3,684,926

J&J

Ventures

Gaming

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

6.25%

,

 04/26/28

(b)

...........

8,032

7,640,001

Jack

Ohio

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

6.42%

,

 10/04/28

(b)(c)

..........

6,141

5,772,672

Jane

Street

Group,

LLC,

Term

Loan,

01/26/28

(b)(k)(q)

..............

997

956,821

Jeld-Wen,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 07/28/28

(b)

...........

8,389

7,944,036

KKR

Apple

Bidco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

4.42%

,

 09/22/28

(b)(k)

....

1,000

942,080

Kronos

Acquisition

Holdings,

Inc.,

Term

Loan,

(SOFR

1

Month

+

6.00%),

7.65%

,

 12/22/26

(b)

...........

3,337

3,266,314

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 12/17/27

(b)

.....

17,333

14,164,359

LifePoint

Health,

Inc.,

1st

Lien

Term

Loan,

11/16/25

(b)(k)(q)

..........

1,000

931,090

LSF11

A5

Holdco

LLC,

Term

Loan,

(SOFR

1

Month

+

3.50%),

5.14%

,

 10/15/28

(b)

...........

19,115

17,836,866

Lummus

Technology

Holdings

V

LLC,

Term

Loan

B,

06/30/27

(b)(k)(q)

.....

997

919,344

Luxembourg

Life

Fund

-

Long

Term

Growth

Fund,

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

0.00%

-

15.00%

,

 01/01/38

(b)(c)

.........

24,507

24,384,465

Madison

IAQ

LLC,

Term

Loan,

06/21/28

(b)(k)(q)

..............

997

906,042

Marcel

LUX

IV

SARL,

Facility

Term

Loan

B1,

03/16/26

(b)(k)(q)

........

1,000

961,250

Maverick

Gaming

LLC,

Facility

Term

Loan

B,

(LIBOR

USD

3

Month

+

7.50%),

9.07%

,

 09/03/26

(b)

.....

5,562

5,070,681

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

McAfee

Corp.,

Term

Loan

B1,

(SOFR

1

Month

+

4.00%),

5.15%

,

 03/01/29

(b)(k)

USD

1,000

$

907,500

McAfee

Corp.,

Term

Loan

B2,

(EURIBOR

3

Month

+

4.25%),

4.25%

,

 03/01/29

(b)

...........

EUR

2,464

2,341,561

Medical

Solutions

Holdings,

Inc.,

1st

Lien

Term

Loan,

11/01/28

(b)(k)(q)

...

USD

838

784,065

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.00%),

9.88%

,

 11/01/29

(b)

3,210

2,953,200

Medical

Solutions

Holdings,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan,

11/01/28

(b)(k)(q)

..............

160

149,720

Medline

Borrower

LP,

Term

Loan

 10/23/28

(b)(k)(q)

..............

43,312

40,097,798

MetroNet

Systems

Holdings

LLC,

1st

Lien

Term

Loan

 06/02/28

(b)(k)(q)

..............

2,198

2,029,224

MI

Windows

and

Doors

LLC,

Term

Loan

B1,

(SOFR

1

Month

+

3.50%),

5.13%

,

 12/18/27

(b)

...........

3,364

3,148,294

MIP

V

Waste

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 12/08/28

(b)

...........

5,334

5,146,955

Mirion

Technologies

(US

Holdings),

Inc.,

Term

Loan,

10/20/28

(b)(k)(q)

......

995

939,019

Misys

Ltd.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.74%

,

 06/13/24

(b)

...........

994

894,112

MKS

Instruments,

Inc.,

Term

Loan

B,

04/11/29

(b)(k)(q)

..............

1,500

1,431,750

Momentive

Performance

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 05/15/24

(b)(k)

997

961,691

MPH

Acquisition

Holdings

LLC,

Term

Loan,

09/01/28

(b)(k)(q)

..........

997

915,693

Naked

Juice

LLC,

1st

Lien

Term

Loan

 01/24/29

(b)(k)(q)

..............

2,376

2,206,846

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(SOFR

3

Month

+

6.00%),

8.15%

,

 01/24/30

(b)(c)

..........

943

848,700

NASCAR

Holdings

LLC,

Term

Loan,

10/19/26

(b)(k)(q)

..............

978

937,577

New

Look

Corp.

Ltd.,

Term

Loan

(c)

(LIBOR

GBP

6

Month

+

0.00%),

16.50%, 11/10/27

(b)

........

GBP

214

247,927

0.00%, 11/09/29

(r)

...........

161

39,197

NFP

Corp.,

Term

Loan,

02/15/27

(b)(k)(q)

USD

997

919,648

Northwest

Fiber

LLC,

1st

Lien

Term

Loan

B2,

04/30/27

(b)(k)(q)

........

997

885,259

OD

Intermediate

SUBI

Holdco

II

LLC,

Term

Loan,

04/01/26

(c)(q)(r)

......

67,176

63,615,986

Olaplex,

Inc.,

Term

Loan,

02/23/29

(b)(c)(q)

23,625

22,266,883

Option

Care

Health,

Inc.,

1st

Lien

Term

Loan,

10/27/28

(b)(k)(q)

..........

997

950,941

Orbit

Private

Holdings

I

Ltd.,

1st

Lien

Term

Loan,

12/11/28

(b)(c)(k)(q)

.....

997

942,632

Organon

&

Co.,

Term

Loan

(b)

(EURIBOR

3

Month

+

3.00%),

3.00%, 06/02/28

..........

EUR

3,884

3,739,413

 06/02/28

(k)(q)

...............

USD

1,500

1,440,630

OVG

Business

Services

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

6.25%),

7.25%

,

 11/20/28

(b)

.....

12,123

11,364,954

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

67

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Owens

&

Minor,

Inc.,

Term

Loan

B1,

(SOFR

1

Month

+

3.75%),

5.38%

,

 03/29/29

(b)

...........

USD

6,874

$

6,805,035

Pactiv

Evergreen,

Inc.,

Term

Loan

B2,

02/05/26

(b)(k)(q)

..............

997

928,274

Park

Avenue

Tower,

Term

Loan,

03/09/24

(b)(c)(q)

..............

41,664

41,422,639

Park

River

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.22%

,

 12/28/27

(b)

.....

2,110

1,716,991

PCI

Gaming

Authority,

Facility

Term

Loan

B

 05/29/26

(b)(k)(q)

..............

13,041

12,455,807

Penn

National

Gaming,

Inc.,

Term

Loan

B,

05/03/29

(b)(k)(q)

............

1,000

956,880

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 02/01/28

(b)(k)

..........

997

934,550

Petco

Health

and

Wellness

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

5.50%

,

 03/03/28

(b)(k)

997

938,095

PG&E

Corp.,

Term

Loan

(LIBOR

USD

1

Month

+

3.00%),

4.69%, 06/23/25

(b)(k)

........

14,095

13,256,031

Phoenix

Guarantor,

Inc.,

1st

Lien

Term

Loan

B1,

03/05/26

(b)(k)(q)

........

997

930,534

Pike

Corp.,

Term

Loan,

01/21/28

(b)(k)(q)

1,000

948,540

Pilot

Travel

Centers

LLC,

Term

Loan

B,

08/04/28

(b)(k)(q)

..............

997

953,847

Playtika

Holding

Corp.,

Term

Loan

B1,

03/13/28

(b)(k)(q)

..............

997

938,255

PLH

Infrastructure

Services,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

6.00%),

7.41%

,

 08/07/23

(b)(c)

....

5,978

5,873,515

PODS

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 03/31/28

(b)(k)

997

926,416

Pre-Paid

Legal

Services,

Inc.,

1st

Lien

Term

Loan,

12/15/28

(b)(k)(q)

......

998

928,922

Presidio

Holdings,

Inc.,

Term

Loan,

01/22/27

(b)(k)(q)

..............

997

941,768

Primary

Products

Finance

LLC,

Term

Loan

B,

04/01/29

(b)(k)(q)

........

1,000

970,310

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1,

09/23/26

(b)(k)

(q)

......................

1,500

1,397,190

Pro

Mach

Group,

Inc.,

1st

Lien

Term

Loan,

08/31/28

(b)(k)(q)

..........

997

938,891

ProFrac

Holdings

II

LLC,

Term

Loan,

(SOFR

6

Month

+

8.50%),

10.01%

,

 03/04/25

(b)(c)

.........

11,556

11,324,605

Project

Ruby

Ultimate

Parent

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 03/10/28

(b)

12,445

11,640,366

QUIKRETE

Holdings,

Inc.,

1st

Lien

Term

Loan,

02/01/27

(b)(k)(q)

......

997

932,110

Radiate

Holdco

LLC,

Term

Loan,

09/25/26

(b)(k)(q)

..............

997

925,175

Radnet

Management,

Inc.,

1st

Lien

Term

Loan,

04/23/28

(b)(k)(q)

......

1,000

947,710

RE/MAX

LLC,

Term

Loan,

07/21/28

(b)(c)(k)

(q)

......................

997

895,239

Red

Ventures

LLC,

1st

Lien

Term

Loan,

11/08/24

(b)(k)(q)

..............

829

801,587

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Redstone

HoldCo

2

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.93%

,

 04/27/28

(b)

.....

USD

27,413

$

23,483,766

Redstone

HoldCo

2

LP,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.75%),

8.97%

,

 04/27/29

(b)

.....

10,460

8,953,760

Restoration

Hardware,

Inc.,

Term

Loan,

10/20/28

(b)(k)(q)

..............

997

870,936

Robertshaw

US

Holding

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.19%

,

 02/28/25

(b)

.....

6,846

5,559,601

Robertshaw

US

Holding

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

8.00%),

9.69%

,

 02/28/26

(b)(c)

....

4,760

3,094,000

Ryan

Specialty

Group

LLC,

Term

Loan,

(SOFR

1

Month

+

3.00%),

4.63%

,

 09/01/27

(b)(c)(k)

.........

997

957,563

Sabre

GLBL,

Inc.,

Term

Loan

B1,

12/17/27

(b)(k)(q)

..............

385

358,812

Sabre

GLBL,

Inc.,

Term

Loan

B2,

12/17/27

(b)(k)(q)

..............

613

571,968

Scientific

Games

Holdings

LP,

1st

Lien

Term

Loan,

(SOFR

3

Month

+

3.50%),

4.18%

,

 04/04/29

(b)

.....

20,577

19,008,004

Scientific

Games

International,

Inc.,

Term

Loan

B,

04/14/29

(b)(k)(q)

.....

1,500

1,421,250

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 03/16/27

(b)

.....

11,456

10,195,545

Seaworld

Parks

&

Entertainment,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.69%

,

 08/25/28

(b)

.....

42,217

39,568,182

Shearer's

Foods

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 09/23/27

(b)

.....

1,585

1,433,077

Sheraton

Austin,

Term

Loan,

01/01/28

(b)

(c)(q)

.....................

19,738

19,432,968

Signal

Parent,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 04/03/28

(b)

...........

6,264

4,781,638

Sinclair

Television

Group,

Inc.,

Term

Loan

B2B,

09/30/26

(b)(c)(k)(q)

......

997

907,667

Sitel

Group,

Term

Loan,

08/28/28

(b)(k)(q)

1,496

1,435,454

SolarWinds

Holdings,

Inc.,

1st

Lien

Term

Loan,

02/05/24

(b)(k)(q)

......

1,496

1,428,414

Sonder

Corp.,

Term

Loan,

7.93% 01/19/27

(b)(c)

...........

33,880

30,661,690

Sotheby's,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.54%

,

 01/15/27

(b)(k)

1,000

955,000

Sovos

Brands

Intermediate,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 06/08/28

(b)

1,856

1,748,109

Spirit

Aerosystems,

Inc.,

Term

Loan,

01/15/25

(b)(k)(q)

..............

997

970,306

SRAM

LLC,

Term

Loan,

05/18/28

(b)(k)(q)

984

934,507

SRS

Distribution,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.02%

,

 06/02/28

(b)

...........

10,320

9,499,565

Station

Casinos

LLC,

Facility

Term

Loan

B1,

02/08/27

(b)(k)(q)

...........

997

936,187

Superannuation

and

Investments

Finco

Pty

Limited,

Term

Loan,

12/01/28

(b)(k)

(q)

......................

997

953,544

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

68

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Surgery

Center

Holdings,

Inc.,

Term

Loan,

08/31/26

(b)(k)(q)

..........

USD

997

$

927,342

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.60%

,

 10/06/28

(b)

.....

4,007

3,280,696

Talen

Energy

Supply

LLC,

Term

Loan,

(SOFR

3

Month

+

4.75%),

5.95%

-

6.68%

,

 11/13/23

(b)

...........

27,729

27,373,792

TAMKO

Building

Products

LLC,

Term

Loan

 05/29/26

(b)(k)(q)

..............

9,696

9,054,059

Tempo

Acquisition

LLC,

Term

Loan

B1,

08/31/28

(b)(k)(q)

..............

1,496

1,415,818

Tenable,

Inc.,

Term

Loan,

07/07/28

(b)(k)(q)

997

945,953

The

Vinoy

St.

Petersburg,

Term

Loan,

01/01/38

(b)(c)(q)

..............

25,134

24,931,639

ThoughtWorks,

Inc.,

Term

Loan,

03/24/28

(b)(k)(q)

..............

1,495

1,431,942

TransDigm,

Inc.,

Term

Loan

E,

05/30/25

(b)(k)(q)

..............

997

945,745

TransMontaigne

Operating

Company

LP,

Term

Loan

B,

11/17/28

(b)(k)(q)

..

1,000

944,790

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan

 03/31/28

(b)(k)(q)

..............

5,174

4,562,724

TruGreen

Ltd.

Partnership,

1st

Lien

Term

Loan,

11/02/27

(b)(k)(q)

......

997

945,929

Uber

Technologies,

Inc.,

Term

Loan,

02/25/27

(b)(k)(q)

..............

997

952,753

UKG,

Inc.,

1st

Lien

Term

Loan

(b)(k)(q)

 05/04/26

.................

997

932,038

 05/04/26

.................

997

940,213

Ultra

Clean

Holdings,

Inc.,

Term

Loan

B,

08/27/25

(b)(k)(q)

............

993

962,161

United

Airlines,

Inc.,

Term

Loan

B,

04/21/28

(b)(k)(q)

..............

997

924,539

Univision

Communications,

Inc.,

1st

Lien

Term

Loan

(b)(q)

 03/15/26

(k)

................

5,271

4,969,938

 06/24/29

.................

1,090

1,036,405

US

Foods,

Inc.,

Term

Loan

B,

09/13/26

(b)(k)(q)

..............

997

938,218

Vaca

Morada,

Term

Loan,

01/01/28

(b)(c)(q)

32,565

32,483,298

Vaco

Holdings

LLC,

Term

Loan,

(SOFR

3

Month

+

5.00%),

7.20%

,

 01/21/29

(b)

...........

7,763

7,446,027

Valcour

Packaging

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

5.22%

,

 10/04/28

(b)(c)

....

4,158

3,876,943

Verscend

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.00%),

5.67%

,

 08/27/25

(b)(k)

..........

999

954,495

Vertex

Aerospace

Services

Corp.,

1st

Lien

Term

Loan,

12/06/28

(b)(k)(q)

...

998

944,513

Vertiv

Group

Corp.,

Term

Loan

B,

03/02/27

(b)(k)(q)

..............

1,000

927,500

VFH

Parent

LLC,

Term

Loan,

01/13/29

(b)

(k)(q)

.....................

1,000

945,420

ViaSat,

Inc.,

Term

Loan,

03/02/29

(b)(k)(q)

1,000

928,750

Victory

Capital

Holdings,

Inc.,

Term

Loan

B2,

07/01/26

(b)(k)(q)

........

1,000

957,500

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

N,

(LIBOR

USD

1

Month

+

2.50%),

3.82%

,

 01/31/28

(b)(k)

....

1,000

934,440

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Virtusa

Corp.,

Term

Loan

B1,

02/15/29

(b)

(k)(q)

.....................

USD

998

$

939,316

VM

Consolidated,

Inc.,

1st

Lien

Term

Loan,

03/24/28

(b)(k)(q)

..........

997

944,489

VS

Buyer,

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 02/28/27

(b)(k)

..........

997

936,355

WEX,

Inc.,

Term

Loan

B,

03/31/28

(b)(k)(q)

997

956,957

White

Cap

Supply

Holdings

LLC,

Term

Loan,

(SOFR

1

Month

+

3.75%),

5.28%

,

 10/19/27

(b)

...........

13,415

12,325,160

WIN

Waste

Innovations

Holdings,

Inc.,

Term

Loan,

03/24/28

(b)(k)(q)

......

997

945,363

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

5.81%

,

 12/21/27

(b)(c)

....

3,258

3,037,625

WP

CityMD

Bidco

LLC,

Term

Loan,

12/22/28

(b)(k)(q)

..............

998

937,650

WR

Grace

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

6.06%

,

 09/22/28

(b)(k)

..........

997

944,128

Xperi

Holding

Corp.,

Term

Loan

B,

06/08/28

(b)(k)(q)

..............

1,481

1,413,437

Zayo

Group

Holdings,

Inc.,

Term

Loan,

03/09/27

(b)(k)(q)

..............

1,000

919,110

Ziggo

Financing

Partnership,

Facility

Term

Loan

I,

04/30/28

(b)(k)(q)

.....

1,000

930,310

ZoomInfo

LLC,

1st

Lien

Term

Loan,

02/02/26

(b)(k)(q)

..............

1,000

964,380

1,746,625,250

Total

Floating

Rate

Loan

Interests

—

4.8%

(Cost:

$2,167,413,213)

...........................

2,032,863,356

Foreign

Agency

Obligations

Argentina

—

0.0%

YPF

SA

(a)

4.00%,

02/12/26

(e)

...........

8,209

6,403,332

7.00%,

12/15/47

............

10,000

4,950,000

11,353,332

China

—

0.1%

China

Development

Bank,

3.30%

,

02/01/24

.................

CNY

168,000

25,446,889

Colombia

—

0.1%

Ecopetrol

SA,

6.88%

,

04/29/30

....

USD

19,034

16,730,886

Empresas

Publicas

de

Medellin

ESP

(a)

4.25%,

07/18/29

............

6,313

4,937,160

4.38%,

02/15/31

............

4,826

3,668,665

25,336,711

Finland

—

0.0%

Finnair

OYJ,

4.25%

,

05/19/25

(d)

....

EUR

2,625

2,261,819

France

—

0.1%

Electricite

de

France

SA

(b)(d)(n)

(USD

Swap

Semi

10

Year

+

3.71%),

5.25%

.................

USD

1,100

1,040,627

(EUR

Swap

Annual

6

Year

+

3.44%),

4.00%

...........

EUR

8,500

8,150,431

(EUR

Swap

Annual

12

Year

+

3.79%),

5.38%

...........

11,500

10,999,625

(EUR

Swap

Annual

12

Year

+

3.04%),

5.00%

...........

900

827,430

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

69

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

France

(continued)

(BPSWS13

+

4.23%),

6.00%

...

GBP

7,500

$

8,046,049

(EUR

Swap

Annual

5

Year

+

3.37%),

2.88%

...........

EUR

5,400

4,385,671

(EUR

Swap

Annual

5

Year

+

3.20%),

3.00%

...........

1,000

795,132

(BPISDS15

+

3.32%),

5.88%

...

GBP

5,800

5,762,226

(EUR

Swap

Annual

5

Year

+

3.97%),

3.38%

...........

EUR

17,800

12,124,035

52,131,226

Germany

—

0.1%

Kreditanstalt

fuer

Wiederaufbau,

1.38%

,

06/07/32

(d)

................

47,666

47,053,993

Greece

—

0.0%

Public

Power

Corp.

SA,

3.38%

,

07/31/28

(d)

................

2,438

2,010,708

India

—

0.0%

(d)

Oil

India

Ltd.,

5.13%

,

02/04/29

.....

USD

4,500

4,436,156

Power

Finance

Corp.

Ltd.,

4.50%

,

06/18/29

.................

5,000

4,665,000

9,101,156

Ireland

—

0.1%

AIB

Group

plc

(b)(d)

(EUR

Swap

Annual

5

Year

+

5.70%),

5.25%

(n)

..........

EUR

4,396

4,186,419

(EUR

Swap

Annual

5

Year

+

6.63%),

6.25%

(n)

..........

8,248

8,037,410

(EUR

Swap

Annual

5

Year

+

2.15%),

1.88%,

11/19/29

.....

10,000

9,678,866

(EUR

Swap

Annual

5

Year

+

3.30%),

2.88%,

05/30/31

....

16,500

15,658,542

37,561,237

Italy

—

0.0%

(d)

Banca

Monte

dei

Paschi

di

Siena

SpA

3.63%,

09/24/24

............

3,800

3,663,633

2.63%,

04/28/25

............

1,650

1,526,548

1.88%,

01/09/26

............

285

248,540

Poste

Italiane

SpA,

(EURIBOR

Swap

Rate

5

Year

+

2.68%),

2.63%

(b)(n)

.

5,275

3,841,916

9,280,637

Mexico

—

0.3%

Petroleos

Mexicanos

6.88%,

10/16/25

............

USD

5,000

4,650,000

8.75%,

06/02/29

(a)

...........

34,700

31,041,319

6.70%,

02/16/32

............

103,137

78,126,278

5.50%,

06/27/44

............

5,383

3,060,235

6.75%,

09/21/47

............

7,332

4,490,850

Series

13-2,

7.19%,

09/12/24

...

MXN

2,306

10,447,058

131,815,740

Netherlands

—

0.0%

TenneT

Holding

BV,

(EUR

Swap

Annual

5

Year

+

2.72%),

2.37%

(b)(d)(n)

....

EUR

5,400

5,213,685

Oman

—

0.0%

OQ

SAOC,

5.13%

,

05/06/28

(a)

.....

USD

4,650

4,379,138

Qatar

—

0.0%

Qatar

Energy,

3.13%

,

07/12/41

(d)

...

5,550

4,362,994

South

Africa

—

0.1%

Eskom

Holdings

SOC

Ltd.

(d)

7.13%,

02/11/25

............

10,000

8,401,875

Security

Par

(000)

Par

(000)

Value

South

Africa

(continued)

8.45%,

08/10/28

............

USD

7,396

$

5,932,054

14,333,929

Ukraine

—

0.0%

NPC

Ukrenergo,

6.88%

,

11/09/26

(a)

..

5,709

1,370,160

Total

Foreign

Agency

Obligations

—

0.9%

(Cost:

$465,852,716)

.............................

383,013,354

Foreign

Government

Obligations

Angola

—

0.0%

Republic

of

Angola,

8.75%

,

04/14/32

(a)

9,675

7,740,000

Argentina

—

0.0%

Argentine

Republic

(The),

1.13%

,

07/09/35

(e)

................

28,936

6,047,624

Austria

—

0.2%

Republic

of

Austria,

2.10%

,

09/20/17

(a)(d)

EUR

63,597

56,282,549

Colombia

—

0.3%

Republic

of

Colombia

4.50%,

03/15/29

............

USD

48,434

41,843,949

3.00%,

01/30/30

............

19,557

14,903,656

7.00%,

03/26/31

............

COP

50,361,000

9,132,592

3.13%,

04/15/31

............

USD

20,001

14,835,742

3.25%,

04/22/32

............

20,290

14,720,395

7.25%,

10/18/34

............

COP

44,376,000

7,641,644

4.13%,

02/22/42

............

USD

5,685

3,570,180

4.13%,

05/15/51

............

9,149

5,493,975

112,142,133

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond,

5.50%

,

02/22/29

(a)

...........

17,436

15,150,794

France

—

0.0%

French

Republic,

0.75%

,

05/25/52

(d)

.

EUR

13,464

8,981,875

Germany

—

0.3%

(d)

Federal

Republic

of

Germany

0.00%,

08/15/26

............

14,033

14,152,990

0.25%,

02/15/27

............

27,210

27,578,125

0.50%,

08/15/27

............

9,910

10,101,814

4.75%,

07/04/28

............

7,440

9,443,967

4.75%,

07/04/34

............

7,830

11,175,706

1.25%,

08/15/48

............

1,500

1,450,862

Federal

Republic

of

Germany

Inflation

Linked

Bond,

0.10%

,

04/15/26

...

53,730

60,042,216

133,945,680

Ghana

—

0.0%

Republic

of

Ghana,

7.63%

,

05/16/29

(d)

USD

6,169

2,961,120

Greece

—

0.2%

Hellenic

Republic

(a)(d)

0.00%,

02/12/26

............

EUR

16,384

15,573,011

3.88%,

03/12/29

............

19,840

21,445,423

1.50%,

06/18/30

............

28,866

25,923,086

1.88%,

01/24/52

............

44,635

28,395,195

91,336,715

Hungary

—

0.1%

Hungary

Government

Bond,

5.50%

,

06/16/34

(a)

................

USD

17,669

17,141,368

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

70

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

India

—

0.0%

Indian

Railway

Finance

Corp.

Ltd.,

3.25%

,

02/13/30

(d)

...........

USD

1,138

$

988,495

Indonesia

—

0.0%

(d)

Bank

Negara

Indonesia

Persero

Tbk.

PT,

3.75%

,

03/30/26

..........

2,980

2,689,778

Republic

of

Indonesia

4.63%,

04/15/43

............

2,985

2,686,828

4.75%,

07/18/47

............

2,985

2,736,499

8,113,105

Ivory

Coast

—

0.0%

Republic

of

Cote

d'Ivoire,

6.63%

,

03/22/48

(d)

................

EUR

8,543

5,966,373

Mexico

—

0.2%

United

Mexican

States

2.75%,

11/27/31

............

MXN

8,216

36,906,735

4.50%,

11/22/35

............

4,935

25,751,544

4.40%,

02/12/52

............

USD

32,055

24,121,388

86,779,667

Mongolia

—

0.0%

State

of

Mongolia,

5.13%

,

04/07/26

(d)

3,332

2,965,847

Philippines

—

0.0%

Republic

of

the

Philippines,

2.65%

,

12/10/45

.................

1,702

1,166,057

Russia

—

0.0%

Russian

Federation,

6.10%

,

07/18/35

(g)

(p)

......................

RUB

3,698,723

5,716,208

South

Africa

—

0.1%

Republic

of

South

Africa

8.50%,

01/31/37

............

ZAR

528,168

25,644,228

7.30%,

04/20/52

............

USD

20,455

16,364,000

42,008,228

Spain

—

0.1%

Kingdom

of

Spain,

3.45%

,

07/30/66

(a)(d)

EUR

49,950

54,308,044

Sri

Lanka

—

0.0%

Democratic

Socialist

Republic

of

Sri

Lanka

(d)(g)(p)

5.75%,

04/18/23

............

USD

1,434

445,705

6.85%,

03/14/24

............

4,398

1,231,924

6.35%,

06/28/24

............

1,930

540,612

6.13%,

06/03/25

............

600

194,550

6.83%,

07/18/26

............

1,000

328,313

2,741,104

Ukraine

—

0.0%

Ukraine

Government

Bond

7.75%,

09/01/24

(d)

...........

23

5,750

7.38%,

09/25/32

(a)

...........

6,537

1,601,565

7.25%,

03/15/33

(a)

...........

8,238

2,018,310

3,625,625

United

Kingdom

—

0.1%

U.K.

Treasury

Bonds,

3.50%

,

01/22/45

(d)

................

GBP

33,536

46,593,348

Total

Foreign

Government

Obligations

—

1.7%

(Cost:

$974,127,214)

.............................

712,701,959

Security

Shares

Shares

Value

Investment

Companies

BlackRock

Liquid

Environmentally

Aware

Fund,

Class

Direct

(s)

.....

369,364,346

$

369,216,600

Health

Care

Select

Sector

SPDR

Fund

(h)

...................

273,006

35,010,289

Industrial

Select

Sector

SPDR

Fund

.

87,333

7,627,664

Invesco

BulletShares

2022

High

Yield

Corporate

Bond

ETF

.........

302,000

6,659,100

Invesco

QQQ

Trust

1,

Series

1

(h)

....

864,790

242,383,341

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

(s)

........

215,000

10,977,900

iShares

China

Large-Cap

ETF

(s)

....

149,549

5,071,207

iShares

Core

U.S.

Aggregate

Bond

ETF

(s)

...................

23,200

2,358,976

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(h)(s)

.......

435,092

47,873,173

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(s)

..........

4,443

379,077

iShares

Latin

America

40

ETF

(s)

....

536,067

12,082,950

iShares

MSCI

Brazil

ETF

(h)(s)

......

496,774

13,606,640

iShares

Nasdaq

Biotechnology

ETF

(s)

29,333

3,450,441

SPDR

S&P

500

ETF

Trust

........

9,770

3,685,733

VanEck

Semiconductor

ETF

(h)

.....

28,000

5,704,440

Vanguard

Intermediate-Term

Corporate

Bond

ETF

.................

382,000

30,567,640

Total

Investment

Companies

—

1.9%

(Cost:

$812,610,227)

.............................

796,655,171

Par

(000)

Pa

r

(

000)

Municipal

Bonds

Arizona

-

0.0%

Arizona

Health

Facilities

Authority

,

Series

2007B,

RB

,

VRDN

,

1.46%, 07/01/22

(t)

...........

USD

10,240

10,206,873

Arizona

State

University

,

Series

2019A,

RB,

5.00%, 07/01/41

.........

4,010

4,377,449

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Series

2022A,

RB,

5.00%, 01/01/31

12,110

14,142,487

28,726,809

California

-

0.3%

Bay

Area

Toll

Authority

Series

2010S-1,

RB,

6.92%, 04/01/40

..........

12,435

15,691,666

Series

2019F-1,

RB,

2.43%, 04/01/26

..........

6,220

5,951,848

California

Pollution

Control

Financing

Authority

,

Series

2012,

RB,

AMT,

5.00%, 11/21/45

(a)

...........

11,555

11,574,799

California

State

Public

Works

Board

,

Series

2009G,

Sub-Series

G-2,

RB,

8.36%, 10/01/34

............

7,255

9,617,733

California

State

University

,

Series

2020B,

RB,

2.98%, 11/01/51

....

10,810

8,375,371

Center

Unified

School

District

,

Series

2021

B,

GO,

3.00%, 08/01/51

...

9,675

7,455,388

Central

Unified

School

District

,

Series

2021A,

GO,

3.00%, 08/01/44

....

5,000

4,048,714

City

of

Los

Angeles

Department

of

Airports

,

Series

2018

D,

RB,

AMT,

5.00%, 05/15/48

............

9,230

9,616,102

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

71

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

California

(continued)

City

of

Oakland

Series

2022C-1,

GO,

4.00%, 07/15/33

..........

USD

5,555

$

5,936,541

Series

2022C-1,

GO,

4.00%, 07/15/34

..........

5,775

6,112,458

City

of

Richmond

Wastewater

,

Series

2019A,

RB,

4.00%, 08/01/49

....

4,000

3,809,184

City

of

Riverside

Electric

,

Series

2010A,

RB,

7.61%, 10/01/40

.........

3,805

5,050,522

Contra

Costa

Community

College

District

,

Series

2010B,

GO,

6.50%, 08/01/34

............

3,205

3,785,384

Golden

State

Tobacco

Securitization

Corp.

Series

2021

A

1,

RB,

3.49%, 06/01/36

..........

3,520

2,957,175

Series

2021B,

RB,

2.75%, 06/01/34

4,140

3,482,574

Los

Angeles

Department

of

Water

&

Power

Series

2021,

RB,

5.00%, 07/01/51

19,500

21,418,805

Series

2022

A,

RB,

5.00%, 07/01/41

7,535

8,430,347

Los

Angeles

Unified

School

District

,

Series

2010RY,

GO,

6.76%, 07/01/34

............

3,745

4,455,038

Pomona

Unified

School

District

,

Series

2021F,

GO,

3.00%, 08/01/48

....

1,000

786,214

San

Mateo

Joint

Powers

Financing

Authority

,

Series

2021

A-1,

RB,

3.00%, 06/15/46

............

4,410

3,451,299

Sanger

Unified

School

District

,

Series

2021-A,

GO,

3.00%, 08/01/51

...

5,590

4,178,986

State

of

California

Series

2009,

GO,

7.50%, 04/01/34

2,155

2,766,067

Series

2009,

GO,

7.55%, 04/01/39

4,840

6,579,336

Series

2009,

GO,

7.30%, 10/01/39

7,375

9,557,056

Series

2009,

GO,

7.35%, 11/01/39

2,270

2,963,941

Series

2019,

GO,

3.00%, 10/01/37

7,000

6,427,967

Temecula

Valley

Unified

School

District

,

Series

2021-D,

GO,

3.00%, 08/01/47

5,000

4,074,824

University

of

California

,

Series

2009R,

RB,

5.77%, 05/15/43

.........

3,960

4,563,539

West

County

Facilities

Financing

Authority

,

Series

2021,

RB,

4.00%, 06/01/46

............

5,130

5,144,102

188,262,980

Colorado

-

0.2%

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Series

2021

A,

RB,

5.00%, 12/15/35

.......

8,000

9,260,239

City

&

County

of

Denver

,

Series

2022

A,

GO,

5.00%, 08/01/37

.........

15,285

17,676,366

City

of

Greeley

Sewer

Series

2022,

RB,

3.00%, 08/01/38

1,275

1,166,787

Series

2022,

RB,

3.00%, 08/01/39

1,340

1,206,296

Series

2022,

RB,

3.00%, 08/01/40

1,380

1,232,141

Colorado

Health

Facilities

Authority

Series

2016A,

RB,

4.00%, 11/15/46

10,860

10,080,270

Series

2019A-2,

RB,

5.00%, 08/01/44

..........

13,500

13,987,215

Series

2021

A,

RB,

4.00%, 11/15/50

6,530

5,894,935

Denver

Colorado

City

&

County

School

District

No.

1

,

Series

2022

A,

GO,

5.00%, 12/01/45

............

5,950

6,693,417

67,197,666

Security

Par

(000)

Par

(000)

Value

Connecticut

-

0.0%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Series

2015L,

RB,

5.00%, 07/01/45

.........

USD

6,375

$

6,537,983

State

of

Connecticut

,

Series

2017A,

GO,

3.31%, 01/15/26

.........

2,265

2,246,494

8,784,477

Delaware

-

0.0%

University

of

Delaware

,

Series

2010A,

RB,

5.87%, 11/01/40

.........

7,500

8,234,847

District

of

Columbia

-

0.1%

District

of

Columbia

Series

2015,

RB,

5.00%, 07/15/34

3,280

3,418,429

Series

2015,

RB,

5.00%, 07/15/35

3,280

3,412,683

Series

2019

A,

GO,

5.00%, 10/15/32

13,490

15,200,469

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

,

Series

2022

A,

RB,

3.00%, 10/01/53

....

6,000

4,572,029

Washington

Metropolitan

Area

Transit

Authority

,

Series

2021

A,

RB,

5.00%, 07/15/33

............

11,665

13,359,608

39,963,218

Florida

-

0.4%

Brevard

County

Health

Facilities

Authority

,

Series

2022A,

RB,

5.00%, 04/01/47

............

14,000

14,726,223

County

of

Broward

Airport

System

,

Series

2019C,

RB,

2.91%, 10/01/32

3,100

2,706,817

County

of

Miami-Dade

Series

2017D,

RB,

3.45%, 10/01/30

2,725

2,535,701

Series

2018C,

RB,

4.06%, 10/01/31

4,765

4,604,744

Series

2019E,

RB,

2.53%, 10/01/30

7,590

6,584,919

County

of

Miami-Dade

Water

&

Sewer

System

,

Series

2021,

RB,

4.00%, 10/01/51

............

18,035

16,590,696

Florida

Department

of

Management

Services

,

Series

2021

A,

COP,

3.00%, 11/01/36

............

5,005

4,529,157

State

of

Florida

Department

of

Transportation

Turnpike

System

Series

2022

A,

RB,

5.00%, 07/01/29

8,790

10,071,226

Series

2022

A,

RB,

5.00%, 07/01/30

9,225

10,683,607

Series

2022

A,

RB,

5.00%, 07/01/31

9,685

11,317,362

Series

2022

A,

RB,

5.00%, 07/01/32

10,170

11,967,700

Series

2022

A,

RB,

5.00%, 07/01/33

10,680

12,645,244

Sumter

Landing

Community

Development

District

,

Series

2016,

RB,

4.17%, 10/01/47

.........

2,555

2,273,307

111,236,703

Georgia

-

0.1%

Municipal

Electric

Authority

of

Georgia

,

Series

2010A,

RB,

6.66%, 04/01/57

2,355

2,791,456

State

of

Georgia

Series

2021

A,

GO,

5.00%, 07/01/29

6,785

7,840,008

Series

2021

A,

GO,

5.00%, 07/01/32

5,000

5,885,681

Series

2022C,

GO,

5.00%, 07/01/30

(u)

.........

7,850

9,173,169

Series

2022C,

GO,

5.00%, 07/01/31

(u)

.........

7,850

9,287,484

34,977,798

Idaho

-

0.0%

Idaho

Health

Facilities

Authority

,

Series

2017A-ID,

RB,

5.00%, 12/01/47

..

3,180

3,350,247

Indiana

-

0.1%

Indiana

Finance

Authority

Series

2015A,

RB,

4.00%, 12/01/40

18,785

18,538,947

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

72

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Indiana

(continued)

Series

2021

B,

RB,

5.00%, 02/01/33

USD

5,545

$

6,396,868

24,935,815

Louisiana

-

0.0%

State

of

Louisiana

,

Series

2021

A,

GO,

5.00%, 03/01/38

............

9,625

10,844,849

Maryland

-

0.2%

County

of

Anne

Arundel

Series

2022,

GO,

5.00%, 04/01/29

2,810

3,237,525

Series

2022,

GO,

5.00%, 10/01/30

1,560

1,827,596

Series

2022,

GO,

5.00%, 10/01/31

1,280

1,514,615

Series

2022,

GO,

5.00%, 10/01/32

1,560

1,852,974

Series

2022,

GO,

5.00%, 10/01/33

1,560

1,840,097

Series

2022,

GO,

5.00%, 10/01/34

1,560

1,833,364

Series

2022,

GO,

5.00%, 10/01/35

1,555

1,817,945

Series

2022,

GO,

5.00%, 10/01/36

1,555

1,809,037

County

of

Montgomery

,

Series

2015MD,

RB,

4.00%, 12/01/44

.........

39,965

37,815,829

State

of

Maryland

,

Series

2021-A,

GO,

5.00%, 08/01/33

............

6,020

7,029,067

60,578,049

Massachusetts

-

0.4%

City

of

Boston

Series

2020

B,

GO,

5.00%, 11/01/35

6,000

6,880,334

Series

2020

B,

GO,

5.00%, 11/01/40

5,205

5,897,742

City

of

Springfield

Series

2022,

GO,

3.25%, 03/01/47

7,795

6,461,088

Series

2022,

GO,

3.25%, 03/01/52

9,815

7,799,206

Commonwealth

of

Massachusetts

Series

2009E,

GO,

5.46%, 12/01/39

805

907,220

Series

2019H,

GO,

2.90%, 09/01/49

1,055

828,864

Series

2020

D,

GO,

4.00%, 11/01/37

12,820

13,191,213

Series

2020C,

GO,

3.00%, 03/01/49

15,585

12,440,162

Series

2021

B,

GO,

3.00%, 04/01/49

9,115

7,118,470

Series

2021

D,

GO,

5.00%, 09/01/49

7,795

8,662,187

Massachusetts

Bay

Transportation

Authority

Assessment

,

Series

2022

A-2,

RB,

5.00%, 07/01/52

......

10,000

11,113,553

Massachusetts

Development

Finance

Agency

Series

2015O-1,

RB,

4.00%, 07/01/45

..........

5,240

4,938,167

Series

2016Q,

RB,

5.00%, 07/01/47

6,715

6,963,631

Series

2018J-2,

RB,

5.00%, 07/01/48

..........

6,880

7,177,901

Series

2022B,

RB,

5.00%, 11/15/32

15,000

18,034,783

Massachusetts

Housing

Finance

Agency

Series

2014B,

RB,

AMT,

4.30%, 12/01/34

..........

2,965

2,931,972

Series

2014B,

RB,

AMT,

4.50%, 12/01/39

..........

2,425

2,425,530

Series

2014B,

RB,

AMT,

4.60%, 12/01/44

..........

2,575

2,458,880

Series

2014E,

RB,

AMT,

3.80%, 12/01/29

..........

100

99,787

Series

2014E,

RB,

AMT,

4.05%, 12/01/34

..........

105

104,296

Series

2014E,

RB,

AMT,

4.20%, 12/01/39

..........

110

107,156

Series

2015A,

RB,

AMT,

4.25%, 12/01/35

..........

1,630

1,631,940

Series

2015A,

RB,

AMT,

4.35%, 12/01/40

..........

815

805,132

Series

2015A,

RB,

AMT,

4.50%, 12/01/48

..........

2,575

2,500,040

Security

Par

(000)

Par

(000)

Value

Massachusetts

(continued)

Massachusetts

School

Building

Authority

Series

2019B,

RB,

2.87%, 10/15/31

USD

11,415

$

10,200,637

Series

2019B,

RB,

2.97%, 10/15/32

9,240

8,200,250

University

of

Massachusetts

Building

Authority

,

Series

2022-1,

RB,

5.00%, 11/01/52

............

17,000

18,282,682

168,162,823

Michigan

-

0.1%

City

of

Detroit

Sewage

Disposal

System

,

Series

2006D,

RB

,

VRDN

,

1.24%, 07/04/22

(t)

...........

5,685

5,545,760

Michigan

Finance

Authority

Series

2016,

RB,

5.00%, 11/15/28

2,960

3,207,120

Series

2016,

RB,

5.00%, 11/15/41

2,620

2,715,041

Series

2019

A,

RB,

4.00%, 02/15/47

17,985

16,935,433

Michigan

State

Housing

Development

Authority

Series

2018A,

RB,

4.00%, 10/01/43

2,710

2,613,434

Series

2018A,

RB,

4.05%, 10/01/48

1,250

1,155,077

Series

2018B,

RB,

3.55%, 10/01/33

2,830

2,731,759

Waverly

Community

Schools

,

Series

2022

I,

GO,

3.00%, 11/01/47

....

5,785

4,497,015

39,400,639

Minnesota

-

0.1%

County

of

Hennepin

,

Series

2019

B,

GO,

5.00%, 12/15/36

.........

10,000

11,155,128

State

of

Minnesota

Series

2019

A,

GO,

5.00%, 08/01/29

10,000

11,571,734

Series

2020B,

GO,

4.00%, 08/01/29

5,630

6,152,501

Series

2021

A,

GO,

4.00%, 09/01/38

7,785

8,118,567

36,997,930

Missouri

-

0.1%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Series

2015A,

RB,

4.00%, 01/01/45

18,085

17,282,261

Series

2021

A,

RB,

4.00%, 07/01/30

1,690

1,798,281

19,080,542

Montana

-

0.0%

Montana

Facility

Finance

Authority

,

Series

2021

A,

RB,

3.00%, 06/01/50

3,000

2,308,935

Nevada

-

0.0%

County

of

Clark

,

Series

2020

C,

RB,

5.00%, 07/01/29

............

10,000

11,420,727

New

Hampshire

-

0.0%

New

Hampshire

Municipal

Bond

Bank

,

Series

2022

A,

RB,

3.00%, 02/15/38

1,530

1,404,316

New

Jersey

-

0.0%

New

Jersey

Educational

Facilities

Authority

,

Series

2021B,

RB,

5.00%, 03/01/32

............

5,000

5,856,189

New

Jersey

Health

Care

Facilities

Financing

Authority

Series

2021,

RB,

3.00%, 07/01/51

4,965

3,745,650

Series

2021

A,

RB,

4.00%, 07/01/51

8,560

8,194,119

New

Jersey

Transportation

Trust

Fund

Authority

,

Series

2010C,

RB,

5.75%, 12/15/28

............

3,800

3,986,353

Rutgers

The

State

University

of

New

Jersey

,

Series

2019R,

RB,

3.27%, 05/01/43

............

8,950

7,526,502

29,308,813

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

73

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

New

York

-

0.6%

City

of

New

York

,

Series

2022B-SubSeriesB-1,

GO,

5.00%, 08/01/30

............

USD

9,940

$

11,385,482

New

York

City

Housing

Development

Corp.

Series

2018C-1,

RB,

3.70%, 11/01/38

..........

2,815

2,629,228

Series

2018C-1-B,

RB,

3.85%, 11/01/43

..........

8,275

7,653,489

New

York

City

Municipal

Water

Finance

Authority

Series

2010AA-1,

RB,

5.75%, 06/15/41

..........

1,610

1,873,632

Series

2011AA,

RB,

5.44%, 06/15/43

..........

4,775

5,414,886

Series

2020

CC-1,

RB,

4.00%, 06/15/49

..........

7,785

7,561,567

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Series

2019B,

Sub-Series

B-3,

RB,

3.90%, 08/01/31

..........

11,870

11,564,917

Series

2019C,

Sub-Series

C-3,

RB,

3.35%, 11/01/30

..........

14,430

13,575,564

New

York

State

Dormitory

Authority

Series

2020F,

RB,

3.19%, 02/15/43

4,005

3,355,324

Series

2022

A,

RB,

5.00%, 03/15/31

17,770

20,301,664

Series

2022

A,

RB,

5.00%, 03/15/32

8,600

9,857,563

New

York

State

Urban

Development

Corp.

Series

2017D,

RB,

3.32%, 03/15/29

10,345

9,872,274

Series

2020

E,

RB,

4.00%, 03/15/38

6,360

6,318,408

Series

2021

B,

RB,

2.01%, 03/15/30

14,585

12,443,677

Series

2021

B,

RB,

2.50%, 03/15/33

15,800

13,172,630

New

York

Transportation

Development

Corp.

Series

2016A,

RB,

AMT,

5.00%, 07/01/41

..........

945

950,859

Series

2016A,

RB,

AMT,

5.00%, 07/01/46

..........

3,480

3,498,069

Series

2016A,

RB,

AMT,

5.25%, 01/01/50

..........

10,150

10,241,225

Port

Authority

of

New

York

&

New

Jersey

,

Series

2012-174,

RB,

4.46%, 10/01/62

............

8,520

8,294,690

State

of

New

York

,

Series

2019B,

GO,

2.80%, 02/15/32

............

11,215

10,148,383

State

of

New

York

Mortgage

Agency

,

Series

2014-189,

RB,

AMT,

3.85%, 10/01/34

............

690

693,001

Triborough

Bridge

&

Tunnel

Authority

Series

2021

A-1,

RB,

5.00%, 05/15/51

..........

7,620

8,308,717

Series

2021

SUB,

RB,

3.00%, 05/15/51

..........

11,665

9,306,413

188,421,662

North

Carolina

-

0.1%

City

of

Charlotte

Series

2021

B,

RB,

AMT,

4.00%, 07/01/51

..........

5,980

5,577,999

Series

2021A,

RB,

3.00%, 07/01/46

12,920

10,235,426

County

of

Guilford

,

Series

2022

A,

GO,

5.00%, 03/01/30

............

1,555

1,808,447

17,621,872

Security

Par

(000)

Par

(000)

Value

Ohio

-

0.0%

American

Municipal

Power,

Inc.

,

Series

2010A,

RB,

7.83%, 02/15/41

....

USD

4,015

$

5,394,409

JobsOhio

Beverage

System

,

Series

2013B,

RB,

3.99%, 01/01/29

....

12,270

12,424,480

State

of

Ohio

,

Series

2020

C,

GO,

5.00%, 03/01/39

............

4,095

4,619,606

22,438,495

Oregon

-

0.1%

Oregon

Health

&

Science

University

,

Series

2021

A,

RB,

3.00%, 07/01/51

5,670

4,539,952

Oregon

School

Boards

Association

Series

2002B,

GO,

5.55%, 06/30/28

6,710

7,071,152

Series

2003B,

GO,

5.68%, 06/30/28

6,520

6,920,504

Series

2005A,

GO,

4.76%, 06/30/28

8,793

8,996,156

Oregon

State

Facilities

Authority

,

Series

2016

A,

RB,

4.00%, 06/01/41

....

5,000

4,812,627

State

of

Oregon

,

Series

2003,

GO,

5.89%, 06/01/27

............

8,785

9,386,430

41,726,821

Pennsylvania

-

0.0%

Allegheny

County

Airport

Authority

,

Series

2021

A,

RB,

AMT,

4.00%, 01/01/46

............

7,605

7,086,388

Chartiers

Valley

School

District

,

Series

2021

A,

GO,

3.00%, 10/15/49

...

3,055

2,374,273

City

of

Philadelphia

,

Series

2017B,

RB,

AMT,

5.00%, 07/01/42

........

3,500

3,627,425

Commonwealth

Financing

Authority

,

Series

2016A,

RB,

4.14%, 06/01/38

1,580

1,537,155

Commonwealth

of

Pennsylvania

,

Series

2021-First,

GO,

5.00%, 05/15/29

.

8,030

9,150,802

Pennsylvania

State

University

(The)

,

Series

2020A,

RB,

4.00%, 09/01/50

4,755

4,750,437

Pennsylvania

Turnpike

Commission

,

Series

2016A-1,

RB,

5.00%, 12/01/41

............

7,835

8,238,916

South

Wayne

County

Water

and

Sewer

Authority

,

Series

2021,

RB,

4.00%, 02/15/30

............

885

938,786

37,704,182

Puerto

Rico

-

0.2%

Commonwealth

of

Puerto

Rico

(t)

Series

2022,

VRDN,

0.00%, 11/01/43

..........

9,434

4,690,443

Series

2022,

VRDN,

0.00%, 11/01/51

..........

137,475

54,238,376

Puerto

Rico

Electric

Power

Authority

Series

2003NN,

RB,

5.50%, 07/01/20

(g)(p)

........

2,060

1,653,037

Series

2007-TT,

RB,

5.00%, 07/01/18

..........

1,915

1,536,682

Series

2008WW,

RB,

5.38%, 07/01/24

..........

1,530

1,227,741

Series

2008WW,

RB,

5.25%, 07/01/33

..........

2,930

2,351,164

Series

2008WW,

RB,

5.50%, 07/01/38

(g)(p)

........

6,160

4,943,061

Series

2010

AAA,

RB,

5.25%, 07/01/26

..........

940

754,298

Series

2010AAA,

RB,

5.25%, 07/01/21

(g)(p)

........

1,710

1,372,181

Series

2010ZZ,

RB,

5.00%, 07/01/18

1,225

982,995

Series

2010ZZ,

RB,

5.25%, 07/01/23

(g)(p)

........

500

401,223

Series

2010ZZ,

RB,

5.25%, 07/01/26

1,150

922,812

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

74

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Puerto

Rico

(continued)

Series

2010-ZZ,

RB,

5.25%, 07/01/18

..........

USD

6,255

$

5,019,293

Series

2012A,

RB,

5.00%, 07/01/42

6,800

5,456,626

Series

2012A,

RB,

5.05%, 07/01/42

1,030

826,518

Series

2013A,

RB,

7.00%, 07/01/43

7,405

6,556,387

Series

2020CCC,

RB,

5.25%, 07/01/28

(g)(p)

........

1,635

1,311,998

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Series

2018A-1,

RB,

4.75%, 07/01/53

............

2,048

1,958,421

96,203,256

South

Carolina

-

0.0%

City

of

Charleston

,

Series

2022,

RB,

5.00%, 01/01/52

............

7,985

8,982,806

Lexington

County

Health

Services

District,

Inc.

,

Series

2016,

RB,

5.00%, 11/01/41

............

2,995

3,119,943

South

Carolina

Public

Service

Authority

,

Series

2016D,

RB,

2.39%, 12/01/23

818

803,576

12,906,325

South

Dakota

-

0.0%

South

Dakota

Health

&

Educational

Facilities

Authority

,

Series

2021-A,

RB,

4.00%, 11/01/34

.........

6,960

6,976,925

Tennessee

-

0.0%

Tennessee

Housing

Development

Agency

Series

2018-3,

RB,

3.85%, 07/01/43

840

814,190

Series

2018-3,

RB,

3.95%, 01/01/49

675

658,870

1,473,060

Texas

-

0.1%

City

of

San

Antonio

Electric

&

Gas

Systems

,

Series

2021

A,

RB,

5.00%, 02/01/46

............

13,000

14,095,984

Dallas

Fort

Worth

International

Airport

,

Series

2019A,

RB,

3.14%, 11/01/45

2,360

1,954,748

Houston

Community

College

System

,

Series

2021

A,

GO,

5.00%, 02/15/29

1,195

1,361,490

North

Texas

Municipal

Water

District

Water

System

,

Series

2021

A,

RB,

5.00%, 09/01/29

............

10,000

11,519,009

Rockwall

Independent

School

District

,

Series

2022A,

GO,

5.00%, 02/15/52

(u)

...........

7,985

8,783,181

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

Series

2016

A,

RB,

4.00%, 02/15/47

.......

15,025

14,302,135

Temple

College

District

,

Series

2021,

GO,

3.00%, 07/01/46

.........

6,035

4,759,872

Texas

A&M

University

,

Series

2017B,

RB,

2.84%, 05/15/27

.........

5,965

5,726,240

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

,

Series

2019,

RB,

AMT,

5.00%, 06/30/58

.....

10,000

9,940,388

Texas

Water

Development

Board

,

Series

2020,

RB,

5.00%, 08/01/32

5,000

5,752,463

University

of

Houston

,

Series

2020

A,

RB,

3.00%, 02/15/44

.........

5,530

4,498,089

Ysleta

Independent

School

District

,

Series

2022,

GO,

5.00%, 08/15/56

7,985

8,843,068

91,536,667

Security

Par

(000)

Par

(000)

Value

Utah

-

0.1%

Alpine

School

District

,

Series

2021

A,

GO,

4.00%, 03/15/28

.........

USD

5,305

$

5,749,665

City

of

Salt

Lake

City

Airport

Series

2021

A,

RB,

AMT,

5.00%, 07/01/37

..........

7,785

8,312,463

Series

2021

A,

RB,

AMT,

5.00%, 07/01/46

..........

12,445

13,081,329

University

of

Utah

(The)

,

Series

2022

A,

RB,

4.00%, 08/01/51

.........

8,030

7,978,544

35,122,001

Virginia

-

0.1%

Tobacco

Settlement

Financing

Corp.

,

Series

2007A-1,

RB,

6.71%, 06/01/46

............

11,715

11,054,614

Virginia

College

Building

Authority

,

Series

2020B,

RB,

1.97%, 02/01/32

6,520

5,412,252

Virginia

Commonwealth

Transportation

Board

Trust

Series

2022,

RB,

5.00%, 05/15/32

8,310

9,821,989

Series

2022,

RB,

4.00%, 05/15/35

13,190

13,902,740

Series

2022,

RB,

4.00%, 05/15/36

10,000

10,479,860

Virginia

Small

Business

Financing

Authority

,

Series

2017,

RB,

AMT,

5.00%, 12/31/47

............

2,900

2,968,813

53,640,268

Washington

-

0.3%

Central

Puget

Sound

Regional

Transit

Authority

Series

2021

S

1,

RB,

5.00%, 11/01/33

..........

4,985

5,788,012

Series

2021

S

1,

RB,

4.00%, 11/01/46

..........

9,490

9,529,820

Grant

County

Public

Utility

District

No.

2

,

Series

2015M,

RB,

4.58%, 01/01/40

............

2,550

2,492,819

State

of

Washington

Series

2022

A,

GO,

5.00%, 08/01/39

10,000

11,298,334

Series

2022

C,

GO,

5.00%, 02/01/31

5,000

5,841,065

Series

R-2022A,

GO,

4.00%, 02/01/36

..........

11,555

12,029,815

Washington

State

Health

Care

Facilities

Authority

,

Series

2015A,

RB,

4.00%, 10/01/45

............

35,310

33,390,692

80,370,557

Wisconsin

-

0.2%

State

of

Wisconsin

Series

2021

B,

GO,

5.00%, 05/01/32

5,000

5,657,115

Series

2021

B,

GO,

5.00%, 05/01/33

9,925

11,157,581

University

of

Wisconsin

Hospitals

&

Clinics

,

Series

2021

B,

RB,

4.00%, 04/01/51

............

13,795

12,599,707

Wisconsin

Environmental

Improvement

Fund

,

Series

2020

A,

RB,

5.00%, 06/01/33

............

3,035

3,424,852

Wisconsin

Health

&

Educational

Facilities

Authority

Series

2016

A,

RB,

5.00%, 11/15/35

6,895

7,226,401

Series

2016

A,

RB,

5.00%, 11/15/39

6,925

7,203,676

Series

2017

A,

RB,

4.00%, 04/01/39

10,000

9,553,770

Series

2019,

RB,

4.00%, 12/15/49

5,000

4,518,561

61,341,663

Total

Municipal

Bonds

—

3.9%

(Cost:

$1,740,613,360)

...........................

1,642,661,937

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

75

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Pa

r

(

000)

Value

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

3.1%

Cayman

Islands

—

0.0%

(c)

Prima

Capital

CRE

Securitization

Ltd.

(a)

Series

2015-4A,

Class

C,

4.00%,

08/24/49

...............

USD

1,075

$

1,027,776

Series

2016-6A,

Class

C,

4.00%,

08/24/40

(c)

..............

17,980

16,773,542

17,801,318

Netherlands

—

0.0%

(b)

Domi

BV,

Series

2021-1,

Class

A,

(EURIBOR

3

Month

+

0.63%),

0.35%,

06/15/53

(d)

...........

EUR

2,545

2,635,180

Dutch

Property

Finance

BV

Series

2021-1,

Class

B,

(EURIBOR

3

Month

+

1.10%),

0.69%,

07/28/58

(d)

..............

740

748,786

Series

2021-2,

Class

A,

(EURIBOR

3

Month

+

0.70%),

0.29%,

04/28/59

(d)

..............

2,880

2,981,852

Series

2021-2,

Class

B,

(EURIBOR

3

Month

+

0.80%),

0.38%,

04/28/59

(d)

..............

820

818,647

Series

2021-2,

Class

C,

(EURIBOR

3

Month

+

1.05%),

0.64%,

04/28/59

(d)

..............

504

496,968

Jubilee

Place,

Series

3,

Class

C,

(EURIBOR

3

Month

+

1.60%),

1.15%,

01/17/59

(d)

...........

202

200,931

Paragon

Mortgages

No.

25

plc

Series

25,

Class

B,

(SONIO/N

+

1.07%),

2.01%,

05/15/50

(d)

...

GBP

3,805

4,594,494

Series

25,

Class

C,

(SONIO/N

+

1.42%),

2.36%,

05/15/50

(d)

...

2,985

3,595,222

16,072,080

United

Kingdom

—

0.2%

(b)

Atlas

Funding

plc

Series

2021-1,

Class

C,

(SONIO/N

+

1.70%),

2.64%,

07/25/58

(d)

...

125

149,490

Series

2021-1,

Class

D,

(SONIO/N

+

2.25%),

3.19%,

07/25/58

(d)

...

110

131,442

Barley

Hill

No.

2

plc,

Series

2,

Class

C,

(SONIO/N

+

1.70%),

2.89%,

08/27/58

(d)

................

520

618,053

Canada

Square

Funding

plc

Series

2021-2,

Class

A,

(SONIO/N

+

0.78%),

1.86%,

06/17/58

(d)

...

1,965

2,349,556

Series

2021-2,

Class

B,

(SONIO/N

+

1.20%),

2.28%,

06/17/58

(d)

...

382

450,106

Series

2021-2,

Class

C,

(SONIO/N

+

1.60%),

2.68%,

06/17/58

(d)

...

102

118,804

Series

6,

Class

C,

(SONIO/N

+

1.45%),

2.39%,

01/17/59

(d)

...

317

364,136

Series

6,

Class

D,

(SONIO/N

+

1.85%),

2.79%,

01/17/59

(d)

...

178

204,820

CMF

plc

Series

2020-1,

Class

B,

(SONIO/N

+

1.00%),

2.07%,

01/16/57

(d)

...

220

264,244

Series

2020-1,

Class

C,

(SONIO/N

+

1.25%),

2.32%,

01/16/57

(d)

...

100

119,790

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Finsbury

Square

Series

2021-1GRX,

Class

AGRN,

(SONIO/N

+

0.65%),

1.72%,

12/16/67

(d)

..............

GBP

2,709

$

3,214,119

Series

2021-1GRX,

Class

B,

(SONIO/N

+

1.00%),

2.07%,

12/16/67

(d)

..............

1,470

1,708,502

Series

2021-1GRX,

Class

C,

(SONIO/N

+

1.25%),

2.32%,

12/16/67

(d)

..............

1,045

1,199,073

Finsbury

Square

plc

Series

2019-2,

Class

C,

(SONIO/N

+

2.05%),

3.12%,

09/16/69

(d)

...

385

468,106

Series

2019-2,

Class

D,

(SONIO/N

+

2.35%),

3.42%,

09/16/69

(d)

...

280

340,341

Series

2019-3,

Class

C,

(SONIO/N

+

2.00%),

3.07%,

12/16/69

(d)

...

790

954,506

Series

2020-1X,

Class

C,

(SONIO/N

+

1.35%),

2.42%,

03/16/70

(d)

..

210

252,268

Series

2021-2X,

Class

A,

(SONIO/N

+

0.80%),

1.87%,

12/16/71

(d)

..

4,820

5,737,496

Series

2021-2X,

Class

B,

(SONIO/N

+

1.25%),

2.32%,

12/16/71

(d)

..

1,339

1,563,949

Series

2021-2X,

Class

C,

(SONIO/N

+

1.40%),

2.47%,

12/16/71

(d)

..

371

425,391

Series

2021-2X,

Class

D,

(SONIO/N

+

1.70%),

2.77%,

12/16/71

(d)

..

200

224,842

Gemgarto

plc

Series

2018-1,

Class

C,

(SONIO/N

+

1.35%),

2.43%,

09/16/65

(d)

...

976

1,184,549

Series

2018-1,

Class

D,

(SONIO/N

+

1.65%),

2.73%,

09/16/65

(d)

...

335

406,052

Series

2021-1X,

Class

C,

(SONIO/N

+

1.30%),

2.37%,

12/16/67

(d)

..

218

259,289

Great

Hall

Mortgages

No.

1

plc,

Series

2007-2X,

Class

BA,

(LIBOR

GBP

3

Month

+

0.30%),

1.91%,

06/18/39

(d)

6,150

6,881,450

Harben

Finance

Series

2017-1RX,

Class

C,

(SONIO/N

+

1.15%),

2.34%,

09/28/55

(d)

..............

741

841,916

Series

2017-1RX,

Class

D,

(SONIO/N

+

1.50%),

2.69%,

09/28/55

(d)

..............

441

496,571

Hops

Hill

No.

1

plc

Series

1,

Class

C,

(SONIO/N

+

1.85%),

3.04%,

05/27/54

(d)

...

200

238,894

Series

1,

Class

D,

(SONIO/N

+

2.35%),

3.54%,

05/27/54

(d)

...

100

119,437

Lanebrook

Mortgage

Transaction

plc

Series

2020-1,

Class

C,

(SONIO/N

+

2.25%),

3.30%,

06/12/57

(d)

...

370

443,234

Series

2021-1,

Class

A,

(SONIO/N

+

0.65%),

1.59%,

07/20/58

(d)

...

2,125

2,523,004

Series

2021-1,

Class

B,

(SONIO/N

+

0.95%),

1.84%,

07/20/58

(d)

...

266

305,217

Series

2021-1,

Class

C,

(SONIO/N

+

1.25%),

2.19%,

07/20/58

(d)

...

158

179,897

Series

2021-1,

Class

D,

(SONIO/N

+

1.65%),

2.59%,

07/20/58

(d)

...

103

116,409

London

Wall

Mortgage

Capital

plc

Series

2021-FL1,

Class

A,

(SONIO/N

+

0.75%),

1.69%,

05/15/51

(d)

..............

1,985

2,372,448

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

76

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

2021-FL2,

Class

A,

(SONIO/N

+

0.80%),

1.74%,

05/15/52

(d)

..............

GBP

1,204

$

1,439,900

Mortimer

BTL

plc

Series

2021-1,

Class

A,

(SONIO/N

+

0.70%),

1.83%,

06/23/53

(d)

...

2,220

2,636,299

Series

2021-1,

Class

B,

(SONIO/N

+

1.10%),

2.24%,

06/23/53

(d)

...

334

389,590

Series

2021-1,

Class

C,

(SONIO/N

+

1.45%),

2.58%,

06/23/53

(d)

...

110

126,681

Newgate

Funding

plc,

Series

2006-1,

Class

BB,

(EURIBOR

3

Month

+

0.28%),

0.00%,

12/01/50

(d)

.....

EUR

1,137

1,167,898

Paragon

Mortgages

No.

12

plc,

Series

12X,

Class

B1B,

(EURIBOR

3

Month

+

0.48%),

0.07%,

11/15/38

(d)

....

731

698,130

Pierpont

BTL

plc

Series

2021-1,

Class

A,

(SONIO/N

+

0.80%),

1.94%,

12/22/53

(d)

...

GBP

3,452

4,123,508

Series

2021-1,

Class

B,

(SONIO/N

+

1.25%),

2.39%,

12/22/53

(d)

...

1,728

2,022,832

Polaris

plc

Series

2022-1,

Class

C,

(SONIO/N

+

1.50%),

2.69%,

10/23/59

(d)

...

421

482,640

Series

2022-1,

Class

D,

(SONIO/N

+

2.00%),

3.19%,

10/23/59

(d)

...

307

346,234

Series

2022-1,

Class

E,

(SONIO/N

+

3.40%),

4.59%,

10/23/59

(d)

...

538

621,124

Precise

Mortgage

Funding

plc

Series

2020-1B,

Class

B,

(SONIO/N

+

1.45%),

2.52%,

10/16/56

(d)

..

115

137,733

Series

2020-1B,

Class

C,

(SONIO/N

+

1.70%),

2.77%,

10/16/56

(d)

..

100

117,989

Series

2020-1B,

Class

D,

(SONIO/N

+

1.95%),

3.02%,

10/16/56

(d)

..

100

117,689

Residential

Mortgage

Securities

32

plc,

Series

32X,

Class

C,

(SONIO/N

+

2.20%),

3.32%,

06/20/70

(d)

.....

1,025

1,238,408

RMAC

No.

2

plc,

Series

2018-2,

Class

C,

(SONIO/N

+

1.97%),

3.02%,

06/12/46

(d)

................

420

508,752

RMAC

Securities

No.

1

plc

Series

2006-NS1X,

Class

M1C,

(EURIBOR

3

Month

+

0.25%),

0.00%,

06/12/44

(d)

.........

EUR

130

130,496

Series

2007-NS1X,

Class

A2A,

(SONIO/N

+

0.27%),

1.32%,

06/12/44

(d)

..............

GBP

311

357,771

Series

2007-NS1X,

Class

M1C,

(EURIBOR

3

Month

+

0.27%),

0.00%,

06/12/44

(d)

.........

EUR

2,131

2,020,113

Stanlington

No.

2

plc

Series

2,

Class

C,

(SONIO/N

+

1.75%),

2.80%,

06/12/56

(d)

...

GBP

534

632,363

Series

2,

Class

D,

(SONIO/N

+

2.20%),

3.25%,

06/12/56

(d)

...

329

389,614

Series

2,

Class

E,

(SONIO/N

+

3.30%),

4.35%,

06/12/56

(d)

...

450

535,321

Together

Asset-Backed

Securitisation

plc

Series

2021-1ST1,

Class

A,

(SONIO/N

+

0.70%),

1.64%,

07/12/63

(d)

..............

1,326

1,584,632

Series

2021-1ST1,

Class

B,

(SONIO/N

+

0.95%),

1.89%,

07/12/63

(d)

..............

157

185,013

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

2021-1ST1,

Class

C,

(SONIO/N

+

1.25%),

2.19%,

07/12/63

(d)

..............

GBP

107

$

125,721

Tower

Bridge

Funding

plc

Series

2020-1,

Class

C,

(SONIO/N

+

2.45%),

3.57%,

09/20/63

(d)

...

150

181,943

Series

2020-1,

Class

D,

(SONIO/N

+

3.45%),

4.57%,

09/20/63

(d)

...

119

144,630

Series

2021-1,

Class

C,

(SONIO/N

+

1.85%),

2.79%,

07/21/64

(d)

...

365

436,439

Series

2021-1,

Class

D,

(SONIO/N

+

2.15%),

3.09%,

07/21/64

(d)

...

253

300,663

Series

2021-2,

Class

A,

(SONIO/N

+

0.78%),

1.72%,

11/20/63

(d)

...

1,313

1,577,628

Series

2021-2,

Class

B,

(SONIO/N

+

1.10%),

2.04%,

11/20/63

(d)

...

253

296,787

Series

2021-2,

Class

C,

(SONIO/N

+

1.50%),

2.44%,

11/20/63

(d)

...

140

163,062

Series

2021-2,

Class

D,

(SONIO/N

+

1.80%),

2.74%,

11/20/63

(d)

...

170

196,584

Series

2022-1X,

Class

C,

(SONIO/N

+

1.25%),

2.37%,

12/20/63

(d)

..

264

302,514

Twin

Bridges

plc

Series

2018-1,

Class

D,

(SONIO/N

+

2.17%),

3.22%,

09/12/50

(d)

...

843

1,016,810

Series

2019-2,

Class

C,

(SONIO/N

+

2.00%),

3.05%,

06/12/53

(d)

...

565

687,210

Series

2019-2,

Class

D,

(SONIO/N

+

2.60%),

3.65%,

06/12/53

(d)

...

250

303,937

Series

2020-1,

Class

C,

(SONIO/N

+

2.25%),

3.30%,

12/12/54

(d)

...

390

469,965

Series

2020-1,

Class

D,

(SONIO/N

+

3.00%),

4.05%,

12/12/54

(d)

...

225

271,084

Series

2021-1,

Class

C,

(SONIO/N

+

1.60%),

2.65%,

03/12/55

(d)

...

436

496,847

Series

2021-1,

Class

D,

(SONIO/N

+

2.10%),

3.15%,

03/12/55

(d)

...

220

248,131

Series

2021-2,

Class

A,

(SONIO/N

+

0.66%),

1.71%,

09/12/55

(d)

...

3,391

4,042,477

Series

2021-2,

Class

B,

(SONIO/N

+

0.90%),

1.95%,

09/12/55

(d)

...

819

943,660

Series

2021-2,

Class

C,

(SONIO/N

+

1.15%),

2.20%,

09/12/55

(d)

...

435

494,969

Series

2021-2,

Class

D,

(SONIO/N

+

1.50%),

2.55%,

09/12/55

(d)

...

187

210,309

Series

2022-1,

Class

C,

(SONIO/N

+

1.30%),

2.35%,

12/01/55

(d)

...

830

937,519

Series

2022-1,

Class

D,

(SONIO/N

+

1.70%),

2.75%,

12/01/55

(d)

...

365

408,906

73,495,926

United

States

—

2.9%

Agate

Bay

Mortgage

Trust

(a)(b)

Series

2015-1,

Class

B5,

3.69%,

01/25/45

...............

USD

1,323

1,249,412

Series

2015-3,

Class

B5,

3.55%,

04/25/45

...............

1,521

1,420,727

Series

2015-4,

Class

B5,

3.53%,

06/25/45

...............

1,061

973,646

Ajax

Mortgage

Loan

Trust

(a)(c)

Series

2022-A,

Class

A1,

3.50%,

10/25/61

(e)

..............

57,293

56,089,626

Series

2022-A,

Class

A2,

3.00%,

10/25/61

(b)

..............

2,705

2,427,278

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

77

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2022-A,

Class

A3,

3.00%,

10/25/61

(b)

..............

USD

1,443

$

1,284,671

Series

2022-A,

Class

B,

3.00%,

10/25/61

...............

10,820

7,790,589

Series

2022-A,

Class

C,

3.00%,

10/25/61

...............

5,410

7,313,003

Series

2022-A,

Class

M1,

3.00%,

10/25/61

...............

1,578

1,341,841

Series

2022-A,

Class

M2,

3.00%,

10/25/61

...............

7,078

5,581,167

Series

2022-A,

Class

M3,

3.00%,

10/25/61

...............

451

330,114

Series

2022-B,

Class

A1,

3.50%,

03/27/62

(e)

..............

73,894

72,318,422

Series

2022-B,

Class

A2,

3.00%,

03/27/62

(b)

..............

2,124

1,923,685

Series

2022-B,

Class

A3,

3.00%,

03/27/62

(b)

..............

1,821

1,636,996

Series

2022-B,

Class

B,

3.00%,

03/27/62

...............

10,116

7,303,230

Series

2022-B,

Class

C,

3.00%,

03/27/62

...............

5,058

8,428,082

Series

2022-B,

Class

M1,

3.00%,

03/27/62

...............

1,365

1,172,930

Series

2022-B,

Class

M2,

3.00%,

03/27/62

...............

6,777

5,399,482

Alternative

Loan

Trust

Series

2005-72,

Class

A3,

(LIBOR

USD

1

Month

+

0.60%),

2.22%,

01/25/36

(b)

..............

1,880

1,667,857

Series

2005-22T1,

Class

A1,

(LIBOR

USD

1

Month

+

0.35%),

1.97%,

06/25/35

(b)

..............

7,728

6,603,557

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

..........

3,772

2,215,634

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

...............

666

380,803

Series

2006-23CB,

Class

2A5,

(LIBOR

USD

1

Month

+

0.40%),

2.02%,

08/25/36

(b)

.........

7,555

1,674,616

Series

2006-34,

Class

A3,

(LIBOR

USD

1

Month

+

0.70%),

2.32%,

11/25/46

(b)

..............

4,868

1,610,432

Series

2006-45T1,

Class

2A2,

6.00%,

02/25/37

..........

2,499

1,549,699

Series

2006-J7,

Class

2A1,

(Cost

of

Funds

for

the

11th

District

of

San

Francisco

+

1.50%),

1.72%,

11/20/46

(b)

..............

4,356

3,179,203

Series

2006-OA11,

Class

A4,

(LIBOR

USD

1

Month

+

0.38%),

2.00%,

09/25/46

(b)

.........

2,954

2,638,866

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.73%),

2.21%,

11/25/46

(b)

..

10,529

8,479,127

Series

2006-OA16,

Class

A4C,

(LIBOR

USD

1

Month

+

0.68%),

2.30%,

10/25/46

(b)

.........

10,911

8,485,586

Series

2006-OA21,

Class

A1,

(LIBOR

USD

1

Month

+

0.19%),

1.80%,

03/20/47

(b)

.........

3,649

2,935,838

Series

2006-OC7,

Class

2A3,

(LIBOR

USD

1

Month

+

0.50%),

2.12%,

07/25/46

(b)

.........

5,841

5,382,879

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2006-OC10,

Class

2A3,

(LIBOR

USD

1

Month

+

0.46%),

2.08%,

11/25/36

(b)

.........

USD

4,212

$

3,902,735

Series

2007-25,

Class

1A3,

6.50%,

11/25/37

...............

21,375

11,715,522

Series

2007-3T1,

Class

1A1,

6.00%,

04/25/37

...............

736

395,346

Series

2007-9T1,

Class

1A1,

6.00%,

05/25/37

...............

4,034

2,222,198

Series

2007-OA3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.28%),

1.90%,

04/25/47

(b)

.........

3,185

2,776,085

Series

2007-OA3,

Class

2A2,

(LIBOR

USD

1

Month

+

0.36%),

1.98%,

04/25/47

(b)

.........

39

2,424

Series

2007-OA8,

Class

2A1,

(LIBOR

USD

1

Month

+

0.36%),

1.98%,

06/25/47

(b)

.........

650

496,143

Series

2007-OH2,

Class

A2A,

(LIBOR

USD

1

Month

+

0.48%),

2.10%,

08/25/47

(b)

.........

823

700,750

American

Home

Mortgage

Assets

Trust

(b)

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.94%),

1.42%,

10/25/46

...

2,750

2,035,631

Series

2006-4,

Class

1A12,

(LIBOR

USD

1

Month

+

0.21%),

1.83%,

10/25/46

...............

5,686

3,254,807

Series

2006-5,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.92%),

1.40%,

11/25/46

...

10,464

3,357,171

Angel

Oak

Mortgage

Trust,

Series

2019-5,

Class

B1,

3.96%,

10/25/49

(a)

(b)

......................

715

673,807

Angel

Oak

Mortgage

Trust

I

LLC,

Series

2019-2,

Class

B2,

6.29%,

03/25/49

(a)

(b)

......................

1,284

1,201,578

APS

Resecuritization

Trust

(a)(b)

Series

2016-1,

Class

1MZ,

3.38%,

07/31/57

...............

20,319

8,049,673

Series

2016-3,

Class

3A,

(LIBOR

USD

1

Month

+

2.85%),

4.47%,

09/27/46

...............

5,009

5,001,148

Banc

of

America

Funding

Trust

(a)(b)

Series

2014-R2,

Class

1C,

0.00%,

11/26/36

...............

9,510

2,588,654

Series

2016-R2,

Class

1A1,

4.70%,

05/01/33

...............

3,371

3,251,240

Barclays

Mortgage

Trust

(a)

Series

2021-NPL1,

Class

A,

2.00%,

11/25/51

(e)

..............

61,297

58,250,998

Series

2021-NPL1,

Class

B,

4.62%,

11/25/51

(e)

..............

6,222

5,936,523

Series

2021-NPL1,

Class

C,

0.00%,

11/25/51

(c)

..............

14,085

13,028,381

Bayview

Commercial

Asset

Trust,

Series

2007-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.45%),

2.07%,

09/25/37

(a)(b)

...............

7,748

7,026,366

BCAP

LLC

Trust,

Series

2011-RR5,

Class

11A5,

(LIBOR

USD

1

Month

+

0.15%),

0.97%,

05/28/36

(a)(b)

....

4,422

4,223,296

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

78

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Bear

Stearns

ALT-A

Trust

(b)

Series

2006-6,

Class

1A1,

(LIBOR

USD

1

Month

+

0.32%),

1.94%,

11/25/36

...............

USD

2,197

$

1,829,451

Series

2007-1,

Class

1A1,

(LIBOR

USD

1

Month

+

0.32%),

1.94%,

01/25/47

...............

1,962

1,731,925

Bear

Stearns

Asset-Backed

Securities

I

Trust

(e)

Series

2005-AC9,

Class

A5,

6.25%,

12/25/35

...............

2,393

1,764,100

Series

2006-AC1,

Class

1A2,

6.25%,

02/25/36

...............

3,750

2,775,176

Bear

Stearns

Mortgage

Funding

Trust

(b)

Series

2006-SL1,

Class

A1,

(LIBOR

USD

1

Month

+

0.28%),

1.90%,

08/25/36

...............

1,337

1,300,096

Series

2007-AR2,

Class

A1,

(LIBOR

USD

1

Month

+

0.17%),

1.79%,

03/25/37

...............

108

98,260

Series

2007-AR3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.14%),

1.76%,

03/25/37

..........

1,682

1,458,712

Series

2007-AR4,

Class

2A1,

(LIBOR

USD

1

Month

+

0.21%),

1.83%,

06/25/37

..........

1,142

1,064,635

BRAVO

Residential

Funding

Trust,

Series

2019-NQM2,

Class

B2,

4.80%,

11/25/59

(a)(b)

..........

1,794

1,652,148

Central

Park

Funding

Trust,

Series

2021-2,

Class

PT,

(LIBOR

USD

1

Month

+

3.00%),

4.63%,

10/27/22

(a)(b)

1,017

1,007,918

Chase

Mortgage

Finance

Trust,

Series

2007-S6,

Class

1A1,

6.00%,

12/25/37

.................

51,595

26,108,409

CHL

Mortgage

Pass-Through

Trust

Series

2005-22,

Class

2A1,

2.49%,

11/25/35

(b)

..............

1,109

990,686

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.96%),

1.44%,

04/25/46

(b)

..

26,767

9,277,717

Series

2006-OA5,

Class

3A1,

(LIBOR

USD

1

Month

+

0.40%),

2.02%,

04/25/46

(b)

.........

1,230

1,079,050

Series

2007-15,

Class

2A2,

6.50%,

09/25/37

...............

13,379

6,504,113

CHNGE

Mortgage

Trust,

Series

2022-1,

Class

A1,

3.01%,

01/25/67

(a)(b)

...

5,527

5,205,054

CIM

Trust,

Series

2019-J2,

Class

B4,

3.77%,

10/25/49

(a)(b)

..........

1,633

1,430,950

Citicorp

Mortgage

Securities

Trust

Series

2007-9,

Class

1A1,

6.25%,

12/25/37

...............

3,443

2,813,076

Series

2008-2,

Class

1A1,

6.50%,

06/25/38

...............

4,471

3,631,953

Citigroup

Mortgage

Loan

Trust,

Series

2014-C,

Class

B2,

4.25%,

02/25/54

(a)

................

582

536,096

CitiMortgage

Alternative

Loan

Trust,

Series

2007-A6,

Class

1A11,

6.00%,

06/25/37

.................

961

868,756

COLT

Mortgage

Loan

Trust,

Series

2020-2,

Class

M1,

5.25%,

03/25/65

(a)

(b)

......................

2,734

2,662,194

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Credit

Suisse

Mortgage

Capital

Certificates

(a)

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

...............

USD

21,076

$

9,164,963

Series

2021-JR1,

Class

A1,

2.46%,

09/27/66

(b)

..............

58,322

55,280,051

Series

2021-JR1,

Class

A2,

3.50%,

09/27/66

(b)

..............

2,245

2,043,667

Series

2021-JR1,

Class

B2,

0.00%,

09/27/66

...............

3,884

3,375,355

Series

2021-JR1,

Class

PT2,

0.00%,

07/26/60

(b)(c)

.............

3,435

1,202,224

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2005-10,

Class

10A1,

(LIBOR

USD

1

Month

+

1.35%),

2.97%,

11/25/35

(b)

......

3,194

647,781

CSMC

Trust

(a)(b)

Series

2014-4R,

Class

16A3,

(LIBOR

USD

1

Month

+

0.20%),

0.87%,

02/27/36

..........

2,320

2,260,253

Series

2014-9R,

Class

9A1,

(LIBOR

USD

1

Month

+

0.12%),

0.79%,

08/27/36

...............

2,826

2,216,628

Series

2014-SAF1,

Class

B5,

3.86%,

03/25/44

...............

2,835

2,365,613

Series

2015-4R,

Class

1A4,

(LIBOR

USD

1

Month

+

0.15%),

0.82%,

10/27/36

...............

5,542

4,053,486

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(LIBOR

USD

1

Month

+

0.17%),

1.79%,

08/25/47

(b)

.....

2,314

2,441,920

Deutsche

Alt-A

Securities,

Inc.,

Series

2007-RS1,

Class

A2,

(LIBOR

USD

1

Month

+

0.50%),

1.52%,

01/27/37

(a)(b)

23

22,327

Deutsche

Alt-B

Securities

Mortgage

Loan

Trust

(b)

Series

2006-AB3,

Class

A3,

6.51%,

07/25/36

...............

983

858,909

Series

2006-AB3,

Class

A8,

6.36%,

07/25/36

...............

625

546,188

Federal

Home

Loan

Mortgage

Corp.

STACR

REMIC

Trust

Variable

Rate

Notes

(a)(b)

Series

2020-DNA4,

Class

M2,

(LIBOR

USD

1

Month

+

3.75%),

5.37%,

08/25/50

..........

359

358,962

Series

2020-DNA5,

Class

B1,

(SOFR30A

+

4.80%),

5.73%,

10/25/50

...............

1,640

1,657,906

Series

2020-DNA6,

Class

B1,

(SOFR30A

+

3.00%),

3.93%,

12/25/50

...............

6,290

5,258,214

Series

2021-DNA1,

Class

B1,

(SOFR30A

+

2.65%),

3.58%,

01/25/51

...............

14,757

11,915,758

Series

2021-DNA3,

Class

B1,

(SOFR30A

+

3.50%),

4.43%,

10/25/33

...............

13,120

11,301,093

Series

2021-DNA5,

Class

B1,

(SOFR30A

+

3.05%),

3.98%,

01/25/34

...............

6,420

5,510,120

Series

2021-DNA5,

Class

B2,

(SOFR30A

+

5.50%),

6.43%,

01/25/34

...............

7,062

5,450,209

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

79

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-HQA1,

Class

B1,

(SOFR30A

+

3.00%),

3.93%,

08/25/33

...............

USD

15,276

$

11,936,801

Series

2021-HQA1,

Class

B2,

(SOFR30A

+

5.00%),

5.93%,

08/25/33

...............

6,873

5,274,039

Series

2021-HQA2,

Class

B1,

(SOFR30A

+

3.15%),

4.08%,

12/25/33

...............

6,508

5,120,453

Series

2021-HQA3,

Class

B1,

(SOFR30A

+

3.35%),

4.28%,

09/25/41

...............

6,166

5,174,404

Federal

Home

Loan

Mortgage

Corp.

Structured

Agency

Credit

Risk

Debt

Variable

Rate

Notes,

Series

2021-DNA2,

Class

B1,

(SOFR30A

+

3.40%),

4.33%,

08/25/33

(a)(b)

....

12,560

10,894,670

GCAT

Trust,

Series

2020-NQM2,

Class

B1,

4.85%,

04/25/65

(a)(b)

.......

4,430

3,975,801

GreenPoint

Mortgage

Funding

Trust,

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

2.00%),

2.48%,

03/25/36

(b)

.....

1,700

1,633,605

GS

Mortgage-Backed

Securities

Corp.

Trust

(a)(b)

Series

2019-PJ2,

Class

B4,

4.34%,

11/25/49

...............

2,609

2,558,199

Series

2020-PJ2,

Class

B4,

3.57%,

07/25/50

...............

1,893

1,756,296

GSMPS

Mortgage

Loan

Trust

(a)(b)

Series

2005-RP1,

Class

1AF,

(LIBOR

USD

1

Month

+

0.35%),

1.97%,

01/25/35

..........

3,126

2,821,966

Series

2005-RP2,

Class

1AF,

(LIBOR

USD

1

Month

+

0.35%),

1.97%,

03/25/35

..........

3,605

3,479,776

Series

2006-RP1,

Class

1AF1,

(LIBOR

USD

1

Month

+

0.35%),

1.97%,

01/25/36

..........

2,913

2,440,307

GSR

Mortgage

Loan

Trust

Series

2005-AR1,

Class

2A1,

2.46%,

01/25/35

(b)

..............

423

407,925

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

...............

206

244,809

Series

2007-OA2,

Class

2A1,

2.34%,

06/25/47

(b)

.........

1,587

1,054,006

HarborView

Mortgage

Loan

Trust

(b)

Series

2006-12,

Class

1A1A,

(LIBOR

USD

1

Month

+

0.21%),

1.82%,

12/19/36

..........

22,581

19,746,127

Series

2007-4,

Class

2A2,

(LIBOR

USD

1

Month

+

0.25%),

1.86%,

07/19/47

...............

1,254

1,138,238

Homeward

Opportunities

Fund

I

Trust,

Series

2020-2,

Class

B1,

5.45%,

05/25/65

(a)(b)

...............

6,360

6,317,087

Impac

Secured

Assets

Trust,

Series

2006-3,

Class

A1,

(LIBOR

USD

1

Month

+

0.34%),

1.96%,

11/25/36

(b)

2,114

1,863,280

IndyMac

INDX

Mortgage

Loan

Trust

(b)

Series

2006-AR15,

Class

A1,

(LIBOR

USD

1

Month

+

0.24%),

1.86%,

07/25/36

..........

678

633,342

Series

2007-AR19,

Class

3A1,

3.06%,

09/25/37

..........

5,203

3,654,005

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2007-FLX5,

Class

2A2,

(LIBOR

USD

1

Month

+

0.24%),

1.86%,

08/25/37

..........

USD

1,600

$

1,432,562

JPMorgan

Alternative

Loan

Trust,

Series

2007-A2,

Class

2A1,

3.33%,

05/25/37

(b)

................

866

758,372

JPMorgan

Madison

Avenue

Securities

Trust,

Series

2014-CH1,

Class

M2,

(LIBOR

USD

1

Month

+

4.25%),

5.87%,

11/25/24

(a)(b)

..........

1,293

1,231,867

JPMorgan

Mortgage

Trust

(b)

Series

2007-A1,

Class

4A1,

3.01%,

07/25/35

...............

11

10,682

Series

2021-4,

Class

B1,

2.88%,

08/25/51

(a)

..............

28,535

23,045,122

Series

2021-4,

Class

B2,

2.88%,

08/25/51

(a)

..............

7,232

5,801,597

Series

2021-4,

Class

B3,

2.90%,

08/25/51

(a)

..............

6,831

5,436,541

Series

2021-INV5,

Class

A2X,

0.50%,

12/25/51

(a)

.........

112,396

2,770,290

Series

2021-INV5,

Class

A5A,

2.50%,

12/25/51

(a)

.........

20,505

17,184,983

Series

2021-INV5,

Class

A5X,

0.50%,

12/25/51

(a)

.........

12,231

347,877

Series

2021-INV5,

Class

AX1,

0.19%,

12/25/51

(a)

.........

220,154

1,894,777

Series

2021-INV5,

Class

B4,

3.19%,

12/25/51

(a)

..............

2,638

1,826,604

Series

2021-INV5,

Class

B5,

3.19%,

12/25/51

(a)

..............

923

604,800

Series

2021-INV5,

Class

B6,

3.05%,

12/25/51

(a)

..............

3,166

1,182,177

Series

2021-INV7,

Class

A5A,

2.50%,

02/25/52

(a)

.........

9,471

7,996,931

Series

2021-INV7,

Class

B1,

3.27%,

02/25/52

(a)

..............

7,777

6,574,841

Series

2021-INV7,

Class

B2,

3.27%,

02/25/52

(a)

..............

1,825

1,516,926

Series

2021-INV7,

Class

B3,

3.27%,

02/25/52

(a)

..............

2,539

2,013,099

Series

2021-INV7,

Class

B4,

3.27%,

02/25/52

(a)

..............

1,349

934,191

Series

2021-INV7,

Class

B5,

3.27%,

02/25/52

(a)

..............

555

362,892

Series

2021-INV7,

Class

B6,

3.22%,

02/25/52

(a)

..............

1,825

660,406

Legacy

Mortgage

Asset

Trust

(a)(e)

Series

2020-GS5,

Class

A1,

3.25%,

06/25/60

...............

5,555

5,468,470

Series

2020-SL1,

Class

A,

2.73%,

01/25/60

...............

2,773

2,701,781

Series

2021-GS2,

Class

A1,

1.75%,

04/25/61

...............

38,131

35,746,415

Lehman

XS

Trust,

Series

2007-16N,

Class

AF2,

(LIBOR

USD

1

Month

+

1.90%),

3.52%,

09/25/47

(b)

.....

3,417

4,029,330

Loan

Revolving

Advance

Investment

Trust,

Series

2021-2,

Class

A1X,

(LIBOR

USD

1

Month

+

2.75%),

4.03%,

06/30/23

(a)(b)

..........

44,916

44,592,946

MASTR

Resecuritization

Trust,

Series

2008-3,

Class

A1,

1.32%,

08/25/37

(a)

(b)

......................

1,515

944,949

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

80

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

MCM

Trust

(c)

Series

2021-VFN1,  3.00%,

08/25/28

USD

43,466

$

42,542,149

Series

2021-VFN1,  3.00%,

08/28/28

20,938

14,025,862

Mello

Warehouse

Securitization

Trust

(a)

(b)

Series

2020-2,

Class

F,

(LIBOR

USD

1

Month

+

3.25%),

4.87%,

11/25/53

...............

2,100

2,068,849

Series

2021-2,

Class

E,

(LIBOR

USD

1

Month

+

2.75%),

4.37%,

04/25/55

...............

2,010

1,967,358

Merrill

Lynch

Alternative

Note

Asset

Trust,

Series

2007-OAR2,

Class

A2,

(LIBOR

USD

1

Month

+

0.42%),

2.04%,

04/25/37

(b)

...........

3,487

2,998,552

MFA

Trust

(a)(b)

Series

2020-NQM1,

Class

A3,

2.30%,

08/25/49

..........

346

335,585

Series

2021-NQM1,

Class

B1,

3.51%,

04/25/65

..........

6,050

5,578,185

Morgan

Stanley

Resecuritization

Trust,

Series

2013-R7,

Class

1B,

(LIBOR

USD

1

Month

+

0.16%),

0.99%,

12/26/46

(a)(b)

...............

1,327

1,251,118

Mortgage

Loan

Resecuritization

Trust,

Series

2009-RS1,

Class

A85,

(LIBOR

USD

1

Month

+

0.34%),

1.40%,

04/16/36

(a)(b)

..........

8,189

7,658,075

NACC

Reperforming

Loan

REMIC

Trust

(a)

Series

2004-R1,

Class

A1,

6.50%,

03/25/34

...............

3,697

3,282,187

Series

2004-R1,

Class

A2,

7.50%,

03/25/34

...............

849

770,822

New

Residential

Mortgage

Loan

Trust

(a)

(b)

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

...............

2,485

2,448,386

Series

2020-RPL1,

Class

B3,

3.88%,

11/25/59

...............

10,258

7,877,225

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust

Series

2001-R1A,

Class

A,

7.00%,

02/19/30

(a)(b)

.............

871

844,127

Series

2005-AP1,

Class

2A4,

6.05%,

02/25/35

(e)

..............

668

641,276

Series

2006-AF1,

Class

1A4,

7.13%,

05/25/36

(e)

..............

1,596

409,620

Series

2007-2,

Class

A4,

(LIBOR

USD

1

Month

+

0.42%),

2.04%,

06/25/37

(b)

..............

787

697,364

NYMT

Loan

Trust,

Series

2020-SP2,

Class

A1,

2.94%,

10/25/60

(a)(b)

...

21,976

21,289,185

PRPM

LLC,

Series

2021-4,

Class

A1,

1.87%,

04/25/26

(a)(e)

..........

6,969

6,523,714

RALI

Trust,

Series

2007-QH9,

Class

A1,

1.57%,

11/25/37

(b)

.........

632

570,298

RCKT

Mortgage

Trust,

Series

2020-1,

Class

B4,

3.48%,

02/25/50

(a)(b)

...

1,693

1,482,110

RCO

VI

Mortgage

LLC,

Series

2022-1,

Class

A1,

3.00%,

01/25/27

(a)(e)

...

33,850

32,211,894

Reperforming

Loan

REMIC

Trust

(a)(b)

Series

2005-R2,

Class

1AF1,

(LIBOR

USD

1

Month

+

0.34%),

1.96%,

06/25/35

..........

1,365

1,340,570

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2005-R3,

Class

AF,

(LIBOR

USD

1

Month

+

0.40%),

2.02%,

09/25/35

...............

USD

2,043

$

1,814,927

Residential

Mortgage

Loan

Trust,

Series

2019-3,

Class

B2,

5.66%,

09/25/59

(a)(b)

...............

5,100

4,518,955

RFMSI

Trust,

Series

2006-SA2,

Class

2A1,

4.63%,

08/25/36

(b)

........

8,766

6,229,691

RMF

Buyout

Issuance

Trust,

Series

2021-HB1,

Class

M6,

6.00%,

11/25/31

(a)(b)(c)

..............

3,874

3,205,096

Seasoned

Credit

Risk

Transfer

Trust,

Series

2018-1,

Class

BX,

3.56%,

05/25/57

(b)

................

1,401

693,277

Seasoned

Loans

Structured

Transaction

Trust,

Series

2020-2,

Class

M1,

4.75%,

09/25/60

(a)(b)

...

24,922

23,899,988

Sequoia

Mortgage

Trust,

Series

2007-3,

Class

2AA1,

2.98%,

07/20/37

(b)

..

1,697

1,412,977

STARM

Mortgage

Loan

Trust,

Series

2007-2,

Class

3A3,

2.28%,

04/25/37

(b)

................

500

313,205

Starwood

Mortgage

Residential

Trust,

Series

2020-3,

Class

B1,

4.75%,

04/25/65

(a)(b)

...............

4,942

4,773,931

Structured

Adjustable

Rate

Mortgage

Loan

Trust

(b)

Series

2005-11,

Class

1A1,

3.05%,

05/25/35

...............

709

572,513

Series

2006-3,

Class

4A,

3.02%,

04/25/36

...............

1,571

1,047,751

Structured

Asset

Mortgage

Investments

II

Trust

(b)

Series

2006-AR2,

Class

A1,

(LIBOR

USD

1

Month

+

0.46%),

2.08%,

02/25/36

...............

1,808

1,551,109

Series

2006-AR4,

Class

3A1,

(LIBOR

USD

1

Month

+

0.38%),

2.00%,

06/25/36

..........

4,374

3,807,136

Series

2006-AR5,

Class

2A1,

(LIBOR

USD

1

Month

+

0.42%),

2.04%,

05/25/46

..........

1,034

687,929

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust,

Series

2006-

RF4,

Class

2A1,

6.00%,

10/25/36

(a)

2,315

1,455,585

Thornburg

Mortgage

Securities

Trust,

Series

2006-3,

Class

A1,

2.34%,

06/25/46

(b)

................

3,056

2,215,772

TVC

DSCR

  2.38%,

02/01/51

(c)

..........

64,158

65,831,188

TVC

Mortgage

Trust,

Series

2020-

RTL1,

Class

A1,

3.47%,

09/25/24

(a)

2,170

2,163,716

Verus

Securitization

Trust

(a)(b)

Series

2019-4,

Class

B1,

3.86%,

11/25/59

...............

1,400

1,388,327

Series

2019-INV2,

Class

M1,

3.50%,

07/25/59

...............

1,415

1,411,042

Series

2020-5,

Class

M1,

2.60%,

05/25/65

...............

3,834

3,470,651

Series

2022-1,

Class

B1,

4.01%,

01/25/67

...............

2,802

2,317,889

Visio

Trust

(a)(b)

Series

2019-2,

Class

B1,

3.91%,

11/25/54

...............

1,825

1,555,349

Series

2020-1,

Class

M1,

4.45%,

08/25/55

...............

1,900

1,752,256

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

81

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Vista

Point

Securitization

Trust

(a)(b)

Series

2020-1,

Class

B1,

5.38%,

03/25/65

...............

USD

1,800

$

1,762,269

Series

2020-2,

Class

B1,

4.90%,

04/25/65

...............

1,160

1,107,049

WaMu

Mortgage

Pass-Through

Certificates

Trust

(b)

Series

2006-AR5,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.99%),

1.47%,

06/25/46

...

301

278,023

Series

2007-OA5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.75%),

1.23%,

06/25/47

...

7,683

6,748,068

Series

2007-OA5,

Class

2A,

(Cost

of

Funds

for

the

11th

District

of

San

Francisco

+

1.25%),

1.47%,

06/25/47

...............

2,567

2,131,997

Washington

Mutual

Mortgage

Pass-

Through

Certificates

WMALT

Trust

Series

2005-9,

Class

5A6,

(LIBOR

USD

1

Month

+

0.55%),

2.17%,

11/25/35

(b)

..............

732

509,674

Series

2005-9,

Class

5A9,

5.50%,

11/25/35

...............

297

240,883

Series

2006-1,

Class

4CB,

6.50%,

02/25/36

...............

2,261

1,926,000

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

...............

2,692

2,548,456

Series

2006-4,

Class

3A1,

7.00%,

05/25/36

(e)

..............

3,416

3,089,032

Series

2006-4,

Class

3A5,

6.85%,

05/25/36

(e)

..............

908

821,202

Series

2007-OA1,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.72%),

1.20%,

12/25/46

(b)

..

5,916

4,909,471

Western

Mortgage

Reference

Notes

(a)(b)

Series

2021-CL2,

Class

M1,

(SOFR30A

+

3.15%),

4.08%,

07/25/59

...............

18,449

18,271,216

Series

2021-CL2,

Class

M2,

(SOFR30A

+

3.70%),

4.63%,

07/25/59

...............

18,558

18,381,676

WinWater

Mortgage

Loan

Trust,

Series

2014-3,

Class

B5,

3.97%,

11/20/44

(a)

(b)

......................

1,651

1,646,276

1,205,074,203

1,312,443,527

Commercial

Mortgage-Backed

Securities

—

3.7%

Bermuda

—

0.1%

RIAL

Issuer

Ltd.,

Series

2022-FL8,

Class

A,

(TSFR1M

+

2.25%),

3.76%,

01/19/37

(a)(b)

...............

37,543

37,274,380

Cayman

Islands

—

0.0%

MF1,

Series

2021-W10,

Class

G,

(TSFR1M

+

4.22%),

5.50%,

12/15/34

(a)(b)(c)

..............

1,999

1,839,080

Security

Par

(000)

Par

(000)

Value

Ireland

—

0.1%

(b)

Agora

Securities

DAC,

Series

2021-

1X,

Class

A,

(SONIO/N

+

1.20%),

2.14%,

08/17/31

(d)

...........

GBP

1,262

$

1,487,223

Atom

Mortgage

Securities

DAC

Series

1X,

Class

D,

(SONIO/N

+

1.90%),

2.84%,

07/22/31

(d)

...

1,906

2,125,381

Series

1X,

Class

E,

(SONIO/N

+

2.80%),

3.74%,

07/22/31

(d)

...

2,158

2,369,572

Frost

CMBS

DAC,

Series

2021-1X,

Class

GBA,

(SONIO/N

+

1.35%),

2.29%,

11/22/26

(d)

...........

1,855

2,216,512

Haus

European

Loan

Conduit

No.

39

DAC

Series

39X,

Class

A1,

(EURIBOR

3

Month

+

0.65%),

0.65%,

07/28/51

(d)

..............

EUR

2,508

2,492,567

Series

39X,

Class

B,

(EURIBOR

3

Month

+

1.10%),

1.10%,

07/28/51

(d)

..............

1,039

1,013,824

Series

39X,

Class

C,

(EURIBOR

3

Month

+

1.40%),

1.40%,

07/28/51

(d)

..............

841

814,253

Series

39X,

Class

D,

(EURIBOR

3

Month

+

2.00%),

2.00%,

07/28/51

(d)

..............

3,428

3,264,782

Last

Mile

Logistics

Pan

Euro

Finance

DAC

Series

1X,

Class

A,

(EURIBOR

3

Month

+

0.75%),

0.75%,

08/17/33

(d)

..............

1,870

1,934,482

Series

1X,

Class

B,

(EURIBOR

3

Month

+

1.05%),

1.05%,

08/17/33

(d)

..............

1,141

1,145,683

Series

1X,

Class

C,

(EURIBOR

3

Month

+

1.40%),

1.40%,

08/17/33

(d)

..............

1,350

1,354,652

Series

1X,

Class

D,

(EURIBOR

3

Month

+

1.90%),

1.90%,

08/17/33

(d)

..............

1,045

1,044,472

Last

Mile

Securities

PE

DAC

Series

2021-1X,

Class

B,

(EURIBOR

3

Month

+

1.20%),

1.20%,

08/17/31

(d)

..............

939

933,346

Series

2021-1X,

Class

C,

(EURIBOR

3

Month

+

1.60%),

1.60%,

08/17/31

(d)

..............

1,061

1,051,698

Pearl

Finance

DAC

Series

2020-1,

Class

A2,

(EURIBOR

3

Month

+

1.90%),

1.90%,

11/17/32

(d)

..............

1,128

1,174,598

Series

2020-1,

Class

B,

(EURIBOR

3

Month

+

2.50%),

2.50%,

11/17/32

(d)

..............

1,355

1,412,432

River

Green

Finance

2020

DAC

Series

2020-1,

Class

B,

(EURIBOR

3

Month

+

1.05%),

1.05%,

01/22/32

(d)

..............

547

567,460

Series

2020-1,

Class

C,

(EURIBOR

3

Month

+

1.40%),

1.40%,

01/22/32

(d)

..............

327

338,826

Scorpio

European

Loan

Conduit

No.

34

DAC,

Series

34A,

Class

C,

(SONIO/N

+

2.22%),

3.16%,

05/17/29

(a)

................

GBP

2,678

3,234,137

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

82

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Taurus

FR

DAC

Series

2019-1FR,

Class

B,

(EURIBOR

3

Month

+

1.45%),

1.45%,

02/02/31

(d)

.........

EUR

365

$

370,232

Series

2019-1FR,

Class

C,

(EURIBOR

3

Month

+

1.95%),

1.95%,

02/02/31

(d)

.........

387

392,091

Taurus

UK

DAC

Series

2019-UK2,

Class

B,

(SONIO/N

+

1.92%),

2.86%,

11/17/29

(d)

..............

GBP

3,380

4,059,657

Series

2019-UK2,

Class

C,

(SONIO/N

+

2.22%),

3.16%,

11/17/29

(d)

..............

2,089

2,495,860

Series

2021-UK1X,

Class

B,

(SONIO/N

+

1.30%),

2.24%,

05/17/31

(d)

..............

880

1,020,362

Series

2021-UK1X,

Class

C,

(SONIO/N

+

1.65%),

2.59%,

05/17/31

(d)

..............

536

612,980

Series

2021-UK1X,

Class

D,

(SONIO/N

+

2.60%),

3.54%,

05/17/31

(d)

..............

547

615,510

Series

2021-UK4X,

Class

A,

(SONIO/N

+

0.95%),

1.89%,

08/17/31

(d)

..............

2,098

2,453,081

Series

2021-UK4X,

Class

B,

(SONIO/N

+

1.50%),

2.44%,

08/17/31

(d)

..............

1,506

1,761,733

Series

2021-UK4X,

Class

D,

(SONIO/N

+

2.10%),

3.04%,

08/17/31

(d)

..............

2,341

2,671,587

46,428,993

Italy

—

0.1%

(d)

Cassia

SRL

(b)

Series

2022-1X,

Class

A,

(EURIBOR

3

Month

+

2.50%),

2.50%,

05/22/34

(d)

..............

EUR

12,954

12,909,026

Series

2022-1X,

Class

B,

(EURIBOR

3

Month

+

3.50%),

3.50%,

05/22/34

(d)

..............

6,191

6,121,820

19,030,846

Switzerland

—

0.0%

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2005-C2,

Class

AMFX,

4.88%,

04/15/37

...

USD

26

26,073

United

Kingdom

—

0.0%

(b)

Canary

Wharf

Finance

II

plc

Series

II,

Class

C2,

(SONIO/N

+

1.49%),

2.43%,

10/22/37

(d)

...

GBP

2,100

2,070,908

Series

II,

Class

D2,

(SONIO/N

+

2.22%),

3.16%,

10/22/37

(d)

...

14,689

15,033,604

Sage

AR

Funding

No.

1

plc,

Series

1X,

Class

C,

(SONIO/N

+

2.15%),

3.09%,

11/17/30

(d)

...........

535

631,229

17,735,741

Security

Par

(000)

Par

(000)

Value

United

States

—

3.4%

Alen

Mortgage

Trust,

Series

2021-

ACEN,

Class

D,

(LIBOR

USD

1

Month

+

3.10%),

4.42%,

04/15/34

(a)(b)

USD

4,827

$

4,575,622

Arbor

Multifamily

Mortgage

Securities

Trust,

Series

2020-MF1,

Class

E,

1.75%,

05/15/53

(a)

...........

1,165

765,724

AREIT

2022-CRE7

LLC,

Series

2022-

CRE7,

Class

A,

(TSFR1M

+

2.24%),

3.24%,

06/17/39

(a)(b)

..........

11,460

11,383,841

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(LIBOR

USD

1

Month

+

2.10%),

3.42%,

04/15/35

(a)(b)

2,013

1,882,414

Atrium

Hotel

Portfolio

Trust

(a)(b)

Series

2017-ATRM,

Class

D,

(LIBOR

USD

1

Month

+

1.95%),

3.27%,

12/15/36

...............

12,415

11,478,265

Series

2017-ATRM,

Class

E,

(LIBOR

USD

1

Month

+

3.05%),

4.37%,

12/15/36

...............

4,005

3,602,520

Avenue

of

the

Americas

Trust

(a)(b)

Series

2015-1211,

Class

C,

4.28%,

08/10/35

...............

1,100

1,055,380

Series

2015-1211,

Class

D,

4.28%,

08/10/35

...............

1,530

1,426,964

Series

2015-1211,

Class

E,

4.28%,

08/10/35

...............

2,360

2,110,826

BAMLL

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2015-200P,

Class

F,

3.72%,

04/14/33

...............

5,531

4,983,315

Series

2017-SCH,

Class

AF,

(LIBOR

USD

1

Month

+

1.00%),

2.32%,

11/15/33

...............

250

234,838

Series

2017-SCH,

Class

BF,

(LIBOR

USD

1

Month

+

1.40%),

2.72%,

11/15/33

...............

6,440

5,952,834

Series

2017-SCH,

Class

CL,

(LIBOR

USD

1

Month

+

1.50%),

2.82%,

11/15/32

...............

2,560

2,242,611

Series

2017-SCH,

Class

DL,

(LIBOR

USD

1

Month

+

2.00%),

3.32%,

11/15/32

...............

5,070

4,198,062

Series

2018-DSNY,

Class

C,

(LIBOR

USD

1

Month

+

1.35%),

2.67%,

09/15/34

...............

590

560,372

Series

2018-DSNY,

Class

D,

(LIBOR

USD

1

Month

+

1.70%),

3.02%,

09/15/34

...............

4,862

4,596,283

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-3A,

Class

A1,

(LIBOR

USD

1

Month

+

0.48%),

2.10%,

11/25/35

...............

3,635

3,296,561

Series

2005-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.45%),

2.07%,

01/25/36

...............

6,423

5,815,556

Series

2005-4A,

Class

A2,

(LIBOR

USD

1

Month

+

0.59%),

2.21%,

01/25/36

...............

155

141,234

Series

2005-4A,

Class

M1,

(LIBOR

USD

1

Month

+

0.68%),

2.30%,

01/25/36

...............

415

375,497

Series

2006-1A,

Class

A2,

(LIBOR

USD

1

Month

+

0.54%),

2.16%,

04/25/36

...............

605

541,789

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

83

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2006-2A,

Class

A2,

(LIBOR

USD

1

Month

+

0.42%),

2.04%,

07/25/36

...............

USD

1,088

$

992,352

Series

2006-3A,

Class

A1,

(LIBOR

USD

1

Month

+

0.38%),

2.00%,

10/25/36

...............

803

745,918

Series

2006-3A,

Class

A2,

(LIBOR

USD

1

Month

+

0.45%),

2.07%,

10/25/36

...............

871

810,407

Series

2006-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.35%),

1.97%,

12/25/36

...............

2,484

2,288,649

Series

2007-1,

Class

A2,

(LIBOR

USD

1

Month

+

0.27%),

1.89%,

03/25/37

...............

1,744

1,593,687

Series

2007-2A,

Class

A1,

(LIBOR

USD

1

Month

+

0.27%),

1.89%,

07/25/37

...............

2,281

2,012,156

Series

2007-6A,

Class

A4A,

(LIBOR

USD

1

Month

+

1.50%),

3.12%,

12/25/37

...............

11,027

10,001,644

Series

2008-2,

Class

A4A,

(LIBOR

USD

1

Month

+

2.50%),

4.12%,

04/25/38

...............

3,072

3,003,605

BBCMS

Mortgage

Trust

(b)

Series

2018-CHRS,

Class

E,

4.41%,

08/05/38

(a)

..............

2,640

1,984,080

Series

2018-TALL,

Class

A,

(LIBOR

USD

1

Month

+

0.72%),

2.05%,

03/15/37

(a)

..............

2,453

2,339,145

Series

2022-C16,

Class

A5,

4.60%,

06/15/55

...............

11,790

12,040,903

BB-UBS

Trust,

Series

2012-SHOW,

Class

E,

4.16%,

11/05/36

(a)(b)

....

2,313

2,090,938

Bear

Stearns

Commercial

Mortgage

Securities

Trust,

Series

2005-PWR7,

Class

B,

5.21%,

02/11/41

(b)

.....

465

459,406

Beast

Mortgage

Trust

(a)(b)

Series

2021-SSCP,

Class

B,

(LIBOR

USD

1

Month

+

1.10%),

2.42%,

04/15/36

...............

6,829

6,465,863

Series

2021-SSCP,

Class

C,

(LIBOR

USD

1

Month

+

1.35%),

2.67%,

04/15/36

...............

8,403

7,844,031

Series

2021-SSCP,

Class

D,

(LIBOR

USD

1

Month

+

1.60%),

2.92%,

04/15/36

...............

7,896

7,319,722

Series

2021-SSCP,

Class

E,

(LIBOR

USD

1

Month

+

2.10%),

3.42%,

04/15/36

...............

6,692

6,176,259

Series

2021-SSCP,

Class

F,

(LIBOR

USD

1

Month

+

2.90%),

4.22%,

04/15/36

...............

6,430

5,926,439

Series

2021-SSCP,

Class

G,

(LIBOR

USD

1

Month

+

3.80%),

5.12%,

04/15/36

...............

7,248

6,689,682

Series

2021-SSCP,

Class

H,

(LIBOR

USD

1

Month

+

4.90%),

6.23%,

04/15/36

...............

5,096

4,711,608

Benchmark

Mortgage

Trust

(b)

Series

2018-B3,

Class

D,

3.19%,

04/10/51

(a)

..............

570

447,603

Series

2019-B10,

Class

3CCA,

4.03%,

03/15/62

(a)

.........

4,139

3,428,137

Series

2022-B35,

Class

A5,

4.59%,

05/15/55

...............

7,420

7,506,329

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

BFLD

Trust,

Series

2020-EYP,

Class

E,

(LIBOR

USD

1

Month

+

3.70%),

5.02%,

10/15/35

(a)(b)

..........

USD

9,640

$

9,061,611

BHMS,

Series

2018-ATLS,

Class

A,

(LIBOR

USD

1

Month

+

1.25%),

2.57%,

07/15/35

(a)(b)

..........

15,173

14,587,640

BMO

Mortgage

Trust,

Series

2022-C2,

Class

A5,

1.00%,

07/15/54

(b)

....

5,421

5,614,693

BOCA

Commercial

Mortgage

Trust,

Series

2022-BOCA,

Class

A,

(TSFR1M

+

1.77%),

2.27%,

05/15/39

(a)(b)

...............

10,657

10,441,408

BPR

Trust

(a)(b)

Series

2021-TY,

Class

E,

(LIBOR

USD

1

Month

+

3.60%),

4.92%,

09/15/38

...............

5,768

5,532,949

Series

2022-SSP,

Class

A,

(TSFR1M

+

3.00%),

4.28%,

05/15/39

...

2,870

2,843,562

BWAY

Mortgage

Trust

(a)

Series

2013-1515,

Class

A2,

3.45%,

03/10/33

...............

4,630

4,440,316

Series

2013-1515,

Class

D,

3.63%,

03/10/33

...............

9,570

8,826,613

Series

2013-1515,

Class

E,

3.72%,

03/10/33

...............

650

588,337

Series

2013-1515,

Class

F,

4.06%,

03/10/33

(b)

..............

601

547,765

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2019-XL,

Class

G,

(LIBOR

USD

1

Month

+

2.30%),

3.62%,

10/15/36

...............

38,734

36,700,691

Series

2019-XL,

Class

J,

(LIBOR

USD

1

Month

+

2.65%),

3.97%,

10/15/36

...............

43,869

41,237,887

Series

2020-VKNG,

Class

F,

(LIBOR

USD

1

Month

+

2.75%),

4.07%,

10/15/37

...............

5,767

5,364,599

Series

2021-21M,

Class

E,

(LIBOR

USD

1

Month

+

2.17%),

3.49%,

10/15/36

...............

11,218

10,426,570

Series

2021-MC,

Class

E,

(LIBOR

USD

1

Month

+

2.10%),

3.42%,

04/15/34

...............

3,107

2,915,382

Series

2021-MC,

Class

F,

(LIBOR

USD

1

Month

+

2.35%),

3.67%,

04/15/34

...............

3,250

3,008,278

Series

2021-NWM,

Class

A,

(LIBOR

USD

1

Month

+

0.91%),

2.23%,

02/15/33

(c)

..............

25,114

24,297,652

Series

2021-NWM,

Class

B,

(LIBOR

USD

1

Month

+

2.15%),

3.47%,

02/15/33

(c)

..............

15,394

14,893,727

Series

2021-NWM,

Class

C,

(LIBOR

USD

1

Month

+

4.25%),

5.57%,

02/15/33

(c)

..............

10,302

9,966,898

Series

2021-SOAR,

Class

A,

(LIBOR

USD

1

Month

+

0.67%),

2.00%,

06/15/38

...............

1,865

1,789,936

Series

2021-SOAR,

Class

G,

(LIBOR

USD

1

Month

+

2.80%),

4.12%,

06/15/38

..........

22,486

20,684,677

Series

2021-SOAR,

Class

J,

(LIBOR

USD

1

Month

+

3.75%),

5.07%,

06/15/38

...............

19,800

18,148,219

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

84

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-VINO,

Class

F,

(LIBOR

USD

1

Month

+

2.80%),

4.13%,

05/15/38

...............

USD

12,799

$

11,520,779

Series

2021-VIV5,

Class

A,

2.84%,

03/09/44

...............

5,618

4,859,307

Series

2022-CSMO,

Class

C,

(TSFR1M

+

3.89%),

4.64%,

06/15/27

...............

4,000

3,919,970

Series

2022-LP2,

Class

F,

(TSFR1M

+

3.26%),

4.59%,

02/15/39

...

6,550

6,053,505

BX

Trust

(a)(b)

Series

2019-OC11,

Class

E,

4.08%,

12/09/41

...............

12,731

10,227,500

Series

2021-ARIA,

Class

D,

(LIBOR

USD

1

Month

+

1.90%),

3.22%,

10/15/36

...............

4,111

3,827,151

Series

2021-ARIA,

Class

G,

(LIBOR

USD

1

Month

+

3.14%),

4.47%,

10/15/36

...............

12,989

11,724,573

Series

2021-LBA,

Class

FJV,

(LIBOR

USD

1

Month

+

2.40%),

3.72%,

02/15/36

..........

11,223

10,330,981

Series

2021-LBA,

Class

FV,

(LIBOR

USD

1

Month

+

2.40%),

3.72%,

02/15/36

...............

9,000

8,165,499

Series

2021-LBA,

Class

GJV,

(LIBOR

USD

1

Month

+

3.00%),

4.33%,

02/15/36

..........

14,732

13,494,969

Series

2021-LBA,

Class

GV,

(LIBOR

USD

1

Month

+

3.00%),

4.33%,

02/15/36

...............

11,655

10,560,696

Series

2021-MFM1,

Class

E,

(LIBOR

USD

1

Month

+

2.25%),

3.57%,

01/15/34

...............

2,880

2,694,582

Series

2021-MFM1,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

4.32%,

01/15/34

...............

4,460

4,143,853

Series

2021-SDMF,

Class

J,

(LIBOR

USD

1

Month

+

4.03%),

5.36%,

09/15/34

...............

2,458

2,259,731

Series

2021-VIEW,

Class

E,

(LIBOR

USD

1

Month

+

3.60%),

4.92%,

06/15/36

...............

13,063

12,095,582

Series

2022-IND,

Class

E,

(TSFR1M

+

3.99%),

5.32%,

04/15/37

...

21,431

20,273,529

Series

2022-LBA6,

Class

D,

(TSFR1M

+

2.00%),

3.28%,

01/15/39

...............

5,950

5,629,459

BXP

Trust

(a)(b)

Series

2017-CC,

Class

D,

3.67%,

08/13/37

...............

1,930

1,696,983

Series

2017-CC,

Class

E,

3.67%,

08/13/37

...............

3,820

3,267,932

Series

2017-GM,

Class

D,

3.54%,

06/13/39

...............

1,520

1,333,393

Series

2017-GM,

Class

E,

3.54%,

06/13/39

...............

3,300

2,806,311

Series

2021-601L,

Class

D,

2.87%,

01/15/44

...............

5,549

3,970,018

CAMB

Commercial

Mortgage

Trust

(a)(b)

Series

2019-LIFE,

Class

E,

(LIBOR

USD

1

Month

+

2.15%),

3.47%,

12/15/37

...............

14,638

14,068,085

Series

2019-LIFE,

Class

G,

(LIBOR

USD

1

Month

+

3.25%),

4.57%,

12/15/37

...............

2,726

2,588,464

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

CFCRE

Commercial

Mortgage

Trust

Series

2016-C4,

Class

C,

5.01%,

05/10/58

(b)

..............

USD

6,142

$

5,776,313

Series

2018-TAN,

Class

A,

4.24%,

02/15/33

(a)

..............

3,210

3,188,017

Series

2018-TAN,

Class

B,

4.69%,

02/15/33

(a)

..............

3,870

3,834,646

Series

2018-TAN,

Class

C,

5.29%,

02/15/33

(a)

..............

3,020

2,989,075

Series

2018-TAN,

Class

E,

6.66%,

02/15/33

(a)(b)

.............

1,180

1,164,563

CFK

Trust

(a)(b)

Series

2019-FAX,

Class

D,

4.79%,

01/15/39

...............

6,897

6,207,848

Series

2019-FAX,

Class

E,

4.79%,

01/15/39

...............

6,152

5,329,648

CHC

Commercial

Mortgage

Trust,

Series

2019-CHC,

Class

B,

(LIBOR

USD

1

Month

+

1.50%),

2.82%,

06/15/34

(a)(b)

...............

16,406

15,862,699

Citigroup

Commercial

Mortgage

Trust

Series

2014-GC19,

Class

C,

5.26%,

03/10/47

(b)

..............

1,156

1,138,474

Series

2015-GC27,

Class

C,

4.57%,

02/10/48

(b)

..............

7,133

6,735,657

Series

2016-C1,

Class

D,

5.11%,

05/10/49

(a)(b)

.............

1,180

1,044,526

Series

2016-GC37,

Class

C,

5.09%,

04/10/49

(b)

..............

2,110

2,005,677

Series

2016-P3,

Class

C,

5.05%,

04/15/49

(b)

..............

80

74,326

Series

2019-PRM,

Class

D,

4.35%,

05/10/36

(a)

..............

1,890

1,887,343

Series

2019-PRM,

Class

E,

4.89%,

05/10/36

(a)(b)

.............

11,599

11,663,090

Series

2019-PRM,

Class

F,

4.89%,

05/10/36

(a)(b)

.............

5,775

5,790,233

Series

2019-SMRT,

Class

D,

4.90%,

01/10/36

(a)(b)

.............

17,385

16,984,769

Series

2019-SMRT,

Class

E,

4.90%,

01/10/36

(a)(b)

.............

1,081

1,046,948

Series

2020-420K,

Class

E,

3.42%,

11/10/42

(a)(b)

.............

2,660

1,955,662

Cold

Storage

Trust

(a)(b)

Series

2020-ICE5,

Class

E,

(LIBOR

USD

1

Month

+

2.77%),

4.09%,

11/15/37

...............

15,600

15,099,702

Series

2020-ICE5,

Class

F,

(LIBOR

USD

1

Month

+

3.49%),

4.82%,

11/15/37

...............

7,334

6,966,706

Commercial

Mortgage

Trust

Series

2013-300P,

Class

D,

4.54%,

08/10/30

(a)(b)

.............

750

722,831

Series

2013-GAM,

Class

A2,

3.37%,

02/10/28

(a)

..............

695

685,584

Series

2013-GAM,

Class

E,

3.53%,

02/10/28

(a)(b)

.............

4,614

4,153,598

Series

2014-CR15,

Class

C,

4.82%,

02/10/47

(b)

..............

670

660,476

Series

2014-CR21,

Class

A3,

3.53%,

12/10/47

...............

2,275

2,240,455

Series

2015-LC21,

Class

C,

4.48%,

07/10/48

(b)

..............

3,932

3,694,880

Series

2015-LC23,

Class

A4,

3.77%,

10/10/48

...............

2,008

1,975,502

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

85

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2016-667M,

Class

D,

3.28%,

10/10/36

(a)(b)

.............

USD

1,840

$

1,527,285

Credit

Suisse

Mortgage

Capital

Certificates

(b)

Series

2015-RPL1,  0.00%,

02/15/24

23,200

22,978,672

Series

2019-ICE4,

Class

C,

(LIBOR

USD

1

Month

+

1.43%),

2.75%,

05/15/36

(a)

..............

2,800

2,731,185

Series

2019-ICE4,

Class

E,

(LIBOR

USD

1

Month

+

2.15%),

3.47%,

05/15/36

(a)

..............

14,101

13,532,890

Series

2019-ICE4,

Class

F,

(LIBOR

USD

1

Month

+

2.65%),

3.97%,

05/15/36

(a)

..............

14,894

14,150,441

Series

2020-NET,

Class

D,

3.83%,

08/15/37

(a)

..............

560

506,452

Series

2021-980M,

Class

E,

3.65%,

07/15/31

(a)

..............

3,955

3,325,275

CSAIL

Commercial

Mortgage

Trust

Series

2018-CX12,

Class

C,

4.90%,

08/15/51

(b)

..............

1,586

1,447,307

Series

2019-C15,

Class

D,

3.00%,

03/15/52

(a)

..............

909

664,461

CSMC

Trust

(a)

Series

2017-PFHP,

Class

A,

(LIBOR

USD

1

Month

+

0.95%),

2.27%,

12/15/30

(b)

..............

2,310

2,289,808

Series

2017-TIME,

Class

A,

3.65%,

11/13/39

...............

2,190

1,951,541

Series

2020-FACT,

Class

E,

(LIBOR

USD

1

Month

+

4.86%),

6.19%,

10/15/37

(b)

..............

7,360

6,989,317

Series

2021-BHAR,

Class

E,

(LIBOR

USD

1

Month

+

3.50%),

4.83%,

11/15/38

(b)(c)

.............

2,315

2,175,630

DBGS

Mortgage

Trust

(a)(b)

Series

2018-BIOD,

Class

D,

(LIBOR

USD

1

Month

+

1.30%),

2.49%,

05/15/35

...............

137

133,103

Series

2019-1735,

Class

F,

4.33%,

04/10/37

...............

2,873

2,117,242

DBUBS

Mortgage

Trust

(a)

Series

2017-BRBK,

Class

A,

3.45%,

10/10/34

...............

6,680

6,489,017

Series

2017-BRBK,

Class

D,

3.65%,

10/10/34

(b)

..............

3,760

3,538,990

Series

2017-BRBK,

Class

E,

3.65%,

10/10/34

(b)

..............

9,340

8,616,054

Series

2017-BRBK,

Class

F,

3.65%,

10/10/34

(b)

..............

2,880

2,622,289

ELP

Commercial

Mortgage

Trust

(a)(b)

Series

2021-ELP,

Class

G,

(LIBOR

USD

1

Month

+

3.12%),

4.44%,

11/15/38

...............

11,896

10,904,029

Series

2021-ELP,

Class

J,

(LIBOR

USD

1

Month

+

3.61%),

4.94%,

11/15/38

...............

4,516

4,135,353

Extended

Stay

America

Trust

(a)(b)

Series

2021-ESH,

Class

D,

(LIBOR

USD

1

Month

+

2.25%),

3.58%,

07/15/38

...............

13,661

13,180,663

Series

2021-ESH,

Class

E,

(LIBOR

USD

1

Month

+

2.85%),

4.17%,

07/15/38

...............

14,908

14,248,483

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-ESH,

Class

F,

(LIBOR

USD

1

Month

+

3.70%),

5.02%,

07/15/38

...............

USD

15,544

$

14,927,615

GCT

Commercial

Mortgage

Trust

(a)(b)

Series

2021-GCT,

Class

A,

(LIBOR

USD

1

Month

+

0.80%),

2.12%,

02/15/38

...............

3,230

3,126,744

Series

2021-GCT,

Class

D,

(LIBOR

USD

1

Month

+

2.35%),

3.67%,

02/15/38

...............

770

731,220

Grace

Trust,

Series

2020-GRCE,

Class

E,

2.77%,

12/10/40

(a)(b)

........

5,700

4,019,047

GS

Mortgage

Securities

Corp.

II

(a)

Series

2005-ROCK,

Class

A,

5.37%,

05/03/32

...............

7,340

7,411,240

Series

2012-TMSQ,

Class

D,

3.57%,

12/10/30

(b)

..............

2,620

2,617,105

Series

2017-375H,

Class

A,

3.59%,

09/10/37

(b)

..............

1,460

1,368,888

GS

Mortgage

Securities

Corp.

Trust

(a)

Series

2017-GPTX,

Class

A,

2.86%,

05/10/34

...............

6,110

6,100,011

Series

2020-TWN3,

Class

B,

(LIBOR

USD

1

Month

+

2.50%),

3.82%,

11/15/37

(b)

..............

536

524,830

Series

2020-TWN3,

Class

D,

(LIBOR

USD

1

Month

+

3.70%),

5.02%,

11/15/37

(b)

.........

400

391,264

Series

2021-DM,

Class

F,

(LIBOR

USD

1

Month

+

3.44%),

4.76%,

11/15/36

(b)

..............

3,776

3,526,259

Series

2021-ROSS,

Class

A,

(LIBOR

USD

1

Month

+

1.15%),

2.48%,

05/15/26

(b)

..............

2,320

2,238,079

GS

Mortgage

Securities

Trust

Series

2012-GCJ9,

Class

C,

4.45%,

11/10/45

(a)(b)

.............

2,652

2,621,082

Series

2014-GC20,

Class

B,

4.53%,

04/10/47

(b)

..............

370

355,274

Series

2015-590M,

Class

E,

3.93%,

10/10/35

(a)(b)

.............

2,540

2,251,090

Series

2017-GS7,

Class

D,

3.00%,

08/10/50

(a)

..............

2,248

1,777,036

Series

2019-GSA1,

Class

C,

3.93%,

11/10/52

(b)(c)

.............

1,130

991,688

Harvest

Commercial

Capital

Loan

Trust,

Series

2020-1,

Class

M4,

5.96%,

04/25/52

(a)(b)

...............

1,181

1,045,993

HONO

Mortgage

Trust

(a)(b)

Series

2021-LULU,

Class

E,

(LIBOR

USD

1

Month

+

3.35%),

4.67%,

10/15/36

...............

4,693

4,432,445

Series

2021-LULU,

Class

F,

(LIBOR

USD

1

Month

+

4.40%),

5.72%,

10/15/36

...............

3,031

2,852,717

Hudson

Yards

Mortgage

Trust

(a)(b)

Series

2019-30HY,

Class

E,

3.56%,

07/10/39

...............

4,966

4,135,783

Series

2019-55HY,

Class

F,

3.04%,

12/10/41

...............

8,659

6,695,939

IMT

Trust

(a)

Series

2017-APTS,

Class

AFX,

3.48%,

06/15/34

..........

4,090

3,990,462

Series

2017-APTS,

Class

DFX,

3.61%,

06/15/34

(b)

.........

1,350

1,277,799

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

86

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2017-APTS,

Class

EFX,

3.61%,

06/15/34

(b)

.........

USD

2,090

$

1,951,225

Independence

Plaza

Trust

(a)

Series

2018-INDP,

Class

B,

3.91%,

07/10/35

...............

1,220

1,176,141

Series

2018-INDP,

Class

C,

4.16%,

07/10/35

...............

2,655

2,549,288

JPMBB

Commercial

Mortgage

Securities

Trust

(b)

Series

2014-C22,

Class

B,

4.70%,

09/15/47

...............

1,096

1,050,804

Series

2015-C33,

Class

D1,

4.26%,

12/15/48

(a)

..............

4,979

4,367,355

JPMCC

Commercial

Mortgage

Securities

Trust

Series

2017-JP7,

Class

B,

4.05%,

09/15/50

...............

840

793,032

Series

2019-COR5,

Class

A3,

3.12%,

06/13/52

..........

2,890

2,665,229

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2015-JP1,

Class

C,

4.88%,

01/15/49

(b)

..............

1,650

1,582,921

Series

2015-JP1,

Class

D,

4.38%,

01/15/49

(b)

..............

6,182

5,442,594

Series

2016-NINE,

Class

A,

2.95%,

09/06/38

(a)(b)

.............

3,399

3,143,242

Series

2018-AON,

Class

A,

4.13%,

07/05/31

(a)

..............

4,834

4,756,243

Series

2018-PHH,

Class

A,

(LIBOR

USD

1

Month

+

1.06%),

2.71%,

06/15/35

(a)(b)

.............

3,566

3,472,165

Series

2018-WPT,

Class

DFX,

5.35%,

07/05/33

(a)

.........

1,497

1,473,075

Series

2019-MFP,

Class

E,

(LIBOR

USD

1

Month

+

2.16%),

3.48%,

07/15/36

(a)(b)

.............

5,580

5,237,839

Series

2019-MFP,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

4.32%,

07/15/36

(a)(b)

.............

8,059

7,405,924

Series

2020-609M,

Class

D,

(LIBOR

USD

1

Month

+

2.77%),

4.10%,

10/15/33

(a)(b)

.............

2,500

2,361,582

Series

2021-MHC,

Class

E,

(LIBOR

USD

1

Month

+

2.45%),

3.77%,

04/15/38

(a)(b)

.............

11,570

10,698,273

Series

2021-MHC,

Class

F,

(LIBOR

USD

1

Month

+

2.95%),

4.27%,

04/15/38

(a)(b)

.............

12,160

11,169,602

Series

2022-NLP,

Class

F,

(TSFR1M

+

3.54%),

4.82%,

04/15/37

(a)(b)

.

12,757

11,735,805

Series

2022-OPO,

Class

D,

3.56%,

01/05/39

(a)(b)

.............

8,560

7,173,739

KNDL

Mortgage

Trust,

Series

2019-

KNSQ,

Class

E,

(LIBOR

USD

1

Month

+

1.80%),

3.12%,

05/15/36

(a)(b)

11,601

11,189,003

Lehman

Brothers

Small

Balance

Commercial

Mortgage

Trust

(a)(b)

Series

2006-2A,

Class

M3,

(LIBOR

USD

1

Month

+

0.45%),

2.07%,

09/25/36

...............

3,844

3,677,704

Series

2007-1A,

Class

1A,

(LIBOR

USD

1

Month

+

0.25%),

1.87%,

03/25/37

...............

749

744,250

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2007-3A,

Class

M2,

(LIBOR

USD

1

Month

+

2.00%),

3.62%,

10/25/37

...............

USD

5,850

$

5,030,775

Life

Mortgage

Trust,

Series

2021-BMR,

Class

F,

(LIBOR

USD

1

Month

+

2.35%),

3.67%,

03/15/38

(a)(b)

....

14,361

13,370,246

LSTAR

Commercial

Mortgage

Trust,

Series

2015-3,

Class

AS,

3.30%,

04/20/48

(a)(b)

...............

615

604,600

LUXE

Trust,

Series

2021-TRIP,

Class

E,

(LIBOR

USD

1

Month

+

2.75%),

4.07%,

10/15/38

(a)(b)

..........

1,216

1,131,229

MAD

Mortgage

Trust

(a)(b)

Series

2017-330M,

Class

D,

4.11%,

08/15/34

...............

2,925

2,724,252

Series

2017-330M,

Class

E,

4.17%,

08/15/34

...............

4,493

4,179,742

Manhattan

West

Mortgage

Trust,

Series

2020-1MW,

Class

D,

2.41%,

09/10/39

(a)(b)

...............

2,088

1,739,810

Med

Trust,

Series

2021-MDLN,

Class

G,

(LIBOR

USD

1

Month

+

5.25%),

6.58%,

11/15/38

(a)(b)

..........

67,044

60,360,759

MFT

Trust

(a)(b)

Series

2020-ABC,

Class

C,

3.59%,

02/10/42

...............

13,308

10,885,932

Series

2020-ABC,

Class

D,

3.59%,

02/10/42

...............

2,545

2,023,254

MHC

Commercial

Mortgage

Trust

(a)(b)

Series

2021-MHC,

Class

E,

(LIBOR

USD

1

Month

+

2.10%),

3.42%,

04/15/38

...............

28,690

27,001,978

Series

2021-MHC,

Class

F,

(LIBOR

USD

1

Month

+

2.60%),

3.92%,

04/15/38

...............

11,805

10,975,147

MHP

(a)(b)

Series

2021-STOR,

Class

G,

(LIBOR

USD

1

Month

+

2.75%),

4.07%,

07/15/38

..........

3,854

3,523,636

Series

2021-STOR,

Class

J,

(LIBOR

USD

1

Month

+

3.95%),

5.27%,

07/15/38

...............

5,104

4,667,928

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

(b)

Series

2015-C23,

Class

D,

4.28%,

07/15/50

(a)

..............

901

815,809

Series

2015-C25,

Class

C,

4.68%,

10/15/48

...............

720

681,339

Series

2017-C33,

Class

C,

4.56%,

05/15/50

...............

632

576,838

Morgan

Stanley

Capital

I

Trust

Series

2014-150E,

Class

F,

4.44%,

09/09/32

(a)(b)

.............

4,181

3,718,667

Series

2015-MS1,

Class

C,

4.17%,

05/15/48

(b)

..............

3,213

2,955,550

Series

2017-CLS,

Class

E,

(LIBOR

USD

1

Month

+

1.95%),

3.27%,

11/15/34

(a)(b)(c)

............

790

782,100

Series

2017-CLS,

Class

F,

(LIBOR

USD

1

Month

+

2.60%),

3.92%,

11/15/34

(a)(b)(c)

............

15,877

15,883,351

Series

2017-H1,

Class

C,

4.28%,

06/15/50

(b)(c)

.............

1,244

1,266,292

Series

2017-H1,

Class

D,

2.55%,

06/15/50

(a)(c)

.............

6,600

5,230,500

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

87

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2018-H3,

Class

C,

5.03%,

07/15/51

(b)(c)

.............

USD

1,160

$

1,075,900

Series

2018-H3,

Class

D,

3.00%,

07/15/51

(a)

..............

1,497

1,157,240

Series

2018-H4,

Class

C,

5.24%,

12/15/51

(b)

..............

1,153

1,049,072

Series

2018-L1,

Class

A3,

4.14%,

10/15/51

...............

950

932,272

Series

2018-MP,

Class

E,

4.42%,

07/11/40

(a)(b)

.............

6,810

5,315,962

Series

2018-SUN,

Class

A,

(LIBOR

USD

1

Month

+

0.90%),

2.22%,

07/15/35

(a)(b)

.............

2,330

2,256,810

Series

2018-SUN,

Class

F,

(LIBOR

USD

1

Month

+

2.55%),

3.87%,

07/15/35

(a)(b)

.............

1,119

1,051,553

Series

2019-NUGS,

Class

E,

(LIBOR

USD

1

Month

+

2.24%),

3.74%,

12/15/36

(a)(b)

........

2,139

2,019,863

Motel

Trust,

Series

2021-MTL6,

Class

F,

(LIBOR

USD

1

Month

+

3.55%),

4.87%,

09/15/38

(a)(b)

..........

3,719

3,527,893

MSCG

Trust

(a)(b)

Series

2018-SELF,

Class

E,

(LIBOR

USD

1

Month

+

2.15%),

3.47%,

10/15/37

...............

1,420

1,348,670

Series

2018-SELF,

Class

F,

(LIBOR

USD

1

Month

+

3.05%),

4.37%,

10/15/37

...............

1,560

1,476,384

MTN

Commercial

Mortgage

Trust

(a)(b)

Series

2022-LPFL,

Class

A,

(TSFR1M

+

1.40%),

2.68%,

03/15/39

...............

13,000

12,766,650

Series

2022-LPFL,

Class

F,

(TSFR1M

+

5.29%),

6.56%,

03/15/39

...............

11,185

10,563,800

Multi

Security

Asset

Trust

LP

Commercial

Mortgage-Backed

Securities

Pass-Through,

Series

2005-RR4A,

Class

N,

4.78%,

11/28/35

(a)(b)

...............

2,167

1,443,287

Natixis

Commercial

Mortgage

Securities

Trust

(a)

Series

2018-FL1,

Class

A,

(LIBOR

USD

1

Month

+

0.95%),

2.27%,

06/15/35

(b)

..............

1,155

1,119,232

Series

2018-RIVA,

Class

E,

(TSFR1M

+

2.79%),

4.07%,

02/15/33

(b)

..............

1,171

1,158,894

Series

2019-LVL,

Class

D,

4.44%,

08/15/38

...............

3,140

2,618,920

Series

2020-AGC,

Class

A,

(LIBOR

USD

1

Month

+

2.55%),

4.15%,

08/18/25

(b)

..............

33,024

32,809,027

Olympic

Tower

Mortgage

Trust,

Series

2017-OT,

Class

E,

4.08%,

05/10/39

(a)

(b)

......................

7,856

6,180,594

One

New

York

Plaza

Trust,

Series

2020-1NYP,

Class

D,

(LIBOR

USD

1

Month

+

2.75%),

4.07%,

01/15/36

(a)(b)

1,660

1,579,189

Park

Avenue

Mortgage

Trust

(a)(b)

Series

2017-280P,

Class

D,

(LIBOR

USD

1

Month

+

1.54%),

2.73%,

09/15/34

...............

3,660

3,484,712

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2017-280P,

Class

E,

(LIBOR

USD

1

Month

+

2.12%),

3.31%,

09/15/34

...............

USD

15,305

$

14,544,424

Series

2017-280P,

Class

F,

(LIBOR

USD

1

Month

+

2.83%),

4.02%,

09/15/34

...............

1,370

1,267,789

Park

Avenue

Trust

(a)(b)

Series

2017-245P,

Class

D,

3.78%,

06/05/37

...............

1,100

928,663

Series

2017-245P,

Class

E,

3.78%,

06/05/37

...............

5,691

4,652,392

PKHL

Commercial

Mortgage

Trust

(a)(b)

Series

2021-MF,

Class

F,

(LIBOR

USD

1

Month

+

3.35%),

4.67%,

07/15/38

...............

3,276

3,028,022

Series

2021-MF,

Class

G,

(LIBOR

USD

1

Month

+

4.35%),

5.68%,

07/15/38

...............

3,533

3,276,402

Ready

Capital

Mortgage

Financing

LLC,

Series

2022-FL9,

Class

A,

(TSFR1M

+

2.47%),

3.72%,

06/25/37

(a)(b)

...

5,339

5,296,610

SG

Commercial

Mortgage

Securities

Trust,

Series

2019-PREZ,

Class

D,

3.59%,

09/15/39

(a)(b)

..........

4,690

3,834,772

SMRT,

Series

2022-MINI,

Class

E,

(TSFR1M

+

2.70%),

3.98%,

01/15/39

(a)(b)

...............

3,153

2,902,066

SREIT

Trust,

Series

2021-MFP2,

Class

J,

(LIBOR

USD

1

Month

+

3.92%),

5.24%,

11/15/36

(a)(b)

..........

2,748

2,564,273

STWD

Trust

(a)(b)

Series

2021-FLWR,

Class

E,

(LIBOR

USD

1

Month

+

1.92%),

3.25%,

07/15/36

...............

3,122

2,903,510

Series

2021-FLWR,

Class

G,

(LIBOR

USD

1

Month

+

3.67%),

4.99%,

07/15/23

..........

7,524

6,859,276

Taubman

Centers

Commercial

Mortgage

Trust,

Series

2022-DPM,

Class

A,

(TSFR1M

+

2.19%),

3.46%,

05/15/37

(a)(b)

...............

16,590

16,136,177

TPGI

Trust

(a)(b)

Series

2021-DGWD,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

4.32%,

06/15/26

..........

3,413

3,130,126

Series

2021-DGWD,

Class

G,

(LIBOR

USD

1

Month

+

3.85%),

5.17%,

06/15/26

..........

2,370

2,169,231

UBS-Barclays

Commercial

Mortgage

Trust,

Series

2012-C3,

Class

D,

5.19%,

08/10/49

(a)(b)

..........

1,000

995,811

Velocity

Commercial

Capital

Loan

Trust

(a)

Series

2017-2,

Class

M3,

4.24%,

11/25/47

(b)

..............

779

711,529

Series

2017-2,

Class

M4,

5.00%,

11/25/47

(b)

..............

471

427,537

Series

2018-1,

Class

M2,

4.26%,

04/25/48

...............

453

432,034

Series

2020-1,

Class

M1,

2.80%,

02/25/50

(b)

..............

1,424

1,321,337

Series

2020-1,

Class

M2,

2.98%,

02/25/50

(b)

..............

1,539

1,417,299

Series

2020-1,

Class

M3,

3.19%,

02/25/50

(b)

..............

674

609,406

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

88

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2020-1,

Class

M4,

3.54%,

02/25/50

(b)

..............

USD

1,042

$

932,989

Series

2020-1,

Class

M5,

4.29%,

02/25/50

(b)

..............

1,165

1,042,560

Series

2021-4,

Class

M4,

4.48%,

12/26/51

(b)

..............

2,396

2,089,902

Wells

Fargo

Commercial

Mortgage

Trust

Series

2013-BTC,

Class

F,

3.67%,

04/16/35

(a)(b)

.............

8,491

7,972,844

Series

2017-C39,

Class

D,

4.48%,

09/15/50

(a)(b)

.............

1,553

1,301,982

Series

2017-HSDB,

Class

A,

(LIBOR

USD

1

Month

+

0.85%),

2.10%,

12/13/31

(a)(b)

.............

3,928

3,861,810

Series

2018-1745,

Class

A,

3.87%,

06/15/36

(a)(b)

.............

4,292

4,024,339

Series

2018-C44,

Class

D,

3.00%,

05/15/51

(a)

..............

948

706,409

Series

2018-C45,

Class

C,

4.73%,

06/15/51

...............

1,450

1,326,580

Series

2020-SDAL,

Class

D,

(LIBOR

USD

1

Month

+

2.09%),

3.41%,

02/15/37

(a)(b)

.............

3,010

2,833,989

Series

2020-SDAL,

Class

E,

(LIBOR

USD

1

Month

+

2.74%),

4.06%,

02/15/37

(a)(b)

.............

2,560

2,386,583

Series

2021-FCMT,

Class

D,

(LIBOR

USD

1

Month

+

3.50%),

4.82%,

05/15/31

(a)(b)

.............

750

707,729

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C24,

Class

B,

4.20%,

11/15/47

(b)

................

1,770

1,639,775

1,433,194,548

1,555,529,661

Interest

Only

Collateralized

Mortgage

Obligations

—

0.0%

United

States

—

0.0%

(b)

IndyMac

IMSC

Mortgage

Loan

Trust,

Series

2007-HOA1,

Class

AXPP,

1.41%,

07/25/47

............

14,954

8,087

JPMorgan

Mortgage

Trust

(a)

Series

2021-INV7,

Class

A2X,

0.50%,

02/25/52

..........

69,578

1,809,528

Series

2021-INV7,

Class

A3X,

0.50%,

02/25/52

..........

43,473

948,204

Series

2021-INV7,

Class

A4X,

0.50%,

02/25/52

..........

15,746

982,902

Series

2021-INV7,

Class

A5X,

0.50%,

02/25/52

..........

7,576

197,041

Series

2021-INV7,

Class

AX1,

0.27%,

02/25/52

..........

136,374

1,681,245

Reperforming

Loan

REMIC

Trust,

Series

2005-R3,

Class

AS,

5.04%,

09/25/35

(a)

................

1,681

96,263

Seasoned

Credit

Risk

Transfer

Trust,

Series

2017-3,

Class

BIO,

3.84%,

07/25/56

(a)

................

8,062

785,633

Voyager

OPTONE

Delaware

Trust,

Series

2009-1,

Class

SAA7,

6.05%,

02/25/38

(a)

................

29,492

8,457,367

14,966,270

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

United

States

—

0.1%

(b)

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2016-SS1,

Class

XA,

0.70%,

12/15/35

(a)

....

USD

19,140

$

322,700

BANK,

Series

2019-BN20,

Class

XB,

0.46%,

09/15/62

............

86,048

1,967,083

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

Series

2017-BNK3,

Class

XB,

0.74%,

02/15/50

..........

31,555

783,425

Series

2017-BNK3,

Class

XD,

1.39%,

02/15/50

(a)

.........

12,290

613,271

BBCMS

Mortgage

Trust,

Series

2020-

C7,

Class

XB,

1.10%,

04/15/53

..

2,706

176,055

BBCMS

Trust

(a)

Series

2015-SRCH,

Class

XA,

1.09%,

08/10/35

..........

69,678

2,481,233

Series

2015-SRCH,

Class

XB,

0.30%,

08/10/35

..........

42,790

421,054

Benchmark

Mortgage

Trust

Series

2019-B9,

Class

XA,

1.20%,

03/15/52

...............

32,688

1,724,348

Series

2020-B17,

Class

XB,

0.65%,

03/15/53

...............

13,340

422,478

Series

2021-B23,

Class

XA,

1.38%,

02/15/54

...............

48,134

3,561,329

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XB,

0.86%,

05/10/58

.................

18,700

460,207

Commercial

Mortgage

Trust

Series

2013-CR6,

Class

XA,

1.13%,

03/10/46

...............

20,023

24,983

Series

2015-CR25,

Class

XA,

0.97%,

08/10/48

..........

15,046

311,140

Series

2018-COR3,

Class

XD,

1.75%,

05/10/51

(a)

.........

8,680

696,824

CSAIL

Commercial

Mortgage

Trust

Series

2017-CX10,

Class

XB,

0.21%,

11/15/50

..........

32,800

388,614

Series

2019-C16,

Class

XA,

1.72%,

06/15/52

...............

69,152

5,680,611

Series

2019-C17,

Class

XA,

1.50%,

09/15/52

...............

28,376

1,942,321

Series

2019-C17,

Class

XB,

0.70%,

09/15/52

...............

41,829

1,422,604

CSMC

OA

LLC,

Series

2014-USA,

Class

X2,

0.19%,

09/15/37

(a)

....

598,765

1,478,950

DBGS

Mortgage

Trust,

Series

2019-

1735,

Class

X,

0.43%,

04/10/37

(a)

.

52,590

974,493

DBJPM

Mortgage

Trust,

Series

2017-

C6,

Class

XD,

1.00%,

06/10/50

(a)

.

15,440

604,322

GS

Mortgage

Securities

Corp.

II,

Series

2005-ROCK,

Class

X1,

0.39%,

05/03/32

(a)

................

24,000

170,501

GS

Mortgage

Securities

Trust

Series

2019-GSA1,

Class

XA,

0.95%,

11/10/52

..........

16,200

757,233

Series

2020-GSA2,

Class

XA,

1.84%,

12/12/53

(a)

.........

32,143

3,278,140

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2014-C22,

Class

XA,

0.96%,

09/15/47

...............

6,746

90,672

Series

2015-C27,

Class

XD,

0.50%,

02/15/48

(a)

..............

31,775

340,628

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

89

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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

$

388,045

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2016-JP3,

Class

XC,

0.75%,

08/15/49

(a)

................

37,589

966,398

Ladder

Capital

Commercial

Mortgage

Trust,

Series

2013-GCP,

Class

XA,

1.33%,

02/15/36

(a)

...........

6,089

311,216

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

X,

0.94%,

03/10/50

(a)

................

7,171

171,321

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

(a)

Series

2014-C19,

Class

XD,

1.33%,

12/15/47

...............

51,913

1,323,932

Series

2014-C19,

Class

XF,

1.33%,

12/15/47

...............

13,486

347,939

Series

2015-C21,

Class

XB,

0.41%,

03/15/48

...............

15,696

123,681

Series

2015-C26,

Class

XD,

1.46%,

10/15/48

...............

18,660

721,769

Morgan

Stanley

Capital

I

Trust

Series

2017-H1,

Class

XD,

2.32%,

06/15/50

(a)

..............

8,870

770,436

Series

2019-H6,

Class

XB,

0.87%,

06/15/52

...............

53,695

2,285,796

Series

2019-L2,

Class

XA,

1.18%,

03/15/52

...............

22,597

1,201,032

Olympic

Tower

Mortgage

Trust,

Series

2017-OT,

Class

XA,

0.51%,

05/10/39

(a)

................

99,000

1,698,840

One

Market

Plaza

Trust

(a)

Series

2017-1MKT,

Class

XCP,

0.00%,

02/10/32

..........

152,049

4,561

Series

2017-1MKT,

Class

XNCP,

0.22%,

02/10/32

(c)

.........

30,410

80,586

Park

Avenue

Trust,

Series

2017-245P,

Class

XA,

0.27%,

06/05/37

(a)

....

25,000

203,643

UBS

Commercial

Mortgage

Trust

Series

2019-C17,

Class

XA,

1.62%,

10/15/52

...............

68,417

5,305,064

Series

2019-C18,

Class

XA,

1.16%,

12/15/52

...............

70,556

3,646,371

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-BNK1,

Class

XD,

1.39%,

08/15/49

(a)

.........

9,764

411,260

Series

2019-C50,

Class

XA,

1.60%,

05/15/52

...............

52,343

3,676,606

Series

2021-C59,

Class

XA,

1.68%,

04/15/54

...............

38,105

3,499,930

58,233,645

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)

................

4,062

913,164

Total

Non-Agency

Mortgage-Backed

Securities

—

6.9%

(Cost:

$3,177,750,685)

...........................

2,942,086,267

Security

Par

(000)

Par

(000)

Value

Preferred

Securities

Capital

Trusts

—

0.0%

Spain

—

0.0%

Banco

Bilbao

Vizcaya

Argentaria

SA

,

(EUR

Swap

Annual

5

Year

+

6.46%),

6.00%

(b)(d)(n)

................

EUR

2,000

$

1,904,121

United

States

—

0.0%

Vistra

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.74%),

7.00%

(a)(b)(n)

.....

USD

3,640

3,303,300

Total

Capital

Trusts

—

0.0%  

(Cost:

$6,259,379)

..............................

5,207,421

Shares

Shares

Preferred

Stocks

—

0.8%

Brazil

—

0.0%

Neon

Payments

Ltd.

(c)

...........

28,089

11,682,496

China

—

0.1%

Bytedance

Ltd.,

Series

E-1

(Acquired

11/11/20,

cost

$32,872,254)

(c)(i)

...

300,000

49,654,792

Germany

—

0.1%

Caresyntax,

Inc.

(c)

.............

27,266

1,913,528

Porsche

Automobil

Holding

SE

(Preference)

...............

89,779

5,971,292

Volkswagen

AG

(Preference)

......

41,012

5,521,845

Volocopter

Gmbh

(Acquired

03/03/21,

cost

$11,751,352)

(c)(i)

.........

2,211

11,988,596

25,395,261

Israel

—

0.0%

Deep

Instinct

Ltd.,

Series

D-2

(Acquired

03/19/21,

cost

$8,210,225)

(c)(i)

...

1,350,837

6,619,101

Jersey

—

0.0%

Loadsmart,

Inc.,

Series

C

(Acquired

10/05/20,

cost

$7,500,000)

(c)(i)

...

877,193

16,026,316

Sweden

—

0.0%

Volta

Greentech

AB,

Series

C

(c)(g)

...

50,461

3,558,865

United

States

—

0.6%

10X

Future

Technologies

Holding

Ltd.,

(Acquired

05/13/21,

cost

$16,122,168)

(c)(i)

.............

425,677

6,959,112

2020

Cash

Mandatory

Exchangeable

Trust,

5.25%

(a)(m)

............

14,146

16,219,804

Breeze

Aviation

Group,

Inc.,

Series

B

(Acquired

07/30/21,

cost

$13,089,026)

(c)(i)

.............

24,234

8,700,491

Cap

Hill

Brands

(c)(g)

.............

3,319,269

24,224,689

Clarify

Health

Solutions,

Inc.

(c)(g)

....

1,542,267

13,803,290

Cruise,

Series

G

(Acquired

03/25/21,

cost

$7,513,940)

(c)(i)

..........

285,159

5,326,770

Dream

Finders

Homes,

Inc.,

9.00%

(c)

58,891

55,431,154

Exo

Imaging,

Inc.,

Series

C

(Acquired

06/24/21,

cost

$5,879,165)

(c)(i)

...

1,003,613

3,924,127

Farmer’s

Business

Network,

Inc.,

Series

F

(Acquired

07/31/20,

cost

$6,250,011)

(c)(i)

.............

189,070

8,670,750

Farmer's

Business

Network,

Inc.,

Series

G

(Acquired

09/15/21,

cost

$1,777,651)

(c)(i)

.............

28,599

1,371,322

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

90

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Shares

Shares

Value

United

States

(continued)

JumpCloud,

Inc.,

Series

E-1

(Acquired

10/30/20,

cost

$8,237,574)

(c)(i)

...

4,516,957

$

22,765,463

JumpCloud,

Inc.,

Series

F

(Acquired

09/03/21,

cost

$1,779,219)

(c)(i)

...

297,096

1,497,364

Lessen,

Inc.,

Series

B

(c)

..........

1,460,424

13,333,671

Loadsmart,

Inc.,

Series

D

(Acquired

01/27/22,

cost

$2,351,580)

(c)(i)

...

117,579

2,148,168

MNTN

Digital,

Series

D

(Acquired

11/05/21,

cost

$6,262,132)

(c)(i)

...

272,678

3,951,104

Mythic

AI,

Inc.,

Series

C

(Acquired

01/26/21,

cost

$4,357,643)

(c)(i)

...

634,291

3,272,942

Noodle

Partners,

Inc.,

Series

C

(Acquired

08/26/21,

cost

$7,700,677)

(c)(i)

.............

862,850

4,978,644

PsiQuantum

Corp.,

Series

D

(Acquired

05/21/21,

cost

$3,512,029)

(c)(i)

...

133,913

3,422,816

Relativity

Space,

Inc.,

Series

E

(Acquired

05/27/21,

cost

$5,860,925)

(c)(i)

.............

256,663

4,432,570

Snorkel

AI,

Inc.,

Series

C

(Acquired

06/30/21,

cost

$2,440,004)

(c)(i)

...

162,454

1,553,060

Ursa

Major

Technologies,

Inc.,

Series

C

(Acquired

09/13/21,

cost

$7,831,305)

(c)(i)

.............

1,312,920

6,669,634

Verge

Genomics,

Series

B

(Acquired

11/05/21,

cost

$7,544,038)

(c)(i)

...

1,416,243

6,712,992

Zero

Mass

Water,

Inc.,

Series

C-1

(Acquired

05/07/20,

cost

$6,249,999)

(c)(i)

.............

396,483

14,435,946

233,805,883

Total

Preferred

Stocks

—

0.8%  

(Cost:

$340,211,805)

.............................

346,742,714

Total

Preferred

Securities

—

0.8%

(Cost:

$346,471,184)

.............................

351,950,135

Par

(000)

Pa

r

(

000)

U.S.

Government

Sponsored

Agency

Securities

Collateralized

Mortgage

Obligations

—

0.1%

Federal

Home

Loan

Mortgage

Corp.,

Series

5155,

Class

JI,

3.00%, 10/25/51

............

USD

32,459

4,293,277

Federal

Home

Loan

Mortgage

Corp.

Structured

Agency

Credit

Risk

Debt

Variable

Rate

Notes

(b)

Series

2015-DN1,

Class

B,

(LIBOR

USD

1

Month

+

11.50%),

13.12%

,

 01/25/25

.

939

944,839

Series

2015-HQ2,

Class

B,

(LIBOR

USD

1

Month

+

7.95%),

9.57%

,

 05/25/25

..

1,543

1,550,558

Series

2017-DNA3,

Class

B1,

(LIBOR

USD

1

Month

+

4.45%),

6.07%

,

 03/25/30

..

5,034

4,988,587

Series

2017-HRP1,

Class

M2,

(LIBOR

USD

1

Month

+

2.45%),

4.07%

,

 12/25/42

..

954

949,315

Series

2020-HQA5,

Class

B1,

(SOFR30A

+

4.00%),

4.93%

,

 11/25/50

(a)

.......

4,120

3,880,032

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes,

Series

2018-W5FX,

Class

CFX,

3.79%, 04/25/28

(a)(b)

..........

USD

10,630

$

9,660,868

26,267,476

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(a)(b)

Series

2017-KGX1,

Class

BFX,

3.71%

,

 10/25/27

........

2,746

2,539,544

Series

2018-K732,

Class

B,

4.20%

,

 05/25/25

........

3,885

3,827,251

Series

2018-K80,

Class

B,

4.38%

,

 08/25/50

........

2,888

2,795,049

9,161,844

Interest

Only

Collateralized

Mortgage

Obligations

—

0.4%

Federal

Home

Loan

Mortgage

Corp.

Series

4940,

Class

PI,

4.00%

,

 07/25/49

........

12,146

1,818,951

Series

4995,

Class

BI,

4.50%

,

 06/25/50

........

13,147

2,589,455

Series

5014,

Class

DI,

4.00%

,

 09/25/50

(c)

.......

10,007

1,952,035

Series

5018,

Class

CI,

4.50%

,

 10/25/50

........

14,185

2,985,276

Series

5100,

Class

MI,

3.50%

,

 09/25/48

........

32,029

5,874,137

Series

5129,

3.00%

,

 09/25/50

.

19,610

3,325,615

Series

5139,

Class

IG,

3.00%

,

 09/25/51

(c)

.......

47,869

7,180,397

Series

5142,

Class

IP,

3.00%

,

 09/25/51

(c)

.......

20,711

3,317,750

Series

5142,

Class

PI,

3.00%

,

 09/25/51

........

26,816

4,203,865

Series

5145,

Class

HI,

3.00%

,

 09/25/51

(c)

.......

18,466

2,746,873

Series

5155,

Class

NI,

3.00%

,

 10/25/51

........

50,246

6,622,637

Series

5167,

Class

MI,

3.00%

,

 11/25/51

(c)

.......

20,346

2,644,937

Federal

National

Mortgage

Association

Series

2020-32,

Class

PI,

4.00%

,

 05/25/50

........

29,939

6,071,428

Series

2020-77,

Class

HI,

4.00%

,

 11/25/50

........

131,964

24,834,509

Series

2021-31,

Class

IB,

4.00%

,

 06/25/51

........

38,174

7,382,297

Series

2021-50,

4.00%

,

 08/25/51

(c)

.......

55,711

10,515,490

Government

National

Mortgage

Association

Series

2020-144,

2.50%

,

 09/20/50

........

31,239

3,876,985

Series

2020-146,

Class

DI,

2.50%

,

 10/20/50

(c)

.......

27,164

3,582,429

Series

2020-151,

Class

MI,

2.50%

,

 10/20/50

(c)

.......

133,863

18,030,052

Series

2020-175,

Class

DI,

2.50%

,

 11/20/50

(c)

.......

9,403

1,254,213

Series

2020-185,

Class

MI,

2.50%

,

 12/20/50

........

33,583

4,713,850

Series

2021-15,

Class

GI,

3.50%

,

 01/20/51

........

19,999

2,967,121

Series

2021-161,

Class

IB,

4.00%

,

 09/20/51

(c)

.......

14,130

2,065,780

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

91

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Interest

Only

Collateralized

Mortgage

Obligations

(continued)

Series

2021-176,

Class

IA,

3.50%

,

 10/20/51

(c)

.......

USD

33,556

$

4,530,124

Series

2021-199,

Class

KI,

3.50%

,

 11/20/51

(c)

.......

17,182

2,310,971

Series

2021-209,

Class

TJ,

3.50%

,

 11/20/51

(c)

.......

14,745

1,984,616

Series

2021-214,

Class

AI,

4.00%

,

 12/20/51

........

33,262

5,135,815

Series

2021-215,

Class

LI,

3.00%

,

 12/20/51

........

24,854

2,726,963

Series

2021-221,

Class

AI,

3.50%

,

 12/20/51

........

31,637

4,288,455

Series

2021-221,

Class

CI,

3.00%

,

 12/20/51

........

15,445

2,193,138

Series

2021-78,

Class

IC,

4.00%

,

 05/20/51

........

22,863

3,686,598

157,412,762

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.,

Series

2019-KW08,

Class

X2A,

0.10%, 01/25/29

(a)

...........

265,872

1,322,501

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates,

Series

KL06,

Class

XFX,

1.36%, 12/25/29

........

11,610

857,534

Government

National

Mortgage

Association

Variable

Rate

Notes

(b)

Series

2009-80,

0.91%

,

 09/16/51

3,519

357,837

Series

2013-30,

0.59%

,

 09/16/53

11,945

176,920

Series

2013-78,

0.31%

,

 10/16/54

13,628

200,848

Series

2015-173,

0.60%

,

 09/16/55

........

8,914

228,128

Series

2015-22,

0.54%

,

 03/16/55

10,412

212,290

Series

2015-37,

0.67%

,

 10/16/56

2,109

63,915

Series

2015-48,

0.70%

,

 02/16/50

2,743

71,223

Series

2016-125,

0.82%

,

 12/16/57

........

12,898

530,415

Series

2016-36,

0.72%

,

 08/16/57

2,572

85,348

Series

2016-96,

0.76%

,

 12/16/57

10,337

403,908

4,510,867

Mortgage-Backed

Securities

—

20.3%

Uniform

Mortgage-Backed

Securities

6.00%

,

 03/01/38

..........

1

1,232

4.50%

,

 09/01/43

-

04/01/52

...

259,516

261,765,922

4.00%

,

 09/01/44

-

04/01/52

...

1,105,404

1,102,732,200

3.50%

,

 01/01/48

-

07/01/52

...

410,856

398,029,349

2.00%

,

 08/01/50

-

10/01/50

...

6,942

6,058,146

3.00%

,

 10/01/50

-

03/01/52

...

1,180,044

1,111,089,931

2.50%

,

 02/01/51

..........

44,842

40,662,499

4.00%

,

 05/01/51

(v)

.........

539,398

539,865,565

2.00%

,

 07/25/52

(w)

.........

396,943

344,410,394

2.50%

,

 07/25/52

(w)

.........

424,958

382,096,885

3.00%

,

 07/25/52

-

08/25/52

(w)

..

1,143,620

1,064,765,222

3.50%

,

 07/25/52

-

08/25/52

(w)

..

621,113

597,012,000

4.00%

,

 07/25/52

-

08/25/52

(w)

..

1,686,571

1,662,685,826

5.00%

,

 07/25/52

(w)

.........

459,660

469,140,488

4.50%

,

 08/25/52

(w)

.........

618,857

619,751,440

8,600,067,099

Total

U.S.

Government

Sponsored

Agency

Securities

—

20.8%  

(Cost:

$8,858,182,802)

...........................

8,797,420,048

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

1.88%, 02/15/41

-

11/15/51

.....

USD

483,371

$

365,007,571

1.75%, 08/15/41

............

83,186

63,276,448

2.38%, 02/15/42

............

59,969

50,851,838

1.38%, 08/15/50

............

75,000

49,368,164

1.63%, 11/15/50

............

255,000

179,346,749

2.38%, 05/15/51

(x)

...........

590,000

498,066,017

2.25%, 02/15/52

(x)

...........

962,000

791,695,938

2.88%, 05/15/52

............

131,496

124,201,609

U.S.

Treasury

Inflation

Linked

Notes

0.63%, 04/15/23

............

78,733

80,077,371

0.50%, 04/15/24

(b)

...........

409,246

414,905,418

0.13%, 04/15/26

-

01/15/30

(b)

....

1,410,414

1,388,334,540

U.S.

Treasury

Notes

2.63%, 12/31/23

-

05/31/27

.....

508,992

499,370,068

2.50%, 05/31/24

-

03/31/27

.....

983,226

962,360,771

1.13%, 02/28/25

............

32,000

30,457,500

1.75%, 03/15/25

............

470,000

454,376,171

0.75%, 04/30/26

-

08/31/26

.....

2,595,000

2,369,820,515

0.88%, 06/30/26

(j)

...........

1,485,000

1,363,241,598

0.63%, 07/31/26

-

11/30/27

.....

510,000

459,631,250

1.63%, 10/31/26

-

05/15/31

.....

5,670

5,291,890

2.00%, 11/15/26

............

245,000

234,242,969

1.25%, 11/30/26

-

08/15/31

.....

600,000

552,330,077

2.75%, 04/30/27

............

30,310

29,900,342

1.38%, 10/31/28

............

270,000

243,432,421

3.13%, 11/15/28

............

2,000

2,004,141

1.50%, 11/30/28

............

265,000

240,632,423

2.38%, 03/31/29

-

05/15/29

.....

451,000

431,709,960

2.88%, 04/30/29

-

05/15/32

(x)

....

1,374,968

1,359,235,063

0.88%, 11/15/30

............

70,000

59,103,516

1.88%, 02/15/32

(x)

...........

345,000

312,548,438

Total

U.S.

Treasury

Obligations

—

32.1%

(Cost:

$14,543,008,319)

...........................

13,614,820,776

Shares

Shares

Warrants

Germany

—

0.0%

Tonies

SE

(Issued/exercisable

04/29/21,

1

share

for

1

warrant,

Expires

04/30/26,

Strike

Price

EUR

11.50)

(g)

..................

196,295

71,997

Luxembourg

—

0.0%

HomeToGo

SE

(Issued/exercisable

02/18/21,

1

share

for

1

warrant,

Expires

12/31/25,

Strike

Price

EUR

11.50)

(g)

..................

109,138

11,437

Netherlands

—

0.0%

Climate

Transition

Capital

Acquisition

I

BV

(Issued/exercisable

06/29/21,

1

share

for

1

warrant,

Expires

06/29/26,

Strike

Price

EUR

11.50)

(g)

155,663

16,313

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

92

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Shares

Shares

Value

United

Kingdom

—

0.0%

(g)

Genius

Sports

Ltd.

(Issued/exercisable

12/07/20,

1

share

for

1

warrant,

Expires

12/31/28,

Strike

Price

USD

11.50)

...................

821,280

$

361,445

Hedosophia

European

Growth

(Issued/

exercisable

05/13/21,

1

share

for

1

warrant,

Expires

05/13/27,

Strike

Price

EUR

11.50)

............

274,529

57,539

418,984

United

States

—

0.0%

(g)

Altus

Power,

Inc.

(Issued/exercisable

01/22/21,

1

share

for

1

warrant,

Expires

01/22/26,

Strike

Price

USD

11.00)

...................

113,591

147,668

ArcLight

Clean

Transition

Corp.

II

(Issued/exercisable

02/04/21,

1

share

for

1

warrant,

Expires

02/04/23,

Strike

Price

USD

11.50)

48,870

51,313

Aurora

Innovation,

Inc.

(Issued/

exercisable

05/04/21,

1

share

for

1

warrant,

Expires

12/31/28,

Strike

Price

USD

11.50)

............

45,680

18,272

California

Resources

Corp.

(Issued/

exercisable

10/23/20,

1

share

for

1

warrant,

Expires

10/27/24,

Strike

Price

USD

36.00)

...........

12,137

124,647

Cano

Health,

Inc.

(Issued/exercisable

07/06/20,

1

share

for

1

warrant,

Expires

06/03/26,

Strike

Price

USD

11.50)

...................

178,770

121,564

Chesapeake

Energy

Corp.

(Issued/

exercisable

02/09/21,

1

share

for

1

warrant,

Expires

02/09/26,

Strike

Price

USD

34.62)

...........

7,127

373,954

Climate

Real

Impact

Solutions

II

Acquisition

Corp.

(Issued/

exercisable

07/06/20,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

............

19,111

3,249

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

40,027

Embark

Technology,

Inc.

(Issued/

exercisable

12/28/20,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

............

31,812

4,062

EVgo,

Inc.

(Issued/exercisable

11/10/20,

1

share

for

1

warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

...................

213,790

267,237

Freewire

Warrants

TA

(Issued/

exercisable

03/31/22,

1

share

for

1

warrant,

Expires

04/26/27,

Strike

Price

USD

3.35)

............

1,834,643

2

Freewire

Warrants

TB

(Issued/

exercisable

03/31/22,

1

share

for

1

warrant,

Expires

04/26/29,

Strike

Price

USD

3.35)

............

1,834,643

2

Gores

Holdings

VIII,

Inc.

(Issued/

exercisable

01/28/21,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

............

85,171

55,276

Security

Shares

Shares

Value

United

States

(continued)

Highland

Transcend

Partners

I

Corp.

(Issued/exercisable

03/23/22,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

23,823

$

3,097

Hippo

Holdings,

Inc.

(Issued/

exercisable

01/04/21,

1

share

for

1

warrant,

Expires

08/02/26,

Strike

Price

USD

11.50)

............

7,405

1,407

Hyzon

Motors,

Inc.

(Issued/exercisable

12/10/20,

1

share

for

1

warrant,

Expires

10/02/25,

Strike

Price

USD

11.50)

(h)

..................

338,374

229,790

Innovid

Corp.

(Issued/exercisable

01/28/21,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

...................

3,266

719

KINS

Technology

Group,

Inc.

(Issued/

exercisable

0,

1

share

for

1

warrant,

Expires

12/31/25,

Strike

Price

USD

11.50)

...................

399,242

47,909

Kinsey

Interests,

Inc.

(Issued/

exercisable

10/13/20,

1

share

for

1

warrant,

Expires

12/31/49,

Strike

Price

USD

10.00)

(c)

..........

469,648

46,965

Latch,

Inc.

(Issued/exercisable

06/04/21,

1

share

for

1

warrant,

Expires

06/04/26,

Strike

Price

USD

11.50)

...................

164,855

19,783

Lightning

eMotors,

Inc.

(Issued/

exercisable

12/10/20,

1

share

for

1

warrant,

Expires

12/15/25,

Strike

Price

USD

11.50)

............

375,043

246,351

Offerpad

Solutions,

Inc.

(Issued/

exercisable

10/13/20,

1

share

for

1

warrant,

Expires

09/01/26,

Strike

Price

USD

11.50)

............

369,311

94,802

Pear

Therapeutics,

Inc.

(Issued/

exercisable

03/23/21,

1

share

for

1

warrant,

Expires

12/01/26,

Strike

Price

USD

11.50)

............

111,845

14,551

Proof

Acquisition

Corp.

I

(Issued/

exercisable

09/27/22,

1

share

for

1

warrant,

Expires

10/01/26,

Strike

Price

USD

11.50)

(c)

...........

446,489

31,254

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

275,328

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

51,346

Science

Strategic

Acquisition

Corp.

Alpha

(Issued/exercisable

01/22/21,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

96,812

8,771

Sonder

Holdings,

Inc.

(Issued/

exercisable

01/19/22,

1

share

for

1

warrant,

Expires

10/01/26,

Strike

Price

USD

11.50)

(c)

...........

498,240

9,965

Target

Hospitality

Corp.

(Issued/

exercisable

03/05/18,

1

share

for

1

warrant,

Expires

03/15/24,

Strike

Price

USD

11.50)

............

22,811

8,121

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

93

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Shares

Shares

Value

United

States

(continued)

Tishman

Speyer

Innovation

Corp.

II

(Issued/exercisable

01/27/21,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

35,055

$

4,245

TPB

Acquisition

Corp.

I

(Issued/

exercisable

02/19/21,

1

share

for

1

warrant,

Expires

02/19/23,

Strike

Price

USD

11.50)

............

147,996

29,599

TPG

Pace

Beneficial

Finance

Corp.

(Issued/exercisable

11/17/20,

1

share

for

1

warrant,

Expires

10/09/27,

Strike

Price

USD

11.50)

95,550

32,009

Volta,

Inc.

(Issued/exercisable

10/22/20,

1

share

for

1

warrant,

Expires

08/26/26,

Strike

Price

USD

11.50)

220,210

68,265

2,431,550

Total

Warrants

—

0.0%

(Cost:

$33,406,146)

..............................

2,950,281

Total

Long-Term

Investments

—

109.5%

(Cost:

$50,572,175,577)

...........................

46,427,370,655

Par

(000)

Pa

r

(

000)

Short-Term

Securities

Borrowed

Bond

Agreements

(y)

Barclays

Bank

plc,

(2.95)%, Open

(Purchased

on

04/29/22

to

be

repurchased

at

USD

2,126,907,

collateralized

by

Engie

SA,

1.50%,

due

at

05/30/28,

par

and

fair

value

of

EUR

2,400,000

and

$1,915,037,

respectively)

(z)

..............

EUR

2,039

2,137,240

Barclays

Bank

plc,

(1.95)%, Open

(Purchased

on

05/30/22

to

be

repurchased

at

USD

2,442,946,

collateralized

by

Engie

SA,

1.50%,

due

at

05/30/28,

par

and

fair

value

of

EUR

2,800,000

and

$2,234,210,

respectively)

(z)

..............

2,335

2,447,055

Barclays

Bank

plc,

(1.35)%, Open

(Purchased

on

05/19/22

to

be

repurchased

at

USD

3,696,279,

collateralized

by

3M

Co.,

1.75%,

due

at

05/15/30,

par

and

fair

value

of

EUR

3,600,000

and

$3,466,721,

respectively)

(z)

..............

3,533

3,702,110

Barclays

Bank

plc,

(1.30)%, Open

(Purchased

on

01/04/22

to

be

repurchased

at

USD

41,558,480,

collateralized

by

Kingdom

of

Spain,

0.50%,

due

at

10/31/31,

par

and

fair

value

of

EUR

40,000,000

and

$35,395,727,

respectively)

(z)

....

39,774

41,680,744

Barclays

Bank

plc,

(1.20)%, Open

(Purchased

on

06/15/22

to

be

repurchased

at

USD

2,920,144,

collateralized

by

Portuguese

Republic,

0.30%,

due

at

10/17/31,

par

and

fair

value

of

EUR

3,470,000

and

$3,026,324,

respectively)

(z)

..

2,787

2,921,109

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Barclays

Bank

plc,

(1.00)%, Open

(Purchased

on

05/10/22

to

be

repurchased

at

USD

6,882,960,

collateralized

by

PBF

Holding

Co.

LLC,

6.00%,

due

at

02/15/28,

par

and

fair

value

of

USD

7,980,000

and

$6,763,449,

respectively)

(z)

.....

USD

6,893

$

6,892,725

Barclays

Bank

plc,

(0.95)%, Open

(Purchased

on

06/06/22

to

be

repurchased

at

USD

10,100,819,

collateralized

by

Pfizer,

Inc.,

1.00%,

due

at

03/06/27,

par

and

fair

value

of

EUR

10,000,000

and

$9,929,745,

respectively)

(z)

..............

EUR

9,645

10,106,954

Barclays

Bank

plc,

(0.95)%, Open

(Purchased

on

05/19/22

to

be

repurchased

at

USD

3,003,777,

collateralized

by

Avis

Budget

Finance

plc,

4.75%,

due

at

01/30/26,

par

and

fair

value

of

EUR

2,900,000

and

$2,737,763,

respectively)

(z)

..............

2,869

3,006,871

Barclays

Bank

plc,

(0.95)%, Open

(Purchased

on

05/11/22

to

be

repurchased

at

USD

3,549,918,

collateralized

by

3M

Co.,

1.75%,

due

at

05/15/30,

par

and

fair

value

of

EUR

3,400,000

and

$3,274,125,

respectively)

(z)

..............

3,392

3,554,514

Barclays

Bank

plc,

(0.85)%, Open

(Purchased

on

03/25/22

to

be

repurchased

at

USD

3,871,448,

collateralized

by

Banco

Bilbao

Vizcaya

Argentaria

SA,

0.13%,

due

at

03/24/27,

par

and

fair

value

of

EUR

3,900,000

and

$3,689,626,

respectively)

(d)(z)

.............

3,702

3,879,876

Barclays

Bank

plc,

(0.78)%, Open

(Purchased

on

03/25/22

to

be

repurchased

at

USD

2,348,684,

collateralized

by

Infineon

Technologies

AG,

2.00%,

due

at

06/24/32,

par

and

fair

value

of

EUR

2,200,000

and

$2,036,886,

respectively)

(d)(z)

.............

2,246

2,353,375

Barclays

Bank

plc,

0.00%, Open

(Purchased

on

06/30/22

to

be

repurchased

at

USD

4,138,200,

collateralized

by

Minerva

Merger

Sub,

Inc.,

6.50%,

due

at

02/15/30,

par

and

fair

value

of

USD

4,840,000

and

$4,024,896,

respectively)

(z)

..

USD

4,138

4,138,200

Barclays

Bank

plc,

0.00%, Open

(Purchased

on

06/30/22

to

be

repurchased

at

USD

6,047,388,

collateralized

by

Condor

Merger

Sub,

Inc.,

7.38%,

due

at

02/15/30,

par

and

fair

value

of

USD

7,210,000

and

$5,860,072,

respectively)

(z)

..

6,047

6,047,388

Barclays

Bank

plc,

1.05%, Open

(Purchased

on

05/17/22

to

be

repurchased

at

USD

880,894,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

1,053,000

and

$864,828,

respectively)

(z)

......

881

880,571

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

94

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Barclays

Bank

plc,

1.15%, Open

(Purchased

on

03/01/22

to

be

repurchased

at

USD

8,696,638,

collateralized

by

Owens-Brockway

Glass

Container,

Inc.,

6.63%,

due

at

05/13/27,

par

and

fair

value

of

USD

8,219,000

and

$7,670,793,

respectively)

(z)

..............

USD

8,692

$

8,691,593

Barclays

Bank

plc,

1.30%, Open

(Purchased

on

06/14/22

to

be

repurchased

at

USD

8,668,950,

collateralized

by

CommScope,

Inc.,

8.25%,

due

at

03/01/27,

par

and

fair

value

of

USD

10,395,000

and

$8,217,248,

respectively)

(z)

.....

8,667

8,666,831

Barclays

Bank

plc,

1.40%, Open

(Purchased

on

03/21/22

to

be

repurchased

at

USD

3,250,983,

collateralized

by

Park

River

Holdings,

Inc.,

5.63%,

due

at

02/01/29,

par

and

fair

value

of

USD

3,983,000

and

$2,482,233,

respectively)

(z)

..............

3,246

3,246,145

Barclays

Bank

plc,

1.40%, Open

(Purchased

on

06/03/22

to

be

repurchased

at

USD

4,539,991,

collateralized

by

PHH

Mortgage

Corp.,

7.88%,

due

at

03/15/26,

par

and

fair

value

of

USD

4,758,000

and

$4,197,480,

respectively)

(z)

.....

4,538

4,537,943

Barclays

Bank

plc,

1.40%, Open

(Purchased

on

06/14/22

to

be

repurchased

at

USD

2,130,990,

collateralized

by

Arches

Buyer,

Inc.,

4.25%,

due

at

06/01/28,

par

and

fair

value

of

USD

2,470,000

and

$2,011,086,

respectively)

(z)

.....

2,130

2,130,375

Barclays

Bank

plc,

1.40%, Open

(Purchased

on

06/13/22

to

be

repurchased

at

USD

3,148,058,

collateralized

by

Minerva

Merger

Sub,

Inc.,

6.50%,

due

at

02/15/30,

par

and

fair

value

of

USD

3,555,000

and

$2,956,302,

respectively)

(z)

..

3,146

3,146,175

Barclays

Bank

plc,

1.42%, Open

(Purchased

on

05/31/22

to

be

repurchased

at

USD

5,285,145,

collateralized

by

Condor

Merger

Sub,

Inc.,

7.38%,

due

at

02/15/30,

par

and

fair

value

of

USD

5,925,000

and

$4,815,662,

respectively)

(z)

..

5,281

5,280,656

BNP

Paribas

SA,

(0.90)%, Open

(Purchased

on

03/10/22

to

be

repurchased

at

USD

815,230,

collateralized

by

Infrastrutture

Wireless

Italiane

SpA,

1.63%,

due

at

10/21/28,

par

and

fair

value

of

EUR

825,000

and

$731,535,

respectively)

(z)

..............

EUR

780

817,458

BNP

Paribas

SA,

(0.67)%, Open

(Purchased

on

06/01/22

to

be

repurchased

at

USD

5,873,317,

collateralized

by

Portuguese

Republic,

0.30%,

due

at

10/17/31,

par

and

fair

value

of

EUR

6,626,000

and

$5,778,797,

respectively)

(z)

..

5,607

5,876,051

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

BNP

Paribas

SA,

(0.66)%, Open

(Purchased

on

06/17/22

to

be

repurchased

at

USD

6,112,729,

collateralized

by

Portuguese

Republic,

0.30%,

due

at

10/17/31,

par

and

fair

value

of

EUR

7,203,000

and

$6,282,022,

respectively)

(z)

..

EUR

5,834

$

6,113,738

BNP

Paribas

SA,

(0.66)%, Open

(Purchased

on

03/15/22

to

be

repurchased

at

USD

39,403,745,

collateralized

by

Kingdom

of

Spain,

0.70%,

due

at

04/30/32,

par

and

fair

value

of

EUR

40,000,000

and

$35,555,267,

respectively)

(z)

....

37,674

39,480,468

BNP

Paribas

SA,

(0.63)%, Open

(Purchased

on

06/14/22

to

be

repurchased

at

USD

9,347,710,

collateralized

by

Kingdom

of

Spain,

0.50%,

due

at

10/31/31,

par

and

fair

value

of

EUR

11,168,000

and

$9,882,487,

respectively)

(z)

.....

8,922

9,350,165

BNP

Paribas

SA,

0.40%, Open

(Purchased

on

06/15/22

to

be

repurchased

at

USD

1,976,466,

collateralized

by

Next

Group

plc,

3.63%,

due

at

05/18/28,

par

and

fair

value

of

GBP

1,700,000

and

$1,885,626,

respectively)

(z)

.....

GBP

1,623

1,976,162

BNP

Paribas

SA,

0.85%, Open

(Purchased

on

04/29/22

to

be

repurchased

at

USD

3,197,869,

collateralized

by

Tesco

Corporate

Treasury

Services

plc,

2.75%,

due

at

04/27/30,

par

and

fair

value

of

GBP

2,800,000

and

$2,969,794,

respectively)

(z)

..............

2,624

3,194,560

Credit

Suisse

Securities

(USA)

LLC,

0.75%, Open

(Purchased

on

03/17/22

to

be

repurchased

at

USD

5,061,047,

collateralized

by

Owens-Brockway

Glass

Container,

Inc.,

6.63%,

due

at

05/13/27,

par

and

fair

value

of

USD

5,000,000

and

$4,666,500,

respectively)

(z)

.....

USD

5,050

5,050,000

Credit

Suisse

Securities

(USA)

LLC,

0.75%, Open

(Purchased

on

06/03/22

to

be

repurchased

at

USD

412,021,

collateralized

by

PHH

Mortgage

Corp.,

7.88%,

due

at

03/15/26,

par

and

fair

value

of

USD

432,000

and

$381,108,

respectively)

(z)

..............

412

412,020

Credit

Suisse

Securities

(USA)

LLC,

1.35%, Open

(Purchased

on

05/24/22

to

be

repurchased

at

USD

2,890,401,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

3,512,000

and

$2,884,406,

respectively)

(z)

..............

2,889

2,888,620

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

95

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Credit

Suisse

Securities

(USA)

LLC,

1.40%, Open

(Purchased

on

05/24/22

to

be

repurchased

at

USD

2,389,070,

collateralized

by

PG&E

Corp.,

5.25%,

due

at

07/01/30,

par

and

fair

value

of

USD

2,620,000

and

$2,155,421,

respectively)

(z)

.....

USD

2,387

$

2,387,475

Deutsche

Bank

AG,

(0.75)%, Open

(Purchased

on

02/04/22

to

be

repurchased

at

USD

5,515,518,

collateralized

by

Portuguese

Republic,

0.30%,

due

at

10/17/31,

par

and

fair

value

of

EUR

5,629,000

and

$4,909,274,

respectively)

(z)

..

EUR

5,279

5,531,998

Deutsche

Bank

AG,

1.14%, Open

(Purchased

on

05/10/22

to

be

repurchased

at

USD

7,126,909,

collateralized

by

U.K.

Treasury

Inflation

Linked

Bonds,

0.13%,

due

at

03/22/46,

par

and

fair

value

of

GBP

4,166,452

and

$6,178,493,

respectively)

(z)

..............

GBP

5,847

7,117,376

Goldman

Sachs

International,

1.10%, Open

(Purchased

on

03/31/22

to

be

repurchased

at

USD

36,678,028,

collateralized

by

U.K.

Treasury

Inflation

Linked

Bonds,

0.13%,

due

at

03/22/46,

par

and

fair

value

of

GBP

19,308,453

and

$28,632,792,

respectively)

(z)

....

30,071

36,605,719

J.P.

Morgan

Securities

LLC,

0.70%, 07/29/22

(Purchased

on

06/16/22

to

be

repurchased

at

USD

2,924,536,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

3,512,000

and

$2,884,406,

respectively)

...............

USD

2,924

2,923,740

J.P.

Morgan

Securities

LLC,

1.25%, 07/29/22

(Purchased

on

06/16/22

to

be

repurchased

at

USD

5,919,859,

collateralized

by

Home

Point

Capital,

Inc.,

5.00%,

due

at

02/01/26,

par

and

fair

value

of

USD

7,969,000

and

$5,498,610,

respectively)

...............

5,917

5,916,983

J.P.

Morgan

Securities

LLC,

1.37%, 07/29/22

(Purchased

on

06/16/22

to

be

repurchased

at

USD

6,673,554,

collateralized

by

Netflix,

Inc.,

4.88%,

due

at

06/15/30,

par

and

fair

value

of

USD

7,360,000

and

$6,736,203,

respectively)

......

6,670

6,670,000

J.P.

Morgan

Securities

LLC,

1.42%, 07/29/22

(Purchased

on

06/16/22

to

be

repurchased

at

USD

3,452,187,

collateralized

by

Netflix,

Inc.,

4.88%,

due

at

04/15/28,

par

and

fair

value

of

USD

3,705,000

and

$3,486,590,

respectively)

......

3,450

3,450,281

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

J.P.

Morgan

Securities

plc,

(0.88)%, 08/02/22

(Purchased

on

04/27/22

to

be

repurchased

at

USD

4,987,047,

collateralized

by

Novartis

Finance

SA,

0.63%,

due

at

09/20/28,

par

and

fair

value

of

EUR

5,000,000

and

$4,725,469,

respectively)

...............

EUR

4,766

$

4,994,739

J.P.

Morgan

Securities

plc,

(1.60)%, Open

(Purchased

on

05/19/22

to

be

repurchased

at

USD

568,028,

collateralized

by

International

Design

Group

SpA,

6.50%,

due

at

11/15/25,

par

and

fair

value

of

EUR

555,000

and

$519,015,

respectively)

(z)

......

543

569,015

J.P.

Morgan

Securities

plc,

(1.35)%, Open

(Purchased

on

06/14/22

to

be

repurchased

at

USD

1,741,024,

collateralized

by

Quatrim

SASU,

5.88%,

due

at

01/15/24,

par

and

fair

value

of

EUR

1,731,000

and

$1,719,510,

respectively)

(z)

.....

1,662

1,742,004

J.P.

Morgan

Securities

plc,

(1.35)%, Open

(Purchased

on

05/19/22

to

be

repurchased

at

USD

3,058,887,

collateralized

by

Stora

Enso

OYJ,

2.50%,

due

at

03/21/28,

par

and

fair

value

of

EUR

2,900,000

and

$2,939,982,

respectively)

(z)

..

2,923

3,063,367

J.P.

Morgan

Securities

plc,

(0.85)%, Open

(Purchased

on

04/08/22

to

be

repurchased

at

USD

2,636,578,

collateralized

by

Erste

Group

Bank

AG,

0.88%,

due

at

11/15/32,

par

and

fair

value

of

EUR

2,800,000

and

$2,407,267,

respectively)

(z)

..............

2,521

2,641,568

J.P.

Morgan

Securities

plc,

(0.85)%, Open

(Purchased

on

04/29/22

to

be

repurchased

at

USD

3,055,785,

collateralized

by

Infrastrutture

Wireless

Italiane

SpA,

1.63%,

due

at

10/21/28,

par

and

fair

value

of

EUR

3,200,000

and

$2,837,466,

respectively)

(z)

.....

2,920

3,060,048

J.P.

Morgan

Securities

plc,

(0.82)%, Open

(Purchased

on

04/29/22

to

be

repurchased

at

USD

4,940,880,

collateralized

by

Novartis

Finance

SA,

0.63%,

due

at

09/20/28,

par

and

fair

value

of

EUR

5,000,000

and

$4,725,468,

respectively)

(z)

..............

4,721

4,947,529

J.P.

Morgan

Securities

plc,

(0.82)%, Open

(Purchased

on

05/24/22

to

be

repurchased

at

USD

4,873,788,

collateralized

by

Abbott

Ireland

Financing

DAC,

0.38%,

due

at

11/19/27,

par

and

fair

value

of

EUR

5,000,000

and

$4,697,540,

respectively)

(z)

..............

4,655

4,877,788

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

96

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

J.P.

Morgan

Securities

plc,

(0.82)%, Open

(Purchased

on

05/25/22

to

be

repurchased

at

USD

5,496,652,

collateralized

by

Red

Electrica

Financiaciones

SAU,

1.25%,

due

at

03/13/27,

par

and

fair

value

of

EUR

5,300,000

and

$5,329,726,

respectively)

(z)

.....

EUR

5,249

$

5,501,037

J.P.

Morgan

Securities

plc,

(0.80)%, Open

(Purchased

on

04/05/22

to

be

repurchased

at

USD

2,650,782,

collateralized

by

Erste

Group

Bank

AG,

0.88%,

due

at

11/15/32,

par

and

fair

value

of

EUR

2,800,000

and

$2,407,267,

respectively)

(z)

..............

2,534

2,655,799

J.P.

Morgan

Securities

plc,

(0.80)%, Open

(Purchased

on

06/10/22

to

be

repurchased

at

USD

2,081,808,

collateralized

by

Cie

de

Saint-Gobain,

1.88%,

due

at

03/15/31,

par

and

fair

value

of

EUR

2,200,000

and

$2,033,557,

respectively)

(z)

..............

1,987

2,082,595

J.P.

Morgan

Securities

plc,

(0.80)%, Open

(Purchased

on

05/24/22

to

be

repurchased

at

USD

10,368,709,

collateralized

by

Red

Electrica

Financiaciones

SAU,

1.25%,

due

at

03/13/27,

par

and

fair

value

of

EUR

10,000,000

and

$10,056,086,

respectively)

(d)(z)

...

9,902

10,377,010

J.P.

Morgan

Securities

plc,

(0.80)%, Open

(Purchased

on

04/28/22

to

be

repurchased

at

USD

5,170,755,

collateralized

by

Johnson

&

Johnson,

1.65%,

due

at

05/20/35,

par

and

fair

value

of

EUR

5,000,000

and

$4,539,552,

respectively)

(z)

..

4,941

5,177,659

J.P.

Morgan

Securities

plc,

(0.78)%, Open

(Purchased

on

05/30/22

to

be

repurchased

at

USD

2,066,359,

collateralized

by

Infrastrutture

Wireless

Italiane

SpA,

1.63%,

due

at

10/21/28,

par

and

fair

value

of

EUR

2,200,000

and

$1,950,758,

respectively)

(z)

.....

1,973

2,067,748

J.P.

Morgan

Securities

plc,

(0.78)%, Open

(Purchased

on

03/25/22

to

be

repurchased

at

USD

2,241,899,

collateralized

by

WPP

Finance

Deutschland

GmbH,

1.63%,

due

at

03/23/30,

par

and

fair

value

of

EUR

2,200,000

and

$2,027,346,

respectively)

(d)(z)

.............

2,144

2,246,377

J.P.

Morgan

Securities

plc,

(0.78)%, Open

(Purchased

on

05/30/22

to

be

repurchased

at

USD

1,972,750,

collateralized

by

Enel

Finance

International

NV,

0.88%,

due

at

01/17/31,

par

and

fair

value

of

EUR

2,200,000

and

$1,831,942,

respectively)

(z)

..............

1,884

1,974,076

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

J.P.

Morgan

Securities

plc,

(0.78)%, Open

(Purchased

on

03/25/22

to

be

repurchased

at

USD

2,240,036,

collateralized

by

Volkswagen

International

Finance

NV,

1.63%,

due

at

01/16/30,

par

and

fair

value

of

EUR

2,200,000

and

$2,004,919,

respectively)

(d)(z)

....

EUR

2,142

$

2,244,510

J.P.

Morgan

Securities

plc,

0.90%, Open

(Purchased

on

05/30/22

to

be

repurchased

at

USD

2,488,833,

collateralized

by

Tesco

Corporate

Treasury

Services

plc,

2.75%,

due

at

04/27/30,

par

and

fair

value

of

GBP

2,200,000

and

$2,333,410,

respectively)

(z)

.....

GBP

2,043

2,487,221

Merrill

Lynch

International,

(0.83)%, Open

(Purchased

on

06/29/22

to

be

repurchased

at

USD

2,702,586,

collateralized

by

Red

Electrica

Financiaciones

SAU,

1.25%,

due

at

03/13/27,

par

and

fair

value

of

EUR

2,700,000

and

$2,715,143,

respectively)

(z)

.....

EUR

2,579

2,702,648

Merrill

Lynch

International,

0.00%, Open

(Purchased

on

06/30/22

to

be

repurchased

at

USD

5,301,594,

collateralized

by

Infrastrutture

Wireless

Italiane

SpA,

1.63%,

due

at

10/21/28,

par

and

fair

value

of

EUR

5,900,000

and

$5,231,578,

respectively)

(z)

..............

5,059

5,301,594

RBC

Capital

Markets

LLC,

0.00%, Open

(Purchased

on

06/30/22

to

be

repurchased

at

USD

4,664,946,

collateralized

by

Clarios

Global

LP,

8.50%,

due

at

05/15/27,

par

and

fair

value

of

USD

4,853,000

and

$4,690,303,

respectively)

(z)

..

USD

4,665

4,664,946

RBC

Capital

Markets

LLC,

0.30%, Open

(Purchased

on

05/11/22

to

be

repurchased

at

USD

3,416,423,

collateralized

by

CP

Atlas

Buyer,

Inc.,

7.00%,

due

at

12/01/28,

par

and

fair

value

of

USD

3,971,000

and

$2,867,777,

respectively)

(z)

..

3,415

3,415,060

RBC

Capital

Markets

LLC,

0.75%, Open

(Purchased

on

06/03/22

to

be

repurchased

at

USD

2,665,738,

collateralized

by

PHH

Mortgage

Corp.,

7.88%,

due

at

03/15/26,

par

and

fair

value

of

USD

2,795,000

and

$2,465,733,

respectively)

(z)

..............

2,666

2,665,731

RBC

Capital

Markets

LLC,

1.05%, Open

(Purchased

on

05/18/22

to

be

repurchased

at

USD

4,897,154,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

5,970,000

and

$4,903,161,

respectively)

(z)

..............

4,895

4,895,400

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

97

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

RBC

Capital

Markets

LLC,

1.15%, Open

(Purchased

on

06/10/22

to

be

repurchased

at

USD

1,057,680,

collateralized

by

Arches

Buyer,

Inc.,

6.13%,

due

at

12/01/28,

par

and

fair

value

of

USD

1,235,000

and

$1,007,285,

respectively)

(z)

..

USD

1,057

$

1,057,469

RBC

Capital

Markets

LLC,

1.20%, Open

(Purchased

on

05/16/22

to

be

repurchased

at

USD

1,153,830,

collateralized

by

PG&E

Corp.,

5.00%,

due

at

07/01/28,

par

and

fair

value

of

USD

1,235,000

and

$1,042,192,

respectively)

(z)

.....

1,153

1,153,181

RBC

Capital

Markets

LLC,

1.40%, Open

(Purchased

on

10/08/21

to

be

repurchased

at

USD

3,241,117,

collateralized

by

Lumen

Technologies,

Inc.,

Series

Y,

7.50%,

due

at

04/01/24,

par

and

fair

value

of

USD

2,930,000

and

$2,889,713,

respectively)

(z)

..............

3,238

3,237,650

RBC

Capital

Markets

LLC,

1.41%, Open

(Purchased

on

05/26/22

to

be

repurchased

at

USD

3,380,432,

collateralized

by

Clarios

Global

LP,

8.50%,

due

at

05/15/27,

par

and

fair

value

of

USD

3,518,000

and

$3,400,059,

respectively)

(z)

..

3,377

3,377,280

RBC

Capital

Markets

LLC,

1.42%, Open

(Purchased

on

03/08/22

to

be

repurchased

at

USD

7,245,169,

collateralized

by

Carnival

Corp.,

5.75%,

due

at

03/01/27,

par

and

fair

value

of

USD

7,906,000

and

$5,710,346,

respectively)

(z)

.....

7,234

7,233,990

RBC

Capital

Markets

LLC,

1.42%, Open

(Purchased

on

03/08/22

to

be

repurchased

at

USD

7,512,408,

collateralized

by

Royal

Caribbean

Cruises

Ltd.,

5.50%,

due

at

04/01/28,

par

and

fair

value

of

USD

7,906,000

and

$5,494,670,

respectively)

(z)

..............

7,501

7,500,818

RBC

Europe

Ltd.,

(1.70)%, Open

(Purchased

on

05/27/22

to

be

repurchased

at

USD

2,374,611,

collateralized

by

International

Design

Group

SpA,

6.50%,

due

at

11/15/25,

par

and

fair

value

of

EUR

2,345,000

and

$2,192,953,

respectively)

(z)

..

EUR

2,269

2,378,092

RBC

Europe

Ltd.,

(0.90)%, Open

(Purchased

on

05/11/22

to

be

repurchased

at

USD

4,860,718,

collateralized

by

Abbott

Ireland

Financing

DAC,

0.38%,

due

at

11/19/27,

par

and

fair

value

of

EUR

5,000,000

and

$4,697,541,

respectively)

(z)

..............

4,644

4,866,680

RBC

Europe

Ltd.,

(0.90)%, Open

(Purchased

on

04/27/22

to

be

repurchased

at

USD

5,169,713,

collateralized

by

Johnson

&

Johnson,

1.65%,

due

at

05/20/35,

par

and

fair

value

of

EUR

5,000,000

and

$4,539,552,

respectively)

(z)

..

4,941

5,177,869

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

RBC

Europe

Ltd.,

(0.90)%, Open

(Purchased

on

06/23/22

to

be

repurchased

at

USD

1,380,391,

collateralized

by

Deutsche

Telekom

AG,

1.75%,

due

at

12/09/49,

par

and

fair

value

of

EUR

2,000,000

and

$1,405,657,

respectively)

(z)

.....

EUR

1,317

$

1,380,632

RBC

Europe

Ltd.,

(0.80)%, Open

(Purchased

on

06/10/22

to

be

repurchased

at

USD

2,090,727,

collateralized

by

MMS

USA

Holdings,

Inc.,

1.25%,

due

at

06/13/28,

par

and

fair

value

of

EUR

2,200,000

and

$2,040,788,

respectively)

(z)

..............

1,996

2,091,517

Total

Borrowed

Bond

Agreements

—

1.0%

(Cost:

$411,703,581)

.............................

401,021,911

Shares

Shares

Money

Market

Funds

(s)(aa)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

1.33%

(k)

.....

792,525,408

792,525,408

SL

Liquidity

Series,

LLC,

Money

Market

Series,

1.73%

(bb)

............

325,029,735

324,964,730

Total

Money

Market

Funds

—

2.7%

(Cost:

$1,117,504,566)

...........................

1,117,490,138

Total

Short-Term

Securities

—

3.7%

(Cost:

$1,529,208,147)

...........................

1,518,512,049

Total

Options

Purchased

—

0.4%

(Cost:

$268,306,654

)

.............................

192,596,946

Total

Investments

Before

Options

Written,

Borrowed

Bonds,

TBA

Sale

Commitments

and

Investments

Sold

Short

—

113.6%

(Cost:

$52,369,690,378)

...........................

48,138,479,650

Total

Options

Written

—

(1.1)%

(Premiums

Received

—

$(411,791,109))

...............

(457,904,832)

Par

(000)

Pa

r

(

000)

Borrowed

Bonds

Corporate

Bonds

—

(0.5)%

Austria

—

(0.0)%

Erste

Group

Bank

AG,

(EURIBOR

Swap

Rate

5

Year

+

1.10%),

0.88%

,

 11/15/32

(b)

...........

(5,600)

(4,814,534)

Finland

—

(0.0)%

Stora

Enso

OYJ,

2.50%

,

 03/21/28

..

(2,900)

(2,939,982)

France

—

(0.0)%

Cie

de

Saint-Gobain,

1.88%

,

 03/15/31

(2,200)

(2,033,557)

Engie

SA,

(EUR

Swap

Annual

5

Year

+

1.88%),

1.50%

(b)(n)

...........

(5,200)

(4,149,247)

MMS

USA

Holdings,

Inc.,

1.25%

,

 06/13/28

............

(2,200)

(2,040,788)

Quatrim

SASU,

5.88%

,

 01/15/24

...

(1,731)

(1,719,510)

(9,943,102)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

98

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Germany

—

(0.0)%

Deutsche

Telekom

AG,

1.75%

,

 12/09/49

EUR

(2,000)

$

(1,405,657)

Infineon

Technologies

AG,

2.00%

,

 06/24/32

............

(2,200)

(2,036,886)

Volkswagen

International

Finance

NV,

1.63%

,

 01/16/30

............

(2,200)

(2,004,919)

(5,447,462)

Italy

—

(0.1)%

Enel

Finance

International

NV,

0.88%

,

 01/17/31

............

(2,200)

(1,831,942)

Infrastrutture

Wireless

Italiane

SpA,

1.63%

,

 10/21/28

............

(6,225)

(5,519,759)

International

Design

Group

SpA,

6.50%

,

 11/15/25

............

(2,900)

(2,711,968)

(10,063,669)

Spain

—

(0.1)%

Banco

Bilbao

Vizcaya

Argentaria

SA,

(EURIBOR

3

Month

+

0.52%),

0.13%

,

 03/24/27

(b)

...........

(3,900)

(3,689,626)

Red

Electrica

Financiaciones

SAU,

1.25%

,

 03/13/27

............

(18,000)

(18,100,955)

(21,790,581)

Switzerland

—

(0.0)%

Novartis

Finance

SA,

0.63%

,

 09/20/28

(10,000)

(9,450,937)

United

Kingdom

—

(0.0)%

Next

Group

plc,

3.63%

,

 05/18/28

...

GBP

(1,700)

(1,885,626)

Tesco

Corporate

Treasury

Services

plc,

2.75%

,

 04/27/30

............

(5,000)

(5,303,204)

WPP

Finance

Deutschland

GmbH,

1.63%

,

 03/23/30

............

EUR

(2,200)

(2,027,346)

(9,216,176)

United

States

—

(0.3)%

3M

Co.,

1.75%

,

 05/15/30

.........

(7,000)

(6,740,846)

Abbott

Ireland

Financing

DAC,

0.38%

,

 11/19/27

............

(10,000)

(9,395,081)

Arches

Buyer,

Inc.

(a)

4.25%

,

 06/01/28

............

USD

(2,470)

(2,011,086)

6.13%

,

 12/01/28

............

(1,235)

(1,007,285)

Avis

Budget

Finance

plc,

4.75%

,

 01/30/26

............

EUR

(2,900)

(2,737,763)

Carnival

Corp.,

5.75%

,

 03/01/27

(a)

...

USD

(7,906)

(5,710,346)

Clarios

Global

LP,

8.50%

,

 05/15/27

(a)

.

(3,518)

(3,400,059)

CommScope,

Inc.,

8.25%

,

 03/01/27

(a)

(10,395)

(8,217,248)

Condor

Merger

Sub,

Inc.,

7.38%

,

 02/15/30

(a)

...........

(5,925)

(4,815,662)

CP

Atlas

Buyer,

Inc.,

7.00%

,

 12/01/28

(a)

(3,971)

(2,867,777)

Home

Point

Capital,

Inc.,

5.00%

,

 02/01/26

(a)

...........

(7,969)

(5,498,610)

Johnson

&

Johnson,

1.65%

,

 05/20/35

EUR

(10,000)

(9,079,104)

Lumen

Technologies,

Inc.,

Series

Y,

7.50%

,

 04/01/24

............

USD

(2,930)

(2,889,713)

Medline

Borrower

LP,

5.25%

,

 10/01/29

(a)

...........

(14,047)

(11,536,801)

Minerva

Merger

Sub,

Inc.,

6.50%

,

 02/15/30

(a)

...........

(3,555)

(2,956,302)

Netflix,

Inc.:

4.88%

,

 06/15/30

(a)

...........

(7,360)

(6,736,203)

4.88%

,

 04/15/28

............

(3,705)

(3,486,590)

Owens-Brockway

Glass

Container,

Inc.,

6.63%

,

 05/13/27

(a)

...........

(13,219)

(12,337,293)

Park

River

Holdings,

Inc.,

5.63%

,

 02/01/29

(a)

...........

(3,983)

(2,482,233)

PBF

Holding

Co.

LLC,

6.00%

,

 02/15/28

(7,980)

(6,763,449)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Pfizer,

Inc.,

1.00%

,

 03/06/27

......

EUR

(10,000)

$

(9,929,745)

PG&E

Corp.

5.00%

,

 07/01/28

............

USD

(1,235)

(1,042,192)

5.25%

,

 07/01/30

............

(2,620)

(2,155,421)

PHH

Mortgage

Corp.,

7.88%

,

 03/15/26

(a)

...........

(7,985)

(7,044,321)

Royal

Caribbean

Cruises

Ltd.,

5.50%

,

 04/01/28

(a)

...........

(7,906)

(5,494,670)

(136,335,800)

Total

Corporate

Bonds

—

(0.5)%

(Proceeds:

$(234,236,011))

........................

(210,002,243)

Foreign

Government

Obligations

—

(0.3)%

Portugal

—

(0.0)%

Portuguese

Republic,

0.30%

,

 10/17/31

(a)

...........

EUR

(22,928)

(19,996,417)

Spain

—

(0.2)%

Kingdom

of

Spain

(a)

0.50%

,

 10/31/31

............

(51,168)

(45,278,214)

0.70%

,

 04/30/32

............

(40,000)

(35,555,267)

(80,833,481)

United

Kingdom

—

(0.1)%

U.K.

Treasury

Inflation

Linked

Bonds,

0.13%

,

 03/22/46

............

GBP

(23,475)

(34,811,285)

Total

Foreign

Government

Obligations

—

(0.3)%

(Proceeds:

$(165,706,866))

........................

(135,641,183)

Total

Borrowed

Bonds

—

(0.8)%

(Proceeds:

$(399,942,877))

........................

(345,643,426)

TBA

Sale

Commitments

Uniform

Mortgage-Backed

Securities

(w)

2.00%

,

 07/25/52

-

08/25/52

.....

USD

(975,825)

(846,308,297)

2.50%

,

 07/25/52

-

08/25/52

.....

(1,202,781)

(1,080,534,653)

3.00%

,

 07/25/52

-

08/25/52

.....

(1,009,497)

(939,477,362)

3.50%

,

 07/25/52

-

08/25/52

.....

(582,870)

(560,306,648)

4.00%

,

 07/25/52

-

08/25/52

.....

(4,173,348)

(4,110,266,944)

4.50%

,

 07/25/52

-

08/25/52

.....

(1,536,970)

(1,539,591,941)

5.00%

,

 07/25/52

............

(459,660)

(469,140,487)

Total

TBA

Sale

Commitments

—

(22.5)%

(Proceeds:

$(9,506,411,851))

.......................

(9,545,626,332)

Investments

Sold

Short

Corporate

Bonds

Italy

—

(0.1)%

Infrastrutture

Wireless

Italiane

SpA,

1.63%

,

10/21/28

............

EUR

(5,900)

(5,231,578)

United

States

—

(0.0)%

Clarios

Global

LP,

8.50%

,

05/15/27

(a)

.

USD

(1,335)

(1,290,244)

Condor

Merger

Sub,

Inc.,

7.38%

,

02/15/30

(a)

................

(1,285)

(1,044,410)

Minerva

Merger

Sub,

Inc.,

6.50%

,

02/15/30

(a)

................

(1,285)

(1,068,594)

(3,403,248)

Total

Corporate

Bonds

—

(0.1)%

(Proceeds:

$(8,644,407))

..........................

(8,634,826)

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

99

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

U.S.

Treasury

Notes

1.75%, 03/15/25

............

USD

(470,000)

$

(454,376,170)

0.88%, 11/15/30

............

(70,000)

(59,103,516)

Total

U.S.

Treasury

Obligations

—

(1.2)%

(Proceeds:

$(535,021,215))

........................

(513,479,686)

Total

Investments

Sold

Short

—

(1.3)%

(Proceeds:

$(543,665,622)

)

........................

(522,114,512)

Total

Investments

Net

of

Options

Written,

Borrowed

Bonds,

TBA

Sale

Commitments

and

Investments

Sold

Short

—

87.9%

(Cost:

$41,507,878,919)

...........................

37,267,190,548

Other

Assets

Less

Liabilities

—

12.1%

..................

5,123,251,148

Net

Assets

—

100.0%

..............................

$

42,390,441,696

(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)

Rounds

to

less

than

1,000.

(g)

Non-income

producing

security.

(h)

All

or

a

portion

of

this

security

is

on

loan.

(i)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$349,619,037,

representing

0.82%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$410,350,650.

(j)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(k)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

(l)

Zero-coupon

bond.

(m)

Convertible

security.

(n)

Perpetual

security

with

no

stated

maturity

date.

(o)

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.

(p)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(q)

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.

(r)

Fixed

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)

When-issued

security.

(v)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

TBA

commitments.

(w)

Represents

or

includes

a

TBA

transaction.

(x)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(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)

Annualized

7-day

yield

as

of

period

end.

(bb)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

100

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/22

Shares

Held

at

06/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

2,377,415,717

$

—

$

(1,584,890,309)

$

—

$

—

$

792,525,408

792,525,408

$

2,219,751

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

159,656,762

165,346,389

—

(13,919)

(24,502)

324,964,730

325,029,735

415,472

(b)

—

BlackRock

Liquid

Environmentally

Aware

Fund,

Class

Direct

...

368,719,964

717,888

—

—

(221,252)

369,216,600

369,364,346

718,811

—

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

..

—

37,699,389

(26,015,754)

(791,995)

86,260

10,977,900

215,000

74,535

—

iShares

China

Large-Cap

ETF

..

14,615,502

1,906,537

(8,706,339)

(4,414,566)

1,670,073

5,071,207

149,549

21,824

—

iShares

Core

High

Dividend

ETF

(c)

—

4,529,249

(4,203,584)

(325,665)

—

—

—

24,090

—

iShares

Core

U.S.

Aggregate

Bond

ETF

..............

2,783,552

—

(132,453)

(8,310)

(283,813)

2,358,976

23,200

19,899

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

......

11,249,888

372,613,638

(339,236,096)

4,381,758

(1,136,015)

47,873,173

435,092

327,172

—

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

.

484,554

—

—

—

(105,477)

379,077

4,443

8,045

—

iShares

Latin

America

40

ETF

..

12,576,132

—

—

—

(493,182)

12,082,950

536,067

588,642

—

iShares

MSCI

Brazil

ETF

.....

13,944,446

—

—

—

(337,806)

13,606,640

496,774

744,724

—

iShares

Nasdaq

Biotechnology

ETF

..................

4,476,802

—

—

—

(1,026,361)

3,450,441

29,333

4,344

—

iShares

S&P

500

Value

ETF

(c)

..

53,118,872

—

(50,378,396)

8,128,757

(10,869,233)

—

—

—

—

$

6,956,060

$

(12,741,308)

$

1,582,507,102

$

5,167,309

$

—

—

—

(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.

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

101

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

30

Day

Federal

Funds

......................................................

900

06/30/22

$

370,511

$

(53,114)

30

Day

Federal

Funds

......................................................

16

07/29/22

6,556

(1,028)

Australia

10

Year

Bond

......................................................

1,778

09/15/22

145,916

990,330

EURO

STOXX

Banks

Price

Index

...............................................

1,209

09/16/22

5,068

(424,363)

FTSE

100

Index

..........................................................

32

09/16/22

2,781

(12,187)

FTSE/MIB

Index

..........................................................

94

09/16/22

10,470

(271,717)

MSCI

Emerging

Markets

Index

.................................................

530

09/16/22

26,572

(22,467)

Canada

10

Year

Bond

......................................................

1,573

09/20/22

151,520

2,446,309

3

Month

SONIA

Index

.......................................................

4,905

03/14/23

1,449,799

(7,567,886)

3

Month

SONIA

Index

.......................................................

491

09/19/23

144,986

591,152

3

Month

SOFR

...........................................................

1,132

12/19/23

274,354

579,281

(3,745,690)

Short

Contracts

Euro-Bobl

...............................................................

5,021

09/08/22

653,458

(5,099,782)

Euro-BTP

...............................................................

6,034

09/08/22

778,528

(21,391,126)

Euro-Bund

..............................................................

4,036

09/08/22

629,269

(7,173,682)

Euro-Buxl

...............................................................

1,482

09/08/22

254,019

3,251,858

Euro-Schatz

.............................................................

17,424

09/08/22

1,992,931

(12,134,005)

Short-Term

Euro-BTP

.......................................................

214

09/08/22

24,420

(470,449)

Japan

10

Year

Bond

........................................................

562

09/12/22

615,557

1,294,137

Australia

3

Year

Bond

.......................................................

2,026

09/15/22

150,277

(1,134,339)

DAX

Index

..............................................................

124

09/16/22

41,698

2,520,870

EURO

STOXX

50

Index

.....................................................

1,740

09/16/22

62,900

950,478

NASDAQ

100

E-Mini

Index

...................................................

325

09/16/22

74,942

(84,898)

Russell

2000

E-Mini

Index

....................................................

1,432

09/16/22

122,293

349,339

S&P

500

E-Mini

Index

......................................................

2,244

09/16/22

425,182

(2,460,504)

WTI

Crude

Oil

(a)

...........................................................

27

09/19/22

2,707

61,254

U.S.

Treasury

10

Year

Note

...................................................

4,033

09/21/22

477,217

(1,979,773)

U.S.

Treasury

10

Year

Ultra

Note

...............................................

24,847

09/21/22

3,155,569

26,352,341

U.S.

Treasury

Long

Bond

....................................................

1,880

09/21/22

259,616

(340,852)

U.S.

Treasury

Ultra

Bond

....................................................

7,213

09/21/22

1,104,716

9,496,983

Long

Gilt

...............................................................

2,160

09/28/22

299,695

(5,552,374)

U.S.

Treasury

2

Year

Note

....................................................

763

09/30/22

160,093

(453,265)

U.S.

Treasury

5

Year

Note

....................................................

43,120

09/30/22

4,834,156

(9,935,089)

3

Month

SOFR

...........................................................

454

12/20/22

110,123

796,536

3

Month

Euribor

..........................................................

229

06/19/23

58,945

(253,270)

3

Month

SOFR

...........................................................

713

06/20/23

172,127

(569,104)

3

Month

SOFR

...........................................................

598

09/19/23

144,649

(168,522)

90-day

Eurodollar

.........................................................

449

12/16/24

109,028

1,321,772

(22,805,466)

$

(26,551,156)

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

17,464,000

BRL

84,735,328

Citibank

NA

07/05/22

$

1,272,897

AUD

86,235,795

USD

59,347,000

Deutsche

Bank

AG

07/07/22

177,529

CAD

76,416,978

USD

59,347,000

Bank

of

America

NA

07/07/22

20,524

GBP

48,975,789

USD

59,347,000

BNP

Paribas

SA

07/07/22

272,473

USD

59,347,000

AUD

85,578,346

Deutsche

Bank

AG

07/07/22

276,277

USD

59,347,000

CAD

76,227,186

Bank

of

America

NA

07/07/22

126,923

USD

59,347,000

EUR

56,350,024

HSBC

Bank

plc

07/07/22

287,619

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

102

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

59,347,000

GBP

48,593,223

BNP

Paribas

SA

07/07/22

$

193,234

MXN

178,295,102

USD

8,705,000

Deutsche

Bank

AG

07/11/22

151,701

MXN

167,935,899

USD

8,314,000

JPMorgan

Chase

Bank

NA

07/11/22

28,114

MXN

179,412,731

USD

8,705,000

Morgan

Stanley

&

Co.

International

plc

07/11/22

207,219

NOK

42,370,443

USD

4,281,000

Deutsche

Bank

AG

07/11/22

21,014

USD

8,705,000

JPY

1,176,484,319

Morgan

Stanley

&

Co.

International

plc

07/11/22

31,166

USD

8,575,000

MXN

172,330,283

Deutsche

Bank

AG

07/11/22

14,598

USD

4,281,000

NOK

42,021,314

JPMorgan

Chase

Bank

NA

07/11/22

14,434

USD

13,086,000

ZAR

201,443,947

Citibank

NA

07/11/22

711,155

USD

8,575,000

ZAR

137,161,558

Deutsche

Bank

AG

07/11/22

149,068

USD

54,752,000

ZAR

882,020,339

Goldman

Sachs

International

07/15/22

591,886

ZAR

279,836,962

USD

17,052,000

Citibank

NA

07/15/22

131,280

CAD

17,373,491

USD

13,423,000

Bank

of

America

NA

07/20/22

74,280

CAD

22,123,630

USD

17,124,000

JPMorgan

Chase

Bank

NA

07/20/22

63,614

CZK

620,141,171

USD

26,168,000

HSBC

Bank

plc

07/20/22

41,847

EUR

16,392,000

CZK

406,779,446

HSBC

Bank

plc

07/20/22

2,814

JPY

3,602,731,920

USD

26,490,000

JPMorgan

Chase

Bank

NA

07/20/22

86,788

JPY

2,323,068,306

USD

17,052,000

JPMorgan

Chase

Bank

NA

07/20/22

84,910

MXN

536,648,086

USD

25,956,000

Citibank

NA

07/20/22

656,464

NOK

169,908,520

EUR

16,268,000

Deutsche

Bank

AG

07/20/22

189,558

USD

17,200,000

CLP

15,325,200,000

Bank

of

America

NA

07/20/22

554,596

USD

17,994,000

INR

1,407,832,566

UBS

AG

07/20/22

192,798

USD

17,448,000

JPY

2,340,865,554

BNP

Paribas

SA

07/20/22

179,802

CHF

16,488,772

GBP

13,996,000

JPMorgan

Chase

Bank

NA

07/27/22

252,216

CHF

16,343,794

USD

17,124,000

JPMorgan

Chase

Bank

NA

07/27/22

19,904

MXN

265,382,000

USD

12,695,970

JPMorgan

Chase

Bank

NA

08/24/22

375,718

USD

20,052,432

COP

76,603,847,000

JPMorgan

Chase

Bank

NA

08/24/22

1,764,336

USD

8,266,307

EUR

7,849,000

Morgan

Stanley

&

Co.

International

plc

08/24/22

11,017

USD

10,920,889

MXN

221,502,936

BNP

Paribas

SA

08/24/22

10,513

USD

24,250,377

MXN

490,282,000

JPMorgan

Chase

Bank

NA

08/24/22

100,987

CNY

324,049,000

USD

48,149,926

HSBC

Bank

plc

09/14/22

240,660

USD

5,010,000

BRL

24,714,530

Goldman

Sachs

International

09/14/22

385,925

USD

48,443,755

CNY

324,049,000

Barclays

Bank

plc

09/14/22

53,169

USD

3,656,041

JPY

475,535,716

Bank

of

America

NA

09/14/22

133,347

USD

5,015,000

MXN

100,759,971

Goldman

Sachs

International

09/14/22

71,793

AUD

7,970,000

USD

5,479,056

Citibank

NA

09/21/22

25,923

AUD

2,180,058

USD

1,500,000

HSBC

Bank

plc

09/21/22

5,794

CAD

13,555,000

JPY

1,412,309,005

Deutsche

Bank

AG

09/21/22

63,964

CAD

7,953,000

JPY

824,718,226

State

Street

Bank

and

Trust

Co.

09/21/22

66,531

CAD

3,617,146

USD

2,800,000

BNP

Paribas

SA

09/21/22

10,493

CAD

37,501,627

USD

29,013,340

Deutsche

Bank

AG

09/21/22

125,114

CAD

3,227,907

USD

2,500,000

Goldman

Sachs

International

09/21/22

8,057

CAD

7,483,345

USD

5,800,000

HSBC

Bank

plc

09/21/22

14,496

CAD

2,060,031

USD

1,600,000

Royal

Bank

of

Canada

09/21/22

627

CHF

50,940,000

EUR

50,669,828

JPMorgan

Chase

Bank

NA

09/21/22

263,277

CHF

1,589,005

USD

1,600,000

BNP

Paribas

SA

09/21/22

74,097

CHF

8,573,675

USD

8,930,000

Citibank

NA

09/21/22

102,802

CHF

3,477,526

USD

3,500,000

Deutsche

Bank

AG

09/21/22

163,751

CHF

5,501,070

USD

5,700,000

HSBC

Bank

plc

09/21/22

95,657

CHF

24,770,611

USD

25,905,000

JPMorgan

Chase

Bank

NA

09/21/22

192,098

CHF

19,089,578

USD

19,995,000

Morgan

Stanley

&

Co.

International

plc

09/21/22

116,841

CNY

208,807,000

USD

31,097,668

Bank

of

America

NA

09/21/22

82,877

CNY

93,836,960

USD

13,993,500

BNP

Paribas

SA

09/21/22

18,902

CNY

571,815,923

USD

85,177,974

Deutsche

Bank

AG

09/21/22

209,644

EUR

51,570,000

GBP

44,517,287

Barclays

Bank

plc

09/21/22

78,664

EUR

103,090,000

GBP

88,837,387

BNP

Paribas

SA

09/21/22

345,036

EUR

243,972,000

GBP

209,848,376

Deutsche

Bank

AG

09/21/22

1,296,310

EUR

40,976,790

USD

43,121,310

BNP

Paribas

SA

09/21/22

67,096

EUR

6,174,276

USD

6,500,000

Deutsche

Bank

AG

09/21/22

7,517

EUR

51,580,000

USD

54,237,144

HSBC

Bank

plc

09/21/22

126,752

EUR

25,120,000

USD

26,277,304

JPMorgan

Chase

Bank

NA

09/21/22

198,483

GBP

35,086,699

EUR

40,550,000

Barclays

Bank

plc

09/21/22

38,504

GBP

34,712,129

EUR

40,130,000

BNP

Paribas

SA

09/21/22

24,504

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

103

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

GBP

133,084,931

EUR

153,400,000

Deutsche

Bank

AG

09/21/22

$

575,440

GBP

81,073,991

EUR

92,620,000

Goldman

Sachs

International

09/21/22

1,225,059

GBP

494,053

USD

600,000

Morgan

Stanley

&

Co.

International

plc

09/21/22

2,341

IDR

(1,783,569,038,780)

USD

121,915,926

JPMorgan

Chase

Bank

NA

09/21/22

2,991,110

JPY

808,248,727

USD

5,936,654

Bank

of

America

NA

09/21/22

54,157

JPY

405,934,230

USD

3,000,000

Citibank

NA

09/21/22

8,820

JPY

527,253,165

USD

3,900,000

Deutsche

Bank

AG

09/21/22

8,047

JPY

1,051,895,252

USD

7,736,653

HSBC

Bank

plc

09/21/22

60,086

JPY

1,054,227,843

USD

7,805,400

JPMorgan

Chase

Bank

NA

09/21/22

8,630

MXN

1,062,102,474

USD

51,126,527

Bank

of

America

NA

09/21/22

911,487

MXN

316,080,520

USD

15,005,000

Morgan

Stanley

&

Co.

International

plc

09/21/22

481,455

NOK

1,053,800,000

EUR

100,429,814

JPMorgan

Chase

Bank

NA

09/21/22

1,328,833

NOK

175,310,473

USD

17,545,000

Bank

of

America

NA

09/21/22

285,344

NOK

189,892,630

USD

19,140,000

BNP

Paribas

SA

09/21/22

173,454

NOK

39,683,984

USD

4,000,000

Deutsche

Bank

AG

09/21/22

36,148

NOK

33,939,118

USD

3,400,000

Goldman

Sachs

International

09/21/22

51,854

NOK

25,421,248

USD

2,553,400

HSBC

Bank

plc

09/21/22

32,125

NOK

80,085,748

USD

7,970,000

JPMorgan

Chase

Bank

NA

09/21/22

175,300

NOK

312,534,295

USD

31,221,600

Morgan

Stanley

&

Co.

International

plc

09/21/22

565,399

NOK

71,262,366

USD

7,200,000

Royal

Bank

of

Canada

09/21/22

47,898

NZD

6,600,015

USD

4,100,000

Deutsche

Bank

AG

09/21/22

18,250

SEK

81,837,713

USD

7,972,500

BNP

Paribas

SA

09/21/22

54,603

USD

73,919,327

AUD

103,809,000

Bank

of

America

NA

09/21/22

2,217,143

USD

3,700,000

AUD

5,315,365

Citibank

NA

09/21/22

28,610

USD

29,891,673

AUD

43,054,016

Deutsche

Bank

AG

09/21/22

153,723

USD

9,200,000

AUD

13,012,693

Goldman

Sachs

International

09/21/22

211,969

USD

85,114,910

AUD

118,274,274

HSBC

Bank

plc

09/21/22

3,421,379

USD

11,277,398

AUD

16,113,000

JPMorgan

Chase

Bank

NA

09/21/22

147,946

USD

8,447,504

AUD

12,142,754

Morgan

Stanley

&

Co.

International

plc

09/21/22

60,350

USD

7,982,000

BRL

41,370,706

Barclays

Bank

plc

09/21/22

255,659

USD

7,805,000

BRL

40,148,140

Goldman

Sachs

International

09/21/22

306,984

USD

5,617,931

BRL

28,292,000

Royal

Bank

of

Canada

09/21/22

334,153

USD

19,200,000

CAD

24,559,647

Bank

of

Montreal

09/21/22

117,358

USD

600,000

CAD

758,522

BNP

Paribas

SA

09/21/22

10,635

USD

7,945,000

CAD

10,163,312

Citibank

NA

09/21/22

48,191

USD

65,399,718

CAD

83,690,451

JPMorgan

Chase

Bank

NA

09/21/22

372,931

USD

9,000,000

CAD

11,509,497

Royal

Bank

of

Canada

09/21/22

57,217

USD

11,997,000

CHF

11,379,550

Citibank

NA

09/21/22

8,065

USD

4,500,000

CHF

4,263,336

Deutsche

Bank

AG

09/21/22

8,359

USD

15,935,000

CHF

15,052,743

Morgan

Stanley

&

Co.

International

plc

09/21/22

76,171

USD

6,995,033

DKK

49,076,000

JPMorgan

Chase

Bank

NA

09/21/22

39,636

USD

92,349,245

EUR

87,004,000

Bank

of

America

NA

09/21/22

649,430

USD

4,663,112,244

EUR

4,402,639,830

BNP

Paribas

SA

09/21/22

22,851,374

USD

2,100,000

EUR

1,975,411

Citibank

NA

09/21/22

17,971

USD

1,200,000

EUR

1,125,382

Deutsche

Bank

AG

09/21/22

13,879

USD

1,700,000

EUR

1,609,640

HSBC

Bank

plc

09/21/22

3,484

USD

292,756,412

EUR

277,113,000

JPMorgan

Chase

Bank

NA

09/21/22

686,960

USD

81,193,162

EUR

75,976,280

Royal

Bank

of

Canada

09/21/22

1,116,260

USD

800,000

EUR

755,186

State

Street

Bank

and

Trust

Co.

09/21/22

4,054

USD

1,100,000

GBP

893,482

Deutsche

Bank

AG

09/21/22

10,682

USD

9,741,836

GBP

7,982,000

Goldman

Sachs

International

09/21/22

10,322

USD

875,277,314

GBP

705,230,061

HSBC

Bank

plc

09/21/22

15,473,235

USD

100,000

GBP

80,966

State

Street

Bank

and

Trust

Co.

09/21/22

1,287

USD

4,045,360

GBP

3,224,000

Toronto

Dominion

Bank

09/21/22

114,716

USD

19,589,386

INR

1,540,000,000

HSBC

Bank

plc

09/21/22

230,654

USD

23,825,000

JPY

3,177,078,337

Bank

of

America

NA

09/21/22

276,216

USD

2,400,000

JPY

320,604,096

BNP

Paribas

SA

09/21/22

23,654

USD

29,524,000

JPY

3,942,719,379

Citibank

NA

09/21/22

300,217

USD

23,027,149

JPY

3,097,911,161

Deutsche

Bank

AG

09/21/22

65,159

USD

11,960,000

JPY

1,591,465,772

Goldman

Sachs

International

09/21/22

163,916

USD

43,929,000

JPY

5,829,396,708

HSBC

Bank

plc

09/21/22

720,999

USD

9,565,000

JPY

1,282,033,201

JPMorgan

Chase

Bank

NA

09/21/22

62,457

USD

15,321,585

JPY

2,049,570,000

Natwest

Markets

plc

09/21/22

129,992

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

104

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

13,063,900

JPY

1,743,468,352

Royal

Bank

of

Canada

09/21/22

$

141,159

USD

100,000

JPY

13,352,140

State

Street

Bank

and

Trust

Co.

09/21/22

1,033

USD

23,487,548

MXN

468,741,000

Citibank

NA

09/21/22

521,449

USD

16,160,707

MXN

321,430,000

Deutsche

Bank

AG

09/21/22

412,152

USD

5,413,405

MXN

108,104,000

State

Street

Bank

and

Trust

Co.

09/21/22

116,819

USD

5,400,000

NOK

52,106,544

Bank

of

America

NA

09/21/22

100,387

USD

5,900,000

NOK

56,291,640

BNP

Paribas

SA

09/21/22

174,733

USD

1,500,000

NOK

14,685,267

Citibank

NA

09/21/22

6,402

USD

55,154,000

NOK

532,478,507

Deutsche

Bank

AG

09/21/22

997,083

USD

9,570,000

NOK

93,592,294

Morgan

Stanley

&

Co.

International

plc

09/21/22

50,986

USD

1,400,000

NZD

2,208,704

Citibank

NA

09/21/22

21,822

USD

4,400,000

NZD

6,988,266

Deutsche

Bank

AG

09/21/22

39,491

USD

6,000,000

NZD

9,547,522

HSBC

Bank

plc

09/21/22

42,578

USD

5,600,000

NZD

8,963,202

Royal

Bank

of

Canada

09/21/22

7,179

USD

1,200,000

NZD

1,890,943

State

Street

Bank

and

Trust

Co.

09/21/22

20,097

USD

2,300,000

SEK

23,145,079

BNP

Paribas

SA

09/21/22

29,801

USD

25,931,000

SEK

262,737,288

Citibank

NA

09/21/22

160,248

USD

24,530,000

SEK

248,535,703

Deutsche

Bank

AG

09/21/22

152,214

USD

1,700,000

SEK

17,165,700

HSBC

Bank

plc

09/21/22

16,292

USD

2,000,000

SEK

19,943,726

Natwest

Markets

plc

09/21/22

43,807

USD

22,490,615

ZAR

365,825,000

Toronto

Dominion

Bank

09/21/22

188,113

USD

28,943,333

ZAR

469,996,317

UBS

AG

09/21/22

290,031

TRY

77,553,600

USD

4,280,000

Deutsche

Bank

AG

09/29/22

22,678

77,505,769

BRL

83,521,068

USD

17,484,000

Morgan

Stanley

&

Co.

International

plc

07/05/22

(1,524,916)

EUR

56,555,963

USD

59,347,000

Citibank

NA

07/07/22

(71,778)

JPY

1,166,313,310

USD

8,705,000

UBS

AG

07/11/22

(106,153)

USD

17,149,000

MXN

345,562,109

Deutsche

Bank

AG

07/11/22

(16,588)

ZAR

210,571,707

USD

13,086,000

Deutsche

Bank

AG

07/11/22

(150,430)

ZAR

136,263,224

USD

8,575,000

Goldman

Sachs

International

07/11/22

(204,253)

ZAR

561,472,500

USD

34,820,000

Citibank

NA

07/15/22

(343,000)

AUD

18,526,000

CAD

16,625,451

Standard

Chartered

Bank

07/20/22

(127,407)

AUD

12,295,000

USD

8,528,878

BNP

Paribas

SA

07/20/22

(41,486)

EUR

16,268,000

NOK

168,311,574

Deutsche

Bank

AG

07/20/22

(27,386)

EUR

24,314,000

USD

25,725,556

Bank

of

America

NA

07/20/22

(220,372)

MXN

342,783,952

USD

17,124,000

Deutsche

Bank

AG

07/20/22

(125,290)

TRY

149,072,420

USD

8,876,000

Deutsche

Bank

AG

07/20/22

(16,126)

USD

44,411,282

EUR

42,475,000

Bank

of

America

NA

07/20/22

(144,639)

USD

34,402,000

JPY

4,668,972,356

HSBC

Bank

plc

07/20/22

(40,276)

USD

25,884,000

MXN

536,091,290

Citibank

NA

07/20/22

(700,852)

USD

34,846,000

MXN

721,992,888

Deutsche

Bank

AG

07/20/22

(957,742)

USD

8,876,000

TRY

155,232,364

Barclays

Bank

plc

07/20/22

(349,980)

BRL

44,993,738

USD

8,600,000

Goldman

Sachs

International

08/02/22

(78,685)

USD

8,600,000

BRL

45,541,558

Goldman

Sachs

International

08/02/22

(25,066)

IDR

254,887,920,000

USD

17,304,000

JPMorgan

Chase

Bank

NA

08/18/22

(279,016)

MXN

490,282,000

USD

24,703,825

Citibank

NA

08/24/22

(554,435)

BRL

52,557,573

USD

10,022,000

Goldman

Sachs

International

09/14/22

(188,507)

CNY

192,410,000

USD

28,764,363

Barclays

Bank

plc

09/14/22

(31,570)

JPY

59,150,000

USD

442,078

Bank

of

America

NA

09/14/22

(3,904)

AUD

107,883,859

USD

74,623,265

Barclays

Bank

plc

09/21/22

(106,524)

AUD

9,677,607

USD

6,784,316

Deutsche

Bank

AG

09/21/22

(99,871)

AUD

55,451,696

USD

38,572,769

HSBC

Bank

plc

09/21/22

(271,586)

AUD

15,385,333

USD

10,690,345

JPMorgan

Chase

Bank

NA

09/21/22

(63,502)

BRL

82,418,849

USD

15,787,000

Citibank

NA

09/21/22

(394,559)

BRL

180,605,265

USD

35,211,250

HSBC

Bank

plc

09/21/22

(1,481,637)

CAD

10,135,296

USD

7,950,000

Barclays

Bank

plc

09/21/22

(74,959)

CAD

5,759,294

USD

4,500,000

Citibank

NA

09/21/22

(25,076)

CAD

54,774,000

USD

42,657,085

Deutsche

Bank

AG

09/21/22

(98,140)

CAD

10,064,863

USD

7,945,000

Morgan

Stanley

&

Co.

International

plc

09/21/22

(124,684)

CHF

5,465,294

EUR

5,484,655

Deutsche

Bank

AG

09/21/22

(22,710)

CHF

95,254,706

EUR

95,428,885

Societe

Generale

SA

09/21/22

(223,739)

CHF

11,384,993

USD

11,997,000

Morgan

Stanley

&

Co.

International

plc

09/21/22

(2,331)

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

105

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

51,560,000

GBP

44,643,742

Deutsche

Bank

AG

09/21/22

$

(86,047)

EUR

2,265,070

USD

2,400,000

Bank

of

America

NA

09/21/22

(12,678)

EUR

60,670,000

USD

64,361,809

Barclays

Bank

plc

09/21/22

(417,304)

EUR

220,100,000

USD

233,405,715

Citibank

NA

09/21/22

(1,426,390)

EUR

13,882,224

USD

14,764,548

Deutsche

Bank

AG

09/21/22

(133,067)

EUR

24,374,421

USD

25,731,890

HSBC

Bank

plc

09/21/22

(41,923)

EUR

32,149,000

USD

34,082,749

Standard

Chartered

Bank

09/21/22

(198,590)

GBP

55,534,694

EUR

64,350,000

Deutsche

Bank

AG

09/21/22

(116,203)

GBP

33,977,166

EUR

39,440,000

Goldman

Sachs

International

09/21/22

(144,309)

GBP

4,674,000

USD

5,725,474

Bank

of

America

NA

09/21/22

(27,015)

GBP

2,275,864

USD

2,800,000

Citibank

NA

09/21/22

(25,307)

GBP

2,189,886

USD

2,700,000

Deutsche

Bank

AG

09/21/22

(30,130)

GBP

7,182,633

USD

8,900,000

HSBC

Bank

plc

09/21/22

(143,061)

GBP

15,964,000

USD

19,552,093

JPMorgan

Chase

Bank

NA

09/21/22

(89,065)

GBP

3,745,118

USD

4,700,000

Morgan

Stanley

&

Co.

International

plc

09/21/22

(134,018)

IDR

1,027,359,650,000

USD

69,369,183

Bank

of

America

NA

09/21/22

(866,896)

IDR

506,012,961,667

USD

34,213,182

Morgan

Stanley

&

Co.

International

plc

09/21/22

(473,250)

JPY

830,195,378

CAD

7,953,000

Bank

of

America

NA

09/21/22

(25,934)

JPY

820,599,587

CAD

7,975,000

HSBC

Bank

plc

09/21/22

(114,153)

JPY

575,785,134

CAD

5,580,000

Royal

Bank

of

Canada

09/21/22

(67,844)

JPY

5,167,150,429

USD

38,718,900

Bank

of

America

NA

09/21/22

(419,526)

JPY

1,069,640,818

USD

7,989,000

BNP

Paribas

SA

09/21/22

(60,728)

JPY

628,315,383

USD

4,785,000

Citibank

NA

09/21/22

(127,871)

JPY

362,956,188

USD

2,700,000

Deutsche

Bank

AG

09/21/22

(9,737)

JPY

454,858,080

USD

3,400,000

Goldman

Sachs

International

09/21/22

(28,552)

JPY

1,024,126,670

USD

7,700,000

HSBC

Bank

plc

09/21/22

(109,083)

JPY

2,070,913,682

USD

15,505,686

JPMorgan

Chase

Bank

NA

09/21/22

(155,892)

JPY

3,564,366,975

USD

26,705,000

Morgan

Stanley

&

Co.

International

plc

09/21/22

(285,598)

JPY

466,805,150

USD

3,500,000

Royal

Bank

of

Canada

09/21/22

(39,999)

NOK

149,801,003

EUR

14,651,000

Deutsche

Bank

AG

09/21/22

(205,904)

NOK

11,579,232

USD

1,200,000

Bank

of

America

NA

09/21/22

(22,308)

NOK

35,200,987

USD

3,600,000

BNP

Paribas

SA

09/21/22

(19,805)

NOK

308,450,534

USD

31,949,000

Deutsche

Bank

AG

09/21/22

(577,349)

NOK

25,495,080

USD

2,600,000

HSBC

Bank

plc

09/21/22

(6,966)

NOK

91,723,943

USD

9,500,000

Royal

Bank

of

Canada

09/21/22

(171,011)

NZD

17,156,168

USD

10,900,000

Bank

of

America

NA

09/21/22

(194,966)

NZD

134,384,115

USD

86,421,490

HSBC

Bank

plc

09/21/22

(2,569,054)

NZD

2,816,699

USD

1,800,000

Morgan

Stanley

&

Co.

International

plc

09/21/22

(42,448)

NZD

9,929,406

USD

6,200,000

Standard

Chartered

Bank

09/21/22

(4,292)

SEK

43,876,184

USD

4,400,000

Bank

of

America

NA

09/21/22

(96,377)

SEK

112,101,897

USD

11,072,500

Deutsche

Bank

AG

09/21/22

(76,915)

SEK

7,121,950

USD

700,000

HSBC

Bank

plc

09/21/22

(1,439)

SEK

273,711,379

USD

27,146,000

Morgan

Stanley

&

Co.

International

plc

09/21/22

(298,848)

SEK

93,150,610

USD

9,300,000

Royal

Bank

of

Canada

09/21/22

(163,264)

USD

1,000,000

AUD

1,453,087

Deutsche

Bank

AG

09/21/22

(3,666)

USD

3,500,000

AUD

5,080,312

Goldman

Sachs

International

09/21/22

(9,036)

USD

3,500,000

AUD

5,068,754

HSBC

Bank

plc

09/21/22

(1,052)

USD

7,950,000

CAD

10,277,362

BNP

Paribas

SA

09/21/22

(35,426)

USD

13,407,000

CAD

17,292,164

HSBC

Bank

plc

09/21/22

(28,868)

USD

6,400,000

CHF

6,284,493

Bank

of

America

NA

09/21/22

(221,033)

USD

2,500,000

CHF

2,432,490

BNP

Paribas

SA

09/21/22

(62,752)

USD

5,100,000

CHF

5,008,450

Citibank

NA

09/21/22

(176,656)

USD

10,400,000

CHF

9,906,209

Deutsche

Bank

AG

09/21/22

(36,695)

USD

9,000,000

CHF

8,562,000

HSBC

Bank

plc

09/21/22

(20,502)

USD

18,900,000

CHF

18,117,162

JPMorgan

Chase

Bank

NA

09/21/22

(187,351)

USD

1,400,000

CHF

1,340,879

Morgan

Stanley

&

Co.

International

plc

09/21/22

(12,685)

USD

5,500,000

CHF

5,448,602

Royal

Bank

of

Canada

09/21/22

(240,379)

USD

5,900,000

CHF

5,787,783

State

Street

Bank

and

Trust

Co.

09/21/22

(197,723)

USD

27,987,000

CNY

187,882,049

Deutsche

Bank

AG

09/21/22

(68,883)

USD

48,146,778

CNY

324,049,000

HSBC

Bank

plc

09/21/22

(242,522)

USD

42,850,010

CNY

287,632,863

Royal

Bank

of

Canada

09/21/22

(101,373)

USD

2,882,793

CNY

19,312,000

UBS

AG

09/21/22

(1,012)

USD

2,400,000

EUR

2,290,273

Citibank

NA

09/21/22

(13,884)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

106

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

700,000

EUR

668,014

Goldman

Sachs

International

09/21/22

$

(4,068)

USD

600,000

EUR

570,168

HSBC

Bank

plc

09/21/22

(942)

USD

1,200,000

EUR

1,144,318

Morgan

Stanley

&

Co.

International

plc

09/21/22

(6,079)

USD

12,041,392

EUR

11,516,000

State

Street

Bank

and

Trust

Co.

09/21/22

(96,154)

USD

10,954,892

GBP

9,052,805

Deutsche

Bank

AG

09/21/22

(82,129)

USD

2,900,000

GBP

2,409,568

Goldman

Sachs

International

09/21/22

(37,703)

USD

600,000

GBP

493,377

HSBC

Bank

plc

09/21/22

(1,516)

USD

9,731,933

GBP

7,985,000

JPMorgan

Chase

Bank

NA

09/21/22

(3,239)

USD

7,583,470

GBP

6,309,000

State

Street

Bank

and

Trust

Co.

09/21/22

(108,351)

USD

2,206,419

HKD

17,278,000

HSBC

Bank

plc

09/21/22

(539)

USD

2,469,777

HKD

19,339,000

Royal

Bank

of

Canada

09/21/22

(437)

USD

6,400,000

JPY

863,455,808

Deutsche

Bank

AG

09/21/22

(10)

USD

11,975,000

JPY

1,618,987,667

Royal

Bank

of

Canada

09/21/22

(25,079)

USD

55,442,000

MXN

1,165,823,288

Citibank

NA

09/21/22

(1,677,845)

USD

13,095,236

MXN

275,810,000

Deutsche

Bank

AG

09/21/22

(418,154)

USD

3,669,474

MXN

77,326,000

JPMorgan

Chase

Bank

NA

09/21/22

(119,135)

USD

14,749,389

MXN

310,127,000

Royal

Bank

of

Canada

09/21/22

(445,372)

USD

43,547,024

MXN

900,137,000

State

Street

Bank

and

Trust

Co.

09/21/22

(555,446)

USD

9,570,000

NOK

94,584,138

Bank

of

America

NA

09/21/22

(49,891)

USD

7,998,000

NOK

78,638,735

BNP

Paribas

SA

09/21/22

(128)

USD

3,400,000

NOK

33,544,355

Deutsche

Bank

AG

09/21/22

(11,703)

USD

100,000

NOK

1,000,925

HSBC

Bank

plc

09/21/22

(1,801)

USD

4,383,500

NOK

43,427,234

JPMorgan

Chase

Bank

NA

09/21/22

(33,364)

USD

11,561,500

NOK

114,556,635

JPMorgan

Chase

Bank

NA

09/21/22

(89,739)

USD

7,970,000

NOK

79,040,785

Morgan

Stanley

&

Co.

International

plc

09/21/22

(69,020)

USD

9,570,000

NOK

94,447,287

UBS

AG

09/21/22

(35,973)

USD

74,533,460

NZD

119,984,115

Barclays

Bank

plc

09/21/22

(333,724)

USD

4,400,000

NZD

7,067,907

Goldman

Sachs

International

09/21/22

(10,203)

USD

8,980,301

NZD

14,400,000

JPMorgan

Chase

Bank

NA

09/21/22

(4,951)

USD

100,000

SEK

1,021,330

HSBC

Bank

plc

09/21/22

(178)

USD

27,304,000

TRY

534,339,280

Goldman

Sachs

International

09/29/22

(2,341,166)

(27,805,828)

$

49,699,941

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

Out

Bank

of

America

NA

07/01/22

CNY

6.83

CNY

7.13

USD

202,396

$

—

USD

Currency

...............

One-Touch

HSBC

Bank

plc

07/14/22

CNY

7.20

CNY

7.20

USD

2,505

1,747

USD

Currency

...............

Up

and

Out

Goldman

Sachs

International

07/14/22

CNY

6.90

CNY

7.20

USD

100,030

7,007

AUD

Currency

...............

Up

and

Out

HSBC

Bank

plc

07/26/22

USD

0.75

USD

0.79

AUD

58,541

3,318

USD

Currency

...............

Up

and

Out

BNP

Paribas

SA

08/25/22

CNY

6.80

CNY

7.10

USD

88,120

154,688

EUR

Currency

...............

One-Touch

UBS

AG

09/06/22

CNY

1.10

CNY

1.10

EUR

8,580

75,007

AUD

Currency

...............

One-Touch

UBS

AG

09/22/22

USD

0.76

USD

0.76

AUD

2,341

87,869

USD

Currency

...............

One-Touch

HSBC

Bank

plc

12/02/22

CNY

7.00

CNY

7.00

USD

4,020

441,809

771,445

Put

USD

Currency

...............

One-Touch

Bank

of

America

NA

07/01/22

CNY

7.13

CNY

7.13

USD

4,979

—

EUR

Currency

...............

One-Touch

BNP

Paribas

SA

07/11/22

USD

1.02

USD

1.02

EUR

1,900

160,635

USD

Currency

...............

One-Touch

Royal

Bank

of

Canada

07/15/22

CAD

1.25

CAD

1.25

USD

2,342

91,775

EUR

Currency

...............

One-Touch

Deutsche

Bank

AG

08/03/22

USD

1.01

USD

1.01

EUR

3,003

304,630

USD

Currency

...............

One-Touch

Citibank

NA

08/08/22

JPY

125.00

JPY

128.00

USD

3,122

332,714

AUD

Currency

...............

Down

and

Out

Deutsche

Bank

AG

08/11/22

JPY

92.00

JPY

88.00

AUD

58,541

121,017

USD

Currency

...............

One-Touch

HSBC

Bank

plc

08/24/22

JPY

118.00

JPY

118.00

USD

4,927

97,167

USD

Currency

...............

Up

and

In

Goldman

Sachs

International

09/13/22

JPY

115.00

JPY

120.50

USD

72,045

72,339

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

107

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

OTC

Barrier

Options

Purchased

(continued)

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

USD

Currency

...............

Up

and

In

Bank

of

America

NA

09/29/22

JPY

136.00

JPY

140.50

USD

29,683

$

159,430

EUR

Currency

...............

One-Touch

Bank

of

America

NA

10/03/22

USD

1.00

USD

1.00

EUR

3,620

569,037

USD

Currency

...............

One-Touch

Morgan

Stanley

&

Co.

International

plc

10/12/22

JPY

109.00

JPY

109.00

USD

3,122

43,177

EUR

Currency

...............

One-Touch

Citibank

NA

12/02/22

USD

0.90

USD

0.90

EUR

19,840

442,601

USD

Currency

...............

One-Touch

Goldman

Sachs

International

12/08/22

JPY

122.00

JPY

122.00

USD

6,106

672,392

USD

Currency

...............

Double

Knock

Out

Citibank

NA

12/21/22

JPY

125.00

JPY

125.00

–

141.00

USD

4,730

191,856

USD

Currency

...............

One-Touch

Bank

of

America

NA

03/28/23

JPY

105.00

JPY

105.00

USD

8,990

216,734

USD

Currency

...............

One-Touch

Bank

of

America

NA

03/28/23

JPY

105.00

JPY

105.00

USD

8,990

216,734

USD

Currency

...............

One-Touch

Bank

of

America

NA

04/19/23

JPY

110.00

JPY

110.00

USD

6,500

292,182

USD

Currency

...............

One-Touch

Bank

of

America

NA

05/19/23

JPY

110.00

JPY

110.00

USD

10,000

488,967

4,473,387

$

5,244,832

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Invesco

QQQ

Trust

1

.........................

8,000

07/01/22

USD

292.00

USD

224,224

$

44,000

SPDR

S&P

500

ETF

Trust

......................

3,992

07/01/22

USD

390.00

USD

150,598

17,964

Nikkei

225

Index

............................

650

07/08/22

JPY

29,500.00

JPY

17,155,476

7,186

Alcoa

Corp.

...............................

1,400

07/15/22

USD

100.00

USD

6,381

4,900

Alphabet,

Inc.

..............................

34

07/15/22

USD

2,200.00

USD

7,437

224,230

Alphabet,

Inc.

..............................

35

07/15/22

USD

2,400.00

USD

7,656

36,400

Amazon.com,

Inc.

...........................

700

07/15/22

USD

115.00

USD

7,435

73,150

Compagnie

Financiere

Richemont

SA

..............

750

07/15/22

CHF

130.00

CHF

7,624

16,498

Devon

Energy

Corp.

..........................

3,601

07/15/22

USD

70.00

USD

19,845

30,609

Devon

Energy

Corp.

..........................

6,297

07/15/22

USD

80.00

USD

34,703

15,743

Diamondback

Energy,

Inc.

......................

2,499

07/15/22

USD

157.65

USD

30,275

37,485

Intuit,

Inc.

.................................

200

07/15/22

USD

390.00

USD

7,709

223,000

Invesco

QQQ

Trust

1

.........................

999

07/15/22

USD

315.00

USD

28,000

25,475

Invesco

QQQ

Trust

1

.........................

1,501

07/15/22

USD

320.00

USD

42,070

22,515

Invesco

QQQ

Trust

1

.........................

4,000

07/15/22

USD

325.00

USD

112,112

38,000

Marathon

Oil

Corp.

..........................

6,200

07/15/22

USD

30.00

USD

13,938

34,100

Marathon

Oil

Corp.

..........................

6,501

07/15/22

USD

33.00

USD

14,614

19,503

Marathon

Oil

Corp.

..........................

6,799

07/15/22

USD

27.00

USD

15,284

101,985

NASDAQ

100

E-Mini

Index

.....................

39

07/15/22

USD

12,000.00

USD

44,864

377,325

Occidental

Petroleum

Corp.

.....................

900

07/15/22

USD

75.00

USD

5,299

10,350

Occidental

Petroleum

Corp.

.....................

3,501

07/15/22

USD

70.00

USD

20,614

110,282

Raymond

James,

Inc.

.........................

750

07/15/22

USD

100.00

USD

6,706

54,375

SPDR

S&P

500

ETF

Trust

......................

993

07/15/22

USD

440.00

USD

37,461

1,490

Western

Digital

Corp.

.........................

1,300

07/15/22

USD

80.00

USD

5,828

3,250

Western

Digital

Corp.

.........................

1,702

07/15/22

USD

75.00

USD

7,630

7,659

Xerox

Holdings

Corp.

.........................

550

07/15/22

USD

30.00

USD

817

17,875

U.S.

Treasury

10

Year

Note

.....................

424

07/22/22

USD

118.50

USD

42,400

364,375

U.S.

Treasury

10

Year

Note

.....................

6,484

07/22/22

USD

118.00

USD

648,400

8,003,688

NASDAQ

100

E-Mini

Index

.....................

64

07/29/22

USD

12,300.00

USD

73,624

738,560

CF

Industries

Holdings,

Inc.

.....................

1,003

08/19/22

USD

115.00

USD

8,599

72,718

CSX

Corp.

................................

2,800

08/19/22

USD

40.00

USD

8,137

21,000

Eli

Lilly

&

Co.

..............................

500

08/19/22

USD

320.00

USD

16,212

942,500

Generac

Holdings,

Inc.

........................

250

08/19/22

USD

300.00

USD

5,265

38,125

Halliburton

Co.

.............................

2,000

08/19/22

USD

39.00

USD

6,272

106,000

Mercedes-Benz

Group

AG

.....................

1,000

08/19/22

EUR

70.00

EUR

5,522

9,432

Northrop

Grumman

Corp.

......................

250

08/19/22

USD

500.00

USD

11,964

311,250

SPDR

S&P

500

ETF

Trust

......................

1,701

08/19/22

USD

450.00

USD

64,170

24,665

BASF

SE

.................................

2,205

09/16/22

EUR

52.00

EUR

9,156

88,963

BASF

SE

.................................

4,544

09/16/22

EUR

56.00

EUR

18,869

97,619

Cellnex

Telecom

SA

..........................

1,200

09/16/22

EUR

54.00

EUR

4,444

10,060

Domino's

Pizza,

Inc.

..........................

160

09/16/22

USD

400.00

USD

6,235

332,000

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

108

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

EURO

STOXX

50

Index

.......................

285

09/16/22

EUR

4,350.00

EUR

9,846

$

1,941

EURO

STOXX

50

Index

.......................

285

09/16/22

EUR

3,850.00

EUR

9,846

60,928

EURO

STOXX

Banks

Price

Index

.................

2,658

09/16/22

EUR

140.00

EUR

10,639

17,409

EURO

STOXX

Banks

Price

Index

.................

3,325

09/16/22

EUR

130.00

EUR

13,309

8,711

General

Motors

Co.

..........................

1,700

09/16/22

USD

38.00

USD

5,399

138,550

iShares

China

Large-Cap

ETF

...................

750

09/16/22

USD

45.00

USD

2,543

16,500

Mosaic

Co.

(The)

............................

1,800

09/16/22

USD

70.00

USD

8,501

111,600

Pandora

A/S

...............................

350

09/16/22

DKK

696.25

DKK

15,784

7,496

STOXX

Europe

600

Telecommunications

Index

.......

1,619

09/16/22

EUR

280.00

EUR

18,623

21,208

Valero

Energy

Corp.

..........................

450

09/16/22

USD

135.00

USD

4,783

97,650

Eli

Lilly

&

Co.

..............................

170

10/21/22

USD

330.00

USD

5,512

375,700

Dynatrace,

Inc.

.............................

392

11/18/22

USD

45.00

USD

1,546

135,240

Commerzbank

AG

...........................

1,587

12/16/22

EUR

9.00

EUR

1,061

28,273

EURO

STOXX

50

Index

.......................

160

12/16/22

EUR

4,000.00

EUR

5,528

51,224

EURO

STOXX

Banks

Price

Index

.................

1,490

12/16/22

EUR

100.00

EUR

5,964

93,687

LVMH

Moet

Hennessy

Louis

Vuitton

SE

............

63

12/16/22

EUR

640.00

EUR

3,665

168,353

Telecom

Italia

SpA

...........................

11,143

12/16/22

EUR

0.40

EUR

2,782

40,871

Abbott

Laboratories

..........................

357

01/20/23

USD

125.00

USD

3,879

110,135

Adobe,

Inc.

................................

65

01/20/23

USD

480.00

USD

2,379

68,738

Align

Technology,

Inc.

.........................

91

01/20/23

USD

290.00

USD

2,154

196,105

Alphabet,

Inc.

..............................

29

01/20/23

USD

2,500.00

USD

6,344

350,900

Booking

Holdings,

Inc.

........................

21

01/20/23

USD

2,600.00

USD

3,673

60,060

Dynatrace,

Inc.

.............................

397

01/20/23

USD

45.00

USD

1,566

172,695

Eli

Lilly

&

Co.

..............................

124

01/20/23

USD

340.00

USD

4,020

312,790

Glencore

plc

...............................

397

01/20/23

GBP

5.80

GBP

1,783

71,924

Humana,

Inc.

..............................

61

01/20/23

USD

500.00

USD

2,855

182,390

Intuit,

Inc.

.................................

66

01/20/23

USD

450.00

USD

2,544

157,740

iShares

China

Large-Cap

ETF

...................

2,083

01/20/23

USD

44.00

USD

7,063

103,109

NIKE,

Inc.

.................................

331

01/20/23

USD

135.00

USD

3,383

66,697

Otis

Worldwide

Corp.

.........................

413

01/20/23

USD

85.00

USD

2,919

60,918

S&P

500

Index

.............................

204

01/20/23

USD

6,000.00

USD

77,222

9,690

Salesforce,

Inc.

.............................

216

01/20/23

USD

210.00

USD

3,565

145,260

Salesforce,

Inc.

.............................

218

01/20/23

USD

200.00

USD

3,598

196,745

ServiceNow,

Inc.

............................

74

01/20/23

USD

550.00

USD

3,519

299,330

XPO

Logistics,

Inc.

..........................

278

01/20/23

USD

57.50

USD

1,339

109,810

3

Month

SOFR

Interest

Futures

..................

2,936

03/10/23

USD

96.38

USD

734,000

4,660,900

3

Month

SOFR

Interest

Futures

..................

2,940

03/10/23

USD

97.13

USD

735,000

2,058,000

3

Month

SOFR

Interest

Futures

..................

2,947

03/10/23

USD

96.75

USD

736,750

3,186,444

26,672,025

Put

iShares

Russell

2000

ETF

......................

1,500

07/01/22

USD

166.00

USD

25,404

57,000

3

Month

SOFR

Interest

Futures

..................

3,168

07/15/22

USD

96.50

USD

792,000

158,400

3

Month

SOFR

Interest

Futures

..................

5,291

07/15/22

USD

96.63

USD

1,322,750

462,963

Clorox

Co.

(The)

............................

1,200

07/15/22

USD

120.00

USD

16,918

33,000

CommScope

Holding

Co.,

Inc.

...................

1,000

07/15/22

USD

6.00

USD

612

30,000

Consumer

Staples

Select

Sector

SPDR

Fund

.........

4,932

07/15/22

USD

70.00

USD

35,599

308,250

Consumer

Staples

Select

Sector

SPDR

Fund

.........

15,000

07/15/22

USD

68.00

USD

108,270

525,000

EURO

STOXX

50

Index

.......................

881

07/15/22

EUR

3,100.00

EUR

30,437

71,551

EURO

STOXX

50

Index

.......................

881

07/15/22

EUR

3,400.00

EUR

30,437

539,636

Ford

Motor

Co.

.............................

2,500

07/15/22

USD

10.00

USD

2,783

27,500

FTSE

100

Index

............................

280

07/15/22

GBP

6,800.00

GBP

20,074

115,035

Invesco

QQQ

Trust

1

.........................

357

07/15/22

USD

280.00

USD

10,006

280,424

Invesco

Senior

Loan

ETF

......................

2,000

07/15/22

USD

20.00

USD

4,054

35,000

iShares

China

Large-Cap

ETF

...................

19,984

07/15/22

USD

32.00

USD

67,766

669,464

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

1,000

07/15/22

USD

73.00

USD

7,361

91,000

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

2,000

07/15/22

USD

72.00

USD

14,722

120,000

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

..

14,999

07/15/22

USD

109.00

USD

165,034

1,147,424

iShares

Preferred

&

Income

Securities

ETF

..........

1,000

07/15/22

USD

31.00

USD

3,288

15,000

iShares

Russell

2000

ETF

......................

525

07/15/22

USD

150.00

USD

8,891

20,475

iShares

Russell

2000

ETF

......................

2,225

07/15/22

USD

165.00

USD

37,683

606,313

iShares

Russell

2000

ETF

......................

5,201

07/15/22

USD

175.00

USD

88,084

4,009,971

Kraft

Heinz

Co.

(The)

.........................

10,000

07/15/22

USD

35.00

USD

38,140

140,000

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

109

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Netflix,

Inc.

................................

425

07/15/22

USD

150.00

USD

7,432

$

57,588

Pitney

Bowes,

Inc.

...........................

1,400

07/15/22

USD

4.00

USD

507

59,500

S&P

500

Index

.............................

65

07/15/22

USD

3,650.00

USD

24,605

222,300

Seagate

Technology

Holdings

plc

.................

1,000

07/15/22

USD

60.00

USD

7,144

26,500

SPDR

EURO

STOXX

50

ETF

...................

1,500

07/15/22

USD

32.00

USD

5,219

22,500

SPDR

S&P

500

ETF

Trust

......................

797

07/15/22

USD

375.00

USD

30,067

588,983

STOXX

Europe

600

Index

......................

184

07/15/22

EUR

420.00

EUR

3,746

152,330

United

States

Steel

Corp.

......................

2,500

07/15/22

USD

17.00

USD

4,478

148,750

VanEck

Semiconductor

ETF

....................

425

07/15/22

USD

180.00

USD

8,659

44,413

VanEck

Semiconductor

ETF

....................

425

07/15/22

USD

185.00

USD

8,659

66,938

U.S.

Treasury

10

Year

Note

.....................

470

07/22/22

USD

114.50

USD

47,000

36,719

U.S.

Treasury

10

Year

Note

.....................

1,004

07/22/22

USD

116.00

USD

100,400

235,313

Apple,

Inc.

................................

1,500

08/19/22

USD

130.00

USD

20,508

727,500

FedEx

Corp.

...............................

1,100

08/19/22

USD

210.00

USD

24,938

712,250

Invesco

Senior

Loan

ETF

......................

2,000

08/19/22

USD

20.00

USD

4,054

95,000

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

..

14,755

08/19/22

USD

108.00

USD

162,349

2,102,588

iShares

MSCI

EAFE

ETF

......................

2,000

08/19/22

USD

51.00

USD

12,498

130,000

Kroger

Co.

(The)

............................

7,500

08/19/22

USD

45.00

USD

35,498

1,068,750

Macy's,

Inc.

...............................

300

08/19/22

USD

17.00

USD

550

38,550

S&P

500

Index

.............................

114

08/19/22

USD

3,400.00

USD

43,153

446,880

S&P

500

Index

.............................

185

08/19/22

USD

3,800.00

USD

70,030

2,757,425

Sabre

Corp.

...............................

850

08/19/22

USD

5.00

USD

496

31,875

Xerox

Holdings

Corp.

.........................

2,000

08/19/22

USD

13.00

USD

2,970

84,985

U.S.

Treasury

10

Year

Note

.....................

5,758

08/26/22

USD

115.00

USD

575,800

2,609,094

U.S.

Treasury

30

Year

Bond

....................

213

08/26/22

USD

132.00

USD

21,300

189,703

BT

Group

plc

..............................

3,581

09/16/22

GBP

1.40

GBP

6,671

108,979

Consumer

Staples

Select

Sector

SPDR

Fund

.........

12,000

09/16/22

USD

73.00

USD

86,616

3,630,000

Dollar

Tree,

Inc.

.............................

1,500

09/16/22

USD

145.00

USD

23,378

1,076,250

EURO

STOXX

50

Index

.......................

390

09/16/22

EUR

2,700.00

EUR

13,474

91,549

EURO

STOXX

50

Index

.......................

390

09/16/22

EUR

3,300.00

EUR

13,474

476,136

EURO

STOXX

50

Index

.......................

754

09/16/22

EUR

3,000.00

EUR

26,050

407,720

EURO

STOXX

50

Index

.......................

1,540

09/16/22

EUR

3,700.00

EUR

53,205

5,050,522

EURO

STOXX

50

Index

.......................

1,540

09/16/22

EUR

3,400.00

EUR

53,205

2,432,061

First

Quantum

Minerals

Ltd.

....................

650

09/16/22

CAD

18.00

CAD

1,587

29,036

Ford

Motor

Co.

.............................

1,300

09/16/22

USD

10.00

USD

1,447

76,700

FTSE

100

Index

............................

193

09/16/22

GBP

7,000.00

GBP

13,837

539,772

FTSE

100

Index

............................

193

09/16/22

GBP

6,200.00

GBP

13,837

164,457

Invesco

QQQ

Trust

1

.........................

101

09/16/22

USD

280.00

USD

2,831

165,994

Invesco

Senior

Loan

ETF

......................

2,000

09/16/22

USD

19.00

USD

4,054

65,000

Invesco

Senior

Loan

ETF

......................

5,333

09/16/22

USD

20.00

USD

10,810

319,980

Sherwin-Williams

Co.

(The)

.....................

520

09/16/22

USD

240.00

USD

11,643

1,157,000

Vertiv

Holdings

Co.

..........................

300

09/16/22

USD

7.50

USD

247

18,750

Apple,

Inc.

................................

432

10/21/22

USD

100.00

USD

5,906

62,640

iHeartMedia,

Inc.

............................

550

10/21/22

USD

7.50

USD

434

53,625

S&P

500

Index

.............................

82

10/21/22

USD

3,500.00

USD

31,040

931,930

Sabre

Corp.

...............................

140

10/21/22

USD

6.00

USD

82

15,610

Sabre

Corp.

...............................

500

10/21/22

USD

5.00

USD

292

30,500

Ally

Financial,

Inc.

...........................

1,000

12/16/22

USD

20.00

USD

3,351

57,500

EURO

STOXX

50

Index

.......................

470

12/16/22

EUR

3,100.00

EUR

16,238

635,865

EURO

STOXX

50

Index

.......................

487

12/16/22

EUR

2,700.00

EUR

16,825

299,321

EURO

STOXX

50

Index

.......................

487

12/16/22

EUR

3,300.00

EUR

16,825

955,633

Ford

Motor

Co.

.............................

1,500

12/16/22

USD

8.00

USD

1,670

62,250

SPDR

S&P

500

ETF

Trust

......................

5,000

12/16/22

USD

350.00

USD

188,625

7,942,500

Avis

Budget

Group,

Inc.

.......................

143

01/20/23

USD

75.00

USD

2,103

91,520

49,068,640

$

75,740,665

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

110

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

AUD

Currency

...........................

Citibank

NA

07/01/22

USD

0.75

AUD

63,410

$

—

AUD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

07/14/22

USD

0.70

AUD

50,520

148,994

USD

Currency

...........................

Bank

of

America

NA

07/14/22

CNH

7.00

USD

165,737

3,451

USD

Currency

...........................

Citibank

NA

07/14/22

ZAR

16.30

USD

34,820

462,372

USD

Currency

...........................

Citibank

NA

07/14/22

JPY

135.00

USD

100,002

1,131,429

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

07/21/22

CNH

6.70

USD

199,714

955,670

USD

Currency

...........................

Royal

Bank

of

Canada

07/22/22

JPY

140.00

USD

80,006

204,482

AUD

Currency

...........................

JPMorgan

Chase

Bank

NA

07/28/22

USD

0.75

AUD

39,026

4,412

EUR

Currency

...........................

Bank

of

America

NA

08/05/22

USD

1.19

EUR

397,750

1,329

EUR

Currency

...........................

Credit

Suisse

International

08/10/22

USD

1.21

EUR

236,690

504

EUR

Currency

...........................

JPMorgan

Chase

Bank

NA

08/10/22

USD

1.21

EUR

236,690

504

USD

Currency

...........................

Bank

of

America

NA

08/10/22

CNH

7.00

USD

100,004

37,305

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

08/15/22

IDR

14,800.00

USD

53,312

876,176

EUR

Currency

...........................

UBS

AG

09/05/22

CHF

1.06

EUR

57,120

39,356

USD

Currency

...........................

Royal

Bank

of

Canada

10/12/22

JPY

135.00

USD

23,417

599,258

4,465,242

Put

EUR

Currency

...........................

JPMorgan

Chase

Bank

NA

07/01/22

USD

1.06

EUR

65,228

792,022

USD

Currency

...........................

Deutsche

Bank

AG

07/08/22

BRL

4.70

USD

50,599

226

EUR

Currency

...........................

Bank

of

America

NA

07/11/22

USD

1.03

EUR

299,530

536,302

EUR

Currency

...........................

BNP

Paribas

SA

07/11/22

USD

1.04

EUR

187,590

705,639

EUR

Currency

...........................

JPMorgan

Chase

Bank

NA

07/11/22

USD

1.01

EUR

299,530

85,496

USD

Currency

...........................

Bank

of

America

NA

07/14/22

BRL

5.00

USD

34,820

52,379

EUR

Currency

...........................

JPMorgan

Chase

Bank

NA

07/21/22

CHF

1.00

EUR

249,643

1,957,783

USD

Currency

...........................

Citibank

NA

07/21/22

JPY

126.00

USD

89,924

57,567

USD

Currency

...........................

Barclays

Bank

plc

07/22/22

BRL

4.85

USD

43,742

32,490

USD

Currency

...........................

Citibank

NA

07/27/22

JPY

125.00

USD

75,988

69,372

EUR

Currency

...........................

JPMorgan

Chase

Bank

NA

07/29/22

CHF

0.99

EUR

249,643

1,341,550

USD

Currency

...........................

Goldman

Sachs

International

08/03/22

CNH

6.35

USD

50,002

1,349

USD

Currency

...........................

Goldman

Sachs

International

08/03/22

ZAR

14.75

USD

78,054

31,780

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

08/03/22

ZAR

15.25

USD

39,026

69,650

USD

Currency

...........................

Bank

of

America

NA

08/08/22

JPY

113.00

USD

39,145

8,795

USD

Currency

...........................

Citibank

NA

08/08/22

JPY

130.00

USD

52,342

279,832

USD

Currency

...........................

Citibank

NA

08/10/22

CNH

6.40

USD

156,108

16,243

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

08/11/22

CLP

855.00

USD

52,230

134,939

EUR

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

08/12/22

USD

1.03

EUR

599,884

4,044,377

USD

Currency

...........................

Goldman

Sachs

International

08/22/22

JPY

126.50

USD

70,640

254,026

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

08/22/22

JPY

121.00

USD

70,640

93,089

EUR

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

08/29/22

NOK

9.83

EUR

37,896

68,473

EUR

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

09/08/22

NOK

9.65

EUR

53,893

49,564

USD

Currency

...........................

Barclays

Bank

plc

09/08/22

JPY

130.04

USD

130,680

1,253,954

USD

Currency

...........................

Royal

Bank

of

Canada

09/08/22

JPY

130.00

USD

294,544

2,807,047

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

09/15/22

JPY

130.04

USD

60,190

634,435

USD

Currency

...........................

Barclays

Bank

plc

09/21/22

JPY

115.00

USD

140,080

162,794

USD

Currency

...........................

Royal

Bank

of

Canada

09/21/22

JPY

127.00

USD

43,002

298,736

EUR

Currency

...........................

HSBC

Bank

plc

09/30/22

NOK

9.39

EUR

111,985

51,234

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

10/12/22

JPY

116.00

USD

70,249

153,959

EUR

Currency

...........................

JPMorgan

Chase

Bank

NA

10/26/22

NOK

9.35

EUR

39,266

29,316

16,074,418

$

20,539,660

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

111

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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

Call

Bought

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUROPE.

CROSSOVER.37-V1

5.00

%

Quarterly

Barclays

Bank

plc

07/20/22

EUR

375.00

EUR

46,200

$

12,291

Bought

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUROPE.

CROSSOVER.37-V1

5.00

Quarterly

Bank

of

America

NA

07/20/22

EUR

400.00

EUR

44,000

12,544

Bought

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUROPE.

CROSSOVER.37-V1

5.00

Quarterly

Barclays

Bank

plc

10/19/22

EUR

400.00

EUR

47,400

73,606

Bought

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUROPE.

CROSSOVER.37-V1

5.00

Quarterly

Barclays

Bank

plc

07/20/22

EUR

462.50

EUR

35,300

17,341

115,782

Put

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

%

CDX.NA.HY.38-V2

Quarterly

Citibank

NA

08/17/22

USD

91.00

USD

20,000

125,547

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

CDX.NA.HY.38-V2

Quarterly

Goldman

Sachs

International

07/20/22

USD

93.00

USD

20,000

56,846

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

CDX.NA.HY.38-V2

Quarterly

Citibank

NA

07/20/22

USD

94.00

USD

20,000

82,320

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

CDX.NA.HY.38-V2

Quarterly

Deutsche

Bank

AG

07/20/22

USD

95.00

USD

20,000

119,854

Bought

Protection

on

5-Year

Credit

Default

Swap

1.00

ITRAXX.

EUROPE.SEN.

FINANCIALS.37-V1

Quarterly

Barclays

Bank

plc

09/21/22

EUR

150.00

EUR

69,400

455,622

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

ITRAXX.EUROPE.

CROSSOVER.37-V1

Quarterly

Bank

of

America

NA

07/20/22

EUR

600.00

EUR

47,100

579,052

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

ITRAXX.EUROPE.

CROSSOVER.37-V1

Quarterly

Barclays

Bank

plc

08/17/22

EUR

600.00

EUR

69,100

1,547,445

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

ITRAXX.EUROPE.

CROSSOVER.37-V1

Quarterly

Bank

of

America

NA

09/21/22

EUR

650.00

EUR

23,350

583,251

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

ITRAXX.EUROPE.

CROSSOVER.37-V1

Quarterly

Bank

of

America

NA

09/21/22

EUR

650.00

EUR

23,350

583,251

4,133,188

$

4,248,970

(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

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.52%

Semi-Annual

Citibank

NA

07/05/22

1.52

%

USD

181,498

$

—

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.55%

Semi-Annual

Deutsche

Bank

AG

07/06/22

1.55

USD

76,393

—

1-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

0.80%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

03/16/23

0.80

USD

1,990,697

346,750

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.24%

Semi-Annual

Deutsche

Bank

AG

06/14/23

3.24

USD

154,141

8,874,513

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.96%

Semi-Annual

Barclays

Bank

plc

06/22/23

2.96

USD

93,252

3,979,401

2-Year

Interest

Rate

Swap

(a)

.

6

month

EURIBOR

Semi-Annual

0.35%

Annual

Deutsche

Bank

AG

02/08/24

0.35

EUR

302,380

514,389

2-Year

Interest

Rate

Swap

(a)

.

6

month

EURIBOR

Semi-Annual

0.05%

Annual

Barclays

Bank

plc

02/29/24

0.05

EUR

156,440

180,264

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.72%

Semi-Annual

Barclays

Bank

plc

03/07/24

2.72

USD

10,422

420,965

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.20%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

03/28/24

2.20

USD

18,430

441,251

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.62%

Semi-Annual

Bank

of

America

NA

05/28/24

2.62

USD

66,875

2,550,273

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.81%

Semi-Annual

Citibank

NA

06/07/24

2.81

USD

36,495

1,678,238

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

112

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.94%

Semi-Annual

Barclays

Bank

plc

06/10/24

2.94

%

USD

18,510

$

966,184

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

1.17%

Semi-Annual

UBS

AG

06/05/25

1.17

USD

14,340

144,682

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.92%

Semi-Annual

Barclays

Bank

plc

05/02/28

2.92

USD

68,266

4,005,890

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.79%

Semi-Annual

Citibank

NA

06/27/28

2.79

USD

70,870

3,818,420

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.78%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

01/11/29

2.78

USD

6,210

343,050

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.73%

Semi-Annual

JPMorgan

Chase

Bank

NA

04/27/38

2.73

USD

14,735

941,690

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.62%

Semi-Annual

JPMorgan

Chase

Bank

NA

02/22/39

2.62

USD

13,826

861,886

30,067,846

Put

5-Year

Interest

Rate

Swap

(a)

.

2.91%

Semi-Annual

1

day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

07/05/22

2.91

USD

498,236

607,325

5-Year

Interest

Rate

Swap

(a)

.

2.75%

Semi-Annual

1

day

SOFR

Annual

Bank

of

America

NA

08/01/22

2.75

USD

78,400

736,925

10-Year

Interest

Rate

Swap

(a)

0.42%

Annual

1

day

TONAR

Annual

BNP

Paribas

SA

08/08/22

0.42

JPY

28,056,863

2,051,005

10-Year

Interest

Rate

Swap

(a)

0.42%

Annual

1

day

TONAR

Annual

JPMorgan

Chase

Bank

NA

08/08/22

0.42

JPY

8,612,470

629,587

10-Year

Interest

Rate

Swap

(a)

2.63%

Annual

6

month

EURIBOR

Semi-Annual

Citibank

NA

09/13/22

2.63

EUR

64,550

583,292

1-Year

Interest

Rate

Swap

(a)

.

2.47%

At

Termination

1

day

SONIA

At

Termination

Goldman

Sachs

International

04/03/23

2.47

GBP

987,522

8,431,263

10-Year

Interest

Rate

Swap

(a)

3.25%

Semi-Annual

1

day

SOFR

Annual

BNP

Paribas

SA

04/21/23

3.25

USD

72,900

1,432,255

10-Year

Interest

Rate

Swap

(a)

3.90%

Semi-Annual

1

day

SOFR

Annual

Bank

of

America

NA

06/13/23

3.90

USD

74,040

730,637

10-Year

Interest

Rate

Swap

(a)

3.24%

Semi-Annual

1

day

SOFR

Annual

Deutsche

Bank

AG

06/14/23

3.24

USD

154,141

3,346,606

10-Year

Interest

Rate

Swap

(a)

2.96%

Semi-Annual

1

day

SOFR

Annual

Barclays

Bank

plc

06/22/23

2.96

USD

93,252

2,827,092

10-Year

Interest

Rate

Swap

(a)

2.72%

Semi-Annual

1

day

SOFR

Annual

Barclays

Bank

plc

03/07/24

2.72

USD

10,422

496,730

10-Year

Interest

Rate

Swap

(a)

2.20%

Semi-Annual

1

day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

03/28/24

2.20

USD

18,430

1,349,635

10-Year

Interest

Rate

Swap

(a)

2.62%

Semi-Annual

1

day

SOFR

Annual

Bank

of

America

NA

05/28/24

2.62

USD

66,875

3,596,492

10-Year

Interest

Rate

Swap

(a)

2.81%

Semi-Annual

1

day

SOFR

Annual

Citibank

NA

06/07/24

2.81

USD

36,495

1,697,359

10-Year

Interest

Rate

Swap

(a)

2.94%

Semi-Annual

1

day

SOFR

Annual

Barclays

Bank

plc

06/10/24

2.94

USD

18,510

771,041

10-Year

Interest

Rate

Swap

(a)

2.24%

Semi-Annual

1

day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

06/13/24

2.24

USD

110,550

8,009,718

10-Year

Interest

Rate

Swap

(a)

2.24%

Semi-Annual

1

day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

06/20/24

2.24

USD

110,550

8,021,407

10-Year

Interest

Rate

Swap

(a)

1.17%

Semi-Annual

1

day

SOFR

Annual

UBS

AG

06/05/25

1.17

USD

14,340

2,077,118

5-Year

Interest

Rate

Swap

(a)

.

3.29%

Semi-Annual

1

day

SOFR

Annual

Goldman

Sachs

International

06/21/27

3.29

USD

42,945

1,194,989

20-Year

Interest

Rate

Swap

(a)

3.00%

Annual

6

month

EURIBOR

Semi-Annual

UBS

AG

01/18/28

3.00

EUR

35,585

2,199,586

10-Year

Interest

Rate

Swap

(a)

2.92%

Semi-Annual

1

day

SOFR

Annual

Barclays

Bank

plc

05/02/28

2.92

USD

68,266

4,213,739

10-Year

Interest

Rate

Swap

(a)

2.78%

Semi-Annual

1

day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

01/11/29

2.78

USD

6,210

420,530

10-Year

Interest

Rate

Swap

(a)

2.73%

Semi-Annual

1

day

SOFR

Annual

JPMorgan

Chase

Bank

NA

04/27/38

2.73

USD

14,735

683,846

10-Year

Interest

Rate

Swap

(a)

2.62%

Semi-Annual

1

day

SOFR

Annual

JPMorgan

Chase

Bank

NA

02/22/39

2.62

USD

13,826

646,796

56,754,973

$

86,822,819

(a)

Forward

settling

swaption.

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

113

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Invesco

QQQ

Trust

1

..........................

8,000

07/01/22

USD

296.00

USD

224,224

$

(16,000)

Invesco

QQQ

Trust

1

..........................

4,000

07/15/22

USD

340.00

USD

112,112

(14,000)

S&P

500

Index

..............................

78

07/15/22

USD

3,900.00

USD

29,526

(222,690)

Western

Digital

Corp.

..........................

1,702

07/15/22

USD

85.00

USD

7,630

(25,530)

U.S.

Treasury

10

Year

Note

......................

6,484

07/22/22

USD

120.00

USD

648,400

(2,228,875)

NASDAQ

100

E-Mini

Index

......................

128

07/29/22

USD

12,800.00

USD

147,248

(546,560)

SPDR

S&P

500

ETF

Trust

.......................

797

08/19/22

USD

400.00

USD

30,067

(355,861)

iShares

China

Large-Cap

ETF

....................

750

09/16/22

USD

50.00

USD

2,543

(2,625)

EURO

STOXX

Banks

Price

Index

..................

1,490

12/16/22

EUR

110.00

EUR

5,964

(37,084)

3

Month

SOFR

Interest

Futures

...................

2,936

03/10/23

USD

96.75

USD

734,000

(6,239,000)

3

Month

SOFR

Interest

Futures

...................

2,940

03/10/23

USD

97.63

USD

735,000

(2,793,000)

3

Month

SOFR

Interest

Futures

...................

2,947

03/10/23

USD

97.13

USD

736,750

(4,586,269)

(17,067,494)

Put

iShares

Russell

2000

ETF

.......................

1,500

07/01/22

USD

161.00

USD

25,404

(3,750)

3

Month

SOFR

Interest

Futures

...................

3,168

07/15/22

USD

96.00

USD

792,000

(19,800)

3

Month

SOFR

Interest

Futures

...................

5,291

07/15/22

USD

96.13

USD

1,322,750

(33,069)

Alcoa

Corp.

................................

1,325

07/15/22

USD

70.00

USD

6,039

(3,239,625)

Alphabet,

Inc.

...............................

34

07/15/22

USD

2,000.00

USD

7,437

(59,330)

Alphabet,

Inc.

...............................

35

07/15/22

USD

2,100.00

USD

7,656

(127,400)

Compagnie

Financiere

Richemont

SA

...............

750

07/15/22

CHF

100.00

CHF

7,624

(261,614)

Consumer

Staples

Select

Sector

SPDR

Fund

..........

15,000

07/15/22

USD

63.00

USD

108,270

(270,000)

EURO

STOXX

50

Index

........................

1,762

07/15/22

EUR

3,250.00

EUR

60,875

(404,381)

FTSE

100

Index

.............................

280

07/15/22

GBP

6,400.00

GBP

20,074

(33,232)

Invesco

QQQ

Trust

1

..........................

999

07/15/22

USD

260.00

USD

28,000

(206,294)

Invesco

QQQ

Trust

1

..........................

1,501

07/15/22

USD

265.00

USD

42,070

(441,294)

iShares

China

Large-Cap

ETF

....................

19,984

07/15/22

USD

29.00

USD

67,766

(99,920)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

3,000

07/15/22

USD

67.00

USD

22,083

(37,500)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

15,019

07/15/22

USD

77.00

USD

110,555

(5,744,768)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

...

14,999

07/15/22

USD

105.00

USD

165,034

(172,489)

iShares

Russell

2000

ETF

.......................

425

07/15/22

USD

145.00

USD

7,198

(9,138)

iShares

Russell

2000

ETF

.......................

525

07/15/22

USD

130.00

USD

8,891

(3,413)

Kraft

Heinz

Co.

(The)

..........................

10,000

07/15/22

USD

32.50

USD

38,140

(45,000)

Netflix,

Inc.

.................................

425

07/15/22

USD

125.00

USD

7,432

(8,925)

Raymond

James,

Inc.

..........................

750

07/15/22

USD

85.00

USD

6,706

(95,625)

SPDR

S&P

500

ETF

Trust

.......................

274

07/15/22

USD

360.00

USD

10,337

(80,830)

SPDR

S&P

500

ETF

Trust

.......................

525

07/15/22

USD

345.00

USD

19,806

(55,650)

VanEck

Semiconductor

ETF

.....................

425

07/15/22

USD

160.00

USD

8,659

(9,138)

VanEck

Semiconductor

ETF

.....................

425

07/15/22

USD

165.00

USD

8,659

(13,813)

Apple,

Inc.

.................................

1,500

08/19/22

USD

115.00

USD

20,508

(241,500)

CSX

Corp.

.................................

2,800

08/19/22

USD

30.00

USD

8,137

(511,000)

Eli

Lilly

&

Co.

...............................

500

08/19/22

USD

260.00

USD

16,212

(99,500)

FedEx

Corp.

................................

1,100

08/19/22

USD

180.00

USD

24,938

(188,650)

Generac

Holdings,

Inc.

.........................

250

08/19/22

USD

220.00

USD

5,265

(642,500)

Halliburton

Co.

..............................

2,000

08/19/22

USD

30.00

USD

6,272

(403,000)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

9,999

08/19/22

USD

72.00

USD

73,603

(1,509,849)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

...

14,755

08/19/22

USD

103.00

USD

162,349

(656,598)

Kroger

Co.

(The)

.............................

7,500

08/19/22

USD

40.00

USD

35,498

(299,994)

Mercedes-Benz

Group

AG

......................

1,000

08/19/22

EUR

60.00

EUR

5,522

(631,390)

Northrop

Grumman

Corp.

.......................

250

08/19/22

USD

400.00

USD

11,964

(76,875)

S&P

500

Index

..............................

299

08/19/22

USD

3,600.00

USD

113,183

(2,371,070)

U.S.

Treasury

10

Year

Note

......................

1,004

08/26/22

USD

114.00

USD

100,400

(298,063)

U.S.

Treasury

10

Year

Note

......................

11,518

08/26/22

USD

113.00

USD

1,151,800

(2,159,625)

Consumer

Staples

Select

Sector

SPDR

Fund

..........

12,000

09/16/22

USD

66.00

USD

86,616

(2,274,000)

Dollar

Tree,

Inc.

..............................

1,500

09/16/22

USD

125.00

USD

23,378

(415,500)

Domino's

Pizza,

Inc.

...........................

160

09/16/22

USD

300.00

USD

6,235

(59,200)

EURO

STOXX

50

Index

........................

3,080

09/16/22

EUR

3,550.00

EUR

106,410

(7,071,860)

FTSE

100

Index

.............................

386

09/16/22

GBP

6,600.00

GBP

27,673

(596,745)

General

Motors

Co.

...........................

1,700

09/16/22

USD

30.00

USD

5,399

(354,450)

Pandora

A/S

................................

350

09/16/22

DKK

550.00

DKK

15,628

(565,864)

Valero

Energy

Corp.

...........................

450

09/16/22

USD

110.00

USD

4,783

(577,125)

Eli

Lilly

&

Co.

...............................

170

10/21/22

USD

260.00

USD

5,512

(85,425)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

114

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

S&P

500

Index

..............................

82

10/21/22

USD

3,250.00

USD

31,040

$

(523,980)

Dynatrace,

Inc.

..............................

392

11/18/22

USD

35.00

USD

1,546

(131,320)

Commerzbank

AG

............................

1,587

12/16/22

EUR

7.20

EUR

1,061

(192,919)

EURO

STOXX

50

Index

........................

974

12/16/22

EUR

3,000.00

EUR

33,650

(1,087,559)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.............

63

12/16/22

EUR

520.00

EUR

3,665

(192,781)

SPDR

S&P

500

ETF

Trust

.......................

7,500

12/16/22

USD

310.00

USD

282,938

(5,673,750)

Abbott

Laboratories

...........................

357

01/20/23

USD

105.00

USD

3,879

(254,363)

Adobe,

Inc.

.................................

65

01/20/23

USD

400.00

USD

2,379

(391,788)

Align

Technology,

Inc.

..........................

91

01/20/23

USD

230.00

USD

2,154

(326,235)

Alphabet,

Inc.

...............................

29

01/20/23

USD

2,000.00

USD

6,344

(407,740)

Booking

Holdings,

Inc.

.........................

21

01/20/23

USD

2,000.00

USD

3,673

(773,220)

Dynatrace,

Inc.

..............................

397

01/20/23

USD

35.00

USD

1,566

(158,800)

Eli

Lilly

&

Co.

...............................

124

01/20/23

USD

280.00

USD

4,020

(175,770)

Glencore

plc

................................

397

01/20/23

GBP

4.50

GBP

1,783

(302,932)

Humana,

Inc.

...............................

61

01/20/23

USD

390.00

USD

2,855

(100,955)

Intuit,

Inc.

..................................

66

01/20/23

USD

370.00

USD

2,544

(260,040)

NIKE,

Inc.

..................................

331

01/20/23

USD

110.00

USD

3,383

(498,155)

Otis

Worldwide

Corp.

..........................

413

01/20/23

USD

65.00

USD

2,919

(159,005)

Salesforce,

Inc.

..............................

434

01/20/23

USD

160.00

USD

7,163

(750,820)

ServiceNow,

Inc.

.............................

74

01/20/23

USD

450.00

USD

3,519

(395,900)

XPO

Logistics,

Inc.

...........................

278

01/20/23

USD

45.00

USD

1,339

(154,290)

(46,478,103)

$

(63,545,597)

OTC

Options

Written

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

AUD

Currency

..............

JPMorgan

Chase

Bank

NA

—

07/01/22

USD

0.75

AUD

63,410

$

–

EUR

Currency

..............

Citibank

NA

—

07/07/22

CHF

1.06

EUR

57,120

(58)

USD

Currency

..............

Bank

of

America

NA

—

07/14/22

JPY

135.00

USD

100,002

(1,131,429)

USD

Currency

..............

Goldman

Sachs

International

—

07/19/22

TRY

17.50

USD

17,754

(214,017)

USD

Currency

..............

JPMorgan

Chase

Bank

NA

—

07/21/22

CNH

6.90

USD

199,714

(57,911)

USD

Currency

..............

Barclays

Bank

plc

—

07/22/22

BRL

5.20

USD

26,246

(660,270)

AUD

Currency

..............

JPMorgan

Chase

Bank

NA

—

07/28/22

USD

0.75

AUD

39,026

(4,412)

USD

Currency

..............

Citibank

NA

—

08/08/22

JPY

136.00

USD

26,172

(382,655)

USD

Currency

..............

JPMorgan

Chase

Bank

NA

—

08/11/22

CLP

890.00

USD

26,116

(1,265,654)

AUD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

08/12/22

USD

0.73

AUD

50,520

(65,482)

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

08/15/22

IDR

15,200.00

USD

53,312

(322,578)

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

10/12/22

JPY

135.00

USD

23,417

(599,258)

(4,703,724)

Put

EUR

Currency

..............

JPMorgan

Chase

Bank

NA

—

07/01/22

USD

1.04

EUR

65,228

(1,175)

USD

Currency

..............

Barclays

Bank

plc

—

07/08/22

BRL

4.55

USD

79,610

(43)

EUR

Currency

..............

Bank

of

America

NA

—

07/11/22

USD

1.01

EUR

299,530

(85,496)

EUR

Currency

..............

BNP

Paribas

SA

—

07/11/22

USD

1.03

EUR

225,001

(277,015)

USD

Currency

..............

Barclays

Bank

plc

—

07/12/22

CAD

1.30

USD

15,611

(192,861)

EUR

Currency

..............

JPMorgan

Chase

Bank

NA

—

07/21/22

CHF

1.00

EUR

249,643

(1,957,783)

USD

Currency

..............

Citibank

NA

—

07/21/22

JPY

120.00

USD

89,924

(12,035)

USD

Currency

..............

Royal

Bank

of

Canada

—

07/21/22

JPY

127.00

USD

43,002

(36,649)

USD

Currency

..............

Barclays

Bank

plc

—

07/22/22

BRL

4.60

USD

69,988

(4,813)

AUD

Currency

..............

JPMorgan

Chase

Bank

NA

—

07/28/22

USD

0.71

AUD

11,707

(218,307)

EUR

Currency

..............

JPMorgan

Chase

Bank

NA

—

07/29/22

CHF

0.97

EUR

249,643

(441,875)

USD

Currency

..............

Deutsche

Bank

AG

—

08/03/22

ZAR

15.25

USD

39,026

(69,650)

USD

Currency

..............

JPMorgan

Chase

Bank

NA

—

08/03/22

CNH

6.35

USD

50,002

(1,349)

USD

Currency

..............

JPMorgan

Chase

Bank

NA

—

08/03/22

ZAR

14.75

USD

78,054

(31,780)

USD

Currency

..............

Bank

of

America

NA

—

08/08/22

JPY

110.00

USD

39,145

(5,490)

USD

Currency

..............

Citibank

NA

—

08/08/22

JPY

126.00

USD

52,342

(121,141)

USD

Currency

..............

JPMorgan

Chase

Bank

NA

—

08/11/22

CLP

815.00

USD

78,346

(32,356)

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

115

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

OTC

Options

Written

(continued)

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

EUR

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

08/12/22

USD

1.00

EUR

299,942

$

(694,255)

EUR

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

08/12/22

USD

1.00

EUR

299,942

(763,180)

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

08/15/22

IDR

14,400.00

USD

35,542

(18,324)

USD

Currency

..............

Goldman

Sachs

International

—

08/22/22

JPY

121.00

USD

70,640

(93,089)

EUR

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

09/08/22

NOK

9.20

EUR

53,893

(4,771)

USD

Currency

..............

Barclays

Bank

plc

—

09/08/22

JPY

124.71

USD

130,680

(512,034)

USD

Currency

..............

Royal

Bank

of

Canada

—

09/08/22

JPY

125.00

USD

294,544

(1,210,166)

USD

Currency

..............

Goldman

Sachs

International

—

09/13/22

JPY

109.00

USD

72,045

(32,242)

USD

Currency

..............

JPMorgan

Chase

Bank

NA

—

09/15/22

JPY

124.71

USD

60,190

(267,116)

S&P

500

Index

.............

Citibank

NA

74,103,600

09/16/22

USD

3,700.00

USD

280,510,285

(2,874,019)

USD

Currency

..............

Barclays

Bank

plc

—

09/21/22

JPY

112.00

USD

140,080

(108,261)

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

10/12/22

JPY

109.00

USD

78,054

(75,371)

(10,142,646)

$

(14,846,370)

OTC

Credit

Default

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Call

Sold

Protection

on

5-Year

Credit

Default

Swap

5.00

%

CDX.NA.HY.38-V2

Quarterly

JPMorgan

Chase

Bank

NA

09/21/22

NR

USD

103.00

USD

78,616

$

(83,219)

Sold

Protection

on

5-Year

Credit

Default

Swap

5.00

ITRAXX.EUROPE.

CROSSOVER.37-V1

Quarterly

Goldman

Sachs

International

09/21/22

NR

EUR

487.50

EUR

23,300

(152,509)

Sold

Protection

on

5-Year

Credit

Default

Swap

5.00

ITRAXX.EUROPE.

CROSSOVER.37-V1

Quarterly

Goldman

Sachs

International

08/17/22

NR

EUR

487.50

EUR

23,300

(87,013)

Sold

Protection

on

5-Year

Credit

Default

Swap

5.00

ITRAXX.EUROPE.

CROSSOVER.37-V1

Quarterly

BNP

Paribas

SA

09/21/22

NR

EUR

500.00

EUR

47,200

(379,082)

Sold

Protection

on

5-Year

Credit

Default

Swap

5.00

ITRAXX.EUROPE.

CROSSOVER.37-V1

Quarterly

Barclays

Bank

plc

09/21/22

NR

EUR

525.00

EUR

23,500

(270,517)

Sold

Protection

on

5-Year

Credit

Default

Swap

5.00

ITRAXX.EUROPE.

CROSSOVER.37-V1

Quarterly

Goldman

Sachs

International

08/17/22

NR

EUR

525.00

EUR

23,600

(188,261)

Sold

Protection

on

5-Year

Credit

Default

Swap

5.00

ITRAXX.EUROPE.

CROSSOVER.37-V1

Quarterly

BNP

Paribas

SA

08/17/22

NR

EUR

562.50

EUR

47,100

(663,719)

(1,824,320)

Put

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.HY.38-V2

5.00

%

Quarterly

Goldman

Sachs

International

07/20/22

NR

USD

88.00

USD

20,000

(9,575)

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.HY.38-V2

5.00

Quarterly

Citibank

NA

07/20/22

NR

USD

89.00

USD

20,000

(15,743)

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.HY.38-V2

5.00

Quarterly

Deutsche

Bank

AG

07/20/22

NR

USD

90.00

USD

20,000

(20,842)

Sold

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUROPE.

CROSSOVER.37-V1

5.00

Quarterly

Barclays

Bank

plc

08/17/22

NR

EUR

700.00

EUR

69,100

(774,291)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

116

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

OTC

Credit

Default

Swaptions

Written

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Sold

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUROPE.

CROSSOVER.37-V1

5.00

%

Quarterly

Goldman

Sachs

International

08/17/22

NR

EUR

700.00

EUR

23,600

$

(264,447)

(1,084,898)

$

(2,909,218)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

10-Year

Interest

Rate

Swap

(a)

0.45%

Annual

6

month

EURIBOR

Semi-Annual

Barclays

Bank

plc

08/03/22

0.45

%

EUR

20,160

$

(34)

2-Year

Interest

Rate

Swap

(a)

.

1.95%

Semi-Annual

1

day

SOFR

Annual

Deutsche

Bank

AG

09/19/22

1.95

USD

193,590

(95,215)

10-Year

Interest

Rate

Swap

(a)

2.07%

Semi-Annual

1

day

SOFR

Annual

Citibank

NA

09/29/22

2.07

USD

41,380

(105,278)

10-Year

Interest

Rate

Swap

(a)

2.34%

Semi-Annual

1

day

SOFR

Annual

Deutsche

Bank

AG

10/12/22

2.34

USD

42,670

(279,080)

10-Year

Interest

Rate

Swap

(a)

2.28%

Semi-Annual

1

day

SOFR

Annual

Deutsche

Bank

AG

10/13/22

2.28

USD

33,240

(186,792)

10-Year

Interest

Rate

Swap

(a)

2.56%

Semi-Annual

1

day

SOFR

Annual

Bank

of

America

NA

11/03/22

2.56

USD

23,325

(307,162)

10-Year

Interest

Rate

Swap

(a)

2.70%

Semi-Annual

1

day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

11/07/22

2.70

USD

22,103

(400,091)

10-Year

Interest

Rate

Swap

(a)

2.44%

Semi-Annual

1

day

SOFR

Annual

Bank

of

America

NA

11/14/22

2.44

USD

38,020

(406,988)

2-Year

Interest

Rate

Swap

(a)

.

1.74%

Semi-Annual

1

day

SOFR

Annual

Goldman

Sachs

International

11/15/22

1.74

USD

269,015

(206,366)

2-Year

Interest

Rate

Swap

(a)

.

1.78%

Semi-Annual

1

day

SOFR

Annual

Goldman

Sachs

International

11/15/22

1.78

USD

269,015

(222,122)

10-Year

Interest

Rate

Swap

(a)

2.50%

Semi-Annual

1

day

SOFR

Annual

Nomura

International

plc

11/18/22

2.50

USD

20,890

(261,040)

2-Year

Interest

Rate

Swap

(a)

.

1.25%

Semi-Annual

1

day

SOFR

Annual

Barclays

Bank

plc

01/12/23

1.25

USD

184,725

(108,325)

2-Year

Interest

Rate

Swap

(a)

.

1.36%

Semi-Annual

1

day

SOFR

Annual

Wells

Fargo

Securities

LLC

01/18/23

1.36

USD

77,450

(57,406)

2-Year

Interest

Rate

Swap

(a)

.

1.40%

Semi-Annual

1

day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

02/15/23

1.40

USD

988,820

(989,963)

2-Year

Interest

Rate

Swap

(a)

.

1.39%

Semi-Annual

1

day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

02/17/23

1.39

USD

99,635

(99,927)

10-Year

Interest

Rate

Swap

(a)

1.72%

Semi-Annual

1

day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

03/02/23

1.72

USD

39,396

(172,618)

10-Year

Interest

Rate

Swap

(a)

1.75%

Semi-Annual

1

day

SOFR

Annual

Bank

of

America

NA

03/08/23

1.75

USD

19,310

(92,539)

10-Year

Interest

Rate

Swap

(a)

1.77%

Semi-Annual

1

day

SOFR

Annual

Goldman

Sachs

International

03/08/23

1.77

USD

109,985

(538,334)

10-Year

Interest

Rate

Swap

(a)

1.84%

Semi-Annual

1

day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

03/09/23

1.84

USD

39,995

(227,270)

10-Year

Interest

Rate

Swap

(a)

1.93%

Semi-Annual

1

day

SOFR

Annual

Bank

of

America

NA

03/13/23

1.93

USD

39,995

(274,541)

1-Year

Interest

Rate

Swap

(a)

.

0.40%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/16/23

0.40

USD

1,990,697

(215,169)

1-Year

Interest

Rate

Swap

(a)

.

0.60%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/16/23

0.60

USD

1,990,697

(272,333)

10-Year

Interest

Rate

Swap

(a)

2.28%

Semi-Annual

1

day

SOFR

Annual

JPMorgan

Chase

Bank

NA

03/23/23

2.28

USD

62,659

(842,232)

10-Year

Interest

Rate

Swap

(a)

2.28%

Semi-Annual

1

day

SOFR

Annual

Deutsche

Bank

AG

03/29/23

2.28

USD

41,772

(573,848)

2-Year

Interest

Rate

Swap

(a)

.

2.88%

Semi-Annual

1

day

SOFR

Annual

Deutsche

Bank

AG

04/11/23

2.88

USD

121,560

(1,148,556)

10-Year

Interest

Rate

Swap

(a)

2.61%

Semi-Annual

1

day

SOFR

Annual

Bank

of

America

NA

04/12/23

2.61

USD

41,772

(1,005,738)

2-Year

Interest

Rate

Swap

(a)

.

2.83%

Semi-Annual

1

day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

04/12/23

2.83

USD

116,780

(1,045,994)

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

117

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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)

.

2.85%

Semi-Annual

1

day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

04/12/23

2.85

%

USD

116,780

$

(1,066,135)

10-Year

Interest

Rate

Swap

(a)

2.63%

Semi-Annual

1

day

SOFR

Annual

Barclays

Bank

plc

04/13/23

2.63

USD

41,772

(1,047,969)

10-Year

Interest

Rate

Swap

(a)

2.58%

Semi-Annual

1

day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

04/14/23

2.58

USD

41,772

(966,541)

10-Year

Interest

Rate

Swap

(a)

2.77%

Semi-Annual

1

day

SOFR

Annual

Deutsche

Bank

AG

05/16/23

2.77

USD

42,197

(1,351,073)

10-Year

Interest

Rate

Swap

(a)

2.67%

Semi-Annual

1

day

SOFR

Annual

JPMorgan

Chase

Bank

NA

05/22/23

2.67

USD

42,197

(1,204,137)

10-Year

Interest

Rate

Swap

(a)

2.72%

Semi-Annual

1

day

SOFR

Annual

Nomura

International

plc

05/31/23

2.72

USD

24,820

(759,073)

10-Year

Interest

Rate

Swap

(a)

2.84%

Semi-Annual

1

day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

06/07/23

2.84

USD

132,233

(4,801,546)

10-Year

Interest

Rate

Swap

(a)

3.10%

Semi-Annual

1

day

SOFR

Annual

Goldman

Sachs

International

06/15/23

3.10

USD

46,626

(2,327,885)

10-Year

Interest

Rate

Swap

(a)

1.41%

Semi-Annual

1

day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

08/14/23

1.41

USD

85,550

(416,169)

10-Year

Interest

Rate

Swap

(a)

1.48%

Semi-Annual

1

day

SOFR

Annual

Barclays

Bank

plc

08/14/23

1.48

USD

80,620

(440,653)

5-Year

Interest

Rate

Swap

(a)

.

2.75%

Semi-Annual

1

day

SOFR

Annual

Deutsche

Bank

AG

05/06/24

2.75

USD

17,450

(511,756)

5-Year

Interest

Rate

Swap

(a)

.

2.83%

Semi-Annual

1

day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

05/13/24

2.83

USD

17,510

(549,124)

5-Year

Interest

Rate

Swap

(a)

.

2.10%

Semi-Annual

1

day

SOFR

Annual

Nomura

International

plc

05/20/24

2.10

USD

36,795

(597,291)

2-Year

Interest

Rate

Swap

(a)

.

3.18%

Semi-Annual

1

day

SOFR

Annual

Barclays

Bank

plc

06/17/24

3.18

USD

82,805

(1,583,509)

2-Year

Interest

Rate

Swap

(a)

.

2.74%

Semi-Annual

1

day

SOFR

Annual

Wells

Fargo

Securities

LLC

06/24/24

2.74

USD

80,125

(1,173,692)

2-Year

Interest

Rate

Swap

(a)

.

2.77%

Semi-Annual

1

day

SOFR

Annual

Bank

of

America

NA

06/24/24

2.77

USD

82,805

(1,239,173)

2-Year

Interest

Rate

Swap

(a)

.

2.78%

Semi-Annual

1

day

SOFR

Annual

Deutsche

Bank

AG

06/24/24

2.78

USD

80,125

(1,211,867)

10-Year

Interest

Rate

Swap

(a)

2.91%

Semi-Annual

1

day

SOFR

Annual

Goldman

Sachs

International

06/06/25

2.91

USD

100,913

(5,519,154)

10-Year

Interest

Rate

Swap

(a)

2.86%

Semi-Annual

1

day

SOFR

Annual

Barclays

Bank

plc

06/09/25

2.86

USD

83,194

(4,371,410)

10-Year

Interest

Rate

Swap

(a)

2.90%

Semi-Annual

1

day

SOFR

Annual

Bank

of

America

NA

06/12/25

2.90

USD

86,485

(4,683,965)

10-Year

Interest

Rate

Swap

(a)

3.09%

Semi-Annual

1

day

SOFR

Annual

Bank

of

America

NA

06/16/25

3.09

USD

282,850

(17,782,644)

10-Year

Interest

Rate

Swap

(a)

3.15%

Semi-Annual

1

day

SOFR

Annual

Deutsche

Bank

AG

06/16/25

3.15

USD

136,525

(9,012,771)

10-Year

Interest

Rate

Swap

(a)

3.16%

Semi-Annual

1

day

SOFR

Annual

Deutsche

Bank

AG

06/16/25

3.16

USD

132,814

(8,833,082)

10-Year

Interest

Rate

Swap

(a)

2.93%

Semi-Annual

1

day

SOFR

Annual

Goldman

Sachs

International

06/17/25

2.93

USD

86,762

(4,849,364)

(86,434,944)

Put

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

1.95%

Semi-Annual

Deutsche

Bank

AG

08/03/22

1.95

USD

14,825

(1,126,972)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.05%

Semi-Annual

Barclays

Bank

plc

08/08/22

2.05

USD

14,825

(1,003,874)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.20%

Semi-Annual

Goldman

Sachs

International

08/12/22

3.20

USD

125,195

(516,839)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.10%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

08/24/22

3.10

USD

496,094

(3,741,278)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.00%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

08/31/22

3.00

USD

251,478

(2,790,454)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

1.27%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

09/01/22

1.27

USD

44,980

(6,092,390)

10-Year

Interest

Rate

Swap

(a)

6

month

EURIBOR

Semi-Annual

3.13%

Annual

Citibank

NA

09/13/22

3.13

EUR

64,550

(178,950)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.45%

Semi-Annual

Citibank

NA

09/23/22

3.45

USD

369,813

(1,747,620)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.57%

Semi-Annual

Citibank

NA

09/29/22

2.57

USD

41,380

(1,404,635)

5-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

2.91%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

10/04/22

2.91

USD

498,236

(5,740,219)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

1.54%

Semi-Annual

Deutsche

Bank

AG

10/07/22

1.54

USD

23,040

(2,590,740)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.84%

Semi-Annual

Deutsche

Bank

AG

10/12/22

2.84

USD

42,670

(928,429)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

1.54%

Semi-Annual

Bank

of

America

NA

10/13/22

1.54

USD

23,040

(2,602,117)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.78%

Semi-Annual

Deutsche

Bank

AG

10/13/22

2.78

USD

33,240

(812,886)

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

1.22%

Semi-Annual

JPMorgan

Chase

Bank

NA

11/02/22

1.22

USD

66,810

(2,395,501)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.06%

Semi-Annual

Bank

of

America

NA

11/03/22

3.06

USD

23,325

(370,876)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

118

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

OTC

Interest

Rate

Swaptions

Written

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.20%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

11/07/22

3.20

%

USD

22,103

$

(275,682)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.00%

Semi-Annual

Nomura

International

plc

11/18/22

3.00

USD

20,890

(394,374)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.20%

Semi-Annual

Goldman

Sachs

International

11/23/22

3.20

USD

239,768

(3,246,776)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

1.45%

Semi-Annual

JPMorgan

Chase

Bank

NA

12/05/22

1.45

USD

23,330

(2,803,456)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.35%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

12/08/22

3.35

USD

497,218

(5,554,586)

10-Year

Interest

Rate

Swap

(a)

6

month

EURIBOR

Semi-Annual

2.75%

Annual

Goldman

Sachs

International

12/12/22

2.75

EUR

23,080

(358,710)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

1.43%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

12/13/22

1.43

USD

38,113

(4,633,571)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

1.42%

Semi-Annual

JPMorgan

Chase

Bank

NA

12/15/22

1.42

USD

38,112

(4,669,149)

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

1.75%

Semi-Annual

Barclays

Bank

plc

01/12/23

1.75

USD

184,725

(4,688,790)

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

2.60%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

02/15/23

2.60

USD

988,820

(12,780,908)

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

2.70%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

02/15/23

2.70

USD

988,820

(11,665,188)

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

2.39%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

02/17/23

2.39

USD

149,453

(2,311,446)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

1.72%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

03/02/23

1.72

USD

39,396

(3,873,317)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

1.75%

Semi-Annual

Bank

of

America

NA

03/08/23

1.75

USD

19,310

(1,855,167)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

1.77%

Semi-Annual

Goldman

Sachs

International

03/08/23

1.77

USD

109,985

(10,475,099)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

1.84%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

03/09/23

1.84

USD

39,995

(3,584,654)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

1.93%

Semi-Annual

Bank

of

America

NA

03/13/23

1.93

USD

39,995

(3,323,859)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.28%

Semi-Annual

JPMorgan

Chase

Bank

NA

03/23/23

2.28

USD

62,659

(3,757,401)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.27%

Semi-Annual

Goldman

Sachs

International

03/23/23

3.27

USD

751,689

(13,556,219)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.28%

Semi-Annual

Goldman

Sachs

International

03/24/23

3.28

USD

245,004

(4,368,746)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.28%

Semi-Annual

Deutsche

Bank

AG

03/29/23

2.28

USD

41,772

(2,506,359)

1-Year

Interest

Rate

Swap

(a)

.

1

day

SONIA

At

Termination

3.22%

At

Termination

Goldman

Sachs

International

04/03/23

3.22

GBP

1,975,043

(9,196,038)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.40%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

04/06/23

3.40

USD

250,247

(3,924,278)

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

2.88%

Semi-Annual

Deutsche

Bank

AG

04/11/23

2.88

USD

121,560

(1,217,536)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.61%

Semi-Annual

Bank

of

America

NA

04/12/23

2.61

USD

41,772

(1,779,001)

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

2.83%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

04/12/23

2.83

USD

116,780

(1,223,568)

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

2.85%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

04/12/23

2.85

USD

116,780

(1,204,147)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.63%

Semi-Annual

Barclays

Bank

plc

04/13/23

2.63

USD

41,772

(1,729,136)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.58%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

04/14/23

2.58

USD

41,772

(1,841,279)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.45%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

04/18/23

3.45

USD

124,743

(1,887,780)

1-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

At

Termination

4.00%

At

Termination

BNP

Paribas

SA

04/21/23

4.00

USD

584,300

(1,460,050)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.75%

Semi-Annual

Citibank

NA

05/05/23

3.75

USD

250,390

(2,699,819)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.57%

Semi-Annual

Goldman

Sachs

International

05/11/23

3.57

USD

247,765

(3,393,023)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.77%

Semi-Annual

Deutsche

Bank

AG

05/16/23

2.77

USD

42,197

(1,541,765)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.67%

Semi-Annual

JPMorgan

Chase

Bank

NA

05/22/23

2.67

USD

42,197

(1,715,774)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.72%

Semi-Annual

Nomura

International

plc

05/31/23

2.72

USD

24,820

(971,101)

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

119

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

OTC

Interest

Rate

Swaptions

Written

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.84%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

06/07/23

2.84

%

USD

132,233

$

(4,526,500)

1-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

At

Termination

5.00%

At

Termination

Bank

of

America

NA

06/13/23

5.00

USD

592,340

(681,908)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.10%

Semi-Annual

Goldman

Sachs

International

06/15/23

3.10

USD

46,626

(1,188,497)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.67%

Semi-Annual

Citibank

NA

06/23/23

3.67

USD

246,542

(3,260,238)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

1.41%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

08/14/23

1.41

USD

85,550

(10,467,798)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

1.48%

Semi-Annual

Barclays

Bank

plc

08/14/23

1.48

USD

80,620

(9,422,812)

2-Year

Interest

Rate

Swap

(a)

.

6

month

EURIBOR

Semi-Annual

1.35%

Annual

Deutsche

Bank

AG

02/08/24

1.35

EUR

302,380

(5,757,249)

2-Year

Interest

Rate

Swap

(a)

.

6

month

EURIBOR

Semi-Annual

1.05%

Annual

Barclays

Bank

plc

02/29/24

1.05

EUR

312,880

(7,251,651)

5-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

2.75%

Semi-Annual

Deutsche

Bank

AG

05/06/24

2.75

USD

17,450

(472,819)

5-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

2.87%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

05/13/24

2.87

USD

30,270

(754,787)

5-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

2.83%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

05/13/24

2.83

USD

17,510

(450,069)

5-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

3.10%

Semi-Annual

Nomura

International

plc

05/20/24

3.10

USD

36,795

(779,071)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.74%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

06/13/24

2.74

USD

110,550

(5,439,428)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.24%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

06/13/24

3.24

USD

110,550

(3,585,426)

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

3.18%

Semi-Annual

Barclays

Bank

plc

06/17/24

3.18

USD

82,805

(796,170)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.74%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

06/20/24

2.74

USD

110,550

(5,454,584)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.24%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

06/20/24

3.24

USD

110,550

(3,600,727)

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

2.74%

Semi-Annual

Wells

Fargo

Securities

LLC

06/24/24

2.74

USD

80,125

(986,159)

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

2.77%

Semi-Annual

Bank

of

America

NA

06/24/24

2.77

USD

82,805

(1,000,080)

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

2.78%

Semi-Annual

Deutsche

Bank

AG

06/24/24

2.78

USD

80,125

(958,605)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

1.99%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

08/20/24

1.99

USD

116,580

(10,230,663)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.91%

Semi-Annual

Goldman

Sachs

International

06/06/25

2.91

USD

100,913

(5,130,373)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.86%

Semi-Annual

Barclays

Bank

plc

06/09/25

2.86

USD

83,194

(4,383,232)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.90%

Semi-Annual

Bank

of

America

NA

06/12/25

2.90

USD

86,485

(4,448,179)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.09%

Semi-Annual

Bank

of

America

NA

06/16/25

3.09

USD

282,850

(12,738,902)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.15%

Semi-Annual

Deutsche

Bank

AG

06/16/25

3.15

USD

136,525

(5,871,739)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.16%

Semi-Annual

Deutsche

Bank

AG

06/16/25

3.16

USD

132,814

(5,671,685)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.93%

Semi-Annual

Goldman

Sachs

International

06/17/25

2.93

USD

86,762

(4,347,820)

(290,168,703)

$

(376,603,647)

(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)

CDX.NA.HY.33.V13

..................

5.00

%

Quarterly

12/20/24

USD

79,671

$

(829,216)

$

(2,306,864)

$

1,477,648

ITRAXX.EUROPE.CROSSOVER.34.V2

....

5.00

Quarterly

12/20/25

EUR

446

(1,728)

(31,312)

29,584

CDX.NA.IG.38.V1

...................

1.00

Quarterly

06/20/27

USD

537,916

9,477

(3,012,413)

3,021,890

ITRAXX.EUROPE.MAIN.37.V1

..........

1.00

Quarterly

06/20/27

EUR

354,590

(3,187,238)

(2,036,405)

(1,150,833)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

120

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

(continued)

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.SUB.FINANCIALS.37.V1

..

1.00

%

Quarterly

06/20/27

EUR

50,298

$

3,473,580

$

2,825,984

$

647,596

$

(535,125)

$

(4,561,010)

$

4,025,885

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)

CDX.NA.HY.38.V2

.....

5.00

%

Quarterly

06/20/27

NR

USD

388,908

$

(10,667,134)

$

(7,156,474)

$

(3,510,660)

ITRAXX.EUROPE.

CROSSOVER.37.V1

.

5.00

Quarterly

06/20/27

NR

EUR

155,071

(4,825,062)

(2,548,915)

(2,276,147)

$

(15,492,196)

$

(9,705,389)

$

(5,786,807)

(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)

28

day

MXIBTIIE

Monthly

4.42%

Monthly

N/A

02/28/23

MXN

1,399,892

$

(2,217,399)

$

—

$

(2,217,399)

1

day

SOFR

Annual

0.84%

Annual

N/A

03/01/23

USD

179,220

(2,135,557)

626,073

(2,761,630)

28

day

MXIBTIIE

Monthly

4.50%

Monthly

N/A

03/03/23

MXN

1,399,452

(2,193,954)

—

(2,193,954)

1.51%

At

Termination

1

day

SOFR

At

Termination

07/12/22

(a)

07/12/23

USD

1,058,150

16,137,251

11,847,947

4,289,304

1

day

SOFR

Annual

0.24%

Annual

N/A

12/08/23

USD

170,300

(6,846,661)

(2,929,960)

(3,916,701)

1

day

SOFR

Annual

0.19%

Annual

N/A

12/14/23

USD

120,475

(5,018,775)

(2,230,797)

(2,787,978)

1

day

SOFR

Annual

0.25%

Annual

N/A

01/12/24

USD

45,881

(1,960,941)

(860,524)

(1,100,417)

28

day

MXIBTIIE

Monthly

4.68%

Monthly

N/A

02/27/24

MXN

993,264

(3,753,065)

—

(3,753,065)

28

day

MXIBTIIE

Monthly

4.86%

Monthly

N/A

03/01/24

MXN

993,264

(3,622,386)

—

(3,622,386)

1

day

SOFR

Annual

1.13%

Annual

N/A

03/07/24

USD

991,773

(29,309,620)

—

(29,309,620)

1

day

SOFR

Annual

1.13%

Annual

N/A

03/08/24

USD

1,487,466

(44,069,978)

—

(44,069,978)

0.40%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

03/08/24

USD

1,259,950

58,410,338

—

58,410,338

1

day

SOFR

Annual

1.08%

Annual

N/A

03/18/24

USD

2,004,673

(62,840,592)

—

(62,840,592)

0.45%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

03/19/24

USD

380,000

17,651,679

—

17,651,679

6.15%

Annual

3

month

WIBOR

Quarterly

04/11/23

(a)

04/11/24

PLN

287,289

1,013,353

—

1,013,353

1.32%

At

Termination

1

day

ESTR

At

Termination

04/14/23

(a)

04/14/24

EUR

138,393

341,425

(40,774)

382,199

1.33%

At

Termination

1

day

ESTR

At

Termination

04/14/23

(a)

04/14/24

EUR

138,407

334,208

(15,369)

349,577

1.35%

At

Termination

1

day

ESTR

At

Termination

04/14/23

(a)

04/14/24

EUR

23,000

50,235

(11,805)

62,040

1

day

SONIA

At

Termination

2.80%

At

Termination

04/21/23

(a)

04/21/24

GBP

353,570

(139,863)

—

(139,863)

1.19%

At

Termination

1

day

ESTR

At

Termination

04/25/23

(a)

04/25/24

EUR

412,560

1,623,580

(7,209)

1,630,789

1.16%

At

Termination

1

day

ESTR

At

Termination

05/03/23

(a)

05/03/24

EUR

451,630

1,970,355

130,343

1,840,012

1.45%

At

Termination

1

day

ESTR

At

Termination

05/11/23

(a)

05/11/24

EUR

345,220

486,639

11,834

474,805

1.52%

At

Termination

1

day

ESTR

At

Termination

06/05/23

(a)

06/05/24

EUR

365,040

293,776

—

293,776

0.53%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/06/24

USD

300,000

15,309,801

—

15,309,801

1.69%

At

Termination

1

day

ESTR

At

Termination

06/08/23

(a)

06/08/24

EUR

624,420

(545,355)

—

(545,355)

1.73%

At

Termination

1

day

ESTR

At

Termination

06/12/23

(a)

06/12/24

EUR

616,740

(790,668)

—

(790,668)

0.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/28/24

USD

280,000

14,571,360

—

14,571,360

0.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/28/24

USD

20,000

1,040,615

—

1,040,615

1

day

SOFR

Annual

2.71%

Annual

10/05/22

(a)

06/30/24

USD

171,065

(1,216,456)

—

(1,216,456)

1

day

SOFR

Annual

3.11%

Annual

07/01/22

(a)

07/01/24

USD

31,860

67,963

—

67,963

1

day

SOFR

Annual

3.17%

Annual

07/01/22

(a)

07/01/24

USD

63,715

207,015

—

207,015

1

day

SOFR

Annual

3.00%

Annual

07/05/22

(a)

07/05/24

USD

25,360

—

—

—

0.52%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/13/24

USD

283,000

15,150,108

—

15,150,108

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

121

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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)

0.54%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/16/24

USD

420,000

$

22,190,991

$

—

$

22,190,991

0.54%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/20/24

USD

418,000

22,248,666

—

22,248,666

0.49%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/23/24

USD

560,000

30,490,338

—

30,490,338

1.45%

Annual

1

day

SOFR

Annual

07/28/22

(a)

07/28/24

USD

28,910

894,891

—

894,891

1.61%

Annual

1

day

SOFR

Annual

08/08/22

(a)

08/08/24

USD

25,430

711,376

—

711,376

1.62%

Annual

1

day

SOFR

Annual

08/08/22

(a)

08/08/24

USD

57,780

1,601,239

—

1,601,239

1.81%

Annual

1

day

SOFR

Annual

08/12/22

(a)

08/12/24

USD

58,060

1,401,651

—

1,401,651

1.76%

Annual

1

day

SOFR

Annual

08/12/22

(a)

08/12/24

USD

58,250

1,460,321

—

1,460,321

1.94%

Annual

1

day

SOFR

Annual

08/12/22

(a)

08/12/24

USD

57,920

1,250,944

—

1,250,944

1.76%

Annual

1

day

SOFR

Annual

08/12/22

(a)

08/12/24

USD

58,250

1,460,884

—

1,460,884

1.94%

Annual

1

day

SOFR

Annual

08/12/22

(a)

08/12/24

USD

57,920

1,243,662

—

1,243,662

0.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/12/24

USD

430,000

23,060,064

—

23,060,064

0.54%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/13/24

USD

730,000

39,672,246

—

39,672,246

0.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/27/24

USD

145,725

7,875,668

—

7,875,668

0.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/27/24

USD

145,000

7,863,085

—

7,863,085

0.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/27/24

USD

143,550

7,770,594

—

7,770,594

0.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/27/24

USD

145,725

7,882,351

—

7,882,351

0.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/27/24

USD

145,000

7,854,335

—

7,854,335

1.93%

Annual

1

day

SOFR

Annual

09/13/22

(a)

09/13/24

USD

636

13,968

—

13,968

2.72%

Annual

1

day

SOFR

Annual

09/30/22

(a)

09/30/24

USD

111,230

763,800

—

763,800

0.89%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/20/24

USD

300,000

15,514,188

—

15,514,188

0.92%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/25/24

USD

600,000

30,668,835

—

30,668,835

3.22%

Annual

1

day

SOFR

Annual

11/08/22

(a)

11/08/24

USD

87,715

(261,184)

—

(261,184)

1

day

SOFR

Annual

2.91%

Annual

11/14/22

(a)

11/14/24

USD

58,305

(164,545)

—

(164,545)

1

day

SOFR

Annual

2.87%

Annual

11/15/22

(a)

11/15/24

USD

24,223

(89,407)

—

(89,407)

1.20%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/26/24

USD

450,000

20,623,926

—

20,623,926

1.10%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

12/06/24

USD

600,000

29,095,916

—

29,095,916

1

day

SOFR

Annual

2.97%

Annual

01/04/23

(a)

01/04/25

USD

12,680

—

—

—

1

day

SOFR

Annual

3.04%

Annual

01/04/23

(a)

01/04/25

USD

14,440

—

—

—

2.00%

Annual

1

day

SOFR

Annual

02/17/23

(a)

02/17/25

USD

278,159

5,098,970

—

5,098,970

1.89%

Annual

1

day

SOFR

Annual

02/22/23

(a)

02/22/25

USD

19,928

404,894

—

404,894

1.99%

Annual

1

day

SOFR

Annual

02/27/23

(a)

02/27/25

USD

29,465

540,531

—

540,531

1

day

SOFR

Annual

2.26%

Annual

N/A

02/28/25

USD

285,390

(3,052,055)

10,118,798

(13,170,853)

0.98%

Annual

1

day

ESTR

Annual

04/04/23

(a)

04/04/25

EUR

255,260

3,241,784

926,642

2,315,142

1.05%

Annual

1

day

ESTR

Annual

04/04/23

(a)

04/04/25

EUR

125,410

1,414,195

(3,285)

1,417,480

2.87%

Annual

1

day

SOFR

Annual

04/18/23

(a)

04/18/25

USD

58,580

17,538

—

17,538

2.39%

At

Termination

1

day

SONIA

At

Termination

04/22/24

(a)

04/22/25

GBP

364,770

503,835

—

503,835

1.31%

Annual

1

day

ESTR

Annual

04/25/23

(a)

04/25/25

EUR

110,470

676,574

(15,284)

691,858

3.15%

Annual

1

day

SOFR

Annual

04/25/23

(a)

04/25/25

USD

24,925

(132,955)

—

(132,955)

2.79%

Annual

1

day

SOFR

Annual

N/A

04/26/25

USD

455,000

(485,713)

—

(485,713)

2.80%

Annual

1

day

SOFR

Annual

N/A

05/11/25

USD

145,000

(60,241)

—

(60,241)

2.60%

Annual

1

day

SOFR

Annual

N/A

05/16/25

USD

150,000

830,607

—

830,607

1

day

SOFR

Annual

0.10%

Annual

N/A

06/02/25

USD

12,354

(967,738)

(555,269)

(412,469)

0.85%

Annual

6

month

EURIBOR

Semi-Annual

02/12/24

(a)

02/12/26

EUR

197,460

4,477,191

—

4,477,191

1.28%

At

Termination

1

day

SOFR

At

Termination

02/25/25

(a)

02/25/26

USD

46,640

549,843

652,988

(103,145)

0.64%

Annual

6

month

EURIBOR

Semi-Annual

03/04/24

(a)

03/04/26

EUR

202,900

5,478,601

—

5,478,601

1.45%

At

Termination

1

day

SOFR

At

Termination

03/06/25

(a)

03/06/26

USD

36,070

367,618

445,926

(78,308)

3

month

LIBOR

Quarterly

0.83%

Semi-Annual

N/A

03/08/26

USD

773,135

(58,612,764)

—

(58,612,764)

1.42%

Annual

6

month

EURIBOR

Semi-Annual

04/03/24

(a)

04/03/26

EUR

16,210

185,263

—

185,263

1.47%

Annual

6

month

EURIBOR

Semi-Annual

04/03/24

(a)

04/03/26

EUR

6,050

63,471

—

63,471

1.86%

Annual

6

month

EURIBOR

Semi-Annual

05/07/24

(a)

05/07/26

EUR

13,620

37,330

—

37,330

1.79%

Annual

6

month

EURIBOR

Semi-Annual

05/07/24

(a)

05/07/26

EUR

27,235

113,098

—

113,098

0.63%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/26/26

USD

1,049,533

94,199,338

—

94,199,338

0.64%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/27/26

USD

1,576,035

140,932,793

—

140,932,793

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

122

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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)

0.85%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/27/26

USD

525,345

$

42,828,224

$

—

$

42,828,224

2.12%

Annual

6

month

EURIBOR

Semi-Annual

06/11/24

(a)

06/11/26

EUR

26,350

(61,512)

—

(61,512)

2.51%

Annual

6

month

EURIBOR

Semi-Annual

06/17/24

(a)

06/17/26

EUR

13,513

(136,943)

—

(136,943)

2.45%

Annual

6

month

EURIBOR

Semi-Annual

06/17/24

(a)

06/17/26

EUR

13,513

(121,144)

—

(121,144)

2.58%

Annual

6

month

EURIBOR

Semi-Annual

06/18/24

(a)

06/18/26

EUR

13,660

(156,371)

—

(156,371)

6

month

EURIBOR

Semi-Annual

2.19%

Annual

06/25/24

(a)

06/25/26

EUR

24,265

90,124

—

90,124

2.91%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/23/26

USD

10,069

(34,338)

—

(34,338)

0.94%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/14/26

USD

97,903

8,361,952

—

8,361,952

1.15%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/10/26

USD

399,596

31,114,393

—

31,114,393

2.55%

Annual

1

day

SOFR

Annual

10/05/22

(a)

11/30/26

USD

79,655

848,806

—

848,806

3

month

LIBOR

Quarterly

1.39%

Semi-Annual

N/A

01/07/27

USD

705,827

(46,791,033)

—

(46,791,033)

3

month

LIBOR

Quarterly

1.42%

Semi-Annual

N/A

01/10/27

USD

286,474

(18,613,779)

—

(18,613,779)

3

month

LIBOR

Quarterly

1.47%

Semi-Annual

N/A

01/14/27

USD

104,537

(6,567,238)

—

(6,567,238)

1

day

SOFR

Annual

1.19%

Annual

N/A

01/20/27

USD

21,100

(1,364,739)

(485,849)

(878,890)

3

month

LIBOR

Quarterly

1.63%

Semi-Annual

N/A

02/09/27

USD

988,944

(55,973,320)

—

(55,973,320)

1

day

SOFR

Annual

1.56%

Annual

N/A

03/07/27

USD

495,886

(24,973,675)

—

(24,973,675)

1

day

SOFR

Annual

1.74%

Annual

N/A

03/14/27

USD

22,380

(945,395)

—

(945,395)

1

day

ESTR

At

Termination

0.93%

At

Termination

04/07/26

(a)

04/07/27

EUR

523,150

(5,244,081)

(731,493)

(4,512,588)

1

day

ESTR

At

Termination

0.94%

At

Termination

04/07/26

(a)

04/07/27

EUR

523,150

(5,181,992)

(59,750)

(5,122,242)

28

day

MXIBTIIE

Monthly

7.49%

Monthly

N/A

04/14/27

MXN

1,412,000

(4,161,281)

—

(4,161,281)

1

day

ESTR

At

Termination

1.37%

At

Termination

04/23/26

(a)

04/23/27

EUR

240,530

(1,376,508)

2,393

(1,378,901)

1

day

ESTR

At

Termination

1.67%

At

Termination

05/12/26

(a)

05/12/27

EUR

421,080

(1,183,728)

(55,793)

(1,127,935)

1

day

SOFR

Annual

1.37%

Annual

N/A

05/26/27

USD

11,705

(751,951)

(777,344)

25,393

1

day

ESTR

At

Termination

1.81%

At

Termination

06/10/26

(a)

06/10/27

EUR

647,500

(1,011,119)

—

(1,011,119)

1

day

SOFR

Annual

1.25%

Annual

07/05/22

(a)

07/05/27

USD

8,170

(585,859)

—

(585,859)

1

day

SOFR

Annual

1.09%

Annual

07/08/22

(a)

07/08/27

USD

41,490

(3,279,767)

(3,420,203)

140,436

1

day

SOFR

Annual

1.22%

Annual

08/01/22

(a)

08/01/27

USD

34,350

(2,525,089)

(2,644,757)

119,668

1

day

SOFR

Annual

1.23%

Annual

08/01/22

(a)

08/01/27

USD

34,340

(2,508,382)

(2,628,049)

119,667

1

day

SOFR

Annual

1.99%

Annual

09/19/22

(a)

09/19/27

USD

11,965

(461,514)

—

(461,514)

1

day

SOFR

Annual

2.00%

Annual

09/19/22

(a)

09/19/27

USD

11,965

(455,137)

—

(455,137)

1

day

SOFR

Annual

2.01%

Annual

09/19/22

(a)

09/19/27

USD

11,965

(448,761)

—

(448,761)

1

day

SOFR

Annual

2.95%

Annual

11/08/22

(a)

11/08/27

USD

36,505

223,027

—

223,027

3.28%

Annual

1

day

SOFR

Annual

12/16/22

(a)

12/16/27

USD

9,074

(196,879)

—

(196,879)

2.94%

Annual

1

day

SOFR

Annual

12/28/22

(a)

12/28/27

USD

14,520

(87,811)

—

(87,811)

1

day

SOFR

Annual

1.90%

Annual

02/14/23

(a)

02/14/28

USD

12,150

(490,633)

—

(490,633)

1

day

SOFR

Annual

2.73%

Annual

04/20/23

(a)

04/20/28

USD

390

(534)

—

(534)

2.93%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/24/28

USD

22,270

(47,675)

—

(47,675)

3.16%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/03/28

USD

12,489

(130,367)

—

(130,367)

3.04%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/16/29

USD

190,900

(1,677,444)

—

(1,677,444)

2.52%

Annual

1

day

SOFR

Annual

09/30/22

(a)

04/30/29

USD

83,510

1,413,870

—

1,413,870

2.70%

Annual

1

day

SOFR

Annual

06/04/24

(a)

06/04/29

USD

15,400

(10,983)

—

(10,983)

0.19%

Annual

6

month

EURIBOR

Semi-Annual

N/A

01/16/30

EUR

15,120

1,976,222

2,197

1,974,025

1.06%

Annual

1

day

SOFR

Annual

N/A

08/27/30

USD

18,509

2,314,963

2,318,784

(3,821)

3

month

LIBOR

Quarterly

0.66%

Semi-Annual

N/A

09/25/30

USD

50,000

(8,693,825)

—

(8,693,825)

0.71%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

09/25/30

USD

50,000

8,506,541

—

8,506,541

3

month

LIBOR

Quarterly

0.69%

Semi-Annual

N/A

09/29/30

USD

40,000

(6,866,906)

—

(6,866,906)

0.76%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

09/29/30

USD

40,000

6,652,007

—

6,652,007

6

month

EURIBOR

Semi-Annual

0.61%

Annual

N/A

02/15/31

EUR

20,350

(2,407,252)

—

(2,407,252)

6

month

EURIBOR

Semi-Annual

0.77%

Annual

N/A

02/15/31

EUR

91,755

(9,633,528)

—

(9,633,528)

6

month

EURIBOR

Semi-Annual

0.79%

Annual

N/A

02/15/31

EUR

121,400

(12,508,246)

—

(12,508,246)

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

123

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

6

month

EURIBOR

Semi-Annual

1.24%

Annual

N/A

02/15/31

EUR

37,870

$

(2,583,793)

$

—

$

(2,583,793)

6

month

EURIBOR

Semi-Annual

1.47%

Annual

N/A

02/15/31

EUR

44,430

(2,194,844)

(8,030)

(2,186,814)

6

month

EURIBOR

Semi-Annual

1.70%

Annual

N/A

02/15/31

EUR

188,850

(5,601,346)

—

(5,601,346)

6

month

EURIBOR

Semi-Annual

1.90%

Annual

N/A

02/15/31

EUR

36,190

(446,412)

—

(446,412)

2.53%

Annual

1

day

SOFR

Annual

N/A

03/10/31

USD

57,190

942,908

1,147,576

(204,668)

6

month

EURIBOR

Semi-Annual

1.65%

Annual

09/12/22

(a)

08/15/31

EUR

61,014

(2,687,190)

(1,986,475)

(700,715)

6

month

EURIBOR

Semi-Annual

1.86%

Annual

09/12/22

(a)

08/15/31

EUR

32,840

(848,899)

10,099

(858,998)

6

month

EURIBOR

Semi-Annual

2.09%

Annual

09/12/22

(a)

08/15/31

EUR

9,775

(57,002)

—

(57,002)

6

month

EURIBOR

Semi-Annual

2.22%

Annual

09/12/22

(a)

08/15/31

EUR

4,885

23,541

—

23,541

6

month

EURIBOR

Semi-Annual

2.36%

Annual

09/12/22

(a)

08/15/31

EUR

36,170

615,903

—

615,903

6

month

EURIBOR

Semi-Annual

2.37%

Annual

09/12/22

(a)

08/15/31

EUR

4,885

88,229

(7,971)

96,200

6

month

EURIBOR

Semi-Annual

2.41%

Annual

09/12/22

(a)

08/15/31

EUR

4,885

106,891

—

106,891

6

month

EURIBOR

Semi-Annual

2.50%

Annual

09/12/22

(a)

08/15/31

EUR

4,885

142,696

—

142,696

2.64%

Annual

6

month

EURIBOR

Semi-Annual

09/12/22

(a)

08/15/31

EUR

4,885

(201,811)

—

(201,811)

0.02%

Annual

6

month

EURIBOR

Semi-Annual

N/A

08/26/31

EUR

157,050

28,586,146

—

28,586,146

1.17%

Annual

1

day

SOFR

Annual

N/A

09/21/31

USD

16,310

2,131,174

2,145,195

(14,021)

1.14%

Annual

1

day

SOFR

Annual

N/A

09/27/31

USD

24,090

3,056,606

—

3,056,606

3

month

LIBOR

Quarterly

1.59%

Semi-Annual

N/A

10/14/31

USD

228,209

(27,139,830)

—

(27,139,830)

3

month

LIBOR

Quarterly

1.62%

Semi-Annual

N/A

11/19/31

USD

284,436

(33,569,823)

—

(33,569,823)

1.40%

Annual

1

day

SOFR

Annual

N/A

11/22/31

USD

13,570

1,461,628

—

1,461,628

28

day

MXIBTIIE

Monthly

7.60%

Monthly

N/A

01/01/32

MXN

975,757

(4,045,583)

—

(4,045,583)

1.61%

Annual

1

day

SOFR

Annual

N/A

01/11/32

USD

7,496

697,279

—

697,279

28

day

MXIBTIIE

Monthly

7.57%

Monthly

N/A

01/12/32

MXN

369,567

(1,569,876)

—

(1,569,876)

28

day

MXIBTIIE

Monthly

7.53%

Monthly

N/A

01/23/32

MXN

666,324

(2,910,845)

—

(2,910,845)

3

month

LIBOR

Quarterly

1.76%

Semi-Annual

N/A

01/28/32

USD

539,269

(56,054,869)

—

(56,054,869)

1.74%

Annual

1

day

SOFR

Annual

N/A

02/08/32

USD

12,000

1,003,907

—

1,003,907

1.79%

Annual

1

day

SOFR

Annual

N/A

02/10/32

USD

22,570

1,781,867

—

1,781,867

0.84%

Annual

6

month

EURIBOR

Semi-Annual

N/A

02/16/32

EUR

4,920

565,504

—

565,504

0.86%

Annual

6

month

EURIBOR

Semi-Annual

N/A

03/01/32

EUR

2,500

284,580

—

284,580

1.71%

Annual

1

day

SOFR

Annual

N/A

03/07/32

USD

15,880

1,395,065

—

1,395,065

1.61%

Annual

1

day

SOFR

Annual

N/A

03/09/32

USD

15,846

1,534,208

—

1,534,208

1.67%

Annual

1

day

SOFR

Annual

N/A

03/10/32

USD

27,804

2,547,130

—

2,547,130

1.73%

Annual

1

day

SOFR

Annual

N/A

03/11/32

USD

13,760

1,185,246

—

1,185,246

0.90%

Annual

6

month

EURIBOR

Semi-Annual

N/A

03/14/32

EUR

2,810

310,665

—

310,665

1.97%

Annual

1

day

SOFR

Annual

N/A

03/16/32

USD

11,950

780,288

—

780,288

1.97%

Annual

1

day

SOFR

Annual

N/A

03/16/32

USD

19,128

1,253,527

—

1,253,527

1.90%

Annual

1

day

SOFR

Annual

N/A

03/16/32

USD

13,430

965,522

—

965,522

1.02%

Annual

6

month

EURIBOR

Semi-Annual

N/A

03/16/32

EUR

2,530

250,876

—

250,876

1.04%

Annual

6

month

EURIBOR

Semi-Annual

N/A

03/17/32

EUR

2,540

247,306

—

247,306

28

day

MXIBTIIE

Monthly

8.29%

Monthly

N/A

03/17/32

MXN

626,732

(1,208,857)

—

(1,208,857)

2.01%

Annual

1

day

SOFR

Annual

N/A

03/18/32

USD

16,102

1,007,812

—

1,007,812

2.13%

Annual

1

day

SOFR

Annual

N/A

03/23/32

USD

32,147

1,660,772

—

1,660,772

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

124

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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)

2.16%

Annual

1

day

SOFR

Annual

N/A

03/23/32

USD

19,114

$

953,030

$

—

$

953,030

2.15%

Annual

1

day

SOFR

Annual

N/A

03/25/32

USD

13,300

669,644

(2,229)

671,873

2.29%

Annual

1

day

SOFR

Annual

N/A

03/29/32

USD

22,792

867,330

—

867,330

1.13%

Annual

6

month

EURIBOR

Semi-Annual

N/A

03/29/32

EUR

6,530

588,952

—

588,952

2.34%

Annual

1

day

SOFR

Annual

N/A

04/07/32

USD

19,316

669,195

—

669,195

2.38%

Annual

1

day

SOFR

Annual

N/A

04/08/32

USD

43,962

1,371,680

—

1,371,680

2.44%

Annual

1

day

SOFR

Annual

N/A

04/08/32

USD

19,346

506,772

—

506,772

2.45%

Annual

1

day

SOFR

Annual

N/A

04/08/32

USD

34,760

875,438

—

875,438

2.40%

Annual

1

day

SOFR

Annual

N/A

04/08/32

USD

15,920

467,362

—

467,362

1.34%

Annual

6

month

EURIBOR

Semi-Annual

N/A

04/08/32

EUR

2,570

181,624

—

181,624

2.44%

Annual

1

day

SOFR

Annual

N/A

04/11/32

USD

19,353

507,005

—

507,005

2.58%

Annual

1

day

SOFR

Annual

N/A

04/13/32

USD

19,633

275,595

—

275,595

2.61%

Annual

1

day

SOFR

Annual

N/A

04/19/32

USD

23,330

267,899

—

267,899

2.64%

Annual

1

day

SOFR

Annual

N/A

04/20/32

USD

16,795

149,290

—

149,290

2.68%

Annual

1

day

SOFR

Annual

N/A

04/21/32

USD

16,805

99,000

—

99,000

2.75%

Annual

1

day

SOFR

Annual

N/A

04/21/32

USD

20,014

(2,555)

—

(2,555)

1.64%

Annual

6

month

EURIBOR

Semi-Annual

N/A

04/21/32

EUR

2,630

112,154

—

112,154

28

day

MXIBTIIE

Monthly

8.96%

Monthly

N/A

04/21/32

MXN

478,127

99,280

—

99,280

2.72%

Annual

1

day

SOFR

Annual

N/A

04/25/32

USD

15,460

37,228

—

37,228

2.66%

Annual

1

day

SOFR

Annual

N/A

04/25/32

USD

18,125

139,527

—

139,527

1

day

SOFR

Annual

2.53%

Annual

N/A

04/28/32

USD

33,267

(642,954)

—

(642,954)

0.50%

Annual

1

day

SOFR

Annual

N/A

05/03/32

USD

13,240

2,618,259

2,604,708

13,551

2.74%

Annual

1

day

SOFR

Annual

N/A

05/03/32

USD

13,329

18,177

—

18,177

0.51%

Annual

1

day

SOFR

Annual

N/A

05/04/32

USD

95,540

18,856,973

18,770,807

86,166

2.87%

Annual

1

day

SOFR

Annual

N/A

05/09/32

USD

33,506

(309,843)

—

(309,843)

1

day

SOFR

Annual

2.55%

Annual

09/30/22

(a)

05/15/32

USD

63,290

(1,385,500)

—

(1,385,500)

1

day

SOFR

Annual

2.67%

Annual

N/A

05/16/32

USD

26,989

(222,639)

—

(222,639)

2.65%

Annual

1

day

SOFR

Annual

N/A

05/23/32

USD

23,450

246,096

—

246,096

2.60%

Annual

1

day

SOFR

Annual

N/A

05/26/32

USD

53,426

803,384

—

803,384

1

day

SOFR

Annual

2.54%

Annual

N/A

05/27/32

USD

30,006

(600,000)

—

(600,000)

3

month

BA

Semi-Annual

3.24%

Semi-Annual

N/A

05/27/32

CAD

6,490

(168,698)

—

(168,698)

3

month

BA

Semi-Annual

3.24%

Semi-Annual

N/A

05/27/32

CAD

6,485

(170,931)

—

(170,931)

0.52%

Annual

1

day

TONAR

Annual

05/31/27

(a)

05/31/32

JPY

1,134,645

98,167

—

98,167

2.53%

Annual

1

day

SOFR

Annual

N/A

06/01/32

USD

4,955

108,085

—

108,085

2.53%

Annual

1

day

SOFR

Annual

N/A

06/01/32

USD

4,955

107,435

—

107,435

3

month

BA

Semi-Annual

3.35%

Semi-Annual

N/A

06/01/32

CAD

6,490

(123,556)

—

(123,556)

3

month

BA

Semi-Annual

3.39%

Semi-Annual

N/A

06/01/32

CAD

3,180

(52,010)

—

(52,010)

2.64%

Annual

1

day

SOFR

Annual

N/A

06/02/32

USD

4,955

59,187

—

59,187

2.69%

Annual

1

day

SOFR

Annual

N/A

06/03/32

USD

12,400

97,339

—

97,339

2.65%

Annual

1

day

SOFR

Annual

N/A

06/03/32

USD

2,477

28,000

—

28,000

2.73%

Annual

1

day

SOFR

Annual

N/A

06/03/32

USD

23,293

93,938

—

93,938

3

month

BA

Semi-Annual

3.64%

Semi-Annual

N/A

06/06/32

CAD

3,210

(1,738)

—

(1,738)

2.84%

Annual

1

day

SOFR

Annual

N/A

06/08/32

USD

2,477

(12,197)

—

(12,197)

2.86%

Annual

1

day

SOFR

Annual

N/A

06/08/32

USD

30,004

(212,003)

—

(212,003)

2.79%

Annual

1

day

SOFR

Annual

N/A

06/09/32

USD

26,974

(20,386)

—

(20,386)

1

day

SOFR

Annual

2.78%

Annual

N/A

06/09/32

USD

103,687

(12,266)

—

(12,266)

2.85%

Annual

1

day

SOFR

Annual

N/A

06/13/32

USD

27,044

(149,647)

—

(149,647)

2.96%

Annual

1

day

SOFR

Annual

N/A

06/14/32

USD

23,675

(354,077)

—

(354,077)

2.96%

Annual

1

day

SOFR

Annual

N/A

06/14/32

USD

23,675

(365,454)

—

(365,454)

3.17%

Annual

1

day

SOFR

Annual

N/A

06/15/32

USD

16,901

(565,407)

—

(565,407)

3.16%

Annual

1

day

SOFR

Annual

N/A

06/17/32

USD

8,800

(285,355)

—

(285,355)

3.09%

Annual

1

day

SOFR

Annual

N/A

06/17/32

USD

67,997

(1,795,118)

—

(1,795,118)

1

day

SOFR

Annual

3.00%

Annual

N/A

06/21/32

USD

34,440

625,285

—

625,285

1

day

SOFR

Annual

3.04%

Annual

06/23/27

(a)

06/23/32

USD

3,360

32,086

—

32,086

2.96%

Annual

1

day

SOFR

Annual

06/24/27

(a)

06/24/32

USD

161,780

(984,836)

50,503

(1,035,339)

6

month

EURIBOR

Semi-Annual

2.74%

Annual

06/24/27

(a)

06/24/32

EUR

142,780

969,801

79,573

890,228

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

125

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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)

2.86%

Annual

1

day

SOFR

Annual

06/25/27

(a)

06/25/32

USD

156,880

$

(348,158)

$

19,621

$

(367,779)

6

month

EURIBOR

Semi-Annual

2.56%

Annual

06/25/27

(a)

06/25/32

EUR

118,410

(182,297)

—

(182,297)

6

month

EURIBOR

Semi-Annual

2.58%

Annual

06/25/27

(a)

06/25/32

EUR

117,440

(76,781)

—

(76,781)

6

month

EURIBOR

Semi-Annual

2.61%

Annual

06/25/27

(a)

06/25/32

EUR

138,630

120,313

140,165

(19,852)

6

month

EURIBOR

Semi-Annual

2.65%

Annual

06/28/27

(a)

06/28/32

EUR

88,910

235,666

(8,067)

243,733

2.97%

Annual

1

day

SOFR

Annual

06/29/27

(a)

06/29/32

USD

160,190

(1,053,098)

—

(1,053,098)

6

month

EURIBOR

Semi-Annual

2.67%

Annual

06/29/27

(a)

06/29/32

EUR

134,990

462,664

—

462,664

3.05%

Annual

1

day

SOFR

Annual

N/A

06/30/32

USD

10,415

(232,930)

—

(232,930)

6

month

EURIBOR

Semi-Annual

2.80%

Annual

06/30/27

(a)

06/30/32

EUR

95,720

902,672

51,404

851,268

1

day

SOFR

Annual

2.78%

Annual

07/05/22

(a)

07/05/32

USD

37,114

—

—

—

1

day

SOFR

Annual

2.80%

Annual

07/05/22

(a)

07/05/32

USD

3,170

—

—

—

1

day

SOFR

Annual

2.83%

Annual

07/05/22

(a)

07/05/32

USD

28,286

—

—

—

1

day

SOFR

Annual

2.49%

Annual

10/11/22

(a)

10/11/32

USD

1,645

(46,998)

—

(46,998)

1.75%

Annual

1

day

SOFR

Annual

02/06/23

(a)

02/06/33

USD

54,102

4,953,262

—

4,953,262

0.44%

Annual

6

month

EURIBOR

Semi-Annual

05/16/23

(a)

05/16/33

EUR

10,150

1,840,521

—

1,840,521

6

month

EURIBOR

Semi-Annual

1.91%

Annual

05/17/23

(a)

05/17/33

EUR

58,800

(2,540,125)

—

(2,540,125)

2.85%

Annual

1

day

SOFR

Annual

05/07/24

(a)

05/07/34

USD

14,460

(73,962)

—

(73,962)

2.78%

Annual

1

day

SOFR

Annual

05/07/24

(a)

05/07/34

USD

5,945

2,843

—

2,843

2.61%

Annual

1

day

SOFR

Annual

05/29/24

(a)

05/29/34

USD

14,550

222,747

—

222,747

2.62%

Annual

1

day

SOFR

Annual

05/29/24

(a)

05/29/34

USD

24,950

361,323

—

361,323

2.62%

Annual

1

day

SOFR

Annual

05/30/24

(a)

05/30/34

USD

37,000

520,383

—

520,383

1.52%

Annual

1

day

SOFR

Annual

07/25/24

(a)

07/25/34

USD

202

21,093

21,009

84

1.39%

Annual

1

day

SOFR

Annual

08/22/24

(a)

08/22/34

USD

35,500

4,120,670

4,087,027

33,643

1.65%

Annual

1

day

SOFR

Annual

10/21/24

(a)

10/21/34

USD

27,830

2,637,663

2,586,352

51,311

1.74%

Annual

1

day

SOFR

Annual

11/07/24

(a)

11/07/34

USD

38,880

3,395,660

3,315,403

80,257

1.85%

Annual

1

day

SOFR

Annual

11/12/24

(a)

11/12/34

USD

39,690

3,103,589

3,019,906

83,683

1

day

SOFR

Annual

1.67%

Annual

07/27/26

(a)

07/27/36

USD

19,580

(1,863,105)

(1,659,055)

(204,050)

1

day

SOFR

Annual

1.85%

Annual

02/01/27

(a)

02/01/37

USD

140,000

(11,503,248)

—

(11,503,248)

1

day

SOFR

Annual

2.99%

Annual

05/17/32

(a)

05/17/37

USD

13,680

(36,888)

—

(36,888)

1

day

SOFR

Annual

2.99%

Annual

05/17/32

(a)

05/17/37

USD

12,180

(31,344)

—

(31,344)

1

day

SOFR

Annual

3.01%

Annual

05/17/32

(a)

05/17/37

USD

36,540

(77,970)

—

(77,970)

1

day

SOFR

Annual

2.80%

Annual

05/21/32

(a)

05/21/37

USD

6,908

(63,558)

—

(63,558)

1

day

SOFR

Annual

2.82%

Annual

05/21/32

(a)

05/21/37

USD

6,908

(58,703)

—

(58,703)

6

month

EURIBOR

Semi-Annual

2.15%

Annual

05/26/32

(a)

05/26/37

EUR

10,285

(266,684)

—

(266,684)

6

month

EURIBOR

Semi-Annual

2.20%

Annual

05/26/32

(a)

05/26/37

EUR

10,285

(247,549)

—

(247,549)

6

month

EURIBOR

Semi-Annual

2.22%

Annual

05/26/32

(a)

05/26/37

EUR

10,285

(237,878)

—

(237,878)

6

month

EURIBOR

Semi-Annual

2.32%

Annual

05/26/32

(a)

05/26/37

EUR

10,285

(196,315)

—

(196,315)

6

month

EURIBOR

Semi-Annual

2.52%

Annual

05/26/32

(a)

05/26/37

EUR

20,000

(223,307)

—

(223,307)

1

day

SOFR

Annual

2.93%

Annual

06/02/32

(a)

06/02/37

USD

12,500

(60,723)

—

(60,723)

1

day

SOFR

Annual

2.96%

Annual

06/02/32

(a)

06/02/37

USD

12,500

(48,438)

—

(48,438)

1

day

SOFR

Annual

3.07%

Annual

06/02/32

(a)

06/02/37

USD

12,500

702

—

702

1

day

SOFR

Annual

3.00%

Annual

06/09/32

(a)

06/09/37

USD

25,000

(60,205)

—

(60,205)

1

day

SOFR

Annual

3.03%

Annual

06/09/32

(a)

06/09/37

USD

25,000

(33,895)

—

(33,895)

1

day

SOFR

Annual

3.05%

Annual

06/09/32

(a)

06/09/37

USD

25,000

(13,286)

—

(13,286)

6

month

EURIBOR

Semi-Annual

2.55%

Annual

06/11/32

(a)

06/11/37

EUR

10,000

(100,740)

—

(100,740)

1

day

SOFR

Annual

3.12%

Annual

06/15/32

(a)

06/15/37

USD

12,500

24,186

—

24,186

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

126

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

day

SOFR

Annual

3.15%

Annual

06/15/32

(a)

06/15/37

USD

12,500

$

37,991

$

—

$

37,991

6

month

EURIBOR

Semi-Annual

2.81%

Annual

06/28/32

(a)

06/28/37

EUR

10,000

7,052

—

7,052

6

month

EURIBOR

Semi-Annual

2.91%

Annual

06/28/32

(a)

06/28/37

EUR

10,000

47,153

—

47,153

1.88%

Annual

1

day

SOFR

Annual

11/15/29

(a)

11/15/39

USD

16,328

1,252,137

1,006,768

245,369

0.71%

Annual

1

day

SOFR

Annual

N/A

08/17/40

USD

16,780

5,129,778

4,887,708

242,070

1.70%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/26/41

USD

37,153

7,922,957

—

7,922,957

2.63%

Annual

1

day

SOFR

Annual

05/26/37

(a)

05/26/42

USD

9,040

36,663

19,593

17,070

1

day

SOFR

Annual

2.57%

Annual

05/27/37

(a)

05/27/42

USD

10,000

(56,699)

—

(56,699)

2.20%

Annual

1

day

SOFR

Annual

05/19/42

(a)

05/19/47

USD

17,676

(14,894)

—

(14,894)

2.14%

Annual

1

day

SOFR

Annual

05/21/42

(a)

05/21/47

USD

8,860

6,862

—

6,862

1

day

SOFR

Annual

2.18%

Annual

05/23/42

(a)

05/23/47

USD

9,920

4,328

(10,469)

14,797

2.14%

Annual

1

day

SOFR

Annual

05/28/42

(a)

05/28/47

USD

11,244

7,726

—

7,726

2.94%

Annual

1

day

SOFR

Annual

09/30/22

(a)

11/15/47

USD

18,286

(647,337)

—

(647,337)

1

day

SOFR

Annual

2.89%

Annual

09/30/22

(a)

02/15/48

USD

19,185

524,142

—

524,142

2.12%

Annual

1

day

SOFR

Annual

07/05/39

(a)

07/05/49

USD

16,420

146,112

43,712

102,400

1.45%

Annual

1

day

SOFR

Annual

08/16/39

(a)

08/16/49

USD

15,620

697,938

615,245

82,693

1.41%

Annual

1

day

SOFR

Annual

08/17/39

(a)

08/17/49

USD

12,080

567,489

504,196

63,293

1

day

SOFR

Annual

1.57%

Annual

N/A

02/10/50

USD

14,560

(3,129,586)

(2,849,652)

(279,934)

1

day

SOFR

Annual

0.76%

Annual

N/A

08/17/50

USD

11,750

(4,395,728)

(4,172,765)

(222,963)

1.63%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/25/51

USD

76,760

19,679,111

—

19,679,111

1.48%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/28/51

USD

140,000

39,962,201

—

39,962,201

1.58%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/01/51

USD

80,686

21,502,705

—

21,502,705

1.66%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/04/51

USD

45,497

11,359,950

—

11,359,950

1.68%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/05/51

USD

46,846

11,516,739

—

11,516,739

1

day

SOFR

Annual

1.61%

Annual

N/A

02/19/51

USD

392

(81,548)

(73,890)

(7,658)

1.91%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/22/51

USD

18,172

3,627,565

—

3,627,565

2.01%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/27/51

USD

72,204

13,375,262

—

13,375,262

2.04%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/07/51

USD

22,455

4,051,101

—

4,051,101

1.96%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/21/52

USD

180,000

34,171,545

—

34,171,545

0.73%

Annual

6

month

EURIBOR

Semi-Annual

04/14/42

(a)

04/14/52

EUR

2,835

92,724

—

92,724

0.77%

Annual

6

month

EURIBOR

Semi-Annual

04/14/42

(a)

04/14/52

EUR

2,835

85,216

—

85,216

0.71%

Annual

6

month

EURIBOR

Semi-Annual

04/14/42

(a)

04/14/52

EUR

2,835

96,213

—

96,213

0.65%

Annual

6

month

EURIBOR

Semi-Annual

04/14/42

(a)

04/14/52

EUR

1,420

53,654

—

53,654

0.74%

Annual

6

month

EURIBOR

Semi-Annual

04/14/42

(a)

04/14/52

EUR

2,835

90,804

—

90,804

1.90%

Annual

1

day

SOFR

Annual

04/22/42

(a)

04/22/52

USD

3,780

27,817

624

27,193

0.86%

Annual

1

day

TONAR

Annual

N/A

04/25/52

JPY

87,448

27,765

—

27,765

1.85%

Annual

1

day

SOFR

Annual

04/28/42

(a)

04/28/52

USD

3,780

37,259

(1,848)

39,107

1.92%

Annual

1

day

SOFR

Annual

05/02/42

(a)

05/02/52

USD

3,785

24,318

—

24,318

1.90%

Annual

1

day

SOFR

Annual

05/02/42

(a)

05/02/52

USD

3,785

27,427

(18)

27,445

0.85%

Annual

1

day

TONAR

Annual

N/A

05/09/52

JPY

87,448

29,179

—

29,179

0.86%

Annual

1

day

TONAR

Annual

N/A

05/09/52

JPY

87,448

28,578

—

28,578

0.75%

Annual

6

month

EURIBOR

Semi-Annual

05/09/42

(a)

05/09/52

EUR

3,685

114,951

—

114,951

0.73%

Annual

6

month

EURIBOR

Semi-Annual

05/09/42

(a)

05/09/52

EUR

8,550

278,387

—

278,387

0.80%

Annual

6

month

EURIBOR

Semi-Annual

05/09/42

(a)

05/09/52

EUR

3,685

102,547

—

102,547

1.91%

Annual

1

day

SOFR

Annual

05/12/42

(a)

05/12/52

USD

3,780

25,016

(1,603)

26,619

1

day

SOFR

Annual

2.01%

Annual

05/16/42

(a)

05/16/52

USD

3,785

(5,571)

—

(5,571)

1.90%

Annual

1

day

SOFR

Annual

05/17/47

(a)

05/17/52

USD

22,732

(2,267)

—

(2,267)

1.92%

Annual

1

day

SOFR

Annual

05/17/47

(a)

05/17/52

USD

45,464

(22,817)

—

(22,817)

1.92%

Annual

1

day

SOFR

Annual

05/17/47

(a)

05/17/52

USD

22,736

(13,350)

—

(13,350)

3

month

BA

Semi-Annual

3.43%

Semi-Annual

N/A

05/18/52

CAD

1,130

(18,872)

(35,837)

16,965

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

127

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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)

1.98%

Annual

1

day

SOFR

Annual

05/19/42

(a)

05/19/52

USD

4,320

$

12,073

$

—

$

12,073

2.05%

Annual

1

day

SOFR

Annual

05/19/42

(a)

05/19/52

USD

3,780

(2,428)

—

(2,428)

2.04%

Annual

1

day

SOFR

Annual

05/20/42

(a)

05/20/52

USD

4,320

(146)

—

(146)

2.64%

Annual

1

day

SOFR

Annual

N/A

05/20/52

USD

1,690

(1,763)

11,493

(13,256)

1.90%

Annual

1

day

SOFR

Annual

05/21/47

(a)

05/21/52

USD

9,920

(790)

—

(790)

0.88%

Annual

1

day

TONAR

Annual

N/A

05/23/52

JPY

176,284

50,274

—

50,274

0.95%

Annual

6

month

EURIBOR

Semi-Annual

05/23/42

(a)

05/23/52

EUR

3,075

55,803

—

55,803

0.85%

Annual

1

day

TONAR

Annual

N/A

05/26/52

JPY

145,360

50,142

—

50,142

6

month

EURIBOR

Semi-Annual

1.03%

Annual

05/26/42

(a)

05/26/52

EUR

3,075

(40,677)

—

(40,677)

6

month

EURIBOR

Semi-Annual

1.07%

Annual

05/26/42

(a)

05/26/52

EUR

3,075

(31,696)

—

(31,696)

6

month

EURIBOR

Semi-Annual

1.11%

Annual

05/26/42

(a)

05/26/52

EUR

3,075

(23,887)

—

(23,887)

1.03%

Annual

6

month

EURIBOR

Semi-Annual

05/26/42

(a)

05/26/52

EUR

3,075

40,091

—

40,091

1.06%

Annual

6

month

EURIBOR

Semi-Annual

05/26/42

(a)

05/26/52

EUR

3,075

34,820

—

34,820

2.05%

Annual

1

day

SOFR

Annual

05/27/42

(a)

05/27/52

USD

4,280

(2,131)

—

(2,131)

2.03%

Annual

1

day

SOFR

Annual

05/27/42

(a)

05/27/52

USD

2,140

910

—

910

1.99%

Annual

1

day

SOFR

Annual

05/27/42

(a)

05/27/52

USD

4,320

10,143

2,557

7,586

2.06%

Annual

1

day

SOFR

Annual

05/27/42

(a)

05/27/52

USD

24,100

(29,299)

—

(29,299)

2.03%

Annual

1

day

SOFR

Annual

05/27/42

(a)

05/27/52

USD

8,035

2,386

(2,362)

4,748

1.98%

Annual

1

day

SOFR

Annual

05/27/42

(a)

05/27/52

USD

4,320

12,358

206

12,152

0.79%

Annual

1

day

TONAR

Annual

N/A

05/27/52

JPY

145,360

66,865

—

66,865

1.23%

Annual

6

month

EURIBOR

Semi-Annual

05/28/47

(a)

05/28/52

EUR

27,750

(104,334)

—

(104,334)

0.89%

Annual

6

month

EURIBOR

Semi-Annual

05/28/47

(a)

05/28/52

EUR

12,710

82,574

—

82,574

0.86%

Annual

6

month

EURIBOR

Semi-Annual

05/28/47

(a)

05/28/52

EUR

12,710

96,020

—

96,020

0.91%

Annual

6

month

EURIBOR

Semi-Annual

05/28/47

(a)

05/28/52

EUR

12,710

76,923

—

76,923

0.97%

Annual

6

month

EURIBOR

Semi-Annual

05/28/47

(a)

05/28/52

EUR

12,710

52,956

—

52,956

6

month

EURIBOR

Semi-Annual

1.30%

Annual

05/30/42

(a)

05/30/52

EUR

3,630

15,118

—

15,118

6

month

EURIBOR

Semi-Annual

1.21%

Annual

06/02/42

(a)

06/02/52

EUR

3,075

(5,315)

—

(5,315)

6

month

EURIBOR

Semi-Annual

1.24%

Annual

06/02/42

(a)

06/02/52

EUR

3,075

1,126

—

1,126

2.08%

Annual

1

day

SOFR

Annual

06/03/42

(a)

06/03/52

USD

4,280

(10,003)

—

(10,003)

1.97%

Annual

1

day

SOFR

Annual

06/04/47

(a)

06/04/52

USD

17,870

(33,779)

—

(33,779)

1.99%

Annual

1

day

SOFR

Annual

06/04/47

(a)

06/04/52

USD

18,155

(42,274)

—

(42,274)

1.96%

Annual

1

day

SOFR

Annual

06/04/47

(a)

06/04/52

USD

18,155

(26,582)

—

(26,582)

1

day

SOFR

Annual

2.15%

Annual

06/06/42

(a)

06/06/52

USD

4,280

25,490

108

25,382

3

month

BA

Semi-Annual

3.50%

Semi-Annual

N/A

06/07/52

CAD

2,260

(14,994)

—

(14,994)

3

month

BA

Semi-Annual

3.58%

Semi-Annual

N/A

06/08/52

CAD

1,130

5,691

—

5,691

2.09%

Annual

1

day

SOFR

Annual

06/09/42

(a)

06/09/52

USD

4,265

(13,101)

—

(13,101)

2.64%

Annual

1

day

SOFR

Annual

N/A

06/09/52

USD

1,880

(506)

—

(506)

2.01%

Annual

1

day

SOFR

Annual

06/09/42

(a)

06/09/52

USD

4,260

4,050

—

4,050

6

month

EURIBOR

Semi-Annual

1.30%

Annual

06/09/42

(a)

06/09/52

EUR

3,630

15,409

(322)

15,731

6

month

EURIBOR

Semi-Annual

1.63%

Annual

06/09/42

(a)

06/09/52

EUR

3,835

96,586

(38)

96,624

1.38%

Annual

6

month

EURIBOR

Semi-Annual

06/09/42

(a)

06/09/52

EUR

3,285

(30,204)

—

(30,204)

1.35%

Annual

6

month

EURIBOR

Semi-Annual

06/09/42

(a)

06/09/52

EUR

3,285

(24,680)

—

(24,680)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

128

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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)

1.36%

Annual

6

month

EURIBOR

Semi-Annual

06/09/42

(a)

06/09/52

EUR

3,285

$

(26,452)

$

—

$

(26,452)

1.25%

Annual

6

month

EURIBOR

Semi-Annual

06/09/42

(a)

06/09/52

EUR

3,285

—

—

—

1.32%

Annual

6

month

EURIBOR

Semi-Annual

06/09/42

(a)

06/09/52

EUR

6,570

(34,769)

—

(34,769)

1.37%

Annual

6

month

EURIBOR

Semi-Annual

06/09/42

(a)

06/09/52

EUR

3,290

(28,513)

—

(28,513)

1.30%

Annual

6

month

EURIBOR

Semi-Annual

06/09/42

(a)

06/09/52

EUR

3,285

(13,528)

—

(13,528)

1.50%

Annual

6

month

EURIBOR

Semi-Annual

06/09/42

(a)

06/09/52

EUR

3,285

(55,635)

(422)

(55,213)

1.32%

Annual

6

month

EURIBOR

Semi-Annual

06/09/42

(a)

06/09/52

EUR

3,290

(19,081)

—

(19,081)

1.37%

Annual

6

month

EURIBOR

Semi-Annual

06/09/42

(a)

06/09/52

EUR

3,285

(28,537)

(1,422)

(27,115)

1.38%

Annual

6

month

EURIBOR

Semi-Annual

06/09/42

(a)

06/09/52

EUR

3,285

(30,621)

600

(31,221)

2.67%

Annual

1

day

SOFR

Annual

N/A

06/10/52

USD

940

(6,053)

—

(6,053)

2.00%

Annual

1

day

SOFR

Annual

06/11/47

(a)

06/11/52

USD

36,310

(90,876)

—

(90,876)

1.96%

Annual

1

day

SOFR

Annual

06/11/47

(a)

06/11/52

USD

36,310

(59,943)

—

(59,943)

1.95%

Annual

1

day

SOFR

Annual

06/11/47

(a)

06/11/52

USD

36,310

(48,454)

—

(48,454)

1.26%

Annual

6

month

EURIBOR

Semi-Annual

06/11/47

(a)

06/11/52

EUR

13,340

(64,905)

—

(64,905)

1

day

SOFR

Annual

2.11%

Annual

06/13/42

(a)

06/13/52

USD

4,275

15,919

—

15,919

1

day

SOFR

Annual

2.14%

Annual

06/13/42

(a)

06/13/52

USD

4,275

22,926

—

22,926

1.98%

Annual

1

day

SOFR

Annual

06/16/42

(a)

06/16/52

USD

4,440

11,844

—

11,844

1.91%

Annual

1

day

SOFR

Annual

06/16/42

(a)

06/16/52

USD

4,440

28,218

—

28,218

2.04%

Annual

1

day

SOFR

Annual

06/16/42

(a)

06/16/52

USD

2,220

(445)

—

(445)

2.05%

Annual

1

day

SOFR

Annual

06/16/42

(a)

06/16/52

USD

4,340

(4,093)

—

(4,093)

1

day

SOFR

Annual

2.09%

Annual

06/16/42

(a)

06/16/52

USD

4,440

13,170

—

13,170

1

day

SOFR

Annual

2.10%

Annual

06/16/42

(a)

06/16/52

USD

4,440

16,581

—

16,581

1

day

SOFR

Annual

2.11%

Annual

06/16/42

(a)

06/16/52

USD

4,440

17,150

—

17,150

1.96%

Annual

1

day

SOFR

Annual

06/17/47

(a)

06/17/52

USD

17,785

(29,579)

—

(29,579)

1.96%

Annual

1

day

SOFR

Annual

06/17/47

(a)

06/17/52

USD

17,785

(30,877)

—

(30,877)

0.99%

Annual

1

day

TONAR

Annual

N/A

06/17/52

JPY

229,295

19,620

—

19,620

1

day

SOFR

Annual

2.00%

Annual

06/20/42

(a)

06/20/52

USD

4,440

(6,439)

—

(6,439)

3

month

BA

Semi-Annual

3.77%

Semi-Annual

N/A

06/21/52

CAD

3,020

97,920

—

97,920

3

month

BA

Semi-Annual

3.77%

Semi-Annual

N/A

06/21/52

CAD

2,950

94,567

—

94,567

3

month

BA

Semi-Annual

3.80%

Semi-Annual

N/A

06/21/52

CAD

1,510

54,944

—

54,944

2.82%

Annual

1

day

SOFR

Annual

N/A

06/23/52

USD

2,085

(74,884)

—

(74,884)

2.82%

Annual

1

day

SOFR

Annual

N/A

06/23/52

USD

2,080

(74,492)

—

(74,492)

2.82%

Annual

1

day

SOFR

Annual

N/A

06/23/52

USD

1,040

(37,670)

—

(37,670)

1.44%

Annual

6

month

EURIBOR

Semi-Annual

06/23/42

(a)

06/23/52

EUR

3,285

(43,783)

—

(43,783)

1.21%

Annual

6

month

EURIBOR

Semi-Annual

06/26/47

(a)

06/26/52

EUR

13,324

(43,675)

—

(43,675)

1.20%

Annual

6

month

EURIBOR

Semi-Annual

06/26/47

(a)

06/26/52

EUR

13,321

(39,528)

—

(39,528)

1

day

SOFR

Annual

2.82%

Annual

02/21/23

(a)

02/21/53

USD

11,920

469,085

685,717

(216,632)

0.62%

Annual

1

day

SOFR

Annual

07/12/23

(a)

07/12/53

USD

8,970

3,518,846

3,417,751

101,095

1.67%

Annual

1

day

SOFR

Annual

01/15/25

(a)

01/15/55

USD

1,930

321,491

—

321,491

1

day

SOFR

Annual

1.67%

Annual

12/01/26

(a)

12/01/56

USD

1,720

(256,802)

(218,390)

(38,412)

$

447,809,306

$

47,815,172

$

399,994,134

(a)

Forward

swap.

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

129

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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)

6.50%

At

Termination

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

04/15/24

GBP

17,490

$

340,483

$

4,997

$

335,486

3.16%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

05/27/27

USD

57,776

(603,326)

—

(603,326)

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.81%

At

Termination

07/15/31

GBP

2,305

(333,877)

—

(333,877)

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.85%

At

Termination

07/15/31

GBP

16,600

(2,312,363)

—

(2,312,363)

2.63%

At

Termination

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

05/15/32

EUR

1,488

(12,123)

—

(12,123)

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.65%

At

Termination

05/15/32

EUR

1,488

15,142

—

15,142

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.69%

At

Termination

05/15/32

EUR

1,492

20,923

—

20,923

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.69%

At

Termination

05/15/32

EUR

2,980

43,102

2,959

40,143

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.72%

At

Termination

05/15/32

EUR

1,488

26,609

—

26,609

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.73%

At

Termination

05/15/32

EUR

1,492

27,916

—

27,916

2.55%

At

Termination

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

06/15/32

EUR

1,975

(31,535)

—

(31,535)

2.56%

At

Termination

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

06/15/32

EUR

1,975

(32,392)

—

(32,392)

2.57%

At

Termination

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

06/15/32

EUR

1,975

(34,968)

—

(34,968)

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.53%

At

Termination

06/15/32

EUR

2,045

27,106

—

27,106

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.58%

At

Termination

06/15/32

EUR

1,488

28,304

—

28,304

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.59%

At

Termination

06/15/32

EUR

2,045

41,550

—

41,550

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.63%

At

Termination

06/15/32

EUR

3,028

74,115

—

74,115

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.66%

At

Termination

06/15/32

EUR

1,580

43,152

—

43,152

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.66%

At

Termination

06/15/32

EUR

3,156

85,780

—

85,780

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.71%

At

Termination

06/15/32

EUR

1,580

52,698

—

52,698

$

(2,533,704)

$

7,956

$

(2,541,660)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

130

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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)

Stonegate

Pub

Co.

Financing

plc

5.00

%

Quarterly

Credit

Suisse

International

12/20/22

EUR

2,190

$

(22,415)

$

16,037

$

(38,452)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Credit

Suisse

International

12/20/22

EUR

1,370

(14,022)

15,048

(29,070)

KB

Home

...............

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/23

USD

5,714

(213,395)

(141,631)

(71,764)

Realogy

Group

LLC

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/23

USD

2,856

27,635

(8,273)

35,908

RR

Donnelley

&

Sons

Co.

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/23

USD

2,860

(106,590)

42,852

(149,442)

Staples,

Inc.

.............

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/23

USD

1,555

171,951

32,067

139,884

Beazer

Homes

USA,

Inc.

....

5.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

2,265

85,933

(59,764)

145,697

Beazer

Homes

USA,

Inc.

....

5.00

Quarterly

BNP

Paribas

SA

06/20/24

USD

2,500

94,849

(58,245)

153,094

Beazer

Homes

USA,

Inc.

....

5.00

Quarterly

BNP

Paribas

SA

06/20/24

USD

2,500

94,849

(62,853)

157,702

Electricite

de

France

SA

.....

1.00

Quarterly

Deutsche

Bank

AG

06/20/24

EUR

5,665

(8,639)

(56,744)

48,105

Electricite

de

France

SA

.....

1.00

Quarterly

Deutsche

Bank

AG

06/20/24

EUR

5,665

(8,639)

(58,778)

50,139

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

2,370

309,959

305,133

4,826

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

06/20/24

USD

1,760

230,230

153,497

76,733

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

750

98,088

99,396

(1,308)

Staples,

Inc.

.............

5.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

1,160

185,200

113,743

71,457

Tenet

Healthcare

Corp.

......

5.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

2,483

(89,019)

(11,545)

(77,474)

Tenet

Healthcare

Corp.

......

5.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

2,785

(99,847)

(39,798)

(60,049)

Tenet

Healthcare

Corp.

......

5.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

2,750

(98,592)

(39,221)

(59,371)

Tenet

Healthcare

Corp.

......

5.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

2,750

(98,592)

(39,221)

(59,371)

Tenet

Healthcare

Corp.

......

5.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

2,347

(84,144)

(13,201)

(70,943)

Tenet

Healthcare

Corp.

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/24

USD

1,000

(35,852)

(5,444)

(30,408)

Avis

Budget

Car

Rental  LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

1,500

(49,458)

62,348

(111,806)

Avis

Budget

Car

Rental  LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

2,960

(73,422)

123,032

(196,454)

Boeing

Co.

(The)

..........

1.00

Quarterly

BNP

Paribas

SA

12/20/24

USD

4,760

111,103

(47,036)

158,139

Boeing

Co.

(The)

..........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/24

USD

11,875

277,173

(69,538)

346,711

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/24

USD

7,750

(133,936)

(98,684)

(35,252)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

12,810

258,896

160,356

98,540

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

12,809

258,876

160,343

98,533

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

12,810

258,896

160,356

98,540

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

7,752

156,672

95,193

61,479

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

17,930

362,374

220,176

142,198

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

12,807

258,836

157,267

101,569

Occidental

Petroleum

Corp.

...

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

8,700

120,054

2,262,228

(2,142,174)

OTE

plc

................

5.00

Quarterly

BNP

Paribas

SA

12/20/24

EUR

3,800

(437,869)

(416,872)

(20,997)

Vue

International

Bidco

plc

...

5.00

Quarterly

Goldman

Sachs

International

12/20/24

EUR

1,140

229,616

110,874

118,742

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

NA

06/20/25

USD

880

(68,454)

(56,427)

(12,027)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

NA

06/20/25

USD

1,320

(102,681)

(84,628)

(18,053)

Avis

Budget

Car

Rental  LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

USD

4,370

(65,954)

323,224

(389,178)

Macy's,

Inc.

.............

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,000

74,624

144,475

(69,851)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,190

2,844

76,318

(73,474)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,010

2,414

49,304

(46,890)

Simon

Property

Group

LP

....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/25

USD

4,300

10,276

214,641

(204,365)

Southwest

Airlines

Co.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,825

13,488

50,857

(37,369)

Southwest

Airlines

Co.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

3,750

17,905

132,883

(114,978)

Southwest

Airlines

Co.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,825

13,488

54,679

(41,191)

HSBC

HOLDINGS

plc

......

1.00

Quarterly

Citibank

NA

12/20/25

EUR

11,280

164,070

183,150

(19,080)

Publicis

Groupe

SA

........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

4,420

28,581

(55,626)

84,207

Publicis

Groupe

SA

........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

4,420

28,581

(44,008)

72,589

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/26

USD

7,110

(148,988)

(188,462)

39,474

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

12/20/26

USD

3,840

88,372

12,975

75,397

Banco

Bilbao

Vizcaya

Argentaria

SA

.................

1.00

Quarterly

Bank

of

America

NA

06/20/27

EUR

5,900

521,395

474,743

46,652

Banco

Santander

SA

.......

1.00

Quarterly

Bank

of

America

NA

06/20/27

EUR

5,900

397,187

353,370

43,817

Barclays

plc

.............

1.00

Quarterly

BNP

Paribas

SA

06/20/27

EUR

5,850

431,478

253,152

178,326

Barclays

plc

.............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

5,900

435,166

394,130

41,036

BASF

SE

...............

1.00

Quarterly

Deutsche

Bank

AG

06/20/27

EUR

3,390

132,819

(66,085)

198,904

BASF

SE

...............

1.00

Quarterly

Goldman

Sachs

International

06/20/27

EUR

830

32,519

(2,885)

35,404

BASF

SE

...............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

5,900

231,160

82,776

148,384

BAT

International

Finance

plc

..

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

EUR

16,350

210,573

(68,597)

279,170

Bay

Motoren

Werke

AG

.....

1.00

Quarterly

Citibank

NA

06/20/27

EUR

4,621

13,686

(13,826)

27,512

Bay

Motoren

Werke

AG

.....

1.00

Quarterly

Citibank

NA

06/20/27

EUR

4,426

13,109

(41,387)

54,496

Bay

Motoren

Werke

AG

.....

1.00

Quarterly

Citibank

NA

06/20/27

EUR

2,213

6,554

(20,692)

27,246

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

131

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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)

Bay

Motoren

Werke

AG

.....

1.00

%

Quarterly

Citibank

NA

06/20/27

EUR

15,084

$

44,676

$

(75,303)

$

119,979

Bay

Motoren

Werke

AG

.....

1.00

Quarterly

Goldman

Sachs

International

06/20/27

EUR

22,626

67,013

(78,888)

145,901

Bertelsmann

SE

&

Co.

KGaA

..

1.00

0

Barclays

Bank

plc

06/20/27

EUR

3,000

(53,418)

(53,418)

–

Bertelsmann

SE

&

Co.

KGaA

..

1.00

0

Barclays

Bank

plc

06/20/27

EUR

4,200

(72,897)

(74,786)

1,889

Bertelsmann

SE

&

Co.

KGaA

..

1.00

0

Credit

Suisse

International

06/20/27

EUR

1,800

(33,859)

(33,859)

–

Bertelsmann

SE

&

Co.

KGaA

..

1.00

Quarterly

Deutsche

Bank

AG

06/20/27

EUR

2,933

(58,809)

(78,695)

19,886

Bertelsmann

SE

&

Co.

KGaA

..

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

8,800

(176,427)

(230,446)

54,019

BorgWarner,

Inc.

..........

1.00

Quarterly

BNP

Paribas

SA

06/20/27

USD

3,000

69,201

44,064

25,137

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

6,800

(140,246)

(169,494)

29,248

Caterpillar,

Inc.

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

USD

5,000

(103,122)

(120,122)

17,000

Cellnex

Telecom

SA

........

5.00

Quarterly

Bank

of

America

NA

06/20/27

EUR

3,022

(171,986)

(393,582)

221,596

Cellnex

Telecom

SA

........

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

EUR

3,946

(224,614)

(531,840)

307,226

Cellnex

Telecom

SA

........

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

EUR

20,050

(1,141,156)

(2,761,541)

1,620,385

Compass

Group

plc

........

1.00

Quarterly

Citibank

NA

06/20/27

EUR

11,700

(243,193)

(286,575)

43,382

Deutsche

Lufthansa

AG

.....

1.00

Quarterly

Citibank

NA

06/20/27

EUR

2,800

498,019

296,601

201,418

Deutsche

Lufthansa

AG

.....

1.00

Quarterly

Citibank

NA

06/20/27

EUR

2,800

498,019

290,612

207,407

Enel

SpA

...............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

5,700

122,967

(11,421)

134,388

Federative

Republic

of

Brazil

..

1.00

Quarterly

Bank

of

America

NA

06/20/27

USD

15,356

1,284,832

994,891

289,941

Federative

Republic

of

Brazil

..

1.00

Quarterly

Bank

of

America

NA

06/20/27

USD

13,776

1,152,634

884,032

268,602

Federative

Republic

of

Brazil

..

1.00

Quarterly

Bank

of

America

NA

06/20/27

USD

13,776

1,152,634

875,530

277,104

Federative

Republic

of

Brazil

..

1.00

Quarterly

Bank

of

America

NA

06/20/27

USD

8,266

691,614

538,935

152,679

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

06/20/27

USD

189,705

15,872,565

11,028,705

4,843,860

Federative

Republic

of

Brazil

..

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

8,800

736,294

637,745

98,549

Ford

Motor

Co.

...........

5.00

Quarterly

Citibank

NA

06/20/27

USD

1,120

(26,500)

(54,376)

27,876

Ford

Motor

Co.

...........

5.00

Quarterly

Citibank

NA

06/20/27

USD

2,500

(59,500)

(65,527)

6,027

Ford

Motor

Co.

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

USD

1,130

(26,737)

(66,824)

40,087

Ford

Motor

Co.

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

USD

1,500

(35,492)

(134,974)

99,482

Ford

Motor

Co.

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

USD

1,455

(34,427)

(144,915)

110,488

Fresenius

SE

&

Co.

KGaA

....

1.00

Quarterly

Goldman

Sachs

International

06/20/27

EUR

2,360

24,429

10,360

14,069

Galp

Energia

SGPS

SA

.....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

5,660

(954,509)

(1,120,352)

165,843

General

Motors

Co.

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

USD

2,000

(192,318)

(222,097)

29,779

Lloyds

Banking

Group

plc

....

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

5,900

366,541

323,992

42,549

Lloyds

Banking

Group

plc

....

1.00

Quarterly

Goldman

Sachs

International

06/20/27

EUR

20,700

102,980

(361,479)

464,459

Lloyds

Banking

Group

plc

....

1.00

Quarterly

Goldman

Sachs

International

06/20/27

EUR

5,850

363,434

185,495

177,939

Macy's

Retail

Holdings

LLC

...

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

600

101,135

108,106

(6,971)

Mercedes-Benz

Group

AG

....

1.00

Quarterly

Citibank

NA

06/20/27

EUR

15,084

115,160

7,496

107,664

Mercedes-Benz

Group

AG

....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

22,626

172,740

39,271

133,469

NatWest

Group

plc

.........

1.00

Quarterly

BNP

Paribas

SA

06/20/27

EUR

5,850

414,607

250,354

164,253

Republic

of

Chile

..........

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

21,986

122,413

(121,920)

244,333

Republic

of

Colombia

.......

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

20,000

1,661,402

1,059,897

601,505

Republic

of

Colombia

.......

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

13,100

1,088,237

561,391

526,846

Republic

of

Colombia

.......

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

13,100

1,088,237

557,965

530,272

Republic

of

Colombia

.......

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

13,100

1,088,237

562,455

525,782

Republic

of

Colombia

.......

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

13,100

1,088,237

550,183

538,054

Republic

of

Indonesia

.......

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

52,507

1,000,055

612,701

387,354

Republic

of

the

Philippines

...

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

78,630

964,668

403,356

561,312

SES

SA

................

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

5,850

78,919

17,613

61,306

Simon

Property

Group

LP

....

1.00

Quarterly

BNP

Paribas

SA

06/20/27

USD

1,765

58,359

26,026

32,333

Simon

Property

Group

LP

....

1.00

Quarterly

BNP

Paribas

SA

06/20/27

USD

1,235

40,851

18,219

22,632

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

4,700

155,428

(6,409)

161,837

Simon

Property

Group

LP

....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

USD

4,300

142,200

1,940

140,260

Solvay

SA

...............

1.00

Quarterly

Goldman

Sachs

International

06/20/27

EUR

5,900

223,738

76,467

147,271

Solvay

SA

...............

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

EUR

5,830

221,083

10,218

210,865

Southwest

Airlines

Co.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

5,400

166,566

86,925

79,641

Standard

Chartered

plc

......

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

11,800

643,818

599,051

44,767

Stellantis

NV

.............

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

16,100

(2,062,664)

(2,751,713)

689,049

STMicroelectronics

NV

......

1.00

Quarterly

Bank

of

America

NA

06/20/27

EUR

5,867

(124,809)

(169,307)

44,498

STMicroelectronics

NV

......

1.00

Quarterly

Bank

of

America

NA

06/20/27

EUR

2,933

(62,404)

(84,699)

22,295

STMicroelectronics

NV

......

1.00

Quarterly

Deutsche

Bank

AG

06/20/27

EUR

5,900

(125,518)

(132,134)

6,616

STMicroelectronics

NV

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

8,800

(187,213)

(272,531)

85,318

STMicroelectronics

NV

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

5,900

(125,518)

(134,220)

8,702

Telia

Co.

AB

.............

1.00

Quarterly

Bank

of

America

NA

06/20/27

EUR

2,837

(75,511)

(60,361)

(15,150)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

132

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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)

Telia

Co.

AB

.............

1.00

%

Quarterly

Bank

of

America

NA

06/20/27

EUR

2,837

$

(75,511)

$

(47,338)

$

(28,173)

Telia

Co.

AB

.............

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

2,837

(75,511)

(54,208)

(21,303)

Telia

Co.

AB

.............

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

2,837

(75,511)

(51,151)

(24,360)

Telia

Co.

AB

.............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

2,837

(75,511)

(55,913)

(19,598)

United

Mexican

States

......

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

75,000

2,507,314

453,560

2,053,754

United

States

Steel

Corp.

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

USD

995

84,655

(67,084)

151,739

United

States

Steel

Corp.

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

USD

990

84,261

(68,215)

152,476

UPC

Holding

BV

..........

5.00

Quarterly

Citibank

NA

06/20/27

EUR

2,950

(43,915)

(191,907)

147,992

UPC

Holding

BV

..........

5.00

Quarterly

Citibank

NA

06/20/27

EUR

2,950

(43,915)

(183,413)

139,498

UPC

Holding

BV

..........

5.00

Quarterly

Credit

Suisse

International

06/20/27

EUR

2,950

(43,915)

(120,218)

76,303

UPC

Holding

BV

..........

5.00

Quarterly

Goldman

Sachs

International

06/20/27

EUR

1,180

(17,566)

(48,087)

30,521

Volkswagen

AG

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

5,700

246,311

71,851

174,460

Volkswagen

AG

...........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

EUR

5,900

254,954

199,458

55,496

WPP

2005

Ltd.

...........

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

4,095

126,250

24,840

101,410

WPP

2005

Ltd.

...........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

EUR

11,300

348,381

(105,167)

453,548

Ziggo

Bond

Co.

BV

........

5.00

Quarterly

Credit

Suisse

International

06/20/27

EUR

2,950

(6,370)

(68,519)

62,149

Ziggo

Bond

Co.

BV

........

5.00

Quarterly

Credit

Suisse

International

06/20/27

EUR

2,950

(6,370)

(68,519)

62,149

CMBX.NA.7.AA

...........

1.50

Monthly

Goldman

Sachs

International

01/17/47

USD

2,292

39,801

128,821

(89,020)

CMBX.NA.9.AAA

..........

0.50

Monthly

Credit

Suisse

International

09/17/58

USD

12,070

10,963

130,156

(119,193)

CMBX.NA.9.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

09/17/58

USD

9,670

8,783

105,668

(96,885)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

6,760

6,140

72,896

(66,756)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

8,150

7,402

87,885

(80,483)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

7,000

6,358

90,431

(84,073)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

7,820

7,103

90,899

(83,796)

CMBX.NA.9.BBB-

.........

3.00

Monthly

Citigroup

Global

Markets,

Inc.

09/17/58

USD

4,870

832,793

155,725

677,068

CMBX.NA.9.BBB-

.........

3.00

Monthly

Goldman

Sachs

International

09/17/58

USD

1,456

248,983

108,668

140,315

CMBX.NA.9.BBB-

.........

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

1,674

286,262

87,509

198,753

CMBX.NA.9.BBB-

.........

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

1,421

242,998

74,283

168,715

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

7,323

(719)

(946)

227

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

16,950

(1,665)

(11,238)

9,573

CMBX.NA.6.BBB-

.........

3.00

Monthly

J.P.

Morgan

Securities

LLC

05/11/63

USD

2,440

501,283

213,430

287,853

$

–

$

–

$

–

$

37,056,582

$

17,032,097

$

20,024,485

$

–

$

–

$

–

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)

Novafives

SAS

.......

5.00

%

Quarterly

Goldman

Sachs

International

06/20/23

B-

EUR

425

$

(49,333)

$

(29,989)

$

(19,344)

Novafives

SAS

.......

5.00

Quarterly

Goldman

Sachs

International

06/20/23

B-

EUR

745

(86,548)

(49,105)

(37,443)

Faurecia

SE

.........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

BB

EUR

40

401

1,846

(1,445)

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB+

USD

2,200

241,453

245,161

(3,708)

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB+

USD

2,400

263,403

234,429

28,974

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB+

USD

1,033

113,410

115,665

(2,255)

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB+

USD

2,850

312,791

308,824

3,967

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

B

EUR

3,790

143,170

360,850

(217,680)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

CCC

EUR

2,970

(957,995)

371,626

(1,329,621)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

CCC

EUR

1,500

(483,836)

184,502

(668,338)

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB-

USD

1,868

139,088

241,736

(102,648)

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB-

USD

3,114

231,813

402,699

(170,886)

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

1,868

139,088

243,783

(104,695)

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

133

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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)

CCO

Holdings

LLC

....

5.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

3,000

$

223,353

$

370,985

$

(147,632)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

12/20/25

BB+

EUR

2,640

(10,140)

73,842

(83,982)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB+

EUR

2,820

(10,831)

104,545

(115,376)

Monitchem

HoldCo

3

SA

.

5.00

Quarterly

Credit

Suisse

International

12/20/25

B-

EUR

3,353

159,513

279,542

(120,029)

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

980

25,037

93,774

(68,737)

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

60

1,533

5,741

(4,208)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

CCC

EUR

120

(39,367)

10,018

(49,385)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

CCC

EUR

940

(308,377)

78,474

(386,851)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

CCC

EUR

1,190

(390,392)

141,292

(531,684)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

CCC

EUR

2,900

(951,376)

299,309

(1,250,685)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

CCC

EUR

110

(36,087)

10,238

(46,325)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

CCC

EUR

1,010

(331,341)

94,005

(425,346)

Cirsa

Finance

International

Sarl

.............

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

B-

EUR

2,820

(89,402)

(33,061)

(56,341)

Cirsa

Finance

International

Sarl

.............

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

B-

EUR

1,124

(35,634)

—

(35,634)

Cirsa

Finance

International

Sarl

.............

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

B-

EUR

1,643

(52,100)

(9,746)

(42,354)

CMA

CGM

SA

........

5.00

Quarterly

Bank

of

America

NA

06/20/26

BB+

EUR

1,180

(17,003)

58,916

(75,919)

CMA

CGM

SA

........

5.00

Quarterly

Barclays

Bank

plc

06/20/26

BB+

EUR

630

(9,078)

31,118

(40,196)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/26

BB+

EUR

1,210

(17,435)

56,142

(73,577)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/26

BB+

EUR

410

(5,908)

17,131

(23,039)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/26

BB+

EUR

30

(432)

1,253

(1,685)

CMA

CGM

SA

........

5.00

Quarterly

Goldman

Sachs

International

06/20/26

BB+

EUR

310

(4,467)

23,248

(27,715)

CMA

CGM

SA

........

5.00

Quarterly

Goldman

Sachs

International

06/20/26

BB+

EUR

20

(288)

1,500

(1,788)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

BB+

EUR

2,900

(41,787)

202,957

(244,744)

Monitchem

HoldCo

3

SA

.

5.00

Quarterly

Goldman

Sachs

International

06/20/26

B-

EUR

604

27,567

58,320

(30,753)

Novafives

SAS

.......

5.00

Quarterly

Credit

Suisse

International

06/20/26

B-

EUR

2,900

(883,063)

(289,236)

(593,827)

Vue

International

Bidco

plc

5.00

Quarterly

Goldman

Sachs

International

06/20/26

NR

EUR

1,190

(275,611)

(52,680)

(222,931)

Vue

International

Bidco

plc

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

NR

EUR

1,160

(268,555)

(56,082)

(212,473)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Bank

of

America

NA

12/20/26

CCC

EUR

40

(13,316)

880

(14,196)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Citibank

NA

12/20/26

CCC

EUR

630

(209,720)

13,866

(223,586)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Goldman

Sachs

International

12/20/26

CCC

EUR

2,710

(902,023)

(175,948)

(726,075)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Goldman

Sachs

International

12/20/26

CCC

EUR

1,700

(565,912)

(117,002)

(448,910)

Altice

France

SA

......

5.00

Quarterly

Credit

Suisse

International

12/20/26

B

EUR

7,580

(320,759)

515,160

(835,919)

Altice

France

SA

......

5.00

Quarterly

Credit

Suisse

International

12/20/26

B

EUR

970

(41,047)

65,924

(106,971)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

134

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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)

Altice

France

SA

......

5.00

%

Quarterly

Credit

Suisse

International

12/20/26

B

EUR

80

$

(3,385)

$

5,437

$

(8,822)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

12/20/26

BB+

EUR

3,100

(91,796)

253,352

(345,148)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

BB+

EUR

120

(3,553)

8,292

(11,845)

Intrum

AB

...........

5.00

Quarterly

Credit

Suisse

International

12/20/26

BB

EUR

1,120

(51,982)

85,649

(137,631)

Intrum

AB

...........

5.00

Quarterly

Credit

Suisse

International

12/20/26

BB

EUR

974

(45,211)

72,061

(117,272)

Intrum

AB

...........

5.00

Quarterly

Credit

Suisse

International

12/20/26

BB

EUR

1,546

(71,748)

112,701

(184,449)

Intrum

AB

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/26

BB

EUR

1,680

(77,973)

139,159

(217,132)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Bank

of

America

NA

12/20/26

B+

EUR

1,140

(185,423)

(44,643)

(140,780)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Bank

of

America

NA

12/20/26

B+

EUR

100

(16,265)

(3,916)

(12,349)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Barclays

Bank

plc

12/20/26

B+

EUR

970

(157,698)

38,002

(195,700)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Barclays

Bank

plc

12/20/26

B+

EUR

51

(8,257)

1,990

(10,247)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Credit

Suisse

International

12/20/26

B+

EUR

1,400

(227,712)

54,471

(282,183)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Credit

Suisse

International

12/20/26

B+

EUR

942

(153,286)

39,067

(192,353)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Credit

Suisse

International

12/20/26

B+

EUR

49

(8,025)

2,045

(10,070)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Credit

Suisse

International

12/20/26

B+

EUR

165

(26,837)

6,420

(33,257)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Goldman

Sachs

International

12/20/26

B+

EUR

1,352

(219,978)

53,500

(273,478)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Goldman

Sachs

International

12/20/26

B+

EUR

3,922

(637,937)

138,213

(776,150)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

B+

EUR

165

(26,837)

7,546

(34,383)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

B+

EUR

1,400

(227,712)

64,023

(291,735)

K+S

AG

............

5.00

Quarterly

Credit

Suisse

International

12/20/26

BB

EUR

2,900

239,318

287,834

(48,516)

K+S

AG

............

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

BB

EUR

1,425

117,596

146,271

(28,675)

K+S

AG

............

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

BB

EUR

190

15,679

15,330

349

Loxam

SAS

.........

5.00

Quarterly

Credit

Suisse

International

12/20/26

B

EUR

1,680

(197,378)

51,767

(249,145)

Loxam

SAS

.........

5.00

Quarterly

Credit

Suisse

International

12/20/26

B

EUR

1,700

(199,728)

86,980

(286,708)

Loxam

SAS

.........

5.00

Quarterly

Credit

Suisse

International

12/20/26

B

EUR

1,680

(197,378)

85,224

(282,602)

Loxam

SAS

.........

5.00

Quarterly

Credit

Suisse

International

12/20/26

B

EUR

2,800

(328,964)

123,203

(452,167)

Loxam

SAS

.........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

B

EUR

1,160

(136,285)

74,331

(210,616)

Novafives

SAS

.......

5.00

Quarterly

Credit

Suisse

International

12/20/26

B-

EUR

1,700

(534,641)

(155,490)

(379,151)

Picard

Bondco

SA

.....

5.00

Quarterly

Citibank

NA

12/20/26

CCC+

EUR

2,800

(403,850)

123,539

(527,389)

TK

Elevator

Holdco

GmbH

5.00

Quarterly

Goldman

Sachs

International

12/20/26

CCC+

EUR

1,292

(65,712)

17,314

(83,026)

Casino

Guichard

Perrachon

SA

.............

5.00

Quarterly

Citibank

NA

06/20/27

B

EUR

1,740

(575,160)

(331,177)

(243,983)

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

135

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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)

Casino

Guichard

Perrachon

SA

.............

5.00

%

Quarterly

Citibank

NA

06/20/27

B

EUR

1,160

$

(383,440)

$

(205,662)

$

(177,778)

Cirsa

Finance

International

Sarl

.............

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

B-

EUR

1,142

(66,713)

(19,870)

(46,843)

CMA

CGM

SA

........

5.00

Quarterly

Barclays

Bank

plc

06/20/27

BB+

EUR

149

(6,498)

4,664

(11,162)

CMA

CGM

SA

........

5.00

Quarterly

Barclays

Bank

plc

06/20/27

BB+

EUR

17

(719)

516

(1,235)

CMA

CGM

SA

........

5.00

Quarterly

Barclays

Bank

plc

06/20/27

BB+

EUR

3,940

(171,346)

86,274

(257,620)

CMA

CGM

SA

........

5.00

Quarterly

Barclays

Bank

plc

06/20/27

BB+

EUR

110

(4,804)

3,448

(8,252)

CMA

CGM

SA

........

5.00

Quarterly

BNP

Paribas

SA

06/20/27

BB+

EUR

2,340

(101,764)

24,769

(126,533)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/27

BB+

EUR

609

(26,493)

20,636

(47,129)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/27

BB+

EUR

91

(3,967)

3,090

(7,057)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/27

BB+

EUR

824

(35,835)

27,913

(63,748)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/27

BB+

EUR

450

(19,570)

20,534

(40,104)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB+

EUR

92

(3,987)

3,362

(7,349)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB+

EUR

575

(25,024)

21,103

(46,127)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB+

EUR

24

(1,060)

879

(1,939)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB+

EUR

86

(3,748)

3,160

(6,908)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB+

EUR

828

(36,010)

30,367

(66,377)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB+

EUR

163

(7,079)

5,866

(12,945)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB+

EUR

1,755

(76,323)

18,577

(94,900)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB+

EUR

778

(33,849)

28,545

(62,394)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB+

EUR

220

(9,576)

7,935

(17,511)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB+

EUR

612

(26,622)

22,450

(49,072)

Faurecia

SE

.........

5.00

Quarterly

BNP

Paribas

SA

06/20/27

BB

EUR

5,900

(300,428)

63,654

(364,082)

Faurecia

SE

.........

5.00

Quarterly

Credit

Suisse

International

06/20/27

BB

EUR

2,950

(146,476)

31,827

(178,303)

Faurecia

SE

.........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB

EUR

5,900

(292,951)

55,950

(348,901)

Ladbrokes

Group

Finance

plc

.............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB

EUR

50

(8,846)

(8,846)

—

Louis

Dreyfus

Co.

BV

...

5.00

Quarterly

Barclays

Bank

plc

06/20/27

BBB-

EUR

1,680

166,033

170,363

(4,330)

Louis

Dreyfus

Co.

BV

...

5.00

Quarterly

BNP

Paribas

SA

06/20/27

BBB-

EUR

1,710

168,998

169,708

(710)

Louis

Dreyfus

Co.

BV

...

5.00

Quarterly

Citibank

NA

06/20/27

BBB-

EUR

3,070

303,405

319,032

(15,627)

Louis

Dreyfus

Co.

BV

...

5.00

Quarterly

Citibank

NA

06/20/27

BBB-

EUR

5,240

517,864

573,500

(55,636)

Loxam

SAS

.........

5.00

Quarterly

BNP

Paribas

SA

06/20/27

B

EUR

1,690

(233,312)

(31,288)

(202,024)

Loxam

SAS

.........

5.00

Quarterly

BNP

Paribas

SA

06/20/27

B

EUR

2,800

(386,552)

(99,239)

(287,313)

Loxam

SAS

.........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

B

EUR

1,692

(233,588)

(53,460)

(180,128)

Loxam

SAS

.........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

B

EUR

3,948

(545,038)

(124,740)

(420,298)

Matterhorn

Telecom

Holding

SA

.............

5.00

Quarterly

Barclays

Bank

plc

06/20/27

B+

EUR

2,683

(3,516)

67,926

(71,442)

Saipem

Finance

International

BV

....

5.00

Quarterly

Barclays

Bank

plc

06/20/27

BB

EUR

1,120

(184,002)

(64,519)

(119,483)

Saipem

Finance

International

BV

....

5.00

Quarterly

Barclays

Bank

plc

06/20/27

BB

EUR

1,120

(184,002)

(23,440)

(160,562)

Saipem

Finance

International

BV

....

5.00

Quarterly

BNP

Paribas

SA

06/20/27

BB

EUR

3,020

(496,148)

(124,244)

(371,904)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

136

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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)

Saipem

Finance

International

BV

....

5.00

%

Quarterly

Credit

Suisse

International

06/20/27

BB

EUR

1,120

$

(184,002)

$

(47,394)

$

(136,608)

Saipem

Finance

International

BV

....

5.00

Quarterly

Credit

Suisse

International

06/20/27

BB

EUR

1,120

(184,002)

(23,440)

(160,562)

Saipem

Finance

International

BV

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB

EUR

560

(92,001)

(12,135)

(79,866)

United

Group

BV

......

5.00

Quarterly

Barclays

Bank

plc

06/20/27

B

EUR

2,930

(403,560)

(179,133)

(224,427)

United

Group

BV

......

5.00

Quarterly

BNP

Paribas

SA

06/20/27

B

EUR

2,930

(403,560)

(162,152)

(241,408)

United

Group

BV

......

5.00

Quarterly

Goldman

Sachs

International

06/20/27

B

EUR

1,750

(241,034)

(182,491)

(58,543)

United

Group

BV

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

B

EUR

2,930

(403,560)

(201,466)

(202,094)

Telecom

Italia

SpA

.....

1.00

Quarterly

BNP

Paribas

SA

06/20/29

BB-

EUR

3,400

(721,907)

(686,122)

(35,785)

CMBX.NA.7.AA

.......

1.50

Monthly

Credit

Suisse

International

01/17/47

AA

USD

2,292

(39,801)

(151,173)

111,372

CMBX.NA.9.A

........

2.00

Monthly

Goldman

Sachs

International

09/17/58

A

USD

3,707

(126,702)

(67,733)

(58,969)

CMBX.NA.9.A

........

2.00

Monthly

Goldman

Sachs

International

09/17/58

A

USD

3,503

(119,734)

(63,779)

(55,955)

CMBX.NA.9.A

........

2.00

Monthly

Goldman

Sachs

International

09/17/58

A

USD

3,707

(126,702)

(58,410)

(68,292)

CMBX.NA.9.A

........

2.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

A

USD

7,413

(253,404)

(119,519)

(133,885)

CMBX.NA.9.BBB-

.....

3.00

Monthly

Citigroup

Global

Markets,

Inc.

09/17/58

BBB-

USD

7,493

(1,281,339)

(17,225)

(1,264,114)

CMBX.NA.9.BBB-

.....

3.00

Monthly

Goldman

Sachs

International

09/17/58

BBB-

USD

1,392

(238,039)

(144,949)

(93,090)

CMBX.NA.9.BBB-

.....

3.00

Monthly

Goldman

Sachs

International

09/17/58

BBB-

USD

7,440

(1,272,276)

(20,611)

(1,251,665)

CMBX.NA.9.BBB-

.....

3.00

Monthly

J.P.

Morgan

Securities

LLC

09/17/58

BBB-

USD

960

(164,165)

(106,725)

(57,440)

CMBX.NA.9.BBB-

.....

3.00

Monthly

J.P.

Morgan

Securities

LLC

09/17/58

BBB-

USD

1,674

(286,262)

(160,251)

(126,011)

CMBX.NA.9.BBB-

.....

3.00

Monthly

J.P.

Morgan

Securities

LLC

09/17/58

BBB-

USD

1,360

(232,566)

(292,722)

60,156

CMBX.NA.9.BBB-

.....

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

BBB-

USD

7,440

(1,272,276)

(19,434)

(1,252,842)

CMBX.NA.9.BBB-

.....

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

BBB-

USD

21,910

(3,746,715)

(33,267)

(3,713,448)

CMBX.NA.9.BBB-

.....

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

BBB-

USD

30,213

(5,166,567)

(83,851)

(5,082,716)

CMBX.NA.9.BBB-

.....

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

BBB-

USD

2,400

(410,411)

2,391

(412,802)

CMBX.NA.9.BBB-

.....

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

BBB-

USD

1,635

(279,593)

(412,441)

132,848

CMBX.NA.10.BBB-

....

3.00

Monthly

J.P.

Morgan

Securities

LLC

11/17/59

BBB-

USD

270

(46,954)

(21,064)

(25,890)

CMBX.NA.6.BBB-

.....

3.00

Monthly

Credit

Suisse

International

05/11/63

BBB-

USD

2,440

(501,283)

(176,606)

(324,677)

$

(30,997,062)

$

3,653,985

$

(34,651,047)

(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.

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

137

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

day

BZDIOVER

At

Termination

5.42%

At

Termination

BNP

Paribas

SA

N/A

01/02/23

BRL

227,135

$

(1,415,820)

$

—

$

(1,415,820)

1

day

BZDIOVER

At

Termination

12.40%

At

Termination

JPMorgan

Chase

Bank

NA

N/A

01/02/23

BRL

29,476

2,792,639

—

2,792,639

1

day

BZDIOVER

At

Termination

8.20%

At

Termination

JPMorgan

Chase

Bank

NA

N/A

01/02/23

BRL

45,601

692,009

—

692,009

1

day

BZDIOVER

At

Termination

8.38%

At

Termination

JPMorgan

Chase

Bank

NA

N/A

01/02/23

BRL

37,425

653,765

—

653,765

1

day

BZDIOVER

At

Termination

9.45%

At

Termination

JPMorgan

Chase

Bank

NA

N/A

01/02/23

BRL

17,491

630,894

—

630,894

1

day

BZDIOVER

At

Termination

9.45%

At

Termination

JPMorgan

Chase

Bank

NA

N/A

01/02/23

BRL

82,529

2,976,834

—

2,976,834

1.42%

Semi-Annual

1

day

CLICP

Semi-Annual

Bank

of

America

NA

N/A

04/01/23

CLP

71,269,343

6,023,313

—

6,023,313

1

day

CLICP

Semi-Annual

1.65%

Semi-Annual

Bank

of

America

NA

N/A

05/28/23

CLP

71,269,343

(5,896,526)

—

(5,896,526)

1

week

CNREPOFI

Quarterly

2.24%

Quarterly

Bank

of

America

NA

09/21/22

(a)

09/21/24

CNY

1,505,640

(405,126)

—

(405,126)

1

week

CNREPOFI

Quarterly

2.31%

Quarterly

Bank

of

America

NA

09/21/22

(a)

09/21/24

CNY

1,141,902

(61,920)

—

(61,920)

1

week

CNREPOFI

Quarterly

2.34%

Quarterly

Bank

of

America

NA

09/21/22

(a)

09/21/24

CNY

765,795

19,206

—

19,206

1

week

CNREPOFI

Quarterly

2.28%

Quarterly

BNP

Paribas

SA

09/21/22

(a)

09/21/24

CNY

1,141,845

(182,108)

—

(182,108)

1

week

CNREPOFI

Quarterly

2.29%

Quarterly

BNP

Paribas

SA

09/21/22

(a)

09/21/24

CNY

1,141,731

(122,824)

—

(122,824)

1

week

CNREPOFI

Quarterly

2.32%

Quarterly

Deutsche

Bank

AG

09/21/22

(a)

09/21/24

CNY

1,141,902

(53,687)

—

(53,687)

1

week

CNREPOFI

Quarterly

2.35%

Quarterly

Deutsche

Bank

AG

09/21/22

(a)

09/21/24

CNY

765,795

30,249

—

30,249

1

day

BZDIOVER

At

Termination

12.03%

At

Termination

BNP

Paribas

SA

N/A

01/02/25

BRL

183,470

(554,741)

—

(554,741)

28

day

MXIBTIIE

Monthly

6.02%

Monthly

Citibank

NA

N/A

03/24/26

MXN

969,089

(4,789,985)

—

(4,789,985)

7.64%

Monthly

28

day

MXIBTIIE

Monthly

UBS

AG

N/A

11/18/26

MXN

517,782

1,313,798

—

1,313,798

7.71%

Monthly

28

day

MXIBTIIE

Monthly

BNP

Paribas

SA

N/A

11/19/26

MXN

1,002,958

2,415,937

—

2,415,937

2.49%

Quarterly

1

week

CNREPOFI

Quarterly

Bank

of

America

NA

09/21/22

(a)

09/21/27

CNY

628,520

661,693

—

661,693

2.53%

Quarterly

1

week

CNREPOFI

Quarterly

Bank

of

America

NA

09/21/22

(a)

09/21/27

CNY

161,198

131,544

—

131,544

2.58%

Quarterly

1

week

CNREPOFI

Quarterly

Bank

of

America

NA

09/21/22

(a)

09/21/27

CNY

316,335

151,157

—

151,157

2.49%

Quarterly

1

week

CNREPOFI

Quarterly

BNP

Paribas

SA

09/21/22

(a)

09/21/27

CNY

161,190

174,059

—

174,059

2.51%

Quarterly

1

week

CNREPOFI

Quarterly

BNP

Paribas

SA

09/21/22

(a)

09/21/27

CNY

161,174

144,606

—

144,606

2.58%

Quarterly

1

week

CNREPOFI

Quarterly

Citibank

NA

09/21/22

(a)

09/21/27

CNY

511,655

216,801

—

216,801

2.59%

Quarterly

1

week

CNREPOFI

Quarterly

Citibank

NA

09/21/22

(a)

09/21/27

CNY

520,768

192,483

—

192,483

2.60%

Quarterly

1

week

CNREPOFI

Quarterly

Citibank

NA

09/21/22

(a)

09/21/27

CNY

269,497

77,735

—

77,735

2.54%

Quarterly

1

week

CNREPOFI

Quarterly

Deutsche

Bank

AG

09/21/22

(a)

09/21/27

CNY

161,198

120,640

—

120,640

2.59%

Quarterly

1

week

CNREPOFI

Quarterly

Deutsche

Bank

AG

09/21/22

(a)

09/21/27

CNY

316,335

129,760

—

129,760

$

6,066,385

$

—

$

6,066,385

(a)

Forward

swap.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

138

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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

1.20%

.........

At

Termination

SPDR®

Bloomberg

High

Yield

Bond

ETF

At

Termination

Citibank

NA

07/15/22

USD

445

$

170,039

$

—

$

170,039

1

day

SOFR

minus

2.10%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

Goldman

Sachs

International

07/15/22

USD

798

423,902

—

423,902

1

day

SOFR

minus

2.25%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

BNP

Paribas

SA

07/15/22

USD

1,035

(2,039,748)

—

(2,039,748)

1

day

SOFR

minus

2.25%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

JPMorgan

Chase

Bank

NA

07/15/22

USD

818

438,290

—

438,290

1

day

SOFR

minus

2.30%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

Bank

of

America

NA

07/15/22

USD

575

(1,142,683)

—

(1,142,683)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

At

Termination

1

day

SOFR

minus

0.90%

At

Termination

Citibank

NA

07/19/22

USD

184

645,814

—

645,814

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

Quarterly

1

day

SOFR

minus

0.90%

At

Termination

Citibank

NA

07/19/22

USD

370

1,310,912

—

1,310,912

0.00%

...........

Quarterly

Goldman

Sachs

GSVICVC4

Starategy

I

Index

Quarterly

Goldman

Sachs

International

08/19/22

USD

9,233

182,965

—

182,965

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

.......

Quarterly

1

day

SOFR

minus

2.00%

Quarterly

Goldman

Sachs

International

09/02/22

USD

430

1,159,190

—

1,159,190

PPG

Industries,

Inc.

..

Quarterly

1

day

SOFR

minus

0.08%

Quarterly

BNP

Paribas

SA

09/02/22

USD

36

524,508

—

524,508

PPG

Industries,

Inc.

..

Quarterly

1

day

SOFR

minus

0.12%

Quarterly

BNP

Paribas

SA

09/02/22

USD

2

28,364

—

28,364

PPG

Industries,

Inc.

..

Quarterly

1

day

SOFR

minus

0.13%

Quarterly

BNP

Paribas

SA

09/02/22

USD

40

581,500

—

581,500

Sherwin-Williams

Co.

(The)

..........

Quarterly

1

day

SOFR

minus

0.08%

Quarterly

BNP

Paribas

SA

09/02/22

USD

18

825,453

—

825,453

Sherwin-Williams

Co.

(The)

..........

Quarterly

1

day

SOFR

minus

0.10%

Quarterly

BNP

Paribas

SA

09/02/22

USD

2

101,698

—

101,698

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

.......

Quarterly

1

day

SOFR

minus

0.75%

Quarterly

Citibank

NA

09/09/22

USD

859

1,365,777

—

1,365,777

1

day

SOFR

minus

0.90%

.........

At

Termination

SPDR®

Bloomberg

High

Yield

Bond

ETF

At

Termination

Citibank

NA

09/16/22

USD

222

82,508

—

82,508

1

day

SOFR

minus

1.60%

.........

Quarterly

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

Quarterly

Goldman

Sachs

International

09/16/22

USD

579

(120,235)

—

(120,235)

1

day

SOFR

minus

1.65%

.........

Quarterly

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

Quarterly

BNP

Paribas

SA

09/16/22

USD

850

(175,606)

—

(175,606)

1

day

SOFR

minus

1.75%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

Bank

of

America

NA

09/16/22

USD

287

(576,649)

—

(576,649)

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

139

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

(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)

1

day

SOFR

minus

1.85%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

Quarterly

JPMorgan

Chase

Bank

NA

09/16/22

USD

409

$

(80,382)

$

—

$

(80,382)

Snap,

Inc.

.........

At

Termination

1

day

SOFR

minus

0.18%

At

Termination

BNP

Paribas

SA

09/16/22

USD

233

(164,713)

—

(164,713)

Markit

iBoxx

EUR

Contingent

Convertible

Liquid

Developed

Market

AT1

Index

.......

At

Termination

3

month

EURIBOR

Quarterly

Goldman

Sachs

International

09/20/22

EUR

29,267

583,540

(34,214)

617,754

Markit

iBoxx

EUR

Corporates

Index

..

At

Termination

3

month

EURIBOR

Quarterly

Barclays

Bank

plc

09/20/22

EUR

15,600

(60,583)

(16,283)

(44,300)

Markit

iBoxx

EUR

Corporates

Index

..

At

Termination

3

month

EURIBOR

Quarterly

Goldman

Sachs

International

09/20/22

EUR

8,300

(74,264)

(9,194)

(65,070)

Markit

iBoxx

EUR

Corporates

Index

..

At

Termination

3

month

EURIBOR

Quarterly

Goldman

Sachs

International

09/20/22

EUR

15,100

(96,783)

(15,762)

(81,021)

Markit

iBoxx

EUR

Corporates

Index

..

At

Termination

3

month

EURIBOR

Quarterly

Goldman

Sachs

International

09/20/22

EUR

23,300

928,040

(13,796)

941,836

Markit

iBoxx

EUR

Liquid

High

Yield

Index

..

At

Termination

3

month

EURIBOR

Quarterly

Goldman

Sachs

International

09/20/22

EUR

29,300

1,451,651

(28,188)

1,479,839

Markit

iBoxx

EUR

Liquid

High

Yield

Index

..

At

Termination

3

month

EURIBOR

Quarterly

Goldman

Sachs

International

09/20/22

EUR

43,900

1,836,990

(43,307)

1,880,297

0.00%

...........

Quarterly

SHELL:

GSVISK10

Index

Fund

Quarterly

Goldman

Sachs

International

12/07/22

USD

21,916

(275,410)

—

(275,410)

Markit

iBoxx

EUR

Contingent

Convertible

Liquid

Developed

Market

AT1

Index

.......

At

Termination

6

month

EURIBOR

Quarterly

BNP

Paribas

SA

12/20/22

EUR

14,800

(124,749)

(17,900)

(106,849)

Markit

iBoxx

EUR

Liquid

High

Yield

Index

..

At

Termination

3

month

EURIBOR

Quarterly

BNP

Paribas

SA

12/20/22

EUR

14,700

326,641

(217)

326,858

Markit

iBoxx

EUR

Liquid

High

Yield

Total

Return

Index

.....

At

Termination

3

month

EURIBOR

Quarterly

Goldman

Sachs

International

12/20/22

EUR

24,000

(321,105)

(1,322)

(319,783)

Pitney

Bowes,

Inc.

...

Quarterly

1

day

SOFR

minus

0.25%

Quarterly

Citibank

NA

12/27/22

USD

20

5,600

—

5,600

$

7,720,472

$

(180,183)

$

7,900,655

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

Merrill

Lynch

International

&

Co.

(b)

02/15/23

$

(71,112,979)

$

(1,626,987)

(c)

$

(72,558,671)

0.3

%

(b)

Range:

15-191

basis

points

Benchmarks:

EUR

-

1D

Euro

Short-Term

Rate

(ESTR)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

140

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

(c)

Amount

includes

$(181,295)

of

net

dividends

and

financing

fees.

GBP

-

1D

Sterling

Overnight

Index

Average

(SONIA)

HKD

-

1D

Overnight

Index

Average

(HONIA)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

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

February

15,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Belgium

Telenet

Group

Holding

NV

...

188,842

$

3,923,987

(5.4)

%

China

Alibaba

Group

Holding

Ltd.

...

70,241

1,002,015

(1.4)

Germany

ADLER

Group

SA

.........

54,975

218,342

(0.3)

Deutsche

Bank

AG

........

147,409

1,295,387

(1.8)

1,513,729

Italy

Telecom

Italia

SpA

........

4,402,563

1,101,529

(1.5)

Spain

Cellnex

Telecom

SA

.......

26,654

1,037,326

(1.4)

United

Kingdom

EnQuest

plc

.............

4,891,224

1,409,195

(1.9)

Entain

plc

..............

98,901

1,505,043

(2.1)

Liberty

Global

plc,

Class

A

...

139,482

2,936,096

(4.0)

5,850,334

United

States

Altice

USA,

Inc.,

Class

A

....

98,847

914,334

(1.3)

Coty,

Inc.,

Class

A

.........

416,685

3,337,647

(4.6)

Southwest

Airlines

Co.

......

10,000

361,200

(0.5)

4,613,181

Total

Reference

Entity

—

Long

............

19,042,101

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Short

Common

Stocks

China

CIMC

Enric

Holdings

Ltd.

....

(1,344,000)

$

(1,445,359)

2.0

%

Meituan

................

(8,900)

(222,093)

0.3

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H

.......

(4,024,000)

(3,206,802)

4.4

(4,874,254)

France

Fnac

Darty

SA

...........

(333)

(14,166)

0.0

United

Kingdom

International

Consolidated

Airlines

Group

SA

.......

(1,239,390)

(1,630,402)

2.2

Marks

&

Spencer

Group

plc

..

(708,442)

(1,175,329)

1.6

Next

plc

................

(31,633)

(2,259,871)

3.1

Tesco

plc

...............

(547,100)

(1,705,094)

2.4

(6,770,696)

United

States

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(383,539)

(42,200,796)

58.2

iShares

Trust

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

............

(91,000)

(4,600,050)

6.3

Pitney

Bowes,

Inc.

........

(167,500)

(606,350)

0.8

Sabre

Corp.

.............

(35,000)

(204,050)

0.3

Vanguard

Long-Term

Corporate

Bond

ETF

............

(125,000)

(10,138,750)

14.0

Vanguard

Short-Term

Corporate

Bond

ETF

............

(291,000)

(22,191,660)

30.6

(79,941,656)

Total

Reference

Entity

—

Short

............

(91,600,772)

Net

Value

of

Reference

Entity

—

Merrill

Lynch

International

&

Co.

.....................

$

(72,558,671)

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

0.05

%

1

day

CLICP

.........................................

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

0.03

1

day

ESTR

.........................................

Euro

Short-Term

Rate

(0.59)

1

day

SOFR

.........................................

Secured

Overnight

Financing

Rate

1.09

1

day

SONIA

.........................................

Sterling

Overnight

Index

Average

1.19

1

day

TONAR

........................................

Tokyo

Overnight

Average

Rate

(0.01)

1

week

CNREPOFI

....................................

China

Fixing

Repo

Rates

2.50

28

day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

8.03

3

month

BA

..........................................

Canadian

Bankers

Acceptances

2.76

3

month

EURIBOR

.....................................

Euro

Interbank

Offered

Rate

(0.20)

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

2.29

3

month

WIBOR

......................................

Warsaw

Interbank

Offered

Rate

7.05

6

month

EURIBOR

.....................................

Euro

Interbank

Offered

Rate

0.26

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

141

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Balances

Reported

in

the

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)

...........................................

$

79,163,491

$

(45,606,762)

$

1,026,874,044

$

(631,182,492)

$

—

OTC

Swaps

.....................................................

40,048,760

(19,542,861)

57,920,929

(60,207,438)

—

Options

Written

...................................................

N/A

N/A

65,941,399

(112,055,122)

(457,904,832)

(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

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

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)

.....

$

61,254

$

—

$

3,820,687

$

—

$

47,120,699

$

—

$

51,002,640

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

77,505,769

—

—

77,505,769

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

...........

—

4,248,970

53,775,066

25,784,492

108,788,418

—

192,596,946

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

5,176,718

—

—

1,020,878,402

818,924

1,026,874,044

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

65,327,463

7,846,520

—

24,795,706

—

97,969,689

$

61,254

$

74,753,151

$

65,442,273

$

103,290,261

$

1,201,583,225

$

818,924

$

1,445,949,088

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

3,276,136

—

74,277,660

—

77,553,796

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

27,805,828

—

—

27,805,828

Options

written

(b)

Options

written

at

value

.....................

—

2,909,218

48,061,915

11,972,351

394,961,348

—

457,904,832

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

6,937,640

—

—

620,884,268

3,360,584

631,182,492

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

59,267,943

6,202,413

—

14,279,943

—

79,750,299

$

—

$

69,114,801

$

57,540,464

$

39,778,179

$

1,104,403,219

$

3,360,584

$

1,274,197,247

(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

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.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

142

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

For

the

period

ended

June

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

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

.......................

$

(17,607,116)

$

—

$

164,520,248

$

—

$

1,511,657,378

$

—

$

1,658,570,510

Forward

foreign

currency

exchange

contracts

....

—

—

—

450,560,696

—

—

450,560,696

Options

purchased

(a)

....................

—

2,722,333

(98,612,056)

(28,859,946)

55,837,372

(168,750)

(69,081,047)

Options

written

........................

—

5,418,950

43,823,483

57,509,055

(89,126,001)

459,275

18,084,762

Swaps

..............................

—

5,432,125

(6,571,518)

—

42,449,595

(30,104,780)

11,205,422

$

(17,607,116)

$

13,573,408

$

103,160,157

$

479,209,805

$

1,520,818,344

$

(29,814,255)

$

2,069,340,343

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

3,308,605

$

—

$

16,991,366

$

—

$

(72,991,640)

$

—

$

(52,691,669)

Forward

foreign

currency

exchange

contracts

....

—

—

—

93,228,483

—

—

93,228,483

Options

purchased

(b)

....................

—

2,650,262

(13,823,839)

(23,171,654)

(697,019)

—

(35,042,250)

Options

written

........................

—

258,852

(18,892,273)

12,462,740

(74,393,550)

—

(80,564,231)

Swaps

..............................

—

10,889,535

3,282,319

—

277,953,746

15,492,454

307,618,054

$

3,308,605

$

13,798,649

$

(12,442,427)

$

82,519,569

$

129,871,537

$

15,492,454

$

232,548,387

(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

..................................................................................

$

1,952,891,562

Average

notional

value

of

contracts

—

short

.................................................................................

$

17,616,454,994

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

$

9,090,442,060

Average

amounts

sold

—

in

USD

........................................................................................

$

2,520,408,496

Options

Average

value

of

option

contracts

purchased

................................................................................

$

104,205,273

Average

value

of

option

contracts

written

...................................................................................

$

59,552,299

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

$

6,325,221,925

Average

notional

value

of

swaption

contracts

written

...........................................................................

$

20,537,859,366

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

$

2,710,758,595

Average

notional

value

—

sell

protection

...................................................................................

$

328,884,269

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

$

22,486,358,676

Average

notional

value

—

receives

fixed

rate

................................................................................

$

16,032,823,645

Inflation

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

$

43,417,515

Average

notional

value

—

receives

fixed

rate

................................................................................

$

45,025,620

Total

return

swaps

Average

notional

value

...............................................................................................

$

142,468,254

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

(9,135,024)

Futures

contracts

....................................................................................

$

11,865,119

$

89,438,655

Forward

foreign

currency

exchange

contracts

.................................................................

77,505,769

27,805,828

Options

(a)(b)

........................................................................................

192,596,946

457,904,832

Swaps

—

centrally

cleared

..............................................................................

—

21,132,272

Swaps

—

OTC

(c)

....................................................................................

97,969,689

79,750,299

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

379,937,523

$

676,031,886

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(87,605,784)

(174,116,524)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

292,331,739

$

501,915,362

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

143

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

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

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

(b)

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Bank

of

America

NA

..............................

$

29,977,175

$

(29,977,175)

$

—

$

—

$

—

Bank

of

Montreal

................................

117,358

—

—

—

117,358

Barclays

Bank

plc

................................

44,546,582

(44,546,582)

—

—

—

BNP

Paribas

SA

.................................

36,527,606

(11,393,058)

—

—

25,134,548

Citibank

NA

....................................

22,296,042

(22,296,042)

—

—

—

Citigroup

Global

Markets,

Inc.

........................

832,793

(832,793)

—

—

—

Credit

Suisse

International

..........................

2,852,923

(2,852,923)

—

—

—

Deutsche

Bank

AG

...............................

19,360,352

(19,360,352)

—

—

—

Goldman

Sachs

International

........................

28,667,194

(28,667,194)

—

—

—

HSBC

Bank

plc

..................................

21,411,746

(5,077,098)

—

—

16,334,648

J.P.

Morgan

Securities

LLC

..........................

561,439

(561,439)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

33,848,101

(33,848,101)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

38,519,943

(38,519,943)

—

—

—

Natwest

Markets

plc

..............................

173,799

—

—

—

173,799

Royal

Bank

of

Canada

.............................

5,705,791

(2,501,573)

—

(2,730,000)

474,218

State

Street

Bank

and

Trust

Co.

......................

209,821

(209,821)

—

—

—

Toronto

Dominion

Bank

............................

302,829

—

—

—

302,829

UBS

AG

......................................

6,420,245

(143,138)

—

(6,277,107)

—

$

292,331,739

$

(240,787,232)

$

—

$

(9,007,107)

$

42,537,400

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

(e)

Cash

Collateral

Pledged

(e)

Net

Amount

of

Derivative

Liabilities

(d)(f)

Bank

of

America

NA

..............................

$

67,294,110

$

(29,977,175)

$

(28,215,041)

$

(9,101,894)

$

—

Barclays

Bank

plc

................................

44,673,193

(44,546,582)

(126,611)

—

—

BNP

Paribas

SA

.................................

11,393,058

(11,393,058)

—

—

—

Citibank

NA

....................................

26,033,888

(22,296,042)

(3,737,846)

—

—

Citigroup

Global

Markets,

Inc.

........................

1,281,339

(832,793)

—

(355,000)

93,546

Credit

Suisse

International

..........................

7,127,860

(2,852,923)

(3,424,326)

—

850,611

Deutsche

Bank

AG

...............................

56,677,383

(19,360,352)

(

27,503,031

)

(9,814,000)

—

Goldman

Sachs

International

........................

81,949,111

(28,667,194)

(53,281,917)

—

—

HSBC

Bank

plc

..................................

5,077,098

(5,077,098)

—

—

—

J.P.

Morgan

Securities

LLC

..........................

790,103

(561,439)

—

—

228,664

JPMorgan

Chase

Bank

NA

..........................

36,897,537

(33,848,101)

(3,049,436)

—

—

Merrill Lynch International & Co.

......................

1,626,987

—

—

—

1,626,987

Morgan

Stanley

&

Co.

International

plc

..................

150,958,075

(38,519,943)

(110,846,132)

(1,592,000)

—

Nomura

International

plc

...........................

3,761,950

—

(3,761,950)

—

—

Royal

Bank

of

Canada

.............................

2,501,573

(2,501,573)

—

—

—

Societe

Generale

SA

..............................

223,739

—

—

—

223,739

Standard

Chartered

Bank

...........................

330,289

—

—

—

330,289

State

Street

Bank

and

Trust

Co.

......................

957,674

(209,821)

—

—

747,853

UBS

AG

......................................

143,138

(143,138)

—

—

—

Wells

Fargo

Securities

LLC

..........................

2,217,257

—

(2,217,257)

—

—

$

501,915,362

$

(240,787,232)

$

(23

6

,

163

,

547

)

$

(20,862,894)

$

4,101,689

(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

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(d)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(e)

Excess

of

collateral

pledged

to

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

144

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

(f)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

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

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

Bermuda

.............................................

$

—

$

12,126,209

$

—

$

12,126,209

Canada

.............................................

—

25,105,351

—

25,105,351

Cayman

Islands

........................................

—

1,565,824,145

35,916,000

1,601,740,145

France

..............................................

—

5,388,084

—

5,388,084

Germany

............................................

—

1,222,057

—

1,222,057

Ireland

..............................................

—

183,683,797

993,303

184,677,100

Italy

................................................

—

2,447,863

—

2,447,863

Jersey

..............................................

—

24,356,948

—

24,356,948

Luxembourg

..........................................

—

9,404,327

2,724,670

12,128,997

Netherlands

...........................................

—

4,319,749

—

4,319,749

Portugal

.............................................

—

6,411,481

—

6,411,481

Spain

...............................................

—

6,218,624

—

6,218,624

United

Kingdom

........................................

—

59,777,439

—

59,777,439

United

States

..........................................

—

2,456,544,654

55,121,117

2,511,665,771

Common

Stocks

Australia

.............................................

—

1,381,191

—

1,381,191

Brazil

...............................................

661,071

—

—

661,071

Canada

.............................................

1,570,134

—

408,939

1,979,073

China

...............................................

—

5,935,818

—

5,935,818

Denmark

.............................................

—

1,683,865

—

1,683,865

France

..............................................

—

7,142,007

—

7,142,007

Germany

............................................

—

46,905,932

—

46,905,932

Ireland

..............................................

5,634,200

—

—

5,634,200

Israel

...............................................

—

1,089,355

—

1,089,355

Italy

................................................

—

5,791,553

—

5,791,553

Netherlands

...........................................

3,207,502

11,310,741

—

14,518,243

South

Korea

..........................................

5,488,646

—

—

5,488,646

Switzerland

...........................................

3,030,836

5,432,448

—

8,463,284

United

Kingdom

........................................

30,688,296

17,717,561

27

48,405,884

United

States

..........................................

497,025,878

50,196,787

39,927,456

587,150,121

Corporate

Bonds

Argentina

............................................

—

18,459,004

—

18,459,004

Australia

.............................................

—

23,380,446

35,657,349

59,037,795

Austria

..............................................

—

51,212,022

—

51,212,022

Bahrain

.............................................

—

8,229,000

—

8,229,000

Belgium

.............................................

—

121,666,189

—

121,666,189

Brazil

...............................................

—

135,995,118

—

135,995,118

Canada

.............................................

—

111,995,042

35,566,719

147,561,761

Cayman

Islands

........................................

—

83,989

—

83,989

Chile

...............................................

—

31,201,611

—

31,201,611

China

...............................................

—

111,848,342

—

111,848,342

Colombia

............................................

—

79,017,136

—

79,017,136

Cyprus

..............................................

—

16,857,815

—

16,857,815

Denmark

.............................................

—

14,980,378

—

14,980,378

Finland

..............................................

—

1,472,957

—

1,472,957

France

..............................................

—

474,349,394

—

474,349,394

Germany

............................................

—

680,588,443

—

680,588,443

Greece

..............................................

—

1,605,561

—

1,605,561

Guernsey

............................................

—

459,806

—

459,806

Hong

Kong

...........................................

—

14,613,344

—

14,613,344

India

...............................................

—

97,238,332

—

97,238,332

Indonesia

............................................

—

28,975,082

—

28,975,082

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

145

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Level

1

Level

2

Level

3

Total

Ireland

..............................................

$

—

$

41,136,243

$

—

$

41,136,243

Israel

...............................................

—

25,970,260

—

25,970,260

Italy

................................................

—

249,747,934

27,937,299

277,685,233

Jamaica

.............................................

—

11,524,690

—

11,524,690

Japan

...............................................

—

175,479,951

—

175,479,951

Kuwait

..............................................

—

23,998,589

—

23,998,589

Luxembourg

..........................................

—

218,444,453

—

218,444,453

Macau

..............................................

—

17,112,064

—

17,112,064

Malaysia

.............................................

—

11,102,204

—

11,102,204

Mexico

..............................................

—

115,331,202

—

115,331,202

Morocco

.............................................

—

1,191,320

—

1,191,320

Netherlands

...........................................

—

219,467,468

—

219,467,468

Nigeria

..............................................

—

10,557,450

—

10,557,450

Norway

..............................................

—

14,607,663

—

14,607,663

Paraguay

............................................

—

4,801,008

—

4,801,008

Peru

................................................

—

5,941,350

—

5,941,350

Philippines

...........................................

—

8,493,527

—

8,493,527

Portugal

.............................................

—

22,540,428

—

22,540,428

Saudi

Arabia

..........................................

—

39,332,706

—

39,332,706

Singapore

............................................

—

14,606,121

—

14,606,121

South

Africa

...........................................

—

64,376,327

—

64,376,327

South

Korea

..........................................

—

53,043,643

—

53,043,643

Spain

...............................................

—

299,660,571

—

299,660,571

Sweden

.............................................

—

80,006,763

—

80,006,763

Switzerland

...........................................

—

129,454,868

—

129,454,868

Tanzania,

United

Republic

Of

...............................

—

6,567,258

—

6,567,258

Thailand

.............................................

—

20,360,022

—

20,360,022

Turkey

..............................................

—

4,543,140

—

4,543,140

Ukraine

.............................................

—

2,960,363

—

2,960,363

United

Arab

Emirates

....................................

—

58,706,669

—

58,706,669

United

Kingdom

........................................

—

967,596,921

—

967,596,921

United

States

..........................................

—

4,639,671,356

221,484,093

4,861,155,449

Vietnam

.............................................

—

2,993,777

—

2,993,777

Zambia

..............................................

—

4,922,441

—

4,922,441

Floating

Rate

Loan

Interests

Canada

.............................................

—

9,334,201

—

9,334,201

France

..............................................

—

8,103,775

—

8,103,775

Germany

............................................

—

24,309,157

—

24,309,157

Ireland

..............................................

—

944,199

—

944,199

Jersey,

Channel

Islands

...................................

—

—

22,626,703

22,626,703

Luxembourg

..........................................

—

50,123,920

28,349,716

78,473,636

Mexico

..............................................

—

—

246,400

246,400

Netherlands

...........................................

—

14,499,750

—

14,499,750

Norway

..............................................

—

6,790,716

—

6,790,716

Puerto

Rico

...........................................

—

978,238

—

978,238

Spain

...............................................

—

1,429,638

39,179,324

40,608,962

Sweden

.............................................

—

8,213,594

—

8,213,594

United

Kingdom

........................................

—

16,269,410

54,839,365

71,108,775

United

States

..........................................

—

995,045,234

751,580,016

1,746,625,250

Foreign

Agency

Obligations

.................................

—

383,013,354

—

383,013,354

Foreign

Government

Obligations

..............................

—

712,701,959

—

712,701,959

Investment

Companies

....................................

796,655,171

—

—

796,655,171

Municipal

Bonds

.........................................

—

1,642,661,937

—

1,642,661,937

Non-Agency

Mortgage-Backed

Securities

Bermuda

.............................................

—

37,274,380

—

37,274,380

Cayman

Islands

........................................

—

1,027,776

18,612,622

19,640,398

Ireland

..............................................

—

46,428,993

—

46,428,993

Italy

................................................

—

19,030,846

—

19,030,846

Netherlands

...........................................

—

16,072,080

—

16,072,080

Switzerland

...........................................

—

26,073

—

26,073

United

Kingdom

........................................

—

91,231,667

—

91,231,667

United

States

..........................................

—

2,315,561,490

396,820,340

2,712,381,830

Preferred

Securities

Brazil

...............................................

—

—

11,682,496

11,682,496

China

...............................................

—

—

49,654,792

49,654,792

Germany

............................................

—

11,493,137

13,902,124

25,395,261

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

146

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Level

1

Level

2

Level

3

Total

Israel

...............................................

$

—

$

—

$

6,619,101

$

6,619,101

Jersey

..............................................

—

—

16,026,316

16,026,316

Spain

...............................................

—

1,904,121

—

1,904,121

Sweden

.............................................

—

—

3,558,865

3,558,865

United

States

..........................................

—

19,523,104

217,586,079

237,109,183

U.S.

Government

Sponsored

Agency

Securities

....................

—

8,735,304,381

62,115,667

8,797,420,048

U.S.

Treasury

Obligations

...................................

—

13,614,820,776

—

13,614,820,776

Warrants

..............................................

2,466,830

355,240

128,211

2,950,281

Short-Term

Securities

Borrowed

Bond

Agreements

.................................

—

401,021,911

—

401,021,911

Money

Market

Funds

......................................

792,525,408

—

—

792,525,408

Options

Purchased

Credit

contracts

..........................................

—

4,248,970

—

4,248,970

Equity

contracts

..........................................

53,775,066

—

—

53,775,066

Foreign

currency

exchange

contracts

...........................

—

25,784,492

—

25,784,492

Interest

rate

contracts

......................................

21,965,599

86,822,819

—

108,788,418

Liabilities

Investments

Borrowed

Bonds

.........................................

—

(345,643,426)

—

(345,643,426)

TBA

Sale

Commitments

....................................

—

(9,545,626,332)

—

(9,545,626,332)

Investments

Sold

Short

Corporate

Bonds

........................................

—

(8,634,826)

—

(8,634,826)

U.S.

Treasury

Obligations

...................................

—

(513,479,686)

—

(513,479,686)

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

—

(1,116,992)

(1,116,992)

$

2,214,694,637

$

32,996,864,815

$

2,148,148,117

$

37,359,707,569

Investments

valued

at

NAV

(b)

......................................

364,270,819

$

—

$

37,723,978,388

$

—

Derivative

Financial

Instruments

(c

)

Assets

Commodity

contracts

.......................................

$

61,254

$

—

$

—

$

61,254

Credit

contracts

...........................................

—

30,455,421

—

30,455,421

Equity

contracts

...........................................

349,339

11,317,868

—

11,667,207

Foreign

currency

exchange

contracts

............................

—

77,505,769

—

77,505,769

Interest

rate

contracts

.......................................

47,120,699

1,045,674,108

—

1,092,794,807

Other

contracts

...........................................

—

818,924

—

818,924

Liabilities

Credit

contracts

...........................................

—

(49,752,123)

—

(49,752,123)

Equity

contracts

...........................................

(47,755,765)

(9,784,699)

—

(57,540,464)

Foreign

currency

exchange

contracts

............................

—

(39,778,179)

—

(39,778,179)

Interest

rate

contracts

.......................................

(92,635,361)

(1,011,587,675)

—

(1,104,223,036)

Other

contracts

...........................................

—

(3,360,584)

—

(3,360,584)

$

(92,859,834)

$

51,508,830

$

—

$

(41,351,004)

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(c)

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.

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

147

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

and

derivative

financial

instruments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Asset-

Backed

Securities

Common

Stocks

Corporate

Bonds

Floating

Rate

Loan

Interests

Non-Agency

Mortgage-

Backed

Securities

Preferred

Securities

Unfunded

Floating

Rate

Loan

Interests

U.S.

Government

Sponsored

Agency

Securities

Unfunded

SPAC

PIPE

commitments

Warrants

Total

Investments

Assets/Liabilities

Opening

balance,

as

of

December

31,

2021

.....................

$

310,997,968

$

30,240,264

$

295,174,229

$

670,067,167

$

282,426,791

$

287,617,950

$

103,638

$

—

$

1,225,849

$

1,111,621

$

1,878,965,477

Transfers

into

Level

3

............

—

—

6

235,817,553

49,623,619

5,544,304

—

59,418,280

—

—

350,403,762

Transfers

out

of

Level

3

...........

(161,829,606)

—

(36,135,227)

(43,799,082)

(99,238,976)

—

—

—

—

—

(341,002,891)

Accrued

discounts/premiums

........

348,480

—

359,563

387,204

616,168

—

—

(308,945)

—

—

1,402,470

Net

realized

loss

................

(208,307)

(11,072)

(392,555)

(253,216)

(1,132,575)

—

—

—

—

—

(1,997,725)

Net

change

in

unrealized

appreciation

(depreciation)

(a)(b)

.............

(9,704,180)

(3,532,072)

(9,249,332)

(49,877,087)

(10,656,648)

(29,023,117)

(1,220,630)

3,085,491

(1,225,849)

(682,748)

(112,086,172)

Purchases

....................

8,202,595

13,638,537

78,147,715

231,959,933

221,531,691

54,890,636

—

(79,159)

—

(300,662)

607,991,286

Sales

.......................

(53,051,860)

765

(7,258,939)

(147,480,948)

(27,737,108)

—

—

—

—

—

(235,528,090)

Closing

balance,

as

of

June

30,

2022

..

$

94,755,090

$

40,336,422

$

320,645,460

$

896,821,524

$

415,432,962

$

319,029,773

$

(1,116,992)

$

62,115,667

$

—

$

128,211

$

2,148,148,117

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

June

30,

2022

(b)

............

$

(11,197,773)

$

(499,629)

$

(9,116,210)

$

(49,883,765)

$

(10,570,681)

$

(28,701,437)

$

(1,220,630)

$

3,085,491

$

—

$

(726,553)

$

(108,831,187)

(a)

Included

in

the

related

net

change

in

unrealized

appreciation

(depreciation)

in

the

Statements

of

Operations.

(b)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

June

30,

2022

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Strategic

Income

Opportunities

Portfolio

148

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

(a)

A

significant

change

in

unobservable

input

would

have

resulted

in

a

correlated

(inverse)

significant

change

to

value.

See

notes

to

financial

statements.

The

following

table

summarizes

the

valuation

approaches

used

and

unobservable

inputs

utilized

by

the

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

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

$1,294,226,631

.

A

significant

change

in

the

third

party

information

could

result

in

a

significantly

lower

or

higher

value

of

such

Level

3

financial

instruments.

Value

Valuation

Approach

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Weighted

Average

of

Unobservable

Inputs

Based

on

Fair

Value

Assets

Common

Stocks

..............................

$

26,631,024

Market

Revenue

Multiple

3.38x

–

15.50x

3.57x

Volatility

32%

-

88%

58%

Time

to

Exit

0.3

–

2.0

years

1.5

years

Corporate

Bonds

(b)

.............................

242,657,023

Income

Discount

Rate

5%

–

35%

16%

Floating

Rate

Loan

Interests

.......................

265,080,299

Income

Discount

Rate

4%

–

14%

11%

Preferred

Stocks

(c)

.............................

319,424,929

Market

Revenue

Multiple

0.10x

–

23.50x

7.03x

EBITDA

Multiple

4.25x

—

Time

to

Exit

1.5

–

5.0

years

3.8

years

Volatility

50%

–

85%

67%

Recent

Transactions

$7.30

-

$36.41

$18.17

Discount

Rate

11%

—

Market

Adjustment

Multiple

1.00x

—

Warrants

...................................

128,211

Market

Time

to

Exit

0.6

–

1.0

years

0.7

year

Volatility

45%

-

76%

56%

$

853,921,486

(b)

For

the

period

end

June

30,

2022,

the

valuation

technique

for

investments

classified

as

Corporate

Bonds

amounting

to

$27,527,590

changed

to

Discount

Counted

Cash

Flow

Price

approach.

The

investments

were

previously

valued

utilizing

vendor

pricing

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

June

30,

2022,

the

valuation

technique

for

investments

classified

as

Preferred

Stocks

amounting

to

$55,431,154

changed

to

Discount

Cash

Flow

approach.

The

investments

were

previously

valued

utilizing

a

recent

transaction.

The

change

was

due

to

consideration

of

the

information

that

was

available

at

the

time

the

investments

were

valued.

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Schedules

of

Investments

149

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2022

Security

Par

(000)

Pa

r

(

000)

Value

Corporate

Bonds

Brazil

—

0.4%

Klabin

Austria

GmbH,

3.20%

,

01/12/31

(a)

................

USD

200

$

152,250

Colombia

—

0.5%

Millicom

International

Cellular

SA,

6.25%

,

03/25/29

(a)

...........

180

155,588

Kazakhstan

—

0.5%

Kazakhstan

Temir

Zholy

Finance

BV,

6.95%

,

07/10/42

(a)

...........

200

179,350

South

Africa

—

0.6%

Growthpoint

Properties

International

Pty.

Ltd.,

5.87%

,

05/02/23

(a)

.....

219

218,220

Ukraine

—

0.0%

State

Savings

Bank

of

Ukraine,

9.38%

,

03/10/23

(a)(b)

...............

20

11,000

United

States

—

1.5%

CITGO

Petroleum

Corp.,

7.00%

,

06/15/25

(c)

................

543

525,352

Total

Corporate

Bonds

—

3.5%

(Cost:

$1,421,928)

..............................

1,241,760

Foreign

Government

Obligations

Argentina

—

0.9%

Argentine

Republic

(The),

2.00%

,

01/09/38

(b)

................

465

134,805

Province

of

Salta

Argentina,

5.00%

,

12/01/27

(b)(c)

...............

185

132,482

Provincia

de

Buenos

Aires,

(Argentina

Deposit

Rates

Badlar

Private

Banks

ARS

30

to

35

Days

+

3.75%),

48.83%

,

04/12/25

(a)(c)(d)(e)(f)

......

ARS

14,851

58,603

325,890

Benin

—

0.7%

Benin

Government

Bond,

4.95%

,

01/22/35

(c)

................

EUR

378

257,432

Brazil

—

6.0%

Federative

Republic

of

Brazil

10.00%,

01/01/23

...........

BRL

3

529,760

10.00%,

01/01/25

...........

3

624,614

10.00%,

01/01/27

...........

3

474,564

10.00%,

01/01/29

...........

1

226,693

10.00%,

01/01/31

...........

1

98,220

8.25%,

01/20/34

............

USD

151

163,674

2,117,525

Chile

—

3.8%

Republic

of

Chile

4.50%,

03/01/26

............

CLP

380,000

389,300

5.00%,

10/01/28

(a)(c)

..........

115,000

115,884

4.70%,

09/01/30

(a)(c)

..........

190,000

185,558

2.55%,

01/27/32

............

USD

272

230,996

3.10%,

05/07/41

............

326

248,738

4.34%,

03/07/42

............

200

178,500

1,348,976

China

—

3.5%

People's

Republic

of

China

3.03%,

03/11/26

............

CNY

1,080

164,086

2.85%,

06/04/27

............

3,200

482,182

Security

Par

(000)

Par

(000)

Value

China

(continued)

3.02%,

05/27/31

............

CNY

3,920

$

591,473

3.72%,

04/12/51

............

140

22,241

1,259,982

Colombia

—

2.6%

Republic

of

Colombia

7.50%,

08/26/26

............

COP

346,000

73,930

7.75%,

09/18/30

............

1,724,200

333,072

7.00%,

03/26/31

............

644,500

116,875

7.00%,

06/30/32

............

1,575,900

278,216

4.13%,

05/15/51

............

USD

201

120,701

922,794

Costa

Rica

—

1.0%

Republic

of

Costa

Rica,

6.13%

,

02/19/31

(a)

................

364

338,588

Czech

Republic

—

3.0%

Czech

Republic

0.45%,

10/25/23

(a)

...........

CZK

5,050

197,241

5.70%,

05/25/24

(a)

...........

4,400

184,122

1.00%,

06/26/26

(a)

...........

5,410

192,134

2.50%,

08/25/28

(a)

...........

5,080

184,496

1.20%,

03/13/31

............

5,650

176,491

2.00%,

10/13/33

............

4,360

139,074

1,073,558

Dominican

Republic

—

2.1%

Dominican

Republic

Government

Bond

5.50%,

02/22/29

(c)

...........

USD

150

130,341

4.88%,

09/23/32

(a)

...........

297

228,281

6.85%,

01/27/45

(a)

...........

278

220,975

5.88%,

01/30/60

(c)

...........

250

170,594

750,191

Ecuador

—

1.6%

Republic

of

Ecuador

(b)

5.00%,

07/31/30

(c)

...........

537

351,731

1.00%,

07/31/35

(c)

...........

211

104,257

1.00%,

07/31/35

(a)

...........

193

95,459

551,447

Egypt

—

2.1%

Arab

Republic

of

Egypt

5.25%,

10/06/25

(c)

...........

533

435,728

7.63%,

05/29/32

(a)

...........

240

156,000

8.50%,

01/31/47

(a)

...........

247

145,112

736,840

El

Salvador

—

0.2%

Republic

of

El

Salvador,

9.50%

,

07/15/52

(a)

................

210

70,389

Gabon

—

1.6%

Gabonese

Republic

6.95%,

06/16/25

(a)

...........

414

359,093

7.00%,

11/24/31

(c)

...........

278

200,855

559,948

Ghana

—

1.3%

Republic

of

Ghana

8.13%,

01/18/26

(a)

...........

249

178,559

6.38%,

02/11/27

(a)

...........

200

114,000

8.88%,

05/07/42

(c)

...........

369

176,197

468,756

Guatemala

—

1.0%

Republic

of

Guatemala

(a)

4.38%,

06/05/27

............

200

187,037

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

150

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Guatemala

(continued)

5.38%,

04/24/32

............

USD

200

$

184,163

371,200

Hungary

—

3.8%

Hungary

Government

Bond

6.00%,

11/24/23

............

HUF

222,040

573,167

3.00%,

06/26/24

............

69,920

167,676

1.00%,

11/26/25

............

78,480

163,464

5.50%,

06/16/34

(c)

...........

USD

275

266,788

4.00%,

04/28/51

............

HUF

127,540

188,845

1,359,940

Indonesia

—

3.5%

Republic

of

Indonesia

8.25%,

05/15/29

............

IDR

938,000

66,962

7.00%,

09/15/30

............

2,838,000

188,787

6.50%,

02/15/31

............

3,870,000

248,085

8.38%,

03/15/34

............

7,169,000

511,779

7.50%,

06/15/35

............

449,000

30,245

4.75%,

07/18/47

(a)

...........

USD

200

183,350

1,229,208

Ivory

Coast

—

1.3%

Republic

of

Cote

d'Ivoire

(a)

6.13%,

06/15/33

............

200

155,787

6.88%,

10/17/40

............

EUR

293

217,967

6.63%,

03/22/48

............

100

69,839

443,593

Jordan

—

0.6%

Hashemite

Kingdom

of

Jordan,

5.85%

,

07/07/30

(a)

................

USD

276

218,264

Kenya

—

0.4%

Republic

of

Kenya,

8.00%

,

05/22/32

(a)

200

141,000

Mexico

—

11.1%

United

Mexican

States

8.00%,

12/07/23

............

MXN

486

2,371,476

8.00%,

09/05/24

............

14

68,156

7.50%,

06/03/27

............

70

325,341

2.66%,

05/24/31

............

USD

200

164,600

7.75%,

11/23/34

............

MXN

158

709,996

4.40%,

02/12/52

............

USD

200

150,500

5.75%,

10/12/10

............

196

164,064

3,954,133

Morocco

—

0.4%

Kingdom

of

Morocco,

3.00%

,

12/15/32

(a)

................

202

143,420

Oman

—

2.6%

Oman

Government

Bond

(c)

6.75%,

10/28/27

............

266

270,655

7.38%,

10/28/32

............

352

362,120

7.00%,

01/25/51

............

342

300,960

933,735

Panama

—

0.5%

Republic

of

Panama,

4.50%

,

04/16/50

200

163,413

Paraguay

—

1.6%

Republic

of

Paraguay

(a)

4.95%,

04/28/31

............

377

347,853

6.10%,

08/11/44

............

267

231,673

579,526

Security

Par

(000)

Par

(000)

Value

Peru

—

1.9%

Republic

of

Peru

8.20%,

08/12/26

............

PEN

766

$

208,759

2.78%,

01/23/31

............

USD

140

119,157

6.15%,

08/12/32

............

PEN

875

201,604

1.86%,

12/01/32

............

USD

69

52,475

5.63%,

11/18/50

............

98

101,755

683,750

Philippines

—

1.1%

Republic

of

Philippines

1.95%,

01/06/32

............

250

203,465

4.20%,

03/29/47

............

235

204,274

407,739

Poland

—

7.6%

Republic

of

Poland

5.75%,

09/23/22

............

PLN

520

115,852

2.50%,

01/25/23

............

10,258

2,234,012

2.25%,

10/25/24

............

884

175,778

2.75%,

10/25/29

............

1,029

176,179

2,701,821

Qatar

—

1.1%

State

of

Qatar,

4.40%

,

04/16/50

(a)

...

USD

413

395,964

Romania

—

0.2%

Romania

Government

Bond,

3.00%

,

02/14/31

(a)

................

110

84,618

Russia

—

0.1%

Russian

Federation

(d)(e)

6.50%,

02/28/24

............

RUB

8,990

13,894

4.50%,

07/16/25

............

5,101

7,883

6.00%,

10/06/27

............

5,041

7,791

6.90%,

07/23/31

............

4,905

7,580

7.25%,

05/10/34

............

5,060

7,820

44,968

Saudi

Arabia

—

0.6%

Kingdom

of

Saudi

Arabia,

3.45%

,

02/02/61

(a)

................

USD

287

215,609

Senegal

—

0.4%

Republic

of

Senegal,

6.75%

,

03/13/48

(a)

200

126,413

South

Africa

—

4.5%

Republic

of

South

Africa

10.50%,

12/21/26

...........

ZAR

8,981

584,400

5.88%,

06/22/30

............

USD

200

180,600

8.25%,

03/31/32

............

ZAR

3,460

178,022

8.88%,

02/28/35

............

2,998

154,393

8.50%,

01/31/37

............

4,519

219,416

5.65%,

09/27/47

............

USD

200

136,538

8.75%,

02/28/48

............

ZAR

3,425

162,101

1,615,470

Sri

Lanka

—

0.3%

Democratic

Socialist

Republic

of

Sri

Lanka,

7.85%

,

03/14/29

(a)(d)(e)

....

USD

361

101,120

Turkey

—

0.1%

Republic

of

Turkey,

11.70%

,

11/13/30

TRY

463

19,540

Ukraine

—

1.0%

Ukraine

Government

Bond

16.00%,

05/24/23

(c)

..........

UAH

2,518

22,645

7.75%,

09/01/25

(a)

...........

USD

244

60,390

7.75%,

09/01/26

(a)

...........

142

35,855

7.38%,

09/25/32

(a)

...........

407

99,715

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Schedules

of

Investments

151

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Ukraine

(continued)

0.00%,

05/31/40

(a)(f)

..........

USD

606

$

148,470

367,075

United

Arab

Emirates

—

1.1%

UAE

International

Government

Bond,

4.95%

,

07/07/52

(c)

...........

380

386,650

Uruguay

—

0.6%

Oriental

Republic

of

Uruguay,

4.38%

,

01/23/31

.................

201

202,882

Zambia

—

0.9%

Republic

of

Zambia

(a)(d)(e)

8.50%,

04/14/24

............

200

120,000

8.97%,

07/30/27

............

337

195,839

315,839

Total

Foreign

Government

Obligations

—

78.7%

(Cost:

$33,826,890)

..............................

27,989,206

U.S.

Treasury

Obligations

U.S.

Treasury

Notes

0.13%, 12/31/22

............

3,744

3,699,247

2.50%, 04/30/24

............

1,143

1,133,143

Total

U.S.

Treasury

Obligations

—

13.6%

(Cost:

$4,865,453)

..............................

4,832,390

Total

Long-Term

Investments

—

95.8%

(Cost:

$40,114,271)

..............................

34,063,356

Security

Par

(000)

Pa

r

(

000)

Value

Short-Term

Securities

Time

Deposits

Australia

—

0.0%

Brown

Brothers

Harriman

&

Co.,

0.25%, 07/01/22

............

AUD

8

$

5,670

Europe

—

0.0%

Citibank

NA,

(0.78)%, 07/01/22

....

EUR

10

10,478

Japan

—

0.0%

Sumitomo

Mitsui

Financial

Group,

Inc.,

(0.36)%, 07/01/22

...........

JPY

280

2,061

Norway

—

0.0%

Brown

Brothers

Harriman

&

Co.,

0.07%, 07/01/22

............

NOK

25

2,509

South

Africa

—

0.1%

Brown

Brothers

Harriman

&

Co.,

3.60%, 07/01/22

............

ZAR

122

7,525

Sweden

—

0.0%

Brown

Brothers

Harriman

&

Co.,

0.01%, 07/01/22

............

SEK

—

(g)

12

Switzerland

—

0.0%

BNP

Paribas

SA,

(1.20)%, 07/01/22

.

CHF

5

4,874

United

Kingdom

—

0.1%

BNP

Paribas

SA,

0.52%, 07/01/22

..

GBP

32

38,558

Total

Short-Term

Securities

—

0.2%

(Cost:

$71,687)

................................

71,687

Total

Investments

—

96.0%

(Cost:

$40,185,958)

..............................

34,135,043

Other

Assets

Less

Liabilities

—

4.0%

...................

1,420,634

Net

Assets

—

100.0%

..............................

$

35,555,677

(a)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(b)

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.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(e)

Non-income

producing

security.

(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)

Rounds

to

less

than

1,000.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

152

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Short

Contracts

Japan

10

Year

Bond

........................................................

1

09/12/22

$

1,095

$

5,813

U.S.

Treasury

Ultra

Bond

....................................................

2

09/21/22

306

(3,440)

$

2,373

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

474,572

USD

89,908

BNP

Paribas

SA

07/19/22

$

377

CHF

729,755

USD

734,403

State

Street

Bank

and

Trust

Co.

07/19/22

30,672

CHF

365,899

USD

370,366

UBS

AG

07/19/22

13,242

CLP

81,690,235

USD

88,180

Bank

of

America

NA

07/19/22

570

CLP

83,438,255

USD

88,632

Goldman

Sachs

International

07/19/22

2,017

CNY

1,670,000

USD

249,323

HSBC

Bank

plc

07/19/22

170

EUR

11,498

JPY

1,630,000

Deutsche

Bank

AG

07/19/22

37

HUF

70,104,999

USD

182,801

BNP

Paribas

SA

07/19/22

2,075

HUF

62,438,726

USD

163,606

HSBC

Bank

plc

07/19/22

1,053

HUF

3,590,000

USD

9,418

Societe

Generale

SA

07/19/22

49

HUF

12,730,000

USD

33,221

Toronto

Dominion

Bank

07/19/22

350

HUF

5,700,000

USD

14,952

UBS

AG

07/19/22

80

MXN

1,869,811

USD

91,414

HSBC

Bank

plc

07/19/22

1,328

MXN

1,869,811

USD

91,079

JPMorgan

Chase

Bank

NA

07/19/22

1,663

PLN

819,585

USD

181,401

Morgan

Stanley

&

Co.

International

plc

07/19/22

1,118

RON

2,209,267

USD

466,154

Standard

Chartered

Bank

07/19/22

1,073

THB

2,845,255

USD

80,148

Goldman

Sachs

International

07/19/22

375

USD

47,169

AUD

66,562

UBS

AG

07/19/22

1,221

USD

670,963

BRL

3,384,872

Bank

of

America

NA

07/19/22

27,010

USD

91,078

BRL

476,019

Citibank

NA

07/19/22

518

USD

93,691

CLP

84,508,827

Bank

of

America

NA

07/19/22

1,879

USD

171,378

CLP

142,644,522

BNP

Paribas

SA

07/19/22

16,406

USD

96,197

CLP

79,823,368

Goldman

Sachs

International

07/19/22

9,476

USD

93,598

CLP

84,508,827

JPMorgan

Chase

Bank

NA

07/19/22

1,786

USD

96,902

CNY

647,680

HSBC

Bank

plc

07/19/22

141

USD

271,456

COP

1,036,420,000

Citibank

NA

07/19/22

22,457

USD

709,669

COP

2,894,668,914

Standard

Chartered

Bank

07/19/22

14,228

USD

256,547

CZK

6,054,620

Natwest

Markets

plc

07/19/22

613

USD

288,152

EUR

271,230

HSBC

Bank

plc

07/19/22

3,654

USD

183,838

EUR

173,424

Natwest

Markets

plc

07/19/22

1,930

USD

95,087

EUR

88,854

State

Street

Bank

and

Trust

Co.

07/19/22

1,886

USD

1,164,662

GBP

937,498

JPMorgan

Chase

Bank

NA

07/19/22

23,200

USD

25,105

GBP

20,000

Royal

Bank

of

Canada

07/19/22

754

USD

41,121

HUF

14,930,000

BNP

Paribas

SA

07/19/22

1,748

USD

160,181

HUF

58,743,700

HSBC

Bank

plc

07/19/22

5,266

USD

363,517

HUF

133,700,000

Standard

Chartered

Bank

07/19/22

10,933

USD

162,670

HUF

59,431,151

Toronto

Dominion

Bank

07/19/22

5,942

USD

30,899

IDR

449,513,222

Citibank

NA

07/19/22

845

USD

65,131

IDR

947,494,087

Deutsche

Bank

AG

07/19/22

1,782

USD

93,455

INR

7,317,060

Bank

of

America

NA

07/19/22

925

USD

101,998

INR

7,947,139

Barclays

Bank

plc

07/19/22

1,500

USD

377,685

JPY

48,068,228

JPMorgan

Chase

Bank

NA

07/19/22

23,116

USD

48,831

KRW

60,464,373

Citibank

NA

07/19/22

1,911

USD

629,825

MXN

12,677,037

Bank

of

New

York

Mellon

07/19/22

1,049

USD

396,100

PEN

1,513,117

Goldman

Sachs

International

07/19/22

1,506

USD

864,545

PHP

45,574,470

Standard

Chartered

Bank

07/19/22

36,530

USD

371,626

PLN

1,620,000

HSBC

Bank

plc

07/19/22

10,857

USD

825,002

PLN

3,670,799

Morgan

Stanley

&

Co.

International

plc

07/19/22

7,526

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Schedules

of

Investments

153

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

92,121

THB

3,227,374

BNP

Paribas

SA

07/19/22

$

784

USD

96,351

THB

3,280,142

JPMorgan

Chase

Bank

NA

07/19/22

3,520

USD

147,347

TWD

4,237,054

Citibank

NA

07/19/22

4,746

USD

92,598

ZAR

1,470,339

Deutsche

Bank

AG

07/19/22

2,352

USD

440,406

ZAR

6,951,816

HSBC

Bank

plc

07/19/22

13,718

319,964

USD

308,820

GHS

(2,535,413)

Brown

Brothers

Harriman

&

Co.

07/07/22

(6,922)

AUD

263,900

USD

182,294

HSBC

Bank

plc

07/19/22

(122)

AUD

595,272

USD

418,182

State

Street

Bank

and

Trust

Co.

07/19/22

(7,262)

BRL

3,923,785

USD

777,788

Bank

of

America

NA

07/19/22

(31,309)

BRL

934,790

USD

184,461

BNP

Paribas

SA

07/19/22

(6,622)

CLP

246,812,676

USD

283,619

Bank

of

America

NA

07/19/22

(15,477)

CLP

81,690,235

USD

90,599

Barclays

Bank

plc

07/19/22

(1,849)

CLP

79,836,247

USD

91,610

BNP

Paribas

SA

07/19/22

(4,875)

CLP

190,225,805

USD

217,729

UBS

AG

07/19/22

(11,065)

COP

1,442,302,992

USD

367,301

Goldman

Sachs

International

07/19/22

(20,789)

COP

896,700,251

USD

225,872

JPMorgan

Chase

Bank

NA

07/19/22

(10,441)

CZK

250,000

USD

10,767

Morgan

Stanley

&

Co.

International

plc

07/19/22

(199)

EUR

250,000

USD

267,239

Bank

of

America

NA

07/19/22

(5,010)

EUR

353,789

USD

373,210

Barclays

Bank

plc

07/19/22

(2,114)

EUR

177,313

USD

188,492

Morgan

Stanley

&

Co.

International

plc

07/19/22

(2,505)

EUR

732,285

USD

776,774

Toronto

Dominion

Bank

07/19/22

(8,667)

HUF

6,920,000

USD

18,855

Bank

of

America

NA

07/19/22

(606)

HUF

11,750,000

USD

31,153

HSBC

Bank

plc

07/19/22

(167)

HUF

4,310,000

USD

11,559

JPMorgan

Chase

Bank

NA

07/19/22

(193)

HUF

11,620,000

USD

30,708

Toronto

Dominion

Bank

07/19/22

(65)

IDR

12,048,454,748

USD

816,291

Bank

of

America

NA

07/19/22

(10,743)

INR

7,947,139

USD

101,710

Citibank

NA

07/19/22

(1,212)

JPY

2,010,000

USD

15,053

Bank

of

America

NA

07/19/22

(226)

JPY

1,930,000

USD

14,350

Morgan

Stanley

&

Co.

International

plc

07/19/22

(114)

KRW

355,446,438

USD

277,602

JPMorgan

Chase

Bank

NA

07/19/22

(1,775)

MXN

8,030,000

USD

408,004

BNP

Paribas

SA

07/19/22

(9,719)

MXN

3,036,695

USD

151,776

Deutsche

Bank

AG

07/19/22

(1,157)

MXN

3,120,000

USD

157,058

HSBC

Bank

plc

07/19/22

(2,307)

MYR

8,264,209

USD

1,880,366

Natwest

Markets

plc

07/19/22

(5,491)

PEN

1,540,787

USD

406,701

Standard

Chartered

Bank

07/19/22

(4,890)

PLN

4,182,376

USD

941,318

BNP

Paribas

SA

07/19/22

(9,914)

PLN

525,072

USD

117,704

JPMorgan

Chase

Bank

NA

07/19/22

(772)

THB

63,953,779

USD

1,850,220

Morgan

Stanley

&

Co.

International

plc

07/19/22

(40,273)

TWD

4,237,054

USD

143,931

BNP

Paribas

SA

07/19/22

(1,330)

USD

249,193

CNY

1,687,673

Morgan

Stanley

&

Co.

International

plc

07/19/22

(2,940)

USD

270,891

GBP

222,985

Deutsche

Bank

AG

07/19/22

(610)

USD

31,229

HUF

11,900,000

BNP

Paribas

SA

07/19/22

(152)

USD

182,661

HUF

70,104,999

HSBC

Bank

plc

07/19/22

(2,215)

USD

1,754,945

MXN

35,468,311

Bank

of

America

NA

07/19/22

(4,268)

USD

364,588

PLN

1,640,000

Goldman

Sachs

International

07/19/22

(636)

USD

549,974

TRY

9,460,205

BNP

Paribas

SA

07/19/22

(12,664)

ZAR

4,405,582

USD

278,410

Deutsche

Bank

AG

07/19/22

(8,005)

ZAR

6,673,253

USD

416,815

HSBC

Bank

plc

07/19/22

(7,224)

ZAR

2,951,527

USD

186,205

JPMorgan

Chase

Bank

NA

07/19/22

(5,046)

ZAR

4,617,570

USD

288,279

Morgan

Stanley

&

Co.

International

plc

07/19/22

(4,862)

(274,804)

$

45,160

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

154

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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)

ITRAXX.EUROPE.

CROSSOVER.37.V1

.

5.00

%

Quarterly

06/20/27

NR

EUR

351

$

(10,916)

$

(8,727)

$

(2,189)

(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)

4.47%

Annual

6

month

BUBOR

Semi-Annual

N/A

03/16/32

HUF

189,263

$

115,195

$

—

$

115,195

5.76%

Annual

6

month

BUBOR

Semi-Annual

09/21/22

(a)

09/21/32

HUF

120,162

44,184

—

44,184

6.79%

Annual

6

month

WIBOR

Semi-Annual

09/21/22

(a)

09/21/32

PLN

553

(1,617)

—

(1,617)

$

157,762

$

—

$

157,762

(a)

Forward

swap.

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

6

month

BUBOR

......................................

Budapest

Interbank

Offered

Rate

9.03

%

6

month

WIBOR

......................................

Warsaw

Interbank

Offered

Rate

7.25

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

.........................................................

$

—

$

(8,727)

$

159,379

$

(3,806)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Schedules

of

Investments

155

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

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)

.....

$

—

$

—

$

—

$

—

$

5,813

$

—

$

5,813

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

319,964

—

—

319,964

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

159,379

—

159,379

$

—

$

—

$

—

$

319,964

$

165,192

$

—

$

485,156

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

—

—

3,440

—

3,440

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

274,804

—

—

274,804

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

2,189

—

—

1,617

—

3,806

$

—

$

2,189

$

—

$

274,804

$

5,057

$

—

$

282,050

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

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).

For

the

period

ended

June

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

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

.......................

$

—

$

—

$

—

$

—

$

479,000

$

—

$

479,000

Forward

foreign

currency

exchange

contracts

....

—

—

—

(590,889)

—

—

(590,889)

Options

purchased

(a)

....................

—

—

—

—

(41,134)

—

(41,134)

Swaps

..............................

—

(816,880)

—

—

563,894

—

(252,986)

$

—

$

(816,880)

$

—

$

(590,889)

$

1,001,760

$

—

$

(406,009)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

—

$

—

$

(49,290)

$

—

$

(49,290)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(147,301)

—

—

(147,301)

Options

purchased

(b)

....................

—

—

—

—

28,571

—

28,571

Swaps

..............................

—

539,795

—

—

37,133

—

576,928

$

—

$

539,795

$

—

$

(147,301)

$

16,414

$

—

$

408,908

(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.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

156

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

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

—

short

.................................................................................

$

1,860,211

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

$

28,290,388

Average

amounts

sold

—

in

USD

........................................................................................

$

31,396,242

Options

Average

value

of

option

contracts

purchased

................................................................................

$

—

(a)

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

$

—

(a)

Credit

default

swaps

Average

notional

value

—

sell

protection

...................................................................................

$

714,215

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

$

1,455,568

(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

$

—

Futures

contracts

....................................................................................

$

147

$

4,606

Forward

foreign

currency

exchange

contracts

.................................................................

319,964

274,804

Swaps

—

centrally

cleared

..............................................................................

—

19,613

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

320,111

$

299,023

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(147)

(24,219)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

319,964

$

274,804

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

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

Net

Amount

of

Derivative

Assets

(b)(c)

Bank

of

America

NA

..............................

$

30,383

$

(30,383)

$

—

$

—

$

—

Bank

of

New

York

................................

1,049

—

—

—

1,049

Barclays

Bank

plc

................................

1,500

(1,500)

—

—

—

BNP

Paribas

SA

.................................

21,392

(21,392)

—

—

—

Citibank

NA

....................................

30,477

(1,212)

—

—

29,265

Deutsche

Bank

AG

...............................

4,171

(4,171)

—

—

—

Goldman

Sachs

International

........................

13,372

(13,372)

—

—

—

HSBC

Bank

plc

..................................

36,186

(12,036)

—

—

24,150

JPMorgan

Chase

Bank

NA

..........................

53,285

(18,226)

—

—

35,059

Morgan

Stanley

&

Co.

International

plc

..................

8,643

(8,643)

—

—

—

Natwest

Markets

plc

..............................

2,544

(2,544)

—

—

—

Royal

Bank

of

Canada

.............................

754

—

—

—

754

Societe

Generale

SA

..............................

49

—

—

—

49

Standard

Chartered

Bank

...........................

62,764

(4,890)

—

—

57,874

State

Street

Bank

and

Trust

Co.

......................

32,559

(7,262)

—

—

25,297

Toronto

Dominion

Bank

............................

6,293

(6,293)

—

—

—

UBS

AG

......................................

14,543

(11,063)

—

—

3,480

$

319,964

$

(142,987)

$

—

$

—

$

176,977

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Schedules

of

Investments

157

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

(d)

Net

Amount

of

Derivative

Liabilities

(c)(e)

Bank

of

America

NA

..............................

$

67,642

$

(30,383)

$

—

$

—

$

37,259

Barclays

Bank

plc

................................

3,963

(1,500)

—

(2,463)

—

BNP

Paribas

SA

.................................

45,279

(21,392)

—

—

23,887

Brown

Brothers

Harriman

&

Co.

.......................

6,922

(6,922)

—

—

—

Citibank

NA

....................................

1,212

(1,212)

—

—

—

Deutsche

Bank

AG

...............................

9,768

(4,171)

—

—

5,597

Goldman

Sachs

International

........................

21,425

(13,372)

—

—

8,053

HSBC

Bank

plc

..................................

12,036

(12,036)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

18,226

(18,226)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

50,893

(8,643)

—

—

42,250

Natwest

Markets

plc

..............................

5,491

(2,544)

—

—

2,947

Standard

Chartered

Bank

...........................

4,890

(4,890)

—

—

—

State

Street

Bank

and

Trust

Co.

......................

7,262

(7,262)

—

—

—

Toronto

Dominion

Bank

............................

8,731

(6,293)

—

—

2,438

UBS

AG

......................................

11,064

(11,064)

—

—

—

$

274,804

$

(149,910)

$

—

$

(2,463)

$

122,431

(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

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(c)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(d)

Excess

of

collateral

pledged

to

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.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

158

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

See

notes

to

financial

statements.

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

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

......................................

$

—

$

34,063,356

$

—

$

34,063,356

Short-Term

Securities

Time

Deposits

..........................................

—

71,687

—

71,687

$

—

$

34,135,043

$

—

$

34,135,043

Derivative

Financial

Instruments

(a)

Assets

Foreign

currency

exchange

contracts

............................

$

—

$

319,964

$

—

$

319,964

Interest

rate

contracts

.......................................

5,813

159,379

—

165,192

Liabilities

Credit

contracts

...........................................

—

(2,189)

—

(2,189)

Foreign

currency

exchange

contracts

............................

—

(274,804)

—

(274,804)

Interest

rate

contracts

.......................................

(3,440)

(1,617)

—

(5,057)

$

2,373

$

200,733

$

—

$

203,106

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

(unaudited)

June

30,

2022

159

Financial

Statements

BlackRock

Strategic

Income

Opportunities

Portfolio

(a)

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(b)

(c)

........................................................................

$

46,555,972,548‌

$

34,135,043‌

Investments,

at

value

—

affiliated

(d)

..........................................................................

1,582,507,102‌

—‌

Cash

pledged:

Collateral

—

OTC

derivatives

.............................................................................

20,862,894‌

410,000‌

Collateral

—

TBA

commitments

............................................................................

25,067,855‌

—‌

Futures

contracts

.....................................................................................

359,875,000‌

33,000‌

Centrally

cleared

swaps

.................................................................................

233,259,000‌

111,000‌

Foreign

currency,

at

value

(e)

...............................................................................

245,619,517‌

937,072‌

Receivables:

–‌

–‌

Investments

sold

.....................................................................................

1,211,711,578‌

876,354‌

Securities

lending

income

—

affiliated

.......................................................................

113,252‌

—‌

Swaps  

...........................................................................................

4,512,586‌

—‌

TBA

sale

commitments

.................................................................................

9,506,411,851‌

—‌

Capital

shares

sold

....................................................................................

81,624,695‌

49,171‌

Dividends

—

affiliated

..................................................................................

820,649‌

—‌

Dividends

—

unaffiliated

................................................................................

893,672‌

34,382‌

Interest

—

unaffiliated

..................................................................................

258,262,795‌

601,837‌

From

the

Manager

....................................................................................

—‌

28,836‌

Variation

margin

on

futures

contracts

........................................................................

11,865,119‌

147‌

Swap

premiums

paid

....................................................................................

40,048,760‌

—‌

Unrealized

appreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

77,505,769‌

319,964‌

OTC

swaps

.........................................................................................

57,920,929‌

—‌

Prepaid

expenses

......................................................................................

2,107,735‌

61,010‌

Total

assets

..........................................................................................

60,276,963,306‌

37,597,816‌

LIABILITIES

Investments

sold

short,

at

value

(f)

............................................................................

522,114,512‌

—‌

Bank

overdraft

.........................................................................................

9,288,697‌

386,838‌

Cash

received:

Collateral

—

borrowed

bond

agreements

......................................................................

20,010,449‌

—‌

Collateral

—

OTC

derivatives

.............................................................................

9,311,000‌

—‌

Collateral

—

TBA

commitments

............................................................................

85,860,262‌

—‌

Borrowed

bonds,

at

value

(g)

................................................................................

345,643,426‌

—‌

Collateral

on

securities

loaned

..............................................................................

324,973,076‌

—‌

Options

written,

at

value

(h)

.................................................................................

457,904,832‌

—‌

TBA

sale

commitments,

at

value

(i)

...........................................................................

9,545,626,332‌

—‌

Payables:

–‌

–‌

Investments

purchased

.................................................................................

6,157,966,910‌

461,090‌

Swaps  

...........................................................................................

4,084,645‌

495,345‌

Accounting

services

fees

................................................................................

1,303,455‌

50,163‌

Administration

fees

....................................................................................

1,816,420‌

—‌

Capital

shares

redeemed

................................................................................

138,760,603‌

50,265‌

Custodian

fees

.......................................................................................

1,475,665‌

76,642‌

Income

dividend

distributions

.............................................................................

11,336,773‌

140,272‌

Interest

expense

.....................................................................................

2,887,898‌

—‌

Investment

advisory

fees

................................................................................

15,837,474‌

—‌

Trustees'

and

Officer's

fees

..............................................................................

228,363‌

2,445‌

Other

affiliate

fees

....................................................................................

86,823‌

1,239‌

Professional

fees

.....................................................................................

95,054‌

54,909‌

Registration

fees

.....................................................................................

—‌

2,432‌

Service

and

distribution

fees

..............................................................................

430,971‌

1,228‌

Transfer

agent

fees

...................................................................................

9,525,516‌

9,706‌

Other

accrued

expenses

................................................................................

708,408‌

10,542‌

Variation

margin

on

futures

contracts

........................................................................

89,438,655‌

4,606‌

Variation

margin

on

centrally

cleared

swaps

...................................................................

21,132,272‌

19,613‌

Swap

premiums

received

.................................................................................

19,542,861‌

—‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

160

See

notes

to

financial

statements.

BlackRock

Strategic

Income

Opportunities

Portfolio

(a)

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Unrealized

depreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

27,805,828‌

274,804‌

OTC

swaps

.........................................................................................

60,207,438‌

—‌

Unfunded

floating

rate

loan

interests

........................................................................

1,116,992‌

—‌

Total

liabilities

.........................................................................................

17,886,521,610‌

2,042,139‌

NET

ASSETS

.........................................................................................

$

42,390,441,696‌

$

35,555,677‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

45,708,312,166‌

$

62,336,981‌

Accumulated

loss

......................................................................................

(3,317,870,470‌)

(26,781,304‌)

NET

ASSETS

.........................................................................................

$

42,390,441,696‌

$

35,555,677‌

(a)

  Consolidated

Statement

of

Assets

and

Liabilities.

(b)

  Investments,

at

cost

—

unaffiliated

.........................................................................

$

50,780,072,255‌

$

40,185,958‌

(c)

  Securities

loaned,

at

value

...............................................................................

$

249,297,158‌

$

—‌

(d)

  Investments,

at

cost

—

affiliated

...........................................................................

$

1,589,618,123‌

$

—‌

(e)

  Foreign

currency,

at

cost

................................................................................

$

253,581,066‌

$

968,153‌

(f)

  Proceeds

received

from

investments

sold

short,

at

value

..........................................................

$

543,665,622‌

$

—‌

(g)

  Proceeds

received

from

borrowed

bonds

.....................................................................

$

399,942,877‌

$

—‌

(h)

  Premiums

received

...................................................................................

$

411,791,109‌

$

—‌

(i)

  Proceeds

from

TBA

sale

commitments

.......................................................................

$

9,506,411,851‌

$

—‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2022

161

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Strategic

Income

Opportunities

Portfolio

(a)

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

NET

ASSET

VALUE

Institutional

Net

assets

...........................................................................................

$

31,204,943,990‌

$

5,304,942‌

Shares

outstanding

....................................................................................

3,291,406,120‌

810,173‌

Net

asset

value

.......................................................................................

$

9.48‌

$

6.55‌

Shares

authorized

.....................................................................................

Unlimited

Unlimited

Par

value

...........................................................................................

$

0.001‌

$

0.001‌

Investor

A

Net

assets

...........................................................................................

$

1,240,910,838‌

$

4,844,064‌

Shares

outstanding

....................................................................................

130,946,227‌

739,871‌

Net

asset

value

.......................................................................................

$

9.48‌

$

6.55‌

Shares

authorized

.....................................................................................

Unlimited

Unlimited

Par

value

...........................................................................................

$

0.001‌

$

0.001‌

Investor

C

Net

assets

...........................................................................................

$

158,230,078‌

$

245,822‌

Shares

outstanding

....................................................................................

16,703,781‌

37,537‌

Net

asset

value

.......................................................................................

$

9.47‌

$

6.55‌

Shares

authorized

.....................................................................................

Unlimited

Unlimited

Par

value

...........................................................................................

$

0.001‌

$

0.001‌

Class

K

Net

assets

...........................................................................................

$

9,786,356,790‌

$

25,160,849‌

Shares

outstanding

....................................................................................

1,031,480,144‌

3,842,604‌

Net

asset

value

.......................................................................................

$

9.49‌

$

6.55‌

Shares

authorized

.....................................................................................

Unlimited

Unlimited

Par

value

...........................................................................................

$

0.001‌

$

0.001‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

162

BlackRock

Strategic

Income

Opportunities

Portfolio

(a)

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

INVESTMENT

INCOME

–

–

Dividends

—

affiliated

..................................................................................

$

4,751,837‌

$

—‌

Dividends

—

unaffiliated

................................................................................

14,839,544‌

—‌

Interest

—

unaffiliated

..................................................................................

667,337,447‌

1,136,421‌

Securities

lending

income

—

affiliated

—

net

..................................................................

415,472‌

—‌

Foreign

taxes

withheld

.................................................................................

(469,081‌)

(3,644‌)

Total

investment

income

..................................................................................

686,875,219‌

1,132,777‌

EXPENSES

Investment

advisory

...................................................................................

99,749,214‌

110,981‌

Transfer

agent

—

class

specific

...........................................................................

15,035,790‌

10,522‌

Administration

......................................................................................

6,910,580‌

7,861‌

Administration

—

class

specific

...........................................................................

4,437,430‌

3,699‌

Service

and

distribution

—

class

specific

.....................................................................

2,520,772‌

8,182‌

Accounting

services

...................................................................................

872,226‌

31,638‌

Custodian

..........................................................................................

829,786‌

73,949‌

Registration

........................................................................................

392,441‌

43,579‌

Professional

........................................................................................

380,847‌

60,524‌

Trustees

and

Officer

...................................................................................

210,471‌

1,268‌

Proxy

.............................................................................................

846,384‌

26,029‌

Printing

and

postage

..................................................................................

98,487‌

31,614‌

Miscellaneous

.......................................................................................

1,222,308‌

5,711‌

Total

expenses

excluding

dividend

expense

and

interest

expense

......................................................

133,506,736‌

415,557‌

Dividend

expense

—

unaffiliated

...........................................................................

709,592‌

—‌

Interest

expense

.....................................................................................

19,789,384‌

—‌

Total

expenses

........................................................................................

154,005,712‌

415,557‌

Less:

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

..............................................................

(1,005,879‌)

(243,034‌)

Administration

fees

waived

............................................................................

—‌

(7,861‌)

Administration

fees

waived

—

class

specific

.................................................................

—‌

(3,608‌)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

.........................................

—‌

(7,612‌)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

152,999,833‌

153,442‌

Net

investment

income

...................................................................................

533,875,386‌

979,335‌

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

June

30,

2022

163

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Strategic

Income

Opportunities

Portfolio

(a)

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(3,038,387,832‌)

$

(6,838,497‌)

Net

realized

gain

(loss)

from:

Investments

—

affiliated

..............................................................................

$

6,956,060‌

$

—‌

Investments

—

unaffiliated

(b)

...........................................................................

(1,499,953,843‌)

(2,292,014‌)

Borrowed

bonds

...................................................................................

42,578,609‌

—‌

Forward

foreign

currency

exchange

contracts

................................................................

450,560,696‌

(590,889‌)

Foreign

currency

transactions

..........................................................................

6,513,661‌

(64,054‌)

Futures

contracts

...................................................................................

1,658,570,510‌

479,000‌

Options

written

....................................................................................

18,084,762‌

—‌

Short

sales

—

unaffiliated

.............................................................................

(388,802‌)

—‌

Swaps  

.........................................................................................

11,205,422‌

(252,986‌)

694,127,075‌

(2,720,943‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

..............................................................................

(12,741,308‌)

—‌

Investments

—

unaffiliated

(c)

...........................................................................

(4,057,002,633‌)

(4,486,277‌)

Borrowed

bonds

...................................................................................

63,322,975‌

—‌

Forward

foreign

currency

exchange

contracts

................................................................

93,228,483‌

(147,301‌)

Foreign

currency

translations

...........................................................................

(12,771,794‌)

(11,613‌)

Futures

contracts

...................................................................................

(52,691,669‌)

(49,290‌)

Options

written

....................................................................................

(80,564,231‌)

—‌

Short

sales

—

unaffiliated

.............................................................................

21,551,110‌

—‌

Swaps  

.........................................................................................

307,618,054‌

576,928‌

Unfunded

floating

rate

loan

interests

......................................................................

(1,238,046‌)

—‌

Unfunded

SPAC

PIPE

commitments

......................................................................

(1,225,849‌)

—‌

(3,732,514,908‌)

(4,117,553‌)

Net

realized

and

unrealized

loss

.............................................................................

(3,038,387,833‌)

(6,838,496‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................

$

(2,504,512,447‌)

$

(5,859,161‌)

(a)

  Consolidated

Statement

of

Operations.

(b)

  Net

of

foreign

capital

gain

tax

and

capital

gain

tax

refund,

if

applicable

of

................................................

$

(19,983‌)

$

136‌

(c)

Net

of

reduction

in

deferred

foreign

capital

gain

tax

of

.............................................................

$

428,291‌

$

5,418‌

Statements

of

Changes

in

Net

Assets

2022

BlackRock

Semi-Annual

Report

to

Shareholders

164

See

notes

to

financial

statements.

BlackRock

Strategic

Income

Opportunities

Portfolio

(a)

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

12/31/21

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

12/31/21

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

533,875,386‌

$

919,676,391‌

$

979,335‌

$

3,086,686‌

Net

realized

gain

(loss)

....................................................

694,127,075‌

801,744,155‌

(2,720,943‌)

(8,925,616‌)

Net

change

in

unrealized

appreciation

(depreciation)

................................

(3,732,514,908‌)

(1,367,214,919‌)

(4,117,553‌)

(342,884‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...........................

(2,504,512,447‌)

354,205,627‌

(5,859,161‌)

(6,181,814‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

From

net

investment

income

and

net

realized

gain:

  Institutional

...........................................................

(406,587,418‌)

(955,841,565‌)

(169,806‌)

(203,341‌)

  Investor

A

............................................................

(14,055,001‌)

(42,422,540‌)

(146,251‌)

(79,888‌)

  Investor

C

............................................................

(1,287,073‌)

(4,526,015‌)

(6,865‌)

(4,726‌)

  Class

K

..............................................................

(123,833,600‌)

(299,016,831‌)

(722,946‌)

(465,692‌)

Return

of

capital:

–

–

–

–

  Institutional

...........................................................

—‌

—‌

—‌

(466,286‌)

  Investor

A

............................................................

—‌

—‌

—‌

(183,194‌)

  Investor

C

............................................................

—‌

—‌

—‌

(10,836‌)

  Class

K

..............................................................

—‌

—‌

—‌

(1,067,887‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(545,763,092‌)

(1,301,806,951‌)

(1,045,868‌)

(2,481,850‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

334,182,392‌

10,609,974,868‌

10,965,185‌

(47,466,715‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(2,716,093,147‌)

9,662,373,544‌

4,060,156‌

(56,130,379‌)

Beginning

of

period

........................................................

45,106,534,843‌

35,444,161,299‌

31,495,521‌

87,625,900‌

End

of

period

............................................................

$

42,390,441,696‌

$

45,106,534,843‌

$

35,555,677‌

$

31,495,521‌

(a)

Consolidated

Statement

of

Changes

in

Net

Assets.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

165

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)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees,

the

expense

ratios

were

as

follows:

(j)

Annualized.

(k)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Strategic

Income

Opportunities

Portfolio

Institutional

Six

Months

Ended

06/30/22

(unaudited)

(a)

Year

Ended

December

31,

2021

(a)

2020

2019

2018

(a)

2017

(a)

Net

asset

value,

beginning

of

period

$

10.15

‌

$

10.37

‌

$

9.97

‌

$

9.60

‌

$

9.96

‌

$

9.83

‌

Net

investment

income

(b)

.......

0.12

0.23

0.26

0.34

0.33

0.35

Net

realized

and

unrealized

gain

(loss)

..................

(0.67)

(0.13)

0.44

0.38

(0.37)

0.12

Net

increase

(decrease)

from

investment

operations

......

(0.55

)

0.10

‌

0.70

‌

0.72

‌

(0.04

)

0.47

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

....

(0.12

)

(0.22

)

(0.30

)

(0.35

)

(0.32

)

(0.31

)

From

net

realized

gain

.........

—

‌

(0.10

)

—

‌

—

‌

—

‌

—

‌

Return

of

capital

.............

—

‌

—

‌

—

‌

—

‌

(0.00

)

(d)

(0.03

)

Total

distributions

.............

(0.12

)

(0.32

)

(0.30

)

(0.35

)

(0.32

)

(0.34

)

Net

asset

value,

end

of

period

....

$

9.48

‌

$

10.15

‌

$

10.37

‌

$

9.97

‌

$

9.60

‌

$

9.96

‌

Total

Return

(e)

(5.45)%

—

—

—

—

—

Based

on

net

asset

value

........

(5.45

)%

(f)

0.96

%

7.21

%

7.62

%

(g)

(0.46

)%

(g)

4.88

%

Ratios

to

Average

Net

Assets

(h)

Total

expenses

(

i

)

..............

0.70

%

(j)

0.68

%

0.73

%

0.74

%

1.09

%

0.90

%

Total

expenses

after

fees

waived

and/or

reimbursed

................

0.70

%

(j)

0.68

%

0.72

%

0.74

%

1.09

%

0.89

%

Total

expenses

after

fees

waived

and/

or

reimbursed

and

excluding

dividend

expense

and

interest

expense

...

0.60

%

(j)

0.61

%

0.60

%

0.61

%

0.62

%

0.61

%

Net

investment

income

.........

2.41

%

(j)

2.23

%

2.62

%

3.49

%

3.40

%

3.49

%

Supplemental

Data

Net

assets,

end

of

period

(000)

....

$

31,204,944

‌

$

33,577,122

‌

$

25,026,882

‌

$

23,223,183

‌

$

23,621,298

‌

$

23,089,643

‌

Portfolio

turnover

rate

(k)

.........

395

%

1,155

%

1,515

%

1,805

%

2,337

%

1,576

%

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

December

31,

2021

2020

2019

2018

2017

Expense

ratios

.................................

N/A  

N/A  

N/A  

N/A  

N/A  

0

.90%

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

December

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(excluding

MDRs)

................

304%

755%

1,030%

1,307%

1,565%

1,060%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

166

(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)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Strategic

Income

Opportunities

Portfolio

Investor

A

Six

Months

Ended

06/30/22

(unaudited)

(a)

Year

Ended

December

31,

2021

(a)

2020

2019

2018

(a)

2017

(a)

Net

asset

value,

beginning

of

period

$

10.15

‌

$

10.37

‌

$

9.97

‌

$

9.60

‌

$

9.96

‌

$

9.83

‌

Net

investment

income

(b)

.......

0.10

0.20

0.23

0.31

0.29

0.31

Net

realized

and

unrealized

gain

(loss)

..................

(0.66)

(0.13)

0.44

0.38

(0.36)

0.14

Net

increase

(decrease)

from

investment

operations

......

(0.56

)

0.07

‌

0.67

‌

0.69

‌

(0.07

)

0.45

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

....

(0.11

)

(0.19

)

(0.27

)

(0.32

)

(0.29

)

(0.29

)

From

net

realized

gain

.........

—

‌

(0.10

)

—

‌

—

‌

—

‌

—

‌

Return

of

capital

.............

—

‌

—

‌

—

‌

—

‌

(0.00

)

(d)

(0.03

)

Total

distributions

.............

(0.11

)

(0.29

)

(0.27

)

(0.32

)

(0.29

)

(0.32

)

Net

asset

value,

end

of

period

....

$

9.48

‌

$

10.15

‌

$

10.37

‌

$

9.97

‌

$

9.60

‌

$

9.96

‌

Total

Return

(e)

(5.58)%

—

—

—

—

—

Based

on

net

asset

value

........

(5.58

)%

(f)

0.67

%

6.90

%

7.31

%

(g)

(0.74

)%

(g)

4.59

%

Ratios

to

Average

Net

Assets

(h)

Total

expenses

...............

0.99

%

(i)

0.97

%

1.02

%

1.05

%

1.39

%

1.22

%

Total

expenses

after

fees

waived

and/or

reimbursed

................

0.99

%

(i)

0.97

%

1.01

%

1.03

%

1.38

%

1.16

%

Total

expenses

after

fees

waived

and/

or

reimbursed

and

excluding

dividend

expense

and

interest

expense

...

0.89

%

(i)

0.90

%

0.89

%

0.90

%

0.91

%

0.90

%

Net

investment

income

.........

2.03

%

(i)

1.96

%

2.34

%

3.20

%

3.00

%

3.09

%

Supplemental

Data

Net

assets,

end

of

period

(000)

....

$

1,240,911

‌

$

1,387,829

‌

$

1,583,745

‌

$

1,501,890

‌

$

2,023,700

‌

$

2,234,189

‌

Portfolio

turnover

rate

(j)

..........

395

%

1,155

%

1,515

%

1,805

%

2,337

%

1,576

%

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

December

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(excluding

MDRs)

................

304%

755%

1,030%

1,307%

1,565%

1,060%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(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)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees,

the

expense

ratios

were

as

follows:

(j)

Annualized.

(k)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Strategic

Income

Opportunities

Portfolio

Investor

C

Six

Months

Ended

06/30/22

(unaudited)

(a)

Year

Ended

December

31,

2021

(a)

2020

2019

2018

(a)

2017

(a)

Net

asset

value,

beginning

of

period

$

10.14

‌

$

10.36

‌

$

9.96

‌

$

9.59

‌

$

9.95

‌

$

9.82

‌

Net

investment

income

(b)

.......

0.06

0.13

0.16

0.24

0.24

0.24

Net

realized

and

unrealized

gain

(loss)

..................

(0.66)

(0.13)

0.44

0.38

(0.38)

0.13

Net

increase

(decrease)

from

investment

operations

......

(0.60

)

0.00

‌

0.60

‌

0.62

‌

(0.14

)

0.37

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

....

(0.07

)

(0.12

)

(0.20

)

(0.25

)

(0.22

)

(0.21

)

From

net

realized

gain

.........

—

‌

(0.10

)

—

‌

—

‌

—

‌

—

‌

Return

of

capital

.............

—

‌

—

‌

—

‌

—

‌

(0.00

)

(d)

(0.03

)

Total

distributions

.............

(0.07

)

(0.22

)

(0.20

)

(0.25

)

(0.22

)

(0.24

)

Net

asset

value,

end

of

period

....

$

9.47

‌

$

10.14

‌

$

10.36

‌

$

9.96

‌

$

9.59

‌

$

9.95

‌

Total

Return

(e)

(5.92)%

—

—

—

—

—

Based

on

net

asset

value

........

(5.92

)%

(f)

(0.04

)%

6.14

%

6.54

%

(g)

(1.47

)%

(g)

3.81

%

Ratios

to

Average

Net

Assets

(h)

Total

expenses

(

i

)

..............

1.71

%

(j)

1.68

%

1.75

%

1.77

%

2.11

%

1.93

%

Total

expenses

after

fees

waived

and/

or

reimbursed

..............

1.71

%

(j)

1.67

%

1.74

%

1.76

%

2.11

%

1.91

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense

and

interest

expense

..................

1.61

%

(j)

1.61

%

1.62

%

1.63

%

1.64

%

1.65

%

Net

investment

income

.........

1.25

%

(j)

1.25

%

1.59

%

2.48

%

2.41

%

2.41

%

Supplemental

Data

Net

assets,

end

of

period

(000)

....

$

158,230

‌

$

200,734

‌

$

247,844

‌

$

434,348

‌

$

514,268

‌

$

655,874

‌

Portfolio

turnover

rate

(k)

.........

395

%

1,155

%

1,515

%

1,805

%

2,337

%

1,576

%

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

December

31,

2021

2020

2019

2018

2017

Expense

ratios

.................................

N/A  

N/A  

N/A  

1

.77%

2

.11%

1

.92%

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

December

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(excluding

MDRs)

................

304%

755%

1,030%

1,307%

1,565%

1,060%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-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)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Strategic

Income

Opportunities

Portfolio

Class

K

Six

Months

Ended

06/30/22

(unaudited)

(a)

Year

Ended

December

31,

2021

(a)

2020

2019

2018

(a)

2017

(a)

Net

asset

value,

beginning

of

period

$

10.16

‌

$

10.38

‌

$

9.98

‌

$

9.60

‌

$

9.97

‌

$

9.84

‌

Net

investment

income

(b)

.......

0.12

0.24

0.27

0.35

0.34

0.36

Net

realized

and

unrealized

gain

(loss)

..................

(0.67)

(0.13)

0.44

0.39

(0.39)

0.12

Net

increase

(decrease)

from

investment

operations

......

(0.55

)

0.11

‌

0.71

‌

0.74

‌

(0.05

)

0.48

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

....

(0.12

)

(0.23

)

(0.31

)

(0.36

)

(0.32

)

(0.32

)

From

net

realized

gain

.........

—

‌

(0.10

)

—

‌

—

‌

—

‌

—

‌

Return

of

capital

.............

—

‌

—

‌

—

‌

—

‌

(0.00

)

(d)

(0.03

)

Total

distributions

.............

(0.12

)

(0.33

)

(0.31

)

(0.36

)

(0.32

)

(0.35

)

Net

asset

value,

end

of

period

....

$

9.49

‌

$

10.16

‌

$

10.38

‌

$

9.98

‌

$

9.60

‌

$

9.97

‌

Total

Return

(e)

(5.41)%

—

—

—

—

—

Based

on

net

asset

value

........

(5.41

)%

(f)

1.05

%

7.29

%

7.82

%

(g)

(0.47

)%

(g)

4.97

%

Ratios

to

Average

Net

Assets

(h)

Total

expenses

...............

0.62

%

(i)

0.59

%

0.65

%

0.66

%

1.01

%

0.82

%

Total

expenses

after

fees

waived

and/or

reimbursed

................

0.61

%

(i)

0.59

%

0.63

%

0.65

%

1.00

%

0.81

%

Total

expenses

after

fees

waived

and/

or

reimbursed

and

excluding

dividend

expense

and

interest

expense

...

0.51

%

(i)

0.52

%

0.52

%

0.52

%

0.53

%

0.53

%

Net

investment

income

.........

2.46

%

(i)

2.33

%

2.71

%

3.57

%

3.47

%

3.58

%

Supplemental

Data

Net

assets,

end

of

period

(000)

....

$

9,786,357

‌

$

9,940,850

‌

$

8,585,689

‌

$

8,858,737

‌

$

7,830,270

‌

$

5,748,169

‌

Portfolio

turnover

rate

(j)

..........

395

%

1,155

%

1,515

%

1,805

%

2,337

%

1,576

%

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

December

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(excluding

MDRs)

................

304%

755%

1,030%

1,307%

1,565%

1,060%

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

169

Financial

Highlights

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Institutional

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

$

7.75

‌

$

8.93

‌

$

8.04

‌

$

8.03

‌

$

9.45

‌

$

9.51

‌

Net

investment

income

(a)

........

0.19

0.40

0.41

0.45

0.52

0.63

Net

realized

and

unrealized

gain

(loss)

...................

(1.19)

(1.24)

0.81

0.06

(1.52)

(0.10)

Net

increase

(decrease)

from

investment

operations

...............

(1.00

)

(0.84

)

1.22

‌

0.51

‌

(1.00

)

0.53

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.....

(0.20

)

(0.11

)

(0.33

)

(0.50

)

(0.00

)

(c)

(0.59

)

Return

of

capital

..............

—

‌

(0.23

)

—

‌

—

‌

(0.42

)

—

‌

Total

distributions

..............

(0.20

)

(0.34

)

(0.33

)

(0.50

)

(0.42

)

(0.59

)

Net

asset

value,

end

of

period

.....

$

6.55

‌

$

7.75

‌

$

8.93

‌

$

8.04

‌

$

8.03

‌

$

9.45

‌

Total

Return

(d)

(13.04)%

—

—

—

—

—

Based

on

net

asset

value

.........

(13.04

)%

(e)

(9.59

)%

15.51

%

6.45

%

(10.84

)%

5.66

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................

2.21

%

(g)(h)

(i)

1.39

%

1.16

%

1.13

%

1.13

%

1.13

%

(j)

Total

expenses

after

fees

waived

and/or

reimbursed

.................

0.75

%

(g)(h)

(i)

0.70

%

0.68

%

0.68

%

0.71

%

0.78

%

Net

investment

income

..........

5.38

%

(g)

4.76

%

4.93

%

5.45

%

5.89

%

6.68

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....

$

5,305

‌

$

5,933

‌

$

19,153

‌

$

17,515

‌

$

26,314

‌

$

43,693

‌

Portfolio

turnover

rate

...........

103

%

186

%

324

%

118

%

165

%

187

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed would

have

been

2.14%

and

0.68%,

respectively.

(i)

Proxy

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

2.28%

and

0.82%,

respectively.

(j)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

170

See

notes

to

financial

statements.

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Investor

A

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

................

$

7.75

‌

$

8.91

‌

$

8.02

‌

$

8.02

‌

$

9.43

‌

$

9.50

‌

Net

investment

income

(a)

.......

0.18

0.39

0.38

0.44

0.49

0.61

Net

realized

and

unrealized

gain

(loss)

..................

(1.19)

(1.24)

0.82

0.04

(1.51)

(0.12)

Net

increase

(decrease)

from

investment

operations

......

(1.01

)

(0.85

)

1.20

‌

0.48

‌

(1.02

)

0.49

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....

(0.19

)

(0.09

)

(0.31

)

(0.48

)

(0.00

)

(c)

(0.56

)

Return

of

capital

.............

—

‌

(0.22

)

—

‌

—

‌

(0.39

)

—

‌

Total

distributions

.............

(0.19

)

(0.31

)

(0.31

)

(0.48

)

(0.39

)

(0.56

)

Net

asset

value,

end

of

period

....

$

6.55

‌

$

7.75

‌

$

8.91

‌

$

8.02

‌

$

8.02

‌

$

9.43

‌

Total

Return

(d)

(13.15)%

—

—

—

—

—

Based

on

net

asset

value

........

(13.15

)%

(e)

(9.62

)%

15.25

%

6.05

%

(10.99

)%

5.29

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............

2.59

%

(g)(h)

(i)

1.85

%

(j)

1.53

%

1.46

%

1.46

%

1.45

%

(k)

Total

expenses

after

fees

waived

and/

or

reimbursed

..............

0.99

%

(g)(h)

(i)

0.96

%

(j)

0.93

%

0.93

%

0.96

%

1.03

%

Net

investment

income

.........

5.13

%

(g)

4.64

%

4.55

%

5.31

%

5.64

%

6.48

%

Supplemental

Data

Net

assets,

end

of

period

(000)

....

$

4,844

‌

$

6,017

‌

$

7,710

‌

$

7,784

‌

$

8,102

‌

$

14,756

‌

Portfolio

turnover

rate

..........

103

%

186

%

324

%

118

%

165

%

187

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

2.53%

and

0.93%,

respectively.

(i)

Proxy

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

2.66%

and

1.06%,

respectively.

(j)

Includes

non-recurring

expenses

of

proxy

costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

1.82%

and

0.93%,

respectively.

(k)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

171

Financial

Highlights

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Investor

C

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

7.75

‌

$

8.91

‌

$

8.03

‌

$

8.02

‌

$

9.44

‌

$

9.50

‌

Net

investment

income

(a)

......

0.16

0.32

0.31

0.37

0.43

0.54

Net

realized

and

unrealized

gain

(loss)

.................

(1.19)

(1.23)

0.82

0.06

(1.52)

(0.11)

Net

increase

(decrease)

from

investment

operations

.....

(1.03

)

(0.91

)

1.13

‌

0.43

‌

(1.09

)

0.43

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

...

(0.17

)

(0.08

)

(0.25

)

(0.42

)

(0.00

)

(c)

(0.49

)

Return

of

capital

............

—

‌

(0.17

)

—

‌

—

‌

(0.33

)

—

‌

Total

distributions

............

(0.17

)

(0.25

)

(0.25

)

(0.42

)

(0.33

)

(0.49

)

Net

asset

value,

end

of

period

...

$

6.55

‌

$

7.75

‌

$

8.91

‌

$

8.03

‌

$

8.02

‌

$

9.44

‌

Total

Return

(d)

(13.48)%

—

—

—

—

—

Based

on

net

asset

value

.......

(13.48

)%

(e)

(10.30

)%

14.25

%

5.39

%

(11.74

)%

4.62

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

..............

3.67

%

(g)(h)

(i)

2.74

%

(j)

2.34

%

2.32

%

2.30

%

(k)

2.30

%

(k)

Total

expenses

after

fees

waived

and/

or

reimbursed

.............

1.75

%

(g)(h)

(i)

1.70

%

(j)

1.68

%

1.68

%

1.71

%

1.78

%

Net

investment

income

........

4.38

%

(g)

3.83

%

3.76

%

4.46

%

4.85

%

5.74

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...

$

246

‌

$

345

‌

$

672

‌

$

1,547

‌

$

2,411

‌

$

3,823

‌

Portfolio

turnover

rate

.........

103

%

186

%

324

%

118

%

165

%

187

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

3.60%

and

1.68%,

respectively.

(i)

Proxy

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

3.74%

and

1.82%,

respectively.

(j)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

2.72%

and

1.68%,

respectively.

(k)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

172

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Class

K

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

$

7.75

‌

$

8.92

‌

$

8.03

‌

$

8.03

‌

$

9.44

‌

$

9.51

‌

Net

investment

income

(a)

........

0.19

0.40

0.39

0.47

0.51

0.64

Net

realized

and

unrealized

gain

(loss)

...................

(1.19)

(1.23)

0.83

0.04

(1.50)

(0.12)

Net

increase

(decrease)

from

investment

operations

...............

(1.00

)

(0.83

)

1.22

‌

0.51

‌

(0.99

)

0.52

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.....

(0.20

)

(0.12

)

(0.33

)

(0.51

)

(0.00

)

(c)

(0.59

)

Return

of

capital

..............

—

‌

(0.22

)

—

‌

—

‌

(0.42

)

—

‌

Total

distributions

..............

(0.20

)

(0.34

)

(0.33

)

(0.51

)

(0.42

)

(0.59

)

Net

asset

value,

end

of

period

.....

$

6.55

‌

$

7.75

‌

$

8.92

‌

$

8.03

‌

$

8.03

‌

$

9.44

‌

Total

Return

(d)

(13.02)%

—

—

—

—

—

Based

on

net

asset

value

.........

(13.02

)%

(e)

(9.45

)%

15.58

%

6.37

%

(10.70

)%

5.60

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................

2.06

%

(g)(h)

(i)

1.30

%

1.08

%

1.04

%

1.08

%

(j)

1.03

%

Total

expenses

after

fees

waived

....

0.69

%

(g)(h)

(i)

0.64

%

0.63

%

0.63

%

0.66

%

0.73

%

Net

investment

income

..........

5.32

%

(g)

4.74

%

4.72

%

5.67

%

5.91

%

6.70

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....

$

25,161

‌

$

19,200

‌

$

60,091

‌

$

84,039

‌

$

64,736

‌

$

75,012

‌

Portfolio

turnover

rate

...........

103

%

186

%

324

%

118

%

165

%

187

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

1.99%

and

0.63%,

respectively.

(i)

Proxy

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

2.14%

and

0.77%,

respectively.

(j)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

173

Notes

to

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

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

open-end

non-index

fixed-income

funds

and

all

BlackRock-advised

closed-end

funds

referred

to

as

the

BlackRock

Fixed-Income

Complex.

Basis

of

Consolidation:

The

accompanying

consolidated

financial

statements

of

Strategic

Income

Opportunities include

the

account

of

BlackRock

Cayman

Strategic

Income

Opportunities

Portfolio

II,

Ltd.

(the

“Cayman

Subsidiary”),

which

is

a

wholly-owned

subsidiary

of

Strategic

Income

Opportunities

and

primarily

invests

in

commodity-

related

instruments

and

other

derivatives.

The

Cayman

Subsidiary

enables 

the

Fund

to

hold

these

commodity-related

instruments

and

satisfy

regulated

investment

company

tax

requirements.

Strategic

Income

Opportunities

 may

invest

up

to

25%

of

its

total

assets

in

the

Cayman

Subsidiary.

The

net

assets

of

the

Cayman

Subsidiary

as

of

period

end

were

$40,213,218

,

which

is

0.1% of

Strategic

Income

Opportunities'

consolidated

net

assets.

Intercompany

accounts

and

transactions,

if

any,

have

been

eliminated. The

Cayman

Subsidiary

is

subject

to

the

same

investment

policies

and

restrictions

that

apply

to 

Strategic

Income

Opportunities

,

except

that

the

Cayman

Subsidiary

may

invest

without

limitation

in

commodity-related

instruments. 

The

accompanying

consolidated

financial

statements

of

Strategic

Income

Opportunities

include

the

account

of

SIO

Neptunite

2022-1

LLC

(the

“Subsidiary”),

which

is

a

wholly-owned

subsidiary

of

Strategic

Income

Opportunities

that

invests

in

floating

rate

loan

interests

and

is

party

to

a

$150

million

credit

agreement

with

Citibank

NA.

The

net

assets

of

the

Subsidiary

as

of

period

end

were

$43,427,691,

which

is

0.1%

of

Strategic

Income

Opportunities'

consolidated

net

assets.

Intercompany

accounts

and

transactions,

if

any,

have

been

eliminated.

The

Subsidiary

is

subject

to

the

same

investment

policies

and

restrictions

that

apply

to

Strategic

Income

Opportunities.

The

Subsidiary

has

entered

into

a

credit

agreement

with

Citibank

NA

(the

“Participating

Lender”)

that

established

a

revolving

credit

facility

with

an

initial

commitment

of

up

to

$150

million

(the

“Facility”)

as

leverage

for

investment

purposes.

The

Facility

has

the

following

terms:

a)

an

upfront

fee

of

0.15%

of

the

initial

commitment,

b)

an

unused

commitment

fee

of

0.50%

per

annum

when

the

amount

borrowed

is

less

than

$150

million

and

c)

interest

at

a

rate

equal

to

three-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

will

be

x)

0.15%

of

advances

outstanding

when

the

amount

borrowed

is

less

than

50%

of

the

Facility

or

y)

0.15%

of

the

Facility

when

the

amount

borrowed

exceeds

50%

of

the

Facility

on

the

determination

date.

The

upfront

fee

in

May

2024

will

be

x)

0.15%

of

advances

outstanding

when

the

amount

borrowed

is

less

than

50%

of

the

year

one

fee

basis

amount

or

y)

15%

of

the

year

one

fee

basis

amount

when

the

amount

borrowed

exceeds

50%

of

the

year

one

fee

basis

amount

on

the

determination

date.

The

commitment

fee

terminates

when

borrowings

reach

the

lending

capacity

of

the

Facility.

The

agreement

expires

on

June

1,

2025

unless

extended

or

renewed.

The

Subsidiary's

borrowings

are

secured

by

eligible

securities

held

in

its

portfolio

of

investments.

During

the

period,

the

Subsidiary

paid

the

upfront

fee

and

accrued

the

commitment

fee

based

on

the

daily

unused

portion

of

the

Facility.

The

upfront

and

interest

associated

with

the

agreement

are

included

in

the

Statement

of

Operations

as

interest

expense

and

fees,

if

any.

The

commitment

fees

associated

with

the

agreement

are

subject

to

Strategic

Income

Opportunities'

expense

limitation

and

are

included

in

the

Statement

of

Operations

within

miscellaneous

expenses.

For

the

six

months

ended

June

30,

2022,

the

Subsidiary

did

not

borrow

under

the

credit

agreement.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

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

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

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: 

Fund

Name

Herein

Referred

To

As

Diversification

Classification

BlackRock

Strategic

Income

Opportunities

Portfolio.

.................................

Strategic

Income

Opportunities

Diversified

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

..........................

Sustainable

Emerging

Markets

Flexible

Bond

Non-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

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

174

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

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

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

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

June

30,

2022

,

if

any,

are

disclosed

in

the 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

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Segregation

and

Collateralization:

In

cases

where a

Fund

enters

into

certain

investments

(e.g.,

dollar

rolls,

TBA

sale

commitments,

futures

contracts,

forward

foreign

currency

exchange

contracts,

options

written,

swaps

and

short

sales)

or

certain

borrowings

(e.g.,

reverse

repurchase

transactions) that

would

be

treated

as

“senior

securities”

for

1940

Act

purposes, a

Fund

may

segregate

or

designate

on

its

books

and

records

cash

or

liquid

assets

having

a

market

value

at

least

equal

to

the

amount

of

its

future

obligations

under

such

investments

or

borrowings.

Doing

so

allows

the

investments

or

borrowings

to

be

excluded

from

treatment

as

a

“senior

security.” 

Furthermore,

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

or

obligations.  

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

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

Subsidiary

are

treated

as

ordinary

income

for

tax

purposes. If

a

net

loss

is

realized

by

the

Subsidiary

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

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

Fixed-Income

Complex

and

reflected

as

Trustee

and

Officer

expense

on

the

Statements

of

Operations.

The

Trustee

and

Officer

expense

may

be

negative

as

a

result

of

a

decrease

in

value

of

the

deferred

accounts.

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. 

Sustainable

Emerging

Markets

Flexible

Bond

has

an

arrangement

with

its

custodian

whereby

credits

are

earned

on

uninvested

cash

balances,

which

could

be

used

to

reduce

custody

fees

and/or

overdraft

charges.

Sustainable

Emerging

Markets

Flexible

Bond

may

incur

charges

on

overdrafts,

subject

to

certain

conditions.

Notes

to

Financial

Statements

(unaudited)

(continued)

175

Notes

to

Financial

Statements

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

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.

Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board.

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

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

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.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

The

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

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

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.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

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

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.  

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

176

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

Global

Valuation

Committee

and

third-party

pricing

services

utilize

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

involve

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

Global

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

Global

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

June

30,

2022,

certain

investments

of

the

Funds were

fair

valued

using

NAV per

share

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. 

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

Standard

Inputs

Generally

Considered

By

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

Financial

Statements

(unaudited)

(continued)

177

Notes

to

Financial

Statements

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

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

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

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

178

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

the

London

Interbank

Offered

Rate

(“LIBOR”),

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

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

Statements

of

Assets

and

Liabilities

and

Statements

of

Operations.

As

of

period

end,

Strategic

Income

Opportunities

had

the

following

unfunded

floating

rate

loan

interests: 

Special

Purpose

Acquisition

Companies:

Special

purpose

acquisition

companies

(SPACs)

are

companies

that

have

no

operations

but

go

public

with

the

intention

of

merging

with

or

acquiring

a

company

using

the

proceeds

of

the

SPAC's

initial

public

offering.

The

Funds

may

enter

into

a

commitment

with

a

SPAC

for

a

private

investment

in

a

public

equity

(PIPE)

and

will

satisfy

the

commitment

if

and

when

the

SPAC

completes

its

merger

or

acquisition.

Securities

purchased

through

PIPE

transactions

will

be

restricted

from

trading

and

considered

illiquid

until

a

registration

statement

for

the

shares

is

filed

and

declared

effective.

Unfunded

SPAC

PIPE

commitments

are

marked-to-

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

Strategic

Income

Opportunities

CML

La

Quinta

Resort,

Term

Loan

.....................

$

4,297,107‌

$

4,286,417‌

$

4,250,967‌

$

(35,450‌)

Strategic

Income

Opportunities

CML

Lake

Tahoe

Resort

Hotel,

Term

Loan

................

6,208,065‌

6,207,444‌

6,143,547‌

(63,897‌)

Strategic

Income

Opportunities

CML

Paradise

Plaza,

Term

Loan

......................

3,847,096‌

3,847,096‌

3,783,434‌

(63,662‌)

Strategic

Income

Opportunities

CML

ST

Regis

Aspen,

Term

Loan

......................

3,667,500‌

3,652,830‌

3,602,488‌

(50,342‌)

Strategic

Income

Opportunities

CML

Trigrams,

Term

Loan

...........................

20,906,491‌

20,833,318‌

20,722,514‌

(110,804‌)

Strategic

Income

Opportunities

Houston

Center,

Term

Loan

..........................

4,583,517‌

4,583,517‌

4,558,823‌

(24,694‌)

Strategic

Income

Opportunities

OD

Intermediate

SUBI

Holdco

II

LLC,

Term

Loan

...........

33,639,668‌

32,503,749‌

31,856,766‌

(646,983‌)

Strategic

Income

Opportunities

Park

Avenue

Tower,

Term

Loan

.......................

1,335,692‌

1,335,692‌

1,327,944‌

(7,748‌)

Strategic

Income

Opportunities

Sheraton

Austin,

Term

Loan

..........................

6,761,598‌

6,761,598‌

6,656,968‌

(104,630‌)

Strategic

Income

Opportunities

The

Vinoy

St.

Petersburg,

Term

Loan

...................

2,565,598‌

2,553,683‌

2,544,901‌

(8,782‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

179

Notes

to

Financial

Statements

market

and

any

unrealized

appreciation

(depreciation)

is

separately

presented

in

the

Statements

of

Assets

and

Liabilities

and

Statements

of

Operations.

As

of

period

end,

Strategic

Income

Opportunities

had

no

outstanding

unfunded

SPAC

PIPE

commitments.

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.

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

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

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. 

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

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

made

by

a

fund

to

the

counterparties

are

recorded

as

a

component

of

interest

expense

in

the

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

six

months

ended

June

30,

2022,

the

average

daily

amount

of

reverse

repurchase

agreements

outstanding and

the

weighted

average

interest

rate

for

Strategic

Income

Opportunities

were

$317,686,740

and

(0.66)%,

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

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

180

of

the

transaction.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty,

a

fund

is

considered

an

unsecured

creditor

with

respect

to

excess

collateral

and,

as

such,

the

return

of

excess

collateral

may

be

delayed.

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

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

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

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’

Schedules

of

Investments.

The

market

value

of

any

securities

on

loan

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

..............

$

129,448,450‌

$

(109,002,763‌)

$

20,445,687‌

$

(10,458,316‌)

$

—‌

$

—‌

$

—‌

$

(10,458,316‌)

$

9,987,371‌

(d)

BNP

Paribas

SA

...............

66,808,602‌

(63,240,414‌)

3,568,188‌

—‌

(3,568,188‌)

—‌

—‌

(3,568,188‌)

—‌

Credit

Suisse

Securities

(USA)

LLC

..

10,738,115‌

(10,254,585‌)

483,530‌

—‌

(370,000‌)

—‌

—‌

(370,000‌)

113,530‌

Deutsche

Bank

AG

..............

12,649,374‌

(11,101,967‌)

1,547,407‌

—‌

(1,523,000‌)

—‌

—‌

(1,523,000‌)

24,407‌

Goldman

Sachs

International

.......

36,605,719‌

(28,640,856‌)

7,964,863‌

—‌

(7,964,863‌)

—‌

—‌

(7,964,863‌)

—‌

J.P.

Morgan

Securities

LLC

........

18,961,004‌

(18,871,246‌)

89,758‌

—‌

—‌

—‌

—‌

—‌

89,758‌

J.P.

Morgan

Securities

plc

.........

62,710,090‌

(59,417,356‌)

3,292,734‌

—‌

(3,292,734‌)

—‌

—‌

(3,292,734‌)

—‌

Merrill

Lynch

International

.........

8,004,242‌

(2,725,802‌)

5,278,440‌

—‌

—‌

—‌

—‌

—‌

5,278,440‌

(e)

RBC

Capital

Markets

LLC

.........

39,201,525‌

(30,335,402‌)

8,866,123‌

(3,574,330‌)

—‌

—‌

—‌

(3,574,330‌)

5,291,793‌

(f)

RBC

Europe

Ltd.

...............

15,894,790‌

(14,940,933‌)

953,857‌

—‌

(953,857‌)

—‌

—‌

(953,857‌)

—‌

$

401,021,911‌

$

(348,531,324‌)

$

52,490,587‌

$

(14,032,646‌)

$

(17,672,642‌)

$

—‌

$

—‌

$

(31,705,288‌)

$

20,785,299‌

...........................................

(a)

Included

in

Investments

at

value-unaffiliated

in

the

Statements

of

Assets

and

Liabilities.

(b)

Includes

accrued

interest

on

borrowed

bonds

in

the

amount

of

$2,887,898

which

is

included

in

interest

expense

payable

in

the

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.

(d)

Borrowed

bond

agreement

with

a

value

of

$10,185,588

has

been

purchased

and

is

pending

settlement

as

of

June

30,

2022.

(e)

Borrowed

bond

agreement

with

a

value

of

$5,301,594

has

been

purchased

and

is

pending

settlement

as

of

June

30,

2022.

(f)

Borrowed

bond

agreement

with

a

value

of

$4,664,946

has

been

purchased

and

is

pending

settlement

as

of

June

30,

2022.

Notes

to

Financial

Statements

(unaudited)

(continued)

181

Notes

to

Financial

Statements

and

the

value

of

any

related

collateral

are

shown

separately

in

the

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.

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

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)

or

bitcoin

(commodity

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

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

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

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

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.

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

BNP

Paribas

SA

.............................

$

109,309,200‌

$

(109,309,200‌)

$

—‌

$

—‌

Citigroup

Global

Markets,

Inc.

....................

1,696,752‌

(1,696,752‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

......................

24,011,181‌

(24,011,181‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

......................

1,432,194‌

(1,432,194‌)

—‌

—‌

Jefferies

LLC

...............................

35,284,963‌

(35,284,963‌)

—‌

—‌

Morgan

Stanley

..............................

9,237,027‌

(9,237,027‌)

—‌

—‌

Toronto

Dominion

Bank

........................

68,325,841‌

(68,325,841‌)

—‌

—‌

$

249,297,158‌

$

(249,297,158‌)

$

—‌

$

—‌

(a)

Collateral

received

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

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

182

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statements

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

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 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

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

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

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

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

Statements

of

Assets

and

Liabilities.

Swaptions

–

The

Funds

may purchase

and

write

options

on

swaps

(“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

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.

Barrier

options

– The

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

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

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

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

Schedules

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

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

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

Statements

of

Operations,

including

those

at

termination.

Notes

to

Financial

Statements

(unaudited)

(continued)

183

Notes

to

Financial

Statements

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.

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

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

risk

in

excess

of

the

amounts

recognized

in

the

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

ISDA

Master

Agreement

or

similar

agreement

with

its

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

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

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

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

184

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

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,

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:

For

such

services,

Sustainable

Emerging

Markets

Flexible

Bond

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

Sustainable

Emerging

Markets

Flexible

Bond’s

net

assets:

The

Manager

provides

investment

management

and

other

services

to

the

Subsidiary.

The

Manager

does

not

receive

separate

compensation

from

the

Subsidiary

for

providing

investment

management

or

administrative

services.

However,

Strategic

Income

Opportunities pays

the

Manager

based

on

the

Funds'

net

assets,

which

includes

the

assets

of

the

Subsidiary.

With

respect

to

each

Fund,

the

Manager

entered

into

sub-advisory

agreements

with

BlackRock

International

Limited

(“BIL”),

an

affiliate

of

the

Manager.

With

respect

to

Strategic

Income

Opportunities,

the

Manager

has

also

entered

into

a

separate

sub-advisory

agreement

with

BlackRock

(Singapore)

Limited

("BSL"),

which

is

also

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.

T

he

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 six

months

ended

June

30,

2022,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

each

Fund:

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

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

.........................................................................................................

0.600

%

$1

billion

-

$2

billion

.....................................................................................................

0.550

$2

billion

-

$3

billion

.....................................................................................................

0.525

Greater

than

$3

billion

...................................................................................................

0.500

Share

Class

Service

Fees

Distribution

Fees

Investor

A

.................................................................................................

0.25‌%

—‌%

Investor

C

.................................................................................................

0.25‌

0.75‌

Fund

Name

Investor

A

Investor

C

Total

Strategic

Income

Opportunities

.......................................................................

$

1,626,57

1‌

$

894,20

1‌

$

2,520,77

2‌

Sustainable

Emerging

Markets

Flexible

Bond

..............................................................

6,721‌

1,461‌

8,182‌

Notes

to

Financial

Statements

(unaudited)

(continued)

185

Notes

to

Financial

Statements

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

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

Statements

of

Operations,

at

an

annual

rate

of

0.02% of

the

average

daily

net

assets

of

each

respective

class.

For

the

six

months

ended

June

30,

2022, 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

six

months ended June

30,

2022,

Strategic

Income

Opportunities

paid

the

following

amounts

to

affiliates

of

BlackRock

in

return

for

these

services,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

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 six

months

ended

June

30,

2022,

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

Statements

of

Operations:

For

the

six

months ended

June

30,

2022,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

each

Fund:

Other

Fees:

For

the 

six

months

ended 

June

30,

2022

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of each

Fund’s Investor

A

Shares as

follows:

For

the six

months

ended

June

30,

2022,

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,

2023.

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

Statements

of

Operations.

For

the

six

months

ended

June

30,

2022

,

the

amount

waived

was

$

775,128

for

Strategic

Income

Opportunities.

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

Strategic

Income

Opportunities

......................................................

$

3,

314,56

4‌

$

130,119‌

$

17,883‌

$

974,86

4‌

$

4,437,43

0‌

Sustainable

Emerging

Markets

Flexible

Bond

.............................................

596‌

538‌

29‌

2,53

6‌

3,

699‌

Fund

Name

Institutional

Strategic

Income

Opportunities

................................................................................................

$

484,732‌

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Total

Strategic

Income

Opportunities

.................................................

$

21,570‌

$

6,211‌

$

2,125‌

$

6,153‌

$

36,059‌

Sustainable

Emerging

Markets

Flexible

Bond

........................................

—‌

273‌

48‌

65‌

386‌

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Total

Strategic

Income

Opportunities

......................................................

$

14,096,60

7‌

$

821,918‌

$

86,571‌

$

30,694‌

$

15,035,7

90‌

Sustainable

Emerging

Markets

Flexible

Bond

.............................................

3,127‌

6,49

3‌

837‌

65‌

10,52

2‌

Fund

Name

Other

Fees

Strategic

Income

Opportunities

...............................................................................................

$

10,191‌

Sustainable

Emerging

Markets

Flexible

Bond

......................................................................................

173‌

Fund

Name

Investor

A

Investor

C

Strategic

Income

Opportunities

....................................................................................

$

21,388‌

$

13,300‌

Sustainable

Emerging

Markets

Flexible

Bond

...........................................................................

58‌

—‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

186

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

Sustainable

Emerging

Markets

Flexible

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,

2023.

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,

2023.

The

contractual

agreements

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

Statements

of

Operations.

For

the

six

months

ended

June

30,

2022,

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,

2023,

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

six

months

ended

June

30,

2022,

the

amounts

included

in

the

Statements

of

Operations

were

as

follows:

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in administration

fees

waived

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

—

class

specific,

respectively,

in

the

Statements

of

Operations.

For

the

six

months ended

June

30,

2022,

class

specific

expense

waivers

and/or

reimbursements were

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,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. 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.

Each

Fund

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

(i)

Strategic

Income

Opportunities

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses;

and

(ii)

if

Sustainable

Emerging

Markets

Flexible

Bond

were

to

engage

in

securities

lending,

the

Fund

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

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,

pursuant

to

the

securities

lending

agreement,

(i)

Strategic

Income

Opportunities

will

retain

for

the

remainder

of

that

calendar

year

Fund

Name

Amount

Waived

Strategic

Income

Opportunities

...............................................................................................

$

230,751‌

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Strategic

Income

Opportunities

............................................................

0.65‌%

0.90‌%

1.65‌%

N/A‌

Sustainable

Emerging

Markets

Flexible

Bond

...................................................

0.68‌

0.93‌

1.68‌

0.63‌%

Fund

Name

Fees

Waived

and/

or

Reimbursed

by

the

Manager

Administration

Fees

Waived

by

the

Manager

Sustainable

Emerging

Markets

Flexible

Bond

.............................................................

$

243,034‌

$

7,861‌

Fund

Name/Share

Class

Administration

Fees

Waived

-

Class

Specific

Transfer

Agent

Fees

Waived

and/or

Reimbursed

-

Class

Specific

Sustainable

Emerging

Markets

Flexible

Bond

Institutional

....................................................................................

$

581‌

$

1,664‌

Investor

A

.....................................................................................

535‌

5,124‌

Investor

C

.....................................................................................

29‌

761‌

Class

K

......................................................................................

2,46

3‌

63‌

$

3,60

8‌

$

7,612‌

Notes

to

Financial

Statements

(unaudited)

(continued)

187

Notes

to

Financial

Statements

securities

lending

income

in

an

amount

equal

to

81%

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;

and

(ii)

Sustainable

Emerging

Markets

Flexible

Bond

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,

2022,

Strategic

Income

Opportunities

retained

82%

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,

Strategic

Income

Opportunities

would

retain

for

the

remainder

of

that

calendar

year

85%

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

Statements

of

Operations.

For

the six

months

ended June

30,

2022,

the

Fund

paid

BIM $96,259

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

period

ended

June

30,

2022,

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

Statements

of

Operations. 

Other

Transactions:

The

Funds

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common trustees.

For

the

six

months

ended

June

30,

2022,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with affiliated

funds

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

7.

PURCHASES

AND

SALES 

For

the

six

months ended

June

30,

2022,

purchases

and

sales

of

investments,

including

paydowns

and

mortgage

dollar

rolls and

excluding

short-term

investments,

were

as

follows:

For

the

six

months ended

June

30,

2022,

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

June

30,

2022,

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’

financial

statements.

Fund

Name

Purchases

Sales

Net

Realized

Gain

(Loss)

Strategic

Income

Opportunities

............................................................

$

8,311,171‌

$

86,883,983‌

$

(7,638,102‌)

U.S.

Government

Securities

Other

Securities

Fund

Name

Purchases

Sales

Purchases

Sales

Strategic

Income

Opportunities

............................................

$

35,663,993,856‌

$

32,125,926,645‌

$

130,548,504,026‌

$

134,825,608,102‌

Sustainable

Emerging

Markets

Flexible

Bond

...................................

1,138,324‌

—‌

35,855,918‌

31,643,694‌

Fund

Name

Purchases

Sales

Strategic

Income

Opportunities

............................................................................

$

38,161,934,952‌

$

38,149,209,204‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

188

As

of

December

31,

2021, Sustainable

Emerging

Markets

Flexible

Bond

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

of

$17,512,733.

As

of

June

30,

2022, 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

a

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

Secured

Overnight

Financing

Rate

(“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

2023

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

six

months ended

June

30,

2022,

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

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

Investments

in

the

securities

of

issuers

domiciled

in

countries

with

emerging

capital

markets

involve

certain

additional

risks

that

do

not

generally

apply

to

investments

in

securities

of

issuers

in

more

developed

capital

markets,

such

as

(i)

low

or

nonexistent

trading

volume,

resulting

in

a

lack

of

liquidity

and

increased

volatility

in

prices

for

such

securities;

(ii)

uncertain

national

policies

and

social,

political

and

economic

instability,

increasing

the

potential

for

expropriation

of

assets,

confiscatory

taxation,

high

rates

of

inflation

or

unfavorable

diplomatic

developments;

(iii)

lack

of

publicly

available

or

reliable

information

about

issuers

as

a

result

of

not

being

subject

to

the

same

degree

of

regulatory

requirements

and

accounting,

auditing

and

financial

reporting

standards;

and

(iv)

possible

fluctuations

in

exchange

rates,

differing

legal

systems

and

the

existence

or

possible

imposition

of

exchange

controls,

custodial

restrictions

or

other

foreign

or

U.S.

governmental

laws

or

restrictions

applicable

to

such

investments.

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.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

Although

vaccines

have

been

developed

and

approved

for

use

by

various

governments,

the duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

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

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Strategic

Income

Opportunities

........................................

$

52,445,608,528‌

$

1,661,633,175‌

$

(5,561,685,868‌)

$

(3,900,052,693‌)

Sustainable

Emerging

Markets

Flexible

Bond

..............................

40,494,051‌

218,302‌

(6,374,204‌)

(6,155,902‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

189

Notes

to

Financial

Statements

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

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

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

each

Fund

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. 

Concentration

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 Schedule

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.

Certain

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

increase

as

interest

rates

fall

and

decrease

as

interest

rates

rise.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the

current

period

of

historically

low

rates. 

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

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

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

LIBOR.

Although

many

LIBOR

rates

ceased to

be

published

or

no

longer

are representative

of

the

underlying

market

they

seek

to

measure

after

December

31,

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain. 

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

190

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

As

of

June

30,

2022,

BlackRock

HoldCo

2,

Inc.,

an

affiliate

of

the

Funds,

owned

3,835,005

Class

K

Shares

of

Sustainable

Emerging

Markets

Flexible

Bond.

12.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

d

Six

Months

Ended

06/30/22

Year

Ended

12/31/21

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Strategic

Income

Opportunities

Institutional

Shares

sold

.............................................

743,704,984‌

$

7,329,469,417‌

1,472,981,152‌

$

15,240,643,490‌

Shares

issued

in

reinvestment

of

distributions

........................

37,692,116‌

367,430,135‌

83,787,648‌

860,340,533‌

Shares

redeemed

.........................................

(797,769,901‌)

(7,791,655,510‌)

(662,629,836‌)

(6,845,574,262‌)

(16,372,801‌)

$

(94,755,958‌)

894,138,964‌

$

9,255,409,761‌

Investor

A

Shares

sold

and

automatic

conversion

of

shares

.......................

15,768,028‌

$

154,780,427‌

46,076,725‌

$

476,723,455‌

Shares

issued

in

reinvestment

of

distributions

........................

1,345,160‌

13,107,042‌

3,883,752‌

39,912,473‌

Shares

redeemed

.........................................

(22,930,212‌)

(225,089,144‌)

(65,968,721‌)

(682,955,480‌)

(5,817,024‌)

$

(57,201,675‌)

(16,008,244‌)

$

(166,319,552‌)

Investor

C

Shares

sold

.............................................

885,940‌

$

8,728,295‌

3,870,343‌

$

40,007,465‌

Shares

issued

in

reinvestment

of

distributions

........................

128,031‌

1,245,460‌

429,917‌

4,406,103‌

Shares

redeemed

and

automatic

conversion

of

shares

...................

(4,106,558‌)

(40,242,274‌)

(8,432,541‌)

(87,132,547‌)

(3,092,587‌)

$

(30,268,519‌)

(4,132,281‌)

$

(42,718,979‌)

Class

K

Shares

sold

.............................................

129,599,156‌

$

1,265,314,670‌

328,330,819‌

$

3,400,781,505‌

Shares

issued

in

reinvestment

of

distributions

........................

11,816,461‌

115,280,831‌

27,608,311‌

283,874,039‌

Shares

redeemed

.........................................

(88,508,692‌)

(864,186,957‌)

(204,766,329‌)

(2,121,051,906‌)

52,906,925‌

$

516,408,544‌

151,172,801‌

$

1,563,603,638‌

27,624,513‌

$

334,182,392‌

1,025,171,240‌

$

10,609,974,868‌

Sustainable

Emerging

Markets

Flexible

Bond

Institutional

Shares

sold

.............................................

217,340‌

$

1,615,953‌

674,790‌

$

5,830,229‌

Shares

issued

in

reinvestment

of

distributions

........................

17,619‌

125,723‌

56,923‌

473,872‌

Shares

redeemed

.........................................

(190,601‌)

(1,379,576‌)

(2,111,192‌)

(17,402,428‌)

44,358‌

$

362,100‌

(1,379,479‌)

$

(11,098,327‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

.......................

53,775‌

$

399,194‌

148,269‌

$

1,250,381‌

Shares

issued

in

reinvestment

of

distributions

........................

18,979‌

135,075‌

29,223‌

239,763‌

Shares

redeemed

.........................................

(109,782‌)

(809,683‌)

(265,783‌)

(2,204,155‌)

(37,028‌)

$

(275,414‌)

(88,291‌)

$

(714,011‌)

Investor

C

Shares

sold

.............................................

—‌

$

—‌

2,338‌

$

19,761‌

Shares

issued

in

reinvestment

of

distributions

........................

800‌

5,710‌

1,652‌

13,611‌

Shares

redeemed

and

automatic

conversion

of

shares

...................

(7,817‌)

(57,169‌)

(34,825‌)

(288,337‌)

(7,017‌)

$

(51,459‌)

(30,835‌)

$

(254,965‌)

Class

K

Shares

sold

.............................................

4,385,094‌

$

33,641,914‌

158,728‌

$

1,293,515‌

Shares

issued

in

reinvestment

of

distributions

........................

8,477‌

64,558‌

118,412‌

984,559‌

Shares

redeemed

.........................................

(3,028,021‌)

(22,776,514‌)

(4,539,433‌)

(37,677,486‌)

1,365,550‌

$

10,929,958‌

(4,262,293‌)

$

(35,399,412‌)

1,365,863‌

$

10,965,185‌

(5,760,898‌)

$

(47,466,715‌)

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

191

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

of

Trustees

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Funds

V

(the

“Trust”)

met

on

April

14,

2022

(the

“April

Meeting”)

and

May

19-20,

2022

(the

“May

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Trust,

on

behalf

of

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

(the

“Sustainable

Emerging

Markets

Flexible

Bond

Fund”)

and

BlackRock

Strategic

Income

Opportunities

Portfolio

(the

“Strategic

Income

Opportunities

Portfolio”)

(together,

the

“Funds”

and

each,

a

“Fund”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

to

continue

the

sub-advisory

agreements

(the

“Sub-Advisory

Agreements”)

between

(1)

the

Manager

and

BlackRock

International

Limited

(“BIL”),

with

respect

to

each

Fund

and

(2)

BlackRock

(Singapore)

Limited

(“BRS”

and

together

with

BIL,

the

“Sub-Advisors”),

with

respect

to

the

Strategic

Income

Opportunities

Portfolio.

The

Manager

and

the

Sub-Advisors

are

referred

to

herein

as

“BlackRock.”

The

Advisory

Agreement

and

the

Sub-Advisory

Agreements

are

referred

to

herein

as

the

“Agreements.”

The

Approval

Process

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

considers

the

approval

of

the

continuation

of

the

Agreements

for

each

Fund

on

an

annual

basis.

The

Board

members

who

are

not

“interested

persons”

of

the

Trust,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

a

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

to

each

Fund,

including

through

the

review

of

written

materials

and

oral

presentations,

and

the

review

of

additional

information

provided

in

response

to

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

typically

extending

for

two

days,

as

well

as

additional

ad

hoc

meetings

and

executive

sessions

throughout

the

year,

as

needed.

The

committees

of

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

an

additional

one-day

meeting

to

consider

specific

information

surrounding

the

renewal

of

the

Agreements.

In

particular,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

provided

to

each

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

each

Fund’s

service

providers;

risk

management

and

oversight;

and

legal,

regulatory

and

compliance

services.

Throughout

the

year,

including

during

the

contract

renewal

process,

the

Independent

Board

Members

were

advised

by

independent

legal

counsel,

and

met

with

independent

legal

counsel

in

various

executive

sessions

outside

of

the

presence

of

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreements,

including

the

services

and

support

provided

by

BlackRock

to

each

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

the

Board

in

response

to

specific

questions

from

the

Board.

Among

the

matters

the

Board

considered

were:

(a)

investment

performance

for

one-year,

three-year,

five-year,

and/or

since

inception

periods,

as

applicable,

against

peer

funds,

relevant

benchmarks,

and

other

performance

metrics,

as

applicable,

as

well

as

BlackRock

senior

management’s

and

portfolio

managers’

analyses

of

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

each

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

each

Fund;

(d)

the

resources

devoted

to,

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

each

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

each

Fund’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services,

as

applicable;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

of

the

proxy

voting

policies

approved

by

the

Board;

(i)

execution

quality

of

portfolio

transactions;

(j)

BlackRock’s

implementation

of

each

Fund’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

paid

to

BlackRock

for

products

with

similar

investment

mandates

across

the

open-end

fund,

exchange-traded

fund

(“ETF”),

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

as

compared

to

each

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

it

creates,

along

with

investment

professionals’

investments

in

the

fund(s)

they

manage;

and

(m)

periodic

updates

on

BlackRock’s

business.

Prior

to

and

in

preparation

for

the

April

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreements.

The

Independent

Board

Members

continuously

engaged

in

a

process

with

their

independent

legal

counsel

and

BlackRock

to

review

the

nature

and

scope

of

the

information

provided

to

the

Board

to

better

assist

its

deliberations.

The

materials

provided

in

connection

with

the

April

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

on

either

a

Lipper

classification

or

Morningstar

category,

regarding

each

Fund’s

fees

and

expenses

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”)

and

the

investment

performance

of

each

Fund

as

compared

with

a

peer

group

of

funds

(“Performance

Peers”);

(b)

information

on

the

composition

of

the

Expense

Peers

and

Performance

Peers

and

a

description

of

Broadridge’s

methodology;

(c)

information

on

the

estimated

profits

realized

by

BlackRock

and

its

affiliates

pursuant

to

the

Agreements

and

a

discussion

of

fall-out

benefits

to

BlackRock

and

its

affiliates;

(d)

a

general

analysis

provided

by

BlackRock

concerning

investment

management

fees

received

in

connection

with

other

types

of

investment

products,

such

as

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts,

under

similar

investment

mandates,

as

well

as

the

performance

of

such

other

products,

as

applicable;

(e)

a

review

of

non-management

fees;

(f)

the

existence,

impact

and

sharing

of

potential

economies

of

scale,

if

any,

with

each

Fund;

(g)

a

summary

of

aggregate

amounts

paid

by

each

Fund

to

BlackRock;

(h)

sales

and

redemption

data

regarding

each

Fund’s

shares;

and

(i)

various

additional

information

requested

by

the

Board

as

appropriate

regarding

BlackRock’s

and

each

Fund’s

operations.

At

the

April

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreements

and

the

Independent

Board

Members

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

May

Meeting.

At

the

May

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b)

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c)

the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

each

Fund;

(d)

each

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

existence

and

sharing

of

potential

economies

of

scale;

(f)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

each

Fund;

and

(g)

other

factors

deemed

relevant

by

the

Board

Members.

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management,

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

Fund

portfolio

holdings.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

Board

Members

evaluated

the

information

available

to

it

on

a

fund-by-fund

basis.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

192

The

following

paragraphs

provide

more

information

about

some

of

the

primary

factors

that

were

relevant

to

the

Board’s

decision.

The

Board

Members

did

not

identify

any

particular

information,

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

and

factors

considered.

A.

Nature,

Extent

and

Quality

of

the

Services

Provided

by

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

of

services

provided

by

BlackRock,

including

the

investment

advisory

services,

and

the

resulting

performance

of

each

Fund.

Throughout

the

year,

the

Board

compared

Fund

performance

to

the

performance

of

a

comparable

group

of

mutual

funds,

relevant

benchmarks,

and

performance

metrics,

as

applicable.

The

Board

met

with

BlackRock’s

senior

management

personnel

responsible

for

investment

activities,

including

the

senior

investment

officers.

The

Board

also

reviewed

the

materials

provided

by

each

Fund’s

portfolio

management

team

discussing

each

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

number,

education

and

experience

of

investment

personnel

generally

and

each

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

technology;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

The

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

The

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

each

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

In

addition

to

investment

advisory

services,

the

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

provided

to

each

Fund.

BlackRock

and

its

affiliates

provide

each

Fund

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

each

Fund

by

third

parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

each

Fund.

In

particular,

BlackRock

and

its

affiliates

provide

each

Fund

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers

including,

among

others,

each

Fund’s

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

each

Fund,

such

as

tax

reporting,

expense

management,

fulfilling

regulatory

filing

requirements,

overseeing

each

Fund’s

distribution

partners,

and

shareholder

call

center

and

other

services.

The

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

The

Board

considered

the

operation

of

BlackRock’s

business

continuity

plans,

including

in

light

of

the

ongoing

COVID-19

pandemic.

B.

The

Investment

Performance

of

each

Fund

and

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

each

Fund

throughout

the

year

and

at

the

April

meeting.

In

preparation

for

the

April

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

each

Fund’s

performance

as

of

December

31,

2021,

as

compared

to

its

Performance

Peers.

Broadridge

ranks

funds

in

quartiles,

ranging

from

first

to

fourth,

where

first

is

the

most

desirable

quartile

position

and

fourth

is

the

least

desirable.

In

connection

with

its

review,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers.

The

Board

and

its

Performance

Oversight

Committee

regularly

review

and

meet

with

Fund

management

to

discuss

the

performance

of

each

Fund

throughout

the

year.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

The

Board

also

noted

that

while

it

found

the

data

provided

by

Broadridge

generally

useful,

it

recognized

the

limitations

of

such

data,

including

in

particular,

that

notable

differences

may

exist

between

a

fund

and

its

Performance

Peers

(for

example,

the

investment

objectives

and

strategies).

Further,

the

Board

recognized

that

the

performance

data

reflects

a

snapshot

of

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

also

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance,

and

that

a

single

investment

theme

could

have

the

ability

to

disproportionately

affect

long-term

performance.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

the

Sustainable

Emerging

Markets

Flexible

Bond

Fund

ranked

in

the

fourth,

third

and

fourth

quartiles,

respectively,

against

its

Performance

Peers.

The

Board

and

BlackRock

reviewed

the

Sustainable

Emerging

Markets

Flexible

Bond

Fund’s

underperformance

relative

to

its

Performance

Peers

during

the

applicable

periods.

The

Board

noted

that

effective

November

1,

2021,

the

Sustainable

Emerging

Markets

Flexible

Bond

Fund

had

undergone

a

change

in

its

investment

strategy,

and

in

connection

therewith,

had

changed

its

name

from

BlackRock

Emerging

Markets

Flexible

Dynamic

Bond

Portfolio

to

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund.

The

Board

considered

how

the

Sustainable

Emerging

Markets

Flexible

Bond

Fund’s

historical

performance

compared

to

the

performance

of

the

Morningstar

category

associated

with

the

Sustainable

Emerging

Markets

Flexible

Bond

Fund’s

new

investment

strategy.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

the

Strategic

Income

Opportunities

Fund

ranked

in

the

third,

first

and

first

quartiles,

respectively,

against

its

Performance

Peers.

The

Board

and

BlackRock

reviewed

the

Strategic

Income

Opportunities

Fund’s

underperformance

relative

to

its

Performance

Peers

during

the

applicable

period.

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

and

Estimated

Profits

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

each

Fund

The

Board,

including

the

Independent

Board

Members,

reviewed

each

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

The

Board

also

compared

each

Fund’s

total

expense

ratio,

as

well

as

its

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers.

The

Board

considered

the

services

provided

and

the

fees

charged

by

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

193

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

BlackRock

and

its

affiliates

to

other

types

of

clients

with

similar

investment

mandates,

as

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

by

third

parties).

The

Board

received

and

reviewed

statements

relating

to

BlackRock’s

financial

condition.

The

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

an

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

by

BlackRock

for

services

provided

to

each

Fund.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

each

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2021

compared

to

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

certain

other

U.S.

fund

complexes

managed

by

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

of

allocating

expenses

in

the

estimated

profitability

analysis,

noting

the

inherent

limitations

in

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

the

Manager,

the

types

of

funds

managed,

precision

of

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

the

individual

fund

level

is

difficult.

The

Board

noted

that,

in

general,

individual

fund

or

product

line

profitability

of

other

advisors

is

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

in

general,

compared

to

that

of

certain

other

publicly

traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

of

technology

at

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

The

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

to

attract

and

retain

high

quality

investment

management

personnel

to

perform

its

obligations

under

the

Agreements

and

to

continue

to

provide

the

high

quality

of

services

that

is

expected

by

the

Board.

The

Board

further

considered

factors

including

but

not

limited

to

BlackRock’s

commitment

of

time,

assumption

of

risk,

and

liability

profile

in

servicing

each

Fund,

including

in

contrast

to

what

is

required

of

BlackRock

with

respect

to

other

products

with

similar

investment

mandates

across

the

open-end

fund,

ETF,

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable.

The

Board

noted

that

the

Sustainable

Emerging

Markets

Flexible

Bond

Fund’s

contractual

management

fee

rate

ranked

in

the

second

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile,

relative

to

the

Sustainable

Emerging

Markets

Flexible

Bond

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Sustainable

Emerging

Markets

Flexible

Bond

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Sustainable

Emerging

Markets

Flexible

Bond

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Sustainable

Emerging

Markets

Flexible

Bond

Fund

were

to

decrease,

the

Sustainable

Emerging

Markets

Flexible

Bond

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Sustainable

Emerging

Markets

Flexible

Bond

Fund’s

total

expenses

as

a

percentage

of

the

Sustainable

Emerging

Markets

Flexible

Bond

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

The

Board

noted

that

the

Strategic

Income

Opportunities

Fund’s

contractual

management

fee

rate

ranked

in

the

second

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile,

relative

to

the

Strategic

Income

Opportunities

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Strategic

Income

Opportunities

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Strategic

Income

Opportunities

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Strategic

Income

Opportunities

Fund

were

to

decrease,

the

Strategic

Income

Opportunities

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Strategic

Income

Opportunities

Fund’s

total

expenses

as

a

percentage

of

the

Strategic

Income

Opportunities

Fund’s

average

daily

net

assets

on

a

class-by-class

basis,

as

applicable.

D.

Economies

of

Scale

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

each

Fund

increase,

including

the

existence

of

fee

waivers

and/or

expense

caps,

as

applicable,

noting

that

any

contractual

fee

waivers

and

contractual

expense

caps

had

been

approved

by

the

Board.

In

its

consideration,

the

Board

further

considered

the

continuation

and/or

implementation

of

fee

waivers

and/or

expense

caps,

as

applicable.

The

Board

also

considered

the

extent

to

which

each

Fund

benefits

from

such

economies

of

scale

in

a

variety

of

ways,

and

whether

there

should

be

changes

in

the

advisory

fee

rate

or

breakpoint

structure

in

order

to

enable

each

Fund

to

more

fully

participate

in

these

economies

of

scale.

The

Board

considered

each

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

each

Fund,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

each

Fund,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

to

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

by

soft

dollars

generated

by

certain

registered

fund

transactions

to

assist

in

managing

all

or

a

number

of

its

other

client

accounts.

In

connection

with

its

consideration

of

the

Agreements,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

of

the

open-end

fund

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

each

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

each

Fund.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

194

Conclusion

At

the

May

Meeting,

as

a

result

of

the

discussions

that

occurred

during

the

April

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board,

including

the

Independent

Board

Members,

approved,

by

unanimous

vote

of

those

present,

the

continuation

of

the

Advisory

Agreement

between

the

Manager

and

the

Trust,

on

behalf

of

each

Fund,

for

a

one-year

term

ending

June

30,

2023,

and

the

Sub-Advisory

Agreements

between

(1)

the

Manager

and

BIL,

with

respect

to

each

Fund,

and

(2)

the

Manager

and

BRS,

with

respect

to

the

Strategic

Income

Opportunities

Fund,

for

a

one-year

term

ending

June

30,

2023.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Agreements

were

fair

and

reasonable

and

in

the

best

interest

of

each

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreements,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

also

assisted

by

the

advice

of

independent

legal

counsel

in

making

this

determination.

Additional

Information

195

Additional

Information

Regulation

Regarding

Derivatives

On

October

28,

2020,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted regulations

governing

the

use

of

derivatives

by

registered

investment

companies

(“Rule

18f-4”).

The

Funds

will

be

required

to

implement

and

comply

with

Rule

18f-4

by

August

19, 2022.

Once

implemented,

Rule

18f-4

will

impose

limits

on

the

amount

of

derivatives

a

fund

can

enter

into,

eliminate

the

asset

segregation

framework

currently

used

by

funds

to

comply

with

Section

18

of

the

1940

Act,

treat

derivatives

as

senior

securities

and

require

funds

whose

use

of

derivatives

is

more

than

a

limited

specified

exposure

amount

to

establish

and

maintain

a

comprehensive

derivatives

risk

management

program

and

appoint

a

derivatives

risk

manager.

General

Information 

Quarterly

performance,

se

mi-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.

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.

Additional

Information

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

196

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

(a)

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.

(a)

New

York,

NY

10179

Brown

Brothers

Harriman

&

Co.

(b)

Boston,

MA

02109

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

Legal

Counsel

Willkie

Farr

&

Gallagher

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

(a)

For

BlackRock

Strategic

Income

Opportunities

Portfolio.

(b)

For

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund.

Glossary

of

Terms

Used

in

this

Report

197

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

ARS

Argentine

Peso

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

DKK

Danish

Krone

EUR

Euro

GBP

British

Pound

GHS

Ghanaian

Cedi

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

PHP

Philippine

Peso

PLN

Polish

Zloty

RON

Romanian

Leu

RUB

New

Russian

Ruble

SEK

Swedish

Krona

THB

Thai

Baht

TRY

Turkish

Lira

TWD

Taiwan

New

Dollar

UAH

Ukrainian

Hryvnia

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviation

ABS

Asset-Backed

Security

ADR

American

Depositary

Receipts

BA

Canadian

Bankers

Acceptances

BUBOR

Budapest

Interbank

Offered

Rate

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CDO

Collateralized

Debt

Obligation

CDI

Crest

Depository

Interests

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CNREPOFI

Day

China

Fixing

Repo

Rates

COP

Certificates

of

Participation

CSMC

Credit

Suisse

Mortgage

Capital

CWABS

Countrywide

Asset-Backed

Certificates

DAC

Designated

Activity

Company

ESG

Environmental,

Social

And

Governance

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GO

General

Obligation

Bonds

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

RB

Revenue

Bonds

REMIC

Real

Estate

Mortgage

Investment

Conduit

S&P

Standard

&

Poor's

SCA

Svenska

Cellulosa

Aktiebolaget

SONIA

Sterling

Overnight

Interbank

Average

Rate

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

TBA

To-be-announced

TONAR

Tokyo

Overnight

Average

Rate

VRDN

Variable

Rate

Demand

Notes

WIBOR

Warsaw

Interbank

Offered

Rate

WTI

West

Texas

Intermediate

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-6/22-SAR

Item 2 –  Code of Ethics – Not Applicable to this semi-annual report

Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –  Audit Committee of Listed Registrants – 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 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report

              (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: August 19, 2022

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: August 19, 2022

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds V

Date: August 19, 2022