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

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 12/31/2023

Date of reporting period: 06/30/2023

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

June

30,

2023

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2023

Semi-Annual

Report

(Unaudited)

BlackRock

Funds

V

BlackRock

Strategic

Income

Opportunities

Portfolio

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Dear

Shareholder,

Despite

an

uncertain

economic

landscape

during

the

12-month

reporting

period

ended

June

30,

2023,

the

resilience

of

the

U.S.

economy

in

the

face

of

ever

tighter

financial

conditions

provided

an

encouraging

backdrop

for

investors.

Inflation

remained

elevated

as

labor

costs

grew

rapidly

and

unemployment

rates

reached

the

lowest

levels

in

decades.

However,

inflation

moderated

substantially

as

the

period

continued,

while

ongoing

strength

in

consumer

spending

backstopped

the

economy.

Equity

returns

were

strong,

as

continued

job

growth

eased

investors’

concerns

about

the

economy’s

durability.

The

U.S.

economy

resumed

growth

in

the

third

quarter

of

2022

and

continued

to

expand

thereafter.

Most

major

classes

of

equities

advanced

significantly,

including

large-

and

small-capitalization

U.S.

stocks

and

international

equities

from

developed

markets.

Emerging

market

equities

also

gained,

although

at

a

substantially

slower

pace,

pressured

by

high

interest

rates

and

falling

commodities

prices.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

although

high-yield

corporate

bond

prices

fared

significantly

better

than

investment-

grade

bonds

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

has

been

more

persistent

than

expected,

raised

interest

rates

seven

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

However,

the

Fed

declined

to

raise

interest

rates

at

its

June

2023

meeting,

which

made

it

the

first

meeting

without

a

rate

increase

since

the

tightening

cycle

began

in

early

2022.

Supply

constraints

have

become

an

embedded

feature

of

the

new

macroeconomic

environment,

making

it

difficult

for

developed

economies

to

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

an

aging

population

exacerbate

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes

and

most

recently

opted

for

a

pause,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

to

keep

inflation

under

control.

Furthermore,

ongoing

structural

changes

may

mean

that

the

Fed

will

be

hesitant

to

cut

interest

rates

in

the

event

of

faltering

economic

activity

lest

inflation

accelerate

again.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt.

While

we

favor

an

overweight

to

developed

market

equities

in

the

long

term,

we

prefer

an

underweight

stance

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

macroeconomic

constraints.

Nevertheless,

we

are

overweight

on

emerging

market

stocks

in

the

near-term

as

growth

trends

for

emerging

markets

appear

brighter.

We

also

believe

that

stocks

with

an

A.I.

tilt

should

benefit

from

an

investment

cycle

that

is

set

to

support

revenues

and

margins.

We

are

neutral

on

credit

overall

amid

tightening

credit

and

financial

conditions,

however

there

are

selective

opportunities

in

the

near

term.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

attractive

investments

in

short-term

U.S.

Treasuries,

U.S.

inflation-linked

bonds,

U.S.

mortgage-backed

securities,

and

emerging

market

bonds

denominated

in

local

currency.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

June

30,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

16.89%

19.59%

U.S.

small

cap

equities

(Russell

2000

®

Index)

8.09

12.31

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

11.67

18.77

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

4.89

1.75

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.25

3.60

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

1.70

(3.97)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

2.09

(0.94)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

2.67

3.19

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

5.38

9.07

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi-Annual

Report:

Fund

Summary

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

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

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

150

Statements

of

Operations

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

153

Statements

of

Changes

in

Net

Assets

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

155

Financial

Highlights

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

156

Notes

to

Financial

Statements

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

164

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

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

183

Additional

Information

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

187

Glossary

of

Terms

Used

in

this

Report

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

189

Fund

Summary

as

of

June

30,

2023

2023

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.

On

June

1,

2023,

the

Board

of

Trustees

of

BlackRock

Multi-Sector

Opportunities

Trust

II

(the

“Target

Fund”)

and

the

Board

of

Trustees

of

BlackRock

Funds

V,

on

behalf

of

the

Fund,

each

approved

the

reorganization

of

the

Target

Fund

into

the

Fund.

Subject

to

approval

by

the

Target

Fund's

shareholders,

the

reorganization

is

expected

to

occur

during

the

fourth

quarter

of

2023.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

June

30,

2023,

the

Fund’s

Institutional

Share

Class

returned

2.03%,

the

Investor

A

Shares

returned

1.91%,

the

Investor

C

Shares

returned

1.54%,

and

the

Class

K

Shares

returned

2.08%.

For

the

same

period,

the

Bloomberg

U.S.

Universal

Index

returned

2.32%

and

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

returned

2.25%.

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.

Positioning

across

global

interest

rate

and

currency

markets

weighed

on

return

relative

to

the

benchmark

for

the

period.

The

Fund’s

U.S.

positioning

with

respect

to

duration

and

corresponding

interest

rate

sensitivity

detracted

from

performance

as

well

as

the

short

end

of

the

Treasury

yield

curve

finished

the

period

higher.

Positive

contributions

with

respect

to

the

Fund’s

performance

were

driven

by

allocations

to

securitized

assets,

U.S.

investment

grade

and

high

yield

corporate

bonds

and

European

corporate

credit.

The

Fund’s

absolute

return

strategies

also

proved

additive.

The

Fund’s

use

of

derivatives

detracted

modestly

to

performance

over

the

period.

Describe

recent

portfolio

activity.

Throughout

the

first

quarter

of

2023,

after

tactically

reducing

duration

in

January

2023,

primarily

in

the

front-end

of

the

yield

curve,

the

Fund

added

duration

further

out

the

curve

given

more

balanced

risk/reward

levels.

The

Fund

lowered

its

risk

profile

slightly

in

February

2023,

reducing

U.S.

investment

grade

and

high

yield

credit

exposures

as

spreads

became

less

attractive,

while

adding

to

agency

mortgage-backed

securities

(“MBS”)

given

the

sector’s

favorable

interest

rate

risk

profile.

Outside

the

United

States,

the

Fund

continued

to

increase

its

long

European

sovereign

position,

particularly

within

the

United

Kingdom

given

attractive

currency-hedged

yields.

The

Fund

also

tactically

increased

exposure

to

emerging

market

debt

in

local

rate

and

select

hard

currency

markets.

In

the

second

quarter

of

2023,

the

Fund’s

duration

was

increased,

particularly

in

the

front

and

belly

of

the

yield

curve,

on

the

view

that

inflation

would

continue

to

ease

more

rapidly

than

the

market

expects

and

that

the

Fed

is

getting

closer

to

a

pause

in

its

rate

hiking

cycle.

The

Fund

also

continued

to

increase

its

sensitivity

to

changes

in

credit

spreads

by

selectively

adding

to

global

investment

grade

corporate

bonds,

particularly

within

defensive

sectors,

as

spreads

appeared

attractive.

The

Fund

also

steadily

increased

its

agency

MBS

position

given

attractive

relative

valuations.

In

addition,

the

Fund

opportunistically

added

to

U.S.

high

yield

corporate

bonds

while

maintaining

a

cautious

stance

with

respect

to

lower

quality

issues

within

the

asset

class.

Outside

the

United

States,

the

Fund

trimmed

its

weighting

to

European

sovereign

bonds,

particularly

within

the

United

Kingdom,

while

continuing

to

selectively

increase

the

emerging

markets

debt

allocation.

Describe

portfolio

positioning

at

period

end.

At

reporting

period

end,

the

Fund’s

duration

was

near

the

high

end

of

its

historical

range,

with

a

slight

tilt

toward

the

front

and

belly

of

the

yield

curve.

The

Fund

favored

investment

grade

corporate

bonds,

agency

MBS

and

securitized

credit

for

high

quality

U.S.

asset

exposure.

The

Fund

also

maintained

an

allocation

to

U.S.

high

yield

corporate

bonds.

Outside

the

United

States,

the

Fund

had

allocations

to

European

sovereign

bonds

and

emerging

markets

debt,

most

notably

local

rates

in

Mexico

and

Brazil

along

with

select

hard

currency

bonds.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

June

30,

2023

(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

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

5.34‌%

5.33‌%

2.03‌%

1.82‌%

N/A‌

2.30‌%

N/A‌

2.59‌%

N/A‌

Investor

A

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

4.88‌

4.87‌

1.91‌

1.55‌

(2.51‌)%

2.01‌

1.18‌%

2.30‌

1.88‌%

Investor

C

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

4.36‌

4.35‌

1.54‌

0.93‌

(0.03‌)

1.31‌

1.31‌

1.70‌

1.70‌

Class

K

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

5.43‌

5.43‌

2.08‌

1.91‌

N/A‌

2.41‌

N/A‌

2.67‌

N/A‌

Bloomberg

U.S.

Universal

Index

(c)

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

—‌

—‌

2.32‌

(0.04‌)

N/A‌

0.98‌

N/A‌

1.80‌

N/A‌

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(d)

.....

—‌

—‌

2.25‌

3.59‌

N/A‌

1.55‌

N/A‌

0.98‌

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

Interest

Expense

Excluding

Interest

Expense

Annualized

Expense

Ratio

Beginning

Account

Value

(01/01/23)

Ending

Account

Value

(06/30/23)

Including

Interest

Expense

(a)

Excluding

Interest

Expense

(a)

Beginning

Account

Value

(01/01/23)

Ending

Account

Value

(06/30/23)

Expenses

Paid

During

the

Period

(a)

Ending

Account

Value

(06/30/23)

Expenses

Paid

During

the

Period

(a)

Including

Interest

Expense

Excluding

Interest

Expense

Institutional

....

$

1,000.00‌

$

1,020.30‌

$

3.76‌

$

3.11‌

$

1,000.00‌

$

1,021.08‌

$

3.76‌

$

1,021.72‌

$

3.11‌

0.75‌%

0.62‌%

Investor

A

.....

1,000.00‌

1,019.10‌

4.96‌

4.31‌

1,000.00‌

1,019.89‌

4.96‌

1,020.53‌

4.31‌

0.99‌

0.86‌

Investor

C

.....

1,000.00‌

1,015.40‌

8.59‌

7.95‌

1,000.00‌

1,016.27‌

8.60‌

1,016.91‌

7.95‌

1.72‌

1.59‌

Class

K

......

1,000.00‌

1,020.80‌

3.26‌

2.61‌

1,000.00‌

1,021.57‌

3.26‌

1,022.22‌

2.61‌

0.65‌

0.52‌

(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

one-half

year

period

shown).

Fund

Summary

as

of

June

30,

2023

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

6

BlackRock

Strategic

Income

Opportunities

Portfolio

Portfolio

Information

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

Corporate

Bonds

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

28.3‌

%

U.S.

Government

Sponsored

Agency

Securities

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

24.8‌

Asset-Backed

Securities

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

12.4‌

U.S.

Treasury

Obligations

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

9.7‌

Foreign

Government

Obligations

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

8.0‌

Non-Agency

Mortgage-Backed

Securities

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

6.8‌

Floating

Rate

Loan

Interests

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

3.1‌

Investment

Companies

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

2.4‌

Common

Stocks

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

1.3‌

Municipal

Bonds

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

1.1‌

Foreign

Agency

Obligations

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

1.1‌

Preferred

Securities

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

1.0‌

Warrants

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

0.0‌

(b)

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(c)

Percent

of

Total

Investments

(a)

AAA/

Aaa

(d)

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

46.8‌

%

AA/Aa

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

3.3‌

A

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

11.4‌

BBB/Baa

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

14.1‌

BB/Ba

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

6.6‌

B

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

4.6‌

CCC/

Caa

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

0.6‌

CC/Ca

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

0.4‌

C

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

0.2‌

D

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

0.0‌

(b)

NR

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

12.0‌

(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,

2023

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,

2023,

all

of

the

Fund’s

share

classes

outperformed

its

reference

benchmark,

a

custom

blend

of

50%

J.P.

Morgan

GBI-EM

Global

Diversified

Index/50%

J.P.

Morgan

EMBI

Global

Diversified

Index,

with

the

exception

of

the

Fund’s

Investor

C

shares,

which

underperformed.

What

factors

influenced

performance?

The

Fund’s

overweight

in

local

currency

sovereign

bonds

in

countries

such

as

Colombia,

Mexico

and

Brazil

were

key

contributors

to

performance.

The

investment

adviser

believed

bonds

in

Latin

America

would

start

to

price

in

the

beginning

of

central

banks’

interest

rate

cuts

following

softer

inflation

data.

A

long

position

in

the

Czech

Republic,

which

the

investment

adviser

believed

had

one

of

the

purest

disinflation

stories

in

Europe,

was

an

additional

contributor

of

note.

With

respect

to

hard

currency

sovereign

issues,

lower-rated

securities

generally

made

the

largest

contributions

to

performance.

An

overweight

in

Ukraine,

which

rallied

after

the

country’s

GDP

exceeded

expectations,

was

the

most

notable

contributor.

The

Fund’s

active

duration

management

strategies,

achieved

in

part

through

the

use

of

U.S.

Treasury

and

German

bund

futures,

further

contributed.

With

this

said,

the

Fund

was

generally

underweight

duration

relative

to

the

index.

(Duration

is

a

measure

of

interest

rate

sensitivity.)

The

Fund’s

currency

positioning,

which

it

achieved

through

the

use

of

derivatives,

was

the

primary

detractor.

The

largest

adverse

effect

came

from

a

long

in

the

Japanese

Yen,

which

the

Fund

held

as

a

way

to

manage

volatility

given

that

the

currency

typically

performs

well

when

“risk-off”

sentiment

is

pervasive.

Overweights

in

the

South

African

Rand

and

Thai

Baht

detracted,

as

well.

In

the

local-currency

bond

space,

underweights

in

Thailand

and

Malaysia

detracted.

The

Fund’s

efforts

to

manage

risk

through

positions

in

index

credit

default

swaps

was

another

modest

detractor.

The

Fund’s

cash

position

did

not

materially

impact

performance.

Describe

recent

portfolio

activity.

At

the

beginning

of

the

reporting

period,

the

investment

adviser

participated

in

select

new

issues—including

Mexico,

Romania,

Bulgaria

and

hard-currency

sovereign

bonds—to

enhance

the

portfolio’s

yield

and

increase

its

risk

profile.

The

team

also

took

advantage

of

the

banking

crisis

in

the

United

States

and

Europe

to

add

further

to

higher-conviction

positions

as

the

market

repriced

lower.

During

the

second

half

of

the

period,

the

investment

adviser

used

market

strength

to

pare

back

on

the

Fund’s

risk

profile

as

its

medium-term

view

turned

cautious

due

to

the

potential

for

a

slowing

global

economy.

It

also

shifted

to

more

liquid

currencies

(those

where

positions

can

be

reduced

more

rapidly).

In

local

currency

bonds,

it

added

to

long

positions

in

Brazil,

Czech

Republic,

Indonesia,

and

Mexico,

and

it

reduced

the

position

in

South

Africa.

As

global

yields

rose

late

in

the

period

on

hopes

of

a

U.S.

debt

ceiling

deal,

the

investment

adviser

kept

duration

constant

while

taking

down

credit

risk

through

reductions

in

high-yield

countries

such

as

Brazil,

Dominican

Republic,

and

Jordan.

Describe

portfolio

positioning

at

period

end.

The

Fund’s

largest

overweights

were

in

the

Czech

Republic,

Colombia,

Mexico

and

South

Africa,

while

China,

Thailand

and

Malaysia

were

its

largest

underweights.

The

Fund’s

beta

(risk

profile)

was

marginally

lower

than

the

benchmark,

and

its

modified

duration

was

0.74

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,

2023

(continued)

2023

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

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

6.66‌%

5.67‌%

6.32‌%

9.07‌%

N/A‌

0.17‌%

N/A‌

1.31‌%

N/A‌

Investor

A

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

6.16‌

5.10‌

6.19‌

8.80‌

4.45‌%

(0.03‌)

(0.85‌)%

1.05‌

0.64‌%

Investor

C

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

5.66‌

4.46‌

5.79‌

7.99‌

6.99‌

(0.78‌)

(0.78‌)

0.43‌

0.43‌

Class

K

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

6.71‌

5.77‌

6.34‌

9.12‌

N/A‌

0.24‌

N/A‌

1.37‌

N/A‌

J.P.

Morgan

GBI-EM

Global

Diversified

Index

(c)

........

—‌

—‌

7.79‌

11.38‌

N/A‌

0.29‌

N/A‌

(0.56‌)

N/A‌

J.P.

Morgan

EMBI

Global

Diversified

Index

(d)

........

—‌

—‌

4.09‌

7.39‌

N/A‌

0.55‌

N/A‌

2.82‌

N/A‌

50%

J.P.

Morgan

GBI-EM

Global

Diversified

Index/50%

J.P.

Morgan

EMBI

Global

Diversified

Index

(e)

........

—‌

—‌

5.94‌

9.41‌

N/A‌

0.47‌

N/A‌

1.18‌

N/A‌

J.P.

Morgan

ESG

GBI-EM

Global

Diversified

Index

(f)

...

—‌

—‌

8.87‌

13.24‌

N/A‌

0.79‌

N/A‌

(0.36‌)

N/A‌

J.P.

Morgan

ESG

EMBI

Global

Diversified

Index

(g)

........

—‌

—‌

3.91‌

6.82‌

N/A‌

0.42‌

N/A‌

2.84‌

N/A‌

50%

J.P.

Morgan

ESG

GBI-EM

Global

Diversified

Index/50%

J.P.

Morgan

ESG

EMBI

Global

Diversified

Index

(h)

........

—‌

—‌

6.38‌

10.03‌

N/A‌

0.45‌

N/A‌

1.19‌

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

December

31,

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.”

(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

Index.

(g)

An

index

tracking

liquid,

U.S.

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.

(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.

Fund

Summary

as

of

June

30,

2023

(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

(a)

Excludes

short-term

securities

and

options

purchased.

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(01/01/23)

Ending

Account

Value

(06/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(01/01/23)

Ending

Account

Value

(06/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

1,063.20‌

$

3.48‌

$

1,000.00‌

$

1,021.42‌

$

3.41‌

0.68‌%

Investor

A

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

1,000.00‌

1,061.90‌

4.75‌

1,000.00‌

1,020.18‌

4.66‌

0.93‌

Investor

C

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

1,000.00‌

1,057.90‌

8.57‌

1,000.00‌

1,016.46‌

8.40‌

1.68‌

Class

K

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

1,000.00‌

1,063.40‌

3.22‌

1,000.00‌

1,021.67‌

3.16‌

0.63‌

(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

one-half

year

period

shown).

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

Foreign

Government

Obligations

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

88.9‌

%

U.S.

Treasury

Obligations

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

9.2‌

Corporate

Bonds

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

1.9‌

GEOGRAPHIC

ALLOCATION

—

%

—

%

Country/Geographic

Region

Percent

of

at

Total

Investments

(a)

—

—

Mexico

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

11.1‌

%

United

States

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

9.2‌

South

Africa

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

7.5‌

Czech

Republic

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

7.1‌

Brazil

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

6.7‌

Colombia

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

6.3‌

Hungary

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

4.5‌

Indonesia

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

3.8‌

Chile

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

3.6‌

Poland

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

3.4‌

Saudi

Arabia

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

3.2‌

Romania

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

2.9‌

Malaysia

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

2.2‌

Oman

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

2.1‌

China

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

2.0‌

Panama

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

1.8‌

Qatar

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

1.6‌

Peru

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

1.6‌

Ukraine

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

1.4‌

Dominican

Republic

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

1.4‌

Egypt

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

1.3‌

Turkey

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

1.2‌

Philippines

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

1.2‌

United

Arab

Emirates

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

1.1‌

Guatemala

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

1.0‌

Other

(b)

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

10.8‌

—

—

(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

2023

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.  

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

most

recent

month-end.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Figures

shown

in

the

performance

table(s) assume

reinvestment

of

all

distributions,

if

any,

at

NAV

on

the

ex-dividend

date

or

payable

date,

as

applicable.

Investment

return

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Distributions

paid

to

each

class

of

shares

will

vary

because

of

the

different

levels

of

service,

distribution

and

transfer

agency

fees

applicable

to

each

class,

which

are

deducted

from

the

income

available

to

be

paid

to

shareholders. 

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

adviser,

has

contractually

and/or

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

each

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

each

Fund’s

performance

would

have

been

lower.

With

respect

to

each

Fund’s

voluntary

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

waive

and/or

reimburse

or

to

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

be

reduced

or

discontinued

at

any

time. With

respect

to

each

Fund’s

contractual

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

of

such agreement.

See

the

Notes

to

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.

Pursuant

to

Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Funds

must

either

use

derivative

financial

instruments

with

embedded

leverage

in

a

limited

manner

or

comply

with

an

outer

limit

on

fund

leverage

risk

based

on

value-at-risk. The

Funds’

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation a

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Funds’

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

Bermuda

—

0.1%

(a)(b)

BPCRE

Ltd.,

Series

2022-FL2,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

7.49%,

01/16/37

.

USD

10,398

$

10,336,521

RR

24

Ltd.,

Series

2022-24A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

7.39%,

01/15/32

.

14,432

14,516,051

24,852,572

Canada

—

0.1%

Fairstone

Financial

Issuance

Trust

I

(a)

Series

2020-1A,

Class

A,

2.51%,

10/20/39

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

CAD

13,510

9,724,141

Series

2020-1A,

Class

B,

3.74%,

10/20/39

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

18,261

12,963,208

Series

2020-1A,

Class

C,

5.16%,

10/20/39

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

2,125

1,451,047

24,138,396

Cayman

Islands

—

6.8%

522

Funding

CLO

Ltd.

(a)(b)

Series

2019-4A,

Class

CR,

(3-mo.

LIBOR

USD

at

2.40%

Floor

+

2.40%),

7.65%,

04/20/30

....

USD

500

496,237

Series

2019-4A,

Class

DR,

(3-mo.

LIBOR

USD

at

3.65%

Floor

+

3.65%),

8.90%,

04/20/30

....

3,500

3,344,720

ACAS

CLO

Ltd.

(a)(b)

Series

2015-1A,

Class

AR3,

(3-mo.

LIBOR

USD

at

0.89%

Floor

+

0.89%),

6.15%,

10/18/28

....

3,128

3,103,474

Series

2015-1A,

Class

BRR,

(3-mo.

LIBOR

USD

+

1.60%),

6.86%,

10/18/28

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

500

489,468

Series

2015-1A,

Class

CRR,

(3-mo.

LIBOR

USD

+

2.20%),

7.46%,

10/18/28

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

3,690

3,596,986

AGL

CLO

3

Ltd.,

Series

2020-3A,

Class

D,

(3-mo.

LIBOR

USD

at

3.30%

Floor

+

3.30%),

8.56%,

01/15/33

(a)(b)

375

354,056

AGL

CLO

5

Ltd.,

Series

2020-5A,

Class

A2R,

(3-mo.

LIBOR

USD

at

1.40%

Floor

+

1.40%),

6.65%,

07/20/34

(a)(b)

390

373,722

AGL

CLO

9

Ltd.,

Series

2020-9A,

Class

E,

(3-mo.

LIBOR

USD

at

7.26%

Floor

+

7.26%),

12.51%,

01/20/34

(a)

(b)

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

970

918,442

AIMCO

CLO

(a)(b)

Series

2015-AA,

Class

X,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.21%,

10/17/34

....

1,750

1,742,467

Series

2018-BA,

Class

AR,

(3-mo.

LIBOR

USD

at

1.10%

Floor

+

1.10%),

6.36%,

01/15/32

....

2,000

1,988,231

AIMCO

CLO

14

Ltd.,

Series

2021-14A,

Class

SUB,

0.00%,

04/20/34

(a)(b)

..

20,000

14,427,460

Allegro

CLO

II-S

Ltd.

(a)(b)

Series

2014-1RA,

Class

B,

(3-mo.

LIBOR

USD

at

2.15%

Floor

+

2.15%),

7.41%,

10/21/28

....

2,740

2,705,701

Series

2014-1RA,

Class

C,

(3-mo.

LIBOR

USD

at

3.00%

Floor

+

3.00%),

8.26%,

10/21/28

....

7,480

7,069,545

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Allegro

CLO

IV

Ltd.,

Series

2016-1A,

Class

BR2,

(3-mo.

LIBOR

USD

at

1.55%

Floor

+

1.55%),

6.81%,

01/15/30

(a)(b)

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

USD

1,630

$

1,599,949

Allegro

CLO

V

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.21%,

10/16/30

(a)(b)

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

3,694

3,654,705

Allegro

CLO

VI

Ltd.,

Series

2017-2A,

Class

A,

(3-mo.

LIBOR

USD

at

1.13%

Floor

+

1.13%),

6.39%,

01/17/31

(a)(b)

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

1,309

1,295,072

Allegro

CLO

VII

Ltd.,

Series

2018-1A,

Class

A,

(3-mo.

LIBOR

USD

at

1.10%

Floor

+

1.10%),

6.36%,

06/13/31

(a)(b)

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

3,500

3,465,114

Allegro

CLO

VIII

Ltd.

(a)(b)

Series

2018-2A,

Class

A,

(3-mo.

LIBOR

USD

at

1.10%

Floor

+

1.10%),

6.36%,

07/15/31

....

19,500

19,304,657

Series

2018-2A,

Class

B1,

(3-mo.

LIBOR

USD

at

1.67%

Floor

+

1.67%),

6.93%,

07/15/31

....

500

492,670

Allegro

CLO

XI

Ltd.,

Series

2019-2A,

Class

C,

(3-mo.

LIBOR

USD

at

3.00%

Floor

+

3.00%),

8.26%,

01/19/33

(a)(b)

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

560

559,073

ALM

Ltd.

(a)(b)

Series

2020-1A,

Class

A2,

(3-mo.

LIBOR

USD

+

1.85%),

7.11%,

10/15/29

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

12,790

12,662,538

Series

2020-1A,

Class

B,

(3-mo.

LIBOR

USD

+

2.00%),

7.26%,

10/15/29

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

500

487,891

ALM

VII

Ltd.,

Series

2012-7A,

Class

SUB,

0.00%,

10/15/16

(a)(b)

......

12,160

3,526

AMMC

CLO

21

Ltd.,

Series

2017-

21A,

Class

A,

(3-mo.

LIBOR

USD

at

1.25%

Floor

+

1.25%),

6.55%,

11/02/30

(a)(b)

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

1,671

1,661,885

AMMC

CLO

XIII

Ltd.,

Series

2013-13A,

Class

A1R2,

(3-mo.

LIBOR

USD

+

1.05%),

6.32%,

07/24/29

(a)(b)

....

2,379

2,367,820

Anchorage

Capital

CLO

3-R

Ltd.

(a)(b)

Series

2014-3RA,

Class

A,

(3-mo.

LIBOR

USD

at

1.05%

Floor

+

1.05%),

6.32%,

01/28/31

....

2,788

2,760,350

Series

2014-3RA,

Class

B,

(3-mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.77%,

01/28/31

....

9,800

9,640,597

Anchorage

Capital

CLO

4-R

Ltd.,

Series

2014-4RA,

Class

C,

(3-mo.

LIBOR

USD

at

1.85%

Floor

+

1.85%),

7.12%,

01/28/31

(a)(b)

..........

1,500

1,427,994

Anchorage

Capital

CLO

5-R

Ltd.

(a)(b)

Series

2014-5RA,

Class

B,

(3-mo.

LIBOR

USD

at

1.45%

Floor

+

1.45%),

6.71%,

01/15/30

....

16,585

16,476,289

Series

2014-5RA,

Class

C,

(3-mo.

LIBOR

USD

at

1.85%

Floor

+

1.85%),

7.11%,

01/15/30

.....

5,245

5,113,201

Anchorage

Capital

CLO

6

Ltd.,

Series

2015-6A,

Class

ARR,

(3-mo.

LIBOR

USD

at

1.05%

Floor

+

1.05%),

6.31%,

07/15/30

(a)(b)

..........

6,332

6,251,465

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Anchorage

Capital

CLO

7

Ltd.

(a)(b)

Series

2015-7A,

Class

AR2,

(3-mo.

LIBOR

USD

at

1.09%

Floor

+

1.09%),

6.36%,

01/28/31

....

USD

14,305

$

14,197,771

Series

2015-7A,

Class

BR2,

(3-mo.

LIBOR

USD

at

1.75%

Floor

+

1.75%),

7.02%,

01/28/31

....

8,000

7,831,500

Series

2015-7A,

Class

D1R2,

(3-mo.

LIBOR

USD

at

3.50%

Floor

+

3.50%),

8.77%,

01/28/31

....

8,610

8,124,007

Anchorage

Capital

CLO

Ltd.

(a)(b)

Series

2013-1A,

Class

A1R,

(3-mo.

LIBOR

USD

+

1.25%),

6.49%,

10/13/30

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

2,822

2,805,109

Series

2013-1A,

Class

A2R,

(3-mo.

LIBOR

USD

+

1.65%),

6.89%,

10/13/30

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

3,680

3,656,600

Series

2013-1A,

Class

BR,

(3-mo.

LIBOR

USD

+

2.15%),

7.39%,

10/13/30

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

1,160

1,136,798

Series

2013-1A,

Class

CR,

(3-mo.

LIBOR

USD

+

3.20%),

8.44%,

10/13/30

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

1,583

1,531,553

Series

2014-5RA,

Class

A,

(3-mo.

LIBOR

USD

at

0.99%

Floor

+

0.99%),

6.25%,

01/15/30

....

419

416,503

Series

2018-1RA,

Class

A1,

(3-mo.

LIBOR

USD

at

0.99%

Floor

+

0.99%),

6.23%,

04/13/31

....

6,650

6,596,565

Anchorage

Credit

Funding

3

Ltd.

(a)

Series

2016-3A,

Class

A1R,

2.87%,

01/28/39

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

6,000

5,239,566

Series

2016-3A,

Class

SUBR,

0.00%,

01/28/39

(b)(c)

........

7,500

4,822,500

Anchorage

Credit

Funding

Ltd.,

Series

2021-14A,

Class

SUB,

0.00%,

01/21/40

(a)(b)

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

10,000

6,978,000

Apidos

CLO

XII,

Series

2013-12A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.08%

Floor

+

1.08%),

6.34%,

04/15/31

(a)(b)

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

22,250

22,136,808

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(3-mo.

LIBOR

USD

at

1.01%

Floor

+

1.01%),

6.26%,

04/20/31

(a)(b)

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

4,630

4,594,417

Apidos

CLO

XVIII,

Series

2018-18A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.14%

Floor

+

1.14%),

6.41%,

10/22/30

(a)(b)

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

1,167

1,162,800

Apidos

CLO

XX,

Series

2015-20A,

Class

A1RA,

(3-mo.

LIBOR

USD

at

1.10%

Floor

+

1.10%),

6.36%,

07/16/31

(a)(b)

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

1,400

1,389,357

Apidos

CLO

XXII

(a)(b)

Series

2015-22A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.06%

Floor

+

1.06%),

6.31%,

04/20/31

....

1,765

1,756,774

Series

2015-22A,

Class

BR,

(3-mo.

LIBOR

USD

at

1.95%

Floor

+

1.95%),

7.20%,

04/20/31

....

3,250

3,169,024

Series

2015-22A,

Class

CR,

(3-mo.

LIBOR

USD

at

2.95%

Floor

+

2.95%),

8.20%,

04/20/31

....

800

756,904

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Apidos

CLO

XXIV,

Series

2016-24A,

Class

A1AL,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.20%,

10/20/30

(a)(b)

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

USD

21,350

$

21,108,820

Apidos

CLO

XXV,

Series

2016-25A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.17%

Floor

+

1.17%),

6.42%,

10/20/31

(a)(b)

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

4,400

4,361,043

Apidos

CLO

XXVI

(a)(b)

Series

2017-26A,

Class

A1AR,

(3-

mo.

LIBOR

USD

at

0.90%

Floor

+

0.90%),

6.16%,

07/18/29

....

3,458

3,438,573

Series

2017-26A,

Class

BR,

(3-mo.

LIBOR

USD

at

1.95%

Floor

+

1.95%),

7.21%,

07/18/29

....

2,750

2,663,395

Apidos

CLO

XXVII,

Series

2017-27A,

Class

A1R,

(3-mo.

LIBOR

USD

at

0.93%

Floor

+

0.93%),

6.19%,

07/17/30

(a)(b)

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

10,829

10,746,101

Apidos

CLO

XXXI,

Series

2019-31A,

Class

BR,

(3-mo.

LIBOR

USD

at

1.55%

Floor

+

1.55%),

6.81%,

04/15/31

(a)(b)

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

250

244,810

Apidos

CLO

XXXII,

Series

2019-32A,

Class

D,

(3-mo.

LIBOR

USD

at

3.50%

Floor

+

3.50%),

8.75%,

01/20/33

(a)(b)

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

300

291,897

Apidos

CLO

XXXVI,

Series

2021-

36A,

Class

B,

(3-mo.

LIBOR

USD

at

1.60%

Floor

+

1.60%),

6.85%,

07/20/34

(a)(b)

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

1,320

1,285,708

Apidos

CLO

XXXVII,

Series

2021-37A,

Class

E,

(3-mo.

LIBOR

USD

at

6.30%

Floor

+

6.30%),

11.57%,

10/22/34

(a)(b)

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

850

804,251

Apres

Static

CLO

Ltd.

(a)(b)

Series

2019-1A,

Class

A1R,

(3-mo.

LIBOR

USD

+

1.07%),

6.33%,

10/15/28

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

494

491,665

Series

2019-1A,

Class

A2R,

(3-mo.

LIBOR

USD

+

1.70%),

6.96%,

10/15/28

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

500

498,270

Series

2019-1A,

Class

CR,

(3-mo.

LIBOR

USD

+

4.25%),

9.51%,

10/15/28

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

9,150

8,770,116

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2022-FL2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

7.00%,

05/15/37

(a)(b)

19,738

19,472,579

Ares

LII

CLO

Ltd.,

Series

2019-52A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.05%

Floor

+

1.05%),

6.32%,

04/22/31

(a)(b)

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

2,000

1,975,376

Ares

Loan

Funding

I

Ltd.

(a)(b)

Series

2021-ALFA,

Class

E,

(3-mo.

LIBOR

USD

at

6.70%

Floor

+

6.70%),

11.96%,

10/15/34

....

10,850

10,059,662

Series

2021-ALFA,

Class

SUB,

0.00%,

10/15/34

..........

14,000

9,342,606

Ares

XL

CLO

Ltd.,

Series

2016-40A,

Class

A1RR,

(3-mo.

LIBOR

USD

at

0.87%

Floor

+

0.87%),

6.13%,

01/15/29

(a)(b)

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

4,503

4,466,938

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Ares

XLII

CLO

Ltd.,

Series

2017-42A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.92%

Floor

+

0.92%),

6.19%,

01/22/28

(a)(b)

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

USD

6,701

$

6,672,812

Ares

XLV

CLO

Ltd.,

Series

2017-45A,

Class

C,

(3-mo.

LIBOR

USD

at

2.05%

Floor

+

2.05%),

7.31%,

10/15/30

(a)(b)

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

1,125

1,094,689

Ares

XLVII

CLO

Ltd.,

Series

2018-47A,

Class

A1,

(3-mo.

LIBOR

USD

at

0.92%

Floor

+

0.92%),

6.18%,

04/15/30

(a)(b)

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

2,300

2,288,571

Ares

XXXVII

CLO

Ltd.,

Series

2015-4A,

Class

A1R,

(3-mo.

LIBOR

USD

+

1.17%),

6.43%,

10/15/30

(a)(b)

....

1,445

1,439,304

Assurant

CLO

Ltd.,

Series

2018-2A,

Class

A,

(3-mo.

LIBOR

USD

at

1.04%

Floor

+

1.04%),

6.29%,

04/20/31

(a)(b)

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

1,350

1,338,754

Atrium

IX

(a)(b)

Series

9A,

Class

AR2,

(3-mo.

LIBOR

USD

at

0.99%

Floor

+

0.99%),

6.45%,

05/28/30

..........

2,295

2,277,620

Series

9A,

Class

BR2,

(3-mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.96%,

05/28/30

..........

325

318,276

Atrium

VIII,

Series

8A,

Class

SUB,

0.00%,

10/23/24

(a)(b)

..........

13,300

12,103

Atrium

XV,

Series

15A,

Class

D,

(3-mo.

LIBOR

USD

at

3.00%

Floor

+

3.00%),

8.27%,

01/23/31

(a)(b)

....

1,450

1,399,624

Babson

CLO

Ltd.

(a)(b)

Series

2015-IA,

Class

AR,

(3-mo.

LIBOR

USD

at

0.99%

Floor

+

0.99%),

6.24%,

01/20/31

....

3,521

3,498,769

Series

2015-IA,

Class

BR,

(3-mo.

LIBOR

USD

at

1.40%

Floor

+

1.40%),

6.65%,

01/20/31

....

250

246,047

Bain

Capital

Credit

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

BR,

(3-mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.75%,

07/20/30

....

1,400

1,369,388

Series

2018-1A,

Class

A1,

(3-mo.

LIBOR

USD

+

0.96%),

6.23%,

04/23/31

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

12,750

12,594,170

Series

2018-2A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.08%

Floor

+

1.08%),

6.35%,

07/19/31

....

5,210

5,171,823

Ballyrock

CLO

14

Ltd.

(a)(b)

Series

2020-14A,

Class

B,

(3-mo.

LIBOR

USD

at

2.30%

Floor

+

2.30%),

7.55%,

01/20/34

....

250

244,389

Series

2020-14A,

Class

D,

(3-mo.

LIBOR

USD

at

7.00%

Floor

+

7.00%),

12.25%,

01/20/34

....

250

242,018

Ballyrock

CLO

Ltd.

(a)(b)

Series

2018-1A,

Class

A1,

(3-mo.

LIBOR

USD

+

1.00%),

6.25%,

04/20/31

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

800

795,662

Series

2018-1A,

Class

A2,

(3-mo.

LIBOR

USD

+

1.60%),

6.85%,

04/20/31

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

2,300

2,262,561

Series

2019-2A,

Class

A1AR,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.38%,

11/20/30

.....

465

462,118

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2020-2A,

Class

DR,

(3-mo.

LIBOR

USD

at

6.15%

Floor

+

6.15%),

11.40%,

10/20/31

....

USD

1,340

$

1,259,495

Bardot

CLO

Ltd.,

Series

2019-2A,

Class

DR,

(3-mo.

LIBOR

USD

at

3.00%

Floor

+

3.00%),

8.27%,

10/22/32

(a)(b)

940

880,013

Barings

CLO

Ltd.

(a)(b)

Series

2016-2A,

Class

AR2,

(3-mo.

LIBOR

USD

at

1.07%

Floor

+

1.07%),

6.32%,

01/20/32

....

2,500

2,476,764

Series

2018-3A,

Class

A1,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.20%,

07/20/29

....

2,516

2,498,991

Battalion

CLO

IX

Ltd.,

Series

2015-9A,

Class

DR,

(3-mo.

LIBOR

USD

at

3.25%

Floor

+

3.25%),

8.51%,

07/15/31

(a)(b)

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

450

405,839

Battalion

CLO

VIII

Ltd.

(a)(b)

Series

2015-8A,

Class

A2R2,

(3-mo.

LIBOR

USD

at

1.55%

Floor

+

1.55%),

6.81%,

07/18/30

....

11,000

10,739,564

Series

2015-8A,

Class

BR2,

(3-mo.

LIBOR

USD

at

2.00%

Floor

+

2.00%),

7.26%,

07/18/30

....

8,500

8,356,727

Bean

Creek

CLO

Ltd.,

Series

2015-1A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.02%

Floor

+

1.02%),

6.27%,

04/20/31

(a)(b)

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

2,250

2,229,529

Benefit

Street

Partners

CLO

II

Ltd.

(a)(b)

Series

2013-IIA,

Class

A1R2,

(3-mo.

LIBOR

USD

at

0.87%

Floor

+

0.87%),

6.13%,

07/15/29

....

2,608

2,589,687

Series

2013-IIA,

Class

A2R2,

(3-mo.

LIBOR

USD

at

1.45%

Floor

+

1.45%),

6.71%,

07/15/29

....

4,000

4,017,325

Series

2013-IIA,

Class

CR,

(3-mo.

LIBOR

USD

+

3.70%),

8.96%,

07/15/29

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

2,000

1,970,442

Benefit

Street

Partners

CLO

III

Ltd.

(a)(b)

Series

2013-IIIA,

Class

A1R2,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.25%,

07/20/29

....

678

673,982

Series

2013-IIIA,

Class

A2R2,

(3-mo.

LIBOR

USD

at

1.65%

Floor

+

1.65%),

6.90%,

07/20/29

....

2,850

2,845,144

Benefit

Street

Partners

CLO

V-B

Ltd.,

Series

2018-5BA,

Class

A1A,

(3-

mo.

LIBOR

USD

at

1.09%

Floor

+

1.09%),

6.34%,

04/20/31

(a)(b)

....

3,800

3,777,294

Benefit

Street

Partners

CLO

VIII

Ltd.,

Series

2015-8A,

Class

A1AR,

(3-

mo.

LIBOR

USD

at

1.10%

Floor

+

1.10%),

6.35%,

01/20/31

(a)(b)

....

3,532

3,508,095

Benefit

Street

Partners

CLO

XII

Ltd.,

Series

2017-12A,

Class

B,

(3-mo.

LIBOR

USD

+

2.00%),

7.26%,

10/15/30

(a)(b)

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

1,375

1,337,401

Benefit

Street

Partners

CLO

XX

Ltd.,

Series

2020-20A,

Class

ER,

(3-mo.

LIBOR

USD

at

6.75%

Floor

+

6.75%),

12.01%,

07/15/34

(a)(b)

...

1,000

935,606

Benefit

Street

Partners

CLO

XXIII

Ltd.,

Series

2021-23A,

Class

E,

(3-mo.

LIBOR

USD

at

6.81%

Floor

+

6.81%),

12.07%,

04/25/34

(a)(b)

...

1,250

1,110,539

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Birch

Grove

CLO

2

Ltd.,

Series

2021-

2A,

Class

D1,

(3-mo.

LIBOR

USD

at

3.30%

Floor

+

3.30%),

8.57%,

10/19/34

(a)(b)

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

USD

10,250

$

9,673,467

Birch

Grove

CLO

3

Ltd.,

Series

2021-

3A,

Class

D1,

(3-mo.

LIBOR

USD

at

3.20%

Floor

+

3.20%),

8.47%,

01/19/35

(a)(b)

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

1,250

1,175,089

Birch

Grove

CLO

Ltd.

(a)(b)

Series

19A,

Class

BR,

(3-mo.

LIBOR

USD

at

1.75%

Floor

+

1.75%),

7.30%,

06/15/31

..........

2,000

1,967,069

Series

19A,

Class

DR,

(3-mo.

LIBOR

USD

at

3.35%

Floor

+

3.35%),

8.90%,

06/15/31

..........

4,795

4,702,165

BlueMountain

CLO

Ltd.

(a)(b)

Series

2013-2A,

Class

A1R,

(3-mo.

LIBOR

USD

+

1.18%),

6.45%,

10/22/30

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

3,820

3,804,603

Series

2013-2A,

Class

BR,

(3-mo.

LIBOR

USD

at

1.60%

Floor

+

1.60%),

6.87%,

10/22/30

....

4,000

3,926,071

Series

2015-3A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.25%,

04/20/31

....

250

247,175

Series

2016-2A,

Class

C1R2,

(3-mo.

LIBOR

USD

at

3.10%

Floor

+

3.10%),

8.48%,

08/20/32

....

250

231,779

Series

2018-1A,

Class

B,

(3-mo.

LIBOR

USD

at

1.70%

Floor

+

1.70%),

7.00%,

07/30/30

....

273

264,559

Series

2018-2A,

Class

A,

(3-mo.

LIBOR

USD

at

1.11%

Floor

+

1.11%),

6.43%,

08/15/31

.....

1,234

1,221,593

Series

2018-2A,

Class

B,

(3-mo.

LIBOR

USD

at

1.70%

Floor

+

1.70%),

7.02%,

08/15/31

....

2,750

2,686,253

BlueMountain

CLO

XXIX

Ltd.,

Series

2020-29A,

Class

D1R,

(3-mo.

LIBOR

USD

at

3.15%

Floor

+

3.15%),

8.41%,

07/25/34

(a)(b)

..........

250

234,472

BlueMountain

CLO

XXVIII

Ltd.

(a)(b)

Series

2021-28A,

Class

A,

(3-mo.

LIBOR

USD

at

1.26%

Floor

+

1.26%),

6.52%,

04/15/34

....

450

441,642

Series

2021-28A,

Class

D,

(3-mo.

LIBOR

USD

at

2.90%

Floor

+

2.90%),

8.16%,

04/15/34

....

2,000

1,818,196

BlueMountain

CLO

XXXIII

Ltd.,

Series

2021-33A,

Class

D,

(3-mo.

LIBOR

USD

at

3.50%

Floor

+

3.50%),

8.88%,

11/20/34

(a)(b)

..........

1,510

1,381,292

BlueMountain

Fuji

US

CLO

I

Ltd.,

Series

2017-1A,

Class

A1R,

(3-mo.

LIBOR

USD

at

0.98%

Floor

+

0.98%),

6.23%,

07/20/29

(a)(b)

....

3,860

3,824,206

BlueMountain

Fuji

US

CLO

II

Ltd.,

Series

2017-2A,

Class

A1AR,

(3-mo.

LIBOR

USD

+

1.00%),

6.25%,

10/20/30

(a)(b)

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

4,134

4,106,003

Bristol

Park

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

BR,

(3-mo.

LIBOR

USD

at

1.45%

Floor

+

1.45%),

6.71%,

04/15/29

....

6,250

6,093,087

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2016-1A,

Class

DR,

(3-mo.

LIBOR

USD

at

2.95%

Floor

+

2.95%),

8.21%,

04/15/29

....

USD

500

$

460,267

Burnham

Park

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.15%

Floor

+

1.15%),

6.40%,

10/20/29

....

9,625

9,591,298

Series

2016-1A,

Class

DR,

(3-mo.

LIBOR

USD

at

2.85%

Floor

+

2.85%),

8.10%,

10/20/29

....

500

476,524

Buttermilk

Park

CLO

Ltd.,

Series

2018-

1A,

Class

D,

(3-mo.

LIBOR

USD

at

3.10%

Floor

+

3.10%),

8.36%,

10/15/31

(a)(b)

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

875

788,325

Canyon

CLO

Ltd.,

Series

2020-3A,

Class

E,

(3-mo.

LIBOR

USD

at

7.25%

Floor

+

7.25%),

12.51%,

01/15/34

(a)(b)

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

380

354,179

Carbone

CLO

Ltd.,

Series

2017-1A,

Class

A1,

(3-mo.

LIBOR

USD

+

1.14%),

6.39%,

01/20/31

(a)(b)

....

3,894

3,873,204

Carlyle

Global

Market

Strategies

CLO

Ltd.

(a)(b)

Series

2013-4A,

Class

A1RR,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.26%,

01/15/31

....

1,704

1,695,184

Series

2014-1A,

Class

A1R2,

(3-mo.

LIBOR

USD

at

0.97%

Floor

+

0.97%),

6.23%,

04/17/31

....

24,196

23,984,875

Series

2014-2RA,

Class

A1,

(3-mo.

LIBOR

USD

at

1.05%

Floor

+

1.05%),

6.37%,

05/15/31

....

1,000

991,567

Series

2014-3RA,

Class

A1A,

(3-mo.

LIBOR

USD

+

1.05%),

6.34%,

07/27/31

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

34,397

34,034,718

Series

2015-1A,

Class

AR3,

(3-mo.

LIBOR

USD

at

0.98%

Floor

+

0.98%),

6.23%,

07/20/31

....

478

472,286

Series

2015-4A,

Class

A1R,

(3-mo.

LIBOR

USD

+

1.34%),

6.59%,

07/20/32

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

400

396,000

Carlyle

US

CLO

Ltd.

(a)(b)

Series

2017-2A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.05%

Floor

+

1.05%),

6.30%,

07/20/31

....

5,500

5,439,886

Series

2017-3A,

Class

A1AR,

(3-mo.

LIBOR

USD

at

0.90%

Floor

+

0.90%),

6.15%,

07/20/29

....

2,266

2,239,446

Series

2017-4A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.18%

Floor

+

1.18%),

6.44%,

01/15/30

....

2,373

2,351,888

Series

2018-1A,

Class

A1,

(3-mo.

LIBOR

USD

+

1.02%),

6.27%,

04/20/31

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

19,500

19,330,311

Series

2018-4A,

Class

A2,

(3-mo.

LIBOR

USD

at

1.80%

Floor

+

1.80%),

7.05%,

01/20/31

....

550

543,174

Series

2020-2A,

Class

CR,

(3-mo.

LIBOR

USD

at

3.20%

Floor

+

3.20%),

8.46%,

01/25/35

....

1,750

1,583,498

Series

2022-3A,

Class

C1,

(3-mo.

CME

Term

SOFR

at

3.17%

Floor

+

3.17%),

8.22%,

07/20/35

...

850

850,453

CarVal

CLO

I

Ltd.,

Series

2018-1A,

Class

D,

(3-mo.

LIBOR

USD

+

2.89%),

8.15%,

07/16/31

(a)(b)

....

1,455

1,364,479

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

CarVal

CLO

II

Ltd.,

Series

2019-1A,

Class

CR,

(3-mo.

LIBOR

USD

at

2.00%

Floor

+

2.00%),

7.25%,

04/20/32

(a)(b)

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

USD

700

$

682,026

CarVal

CLO

VC

Ltd.

(a)(b)

Series

2021-2A,

Class

D,

(3-mo.

LIBOR

USD

at

3.25%

Floor

+

3.25%),

8.51%,

10/15/34

....

500

479,507

Series

2021-2A,

Class

E,

(3-mo.

LIBOR

USD

at

6.75%

Floor

+

6.75%),

12.01%,

10/15/34

....

250

232,662

CBAM

Ltd.

(a)(b)

Series

2017-1A,

Class

A1,

(3-mo.

LIBOR

USD

+

1.25%),

6.50%,

07/20/30

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

19,108

19,044,265

Series

2017-1A,

Class

C,

(3-mo.

LIBOR

USD

+

2.40%),

7.65%,

07/20/30

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

750

736,395

Series

2018-7A,

Class

B1,

(3-mo.

LIBOR

USD

at

1.60%

Floor

+

1.60%),

6.85%,

07/20/31

....

1,000

977,361

Series

2019-9A,

Class

B2,

(3-mo.

LIBOR

USD

at

1.90%

Floor

+

1.90%),

7.16%,

02/12/30

....

4,750

4,710,634

Cedar

Funding

IX

CLO

Ltd.

(a)(b)

Series

2018-9A,

Class

A1,

(3-mo.

LIBOR

USD

at

0.98%

Floor

+

0.98%),

6.23%,

04/20/31

....

29,400

29,144,158

Series

2018-9A,

Class

D,

(3-mo.

LIBOR

USD

at

2.60%

Floor

+

2.60%),

7.85%,

04/20/31

....

250

229,779

Cedar

Funding

V

CLO

Ltd.,

Series

2016-5A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.10%

Floor

+

1.10%),

6.36%,

07/17/31

(a)(b)

..........

5,450

5,396,533

Cedar

Funding

VII

CLO

Ltd.

(a)(b)

Series

2018-7A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.25%,

01/20/31

....

3,474

3,443,231

Series

2018-7A,

Class

A2,

(3-mo.

LIBOR

USD

at

1.13%

Floor

+

1.13%),

6.38%,

01/20/31

....

250

242,806

Series

2018-7A,

Class

E,

(3-mo.

LIBOR

USD

at

4.55%

Floor

+

4.55%),

9.80%,

01/20/31

....

2,963

2,446,043

Cedar

Funding

XI

CLO

Ltd.,

Series

2019-11A,

Class

A2R,

(3-mo.

LIBOR

USD

at

1.35%

Floor

+

1.35%),

6.81%,

05/29/32

(a)(b)

..........

1,000

982,670

Cedar

Funding

XIV

CLO

Ltd.

(a)(b)

Series

2021-14A,

Class

B,

(3-mo.

LIBOR

USD

at

1.60%

Floor

+

1.60%),

6.86%,

07/15/33

....

4,000

3,930,460

Series

2021-14A,

Class

D,

(3-mo.

LIBOR

USD

at

3.25%

Floor

+

3.25%),

8.51%,

07/15/33

....

13,250

12,145,422

Series

2021-14A,

Class

E,

(3-mo.

LIBOR

USD

at

6.34%

Floor

+

6.34%),

11.60%,

07/15/33

....

3,850

3,416,289

Series

2021-14A,

Class

SUB,

0.00%,

07/15/33

..........

15,040

7,554,592

CIFC

Funding

2013-IV

Ltd.,

Series

2013-4A,

Class

A1RR,

(3-mo.

LIBOR

USD

at

1.06%

Floor

+

1.06%),

6.35%,

04/27/31

(a)(b)

....

5,100

5,073,956

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

CIFC

Funding

2022-VII

Ltd.,

Series

2022-7A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.94%

Floor

+

8.94%),

14.01%,

10/22/35

(a)(b)

.........

USD

500

$

496,972

CIFC

Funding

Ltd.

(a)(b)

Series

2012-2RA,

Class

A1,

(3-mo.

LIBOR

USD

at

0.80%

Floor

+

0.80%),

6.05%,

01/20/28

....

2,628

2,619,543

Series

2012-2RA,

Class

A2,

(3-mo.

LIBOR

USD

at

1.25%

Floor

+

1.25%),

6.50%,

01/20/28

....

250

248,659

Series

2013-1A,

Class

A2R,

(3-mo.

LIBOR

USD

at

1.75%

Floor

+

1.75%),

7.01%,

07/16/30

....

1,250

1,225,260

Series

2013-1A,

Class

CR,

(3-mo.

LIBOR

USD

at

3.55%

Floor

+

3.55%),

8.81%,

07/16/30

....

500

467,173

Series

2013-2A,

Class

A1L2,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.26%,

10/18/30

....

22,325

22,114,840

Series

2013-3RA,

Class

A1,

(3-mo.

LIBOR

USD

at

0.98%

Floor

+

0.98%),

6.25%,

04/24/31

....

12,000

11,893,524

Series

2013-3RA,

Class

B,

(3-mo.

LIBOR

USD

at

1.85%

Floor

+

1.85%),

7.12%,

04/24/31

....

650

631,303

Series

2013-3RA,

Class

C,

(3-mo.

LIBOR

USD

at

2.90%

Floor

+

2.90%),

8.17%,

04/24/31

....

1,050

989,792

Series

2013-4A,

Class

DRR,

(3-mo.

LIBOR

USD

at

2.80%

Floor

+

2.80%),

8.09%,

04/27/31

....

250

236,118

Series

2014-1A,

Class

A1R2,

(3-mo.

LIBOR

USD

+

1.10%),

6.36%,

01/18/31

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

630

627,616

Series

2014-2RA,

Class

A1,

(3-mo.

LIBOR

USD

at

1.05%

Floor

+

1.05%),

6.32%,

04/24/30

....

11,703

11,613,515

Series

2014-2RA,

Class

B1,

(3-mo.

LIBOR

USD

at

2.80%

Floor

+

2.80%),

8.07%,

04/24/30

....

650

624,673

Series

2014-3A,

Class

A1R2,

(3-mo.

LIBOR

USD

+

1.20%),

6.47%,

10/22/31

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

840

836,412

Series

2014-5A,

Class

A1R2,

(3-mo.

LIBOR

USD

at

1.20%

Floor

+

1.20%),

6.46%,

10/17/31

....

1,000

988,120

Series

2015-1A,

Class

ARR,

(3-mo.

LIBOR

USD

at

1.11%

Floor

+

1.11%),

6.38%,

01/22/31

.....

30,492

30,165,491

Series

2015-1A,

Class

BRR,

(3-mo.

LIBOR

USD

at

1.45%

Floor

+

1.45%),

6.72%,

01/22/31

....

400

390,524

Series

2015-3A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.87%

Floor

+

0.87%),

6.14%,

04/19/29

....

6,385

6,340,598

Series

2015-3A,

Class

BR,

(3-mo.

LIBOR

USD

at

1.15%

Floor

+

1.15%),

6.41%,

04/19/29

....

8,750

8,577,716

Series

2017-1A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.01%

Floor

+

1.01%),

6.27%,

04/23/29

....

7,997

7,944,752

Series

2017-1A,

Class

B,

(3-mo.

LIBOR

USD

+

1.70%),

6.96%,

04/23/29

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

2,870

2,852,545

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2017-1A,

Class

C,

(3-mo.

LIBOR

USD

+

2.45%),

7.71%,

04/23/29

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

USD

9,770

$

9,688,356

Series

2017-2A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.20%,

04/20/30

....

9,787

9,698,499

Series

2017-3A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.22%

Floor

+

1.22%),

6.47%,

07/20/30

....

10,333

10,302,611

Series

2017-4A,

Class

A1R,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.22%,

10/24/30

....

18,802

18,630,236

Series

2017-5A,

Class

A1,

(3-mo.

LIBOR

USD

+

1.18%),

6.44%,

11/16/30

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

17,204

17,078,683

Series

2017-5A,

Class

C,

(3-mo.

LIBOR

USD

+

2.85%),

8.11%,

11/16/30

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

800

753,689

Series

2018-1A,

Class

A,

(3-mo.

LIBOR

USD

+

1.00%),

6.26%,

04/18/31

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

250

247,885

Series

2018-2A,

Class

A1,

(3-mo.

LIBOR

USD

+

1.04%),

6.29%,

04/20/31

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

6,990

6,930,620

Series

2021-4A,

Class

B,

(3-mo.

LIBOR

USD

at

1.58%

Floor

+

1.58%),

6.84%,

07/15/33

....

500

493,516

Clear

Creek

CLO

(a)(b)

Series

2015-1A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.20%

Floor

+

1.20%),

6.45%,

10/20/30

....

2,100

2,079,847

Series

2015-1A,

Class

DR,

(3-mo.

LIBOR

USD

at

2.95%

Floor

+

2.95%),

8.20%,

10/20/30

....

2,900

2,719,768

Crown

City

CLO

III,

Series

2021-1A,

Class

A1A,

(3-mo.

LIBOR

USD

at

1.17%

Floor

+

1.17%),

6.42%,

07/20/34

(a)(b)

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

250

245,432

Crown

Point

CLO

9

Ltd.,

Series

2020-

9A,

Class

DR,

(3-mo.

LIBOR

USD

at

3.75%

Floor

+

3.75%),

9.00%,

07/14/34

(a)(b)

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

1,000

920,779

Deer

Creek

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

A,

(3-mo.

LIBOR

USD

at

1.18%

Floor

+

1.18%),

6.43%,

10/20/30

....

2,913

2,893,241

Series

2017-1A,

Class

B,

(3-mo.

LIBOR

USD

at

1.65%

Floor

+

1.65%),

6.90%,

10/20/30

....

1,750

1,731,346

Series

2017-1A,

Class

D,

(3-mo.

LIBOR

USD

at

2.95%

Floor

+

2.95%),

8.20%,

10/20/30

....

900

848,840

Series

2017-1A,

Class

E,

(3-mo.

LIBOR

USD

at

6.35%

Floor

+

6.35%),

11.60%,

10/20/30

....

500

463,904

Dryden

106

CLO

Ltd.,

Series

2022-

106A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.87%

Floor

+

8.87%),

13.43%,

10/15/35

(a)(b)

.........

500

500,090

Dryden

30

Senior

Loan

Fund,

Series

2013-30A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.82%

Floor

+

0.82%),

6.14%,

11/15/28

(a)(b)

..........

18,027

17,924,038

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Dryden

36

Senior

Loan

Fund,

Series

2014-36A,

Class

AR3,

(3-mo.

LIBOR

USD

at

1.02%

Floor

+

1.02%),

6.27%,

04/15/29

(a)(b)

..........

USD

10,807

$

10,760,111

Dryden

37

Senior

Loan

Fund,

Series

2015-37A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.10%

Floor

+

1.10%),

6.36%,

01/15/31

(a)(b)

..........

1,472

1,463,753

Dryden

41

Senior

Loan

Fund,

Series

2015-41A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.97%

Floor

+

0.97%),

6.23%,

04/15/31

(a)(b)

..........

5,000

4,932,500

Dryden

45

Senior

Loan

Fund

(a)(b)

Series

2016-45A,

Class

BR,

(3-mo.

LIBOR

USD

at

1.70%

Floor

+

1.70%),

6.96%,

10/15/30

....

4,000

3,920,169

Series

2016-45A,

Class

CR,

(3-mo.

LIBOR

USD

at

2.20%

Floor

+

2.20%),

7.46%,

10/15/30

....

375

367,545

Dryden

49

Senior

Loan

Fund

(a)(b)

Series

2017-49A,

Class

AR,

(3-mo.

CME

Term

SOFR

+

1.21%),

6.21%,

07/18/30

..........

709

702,590

Series

2017-49A,

Class

BR,

(3-mo.

LIBOR

USD

at

1.60%

Floor

+

1.60%),

6.86%,

07/18/30

....

1,000

968,242

Dryden

65

CLO

Ltd.,

Series

2018-65A,

Class

B,

(3-mo.

LIBOR

USD

at

1.60%

Floor

+

1.60%),

6.86%,

07/18/30

(a)(b)

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

700

686,431

Dryden

77

CLO

Ltd.,

Series

2020-77A,

Class

XR,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.38%,

05/20/34

(a)(b)

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

188

187,205

Dryden

78

CLO

Ltd.,

Series

2020-78A,

Class

D,

(3-mo.

LIBOR

USD

at

3.00%

Floor

+

3.00%),

8.26%,

04/17/33

(a)(b)

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

250

230,561

Dryden

XXVI

Senior

Loan

Fund,

Series

2013-26A,

Class

AR,

(3-mo.

LIBOR

USD

+

0.90%),

6.16%,

04/15/29

(a)(b)

3,017

2,993,493

Dryden

XXVIII

Senior

Loan

Fund,

Series

2013-28A,

Class

A1LR,

(3-mo.

LIBOR

USD

at

1.20%

Floor

+

1.20%),

6.52%,

08/15/30

(a)(b)

....

22,581

22,410,029

Elevation

CLO

Ltd.,

Series

2014-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.49%),

6.48%,

10/15/29

(a)(b)

...

147

145,713

Elmwood

CLO

19

Ltd.

(a)(b)

Series

2022-6A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.30%

Floor

+

5.30%),

10.29%,

10/17/34

..

12,000

12,003,569

Series

2022-6A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.55%

Floor

+

8.55%),

13.54%,

10/17/34

..

3,000

2,984,705

Elmwood

CLO

22

Ltd.,    

04/17/36

(a)

.

2,000

1,947,494

Elmwood

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.45%

Floor

+

1.45%),

6.70%,

10/20/33

....

2,000

1,988,412

Series

2019-1A,

Class

DR,

(3-mo.

LIBOR

USD

at

4.40%

Floor

+

4.40%),

9.65%,

10/20/33

....

6,750

6,742,764

Series

2019-1A,

Class

ER,

(3-mo.

LIBOR

USD

at

7.71%

Floor

+

7.71%),

12.96%,

10/20/33

....

2,625

2,574,764

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Elmwood

CLO

II

Ltd.

(a)(b)

Series

2019-2A,

Class

ER,

(3-mo.

LIBOR

USD

at

6.80%

Floor

+

6.80%),

12.05%,

04/20/34

....

USD

14,500

$

14,177,186

Series

2019-2A,

Class

FR,

(3-mo.

LIBOR

USD

at

8.00%

Floor

+

8.00%),

13.25%,

04/20/34

....

7,500

6,606,147

Series

2019-2A,

Class

SUB,

0.00%,

04/20/34

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

4,000

2,847,112

Elmwood

CLO

V

Ltd.,

Series

2020-2A,

Class

ER,

(3-mo.

LIBOR

USD

at

6.10%

Floor

+

6.10%),

11.35%,

10/20/34

(a)(b)

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

4,850

4,574,276

Elmwood

CLO

VII

Ltd.

(a)(b)

Series

2020-4A,

Class

E,

(3-mo.

LIBOR

USD

at

7.10%

Floor

+

7.10%),

12.36%,

01/17/34

....

2,947

2,819,470

Series

2020-4A,

Class

F,

(3-mo.

LIBOR

USD

at

8.01%

Floor

+

8.01%),

13.27%,

01/17/34

....

5,000

4,328,659

Elmwood

CLO

VIII

Ltd.

(a)(b)

Series

2021-1A,

Class

E1,

(3-mo.

LIBOR

USD

at

6.00%

Floor

+

6.00%),

11.25%,

01/20/34

....

750

692,897

Series

2021-1A,

Class

F1,

(3-mo.

LIBOR

USD

at

8.00%

Floor

+

8.00%),

13.25%,

01/20/34

....

1,500

1,397,916

Series

2021-1A,

Class

F2,

(3-mo.

LIBOR

USD

at

8.00%

Floor

+

8.00%),

13.25%,

01/20/34

....

1,500

1,396,475

Elmwood

CLO

X

Ltd.

(a)(b)

Series

2021-3A,

Class

A,

(3-mo.

LIBOR

USD

at

1.04%

Floor

+

1.04%),

6.29%,

10/20/34

....

1,000

989,115

Series

2021-3A,

Class

E,

(3-mo.

LIBOR

USD

at

5.85%

Floor

+

5.85%),

11.10%,

10/20/34

....

3,000

2,797,423

Flatiron

CLO

19

Ltd.,

Series

2019-1A,

Class

DR,

(3-mo.

LIBOR

USD

at

3.00%

Floor

+

3.00%),

8.32%,

11/16/34

(a)(b)

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

800

745,858

FS

Rialto,

Series

2021-FL3,

Class

A,

(1-mo.

LIBOR

USD

at

1.25%

Floor

+

1.25%),

6.41%,

11/16/36

(a)(b)

....

2,300

2,231,585

Galaxy

31

CLO

Ltd.,

Series

2023-31A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.43%

Floor

+

8.43%),

13.21%,

04/15/36

(a)(b)

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

650

646,774

Galaxy

XIX

CLO

Ltd.,

Series

2015-19A,

Class

A1RR,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.22%,

07/24/30

(a)(b)

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

2,538

2,506,413

Galaxy

XV

CLO

Ltd.,

Series

2013-15A,

Class

ARR,

(3-mo.

LIBOR

USD

at

0.97%

Floor

+

0.97%),

6.23%,

10/15/30

(a)(b)

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

4,966

4,897,213

Galaxy

XXII

CLO

Ltd.,

Series

2016-

22A,

Class

ARR,

(3-mo.

LIBOR

USD

at

1.20%

Floor

+

1.20%),

6.46%,

04/16/34

(a)(b)

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

850

839,266

Galaxy

XXIII

CLO

Ltd.,

Series

2017-

23A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.87%

Floor

+

0.87%),

6.14%,

04/24/29

(a)(b)

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

14,170

14,015,800

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Galaxy

XXIV

CLO

Ltd.,

Series

2017-

24A,

Class

A,

(3-mo.

LIBOR

USD

+

1.12%),

6.38%,

01/15/31

(a)(b)

....

USD

6,718

$

6,626,463

Galaxy

XXVI

CLO

Ltd.,

Series

2018-

26A,

Class

A,

(3-mo.

LIBOR

USD

at

1.20%

Floor

+

1.20%),

6.58%,

11/22/31

(a)(b)

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

900

888,119

Galaxy

XXVII

CLO

Ltd.,

Series

2018-

27A,

Class

A,

(3-mo.

LIBOR

USD

at

1.02%

Floor

+

1.02%),

6.34%,

05/16/31

(a)(b)

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

20,504

20,195,040

Galaxy

XXVIII

CLO

Ltd.,

Series

2018-

28A,

Class

A2,

(3-mo.

LIBOR

USD

at

1.07%

Floor

+

1.30%),

6.56%,

07/15/31

(a)(b)

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

550

542,115

Generate

CLO

2

Ltd.,

Series

2A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.15%

Floor

+

1.15%),

6.42%,

01/22/31

(a)(b)

18,195

18,000,603

Generate

CLO

3

Ltd.

(a)(b)

Series

3A,

Class

AR,

(3-mo.

LIBOR

USD

+

1.25%),

6.50%,

10/20/29

5,109

5,073,239

Series

3A,

Class

BR,

(3-mo.

LIBOR

USD

+

1.75%),

7.00%,

10/20/29

10,455

10,313,934

Series

3A,

Class

DR,

(3-mo.

LIBOR

USD

+

3.60%),

8.85%,

10/20/29

10,778

10,601,186

Series

3A,

Class

ER,

(3-mo.

LIBOR

USD

+

6.40%),

11.65%,

10/20/29

7,052

6,521,820

Series

3A,

Class

FR,

(3-mo.

LIBOR

USD

+

7.25%),

12.50%,

10/20/29

2,917

2,651,658

Generate

CLO

4

Ltd.

(a)(b)

Series

4A,

Class

A1R,

(3-mo.

LIBOR

USD

+

1.09%),

6.34%,

04/20/32

1,000

989,020

Series

4A,

Class

BR,

(3-mo.

LIBOR

USD

+

1.55%),

6.80%,

04/20/32

2,750

2,687,234

Series

4A,

Class

DR,

(3-mo.

LIBOR

USD

+

3.15%),

8.40%,

04/20/32

1,500

1,364,987

Generate

CLO

5

Ltd.,

Series

5A,

Class

B,

(3-mo.

LIBOR

USD

at

1.75%

Floor

+

1.75%),

7.02%,

10/22/31

(a)(b)

1,750

1,710,849

Generate

CLO

7

Ltd.,

Series

7A,

Class

C,

(3-mo.

LIBOR

USD

at

2.75%

Floor

+

2.75%),

8.02%,

01/22/33

(a)(b)

500

491,233

Generate

CLO

8

Ltd.,

Series

8A,

Class

ER,

(3-mo.

LIBOR

USD

at

6.95%

Floor

+

6.95%),

12.20%,

10/20/34

(a)

(b)

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

1,250

1,110,316

Gilbert

Park

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

A,

(3-mo.

LIBOR

USD

at

1.19%

Floor

+

1.19%),

6.45%,

10/15/30

....

3,850

3,820,941

Series

2017-1A,

Class

C,

(3-mo.

LIBOR

USD

at

1.95%

Floor

+

1.95%),

7.21%,

10/15/30

....

7,160

6,933,095

Series

2017-1A,

Class

D,

(3-mo.

LIBOR

USD

at

2.95%

Floor

+

2.95%),

8.21%,

10/15/30

....

6,223

5,736,881

GoldenTree

Loan

Management

US

CLO

3

Ltd.,

Series

2018-3A,

Class

D,

(3-mo.

LIBOR

USD

+

2.85%),

8.10%,

04/20/30

(a)(b)

..........

750

708,584

GoldenTree

Loan

Management

US

CLO

5

Ltd.,

Series

2019-5A,

Class

BR,

(3-mo.

LIBOR

USD

at

1.55%

Floor

+

1.55%),

6.80%,

10/20/32

(a)(b)

2,040

2,025,716

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

GoldenTree

Loan

Opportunities

IX

Ltd.

(a)(b)

Series

2014-9A,

Class

AR2,

(3-mo.

LIBOR

USD

at

1.11%

Floor

+

1.11%),

6.41%,

10/29/29

.....

USD

6,971

$

6,917,551

Series

2014-9A,

Class

BR2,

(3-mo.

LIBOR

USD

at

1.60%

Floor

+

1.60%),

6.90%,

10/29/29

....

3,500

3,483,641

GoldenTree

Loan

Opportunities

XI

Ltd.,

Series

2015-11A,

Class

AR2,

(3-mo.

LIBOR

USD

at

1.07%

Floor

+

1.07%),

6.33%,

01/18/31

(a)(b)

....

5,095

5,076,441

GoldentTree

Loan

Management

US

CLO

1

Ltd.,

Series

2021-11A,

Class

E,

(3-mo.

LIBOR

USD

at

5.35%

Floor

+

5.35%),

10.60%,

10/20/34

(a)

(b)

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

5,515

4,951,722

Golub

Capital

Partners

CLO

55B

Ltd.,

Series

2021-55A,

Class

E,

(3-mo.

LIBOR

USD

at

6.56%

Floor

+

6.56%),

11.81%,

07/20/34

(a)(b)

....

2,440

2,301,664

Gracie

Point

International

Funding

(a)(b)

Series

2021-1A,

Class

B,

(1-mo.

LIBOR

USD

+

1.40%),

6.57%,

11/01/23

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

1,320

1,320,004

Series

2021-1A,

Class

C,

(1-mo.

LIBOR

USD

+

2.40%),

7.57%,

11/01/23

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

1,729

1,729,006

Series

2022-2A,

Class

A,

(SOFR

30

day

Average

+

2.75%),

7.79%,

07/01/24

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

21,046

21,060,105

Series

2022-2A,

Class

B,

(SOFR

30

day

Average

+

3.35%),

8.39%,

07/01/24

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

8,470

8,475,671

Series

2022-3A,

Class

A,

(SOFR

30

day

Average

at

3.25%

Floor

+

3.25%),

8.28%,

11/01/24

.....

13,085

13,105,776

Greystone

CRE

Notes

Ltd.,

Series

2021-FL3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.13%),

6.28%,

07/15/39

(a)(b)

....

3,230

3,141,564

GT

Loan

Financing

I

Ltd.,

Series

2013-

1A,

Class

CR,

(3-mo.

LIBOR

USD

+

2.10%),

7.37%,

07/28/31

(a)(b)

....

500

495,978

Gulf

Stream

Meridian

1

Ltd.,

Series

2020-IA,

Class

B,

(3-mo.

LIBOR

USD

at

2.00%

Floor

+

2.00%),

7.26%,

04/15/33

(a)(b)

..........

250

242,156

Gulf

Stream

Meridian

3

Ltd.,

Series

2021-IIIA,

Class

A1,

(3-mo.

LIBOR

USD

at

1.32%

Floor

+

1.32%),

6.58%,

04/15/34

(a)(b)

..........

1,000

983,199

Highbridge

Loan

Management

Ltd.

(a)(b)

Series

12A-18,

Class

A1B,

(3-mo.

LIBOR

USD

+

1.25%),

6.51%,

07/18/31

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

930

914,903

Series

3A-2014,

Class

A1R,

(3-mo.

LIBOR

USD

+

1.18%),

6.44%,

07/18/29

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

765

763,332

HPS

Loan

Management

Ltd.

(a)(b)

Series

11A-17,

Class

AR,

(3-mo.

LIBOR

USD

at

1.02%

Floor

+

1.02%),

6.34%,

05/06/30

....

26,276

26,128,452

Series

6A-2015,

Class

A1R,

(3-mo.

LIBOR

USD

+

1.00%),

6.33%,

02/05/31

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

12,021

11,920,284

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

KKR

CLO

10

Ltd.,

Series

10,

Class

BR,

(3-mo.

LIBOR

USD

+

1.70%),

7.25%,

09/15/29

(a)(b)

..........

USD

3,000

$

2,987,570

KKR

CLO

13

Ltd.,

Series

13,

Class

A1R,

(3-mo.

LIBOR

USD

at

0.80%

Floor

+

0.80%),

6.06%,

01/16/28

(a)(b)

457

454,944

LCM

26

Ltd.,

Series

26A,

Class

D,

(3-mo.

LIBOR

USD

at

2.50%

Floor

+

2.50%),

7.75%,

01/20/31

(a)(b)

....

400

349,458

LCM

XIII

LP,

Series

13A,

Class

AR3,

(3-mo.

LIBOR

USD

at

0.87%

Floor

+

0.87%),

6.14%,

07/19/27

(a)(b)

....

2,075

2,061,411

LCM

XIV

LP,

Series

14A,

Class

AR,

(3-

mo.

LIBOR

USD

+

1.04%),

6.29%,

07/20/31

(a)(b)

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

750

742,345

LCM

XVIII

LP,

Series

18A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.02%

Floor

+

1.02%),

6.27%,

04/20/31

(a)(b)

....

10,700

10,571,600

LCM

XX

LP,

Series

20A,

Class

BR,

(3-

mo.

LIBOR

USD

+

1.55%),

6.80%,

10/20/27

(a)(b)

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

5,000

4,975,286

LCM

XXI

LP

(a)(b)

Series

21A,

Class

AR,

(3-mo.

LIBOR

USD

+

0.88%),

6.13%,

04/20/28

848

847,435

Series

21A,

Class

BR,

(3-mo.

LIBOR

USD

+

1.40%),

6.65%,

04/20/28

250

249,419

LCM

XXIV

Ltd.,

Series

24A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.98%

Floor

+

0.98%),

6.23%,

03/20/30

(a)(b)

....

873

864,302

LoanCore

Issuer

Ltd.,

Series

2022-

CRE7,

Class

A,

(SOFR

30

day

Average

at

1.55%

Floor

+

1.55%),

6.62%,

01/17/37

(a)(b)

..........

6,215

6,099,789

Loanpal

Solar

Loan

Ltd.

(a)

Series

2020-2GF,

Class

A,

2.75%,

07/20/47

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

3,729

2,881,437

Series

2021-1GS,

Class

A,

2.29%,

01/20/48

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

8,854

6,600,009

Longfellow

Place

CLO

Ltd.,

Series

2013-1A,

Class

BR3,

(3-mo.

LIBOR

USD

at

1.75%

Floor

+

1.75%),

7.01%,

04/15/29

(a)(b)

..........

6,608

6,600,224

Madison

Park

Funding

LIV

Ltd.,

Series

2022-54A,

Class

E1,

(3-mo.

CME

Term

SOFR

at

8.95%

Floor

+

8.95%),

14.01%,

10/21/34

(a)(b)

...

250

248,595

Madison

Park

Funding

LXIII

Ltd.,

Series

2023-63A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.57%

Floor

+

8.57%),

13.65%,

04/21/35

(a)(b)

...

2,000

1,960,381

Madison

Park

Funding

XI

Ltd.,

Series

2013-11A,

Class

AR2,

(3-mo.

LIBOR

USD

at

0.90%

Floor

+

0.90%),

6.17%,

07/23/29

(a)(b)

..........

7,321

7,245,165

Madison

Park

Funding

XIII

Ltd.

(a)(b)

Series

2014-13A,

Class

AR2,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.22%,

04/19/30

....

8,014

7,976,448

Series

2014-13A,

Class

BR2,

(3-mo.

LIBOR

USD

+

1.50%),

6.77%,

04/19/30

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

5,000

4,950,100

Madison

Park

Funding

XIV

Ltd.,

Series

2014-14A,

Class

DRR,

(3-mo.

LIBOR

USD

at

2.95%

Floor

+

2.95%),

8.22%,

10/22/30

(a)(b)

....

1,000

962,311

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Madison

Park

Funding

XIX

Ltd.

(a)(b)

Series

2015-19A,

Class

A1R2,

(3-

mo.

LIBOR

USD

at

0.92%

Floor

+

0.92%),

6.19%,

01/22/28

....

USD

9,873

$

9,814,535

Series

2015-19A,

Class

A2R2,

(3-

mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.77%,

01/22/28

....

5,000

4,961,623

Madison

Park

Funding

XLI

Ltd.

(a)(b)

Series

12A,

Class

AR,

(3-mo.

LIBOR

USD

+

0.83%),

6.10%,

04/22/27

17,098

16,976,376

Series

12A,

Class

CR,

(3-mo.

LIBOR

USD

+

1.65%),

6.92%,

04/22/27

4,365

4,271,827

Madison

Park

Funding

XLII

Ltd.

(a)(b)

Series

13A,

Class

A1,

(3-mo.

LIBOR

USD

+

1.18%),

6.45%,

11/21/30

1,980

1,968,850

Series

13A,

Class

C,

(3-mo.

LIBOR

USD

at

1.80%

Floor

+

1.80%),

7.07%,

11/21/30

..........

6,000

5,816,379

Madison

Park

Funding

XLII,

Ltd.,

Series

13A,

Class

A2,

(3-mo.

LIBOR

USD

at

1.25%

Floor

+

1.25%),

6.52%,

11/21/30

(a)(b)

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

1,000

974,470

Madison

Park

Funding

XLIX

Ltd.,

Series

2021-49A,

Class

E,

(3-mo.

LIBOR

USD

at

6.25%

Floor

+

6.25%),

11.51%,

10/19/34

(a)(b)

.........

2,750

2,549,451

Madison

Park

Funding

XLV

Ltd.,

Series

2020-45A,

Class

SUB,

0.00%,

07/15/34

(a)(b)

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

2,000

1,586,104

Madison

Park

Funding

XLVIII

Ltd.,

Series

2021-48A,

Class

E,

(3-mo.

LIBOR

USD

at

6.25%

Floor

+

6.25%),

11.51%,

04/19/33

(a)(b)

....

500

467,534

Madison

Park

Funding

XVII

Ltd.,

Series

2015-17A,

Class

AR2,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.26%,

07/21/30

(a)(b)

..........

6,076

6,037,159

Madison

Park

Funding

XVIII

Ltd.

(a)(b)

Series

2015-18A,

Class

ARR,

(3-mo.

LIBOR

USD

at

0.94%

Floor

+

0.94%),

6.20%,

10/21/30

....

62,039

61,454,723

Series

2015-18A,

Class

DR,

(3-mo.

LIBOR

USD

at

2.95%

Floor

+

2.95%),

8.21%,

10/21/30

....

2,750

2,607,546

Madison

Park

Funding

XXIII

Ltd.

(a)(b)

Series

2017-23A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.97%

Floor

+

0.97%),

6.26%,

07/27/31

....

19,171

19,010,032

Series

2017-23A,

Class

CR,

(3-mo.

LIBOR

USD

at

2.00%

Floor

+

2.00%),

7.29%,

07/27/31

....

3,000

2,911,243

Madison

Park

Funding

XXIV

Ltd.,

Series

2016-24A,

Class

BR,

(3-mo.

CME

Term

SOFR

+

2.01%),

7.06%,

10/20/29

(a)(b)

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

7,250

7,085,500

Madison

Park

Funding

XXIX

Ltd.,

Series

2018-29A,

Class

E,

(3-mo.

LIBOR

USD

at

5.70%

Floor

+

5.70%),

10.96%,

10/18/30

(a)(b)

...

1,750

1,632,703

Madison

Park

Funding

XXV

Ltd.

(a)(b)

Series

2017-25A,

Class

A1R,

(3-mo.

LIBOR

USD

at

0.97%

Floor

+

0.97%),

6.23%,

04/25/29

....

8,536

8,478,683

Series

2017-25A,

Class

A2R,

(3-mo.

LIBOR

USD

at

1.65%

Floor

+

1.65%),

6.91%,

04/25/29

....

6,500

6,372,775

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-26A,

Class

AR,

(3-mo.

LIBOR

USD

+

1.20%),

6.50%,

07/29/30

(a)(b)

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

USD

4,327

$

4,312,202

Madison

Park

Funding

XXVII

Ltd.

(a)(b)

Series

2018-27A,

Class

A1A,

(3-mo.

LIBOR

USD

+

1.03%),

6.28%,

04/20/30

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

1,900

1,889,983

Series

2018-27A,

Class

C,

(3-mo.

LIBOR

USD

+

2.60%),

7.85%,

04/20/30

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

2,125

2,008,370

Madison

Park

Funding

XXX

Ltd.

(b)

Series

2018-30A,

Class

A,

(3-mo.

LIBOR

USD

at

0.75%

Floor

+

0.75%),

6.01%,

04/15/29

(a)

...

24,509

24,269,530

Series

2018-30A,

Class

E,

(3-mo.

LIBOR

USD

at

4.95%

Floor

+

4.95%),

10.21%,

04/15/29

(a)

..

2,050

1,857,467

Series

2018-30X,

Class

E,

(3-mo.

LIBOR

USD

at

4.95%

Floor

+

4.95%),

10.21%,

04/15/29

(d)

..

1,000

906,081

Madison

Park

Funding

XXXI

Ltd.,

Series

2018-31A,

Class

D,

(3-mo.

LIBOR

USD

at

3.00%

Floor

+

3.00%),

8.27%,

01/23/31

(a)(b)

....

5,500

5,318,714

Madison

Park

Funding

XXXIV

Ltd.

(a)(b)

Series

2019-34A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.12%

Floor

+

1.12%),

6.38%,

04/25/32

....

250

247,666

Series

2019-34A,

Class

DR,

(3-mo.

LIBOR

USD

at

3.35%

Floor

+

3.35%),

8.61%,

04/25/32

....

250

244,359

Madison

Park

Funding

XXXVIII

Ltd.

(a)(b)

Series

2021-38A,

Class

C,

(3-mo.

LIBOR

USD

at

1.90%

Floor

+

1.90%),

7.16%,

07/17/34

....

250

241,032

Series

2021-38A,

Class

E,

(3-mo.

LIBOR

USD

at

6.00%

Floor

+

6.00%),

11.26%,

07/17/34

....

1,500

1,387,254

Marble

Point

CLO

XXIII

Ltd.,

Series

2021-4A,

Class

D1,

(3-mo.

LIBOR

USD

at

3.65%

Floor

+

3.65%),

8.92%,

01/22/35

(a)(b)

..........

500

476,231

Mariner

CLO

LLC

(a)(b)

Series

2016-3A,

Class

AR2,

(3-mo.

LIBOR

USD

at

0.99%

Floor

+

0.99%),

6.26%,

07/23/29

....

148

147,156

Series

2016-3A,

Class

BR2,

(3-mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.77%,

07/23/29

....

5,250

5,201,150

Series

2016-3A,

Class

CR2,

(3-mo.

LIBOR

USD

at

2.05%

Floor

+

2.05%),

7.32%,

07/23/29

....

23,000

22,411,283

Series

2016-3A,

Class

DR2,

(3-mo.

LIBOR

USD

at

2.90%

Floor

+

2.90%),

8.17%,

07/23/29

....

3,750

3,511,493

MF1

Ltd.,

Series

2021-FL7,

Class

A,

(1-mo.

LIBOR

USD

at

1.08%

Floor

+

1.08%),

6.24%,

10/16/36

(a)(b)

....

1,918

1,870,050

Milos

CLO

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.07%

Floor

+

1.07%),

6.32%,

10/20/30

(a)(b)

240

238,702

Myers

Park

CLO

Ltd.

(a)(b)

Series

2018-1A,

Class

B1,

(3-mo.

LIBOR

USD

at

1.60%

Floor

+

1.60%),

6.85%,

10/20/30

....

250

246,615

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2018-1A,

Class

C,

(3-mo.

LIBOR

USD

at

2.05%

Floor

+

2.05%),

7.30%,

10/20/30

....

USD

1,000

$

973,034

Neuberger

Berman

CLO

XIV

Ltd.,

Series

2013-14A,

Class

AR2,

(3-

mo.

LIBOR

USD

at

1.03%

Floor

+

1.03%),

6.30%,

01/28/30

(a)(b)

....

2,224

2,215,435

Neuberger

Berman

CLO

XV,

Series

2013-15A,

Class

A1R2,

(3-mo.

LIBOR

USD

at

0.92%

Floor

+

0.92%),

6.18%,

10/15/29

(a)(b)

....

15,734

15,621,593

Neuberger

Berman

CLO

XVII

Ltd.

(a)(b)

Series

2014-17A,

Class

AR2,

(3-mo.

LIBOR

USD

at

1.03%

Floor

+

1.03%),

6.30%,

04/22/29

....

11,852

11,766,645

Series

2014-17A,

Class

CR2,

(3-mo.

LIBOR

USD

at

2.00%

Floor

+

2.00%),

7.27%,

04/22/29

....

5,350

5,231,406

Series

2014-17A,

Class

DR2A,

(3-

mo.

LIBOR

USD

at

2.80%

Floor

+

2.80%),

8.07%,

04/22/29

....

1,500

1,396,925

Neuberger

Berman

CLO

XX

Ltd.

(a)(b)

Series

2015-20A,

Class

ARR,

(3-mo.

LIBOR

USD

at

1.16%

Floor

+

1.16%),

6.42%,

07/15/34

....

439

432,993

Series

2015-20A,

Class

BRR,

(3-mo.

LIBOR

USD

at

1.65%

Floor

+

1.65%),

6.91%,

07/15/34

....

500

495,876

Neuberger

Berman

CLO

XXII

Ltd.

(a)(b)

Series

2016-22A,

Class

BR,

(3-mo.

LIBOR

USD

at

1.65%

Floor

+

1.65%),

6.91%,

10/17/30

....

400

398,113

Series

2016-22A,

Class

CR,

(3-mo.

LIBOR

USD

at

2.20%

Floor

+

2.20%),

7.46%,

10/17/30

....

250

244,546

Neuberger

Berman

Loan

Advisers

CLO

25

Ltd.,

Series

2017-25A,

Class

DR,

(3-mo.

LIBOR

USD

at

2.85%

Floor

+

2.85%),

8.11%,

10/18/29

(a)(b)

....

1,040

991,380

Neuberger

Berman

Loan

Advisers

CLO

26

Ltd.,

Series

2017-26A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.92%

Floor

+

0.92%),

6.18%,

10/18/30

(a)(b)

....

4,825

4,785,972

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.,

Series

2019-32A,

Class

ER,

(3-mo.

LIBOR

USD

at

6.10%

Floor

+

6.10%),

11.36%,

01/20/32

(a)(b)

....

425

391,304

Neuberger

Berman

Loan

Advisers

CLO

35

Ltd.,

Series

2019-35A,

Class

C,

(3-mo.

LIBOR

USD

at

2.60%

Floor

+

2.60%),

7.86%,

01/19/33

(a)(b)

....

500

497,909

Neuberger

Berman

Loan

Advisers

CLO

39

Ltd.,

Series

2020-39A,

Class

E,

(3-mo.

LIBOR

USD

at

7.20%

Floor

+

7.20%),

12.45%,

01/20/32

(a)(b)

...

250

240,653

Neuberger

Berman

Loan

Advisers

CLO

46

Ltd.,

Series

2021-46A,

Class

B,

(3-mo.

LIBOR

USD

at

1.65%

Floor

+

1.65%),

6.90%,

01/20/36

(a)(b)

....

750

737,673

OCP

CLO

Ltd.

(a)

Series

2013-4A,

Class

A2RR,

(3-mo.

LIBOR

USD

at

1.45%

Floor

+

1.45%),

6.72%,

04/24/29

(b)

...

5,250

5,215,675

Series

2013-4A,

Class

BRR,

(3-mo.

LIBOR

USD

at

1.90%

Floor

+

1.90%),

7.17%,

04/24/29

(b)

...

19,500

19,202,239

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2013-4A,

Class

CRR,

(3-mo.

LIBOR

USD

at

3.00%

Floor

+

3.00%),

8.27%,

04/24/29

(b)

...

USD

12,000

$

11,740,786

Series

2013-4A,

Class

DR,

(3-mo.

LIBOR

USD

at

6.77%

Floor

+

6.77%),

12.04%,

04/24/29

(b)

..

2,763

2,721,234

Series

2014-5A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.08%

Floor

+

1.08%),

6.35%,

04/26/31

(b)

...

2,810

2,787,408

Series

2014-5A,

Class

CR,

(3-mo.

LIBOR

USD

at

2.90%

Floor

+

2.90%),

8.17%,

04/26/31

(b)

...

1,430

1,302,000

Series

2014-6A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.26%

Floor

+

1.26%),

6.52%,

10/17/30

(b)

...

1,500

1,493,133

Series

2014-7A,

Class

A1RR,

(3-mo.

LIBOR

USD

+

1.12%),

6.37%,

07/20/29

(b)

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

865

861,996

Series

2014-7A,

Class

A2RR,

(3-mo.

LIBOR

USD

+

1.65%),

6.90%,

07/20/29

(b)

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

1,600

1,573,198

Series

2014-7A,

Class

B2RR,

5.11%,

07/20/29

..........

3,830

3,467,024

Series

2017-13A,

Class

A1AR,

(3-

mo.

LIBOR

USD

at

0.96%

Floor

+

0.96%),

6.22%,

07/15/30

(b)

...

17,500

17,289,230

Series

2017-14A,

Class

A1A,

(3-mo.

LIBOR

USD

at

1.15%

Floor

+

1.15%),

6.53%,

11/20/30

(b)

...

3,184

3,159,295

Series

2017-14A,

Class

B,

(3-mo.

LIBOR

USD

at

1.95%

Floor

+

1.95%),

7.33%,

11/20/30

(b)

...

1,200

1,169,659

Series

2019-16A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.21%,

04/10/33

(b)

...

500

494,674

Series

2019-16A,

Class

DR,

(3-mo.

LIBOR

USD

at

3.15%

Floor

+

3.15%),

8.36%,

04/10/33

(b)

...

2,200

2,039,372

Series

2020-18A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.09%

Floor

+

1.09%),

6.34%,

07/20/32

(b)

...

1,000

989,533

Series

2020-18A,

Class

DR,

(3-mo.

LIBOR

USD

at

3.20%

Floor

+

3.20%),

8.45%,

07/20/32

(b)

...

4,750

4,424,611

Series

2020-20A,

Class

D1,

(3-mo.

LIBOR

USD

at

3.95%

Floor

+

3.95%),

9.16%,

10/09/33

(b)

...

2,500

2,383,650

Series

2020-20A,

Class

E,

(3-mo.

LIBOR

USD

at

7.66%

Floor

+

7.66%),

12.87%,

10/09/33

(b)

..

1,500

1,465,893

Series

2022-25A,

Class

E1,

(3-mo.

CME

Term

SOFR

at

6.15%

Floor

+

6.15%),

9.63%,

07/20/35

(b)

..

1,500

1,366,983

Octagon

Investment

Partners

18-R

Ltd.,

Series

2018-18A,

Class

A1A,

(3-mo.

LIBOR

USD

+

0.96%),

6.22%,

04/16/31

(a)(b)

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

9,026

8,952,967

Octagon

Investment

Partners

30

Ltd.,

Series

2017-1A,

Class

A1R,

(3-mo.

LIBOR

USD

+

1.00%),

6.25%,

03/17/30

(a)(b)

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

2,159

2,144,744

Octagon

Investment

Partners

31

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.05%

Floor

+

1.05%),

6.30%,

07/20/30

(a)(b)

....

4,656

4,624,019

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Octagon

Investment

Partners

32

Ltd.,

Series

2017-1A,

Class

A1R,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.21%,

07/15/29

(a)(b)

....

USD

4,265

$

4,230,543

Octagon

Investment

Partners

33

Ltd.,

Series

2017-1A,

Class

A1,

(3-mo.

LIBOR

USD

+

1.19%),

6.44%,

01/20/31

(a)(b)

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

2,750

2,731,218

Octagon

Investment

Partners

35

Ltd.,

Series

2018-1A,

Class

A1A,

(3-mo.

LIBOR

USD

at

1.06%

Floor

+

1.06%),

6.31%,

01/20/31

(a)(b)

....

2,939

2,916,549

Octagon

Investment

Partners

36

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

LIBOR

USD

at

0.97%

Floor

+

0.97%),

6.23%,

04/15/31

(a)(b)

....

55,250

54,780,834

Octagon

Investment

Partners

37

Ltd.,

Series

2018-2A,

Class

A2,

(3-mo.

LIBOR

USD

at

1.58%

Floor

+

1.58%),

6.84%,

07/25/30

(a)(b)

....

1,000

986,916

Octagon

Investment

Partners

XIV

Ltd.,

Series

2012-1A,

Class

AARR,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.21%,

07/15/29

(a)(b)

....

6,314

6,256,947

Octagon

Investment

Partners

XV

Ltd.

(a)

(b)

Series

2013-1A,

Class

A1RR,

(3-mo.

LIBOR

USD

at

0.97%

Floor

+

0.97%),

6.23%,

07/19/30

....

13,279

13,197,245

Series

2013-1A,

Class

A2R,

(3-mo.

LIBOR

USD

+

1.35%),

6.62%,

07/19/30

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

1,000

997,880

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.02%

Floor

+

1.02%),

6.28%,

07/17/30

(a)(b)

....

3,000

2,967,308

Octagon

Loan

Funding

Ltd.,

Series

2014-1A,

Class

BRR,

(3-mo.

LIBOR

USD

at

1.70%

Floor

+

1.70%),

7.05%,

11/18/31

(a)(b)

..........

250

246,510

OHA

Credit

Funding

3

Ltd.,

Series

2019-3A,

Class

BR,

(3-mo.

LIBOR

USD

at

1.65%

Floor

+

1.65%),

6.90%,

07/02/35

(a)(b)

..........

250

246,409

OHA

Credit

Funding

4

Ltd.,

Series

2019-4A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.15%

Floor

+

1.15%),

6.42%,

10/22/36

(a)(b)

..........

500

490,261

OHA

Credit

Funding

6

Ltd.,

Series

2020-6A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.14%

Floor

+

1.14%),

6.39%,

07/20/34

(a)(b)

..........

1,000

984,260

OHA

Credit

Partners

XI

Ltd.

(a)(b)

Series

2015-11A,

Class

CR,

(3-mo.

LIBOR

USD

at

2.15%

Floor

+

2.15%),

7.40%,

01/20/32

....

300

295,701

Series

2015-11A,

Class

DR,

(3-mo.

LIBOR

USD

at

2.95%

Floor

+

2.95%),

8.20%,

01/20/32

....

1,000

951,964

OHA

Credit

Partners

XIII

Ltd.,

Series

2016-13A,

Class

BR,

(3-mo.

LIBOR

USD

at

1.70%

Floor

+

1.70%),

6.96%,

10/25/34

(a)(b)

..........

750

732,909

OHA

Loan

Funding

Ltd.,

Series

2013-

2A,

Class

AR,

(3-mo.

LIBOR

USD

+

1.04%),

6.43%,

05/23/31

(a)(b)

....

14,402

14,326,194

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

OSD

CLO

Ltd.

(a)(b)

Series

2021-23A,

Class

E,

(3-mo.

LIBOR

USD

at

6.00%

Floor

+

6.00%),

11.26%,

04/17/31

....

USD

500

$

456,116

Series

2023-27A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.25%

Floor

+

8.25%),

13.30%,

04/16/35

..

3,500

3,345,004

OZLM

Funding

IV

Ltd.

(a)(b)

Series

2013-4A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.25%

Floor

+

1.25%),

6.52%,

10/22/30

....

807

801,016

Series

2013-4A,

Class

A2R,

(3-mo.

LIBOR

USD

at

1.70%

Floor

+

1.70%),

6.97%,

10/22/30

....

960

947,199

OZLM

VI

Ltd.,

Series

2014-6A,

Class

SUB,

0.00%,

04/17/31

(a)(b)

......

3,200

143,389

OZLM

VII

Ltd.,

Series

2014-7RA,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.01%

Floor

+

1.01%),

6.27%,

07/17/29

(a)(b)

29,908

29,712,263

OZLM

VIII

Ltd.

(a)(b)

Series

2014-8A,

Class

A2R3,

(3-mo.

LIBOR

USD

at

1.65%

Floor

+

1.65%),

6.91%,

10/17/29

....

3,815

3,757,803

Series

2014-8A,

Class

CRR,

(3-mo.

LIBOR

USD

at

3.15%

Floor

+

3.15%),

8.41%,

10/17/29

....

1,835

1,786,330

OZLM

XX

Ltd.,

Series

2018-20A,

Class

A2,

(3-mo.

LIBOR

USD

at

1.65%

Floor

+

1.65%),

6.90%,

04/20/31

(a)(b)

250

244,533

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2013-2A,

Class

A2R3,

(3-mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.76%,

10/17/31

....

1,250

1,237,037

Series

2014-1A,

Class

A1R2,

(3-mo.

LIBOR

USD

at

1.13%

Floor

+

1.13%),

6.39%,

01/17/31

....

2,080

2,071,788

Series

2015-2A,

Class

CR2,

(3-mo.

LIBOR

USD

at

2.75%

Floor

+

2.75%),

8.00%,

07/20/30

....

500

480,471

Series

2018-1A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.03%

Floor

+

1.03%),

6.29%,

04/18/31

....

6,260

6,214,136

Series

2018-2A,

Class

D,

(3-mo.

LIBOR

USD

at

5.60%

Floor

+

5.60%),

10.86%,

07/16/31

....

750

703,290

Series

2020-3A,

Class

A1AR,

(3-mo.

LIBOR

USD

at

1.08%

Floor

+

1.08%),

6.40%,

11/15/31

.....

4,990

4,945,634

Series

2020-3A,

Class

A2R,

(3-mo.

LIBOR

USD

at

1.60%

Floor

+

1.60%),

6.92%,

11/15/31

.....

2,040

2,018,517

Series

2021-2A,

Class

E,

(3-mo.

LIBOR

USD

at

6.35%

Floor

+

6.35%),

11.61%,

07/15/34

....

250

235,503

Series

2021-3A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.15%

Floor

+

1.15%),

6.41%,

01/15/35

....

250

247,788

Palmer

Square

Loan

Funding

Ltd.

(a)(b)

Series

2018-5A,

Class

SUB,

0.00%,

01/20/27

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

4,750

475

Series

2020-1A,

Class

A1,

(3-mo.

LIBOR

USD

at

0.80%

Floor

+

0.80%),

6.18%,

02/20/28

....

1,264

1,260,398

Series

2020-1A,

Class

A2,

(3-mo.

LIBOR

USD

at

1.35%

Floor

+

1.35%),

6.73%,

02/20/28

....

7,600

7,560,046

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2020-1A,

Class

C,

(3-mo.

LIBOR

USD

at

2.50%

Floor

+

2.50%),

7.88%,

02/20/28

....

USD

4,150

$

4,063,202

Series

2020-1A,

Class

D,

(3-mo.

LIBOR

USD

at

4.85%

Floor

+

4.85%),

10.23%,

02/20/28

....

600

603,956

Series

2020-4A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.40%,

11/25/28

.....

450

448,753

Series

2020-4A,

Class

B,

(3-mo.

LIBOR

USD

at

2.30%

Floor

+

2.30%),

7.70%,

11/25/28

.....

7,500

7,518,720

Series

2020-4A,

Class

C,

(3-mo.

LIBOR

USD

at

3.60%

Floor

+

3.60%),

9.00%,

11/25/28

.....

3,000

3,005,725

Series

2020-4A,

Class

D,

(3-mo.

LIBOR

USD

at

7.05%

Floor

+

7.05%),

12.45%,

11/25/28

....

2,500

2,440,482

Series

2020-4A,

Class

E,

(3-mo.

LIBOR

USD

at

8.57%

Floor

+

8.57%),

13.97%,

11/25/28

....

1,000

957,926

Series

2021-1A,

Class

A1,

(3-mo.

LIBOR

USD

at

0.90%

Floor

+

0.90%),

6.15%,

04/20/29

....

7,142

7,104,895

Series

2021-1A,

Class

D,

(3-mo.

LIBOR

USD

at

6.00%

Floor

+

6.00%),

11.25%,

04/20/29

....

3,000

2,891,824

Series

2021-2A,

Class

A2,

(3-mo.

LIBOR

USD

at

1.25%

Floor

+

1.25%),

6.63%,

05/20/29

....

11,750

11,589,211

Series

2021-2A,

Class

D,

(3-mo.

LIBOR

USD

at

5.00%

Floor

+

5.00%),

10.38%,

05/20/29

....

500

458,466

Series

2021-3A,

Class

A1,

(3-mo.

LIBOR

USD

at

0.80%

Floor

+

0.80%),

6.05%,

07/20/29

....

15,480

15,350,143

Series

2021-3A,

Class

C,

(3-mo.

LIBOR

USD

at

2.50%

Floor

+

2.50%),

7.75%,

07/20/29

....

5,250

5,032,222

Series

2021-3A,

Class

D,

(3-mo.

LIBOR

USD

at

5.00%

Floor

+

5.00%),

10.25%,

07/20/29

....

4,875

4,473,401

Series

2021-4A,

Class

A1,

(3-mo.

LIBOR

USD

at

0.80%

Floor

+

0.80%),

6.06%,

10/15/29

....

2,452

2,425,998

Series

2021-4A,

Class

B,

(3-mo.

LIBOR

USD

at

1.75%

Floor

+

1.75%),

7.01%,

10/15/29

....

500

483,128

Series

2021-4A,

Class

C,

(3-mo.

LIBOR

USD

at

2.60%

Floor

+

2.60%),

7.86%,

10/15/29

....

2,000

1,904,260

Series

2021-4A,

Class

D,

(3-mo.

LIBOR

USD

at

5.00%

Floor

+

5.00%),

10.26%,

10/15/29

....

10,000

9,160,089

Series

2022-2A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

6.89%,

10/15/30

...

25,000

24,487,825

Series

2022-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

7.19%,

10/15/30

...

10,500

10,158,365

Series

2022-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.10%),

8.09%,

10/15/30

...

6,000

5,712,539

Series

2022-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

6.20%

Floor

+

6.20%),

11.19%,

10/15/30

..

11,500

10,735,544

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Parallel

Ltd.,

Series

2015-1A,

Class

C1R,

(3-mo.

LIBOR

USD

+

1.75%),

7.00%,

07/20/27

(a)(b)

..........

USD

1,226

$

1,221,170

Park

Avenue

Institutional

Advisers

CLO

Ltd.,

Series

2019-1A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.48%

Floor

+

1.48%),

6.80%,

05/15/32

(a)(b)

....

500

497,349

Pikes

Peak

CLO

1,

Series

2018-1A,

Class

A,

(3-mo.

LIBOR

USD

at

1.18%

Floor

+

1.18%),

6.45%,

07/24/31

(a)(b)

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

2,250

2,229,075

Pikes

Peak

CLO

4,

Series

2019-4A,

Class

DR,

(3-mo.

LIBOR

USD

at

3.25%

Floor

+

3.25%),

8.51%,

07/15/34

(a)(b)

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

375

342,211

Pikes

Peak

CLO

6,

Series

2020-6A,

Class

ER2,

(3-mo.

LIBOR

USD

at

6.43%

Floor

+

6.43%),

11.78%,

05/18/34

(a)(b)

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

500

459,300

Post

CLO

Ltd.

(a)(b)

Series

2018-1A,

Class

D,

(3-mo.

LIBOR

USD

at

2.95%

Floor

+

2.95%),

8.21%,

04/16/31

....

2,250

2,124,895

Series

2021-1A,

Class

E,

(3-mo.

LIBOR

USD

at

6.45%

Floor

+

6.45%),

11.71%,

10/15/34

....

750

684,063

PPM

CLO

2

Ltd.,

Series

2019-2A,

Class

DR,

(3-mo.

LIBOR

USD

at

3.40%

Floor

+

3.40%),

8.66%,

04/16/32

(a)(b)

1,250

1,146,366

Prima

Capital

CRE

Securitization

Ltd.,

Series

2015-4A,

Class

C,

4.00%,

08/24/49

(a)(c)

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

2,976

2,747,000

Race

Point

IX

CLO

Ltd.,

Series

2015-

9A,

Class

A1A2,

(3-mo.

LIBOR

USD

at

0.94%

Floor

+

0.94%),

6.20%,

10/15/30

(a)(b)

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

4,805

4,771,788

Rad

CLO

1

Ltd.,

Series

2018-1A,

Class

AR,

(3-mo.

LIBOR

USD

+

0.98%),

6.24%,

07/15/31

(a)(b)

..........

12,000

11,872,856

Rad

CLO

17

Ltd.,

Series

2022-17A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.30%

Floor

+

8.30%),

13.35%,

10/20/35

(a)(b)

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

500

481,353

Rad

CLO

3

Ltd.

(a)(b)

Series

2019-3A,

Class

BR,

(3-mo.

LIBOR

USD

at

1.55%

Floor

+

1.55%),

6.81%,

04/15/32

....

400

395,772

Series

2019-3A,

Class

CR,

(3-mo.

LIBOR

USD

at

1.85%

Floor

+

1.85%),

7.11%,

04/15/32

.....

700

684,837

Series

2019-3A,

Class

DR,

(3-mo.

LIBOR

USD

at

2.75%

Floor

+

2.75%),

8.01%,

04/15/32

....

750

703,383

Rad

CLO

4

Ltd.

(a)(b)

Series

2019-4A,

Class

C,

(3-mo.

LIBOR

USD

at

2.80%

Floor

+

2.80%),

8.06%,

04/25/32

....

1,425

1,418,852

Series

2019-4A,

Class

D,

(3-mo.

LIBOR

USD

at

3.85%

Floor

+

3.85%),

9.11%,

04/25/32

.....

2,000

1,921,700

Rad

CLO

5

Ltd.,

Series

2019-5A,

Class

DR,

(3-mo.

LIBOR

USD

at

3.15%

Floor

+

3.15%),

8.42%,

07/24/32

(a)(b)

250

235,489

Rad

CLO

7

Ltd.,

Series

2020-7A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.20%

Floor

+

1.20%),

6.46%,

04/17/33

(a)(b)

250

247,500

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Rad

CLO

9

Ltd.

(a)(b)

Series

2020-9A,

Class

B1,

(3-mo.

LIBOR

USD

at

1.90%

Floor

+

1.90%),

7.16%,

01/15/34

....

USD

500

$

497,641

Series

2020-9A,

Class

E,

(3-mo.

LIBOR

USD

at

7.59%

Floor

+

7.59%),

12.85%,

01/15/34

....

3,000

2,945,395

Regatta

Funding

LP,

Series

2013-2A,

Class

CR2,

(3-mo.

LIBOR

USD

+

3.70%),

8.96%,

01/15/29

(a)(b)

....

7,105

6,990,509

Regatta

IX

Funding

Ltd.

(a)(b)

Series

2017-1A,

Class

B,

(3-mo.

LIBOR

USD

at

1.80%

Floor

+

1.80%),

7.06%,

04/17/30

....

1,250

1,249,824

Series

2017-1A,

Class

C,

(3-mo.

LIBOR

USD

at

2.45%

Floor

+

2.45%),

7.71%,

04/17/30

....

2,320

2,321,249

Regatta

VI

Funding

Ltd.,

Series

2016-

1A,

Class

DR2,

(3-mo.

LIBOR

USD

at

3.10%

Floor

+

3.10%),

8.35%,

04/20/34

(a)(b)

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

3,000

2,876,710

Regatta

VII

Funding

Ltd.

(a)(b)

Series

2016-1A,

Class

A1R2,

(3-mo.

LIBOR

USD

at

1.15%

Floor

+

1.15%),

6.66%,

06/20/34

....

1,300

1,288,571

Series

2016-1A,

Class

BR2,

(3-mo.

LIBOR

USD

at

1.60%

Floor

+

1.60%),

7.11%,

06/20/34

.....

250

243,702

Regatta

VIII

Funding

Ltd.

(a)(b)

Series

2017-1A,

Class

B,

(3-mo.

LIBOR

USD

at

1.70%

Floor

+

1.70%),

6.96%,

10/17/30

....

5,020

4,970,574

Series

2017-1A,

Class

D,

(3-mo.

LIBOR

USD

at

3.20%

Floor

+

3.20%),

8.46%,

10/17/30

....

840

797,088

Regatta

XI

Funding

Ltd.,

Series

2018-

1A,

Class

A,

(3-mo.

LIBOR

USD

+

1.07%),

6.33%,

07/17/31

(a)(b)

....

3,250

3,232,054

Regatta

XIII

Funding

Ltd.,

Series

2018-

2A,

Class

C,

(3-mo.

LIBOR

USD

+

3.10%),

8.36%,

07/15/31

(a)(b)

....

625

591,944

Regatta

XIV

Funding

Ltd.,

Series

2018-

3A,

Class

A,

(3-mo.

LIBOR

USD

at

1.19%

Floor

+

1.19%),

6.45%,

10/25/31

(a)(b)

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

1,400

1,392,540

Regatta

XVI

Funding

Ltd.,

Series

2019-

2A,

Class

B,

(3-mo.

LIBOR

USD

at

2.05%

Floor

+

2.05%),

7.31%,

01/15/33

(a)(b)

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

250

248,007

Regatta

XVII

Funding

Ltd.

(a)(b)

Series

2020-1A,

Class

D,

(3-mo.

LIBOR

USD

at

4.15%

Floor

+

4.15%),

9.41%,

10/15/33

....

600

597,668

Series

2020-1A,

Class

E,

(3-mo.

LIBOR

USD

at

7.61%

Floor

+

7.61%),

12.87%,

10/15/33

....

500

487,957

Regatta

XXIV

Funding

Ltd.,

Series

2021-5A,

Class

D,

(3-mo.

LIBOR

USD

at

3.10%

Floor

+

3.10%),

8.35%,

01/20/35

(a)(b)

..........

500

483,070

Regatta

XXV

Funding

Ltd.,

Series

2023-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.41%

Floor

+

8.41%),

13.66%,

07/15/36

(a)(b)

.........

1,000

980,000

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Rockford

Tower

CLO

Ltd.

(a)(b)

Series

2017-2A,

Class

CR,

(3-mo.

LIBOR

USD

at

1.90%

Floor

+

1.90%),

7.16%,

10/15/29

....

USD

1,250

$

1,228,100

Series

2017-2A,

Class

DR,

(3-mo.

LIBOR

USD

at

2.85%

Floor

+

2.85%),

8.11%,

10/15/29

.....

5,360

5,039,724

Series

2017-3A,

Class

A,

(3-mo.

LIBOR

USD

at

1.19%

Floor

+

1.19%),

6.44%,

10/20/30

....

11,183

11,121,227

Series

2017-3A,

Class

SUB,

0.00%,

10/20/30

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

1,750

762,400

Series

2018-1A,

Class

A,

(3-mo.

LIBOR

USD

at

1.10%

Floor

+

1.10%),

6.48%,

05/20/31

....

6,000

5,944,416

Series

2018-1A,

Class

B,

(3-mo.

LIBOR

USD

at

1.72%

Floor

+

1.72%),

7.10%,

05/20/31

....

250

243,915

Series

2018-1A,

Class

SUB,

0.00%,

05/20/31

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

1,750

754,509

Series

2018-2A,

Class

SUB,

0.00%,

10/20/31

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

1,750

742,973

Series

2021-1A,

Class

C,

(3-mo.

LIBOR

USD

at

2.00%

Floor

+

2.00%),

7.25%,

07/20/34

....

250

238,852

Rockford

Tower

Credit

Funding

I

Ltd.,

Series

2022-1A,

Class

SUB,

0.00%,

04/20/40

(a)(b)

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

5,000

3,350,500

Romark

CLO

II

Ltd.,

Series

2018-2A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.18%

Floor

+

1.18%),

6.43%,

07/25/31

(a)(b)

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

7,000

6,916,113

Romark

CLO

IV

Ltd.,

Series

2021-4A,

Class

C1,

(3-mo.

LIBOR

USD

at

3.20%

Floor

+

3.20%),

8.41%,

07/10/34

(a)(b)

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

3,500

3,210,516

Romark

CLO

Ltd.,

Series

2017-1A,

Class

B,

(3-mo.

LIBOR

USD

+

2.15%),

7.42%,

10/23/30

(a)(b)

....

1,650

1,592,530

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.03%

Floor

+

1.03%),

6.28%,

04/20/31

(a)(b)

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

17,986

17,768,886

RR

17

Ltd.,

Series

2021-17A,

Class

SUB,

0.00%,

07/15/34

(a)(b)

......

475

320,269

RR

3

Ltd.,

Series

2018-3A,

Class

A1R2,

(3-mo.

LIBOR

USD

at

1.09%

Floor

+

1.09%),

6.35%,

01/15/30

(a)(b)

....

2,066

2,049,775

RR

4

Ltd.,

Series

2018-4A,

Class

A2,

(3-mo.

LIBOR

USD

+

1.55%),

6.81%,

04/15/30

(a)(b)

..........

2,000

1,959,273

Sandstone

Peak

II

Ltd.,

Series

2023-

1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.79%

Floor

+

8.79%),

13.94%,

07/20/36

(a)(b)

.........

3,000

2,897,385

Shackleton

CLO

Ltd.

(a)(b)

Series

2015-7RA,

Class

C,

(3-mo.

LIBOR

USD

at

2.35%

Floor

+

2.35%),

7.61%,

07/15/31

....

250

243,910

Series

2017-10A,

Class

AR2,

(3-mo.

LIBOR

USD

at

0.89%

Floor

+

0.89%),

6.14%,

04/20/29

....

6,465

6,416,237

Signal

Peak

CLO

5

Ltd.,

Series

2018-

5A,

Class

A,

(3-mo.

LIBOR

USD

at

1.11%

Floor

+

1.11%),

6.37%,

04/25/31

(a)(b)

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

5,000

4,954,187

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Silver

Creek

CLO

Ltd.

(a)(b)

Series

2014-1A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.24%

Floor

+

1.24%),

6.49%,

07/20/30

....

USD

2,661

$

2,647,698

Series

2014-1A,

Class

DR,

(3-mo.

LIBOR

USD

at

3.35%

Floor

+

3.35%),

8.60%,

07/20/30

....

500

489,657

Sixth

Street

CLO

XIX

Ltd.,

Series

2021-

19A,

Class

E,

(3-mo.

LIBOR

USD

at

5.90%

Floor

+

5.90%),

11.15%,

07/20/34

(a)(b)

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

6,000

5,594,743

Sixth

Street

CLO

XVI

Ltd.

(a)(b)

Series

2020-16A,

Class

A1A,

(3-mo.

LIBOR

USD

at

1.32%

Floor

+

1.32%),

6.57%,

10/20/32

....

5,000

4,958,140

Series

2020-16A,

Class

E,

(3-mo.

LIBOR

USD

at

7.32%

Floor

+

7.32%),

12.57%,

10/20/32

....

4,113

4,052,458

Sixth

Street

CLO

XVII

Ltd.,

Series

2021-17A,

Class

E,

(3-mo.

LIBOR

USD

at

6.20%

Floor

+

6.20%),

11.45%,

01/20/34

(a)(b)

.........

2,250

2,087,685

Sixth

Street

CLO

XVIII

Ltd.,

Series

2021-18A,

Class

E,

(3-mo.

LIBOR

USD

at

6.50%

Floor

+

6.50%),

11.75%,

04/20/34

(a)(b)

.........

4,000

3,707,625

Sound

Point

CLO

II

Ltd.,

Series

2013-

1A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.07%

Floor

+

1.07%),

6.34%,

01/26/31

(a)(b)

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

525

517,378

Sound

Point

CLO

XII

Ltd.

(a)(b)

Series

2016-2A,

Class

AR2,

(3-mo.

LIBOR

USD

at

1.05%

Floor

+

1.05%),

6.30%,

10/20/28

....

1,677

1,673,088

Series

2016-2A,

Class

BR2,

(3-mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.75%,

10/20/28

....

20,000

19,974,910

Series

2016-2A,

Class

CR2,

(3-mo.

LIBOR

USD

at

2.05%

Floor

+

2.05%),

7.30%,

10/20/28

....

4,000

3,980,740

Sound

Point

CLO

XV

Ltd.

(a)(b)

Series

2017-1A,

Class

BR,

(3-mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.77%,

01/23/29

....

2,000

1,975,629

Series

2017-1A,

Class

CR,

(3-mo.

LIBOR

USD

at

2.05%

Floor

+

2.05%),

7.32%,

01/23/29

....

3,350

3,267,272

Sound

Point

CLO

XXIX

Ltd.,

Series

2021-1A,

Class

D,

(3-mo.

LIBOR

USD

at

3.50%

Floor

+

3.50%),

8.76%,

04/25/34

(a)(b)

..........

345

307,272

Steele

Creek

CLO

Ltd.,

Series

2017-

1A,

Class

A,

(3-mo.

LIBOR

USD

at

1.25%

Floor

+

1.25%),

6.51%,

10/15/30

(a)(b)

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

399

394,225

Strata

CLO

I

Ltd.

(a)(b)

Series

2018-1A,

Class

E,

(3-mo.

LIBOR

USD

at

7.08%

Floor

+

7.08%),

12.34%,

01/15/31

....

1,690

1,585,351

Series

2018-1A,

Class

USUB,

0.00%,

01/15/18

..........

7,680

3,018,662

Stratus

CLO

Ltd.

(a)(b)

Series

2021-1A,

Class

E,

(3-mo.

LIBOR

USD

at

5.00%

Floor

+

5.00%),

10.25%,

12/29/29

....

3,750

3,405,244

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2021-1A,

Class

SUB,

0.00%,

12/29/29

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

USD

2,820

$

1,393,813

Series

2021-2A,

Class

A,

(3-mo.

LIBOR

USD

at

0.90%

Floor

+

0.90%),

6.15%,

12/28/29

....

1,645

1,634,287

Series

2021-2A,

Class

E,

(3-mo.

LIBOR

USD

at

5.75%

Floor

+

5.75%),

11.00%,

12/28/29

....

1,250

1,168,402

Series

2021-3A,

Class

C,

(3-mo.

LIBOR

USD

at

2.05%

Floor

+

2.05%),

7.30%,

12/29/29

....

250

240,596

Series

2021-3A,

Class

E,

(3-mo.

LIBOR

USD

at

5.75%

Floor

+

5.75%),

11.00%,

12/29/29

....

600

561,595

Symphony

CLO

XVI

Ltd.,

Series

2015-

16A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.15%

Floor

+

1.15%),

6.41%,

10/15/31

(a)(b)

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

300

298,082

Symphony

CLO

XVII

Ltd.,

Series

2016-

17A,

Class

BR,

(3-mo.

LIBOR

USD

+

1.20%),

6.46%,

04/15/28

(a)(b)

...

5,500

5,468,507

Symphony

CLO

XXIII

Ltd.

(a)(b)

Series

2020-23A,

Class

CR,

(3-mo.

LIBOR

USD

at

2.00%

Floor

+

2.00%),

7.26%,

01/15/34

....

510

502,742

Series

2020-23A,

Class

ER,

(3-mo.

LIBOR

USD

at

6.15%

Floor

+

6.15%),

11.41%,

01/15/34

....

510

479,487

Symphony

Static

CLO

I

Ltd.,

Series

2021-1A,

Class

C,

(3-mo.

LIBOR

USD

at

1.85%

Floor

+

1.85%),

7.11%,

10/25/29

(a)(b)

..........

1,500

1,416,438

TCI-Flatiron

CLO

Ltd.,

Series

2016-1A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.10%),

6.09%,

01/17/32

(a)(b)

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

453

448,712

TCI-Symphony

CLO

Ltd.,

Series

2017-

1A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.93%

Floor

+

0.93%),

6.19%,

07/15/30

(a)(b)

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

34,934

34,548,150

TIAA

CLO

I

Ltd.,

Series

2016-1A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.20%

Floor

+

1.20%),

6.45%,

07/20/31

(a)(b)

1,850

1,824,983

TIAA

CLO

III

Ltd.

(a)(b)

Series

2017-2A,

Class

A,

(3-mo.

LIBOR

USD

at

1.15%

Floor

+

1.15%),

6.41%,

01/16/31

....

259

257,386

Series

2017-2A,

Class

B,

(3-mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.76%,

01/16/31

....

750

735,458

TICP

CLO

IX

Ltd.

(a)(b)

Series

2017-9A,

Class

A,

(3-mo.

LIBOR

USD

at

1.14%

Floor

+

1.14%),

6.39%,

01/20/31

....

2,889

2,869,736

Series

2017-9A,

Class

B,

(3-mo.

LIBOR

USD

at

1.60%

Floor

+

1.60%),

6.85%,

01/20/31

....

250

246,251

Series

2017-9A,

Class

D,

(3-mo.

LIBOR

USD

at

2.90%

Floor

+

2.90%),

8.15%,

01/20/31

....

500

483,871

TICP

CLO

V

Ltd.,

Series

2016-5A,

Class

DR,

(3-mo.

LIBOR

USD

+

3.15%),

8.41%,

07/17/31

(a)(b)

....

250

240,821

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

TICP

CLO

XI

Ltd.

(a)(b)

Series

2018-11A,

Class

A,

(3-mo.

LIBOR

USD

at

1.18%

Floor

+

1.18%),

6.43%,

10/20/31

....

USD

2,300

$

2,289,240

Series

2018-11A,

Class

B,

(3-mo.

LIBOR

USD

at

1.73%

Floor

+

1.73%),

6.98%,

10/20/31

....

2,000

1,968,236

Series

2018-11A,

Class

D,

(3-mo.

LIBOR

USD

at

3.05%

Floor

+

3.05%),

8.30%,

10/20/31

....

250

244,218

Series

2018-11A,

Class

E,

(3-mo.

LIBOR

USD

at

6.00%

Floor

+

6.00%),

11.25%,

10/20/31

....

1,425

1,335,826

TICP

CLO

XII

Ltd.,

Series

2018-12A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.17%

Floor

+

1.17%),

6.43%,

07/15/34

(a)(b)

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

1,000

988,032

TICP

CLO

XIV

Ltd.,

Series

2019-14A,

Class

DR,

(3-mo.

LIBOR

USD

at

6.70%

Floor

+

6.70%),

11.95%,

10/20/32

(a)(b)

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

2,500

2,402,320

TICP

CLO

XV

Ltd.

(a)(b)

Series

2020-15A,

Class

A,

(3-mo.

LIBOR

USD

at

1.28%

Floor

+

1.28%),

6.53%,

04/20/33

....

250

247,752

Series

2020-15A,

Class

E,

(3-mo.

LIBOR

USD

at

6.15%

Floor

+

6.15%),

11.40%,

04/20/33

....

500

461,738

Trestles

CLO

IV

Ltd.,

Series

2021-4A,

Class

A,

(3-mo.

LIBOR

USD

at

1.17%

Floor

+

1.17%),

6.43%,

07/21/34

(a)(b)

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

1,000

987,598

Trestles

CLO

Ltd.,

Series

2017-1A,

Class

CR,

(3-mo.

LIBOR

USD

at

2.90%

Floor

+

2.90%),

8.16%,

04/25/32

(a)(b)

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

1,500

1,393,498

TRESTLES

CLO

V

Ltd.,

Series

2021-

5A,

Class

E,

(3-mo.

LIBOR

USD

at

6.35%

Floor

+

6.35%),

11.60%,

10/20/34

(a)(b)

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

4,250

3,877,955

Triaxx

Prime

CDO

Ltd.,

Series

2006-

1A,

Class

A2,

(3-mo.

LIBOR

USD

at

0.45%

Floor

+

0.45%),

5.95%,

03/03/39

(a)(b)

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

50,060

41,655

Trimaran

Cavu

Ltd.

(a)(b)

Series

2019-1A,

Class

A2,

(3-mo.

LIBOR

USD

at

1.90%

Floor

+

1.90%),

7.15%,

07/20/32

....

1,250

1,224,435

Series

2019-1A,

Class

B,

(3-mo.

LIBOR

USD

at

2.20%

Floor

+

2.20%),

7.45%,

07/20/32

....

250

247,024

Series

2019-1A,

Class

C1,

(3-mo.

LIBOR

USD

at

3.15%

Floor

+

3.15%),

8.40%,

07/20/32

....

500

494,865

Series

2019-1A,

Class

E,

(3-mo.

LIBOR

USD

at

7.04%

Floor

+

7.04%),

12.29%,

07/20/32

....

1,250

1,102,507

Series

2021-1A,

Class

E,

(3-mo.

LIBOR

USD

at

6.50%

Floor

+

6.50%),

11.77%,

04/23/32

....

2,000

1,791,742

Series

2021-2A,

Class

D1,

(3-mo.

LIBOR

USD

at

3.25%

Floor

+

3.25%),

8.51%,

10/25/34

....

1,550

1,483,314

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Trimaran

CAVU

Ltd.

(a)(b)

Series

2019-2A,

Class

C,

(3-mo.

LIBOR

USD

at

4.72%

Floor

+

4.72%),

9.98%,

11/26/32

.....

USD

575

$

550,049

Series

2022-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

9.08%

Floor

+

9.08%),

14.15%,

10/22/35

..

2,600

2,597,462

Series

2022-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

6.12%

Floor

+

6.12%),

11.17%,

01/20/36

..

3,000

3,000,753

Series

2022-2A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.81%

Floor

+

8.81%),

13.86%,

01/20/36

..

3,500

3,302,196

Trinitas

CLO

IV

Ltd.,

Series

2016-4A,

Class

A2L2,

(3-mo.

LIBOR

USD

at

1.40%

Floor

+

1.40%),

6.66%,

10/18/31

(a)(b)

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

900

881,731

Trinitas

CLO

XIV

Ltd.,

Series

2020-

14A,

Class

C,

(3-mo.

LIBOR

USD

at

3.00%

Floor

+

3.00%),

8.26%,

01/25/34

(a)(b)

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

625

620,282

Voya

CLO

Ltd.

(a)(b)

Series

2013-1A,

Class

A1AR,

(3-mo.

LIBOR

USD

at

1.21%

Floor

+

1.21%),

6.46%,

10/15/30

....

4,939

4,883,801

Series

2013-3A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.39%,

10/18/31

...

1,495

1,479,752

Series

2014-1A,

Class

AAR2,

(3-mo.

CME

Term

SOFR

+

1.25%),

6.23%,

04/18/31

..........

22,078

21,869,698

Series

2014-2A,

Class

A1RR,

(3-mo.

LIBOR

USD

at

1.02%

Floor

+

1.02%),

6.28%,

04/17/30

....

7,075

7,028,356

Series

2014-4A,

Class

BR2,

(3-mo.

LIBOR

USD

+

2.09%),

7.34%,

07/14/31

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

1,200

1,135,856

Series

2015-1A,

Class

A1R,

(3-mo.

LIBOR

USD

at

0.90%

Floor

+

0.90%),

6.16%,

01/18/29

....

9,464

9,393,716

Series

2015-3A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.45%

Floor

+

1.19%),

6.50%,

10/20/31

....

2,500

2,482,075

Series

2016-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.33%),

6.38%,

01/20/31

...

1,080

1,072,447

Series

2016-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.91%),

7.96%,

01/20/31

...

1,085

946,225

Series

2016-2A,

Class

A1R,

(3-mo.

LIBOR

USD

+

1.15%),

6.44%,

07/19/28

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

1,664

1,659,985

Series

2017-2A,

Class

A1R,

(3-mo.

LIBOR

USD

at

0.98%

Floor

+

0.98%),

6.24%,

06/07/30

....

1,007

998,451

Series

2017-2A,

Class

A2AR,

(3-mo.

LIBOR

USD

at

1.65%

Floor

+

1.65%),

6.91%,

06/07/30

....

750

733,182

Series

2017-4A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.13%

Floor

+

1.13%),

6.39%,

10/15/30

....

3,411

3,387,490

Series

2017-4A,

Class

B,

(3-mo.

LIBOR

USD

at

1.45%

Floor

+

1.45%),

6.71%,

10/15/30

....

750

732,034

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2018-3A,

Class

A1A,

(3-mo.

LIBOR

USD

at

1.15%

Floor

+

1.15%),

6.41%,

10/15/31

....

USD

300

$

297,583

Series

2019-1A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.06%

Floor

+

1.06%),

6.32%,

04/15/31

....

4,300

4,264,969

Series

2019-3A,

Class

BR,

(3-mo.

LIBOR

USD

at

1.65%

Floor

+

1.65%),

6.91%,

10/17/32

....

1,300

1,284,725

Series

2021-1A,

Class

X,

(3-mo.

LIBOR

USD

at

0.75%

Floor

+

0.75%),

6.01%,

07/15/34

....

825

822,997

Whitebox

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

ANAR,

(3-mo.

LIBOR

USD

at

1.13%

Floor

+

1.13%),

6.40%,

07/24/32

....

5,000

4,938,265

Series

2019-1A,

Class

CR,

(3-mo.

LIBOR

USD

at

3.05%

Floor

+

3.05%),

8.32%,

07/24/32

....

8,780

8,454,085

Series

2019-1A,

Class

DR,

(3-mo.

LIBOR

USD

at

6.40%

Floor

+

6.40%),

11.67%,

07/24/32

....

5,050

4,666,537

Series

2019-1A,

Class

SUB,

0.00%,

07/24/32

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

4,300

2,259,220

Whitebox

CLO

II

Ltd.

(a)(b)

Series

2020-2A,

Class

DR,

(3-mo.

LIBOR

USD

at

3.35%

Floor

+

3.35%),

8.62%,

10/24/34

....

6,750

6,458,744

Series

2020-2A,

Class

ER,

(3-mo.

LIBOR

USD

at

7.10%

Floor

+

7.10%),

12.37%,

10/24/34

....

2,000

1,879,548

Whitebox

CLO

III

Ltd.

(a)(b)

Series

2021-3A,

Class

D,

(3-mo.

LIBOR

USD

at

3.35%

Floor

+

3.35%),

8.61%,

10/15/34

....

5,750

5,492,551

Series

2021-3A,

Class

E,

(3-mo.

LIBOR

USD

at

6.85%

Floor

+

6.85%),

12.11%,

10/15/34

....

6,720

6,435,270

Whitebox

CLO

IV

Ltd.,

Series

2023-4A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.01%

Floor

+

8.01%),

12.79%,

04/20/36

(a)(b)

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

7,000

6,801,249

York

CLO

1

Ltd.,

Series

2014-1A,

Class

CRR,

(3-mo.

LIBOR

USD

+

2.10%),

7.37%,

10/22/29

(a)(b)

..........

2,250

2,210,978

2,442,943,909

France

—

0.0%

(b)(d)

FCT

Autonoria

Series

2019-1,

Class

C,

(1-mo.

EURIBOR

+

1.20%),

4.61%,

09/25/35

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

EUR

159

172,915

Series

2019-1,

Class

D,

(1-mo.

EURIBOR

+

1.60%),

5.01%,

09/25/35

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

106

114,236

Series

2019-1,

Class

E,

(1-mo.

EURIBOR

+

2.70%),

6.11%,

09/25/35

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

265

283,296

Series

2019-1,

Class

F,

(1-mo.

EURIBOR

+

3.70%),

7.11%,

09/25/35

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

88

94,733

FCT

Noria

Series

2018-1,

Class

D,

(1-mo.

EURIBOR

+

1.50%),

4.91%,

06/25/38

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

169

184,097

Security

Par

(000)

Par

(000)

Value

France

(continued)

Series

2018-1,

Class

E,

(1-mo.

EURIBOR

+

2.65%),

6.06%,

06/25/38

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

EUR

179

$

194,903

Series

2021-1,

Class

B,

(1-mo.

EURIBOR

+

0.70%),

4.11%,

10/25/49

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

833

900,088

Series

2021-1,

Class

C,

(1-mo.

EURIBOR

+

1.10%),

4.51%,

10/25/49

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

577

618,597

Series

2021-1,

Class

D,

(1-mo.

EURIBOR

+

1.50%),

4.91%,

10/25/49

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

1,153

1,224,072

FCT

Pixel,

Series

2021-1,

Class

D,

(3-mo.

EURIBOR

+

1.75%),

5.17%,

02/25/38

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

228

239,415

4,026,352

Germany

—

0.0%

(b)(d)

FCT

Autonoria

DE

Series

2023-DE,

Class

B,

(1-mo.

EURIBOR

+

1.15%),

4.56%,

01/26/43

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

400

435,841

Series

2023-DE,

Class

C,

(1-mo.

EURIBOR

+

2.10%),

5.51%,

01/26/43

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

1,600

1,744,843

Series

2023-DE,

Class

D,

(1-mo.

EURIBOR

+

3.05%),

6.46%,

01/26/43

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

500

544,498

Series

2023-DE,

Class

E,

(1-mo.

EURIBOR

+

5.50%),

8.91%,

01/26/43

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

400

435,305

Series

2023-DE,

Class

F,

(1-mo.

EURIBOR

+

7.50%),

10.91%,

01/26/43

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

100

108,834

Red

&

Black

Auto

Germany

8

UG

Series

8,

Class

B,

(1-mo.

EURIBOR

+

0.75%),

4.08%,

09/15/30

...

420

454,948

Series

8,

Class

C,

(1-mo.

EURIBOR

+

0.95%),

4.28%,

09/15/30

...

336

361,026

Red

&

Black

Auto

Germany

UG

Series

6,

Class

C,

(1-mo.

EURIBOR

+

1.40%),

4.73%,

10/15/28

...

45

48,676

Series

6,

Class

D,

(1-mo.

EURIBOR

+

2.25%),

5.58%,

10/15/28

...

45

48,641

Series

8,

Class

D,

(1-mo.

EURIBOR

+

1.35%),

4.68%,

09/15/30

...

84

89,314

4,271,926

Ireland

—

0.6%

(b)

AlbaCore

Euro

CLO

IV

DAC,

Series

4X,

Class

D,

(3-mo.

EURIBOR

at

4.60%

Floor

+

4.60%),

7.78%,

07/15/35

(d)

2,605

2,697,559

Alme

Loan

Funding

V

DAC,

Series

5A,

Class

ER,

(3-mo.

EURIBOR

at

5.41%

Floor

+

5.41%),

8.59%,

07/15/31

(a)

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

3,800

3,911,625

Anchorage

Capital

Europe

CLO

2

DAC

(a)

Series

2A,

Class

B1R,

(3-mo.

EURIBOR

at

1.60%

Floor

+

1.60%),

4.78%,

04/15/34

....

2,563

2,692,683

Series

2A,

Class

DR,

(3-mo.

EURIBOR

at

3.55%

Floor

+

3.55%),

6.73%,

04/15/34

....

2,110

2,148,722

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Anchorage

Capital

Europe

CLO

DAC,

Series

4A,

Class

D,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

6.46%,

04/25/34

(a)

...........

EUR

590

$

599,955

Aqueduct

European

CLO

DAC

Series

2017-2X,

Class

B1,

(3-mo.

EURIBOR

at

1.20%

Floor

+

1.20%),

4.38%,

10/15/30

(d)

...

2,518

2,681,648

Series

2017-2X,

Class

E,

(3-mo.

EURIBOR

at

4.40%

Floor

+

4.40%),

7.58%,

10/15/30

(d)

...

534

537,937

Series

2019-3X,

Class

AR,

(3-mo.

EURIBOR

at

0.93%

Floor

+

0.93%),

4.25%,

08/15/34

(d)

...

5,000

5,303,111

Series

2020-5A,

Class

CR,

(3-mo.

EURIBOR

at

2.00%

Floor

+

2.00%),

5.20%,

04/20/34

(a)

...

1,250

1,269,459

Series

2022-7X,

Class

A,

(3-mo.

EURIBOR

at

2.05%

Floor

+

2.05%),

5.25%,

03/15/36

(d)

...

5,114

5,532,376

Ares

European

CLO

VII

DAC,

Series

7X,

Class

AAR,

(3-mo.

EURIBOR

at

1.50%

Floor

+

1.50%),

4.68%,

10/15/30

(a)(d)

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

1,200

1,264,377

Ares

European

CLO

X

DAC,

Series

10A,

Class

DR,

(3-mo.

EURIBOR

at

2.80%

Floor

+

2.80%),

5.98%,

10/15/31

(a)

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

2,000

1,993,870

Ares

European

CLO

XII

DAC,

Series

12A,

Class

B1R,

(3-mo.

EURIBOR

at

1.70%

Floor

+

1.70%),

4.90%,

04/20/32

(a)

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

862

910,850

Armada

Euro

CLO

III

DAC,

Series

3A,

Class

DR,

(3-mo.

EURIBOR

at

3.30%

Floor

+

3.30%),

6.48%,

07/15/31

(a)

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

2,800

2,857,062

Aurium

CLO

II

DAC,

Series

2X,

Class

ERR,

(3-mo.

EURIBOR

at

6.08%

Floor

+

6.08%),

9.63%,

06/22/34

(d)

1,050

1,037,281

Aurium

CLO

IV

DAC,

Series

4X,

Class

AR,

(3-mo.

EURIBOR

at

0.73%

Floor

+

0.73%),

3.91%,

01/16/31

(d)

2,097

2,238,423

Aurium

CLO

VIII

DAC,

Series

8X,

Class

A,

(3-mo.

EURIBOR

at

0.85%

Floor

+

0.85%),

4.42%,

06/23/34

(d)

....

5,000

5,287,521

Avoca

CLO,

Series

28A,

Class

B1,

(3-mo.

EURIBOR

at

2.85%

Floor

+

2.85%),

0.00%,

04/15/37

(a)

.....

3,400

3,674,075

Avoca

CLO

XIV

DAC

(d)

Series

14X,

Class

ER,

(3-mo.

EURIBOR

at

4.70%

Floor

+

4.70%),

7.77%,

01/12/31

....

2,240

2,186,771

Series

14X,

Class

FR,

(3-mo.

EURIBOR

at

6.35%

Floor

+

6.35%),

9.43%,

01/12/31

....

1,100

1,033,319

Series

14X,

Class

SUB,

0.00%,

01/12/31

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

4,510

1,996,676

Avoca

CLO

XV

DAC

(d)

Series

15X,

Class

B2R,

(3-mo.

EURIBOR

at

1.05%

Floor

+

1.05%),

4.23%,

04/15/31

....

150

155,623

Series

15X,

Class

ER,

(3-mo.

EURIBOR

at

4.13%

Floor

+

4.13%),

7.31%,

04/15/31

....

1,305

1,217,950

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Series

15X,

Class

FR,

(3-mo.

EURIBOR

at

5.84%

Floor

+

5.84%),

9.02%,

04/15/31

....

EUR

1,760

$

1,567,543

Series

15X,

Class

M1,

0.00%,

04/15/31

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

3,100

1,408,506

Avoca

CLO

XVIII

DAC

(d)

Series

18X,

Class

B1,

(3-mo.

EURIBOR

at

1.25%

Floor

+

1.25%),

4.43%,

04/15/31

....

5,800

6,121,137

Series

18X,

Class

C,

(3-mo.

EURIBOR

at

1.75%

Floor

+

1.75%),

4.93%,

04/15/31

....

150

156,461

Avoca

CLO

XXII

DAC

Series

22A,

Class

D,

(3-mo.

EURIBOR

at

2.90%

Floor

+

2.90%),

6.08%,

04/15/35

(a)

...

970

938,849

Series

22X,

Class

B1,

(3-mo.

EURIBOR

at

1.30%

Floor

+

1.30%),

4.48%,

04/15/35

(d)

...

710

733,250

Avoca

CLO

XXIII

DAC,

Series

23A,

Class

D,

(3-mo.

EURIBOR

at

3.05%

Floor

+

3.05%),

6.23%,

04/15/34

(a)

750

749,565

BBAM

European

CLO

I

DAC

(d)

Series

1X,

Class

AR,

(3-mo.

EURIBOR

at

0.87%

Floor

+

0.87%),

4.08%,

07/22/34

....

5,000

5,291,783

Series

1X,

Class

ER,

(3-mo.

EURIBOR

at

5.91%

Floor

+

5.91%),

9.12%,

07/22/34

....

1,050

1,001,361

Bilbao

CLO

I

DAC,

Series

1X,

Class

A2A,

(3-mo.

EURIBOR

at

1.30%

Floor

+

1.30%),

4.50%,

07/20/31

(d)

4,300

4,529,091

BlueMountain

CLO

DAC,

Series

2021-1X,

Class

E,

(3-mo.

EURIBOR

at

5.41%

Floor

+

5.41%),

8.59%,

04/15/34

(d)

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

1,050

1,009,204

Bridgepoint

CLO

IV

DAC,

Series

4X,

Class

A,

(3-mo.

EURIBOR

at

2.20%

Floor

+

2.20%),

5.08%,

01/20/37

(d)

11,650

12,669,120

Cairn

CLO

IX

DAC,

Series

2018-9X,

Class

A,

(3-mo.

EURIBOR

at

0.71%

Floor

+

0.71%),

3.97%,

04/25/32

(d)

2,699

2,888,911

Capital

Four

CLO

V

DAC,

Series

5X,

Class

A,

(3-mo.

EURIBOR

at

1.84%

Floor

+

1.84%),

5.33%,

04/25/36

(d)

7,585

8,224,103

Carlyle

Euro

CLO

DAC,

Series

2021-

2A,

Class

C,

(3-mo.

EURIBOR

at

3.30%

Floor

+

3.30%),

6.48%,

10/15/35

(a)

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

2,690

2,537,234

CIFC

European

Funding

CLO

II

DAC,

Series

2X,

Class

B1,

(3-mo.

EURIBOR

at

1.60%

Floor

+

1.60%),

4.78%,

04/15/33

(d)

...........

400

419,147

CIFC

European

Funding

CLO

III

DAC

Series

3A,

Class

C,

(3-mo.

EURIBOR

at

2.50%

Floor

+

2.50%),

5.68%,

01/15/34

(a)

...

500

519,215

Series

3X,

Class

B1,

(3-mo.

EURIBOR

at

1.50%

Floor

+

1.50%),

4.68%,

01/15/34

(d)

...

4,500

4,668,367

Series

3X,

Class

E,

(3-mo.

EURIBOR

at

5.61%

Floor

+

5.61%),

8.79%,

01/15/34

(d)

...

850

836,005

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Clontarf

Park

CLO

DAC,

Series

1X,

Class

CE,

(3-mo.

EURIBOR

at

3.05%

Floor

+

3.05%),

6.32%,

08/05/30

(d)

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

EUR

1,470

$

1,579,202

Contego

CLO

VI

DAC,

Series

6X,

Class

AR,

(3-mo.

EURIBOR

at

0.79%

Floor

+

0.79%),

3.97%,

04/15/34

(d)

11,500

12,172,095

CVC

Cordatus

Loan

Fund

IV

DAC,

Series

4X,

Class

BR1,

(3-mo.

EURIBOR

at

1.30%

Floor

+

1.30%),

4.68%,

02/22/34

(d)

...........

1,120

1,149,513

CVC

Cordatus

Loan

Fund

XIX

DAC,

Series

19A,

Class

D,

(3-mo.

EURIBOR

at

3.80%

Floor

+

3.80%),

7.37%,

12/23/33

(a)

...........

400

409,974

CVC

Cordatus

Loan

Fund

XXII

DAC,

Series

22X,

Class

D,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

6.68%,

12/15/34

(d)

...........

755

734,632

CVC

Cordatus

Loan

Fund

XXVII

DAC,

Series

27X,

Class

D2,

10.36%,

04/15/35

(d)

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

1,300

1,403,906

Euro-Galaxy

III

CLO

DAC

(a)

Series

2013-3A,

Class

CRRR,

(3-

mo.

EURIBOR

at

2.35%

Floor

+

2.35%),

5.56%,

04/24/34

....

700

732,659

Series

2013-3A,

Class

DRRR,

(3-

mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

6.46%,

04/24/34

....

1,380

1,397,917

Fair

Oaks

Loan

Funding

I

DAC,

Series

1X,

Class

AR,

(3-mo.

EURIBOR

at

0.85%

Floor

+

0.85%),

4.03%,

04/15/34

(d)

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

5,000

5,312,679

Fidelity

Grand

Harbour

CLO

DAC

Series

2021-1A,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

6.78%,

10/15/34

(a)

...

1,490

1,485,721

Series

2023-1X,

Class

D,

0.00%,

08/15/36

(d)

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

1,193

1,301,801

Harvest

CLO

XVIII

DAC,

Series

18X,

Class

B,

(3-mo.

EURIBOR

at

1.20%

Floor

+

1.20%),

4.38%,

10/15/30

(d)

700

734,654

Harvest

CLO

XXIII

DAC

(d)

Series

23X,

Class

A,

(3-mo.

EURIBOR

at

0.95%

Floor

+

0.95%),

4.15%,

10/20/32

....

1,817

1,933,219

Series

23X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

6.20%,

10/20/32

....

1,360

1,361,014

Henley

CLO

IV

DAC

Series

4A,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

6.26%,

04/25/34

(a)

...

500

499,552

Series

4X,

Class

B1,

(3-mo.

EURIBOR

at

1.35%

Floor

+

1.35%),

4.61%,

04/25/34

(d)

...

450

471,115

Holland

Park

CLO

DAC,

Series

1X,

Class

A1RR,

(3-mo.

EURIBOR

at

0.92%

Floor

+

0.92%),

4.24%,

11/14/32

(d)

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

625

665,635

Invesco

Euro

CLO

III

DAC

(d)

Series

3X,

Class

B1,

(3-mo.

EURIBOR

at

1.75%

Floor

+

1.75%),

4.93%,

07/15/32

....

450

468,866

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Series

3X,

Class

F,

(3-mo.

EURIBOR

at

8.07%

Floor

+

8.07%),

11.25%,

07/15/32

....

EUR

748

$

726,790

Invesco

Euro

CLO

IV

DAC,

Series

4A,

Class

B1,

(3-mo.

EURIBOR

at

1.70%

Floor

+

1.70%),

4.88%,

04/15/33

(a)

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

625

649,584

Invesco

Euro

CLO

IX

DAC,

Series

9X,

Class

A,

(3-mo.

EURIBOR

at

1.65%

Floor

+

1.65%),

4.76%,

04/20/36

(d)

8,500

9,201,887

Invesco

Euro

CLO

V

DAC,

Series

5X,

Class

D,

(3-mo.

EURIBOR

at

3.80%

Floor

+

3.80%),

6.98%,

01/15/34

(d)

450

444,760

Lt

Autorahoitus

IV

DAC

(d)

Series

4,

Class

A,

4.04%,

07/18/33

2,531

2,762,697

Series

4,

Class

B,

5.40%,

07/18/33

5,800

6,341,586

Madison

Park

Euro

Funding

X

DAC

(d)

Series

10X,

Class

A1,

(3-mo.

EURIBOR

at

0.74%

Floor

+

0.74%),

4.00%,

10/25/30

....

2,698

2,887,472

Series

10X,

Class

B1,

(3-mo.

EURIBOR

at

1.20%

Floor

+

1.20%),

4.46%,

10/25/30

....

1,850

1,931,664

Madison

Park

Euro

Funding

XI

DAC,

Series

11X,

Class

C,

(3-mo.

EURIBOR

at

1.85%

Floor

+

1.85%),

5.17%,

02/15/31

(d)

...........

1,350

1,395,228

Madison

Park

Euro

Funding

XVI

DAC,

Series

16A,

Class

D,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

6.38%,

05/25/34

(a)

...........

1,250

1,226,835

Man

GLG

Euro

CLO

VI

DAC,

Series

6A,

Class

DR,

(3-mo.

EURIBOR

at

3.50%

Floor

+

3.50%),

6.68%,

10/15/32

(a)

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

950

958,468

Margay

CLO

I

DAC,

Series

1X,

Class

D,

10.25%,

07/15/36

(d)

........

570

617,325

Marino

Park

CLO

DAC,

Series

1X,

Class

X,

(3-mo.

EURIBOR

at

0.45%

Floor

+

0.45%),

3.63%,

01/16/34

(d)

188

204,539

Neuberger

Berman

Loan

Advisers

Euro

CLO,

Series

2021-1X,

Class

E,

(3-mo.

EURIBOR

at

5.52%

Floor

+

5.52%),

8.70%,

04/17/34

(d)

.....

658

641,663

North

Westerly

VII

ESG

CLO

DAC,

Series

VII-X,

Class

E,

(3-mo.

EURIBOR

at

5.66%

Floor

+

5.66%),

8.98%,

05/15/34

(d)

...........

420

383,067

Northwoods

Capital

19

Euro

DAC,

Series

2019-19A,

Class

C,

(3-mo.

EURIBOR

at

2.50%

Floor

+

2.50%),

5.19%,

11/25/33

(a)

...........

500

522,984

OAK

Hill

European

Credit

Partners

V

DAC,

Series

2016-5A,

Class

BR,

(3-mo.

EURIBOR

at

1.90%

Floor

+

1.90%),

5.11%,

01/21/35

(a)

......

425

444,462

OAK

Hill

European

Credit

Partners

VI

DAC,

Series

2017-6X,

Class

B1,

(3-mo.

EURIBOR

at

1.20%

Floor

+

1.20%),

4.40%,

01/20/32

(d)

.....

450

474,188

OCP

Euro

CLO

DAC

Series

2017-2X,

Class

B,

(3-mo.

EURIBOR

at

1.35%

Floor

+

1.35%),

4.53%,

01/15/32

(d)

...

200

211,272

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Series

2017-2X,

Class

E,

(3-mo.

EURIBOR

at

5.00%

Floor

+

5.00%),

8.18%,

01/15/32

(d)

...

EUR

897

$

899,489

Series

2017-2X,

Class

F,

(3-mo.

EURIBOR

at

6.40%

Floor

+

6.40%),

9.58%,

01/15/32

(d)

...

600

567,929

Series

2019-3A,

Class

CR,

(3-mo.

EURIBOR

at

2.30%

Floor

+

2.30%),

5.50%,

04/20/33

(a)

...

250

259,002

Series

2019-3A,

Class

DR,

(3-mo.

EURIBOR

at

3.30%

Floor

+

3.30%),

6.50%,

04/20/33

(a)

...

250

251,788

Palmer

Square

European

CLO

DAC,

Series

2023-1X,

Class

D,

10.05%,

07/15/36

(d)

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

1,382

1,489,634

Penta

CLO

11

DAC

(a)

Series

2022-11A,

Class

B,

(3-mo.

EURIBOR

at

2.45%

Floor

+

2.45%),

5.77%,

11/15/34

.....

2,600

2,770,244

Series

2022-11A,

Class

D,

(3-mo.

EURIBOR

at

4.80%

Floor

+

4.80%),

8.12%,

11/15/34

.....

2,030

2,146,734

Penta

CLO

6

DAC,

Series

2019-6A,

Class

CR,

(3-mo.

EURIBOR

at

2.30%

Floor

+

2.30%),

5.56%,

07/25/34

(a)

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

500

515,856

Prodigy

Finance

DAC

(a)

Series

2021-1A,

Class

A,

(1-mo.

LIBOR

USD

+

1.25%),

6.45%,

07/25/51

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

USD

5,269

5,201,927

Series

2021-1A,

Class

B,

(1-mo.

LIBOR

USD

+

2.50%),

7.70%,

07/25/51

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

537

531,677

Series

2021-1A,

Class

C,

(1-mo.

LIBOR

USD

+

3.75%),

8.95%,

07/25/51

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

429

425,114

Series

2021-1A,

Class

D,

(1-mo.

LIBOR

USD

+

5.90%),

11.10%,

07/25/51

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

460

455,580

Rockford

Tower

Europe

CLO

DAC

(d)

Series

2018-1X,

Class

B,

(3-mo.

EURIBOR

at

1.85%

Floor

+

1.85%),

5.42%,

12/20/31

....

EUR

2,550

2,718,391

Series

2018-1X,

Class

C,

(3-mo.

EURIBOR

at

2.47%

Floor

+

2.47%),

6.02%,

12/20/31

....

1,640

1,720,243

Series

2019-1X,

Class

B1,

(3-mo.

EURIBOR

at

1.60%

Floor

+

1.60%),

4.80%,

01/20/33

....

5,012

5,250,210

RRE

9

Loan

Management

DAC,

Series

9A,

Class

A2,

(3-mo.

EURIBOR

at

1.70%

Floor

+

1.70%),

4.88%,

10/15/36

(a)

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

1,720

1,810,531

Sound

Point

Euro

CLO

III

Funding

DAC,

Series

3X,

Class

C,

(3-mo.

EURIBOR

at

2.30%

Floor

+

2.30%),

5.48%,

04/15/33

(d)

...........

750

780,420

St

Paul's

CLO

XII

DAC,

Series

12X,

Class

D,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

6.38%,

04/15/33

(d)

1,880

1,873,097

St.

Paul's

CLO

XII

DAC,

Series

12X,

Class

B1,

(3-mo.

EURIBOR

at

1.60%

Floor

+

1.60%),

4.78%,

04/15/33

(d)

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

1,350

1,409,539

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Sutton

Park

CLO

DAC

(d)

Series

1X,

Class

A2A,

(3-mo.

EURIBOR

at

1.70%

Floor

+

1.70%),

5.02%,

11/15/31

.....

EUR

345

$

365,282

Series

1X,

Class

BE,

(3-mo.

EURIBOR

at

2.35%

Floor

+

2.35%),

5.67%,

11/15/31

.....

500

521,384

Tikehau

CLO

VII

DAC,

Series

7X,

Class

A,

(3-mo.

EURIBOR

at

2.00%

Floor

+

2.00%),

5.20%,

10/20/35

(d)

....

11,500

12,484,150

Voya

Euro

CLO

I

DAC

(d)

Series

1X,

Class

A,

(3-mo.

EURIBOR

at

0.75%

Floor

+

0.75%),

3.93%,

10/15/30

....

4,715

5,055,313

Series

1X,

Class

B1NE,

(3-mo.

EURIBOR

at

1.15%

Floor

+

1.15%),

4.33%,

10/15/30

....

750

787,917

Voya

Euro

CLO

II

DAC

(a)

Series

2A,

Class

B1R,

(3-mo.

EURIBOR

at

1.67%

Floor

+

1.67%),

4.85%,

07/15/35

....

250

260,472

Series

2A,

Class

CR,

(3-mo.

EURIBOR

at

2.15%

Floor

+

2.15%),

5.33%,

07/15/35

....

250

257,178

Voya

Euro

CLO

III

DAC,

Series

3X,

Class

B1,

(3-mo.

EURIBOR

at

1.65%

Floor

+

1.65%),

4.83%,

04/15/33

(d)

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

439

458,267

Voya

Euro

CLO

V

DAC,

Series

5A,

Class

D,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

6.28%,

04/15/35

(a)

660

644,475

227,250,193

Italy

—

0.1%

(b)(d)

AutoFlorence

2

Srl,

Series

2,

Class

B,

(1-mo.

EURIBOR

+

0.75%),

4.16%,

12/24/44

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

672

719,164

AutoFlorence

3

Srl

Series

3,

Class

A,

4.33%,

12/25/46

8,256

9,020,448

Series

3,

Class

B,

5.73%,

12/25/46

682

745,158

Series

3,

Class

C,

6.73%,

12/25/46

887

969,142

Series

3,

Class

D,

8.73%,

12/25/46

619

675,442

AutoFlorence

SRL

Series

2,

Class

C,

(1-mo.

EURIBOR

+

1.15%),

4.56%,

12/24/44

...

310

327,824

Series

2,

Class

D,

(1-mo.

EURIBOR

+

2.35%),

5.76%,

12/24/44

...

166

174,592

Brignole

Co.

SRL

Series

2021,

Class

B,

(1-mo.

EURIBOR

+

0.80%),

4.24%,

07/24/36

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

143

154,608

Series

2021,

Class

D,

(1-mo.

EURIBOR

+

1.60%),

5.04%,

07/24/36

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

100

106,938

Koromo

Italy

SRL,

Series

1,

Class

A,

(1-mo.

EURIBOR

+

0.80%),

4.21%,

02/26/35

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

4,065

4,442,363

Red

&

Black

Auto

Italy

Srl,

Series

1,

Class

D,

(1-mo.

EURIBOR

+

2.85%),

6.28%,

12/28/31

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

598

613,149

17,948,828

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Jersey,

Channel

Islands

—

0.1%

(a)(b)

AGL

Static

CLO

18

Ltd.,

Series

2022-

18A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

7.06%,

04/21/31

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

USD

21,500

$

21,056,866

AIMCO

CLO

18

Ltd.,

Series

2022-18A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.65%

Floor

+

8.65%),

13.70%,

07/20/35

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

1,500

1,475,391

Ares

LXVI

CLO

Ltd.,

Series

2022-66A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.74%

Floor

+

8.74%),

13.81%,

07/25/34

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

312

313,051

Ballyrock

CLO

21

Ltd.,

Series

2022-

21A,

Class

D,

(3-mo.

CME

Term

SOFR

at

8.76%

Floor

+

8.76%),

13.81%,

10/20/35

...........

1,000

1,003,519

Benefit

Street

Partners

CLO

XXVII

Ltd.,

Series

2022-27A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.12%

Floor

+

8.12%),

13.17%,

07/20/35

......

570

567,032

Pikes

Peak

CLO

12

Ltd.,

Series

2023-

12A,

Class

E,

(3-mo.

CME

Term

SOFR

at

9.15%

Floor

+

9.15%),

14.09%,

04/20/36

...........

1,280

1,253,119

Stratus

Static

CLO

Ltd.,

Series

2022-

3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.29%

Floor

+

5.29%),

10.34%,

10/20/31

...........

1,000

1,000,195

Valley

Stream

Park

CLO

Ltd.,

Series

2022-1A,

Class

E1,

(3-mo.

CME

Term

SOFR

at

8.38%

Floor

+

8.38%),

13.43%,

10/20/34

......

5,500

5,564,333

32,233,506

Luxembourg

—

0.0%

(b)(d)

BL

Consumer

Credit

Series

2021-1,

Class

C,

(1-mo.

EURIBOR

+

1.10%),

4.54%,

09/25/38

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

EUR

528

570,439

Series

2021-1,

Class

D,

(1-mo.

EURIBOR

+

1.65%),

5.09%,

09/25/38

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

681

722,194

Series

2021-1,

Class

E,

(1-mo.

EURIBOR

+

2.85%),

6.29%,

09/25/38

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

355

371,913

SC

Germany

SA

Compartment

Consumer

Series

2020-1,

Class

C,

(1-mo.

EURIBOR

+

1.75%),

5.06%,

11/14/34

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

1,695

1,836,564

Series

2020-1,

Class

D,

(1-mo.

EURIBOR

+

2.50%),

5.82%,

11/14/34

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

696

744,048

4,245,158

Netherlands

—

0.0%

OZLME

IV

DAC,

Series

4X,

Class

B,

(3-mo.

EURIBOR

at

1.35%

Floor

+

1.35%),

4.62%,

07/27/32

(b)(d)

....

2,890

3,055,327

Portugal

—

0.0%

TAGUS

-

Sociedade

de

Titularizacao

de

Creditos

SA

(d)

Series

2,

Class

D,

(1-mo.

EURIBOR

+

2.85%),

6.29%,

09/23/38

(b)

..

724

775,394

Security

Par

(000)

Par

(000)

Value

Portugal

(continued)

Series

7,

Class

SEN,

0.70%,

02/12/24

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

EUR

2,124

$

2,285,228

3,060,622

Spain

—

0.0%

(d)

Autonoria

Spain

(b)

Series

2021-SP,

Class

B,

(1-mo.

EURIBOR

+

0.80%),

4.21%,

01/31/39

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

883

954,984

Series

2021-SP,

Class

C,

(1-mo.

EURIBOR

+

1.05%),

4.46%,

01/31/39

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

1,427

1,527,778

Series

2021-SP,

Class

D,

(1-mo.

EURIBOR

+

1.55%),

4.96%,

01/31/39

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

611

649,586

Series

2021-SP,

Class

E,

(1-mo.

EURIBOR

+

2.65%),

6.06%,

01/31/39

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

340

355,828

Series

2021-SP,

Class

F,

(1-mo.

EURIBOR

+

3.90%),

7.31%,

01/31/39

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

136

142,319

Series

2022-SP,

Class

C,

(1-mo.

EURIBOR

+

2.80%),

6.21%,

01/27/40

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

1,496

1,642,797

Series

2022-SP,

Class

D,

(1-mo.

EURIBOR

+

4.20%),

7.61%,

01/28/40

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

374

409,680

Series

2022-SP,

Class

E,

(1-mo.

EURIBOR

+

7.00%),

10.41%,

01/29/40

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

2,150

2,347,931

FT

Santander

Consumer

Spain

Auto

Series

2020-1,

Class

B,

(3-mo.

EURIBOR

+

0.95%),

4.52%,

03/21/33

(b)

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

389

417,771

Series

2020-1,

Class

C,

(3-mo.

EURIBOR

+

1.95%),

5.52%,

03/21/33

(b)

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

117

124,735

Series

2020-1,

Class

D,

3.50%,

03/21/33

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

194

192,765

8,766,174

United

Kingdom

—

0.3%

Azure

Finance

No.

2

plc,

Series

2,

Class

C,

(Sterling

Overnight

Index

Average

+

3.00%),

7.93%,

07/20/30

(b)(d)

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

GBP

1,178

1,500,011

Delamare

Cards

MTN

Issuer

plc,

Series

2023-1,

Class

A1,

5.73%,

04/19/31

(b)

(d)

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

3,454

4,389,045

Dowson

plc

(b)(d)

Series

2021-2,

Class

A,

(Sterling

Overnight

Index

Average

+

0.68%),

5.61%,

10/20/28

....

371

471,595

Series

2021-2,

Class

B,

(Sterling

Overnight

Index

Average

+

1.20%),

6.13%,

10/20/28

....

1,200

1,521,092

Series

2021-2,

Class

C,

(Sterling

Overnight

Index

Average

+

1.60%),

6.53%,

10/20/28

....

1,300

1,638,679

Series

2022-1,

Class

C,

(Sterling

Overnight

Index

Average

+

2.25%),

7.18%,

01/20/29

....

2,528

3,196,225

Series

2022-1,

Class

D,

(Sterling

Overnight

Index

Average

+

2.70%),

7.63%,

01/20/29

....

725

903,366

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

2022-2,

Class

C,

(Sterling

Overnight

Index

Average

+

3.70%),

8.63%,

08/20/29

....

GBP

1,814

$

2,323,774

Series

2022-2,

Class

D,

(Sterling

Overnight

Index

Average

+

5.25%),

10.18%,

08/20/29

....

989

1,267,736

Greene

King

Finance

plc

Series

A6,  4.06%,

03/15/35

(d)

...

3,386

3,507,723

Series

B1,  (Sterling

Overnight

Index

Average

+

1.92%),

6.86%,

12/15/34

(b)

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

2,472

2,315,741

Series

B2,  (Sterling

Overnight

Index

Average

+

2.20%),

7.13%,

03/15/36

(b)(d)

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

100

93,949

London

Cards

No.

1

plc,

Series

1,

Class

B,

8.68%,

05/15/33

(b)(d)

....

1,425

1,809,750

Newday

Funding

Master

Issuer

plc

(b)(d)

Series

2021-1X,

Class

B,

(Sterling

Overnight

Index

Average

+

1.55%),

6.49%,

03/15/29

....

775

979,552

Series

2021-3X,

Class

A1,

(Sterling

Overnight

Index

Average

+

0.90%),

5.84%,

11/15/29

.....

2,321

2,931,611

Series

2021-3X,

Class

B,

(Sterling

Overnight

Index

Average

+

1.35%),

6.29%,

11/15/29

.....

677

850,811

Series

2022-2X,

Class

C,

(Sterling

Overnight

Index

Average

+

5.00%),

9.94%,

07/15/30

....

3,271

4,151,283

PCL

Funding

V

plc,

Series

2021-

1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.70%),

6.64%,

10/15/25

(b)(d)

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

116

146,673

PCL

Funding

VI

plc

(b)(d)

Series

2022-1,

Class

A,

(Sterling

Overnight

Index

Average

+

1.40%),

6.34%,

07/15/26

....

14,896

18,977,058

Series

2022-1,

Class

B,

(Sterling

Overnight

Index

Average

+

3.10%),

8.04%,

07/15/26

....

1,937

2,475,665

PCL

Funding

VIII

plc

(b)(d)

Series

2023-1,

Class

A,

(Sterling

Overnight

Index

Average

+

1.18%),

6.12%,

05/15/28

....

6,070

7,718,081

Series

2023-1,

Class

B,

7.44%,

05/15/28

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

1,125

1,429,635

Series

2023-1,

Class

C,

8.44%,

05/15/28

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

712

904,799

Satus

plc

(b)(d)

Series

2021-1,

Class

A,

(Sterling

Overnight

Index

Average

+

0.70%),

5.63%,

08/17/28

....

44

55,285

Series

2021-1,

Class

B,

(Sterling

Overnight

Index

Average

+

1.20%),

6.13%,

08/17/28

....

400

508,256

Series

2021-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.60%),

6.53%,

08/17/28

....

300

378,287

Series

2021-1,

Class

D,

(Sterling

Overnight

Index

Average

+

1.90%),

6.83%,

08/17/28

....

200

249,935

Series

2021-1,

Class

E,

(Sterling

Overnight

Index

Average

+

3.20%),

8.13%,

08/17/28

....

166

205,549

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Tower

Bridge

Funding

plc

(b)(d)

Series

2022-1X,

Class

A,

(Sterling

Overnight

Index

Average

+

0.72%),

5.65%,

12/20/63

....

GBP

4,743

$

5,987,285

Series

2023-1X,

Class

B,

(Sterling

Overnight

Index

Average

+

2.20%),

7.17%,

10/20/64

....

1,469

1,872,548

Series

2023-1X,

Class

C,

(Sterling

Overnight

Index

Average

+

3.15%),

8.12%,

10/20/64

....

993

1,263,896

Series

2023-1X,

Class

D,

(Sterling

Overnight

Index

Average

+

4.30%),

9.27%,

10/20/64

....

1,116

1,419,718

Trafford

Centre

Finance

Ltd.

(The),

Series

B2,  (Sterling

Overnight

Index

Average

+

0.94%),

5.91%,

07/28/35

(b)(d)

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

3,400

3,036,980

Turbo

Finance

plc,

Series

9,

Class

B,

(Sterling

Overnight

Index

Average

+

1.65%),

6.58%,

08/20/28

(b)(d)

....

1,590

2,020,905

Unique

Pub

Finance

Co.

plc

(The)

(d)

Series

A4,  5.66%,

06/30/27

....

4,927

6,114,394

Series

M,  7.39%,

03/28/24

(e)

....

4,399

5,558,019

Series

N,  6.46%,

03/30/32

(e)

....

4,765

5,798,278

99,973,189

United

States

—

6.4%

510

Loan

Acquisition

Trust,

Series

2020-1,

Class

A,

5.11%,

09/25/60

(a)(e)

USD

8,282

8,033,120

522

Funding

CLO

Ltd.

(a)(b)

Series

2018-3A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.04%

Floor

+

1.04%),

6.29%,

10/20/31

....

250

246,156

Series

2018-3A,

Class

CR,

(3-mo.

LIBOR

USD

at

2.05%

Floor

+

2.05%),

7.30%,

10/20/31

....

750

729,747

AccessLex

Institute,

Series

2007-A,

Class

A3,

(3-mo.

LIBOR

USD

at

0.30%

Floor

+

0.30%),

5.70%,

05/25/36

(b)

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

2,435

2,354,675

ACE

Securities

Corp.

Home

Equity

Loan

Trust

(b)

Series

2007-HE4,

Class

A2A,

(1-mo.

LIBOR

USD

at

0.26%

Floor

+

0.26%),

5.41%,

05/25/37

....

7,190

1,214,603

Series

2007-HE4,

Class

A2C,

(1-mo.

LIBOR

USD

at

0.60%

Floor

+

0.60%),

5.75%,

05/25/37

....

355

60,841

ACE

Securities

Manufactured

Housing

Loan

Trust,

Series

2003-MH1,

Class

B2,

0.00%,

08/15/30

(a)

........

4,314

3,916,237

ACREC

LLC,

Series

2023-FL2,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.23%

Floor

+

2.23%),

7.32%,

02/19/38

(a)(b)

11,660

11,637,268

Ajax

Mortgage

Loan

Trust

(a)

Series

2017-D,

Class

B,

0.00%,

12/25/57

(b)

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

96

47,102

Series

2018-A,

Class

B,

0.00%,

04/25/58

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

159

158,668

Series

2018-B,

Class

B,

0.00%,

02/26/57

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

286

246,610

Series

2018-E,

Class

C,

0.00%,

06/25/58

(b)

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

8

7,486

Series

2018-F,

Class

C,

0.00%,

11/25/58

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

637

419,100

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2019-E,

Class

B,

4.88%,

09/25/59

(e)

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

USD

70

$

69,903

Series

2019-E,

Class

C,

0.00%,

09/25/59

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

12,174

12,294,710

Series

2019-G,

Class

A,

6.00%,

09/25/59

(b)(e)

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

2,679

2,645,240

Series

2019-G,

Class

B,

4.25%,

09/25/59

(e)

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

4,608

4,267,267

Series

2019-G,

Class

C,

0.00%,

09/25/59

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

10,571

5,772,535

Series

2019-H,

Class

C,

0.00%,

11/25/59

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

3,548

3,243,907

Series

2020-A,

Class

A,

2.37%,

12/25/59

(e)

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

31,171

31,074,647

Series

2020-A,

Class

B,

3.50%,

12/25/59

(e)

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

7,074

7,042,469

Series

2020-A,

Class

C,

0.00%,

12/25/59

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

16,635

10,416,440

Series

2020-C,

Class

A,

2.25%,

09/27/60

(b)(e)

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

1,180

1,161,642

Series

2020-C,

Class

B,

5.00%,

09/27/60

(b)(e)

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

4,968

4,846,837

Series

2020-C,

Class

C,

0.00%,

09/27/60

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

15,591

13,644,182

Series

2020-D,

Class

A,

2.25%,

06/25/60

(b)(e)

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

6,493

6,210,865

Series

2020-D,

Class

B,

5.00%,

06/25/60

(b)(e)

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

7,064

6,533,256

Series

2020-D,

Class

C,

0.00%,

06/25/60

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

16,663

14,935,300

Series

2021-C,

Class

A,

2.12%,

01/25/61

(e)

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

21,258

19,849,358

Series

2021-C,

Class

B,

3.72%,

01/25/61

(e)

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

6,014

5,506,788

Series

2021-C,

Class

C,

0.00%,

01/25/61

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

15,152

16,412,857

Series

2021-D,

Class

A,

2.00%,

03/25/60

(e)

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

47,127

42,862,217

Series

2021-D,

Class

B,

4.00%,

03/25/60

(b)

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

10,911

9,984,629

Series

2021-D,

Class

C,

0.00%,

03/25/60

(b)

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

16,044

17,335,590

Series

2021-E,

Class

A1,

1.74%,

12/25/60

(b)

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

44,532

37,657,643

Series

2021-E,

Class

A2,

2.69%,

12/25/60

(b)

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

8,637

7,007,517

Series

2021-E,

Class

B1,

3.73%,

12/25/60

(b)

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

5,214

4,177,961

Series

2021-E,

Class

B3,

3.88%,

12/25/60

(b)

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

12,755

5,587,491

Series

2021-E,

Class

M1,

2.94%,

12/25/60

(b)

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

8,544

6,749,422

Series

2021-E,

Class

SA,

0.00%,

12/25/60

(b)

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

175

82,385

Series

2021-E,

Class

XS,

0.00%,

12/25/60

(b)

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

181,066

7,586,615

Series

2021-F,

Class

A,

1.87%,

06/25/61

(e)

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

81,825

73,421,451

Series

2021-F,

Class

B,

3.75%,

06/25/61

(e)

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

11,970

10,953,583

Series

2021-F,

Class

C,

0.00%,

06/25/61

(c)

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

22,267

22,004,388

Series

2021-G,

Class

A,

1.87%,

06/25/61

(b)

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

75,464

69,700,566

Series

2021-G,

Class

B,

3.75%,

06/25/61

(b)

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

14,966

13,431,019

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-G,

Class

C,

0.00%,

06/25/61

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

USD

27,023

$

27,778,908

American

Homes

4

Rent

Trust

(a)

Series

2014-SFR2,

Class

E,

6.23%,

10/17/36

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

8,624

8,511,827

Series

2015-SFR1,

Class

XS,

0.00%,

04/17/52

(b)

.........

22,094

221

AMSR

Trust

(a)

Series

2020-SFR1,

Class

E,

3.22%,

04/17/37

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

2,102

1,952,749

Series

2020-SFR4,

Class

E2,

2.46%,

11/17/37

..........

4,080

3,643,775

Series

2020-SFR4,

Class

F,

2.86%,

11/17/37

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

4,520

4,034,859

Series

2020-SFR4,

Class

G2,

4.87%,

11/17/37

..........

4,542

4,113,092

Series

2021-SFR1,

Class

F,

3.60%,

06/17/38

(b)

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

5,128

4,135,044

Series

2021-SFR2,

Class

F1,

3.28%,

08/17/38

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

6,744

5,835,096

Aqua

Finance

Trust

(a)

Series

2021-A,

Class

A,

1.54%,

07/17/46

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

951

840,104

Series

2021-A,

Class

B,

2.40%,

07/17/46

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

5,070

4,133,152

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2021-FL4,

Class

A,

(1-mo.

LIBOR

USD

at

1.35%

Floor

+

1.35%),

6.54%,

11/15/36

(a)(b)

4,512

4,421,270

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(1-mo.

LIBOR

USD

at

0.48%

Floor

+

0.48%),

5.63%,

05/25/35

(b)

...........

5,566

4,847,334

Arm

Master

Trust

LLC

(a)

Series

2021-T1,

Class

A,

2.43%,

11/15/27

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

3,429

3,202,081

Series

2023-T1,

Class

A,

6.56%,

02/17/25

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

2,751

2,742,246

BankAmerica

Manufactured

Housing

Contract

Trust

(b)

Series

1997-2,

Class

B1,

7.07%,

02/10/22

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

4,500

1,170,668

Series

1998-2,

Class

B1,

7.33%,

12/10/25

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

8,475

1,610,396

Bankers

Healthcare

Group

Securitization

Trust,

Series

2020-A,

Class

C,

5.17%,

09/17/31

(a)

.....

750

698,958

Battalion

CLO

XII

Ltd.,

Series

2018-

12A,

Class

B2R,

(3-mo.

LIBOR

USD

at

2.08%

Floor

+

2.08%),

7.41%,

05/17/31

(a)(b)

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

250

245,000

Bayview

Financial

Revolving

Asset

Trust

(a)(b)

Series

2004-B,

Class

A1,

(1-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.18%,

05/28/39

....

20,729

16,531,776

Series

2004-B,

Class

A2,

(1-mo.

LIBOR

USD

at

1.30%

Floor

+

1.30%),

6.48%,

05/28/39

....

839

710,887

Series

2005-A,

Class

A1,

(1-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.18%,

02/28/40

....

10,095

8,824,073

Series

2005-E,

Class

A1,

(1-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.18%,

12/28/40

....

608

608,251

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

BCMSC

Trust

(b)

Series

2000-A,

Class

A2,

7.58%,

06/15/30

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

USD

7,777

$

960,012

Series

2000-A,

Class

A3,

7.83%,

06/15/30

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

7,219

921,206

Series

2000-A,

Class

A4,

8.29%,

06/15/30

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

5,207

703,463

Bear

Stearns

Asset-Backed

Securities

I

Trust

(b)

Series

2004-HE7,

Class

M2,

(1-mo.

LIBOR

USD

at

1.73%

Floor

+

1.73%),

6.88%,

08/25/34

....

86

84,613

Series

2006-HE1,

Class

1M4,

(1-mo.

LIBOR

USD

at

1.02%

Floor

+

1.02%),

4.85%,

12/25/35

....

4,515

6,494,552

Series

2006-HE7,

Class

1A2,

(1-mo.

LIBOR

USD

at

0.34%

Floor

+

0.34%),

5.49%,

09/25/36

....

2,341

2,240,167

Series

2006-HE8,

Class

1A3,

(1-mo.

LIBOR

USD

at

0.52%

Floor

+

0.52%),

5.67%,

10/25/36

....

2,391

2,019,944

Series

2007-FS1,

Class

1A3,

(1-mo.

LIBOR

USD

at

0.34%

Floor

+

0.34%),

5.49%,

05/25/35

....

490

482,318

Series

2007-HE2,

Class

1A4,

(1-mo.

LIBOR

USD

at

0.32%

Floor

+

0.32%),

5.47%,

03/25/37

....

3,118

2,619,279

Series

2007-HE2,

Class

22A,

(1-mo.

LIBOR

USD

at

0.14%

Floor

+

0.14%),

5.29%,

03/25/37

....

1,875

1,671,103

Series

2007-HE2,

Class

23A,

(1-mo.

LIBOR

USD

at

0.14%

Floor

+

0.14%),

5.29%,

03/25/37

....

2,643

2,356,737

Series

2007-HE3,

Class

1A3,

(1-mo.

LIBOR

USD

at

0.25%

Floor

+

0.25%),

5.40%,

04/25/37

....

1,130

1,586,057

Series

2007-HE3,

Class

1A4,

(1-mo.

LIBOR

USD

at

0.35%

Floor

+

0.35%),

5.50%,

04/25/37

....

18,480

18,377,058

BHG

Securitization

Trust

(a)

Series

2021-A,

Class

A,

1.42%,

11/17/33

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

3,089

2,880,934

Series

2021-A,

Class

B,

2.79%,

11/17/33

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

1,995

1,752,561

Series

2021-A,

Class

C,

3.69%,

11/17/33

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

160

127,366

Series

2021-B,

Class

C,

2.24%,

10/17/34

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

1,600

1,309,343

Series

2022-A,

Class

E,

4.30%,

02/20/35

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

600

422,681

Series

2022-C,

Class

B,

5.93%,

10/17/35

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

3,675

3,579,574

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2013-1A,

Class

A1RR,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.27%,

08/14/30

(a)(b)

....

1,365

1,352,098

Carrington

Mortgage

Loan

Trust

(b)

Series

2006-NC1,

Class

M2,

(1-mo.

LIBOR

USD

at

0.63%

Floor

+

0.63%),

5.78%,

01/25/36

....

1,620

1,296,133

Series

2006-NC4,

Class

A3,

(1-mo.

LIBOR

USD

at

0.16%

Floor

and

12.50%

Cap

+

0.16%),

5.31%,

10/25/36

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

1,104

1,059,685

Cascade

MH

Asset

Trust,

Series

2019-

MH1,

Class

A,

4.00%,

11/25/44

(a)(b)

17,137

16,104,768

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

C-BASS

Trust,

Series

2006-CB7,

Class

A4,

(1-mo.

LIBOR

USD

at

0.32%

Floor

+

0.32%),

5.47%,

10/25/36

(b)

USD

1,142

$

753,840

Citigroup

Mortgage

Loan

Trust

(b)

Series

2007-AHL2,

Class

A3B,

(1-

mo.

LIBOR

USD

at

0.20%

Floor

+

0.20%),

5.35%,

05/25/37

....

12,537

8,180,306

Series

2007-AHL2,

Class

A3C,

(1-

mo.

LIBOR

USD

at

0.27%

Floor

+

0.27%),

5.42%,

05/25/37

....

5,695

3,720,000

Series

2007-AHL3,

Class

A3B,

(1-

mo.

LIBOR

USD

at

0.17%

Floor

+

0.17%),

5.32%,

07/25/45

....

6,096

4,210,550

Series

2007-AMC1,

Class

A1,

(1-mo.

LIBOR

USD

at

0.32%

Floor

+

0.16%),

5.47%,

12/25/36

(a)

...

6,902

3,822,805

College

Avenue

Student

Loans

LLC

(a)

Series

2021-A,

Class

B,

2.32%,

07/25/51

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

5,821

5,052,128

Series

2021-A,

Class

C,

2.92%,

07/25/51

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

1,227

1,092,271

Series

2021-B,

Class

B,

2.42%,

06/25/52

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

2,023

1,748,589

Series

2021-B,

Class

C,

2.72%,

06/25/52

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

900

767,561

Series

2021-B,

Class

D,

3.78%,

06/25/52

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

220

184,906

Series

2021-C,

Class

D,

4.11%,

07/26/55

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

530

444,279

Concord

Music

Royalties

LLC,

Series

2022-1A,

Class

A2,

6.50%,

01/20/73

(a)

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

13,627

13,418,493

Conseco

Finance

Corp.

(b)

Series

1996-10,

Class

B1,

7.24%,

11/15/28

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

2,491

2,413,269

Series

1997-3,

Class

M1,

7.53%,

03/15/28

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

2,292

2,245,821

Series

1997-6,

Class

M1,

7.21%,

01/15/29

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

1,677

1,555,376

Series

1998-4,

Class

M1,

6.83%,

04/01/30

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

675

602,917

Series

1998-6,

Class

M1,

6.63%,

06/01/30

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

1,842

1,709,701

Series

1998-8,

Class

M1,

6.98%,

09/01/30

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

6,069

5,463,664

Series

1999-5,

Class

A5,

7.86%,

03/01/30

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

2,567

1,021,727

Series

1999-5,

Class

A6,

7.50%,

03/01/30

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

2,753

1,053,720

Conseco

Finance

Securitizations

Corp.

Series

2000-1,

Class

A5,

8.06%,

09/01/29

(b)

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

4,152

846,926

Series

2000-4,

Class

A6,

8.31%,

05/01/32

(b)

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

5,128

1,013,787

Series

2000-5,

Class

A6,

7.96%,

05/01/31

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

6,276

1,839,758

Series

2000-5,

Class

A7,

8.20%,

05/01/31

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

11,427

3,450,455

Credit-Based

Asset

Servicing

&

Securitization

LLC

(b)

Series

2006-CB2,

Class

AF4,

3.04%,

12/25/36

(e)

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

1,050

838,243

Series

2006-MH1,

Class

B1,

6.75%,

10/25/36

(a)(e)

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

1,508

1,422,997

Series

2006-SL1,

Class

A2,

6.06%,

09/25/36

(a)(e)

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

11,871

667,983

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2007-CB6,

Class

A4,

(1-mo.

LIBOR

USD

at

0.34%

Floor

+

0.34%),

5.49%,

07/25/37

(a)

...

USD

1,443

$

942,121

CSMC

Trust,

Series

2017-2,

Class

CERT,

0.00%,

02/01/47

(a)

......

2,324

1,840,448

CWABS

Asset-Backed

Certificates

Trust

(b)

Series

2005-16,

Class

1AF,

4.47%,

04/25/36

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

5,922

5,070,509

Series

2006-11,

Class

3AV2,

(1-mo.

LIBOR

USD

at

0.16%

Floor

+

0.16%),

5.47%,

09/25/46

....

48

47,850

Series

2006-12,

Class

1A,

(1-mo.

LIBOR

USD

at

0.26%

Floor

+

0.26%),

5.41%,

12/25/36

....

2,663

2,371,944

Series

2006-18,

Class

M1,

(1-mo.

LIBOR

USD

at

0.45%

Floor

+

0.45%),

5.60%,

03/25/37

....

12,896

11,201,368

CWABS

Revolving

Home

Equity

Loan

Trust,

Series

2004-U,

Class

2A,

(1-mo.

LIBOR

USD

at

0.27%

Floor

and

16.00%

Cap

+

0.27%),

5.46%,

03/15/34

(b)

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

198

190,747

CWHEQ

Home

Equity

Loan

Trust

Series

2006-S3,

Class

A4,

5.67%,

01/25/29

(b)(e)

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

132

187,357

Series

2006-S5,

Class

A5,

6.16%,

06/25/35

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

264

315,765

CWHEQ

Revolving

Home

Equity

Loan

Resuritization

Trust

(a)(b)

Series

2006-RES,

Class

4Q1B,

(1-mo.

LIBOR

USD

at

0.30%

Floor

and

16.00%

Cap

+

0.30%),

5.49%,

12/15/33

..........

9

8,953

Series

2006-RES,

Class

5B1A,

(1-mo.

LIBOR

USD

at

0.19%

Floor

and

16.00%

Cap

+

0.19%),

5.38%,

05/15/35

..........

48

47,349

Series

2006-RES,

Class

5B1B,

(1-mo.

LIBOR

USD

at

0.19%

Floor

and

16.00%

Cap

+

0.19%),

5.38%,

05/15/35

..........

130

127,004

CWHEQ

Revolving

Home

Equity

Loan

Trust

(b)

Series

2005-B,

Class

2A,

(1-mo.

LIBOR

USD

at

0.18%

Floor

and

16.00%

Cap

+

0.18%),

5.37%,

05/15/35

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

477

470,054

Series

2006-C,

Class

2A,

(1-mo.

LIBOR

USD

at

0.18%

Floor

and

16.00%

Cap

+

0.18%),

5.37%,

05/15/36

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

1,929

1,855,304

Series

2006-H,

Class

1A,

(1-mo.

LIBOR

USD

at

0.15%

Floor

and

16.00%

Cap

+

0.15%),

5.34%,

11/15/36

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

1,111

1,084,827

Series

2006-I,

Class

1A,

(1-mo.

LIBOR

USD

at

0.14%

Floor

+

0.14%),

5.33%,

01/15/37

....

577

518,547

Dewolf

Park

CLO

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.90%

Floor

+

0.92%),

6.18%,

10/15/30

(a)(b)

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

10,691

10,608,342

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Diameter

Capital

CLO

1

Ltd.

(a)(b)

Series

2021-1A,

Class

D,

(3-mo.

LIBOR

USD

at

6.05%

Floor

+

6.05%),

11.31%,

07/15/36

....

USD

5,000

$

4,513,124

Series

2021-1A,

Class

SUB,

0.00%,

07/15/36

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

5,000

3,665,615

Eaton

Vance

CLO

Ltd.

(a)(b)

Series

2014-1RA,

Class

A2,

(3-mo.

LIBOR

USD

+

1.49%),

6.75%,

07/15/30

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

1,750

1,729,998

Series

2018-1A,

Class

C,

(3-mo.

LIBOR

USD

at

2.20%

Floor

+

2.20%),

7.46%,

10/15/30

....

1,000

970,733

Series

2019-1A,

Class

ER,

(3-mo.

LIBOR

USD

at

6.50%

Floor

+

6.50%),

11.76%,

04/15/31

....

5,000

4,470,986

Education

Funding

Trust,

Series

2020-

A,

Class

R,

0.00%,

07/25/41

(a)(c)

..

75

2,339,152

EDvestinU

Private

Education

Loan

Issue

No.

3

LLC,

Series

2021-A,

Class

B,

3.50%,

11/25/50

(a)

.....

1,660

1,314,646

EDvestinU

Private

Education

Loan

Issue

No.

4

LLC,

Series

2022-A,

Class

A,

5.25%,

11/25/40

(a)

.....

7,061

6,797,096

ELFI

Graduate

Loan

Program

LLC,

Series

2020-A,

Class

B,

2.98%,

08/25/45

(a)(b)

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

2,369

2,025,714

First

Franklin

Mortgage

Loan

Trust

(b)

Series

2004-FFH3,

Class

M3,

(1-mo.

LIBOR

USD

at

1.05%

Floor

+

1.05%),

6.20%,

10/25/34

....

2,818

2,553,069

Series

2006-FF13,

Class

A1,

(1-mo.

LIBOR

USD

at

0.24%

Floor

+

0.24%),

5.39%,

10/25/36

....

4,715

3,117,860

Series

2006-FF13,

Class

A2C,

(1-

mo.

LIBOR

USD

at

0.32%

Floor

+

0.32%),

5.47%,

10/25/36

....

2,765

1,842,296

Series

2006-FF16,

Class

2A4,

(1-

mo.

LIBOR

USD

at

0.42%

Floor

+

0.42%),

5.57%,

12/25/36

....

5,226

2,191,698

FirstKey

Homes

Trust

(a)

Series

2020-SFR1,

Class

G,

4.78%,

08/17/37

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

6,572

6,142,081

Series

2021-SFR1,

Class

F1,

3.24%,

08/17/38

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

8,036

6,874,176

Series

2022-SFR1,

Class

E2,

5.00%,

05/17/39

..........

5,000

4,562,722

Series

2022-SFR2,

Class

E1,

4.50%,

07/17/39

..........

4,977

4,434,506

Flatiron

CLO

17

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.98%

Floor

+

0.98%),

6.30%,

05/15/30

(a)(b)

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

6,019

5,971,522

Foundation

Finance

Trust

(a)

Series

2021-2A,

Class

A,

2.19%,

01/15/42

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

8,186

7,424,716

Series

2023-1A,

Class

A,

5.67%,

12/15/43

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

9,060

8,871,458

Fremont

Home

Loan

Trust

(b)

Series

2006-3,

Class

1A1,

(1-mo.

LIBOR

USD

at

0.28%

Floor

+

0.28%),

5.43%,

02/25/37

....

5,414

4,137,937

Series

2006-3,

Class

2A3,

(1-mo.

LIBOR

USD

at

0.34%

Floor

+

0.34%),

5.49%,

02/25/37

....

5,418

1,819,484

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

FS

Rialto

Issuer

LLC

(a)(b)

Series

2022-FL5,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.30%

Floor

+

2.30%),

7.39%,

06/19/37

...

USD

9,954

$

9,829,575

Series

2022-FL6,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.58%

Floor

+

2.58%),

7.66%,

08/17/37

...

24,153

24,094,244

Series

2022-FL7,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.90%

Floor

+

2.90%),

7.99%,

10/19/39

...

11,152

11,158,219

GAM

Resecuritization

Trust,

Series

2018-B,

Class

A1,

(US

Prime

Rate

-

2.00%),

6.25%,

08/27/51

(a)(b)

....

7,027

6,625,341

GITSIT

Mortgage

Loan

Trust,

Series

2023-NPL1,

Class

A1,

8.35%,

05/25/53

(a)(b)

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

21,091

21,008,568

GoldenTree

Loan

Opportunities

X

Ltd.,

Series

2015-10A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.12%

Floor

+

1.12%),

6.37%,

07/20/31

(a)(b)

....

5,083

5,063,735

Goldman

Home

Improvement

Trust

Issuer

Trust

(a)

Series

2021-GRN2,

Class

B,

1.97%,

06/25/51

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

4,583

4,062,134

Series

2022-GRN2,

Class

A,

6.80%,

10/25/52

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

7,871

7,757,650

GoodLeap

Sustainable

Home

Solutions

Trust

(a)

Series

2021-3CS,

Class

A,

2.10%,

05/20/48

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

17,849

13,692,520

Series

2022-3CS,

Class

A,

4.95%,

07/20/49

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

11,611

10,647,329

Series

2023-1GS,

Class

A,

5.52%,

02/22/55

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

9,971

9,488,272

Greenpoint

Manufactured

Housing

(b)

Series

1999-5,

Class

M1B,

8.29%,

12/15/29

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

1,105

1,096,273

Series

1999-5,

Class

M2,

9.23%,

12/15/29

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

2,780

2,421,791

Grippen

Park

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

A,

(3-mo.

LIBOR

USD

at

1.26%

Floor

+

1.26%),

6.51%,

01/20/30

....

2,199

2,188,136

Series

2017-1A,

Class

D,

(3-mo.

LIBOR

USD

at

3.30%

Floor

+

3.30%),

8.55%,

01/20/30

....

3,950

3,795,256

GSAA

Home

Equity

Trust

(b)

Series

2005-14,

Class

1A2,

(1-mo.

LIBOR

USD

at

0.70%

Floor

+

0.70%),

5.85%,

12/25/35

....

1,962

830,331

Series

2006-4,

Class

1A1,

3.63%,

03/25/36

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

3,834

2,745,007

Series

2007-2,

Class

AF3,

5.92%,

03/25/37

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

1,450

293,321

GSAMP

Trust

(b)

Series

2007-H1,

Class

A1B,

(1-mo.

LIBOR

USD

at

0.40%

Floor

+

0.40%),

5.55%,

01/25/47

....

3,101

1,604,539

Series

2007-HS1,

Class

M6,

(1-mo.

LIBOR

USD

at

3.38%

Floor

+

3.38%),

8.53%,

02/25/47

....

3,414

3,204,337

Hipgnosis

Music

Assets

LP,

Series

2022-1,

Class

A,

5.00%,

05/16/62

(a)

16,232

15,103,418

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Home

Equity

Asset

Trust

(b)

Series

2006-3,

Class

M2,

(1-mo.

LIBOR

USD

at

0.60%

Floor

+

0.60%),

5.75%,

07/25/36

....

USD

4,008

$

3,617,970

Series

2007-1,

Class

2A3,

(1-mo.

LIBOR

USD

at

0.30%

Floor

+

0.30%),

5.45%,

05/25/37

....

4,895

3,679,592

Home

Equity

Mortgage

Loan

Asset-

Backed

Trust,

Series

2004-A,

Class

M2,

(1-mo.

LIBOR

USD

at

2.03%

Floor

+

2.03%),

3.65%,

07/25/34

(b)

934

894,075

Home

Equity

Mortgage

Trust,

Series

2006-2,

Class

1A1,

5.87%,

07/25/36

(b)(e)

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

7,129

811,491

Irwin

Home

Equity

Loan

Trust,

Series

2006-P1,

Class

1A,

(1-mo.

LIBOR

USD

at

0.28%

Floor

and

13.00%

Cap

+

0.28%),

5.43%,

12/25/36

(a)(b)

77

73,955

JPMorgan

Mortgage

Acquisition

Trust

(b)

Series

2006-CW1,

Class

M1,

(1-mo.

LIBOR

USD

at

0.41%

Floor

+

0.41%),

5.56%,

05/25/36

....

2,280

2,203,435

Series

2007-CH1,

Class

MF1,

4.59%,

11/25/36

(e)

.........

11,109

10,897,631

Kapitus

Asset

Securitization

LLC,

Series

2022-1A,

Class

A,

3.38%,

07/10/28

(a)

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

16,278

15,216,613

KeyCorp

Student

Loan

Trust

(b)

Series

2004-A,

Class

2D,

(3-mo.

LIBOR

USD

at

1.25%

Floor

+

1.25%),

6.54%,

07/28/42

....

6,870

6,387,015

Series

2005-A,

Class

2C,

(3-mo.

LIBOR

USD

at

1.30%

Floor

+

1.30%),

6.84%,

12/27/38

....

12,584

11,925,298

Legacy

Mortgage

Asset

Trust

(a)

Series

2019-SL2,

Class

A,

3.38%,

02/25/59

(b)

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

8,611

8,024,837

Series

2019-SL2,

Class

B,

0.00%,

02/25/59

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

4,387

659,325

Series

2019-SL2,

Class

M,

4.25%,

02/25/59

(b)

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

4,898

3,689,592

Lehman

ABS

Manufactured

Housing

Contract

Trust

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(b)

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

7,244

7,085,895

Series

2002-A,

Class

C,

0.00%,

06/15/33

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

604

557,546

Lehman

ABS

Mortgage

Loan

Trust,

Series

2007-1,

Class

2A1,

(1-mo.

LIBOR

USD

at

0.09%

Floor

+

0.09%),

5.24%,

06/25/37

(a)(b)

....

918

583,431

Lending

Funding

Trust,

Series

2020-2A,

Class

B,

3.54%,

04/21/31

(a)

.....

3,340

2,960,622

Lendmark

Funding

Trust

(a)

Series

2021-2A,

Class

C,

3.09%,

04/20/32

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

1,950

1,564,416

Series

2021-2A,

Class

D,

4.46%,

04/20/32

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

1,420

1,069,324

Series

2022-1A,

Class

A,

5.12%,

07/20/32

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

19,321

18,772,233

Series

2023-1A,

Class

A,

5.59%,

05/20/33

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

13,585

13,365,237

Series

2023-1A,

Class

D,

8.69%,

05/20/33

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

3,330

3,286,539

Loanpal

Solar

Loan

Ltd.,

Series

2020-

3GS,

Class

A,

2.47%,

12/20/47

(a)

.

18,685

14,602,388

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Long

Beach

Mortgage

Loan

Trust

(b)

Series

2006-2,

Class

1A,

(1-mo.

LIBOR

USD

at

0.36%

Floor

+

0.36%),

5.51%,

03/25/46

....

USD

—

(f)

$

2

Series

2006-5,

Class

2A3,

(1-mo.

LIBOR

USD

at

0.30%

Floor

+

0.30%),

5.45%,

06/25/36

....

8,228

3,879,660

Series

2006-7,

Class

2A3,

(1-mo.

LIBOR

USD

at

0.32%

Floor

+

0.32%),

5.47%,

08/25/36

....

18,810

7,632,538

Long

Point

Park

CLO

Ltd.,

Series

2017-

1A,

Class

A2,

(3-mo.

LIBOR

USD

at

1.38%

Floor

+

1.38%),

6.64%,

01/17/30

(a)(b)

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

3,750

3,717,361

Madison

Avenue

Manufactured

Housing

Contract

Trust,

Series

2002-A,

Class

B2,

(1-mo.

LIBOR

USD

at

3.25%

Floor

+

3.25%),

8.40%,

03/25/32

(b)

674

673,435

Mariner

Finance

Issuance

Trust

(a)

Series

2019-AA,

Class

B,

3.51%,

07/20/32

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

5,530

5,407,926

Series

2019-AA,

Class

C,

4.01%,

07/20/32

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

4,920

4,762,202

Series

2020-AA,

Class

A,

2.19%,

08/21/34

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

17,778

17,093,791

Series

2020-AA,

Class

B,

3.21%,

08/21/34

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

2,030

1,879,416

Series

2020-AA,

Class

C,

4.10%,

08/21/34

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

2,530

2,301,940

Series

2020-AA,

Class

D,

5.75%,

08/21/34

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

3,350

2,913,795

Series

2021-AA,

Class

C,

2.96%,

03/20/36

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

1,190

1,004,309

Series

2021-AA,

Class

D,

3.83%,

03/20/36

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

1,180

979,765

Series

2021-AA,

Class

E,

5.40%,

03/20/36

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

5,040

4,026,630

Series

2021-BA,

Class

D,

3.42%,

11/20/36

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

1,130

926,488

Series

2021-BA,

Class

E,

4.68%,

11/20/36

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

2,520

1,947,120

Series

2022-AA,

Class

A,

6.45%,

10/20/37

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

18,710

18,669,863

MASTR

Asset-Backed

Securities

Trust

(b)

Series

2006-AM2,

Class

A4,

(1-mo.

LIBOR

USD

at

0.52%

Floor

+

0.52%),

5.67%,

06/25/36

(a)

...

3,319

2,903,029

Series

2007-HE1,

Class

A4,

(1-mo.

LIBOR

USD

at

0.28%

Floor

+

0.28%),

5.43%,

05/25/37

....

5,000

3,869,990

MASTR

Specialized

Loan

Trust,

Series

2006-3,

Class

A,

(1-mo.

LIBOR

USD

at

0.52%

Floor

+

0.26%),

5.67%,

06/25/46

(a)(b)

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

835

790,011

Mercury

Financial

Credit

Card

Master

Trust,

Series

2022-1A,

Class

A,

2.50%,

09/21/26

(a)

...........

25,274

23,875,718

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust

(b)

Series

2007-2,

Class

A2C,

(1-mo.

LIBOR

USD

at

0.48%

Floor

+

0.48%),

5.63%,

05/25/37

....

3,970

2,964,255

Series

2007-H1,

Class

1A2,

(1-mo.

LIBOR

USD

at

3.50%

Floor

+

3.50%),

8.65%,

10/25/37

....

4,037

3,662,887

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Merrill

Lynch

Mortgage

Investors

Trust

(b)

Series

2006-OPT1,

Class

M1,

(1-

mo.

LIBOR

USD

at

0.39%

Floor

+

0.26%),

5.54%,

08/25/37

....

USD

1,119

$

907,564

Series

2006-RM3,

Class

A2B,

(1-mo.

LIBOR

USD

at

0.18%

Floor

+

0.18%),

5.33%,

06/25/37

....

2,804

591,658

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2022-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.64%

Floor

+

2.64%),

7.71%,

09/17/37

(a)(b)

5,160

5,163,196

Mill

City

Solar

Loan

Ltd.

(a)

Series

2019-1A,

Class

A,

4.34%,

03/20/43

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

10,174

9,050,634

Series

2019-2GS,

Class

A,

3.69%,

07/20/43

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

17,321

14,785,040

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

(b)

Series

2005-HE5,

Class

M4,

(1-mo.

LIBOR

USD

at

0.87%

Floor

+

0.87%),

6.02%,

09/25/35

....

7,459

6,063,904

Series

2007-SEA1,

Class

2A1,

(1-

mo.

LIBOR

USD

at

1.90%

Floor

+

1.90%),

7.05%,

02/25/47

(a)

...

963

899,504

Morgan

Stanley

Home

Equity

Loan

Trust,

Series

2006-3,

Class

A3,

(1-mo.

LIBOR

USD

at

0.32%

Floor

+

0.32%),

5.47%,

04/25/36

(b)

.....

2,376

1,657,223

Mosaic

Solar

Loan

Trust

(a)

Series

2018-2GS,

Class

A,

4.20%,

02/22/44

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

9,490

8,582,960

Series

2018-2GS,

Class

C,

5.97%,

02/22/44

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

2,045

1,710,858

Series

2019-1A,

Class

A,

4.37%,

12/21/43

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

14,191

13,025,403

Series

2022-2A,

Class

A,

4.38%,

01/21/53

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

4,060

3,755,577

Series

2022-3A,

Class

A,

6.10%,

06/20/53

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

3,463

3,454,637

Series

2023-1A,

Class

A,

5.32%,

06/20/53

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

9,923

9,546,377

Nationstar

Home

Equity

Loan

Trust,

Series

2007-B,

Class

M1,

(1-mo.

LIBOR

USD

at

0.41%

Floor

+

0.41%),

5.56%,

04/25/37

(b)

.....

5,455

4,913,371

Navient

Private

Education

Loan

Trust

(a)

Series

2014-AA,

Class

B,

3.50%,

08/15/44

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

14,970

13,731,217

Series

2015-AA,

Class

B,

3.50%,

12/15/44

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

10,722

9,439,558

Navient

Private

Education

Refi

Loan

Trust

(a)

Series

2019-CA,

Class

A2,

3.13%,

02/15/68

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

178

167,909

Series

2020-FA,

Class

B,

2.69%,

07/15/69

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

4,310

3,557,320

Series

2021-DA,

Class

A,

(US

Prime

Rate

-

1.99%),

6.26%,

04/15/60

(b)

15,574

14,546,771

Series

2021-DA,

Class

B,

2.61%,

04/15/60

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

3,100

2,769,308

Series

2021-DA,

Class

C,

3.48%,

04/15/60

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

7,980

7,005,646

Series

2021-DA,

Class

D,

4.00%,

04/15/60

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

2,550

2,279,379

Series

2023-A,

Class

A,

5.51%,

10/15/71

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

19,719

19,435,987

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Nelnet

Student

Loan

Trust

(a)

Series

2021-A,

Class

B2,

2.85%,

04/20/62

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

USD

41,500

$

33,997,584

Series

2021-A,

Class

C,

3.75%,

04/20/62

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

3,133

2,618,507

Series

2021-A,

Class

D,

4.93%,

04/20/62

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

4,268

3,594,219

Series

2021-BA,

Class

B,

2.68%,

04/20/62

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

24,341

19,643,314

Series

2021-BA,

Class

C,

3.57%,

04/20/62

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

1,556

1,280,095

Series

2021-BA,

Class

D,

4.75%,

04/20/62

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

2,780

2,282,048

Series

2021-CA,

Class

B,

2.53%,

04/20/62

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

23,450

18,598,035

Series

2021-CA,

Class

C,

3.36%,

04/20/62

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

1,230

1,003,610

Series

2021-CA,

Class

D,

4.44%,

04/20/62

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

1,880

1,522,152

Series

2021-DA,

Class

B,

2.90%,

04/20/62

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

13,044

10,713,714

Series

2021-DA,

Class

C,

3.50%,

04/20/62

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

2,110

1,720,820

Series

2021-DA,

Class

D,

4.38%,

04/20/62

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

651

518,577

New

Century

Home

Equity

Loan

Trust,

Series

2005-C,

Class

M2,

(1-mo.

LIBOR

USD

at

0.68%

Floor

+

0.68%),

5.83%,

12/25/35

(b)

.....

3,931

3,052,203

New

Residential

Mortgage

Loan

Trust,

Series

2022-SFR2,

Class

F,

4.00%,

09/04/39

(a)

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

6,607

5,367,656

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2006-

S5,

Class

A1,

(1-mo.

LIBOR

USD

at

0.40%

Floor

+

0.40%),

5.55%,

10/25/36

(a)(b)

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

102

115,672

Oakwood

Mortgage

Investors,

Inc.

(b)

Series

2001-D,

Class

A2,

5.26%,

01/15/19

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

1,648

739,306

Series

2001-D,

Class

A4,

6.93%,

09/15/31

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

1,348

729,282

OneMain

Financial

Issuance

Trust

(a)

Series

2019-2A,

Class

A,

3.14%,

10/14/36

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

2,415

2,184,600

Series

2019-2A,

Class

D,

4.05%,

10/14/36

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

13,070

11,086,580

Series

2020-2A,

Class

D,

3.45%,

09/14/35

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

10,930

9,275,159

Series

2021-1A,

Class

A2,

(SOFR

30

day

Average

+

0.76%),

5.83%,

06/16/36

(b)

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

4,537

4,417,984

Series

2021-1A,

Class

C,

2.22%,

06/16/36

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

800

662,892

Series

2022-2A,

Class

A,

4.89%,

10/14/34

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

20,203

19,751,249

Series

2022-2A,

Class

B,

5.24%,

10/14/34

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

17,533

16,988,153

Series

2022-3A,

Class

A,

5.94%,

05/15/34

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

38,260

38,062,001

Series

2023-1A,

Class

A,

5.50%,

06/14/38

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

18,329

17,992,514

Series

2023-1A,

Class

D,

7.49%,

06/14/38

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

19,000

18,668,845

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Oportun

Issuance

Trust

(a)

Series

2021-B,

Class

A,

1.47%,

05/08/31

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

USD

7,520

$

6,813,775

Series

2021-B,

Class

B,

1.96%,

05/08/31

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

1,960

1,752,597

Series

2021-C,

Class

B,

2.67%,

10/08/31

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

6,024

5,343,343

Series

2021-C,

Class

C,

3.61%,

10/08/31

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

2,325

2,037,942

Option

One

Mortgage

Loan

Trust

Series

2005-4,

Class

M3,

(1-mo.

LIBOR

USD

at

0.74%

Floor

+

0.74%),

5.89%,

11/25/35

(b)

...

6,618

5,274,209

Series

2007-CP1,

Class

2A3,

(1-mo.

LIBOR

USD

at

0.21%

Floor

+

0.21%),

5.36%,

03/25/37

(b)

...

6,755

5,323,742

Series

2007-FXD1,

Class

1A1,

5.87%,

01/25/37

(e)

.........

15,090

12,182,151

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(e)

.........

12,688

10,545,605

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(e)

.........

6,289

5,475,847

Origen

Manufactured

Housing

Contract

Trust

(b)

Series

2001-A,

Class

M1,

7.82%,

03/15/32

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

2,941

2,674,587

Series

2007-B,

Class

A1,

(1-mo.

LIBOR

USD

at

1.20%

Floor

and

18.00%

Cap

+

1.20%),

6.39%,

10/15/37

(a)

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

1,603

1,568,531

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(b)(e)

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

4,512

3,873,070

Pagaya

AI

Debt

Selection

Trust,

Series

2021-2,

Class

NOTE,

3.00%,

01/25/29

(a)

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

3,241

3,110,794

PFS

Financing

Corp.,

Series

2022-

E,  7.00%,

10/15/26

(a)(c)

........

25,000

25,020,000

PRET

LLC

(a)

Series

2021-NPL6,

Class

A1,

2.49%,

07/25/51

(e)

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

17,076

15,765,403

Series

2021-RN4,

Class

A1,

2.49%,

10/25/51

(b)

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

11,633

10,529,566

Progress

Residential

Trust

(a)

Series

2020-SFR2,

Class

B,

2.58%,

06/17/37

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

950

887,800

Series

2020-SFR3,

Class

E,

2.30%,

10/17/27

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

4,710

4,226,801

Series

2020-SFR3,

Class

F,

2.80%,

10/17/27

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

8,860

7,946,662

Series

2021-SFR1,

Class

F,

2.76%,

04/17/38

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

5,100

4,405,017

Series

2021-SFR10,

Class

E2,

3.67%,

12/17/40

..........

1,730

1,452,782

Series

2021-SFR10,

Class

F,

4.61%,

12/17/40

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

6,982

5,894,312

Series

2021-SFR2,

Class

F,

3.40%,

04/19/38

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

10,966

9,629,545

Series

2021-SFR3,

Class

F,

3.44%,

05/17/26

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

12,190

10,762,080

Series

2021-SFR4,

Class

F,

3.41%,

05/17/38

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

15,230

13,297,001

Series

2021-SFR5,

Class

F,

3.16%,

07/17/38

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

3,192

2,718,920

Series

2021-SFR6,

Class

F,

3.42%,

07/17/38

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

6,423

5,520,114

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-SFR9,

Class

F,

4.05%,

11/17/40

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

USD

2,637

$

2,167,529

Series

2022-SFR1,

Class

F,

4.88%,

02/17/41

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

5,383

4,586,216

Series

2022-SFR1,

Class

G,

5.52%,

02/17/41

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

5,383

4,575,208

Series

2022-SFR3,

Class

E1,

5.20%,

04/17/39

..........

4,500

4,110,592

Series

2022-SFR5,

Class

E1,

6.62%,

06/17/39

..........

4,054

3,896,130

RAMP

Series

Trust,

Series

2004-RS7,

Class

A2A,

(1-mo.

LIBOR

USD

at

0.62%

Floor

and

14.00%

Cap

+

0.62%),

4.41%,

07/25/34

(b)

.....

2,526

1,906,414

RASC

Series

Trust,

Series

2006-EMX9,

Class

1A4,

(1-mo.

LIBOR

USD

at

0.24%

Floor

and

14.00%

Cap

+

0.24%),

5.63%,

11/25/36

(b)

......

2,634

2,101,424

Ready

Capital

Mortgage

Financing

LLC,

Series

2023-FL11,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.37%

Floor

+

2.37%),

7.46%,

10/25/39

(a)(b)

12,060

12,011,006

Regional

Management

Issuance

Trust

(a)

Series

2020-1,

Class

A,

2.34%,

10/15/30

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

9,260

8,905,504

Series

2020-1,

Class

B,

3.23%,

10/15/30

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

1,140

1,047,256

Series

2020-1,

Class

C,

3.80%,

10/15/30

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

1,500

1,336,153

Series

2021-2,

Class

A,

1.90%,

08/15/33

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

2,361

2,001,008

Series

2021-2,

Class

B,

2.35%,

08/15/33

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

560

455,111

Series

2021-2,

Class

C,

3.23%,

08/15/33

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

1,339

1,057,627

Series

2022-1,

Class

A,

3.07%,

03/15/32

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

9,895

9,170,859

Series

2022-1,

Class

B,

3.71%,

03/15/32

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

1,698

1,524,737

Series

2022-1,

Class

C,

4.46%,

03/15/32

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

1,117

971,885

Series

2022-1,

Class

D,

6.72%,

03/15/32

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

3,555

3,089,408

Series

2022-2B,

Class

A,

7.10%,

11/17/32

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

23,215

23,334,297

Republic

Finance

Issuance

Trust

(a)

Series

2020-A,

Class

A,

2.47%,

11/20/30

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

9,180

8,818,818

Series

2020-A,

Class

B,

3.54%,

11/20/30

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

9,340

8,742,757

Series

2020-A,

Class

C,

4.05%,

11/20/30

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

2,420

2,204,842

Series

2021-A,

Class

A,

2.30%,

12/22/31

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

26,760

24,569,191

Series

2021-A,

Class

B,

2.80%,

12/22/31

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

5,960

5,311,910

Series

2021-A,

Class

C,

3.53%,

12/22/31

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

2,040

1,738,053

Series

2021-A,

Class

D,

5.23%,

12/22/31

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

2,860

2,364,209

RMIT

Cash

Management

LLC,

Series

2021-3,

Class

A,

3.88%,

10/17/33

(a)(c)

43,330

37,428,454

Saxon

Asset

Securities

Trust,

Series

2007-1,

Class

M1,

(1-mo.

LIBOR

USD

at

0.29%

Floor

+

0.29%),

5.44%,

01/25/47

(b)

...........

3,226

2,846,488

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Securitized

Asset-Backed

Receivables

LLC

Trust,

Series

2006-OP1,

Class

M6,

(1-mo.

LIBOR

USD

at

1.01%

Floor

+

1.01%),

6.16%,

10/25/35

(b)

USD

570

$

399,967

Service

Experts

Issuer

LLC,

Series

2021-1A,

Class

A,

2.67%,

02/02/32

(a)

10,469

9,502,465

Sesac

Finance

LLC,

Series

2019-1,

Class

A2,

5.22%,

07/25/49

(a)

....

20,760

19,485,426

SG

Mortgage

Securities

Trust

(b)

Series

2006-FRE2,

Class

A2C,

(1-

mo.

LIBOR

USD

at

0.32%

Floor

+

0.32%),

5.47%,

07/25/36

....

2,366

492,737

Series

2006-OPT2,

Class

A3D,

(1-

mo.

LIBOR

USD

at

0.21%

Floor

+

0.21%),

5.36%,

10/25/36

....

4,623

3,169,719

Signal

Peak

CLO

2

LLC

(a)(b)

Series

2015-1A,

Class

AR2,

(3-mo.

LIBOR

USD

at

0.98%

Floor

+

0.98%),

6.23%,

04/20/29

....

1,226

1,219,341

Series

2015-1A,

Class

BR2,

(3-mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.75%,

04/20/29

....

23,708

23,442,145

Series

2015-1A,

Class

CR2,

(3-mo.

LIBOR

USD

at

1.90%

Floor

+

1.90%),

7.15%,

04/20/29

....

14,000

13,634,579

Series

2015-1A,

Class

DR2,

(3-mo.

LIBOR

USD

at

2.85%

Floor

+

2.85%),

8.10%,

04/20/29

....

1,500

1,439,979

SLM

Private

Education

Loan

Trust,

Series

2010-C,

Class

A5,

(1-mo.

LIBOR

USD

at

4.75%

Floor

+

4.75%),

9.94%,

10/15/41

(a)(b)

....

22,105

23,060,154

SMB

Private

Education

Loan

Trust

(a)

Series

2015-B,

Class

B,

3.50%,

12/17/40

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

10,350

9,864,357

Series

2015-C,

Class

B,

3.50%,

09/15/43

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

6,210

5,911,133

Series

2020-A,

Class

B,

3.00%,

08/15/45

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

5,930

5,024,692

Series

2020-PTA,

Class

C,

3.20%,

09/15/54

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

4,455

3,445,445

Series

2021-A,

Class

C,

2.99%,

01/15/53

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

22,064

18,904,440

Series

2021-C,

Class

C,

3.00%,

01/15/53

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

1,330

1,155,749

Soundview

Home

Loan

Trust,

Series

2004-WMC1,

Class

M2,

(1-mo.

LIBOR

USD

at

0.80%

Floor

+

0.80%),

5.95%,

01/25/35

(b)

.....

103

95,498

SpringCastle

America

Funding

LLC

(a)

Series

2020-AA,

Class

A,

1.97%,

09/25/37

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

8,682

7,760,697

Series

2020-AA,

Class

B,

2.66%,

09/25/37

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

19,740

17,089,788

STAR

Trust,

Series

2021-SFR1,

Class

F,

(1-mo.

LIBOR

USD

at

2.51%

Floor

+

2.40%),

7.61%,

04/17/38

(a)(b)

...

1,870

1,780,766

Sunrun

Xanadu

Issuer

LLC,

Series

2019-1A,

Class

A,

3.98%,

06/30/54

(a)

15,419

13,620,519

Tricon

American

Homes

Trust

(a)

Series

2018-SFR1,

Class

E,

4.56%,

05/17/37

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

2,360

2,261,848

Series

2018-SFR1,

Class

F,

4.96%,

05/17/37

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

1,630

1,568,450

Series

2020-SFR1,

Class

F,

4.88%,

07/17/38

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

7,772

7,228,852

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Upstart

Pass-Through

Trust,

Series

2020-ST6,

Class

A,

3.00%,

01/20/27

(a)

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

USD

1,121

$

1,091,207

VOLT

CVI

LLC,

Series

2021-NP12,

Class

A1,

2.73%,

12/26/51

(a)(b)(e)

..

21,375

19,140,974

Washington

Mutual

Asset-Backed

CertificatesTrust

(b)

Series

2006-HE4,

Class

2A2,

(1-mo.

LIBOR

USD

at

0.36%

Floor

+

0.36%),

5.51%,

09/25/36

....

12,722

3,601,959

Series

2006-HE5,

Class

1A,

(1-mo.

LIBOR

USD

at

0.31%

Floor

+

0.16%),

4.03%,

10/25/36

....

3,804

2,840,730

Yale

Mortgage

Loan

Trust,

Series

2007-1,

Class

A,

(1-mo.

LIBOR

USD

at

0.40%

Floor

+

0.40%),

5.55%,

06/25/37

(a)(b)

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

5,670

1,840,792

2,293,264,911

Total

Asset-Backed

Securities

—

14.5%

(Cost:

$5,532,941,598)

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

5,190,031,063

Shares

Shares

Common

Stocks

Canada

—

0.0%

Agnico

Eagle

Mines

Ltd.

.........

12,769

637,607

Cameco

Corp.

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

20,358

637,594

CTC

Triangle

BV

(c)(g)

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

1,318,669

14

Northern

Graphite

Corp.

(g)

........

435,208

124,838

1,400,053

France

—

0.1%

BNP

Paribas

SA

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

135,220

8,533,187

Hermes

International

...........

340

739,065

LVMH

Moet

Hennessy

Louis

Vuitton

SE

4,771

4,498,635

Unibail-Rodamco-Westfield

(g)(h)

.....

14,925

787,209

14,558,096

Germany

—

0.1%

ADLER

Group

SA

(g)

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

432,415

249,546

ADLER

Group

SA

(a)(d)(g)

..........

957,493

577,261

Caresyntax,

Inc.,

Series

C-2

(c)(g)

....

19,753

1,780,141

Caresyntax,

Inc.,

Series

C-3

(g)

.....

6,774

828,344

Fresenius

SE

&

Co.

KGaA

........

435,761

12,086,601

Mercedes-Benz

Group

AG

........

165,378

13,311,488

Muenchener

Rueckversicherungs-

Gesellschaft

AG

(Registered)

....

1,931

724,922

Siemens

AG

(Registered)

........

4,268

711,479

30,269,782

Japan

—

0.1%

Mitsubishi

UFJ

Financial

Group,

Inc.

.

2,322,720

17,120,941

Mizuho

Financial

Group,

Inc.

......

833,040

12,733,409

Sumitomo

Mitsui

Financial

Group,

Inc.

394,640

16,914,052

46,768,402

Netherlands

—

0.0%

ING

Groep

NV

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

186,480

2,514,048

Shell

plc

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

181,916

5,479,894

Shell

plc,

ADR

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

10,800

652,104

8,646,046

Spain

—

0.0%

Banco

Bilbao

Vizcaya

Argentaria

SA

.

104,510

802,919

Security

Shares

Shares

Value

Sweden

—

0.0%

Sandvik

AB

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

39,551

$

772,201

Swedbank

AB,

Class

A

..........

45,209

762,953

1,535,154

Switzerland

—

0.0%

Alcon,

Inc.

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

8,915

739,610

Swisscom

AG

(Registered)

.......

1,101

687,179

1,426,789

United

Kingdom

—

0.1%

Barclays

plc

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

2,400,000

4,688,620

Genius

Sports

Ltd.

(g)

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

1,345,384

8,327,927

Mobico

Group

plc

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

2,543,814

3,147,396

NEW

Look

Retailers

(c)(g)

..........

2,172,402

27

Rolls-Royce

Holdings

plc

(g)

.......

3,665,003

7,047,811

23,211,781

United

States

—

1.2%

Activision

Blizzard,

Inc.

(g)

.........

93,800

7,907,340

Adobe,

Inc.

(g)

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

1,298

634,709

Advanced

Micro

Devices,

Inc.

(g)

....

71,368

8,129,529

Aiven,

Inc.

(c)(g)

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

169,258

14,937,018

Alphabet,

Inc.,

Class

A

(g)

.........

50,000

5,985,000

Alphabet,

Inc.,

Class

C

(g)

.........

61,389

7,426,227

Amazon.com,

Inc.

(g)

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

50,000

6,518,000

American

Express

Co.

..........

3,598

626,772

Applied

Materials,

Inc.

..........

50,000

7,227,000

Astra

Space,

Inc.,

Class

A

(g)

.......

1,048,175

386,357

Booking

Holdings,

Inc.

(g)

.........

236

637,278

Caesars

Entertainment,

Inc.

(g)

.....

50,447

2,571,284

California

Resources

Corp.

.......

202,930

9,190,700

Carlson

Travel,

Inc.

(g)

...........

17,611

73,755

Caterpillar,

Inc.

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

2,571

632,595

Chesapeake

Energy

Corp.

.......

140,934

11,793,357

Chubb

Ltd.

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

21,111

4,065,134

Cisco

Systems,

Inc.

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

12,104

626,261

Constellation

Brands,

Inc.,

Class

A

..

18,000

4,430,340

Corteva,

Inc.

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

10,940

626,862

Crown

PropTech

Acquisitions

(c)(g)

...

229,536

156,084

Crown

PropTech

Acquisitions

(g)

.....

133,068

1,361,286

Cummins,

Inc.

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

2,594

635,945

CVS

Health

Corp.

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

75,000

5,184,750

Davidson

Kempner

Merchant

Co-Invest

Fund

LP,

(Acquired

04/07/21,

cost

$6,788,939)

(g)(i)(j)

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

—

(k)

32,486,972

Deere

&

Co.

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

1,563

633,312

Delta

Air

Lines,

Inc.

(g)

...........

289,425

13,759,264

Dexcom,

Inc.

(g)

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

4,907

630,599

DiamondRock

Hospitality

Co.

......

769,114

6,160,603

Eaton

Corp.

plc

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

3,157

634,873

Edwards

Lifesciences

Corp.

(g)

.....

6,823

643,614

Element

Solutions,

Inc.

..........

302,555

5,809,056

Eli

Lilly

&

Co.

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

13,379

6,274,483

Equinix,

Inc.

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

800

627,152

Equitrans

Midstream

Corp.

.......

32,689

312,507

Fanatics

Holdings,

Inc.,

Class

A,

(Acquired

08/17/22,

cost

$27,387,008)

(c)(g)(i)

...........

403,700

31,714,672

First

Solar,

Inc.

(g)

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

25,662

4,878,090

Ford

Motor

Co.

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

343,272

5,193,705

Forestar

Group,

Inc.

(g)

...........

118,660

2,675,783

Freeport-McMoRan,

Inc.

.........

125,967

5,038,680

General

Dynamics

Corp.

.........

31,482

6,773,352

General

Motors

Co.

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

306,372

11,813,704

Green

Plains,

Inc.

(g)

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

308,129

9,934,079

Halliburton

Co.

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

206,333

6,806,926

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

HCA

Healthcare,

Inc.

...........

19,543

$

5,930,910

Informatica,

Inc.,

Class

A

(g)(l)

.......

345,173

6,385,700

Intuitive

Surgical,

Inc.

(g)

..........

1,855

634,299

KINS

Technology

Group,

Inc.

(c)(g)

....

89,820

123,952

KLA

Corp.

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

15,390

7,464,458

Latch,

Inc.

(g)

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

715,325

994,302

Lions

Gate

Entertainment

Corp.,

Class

A

(g)(l)

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

632,291

5,583,129

Lockheed

Martin

Corp.

..........

6,100

2,808,318

Lululemon

Athletica,

Inc.

(g)

........

1,696

641,936

M&T

Bank

Corp.

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

16,862

2,086,841

M/I

Homes,

Inc.

(g)

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

55,149

4,808,441

Marathon

Petroleum

Corp.

.......

50,673

5,908,472

Mastercard,

Inc.,

Class

A

.........

1,606

631,640

Meritage

Homes

Corp.

..........

33,050

4,702,023

Micron

Technology,

Inc.

..........

72,871

4,598,889

Microsoft

Corp.

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

1,844

627,956

Mr

Cooper

Group,

Inc.

(g)

.........

112,359

5,689,860

New

Look

Builders,

Inc.

(c)(g)

.......

8,689,610

87

Northern

Trust

Corp.

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

52,789

3,913,776

Northrop

Grumman

Corp.

........

19,975

9,104,605

NVIDIA

Corp.

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

9,900

4,187,898

ONEOK,

Inc.

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

10,210

630,161

Opendoor

Technologies,

Inc.

(g)

.....

1,367,000

5,495,340

Park

Hotels

&

Resorts,

Inc.

.......

362,883

4,652,160

Phillips

66

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

72,657

6,930,025

Playstudios,

Inc.

(g)

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

1,145,983

5,626,776

Proof

Acquisition

Corp.

I

(c)(g)

.......

178,596

200,027

Rockwell

Automation,

Inc.

........

16,299

5,369,706

RXO,

Inc.

(g)

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

20,000

453,400

Salesforce,

Inc.

(g)

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

2,984

630,400

Sarcos

Technology

&

Robotics

Corp.

(g)

443,506

142,587

Sarcos

Technology

&

Robotics

Corp.

(g)

120,943

45,958

Sarcos

Technology

&

Robotics

Corp.

(g)

5,001,793

1,608,077

Schlumberger

NV

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

79,128

3,886,767

Service

Properties

Trust

.........

766,304

6,659,182

ServiceNow,

Inc.

(g)

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

1,121

629,968

Snorkel

AI,

Inc.,

Series

B,

(Acquired

06/30/21,

cost

$609,993)

(c)(g)(i)

...

40,613

449,586

Sonder

Holdings,

Inc.,

Class

A

(g)

....

1,202,324

637,833

Stryker

Corp.

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

2,057

627,570

Sunstone

Hotel

Investors,

Inc.

.....

331,117

3,350,904

Symbotic

Corp.,

Class

A

(g)

........

83,276

3,451,790

Tesla,

Inc.

(g)

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

28,932

7,573,530

Texas

Capital

Bancshares,

Inc.

(g)

...

41,126

2,117,989

TransDigm

Group,

Inc.

..........

709

633,966

Transocean

Ltd.

(g)(l)

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

1,165,568

8,170,632

Uber

Technologies,

Inc.

(g)

........

27,825

1,201,205

United

Airlines

Holdings,

Inc.

(g)

.....

178,269

9,781,620

Valero

Energy

Corp.

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

29,550

3,466,215

Walt

Disney

Co.

(The)

(g)

.........

91,662

8,183,583

Wintrust

Financial

Corp.

.........

31,838

2,312,076

Xenia

Hotels

&

Resorts,

Inc.

......

423,967

5,219,034

431,530,568

Total

Common

Stocks

—

1.6%

(Cost:

$599,686,075)

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

560,149,590

Security

Par

(000)

Pa

r

(

000)

Value

Corporate

Bonds

Argentina

—

0.0%

Generacion

Mediterranea

SA,

9.88%

,

12/01/27

(a)(b)

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

USD

15,127

$

11,864,622

Australia

—

0.2%

AngloGold

Ashanti

Holdings

plc,

3.75%

,

10/01/30

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

3,856

3,286,739

BHP

Billiton

Finance

Ltd.,

(5-Year

EUR

Swap

Annual

+

4.80%),

5.63%

,

10/22/79

(b)(d)

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

EUR

6,900

7,535,876

FMG

Resources

August

2006

Pty.

Ltd.,

6.13%

,

04/15/32

(a)

...........

USD

14,256

13,585,904

Glencore

Capital

Finance

DAC,

1.25%

,

03/01/33

(d)

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

EUR

2,200

1,746,970

Glencore

Finance

Europe

Ltd.,

3.13%

,

03/26/26

(d)

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

GBP

8,000

9,238,509

Oceana

Australian

Fixed

Income

Trust

(c)

10.00%,

08/31/23

...........

AUD

11,165

7,447,234

10.25%,

08/31/25

...........

20,716

13,868,963

0.00%,

03/28/26

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

19,039

12,160,297

Origin

Energy

Finance

Ltd.,

1.00%

,

09/17/29

(d)

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

EUR

13,500

13,580,840

Transurban

Finance

Co.

Pty.

Ltd.,

4.23%

,

04/26/33

(d)

...........

3,430

3,779,982

86,231,314

Austria

—

0.1%

ams-OSRAM

AG

(d)

0.00%,

03/05/25

(m)(n)

.........

15,600

13,119,581

6.00%,

07/31/25

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

3,214

3,121,334

2.13%,

11/03/27

(n)

...........

5,100

3,756,812

Erste

Group

Bank

AG,

(3-mo.

EURIBOR

+

1.25%),

4.25%

,

05/30/30

(b)(d)

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

5,800

6,275,670

Lenzing

AG

(5-Year

EUR

Swap

Annual

+

11.21%),

5.75%

(b)(d)(o)

.......

21,300

20,482,506

46,755,903

Belgium

—

0.2%

Anheuser-Busch

InBev

SA

(d)

9.75%,

07/30/24

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

GBP

27,461

36,080,208

4.00%,

09/24/25

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

4,900

5,929,897

Anheuser-Busch

InBev

Worldwide,

Inc.,

3.50%

,

06/01/30

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

USD

3,425

3,184,860

Azelis

Finance

NV,

5.75%

,

03/15/28

(d)

EUR

3,242

3,538,109

Elia

Group

SA/NV,

(5-Year

EUR

Swap

Annual

+

2.42%),

2.75%

(b)(d)(o)

....

10,000

10,802,880

KBC

Group

NV,

(GUKG1

+

0.92%),

1.25%

,

09/21/27

(b)(d)

..........

GBP

4,900

5,215,360

Solvay

Finance

SA,

(5-Year

EUR

Swap

Annual

+

3.70%),

5.43%

(b)(d)(o)

....

EUR

4,172

4,541,105

Solvay

SA,

(5-Year

EUR

Swap

Annual

+

2.98%),

2.50%

(b)(d)(o)

.........

2,700

2,703,175

71,995,594

Brazil

—

0.1%

Atento

Luxco

1

SA

8.00%,

02/10/26

(a)

...........

USD

9,252

1,456,727

8.00%,

02/10/26

(d)

...........

3,000

472,350

Banco

do

Brasil

SA,

6.25%

,

04/18/30

(a)

2,993

2,975,042

Braskem

Netherlands

Finance

BV

(a)

7.25%,

02/13/33

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

3,155

3,085,038

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Brazil

(continued)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

8.22%),

8.50%,

01/23/81

(b)

...

USD

1,712

$

1,731,774

BRF

SA,

4.88%

,

01/24/30

(d)

.......

3,424

2,760,600

CSN

Resources

SA,

5.88%

,

04/08/32

(a)

11,000

8,838,500

Embraer

Netherlands

Finance

BV

6.95%,

01/17/28

(a)

...........

4,000

3,970,000

6.95%,

01/17/28

(d)

...........

5,000

4,962,500

Klabin

Austria

GmbH,

3.20%

,

01/12/31

(a)

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

2,568

2,053,116

MC

Brazil

Downstream

Trading

SARL

7.25%,

06/30/31

(a)

...........

7,218

4,813,689

7.25%,

06/30/31

(d)

...........

4,303

2,869,526

Suzano

Austria

GmbH

5.00%,

01/15/30

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

5,000

4,666,350

3.75%,

01/15/31

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

2,932

2,487,216

Series

DM3N,

3.13%,

01/15/32

..

3,492

2,782,949

49,925,377

Canada

—

0.6%

Air

Canada

Pass-Through

Trust,

Series

2015-2,

Class

B,

5.00%

,

12/15/23

(a)

5,294

5,264,467

Alimentation

Couche-Tard,

Inc.,

1.88%

,

05/06/26

(d)

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

EUR

20,100

20,496,983

ARI

FCP

Investments

LP,

0.00%

,

01/30/25

(b)(c)

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

USD

2,920

2,788,555

Brookfield

Residential

Properties,

Inc.

(a)

6.25%,

09/15/27

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

3,900

3,582,164

5.00%,

06/15/29

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

2,892

2,315,707

Canadian

Pacific

Railway

Co.

1.35%,

12/02/24

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

8,300

7,798,429

4.00%,

06/01/28

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

8,300

7,933,980

Garda

World

Security

Corp.,

7.75%

,

02/15/28

(a)

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

1,621

1,609,039

Hammerhead

Resources,

Inc.,

Series

AI,

12.00%

,

07/10/22

(c)

........

15,000

14,999,733

HR

Ottawa

LP,

11.00%

,

03/31/31

(a)

..

99,478

96,493,660

Mattamy

Group

Corp.

(a)

5.25%,

12/15/27

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

6,229

5,804,786

4.63%,

03/01/30

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

7,171

6,199,289

NOVA

Chemicals

Corp.,

4.88%

,

06/01/24

(a)

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

3,053

2,982,720

Nutrien

Ltd.,

4.90%

,

03/27/28

.....

3,992

3,915,313

Rogers

Communications,

Inc.

(a)

2.95%,

03/15/25

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

16,000

15,186,377

3.80%,

03/15/32

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

23,605

20,633,644

Toronto-Dominion

Bank

(The)

2.80%,

03/10/27

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

1,414

1,296,102

2.88%,

04/05/27

(d)

...........

GBP

4,900

5,430,697

224,731,645

Cayman

Islands

—

0.0%

Pearl

Holding

II

Ltd.,

6.00%

,

(d)(o)

....

USD

3,340

37,903

Chile

—

0.0%

Engie

Energia

Chile

SA,

3.40%

,

01/28/30

(d)

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

2,455

2,028,763

Kenbourne

Invest

SA

6.88%,

11/26/24

(a)

...........

10,354

8,987,065

6.88%,

11/26/24

(d)

...........

3,100

2,690,738

4.70%,

01/22/28

(a)

...........

1,288

862,728

14,569,294

Security

Par

(000)

Par

(000)

Value

China

—

0.3%

Agile

Group

Holdings

Ltd.

(d)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

11.25%),

8.38%

(b)(o)

........

USD

700

$

95,872

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

11.29%),

7.88%

(b)(o)

........

901

110,336

5.75%,

01/02/25

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

701

210,658

China

City

Construction

International

Co.

Ltd.,

5.35%

,

07/03/17

(b)(c)(d)(g)(p)

.

CNY

2,990

—

China

Evergrande

Group,

10.00%

,

04/11/23

(b)(d)(g)(p)

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

USD

4,707

282,561

China

SCE

Group

Holdings

Ltd.

(d)

7.38%,

04/09/24

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

1,349

397,442

7.00%,

05/02/25

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

1,083

151,144

Country

Garden

Holdings

Co.

Ltd.,

2.70%

,

07/12/26

(d)

...........

1,670

510,736

Easy

Tactic

Ltd.

(q)

7.50%,

(7.50%

Cash

or

7.50%

PIK),

07/11/25

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

829

73,252

7.50%,

(7.50%

Cash

or

7.50%

PIK),

07/11/28

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

778

57,055

European

TopSoho

SARL,

Series

SMCP,

4.00%

,

09/21/21

(b)(d)(g)(n)(p)

..

EUR

13,600

11,770,229

Fantasia

Holdings

Group

Co.

Ltd.

(b)(d)(g)(p)

6.95%,

12/17/21

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

USD

3,180

190,800

11.75%,

04/17/22

...........

10,350

621,000

7.95%,

07/05/22

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

5,938

383,714

11.88%,

06/01/23

...........

3,142

188,520

9.88%,

10/19/23

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

3,695

221,700

Fortune

Star

BVI

Ltd.,

5.95%

,

10/19/25

(d)

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

2,561

2,035,713

Greenland

Global

Investment

Ltd.,

6.13%

,

04/22/25

(d)(e)

..........

810

186,380

iQIYI,

Inc.,

6.50%

,

03/15/28

(d)(n)

....

14,400

12,693,600

Jingrui

Holdings

Ltd.,

12.00%

,

07/25/23

(b)(d)(g)(p)

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

2,542

165,230

Knight

Castle

Investments

Ltd.,

7.99%

,

01/23/23

(d)(g)(p)

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

6,000

4,200,000

Luye

Pharma

Group

Ltd.,

6.25%

,

07/06/28

(d)(n)

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

8,084

8,084,000

Modern

Land

China

Co.

Ltd.

(b)(d)(g)(p)(q)

7.00%,

(7.00%

Cash

or

9.00%

PIK),

12/30/23

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

399

21,954

8.00%,

(8.00%

Cash

or

10.00%

PIK),

12/30/24

...........

898

49,196

9.00%,

(9.00%

Cash

or

11.00%

PIK),

12/30/25

...........

1,497

80,844

9.00%,

(9.00%

Cash

or

11.00%

PIK),

12/30/26

...........

1,996

99,291

9.00%,

(9.00%

Cash

or

11.00%

PIK),

12/30/27

...........

2,913

159,473

New

Metro

Global

Ltd.

(d)

6.80%,

08/05/23

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

550

529,375

4.50%,

05/02/26

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

853

336,935

Nickel

Resources

International

Holdings

Co.

Ltd.,

Series

1,

12.00%

,

12/12/18

(b)(d)(g)(p)

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

HKD

8,000

102,093

NXP

BV

3.88%,

06/18/26

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

USD

17,425

16,735,493

4.40%,

06/01/27

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

8,300

8,004,105

4.30%,

06/18/29

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

5,475

5,131,936

3.40%,

05/01/30

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

12,472

11,030,736

5.00%,

01/15/33

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

7,235

6,949,290

Pearl

Holding

III

Ltd.,

9.00%

,

10/22/25

(d)

2,660

818,751

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

China

(continued)

Redsun

Properties

Group

Ltd.,

9.70%

,

04/16/23

(b)(d)(g)(p)

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

USD

4,244

$

339,520

RKPF

Overseas

2020

A

Ltd.,

5.20%

,

01/12/26

(d)

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

2,318

1,208,258

Ronshine

China

Holdings

Ltd.

(b)(d)(g)(p)

7.35%,

12/15/23

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

464

20,880

7.10%,

01/25/25

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

4,000

180,000

Shui

On

Development

Holding

Ltd.,

5.75%

,

11/12/23

(d)

...........

300

289,623

Sinic

Holdings

Group

Co.

Ltd.,

10.50%

,

06/18/22

(b)(d)(g)(p)

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

2,919

29,190

Yango

Justice

International

Ltd.

(b)(g)(p)

10.25%,

09/15/22

...........

1,207

12,070

8.25%,

11/25/23

(d)

...........

2,403

24,030

7.50%,

04/15/24

(d)

...........

2,633

26,330

7.88%,

09/04/24

(d)

...........

1,150

11,500

7.50%,

02/17/25

(d)

...........

2,628

26,280

Yanlord

Land

HK

Co.

Ltd.,

6.80%

,

02/27/24

(d)

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

1,165

1,130,050

95,977,145

Colombia

—

0.2%

ABRA

Global

Finance,

11.50%

,

(11.50%

Cash

or

11.50%

PIK),

03/02/28

(a)(q)

8,496

6,754,180

AI

Candelaria

Spain

SA

(d)

7.50%,

12/15/28

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

7,341

6,852,514

5.75%,

06/15/33

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

5,000

3,715,100

Avianca

Midco

2

plc,

9.00%

,

12/01/28

(a)

15,111

12,617,442

Oleoducto

Central

SA,

4.00%

,

07/14/27

(d)

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

6,049

5,303,582

Promigas

SA

ESP

3.75%,

10/16/29

(a)

...........

5,672

4,736,120

3.75%,

10/16/29

(d)

...........

5,000

4,175,000

SierraCol

Energy

Andina

LLC,

6.00%

,

06/15/28

(d)

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

8,024

5,821,412

SURA

Asset

Management

SA,

4.88%

,

04/17/24

(d)

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

4,442

4,375,370

54,350,720

Costa

Rica

—

0.0%

Liberty

Costa

Rica

Senior

Secured

Finance,

10.88%

,

01/15/31

(a)

....

1,750

1,728,790

Cyprus

—

0.1%

ASG

Finance

DAC,

7.88%

,

12/03/24

(a)

11,111

10,708,226

Bank

of

Cyprus

PCL,

(1-Year

EUR

Swap

Annual

+

2.79%),

2.50%

,

06/24/27

(b)(d)

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

EUR

5,397

5,138,333

15,846,559

Czech

Republic

—

0.0%

Allwyn

Entertainment

Financing

UK

plc

7.25%,

04/30/30

(d)

...........

5,143

5,689,207

Denmark

—

0.0%

(d)

Danske

Bank

A/S,

(GUKG1

+

1.65%),

2.25%

,

01/14/28

(b)

...........

GBP

8,000

8,491,679

Nassa

Topco

A/S,

2.88%

,

04/06/24

..

EUR

3,200

3,404,823

11,896,502

Dominican

Republic

—

0.0%

Aeropuertos

Dominicanos

Siglo

XXI

SA,

6.75%

,

03/30/29

(a)

........

USD

2,568

2,471,417

Finland

—

0.1%

Ahlstrom

Holding

3

Oy

3.63%,

02/04/28

(d)

...........

EUR

6,473

5,827,819

Security

Par

(000)

Par

(000)

Value

Finland

(continued)

4.88%,

02/04/28

(a)

...........

USD

2,800

$

2,318,810

OP

Corporate

Bank

plc,

2.88%

,

12/15/25

(d)

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

EUR

7,300

7,714,074

15,860,703

France

—

2.0%

Accor

SA,

(5-Year

EUR

Swap

Annual

+

4.56%),

4.38%

(b)(d)(o)

..........

3,400

3,646,326

Air

France-KLM

(d)

0.13%,

03/25/26

(n)

...........

10,201

1,889,042

7.25%,

05/31/26

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

5,900

6,607,015

8.13%,

05/31/28

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

3,600

4,060,901

Airbus

SE,

2.38%

,

06/09/40

(d)

......

16,700

14,376,338

Altice

France

SA

(d)

2.50%,

01/15/25

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

14,890

15,020,597

2.13%,

02/15/25

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

256

255,952

5.88%,

02/01/27

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

9,441

8,550,676

4.25%,

10/15/29

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

2,798

2,187,980

Arkema

SA,

(5-Year

EUR

Swap

Annual

+

1.57%),

1.50%

(b)(d)(o)

.........

2,300

2,214,863

Atos

SE

(d)

0.00%,

11/06/24

(m)(n)

.........

6,600

6,300,528

1.75%,

05/07/25

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

300

276,250

AXA

SA,

5.50%

,

07/11/43

(b)(d)

......

4,960

5,409,126

Banque

Federative

du

Credit

Mutuel

SA

(d)

4.88%,

09/25/25

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

GBP

21,000

25,564,048

4.00%,

11/21/29

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

EUR

10,400

11,294,507

4.13%,

06/14/33

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

18,400

19,958,294

BNP

Paribas

SA

(5-Year

USD

Swap

Semi

+

4.15%),

6.63%

(a)(b)(o)

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

USD

1,761

1,691,222

(5-Year

USD

Swap

Semi

+

5.15%),

7.38%

(b)(d)(o)

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

734

711,667

3.38%,

01/23/26

(d)

...........

GBP

14,900

17,392,129

1.88%,

12/14/27

(d)

...........

4,900

5,070,812

(3-mo.

EURIBOR

+

1.37%),

2.75%,

07/25/28

(b)(d)

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

EUR

9,000

9,127,589

(3-mo.

EURIBOR

+

0.95%),

0.50%,

09/01/28

(b)(d)

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

9,100

8,378,449

(3-mo.

EURIBOR

+

0.78%),

3.88%,

02/23/29

(b)(d)

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

10,000

10,745,919

3.63%,

09/01/29

(d)

...........

8,900

9,268,827

4.13%,

05/24/33

(d)

...........

17,000

18,529,624

Series

TMO,

(BFRTMO

-

0.25%),

0.00%

(b)(o)

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

1,983

1,609,003

BPCE

SA

(d)

(3-mo.

EURIBOR

+

1.60%),

4.63%,

03/02/30

(b)

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

16,400

17,923,776

4.00%,

11/29/32

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

13,200

14,182,511

(3-mo.

EURIBOR

+

1.83%),

4.75%,

06/14/34

(b)

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

5,500

6,014,612

(5-Year

EUR

Swap

Annual

+

2.50%),

5.13%,

01/25/35

(b)

...

7,600

8,024,572

Burger

King

France

SAS,

(3-mo.

EURIBOR

at

4.75%

Floor

+

4.75%),

8.00%

,

11/01/26

(b)(d)

..........

3,800

4,139,262

Casino

Guichard

Perrachon

SA

(b)(g)(o)(p)

(10-Year

EURIBOR

ICE

Swap

Rate  at

9.00%

Cap

+

1.00%),

4.10%

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

11,374

130,319

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.82%),

3.99%

(d)

..........

11,400

68,418

Clariane

SE,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

9.08%),

4.13%

(b)(d)(o)

..........

GBP

9,000

9,140,891

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

France

(continued)

Credit

Agricole

SA

7.38%,

12/18/23

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

GBP

2,950

$

3,747,969

(3-mo.

EURIBOR

+

1.25%),

1.00%,

04/22/26

(b)(d)

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

EUR

10,000

10,226,508

(GUKG1

+

2.60%),

5.75%,

11/29/27

(b)(d)

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

GBP

13,000

15,852,944

4.88%,

10/23/29

(d)

...........

33,700

39,791,257

Eutelsat

SA

(d)

2.00%,

10/02/25

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

EUR

1,600

1,576,548

1.50%,

10/13/28

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

4,300

3,444,881

Forvia

(d)

7.25%,

06/15/26

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

3,025

3,428,789

2.75%,

02/15/27

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

8,652

8,539,347

3.75%,

06/15/28

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

8,499

8,396,518

Goldstory

SASU

(d)

5.38%,

03/01/26

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

12,146

12,728,895

(3-mo.

EURIBOR

at

5.50%

Floor

+

5.50%),

8.97%,

03/01/26

(b)

...

2,350

2,564,320

Holding

d'Infrastructures

des

Metiers

de

l'Environnement,

0.63%

,

09/16/28

(d)

35,043

31,202,348

Iliad

Holding

SASU

(d)

5.13%,

10/15/26

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

4,419

4,601,309

5.63%,

10/15/28

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

300

302,808

Iliad

SA

(d)

5.38%,

06/14/27

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

12,100

13,017,298

5.63%,

02/15/30

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

7,500

7,909,836

La

Financiere

Atalian

SASU

(d)

4.00%,

05/15/24

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

2,808

2,259,766

5.13%,

05/15/25

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

8,132

6,088,558

6.63%,

05/15/25

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

GBP

1,471

1,270,356

Lion/Polaris

Lux

4

SA,

(3-mo.

EURIBOR

at

4.00%

Floor

+

4.00%),

7.53%

,

07/01/26

(b)(d)

..........

EUR

1,331

1,416,455

L'Oreal

SA,

0.38%

,

03/29/24

(d)

.....

2,000

2,128,276

Loxam

SAS

(d)

3.25%,

01/14/25

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

172

183,283

3.75%,

07/15/26

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

6,481

6,682,113

4.50%,

02/15/27

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

921

960,072

4.50%,

04/15/27

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

500

483,838

5.75%,

07/15/27

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

828

823,101

6.38%,

05/15/28

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

2,073

2,235,614

Orano

SA,

2.75%

,

03/08/28

(d)

......

6,300

6,320,512

Paprec

Holding

SA,

3.50%

,

07/01/28

(d)

4,265

4,102,659

Picard

Groupe

SAS,

3.88%

,

07/01/26

(d)

5,589

5,580,326

RCI

Banque

SA

(d)

4.13%,

12/01/25

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

8,108

8,749,792

4.63%,

07/13/26

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

4,275

4,651,585

(5-Year

EUR

Swap

Annual

+

2.85%),

2.63%,

02/18/30

(b)

...

25,400

25,723,055

Renault

SA,

2.38%

,

05/25/26

(d)

.....

1,800

1,813,882

RTE

Reseau

de

Transport

d'Electricite

SADIR,

3.75%

,

07/04/35

(d)

......

9,000

9,776,940

Sabena

Technics

SAS,

(Acquired

10/28/22,

cost

$16,971,307)

(b)(c)(i)

.

17,291

18,867,939

Societe

Generale

SA

(5-Year

USD

Swap

Semi

+

4.30%),

7.38%

(a)(b)(o)

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

USD

2,137

2,077,164

(5-Year

USD

Swap

Semi

+

4.30%),

7.38%

(b)(d)(o)

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

4,300

4,179,600

(5-Year

USD

Swap

Semi

+

4.98%),

7.88%

(a)(b)(o)

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

806

788,207

1.88%,

10/03/24

(d)

...........

GBP

4,900

5,855,619

(5-Year

USD

Swap

Rate

+

5.87%),

8.00%

(a)(b)(o)

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

USD

1,468

1,378,062

Security

Par

(000)

Par

(000)

Value

France

(continued)

(3-mo.

EURIBOR

+

1.50%),

1.13%,

04/21/26

(b)(d)

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

EUR

9,500

$

9,710,974

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.39%),

9.38%

(a)(b)(o)

........

USD

3,240

3,167,100

(3-mo.

EURIBOR

+

1.80%),

4.25%,

12/06/30

(b)(d)

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

EUR

24,300

25,614,346

Teleperformance,

0.25%

,

11/26/27

(d)

.

4,000

3,663,735

TotalEnergies

Capital

Canada

Ltd.,

2.13%

,

09/18/29

(d)

...........

9,400

9,309,815

TotalEnergies

Capital

International

SA,

1.66%

,

07/22/26

(d)

...........

GBP

4,900

5,483,085

TotalEnergies

SE

(b)(d)(o)

(5-Year

EUR

Swap

Annual

+

1.77%),

1.75%

...........

EUR

34,878

36,778,573

(5-Year

EUR

Swap

Annual

+

2.15%),

2.63%

...........

14,270

14,754,547

(5-Year

EUR

Swap

Annual

+

2.40%),

2.00%

...........

23,610

19,775,857

Unibail-Rodamco-Westfield

SE,

(5-

Year

EUR

Swap

Annual

+

1.68%),

2.13%

(b)(d)(o)

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

4,500

4,122,183

Vallourec

SA,

8.50%

,

06/30/26

(d)

....

11,495

12,531,666

Veolia

Environnement

SA,

(5-Year

EUR

Swap

Annual

+

2.50%),

2.88%

(b)(d)(o)

11,500

12,314,062

Verallia

SA,

1.88%

,

11/10/31

(d)

.....

6,600

5,787,708

724,504,045

Germany

—

2.4%

ADLER

Group

SA,

2.00%

,

11/23/23

(d)(e)

(g)(n)(p)

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

4,100

4,026,528

Agps

Bondco

plc

(d)

6.00%,

08/05/25

(g)(p)

..........

10,900

5,115,406

5.50%,

11/13/26

(b)(g)(p)

.........

8,700

3,607,507

5.00%,

04/27/27

(g)(p)

..........

2,800

1,063,265

5.00%,

01/14/29

(b)

...........

8,000

2,785,616

Allianz

SE,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.17%),

3.20%

(b)(d)(o)

.........

USD

18,800

13,866,880

Aroundtown

SA

(d)

(5-Year

GBP

Swap

+

4.38%),

4.75%

(b)(o)

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

GBP

4,476

1,989,582

(5-Year

EUR

Swap

Annual

+

3.98%),

3.38%

(b)(o)

.........

EUR

4,400

1,982,641

2.00%,

11/02/26

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

2,000

1,794,919

0.38%,

04/15/27

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

3,000

2,346,097

1.45%,

07/09/28

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

6,200

4,572,884

AT

Securities

BV,

(5-Year

USD

Swap

Semi

+

3.55%),

5.25%

(b)(d)(o)

.....

USD

6,250

2,437,500

ATF

Netherlands

BV,

(5-Year

EUR

Swap

Annual

+

4.38%),

7.08%

(b)(d)(o)

EUR

13,400

6,148,585

BASF

SE,

4.50%

,

03/08/35

(d)

......

4,700

5,297,485

Bayer

AG

(d)

0.05%,

01/12/25

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

4,400

4,509,391

4.00%,

08/26/26

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

16,230

17,715,701

4.63%,

05/26/33

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

10,740

11,888,366

(5-Year

EUR

Swap

Annual

+

2.55%),

3.75%,

07/01/74

(b)

...

2,772

2,936,446

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.65%),

2.38%,

11/12/79

(b)

...

64,600

65,380,885

(5-Year

EUR

Swap

Annual

+

3.75%),

4.50%,

03/25/82

(b)

...

15,000

15,435,188

Cheplapharm

Arzneimittel

GmbH

(d)

3.50%,

02/11/27

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

5,297

5,238,203

4.38%,

01/15/28

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

13,145

13,116,710

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

Commerzbank

AG

(b)(d)

(5-Year

EUR

Swap

Annual

+

6.36%),

6.13%

(o)

..........

EUR

4,400

$

4,369,165

(3-mo.

EURIBOR

+

2.40%),

5.13%,

01/18/30

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

2,600

2,828,892

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.25%),

8.63%,

02/28/33

..........

GBP

7,200

8,783,818

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

1.88%

,

10/15/24

(d)

...

EUR

14,100

11,385,581

Deutsche

Bahn

Finance

GmbH,

(5-

Year

EUR

Swap

Annual

+

1.26%),

0.95%

(b)(d)(o)

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

32,400

32,353,372

Deutsche

Bank

AG

(b)(d)

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.94%),

10.00%

(o)

.........

3,000

3,240,589

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.30%),

4.00%,

06/24/32

....

12,000

11,489,286

Deutsche

Lufthansa

AG

(d)

1.63%,

11/16/23

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

2,600

2,801,945

2.00%,

07/14/24

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

5,300

5,628,424

2.88%,

05/16/27

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

3,300

3,308,526

3.75%,

02/11/28

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

1,900

1,953,859

3.50%,

07/14/29

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

3,200

3,159,180

Deutsche

Telekom

International

Finance

BV

2.49%,

09/19/23

(a)

...........

USD

4,420

4,413,231

8.88%,

11/27/28

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

GBP

11,856

16,947,692

DIC

Asset

AG,

2.25%

,

09/22/26

(d)

...

EUR

4,200

2,789,788

E.ON

International

Finance

BV,

6.38%

,

06/07/32

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

GBP

3,800

4,913,978

E.ON

SE,

3.50%

,

10/26/37

.......

EUR

9,500

9,692,681

EnBW

Energie

Baden-Wuerttemberg

AG

(b)(d)

(5-Year

EUR

Swap

Annual

+

1.42%),

1.13%,

11/05/79

.....

9,100

9,283,681

(5-Year

EUR

Swap

Annual

+

2.18%),

2.13%,

08/31/81

....

22,400

17,377,042

EnBW

International

Finance

BV

(d)

3.63%,

11/22/26

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

5,795

6,281,490

4.00%,

01/24/35

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

12,480

13,294,799

Fresenius

SE

&

Co.

KGaA

(d)

4.25%,

05/28/26

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

13,500

14,610,787

2.88%,

05/24/30

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

21,100

20,704,298

Gruenenthal

GmbH

(d)

3.63%,

11/15/26

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

7,590

7,778,981

4.13%,

05/15/28

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

3,348

3,380,462

6.75%,

05/15/30

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

833

928,422

Heidelberg

Materials

AG,

3.75%

,

05/31/32

(d)

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

24,800

25,683,654

HT

Troplast

GmbH,

9.25%

,

07/15/25

(d)

8,942

9,896,848

IHO

Verwaltungs

GmbH

(q)

3.88%,

(3.88%

Cash

or

4.63%

PIK),

05/15/27

(b)(d)

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

2,941

2,891,522

6.00%,

(6.00%

Cash

or

6.75%

PIK),

05/15/27

(a)

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

USD

400

376,210

8.75%,

(8.75%

Cash

or

9.50%

PIK),

05/15/28

(b)(d)

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

EUR

1,618

1,819,800

Lanxess

AG,

12.25%

,

03/31/31

(b)(c)

..

18,800

20,181,198

Mercedes-Benz

Finance

North

America

LLC,

4.80%

,

03/30/26

(a)

.......

USD

10,000

9,898,374

PCF

GmbH

(d)

4.75%,

04/15/26

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

EUR

1,566

1,309,810

(3-mo.

EURIBOR

at

4.75%

Floor

+

4.75%),

7.93%,

04/15/26

(b)

...

5,069

4,978,163

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

Phoenix

PIB

Dutch

Finance

BV,

2.38%

,

08/05/25

(d)

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

EUR

2,900

$

3,007,376

Renk

AG,

5.75%

,

07/15/25

(d)

......

10,270

11,012,749

Robert

Bosch

GmbH,

4.38%

,

06/02/43

(d)

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

15,700

17,536,631

Techem

Verwaltungsgesellschaft

674

mbH,

6.00%

,

07/30/26

(d)

.......

7,115

7,602,973

Techem

Verwaltungsgesellschaft

675

mbH,

2.00%

,

07/15/25

(d)

.......

6,210

6,437,155

Tele

Columbus

AG,

3.88%

,

05/02/25

(d)

13,477

9,853,089

thyssenkrupp

AG,

2.88%

,

02/22/24

(d)

.

11,148

12,011,958

TK

Elevator

Midco

GmbH

(d)

4.38%,

07/15/27

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

4,225

4,114,849

(3-mo.

EURIBOR

at

4.75%

Floor

+

4.75%),

7.93%,

07/15/27

(b)

...

5,885

6,373,549

TK

Elevator

US

Newco,

Inc.,

5.25%

,

07/15/27

(a)

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

USD

8,738

8,072,799

Volkswagen

Bank

GmbH,

4.25%

,

01/07/26

(d)

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

EUR

4,600

4,972,708

Volkswagen

Financial

Services

NV

(d)

2.13%,

06/27/24

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

GBP

13,500

16,423,881

1.88%,

12/03/24

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

2,700

3,204,291

4.25%,

10/09/25

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

2,100

2,513,584

5.50%,

12/07/26

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

26,400

32,036,004

Volkswagen

International

Finance

NV

(d)

Series

NC6,

(6-Year

EUR

Swap

Annual

+

2.97%),

3.38%

(b)(o)

...

EUR

49,900

52,480,303

(5-Year

EUR

Swap

Annual

+

2.92%),

3.75%

(b)(o)

.........

1,700

1,611,306

4.25%,

02/15/28

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

20,000

21,592,054

(9-Year

EUR

Swap

Annual

+

3.36%),

4.38%

(b)(o)

.........

5,100

4,619,050

Volkswagen

Leasing

GmbH,

0.63%

,

07/19/29

(d)

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

15,631

13,757,982

Wintershall

Dea

Finance

2

BV

(b)(d)(o)

Series

NC5,

(5-Year

EUR

Swap

Annual

+

2.92%),

2.50%

.....

38,600

35,737,322

Series

NC8,

(5-Year

EUR

Swap

Annual

+

3.32%),

3.00%

.....

5,500

4,681,248

Wintershall

Dea

Finance

BV

(d)

0.84%,

09/25/25

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

10,400

10,425,440

1.33%,

09/25/28

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

23,600

21,601,046

1.82%,

09/25/31

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

10,100

8,596,915

ZF

Europe

Finance

BV

(d)

2.00%,

02/23/26

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

1,300

1,289,116

2.50%,

10/23/27

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

1,900

1,807,486

ZF

Finance

GmbH

(d)

3.00%,

09/21/25

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

7,900

8,157,129

5.75%,

08/03/26

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

6,600

7,218,758

2.00%,

05/06/27

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

1,800

1,706,364

2.75%,

05/25/27

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

3,100

3,010,445

2.25%,

05/03/28

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

1,900

1,743,110

3.75%,

09/21/28

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

10,600

10,384,393

849,584,396

Greece

—

0.0%

Danaos

Corp.,

8.50%

,

03/01/28

(a)

...

USD

8,623

8,650,594

Guatemala

—

0.0%

Millicom

International

Cellular

SA

6.63%,

10/15/26

(a)

...........

4,708

4,490,065

5.13%,

01/15/28

(d)

...........

3,082

2,686,878

7,176,943

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hong

Kong

—

0.0%

AIA

Group

Ltd.,

4.95%

,

04/04/33

(d)

..

USD

1,000

$

997,680

Bank

of

East

Asia

Ltd.

(The)

(b)(d)(o)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.26%),

5.88%

...........

876

798,307

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.53%),

5.83%

...........

800

697,320

Hongkong

&

Shanghai

Banking

Corp.

Ltd.

(The),

(3-mo.

LIBOR

USD

+

0.19%),

5.46%

(b)(o)

...........

1,400

1,391,670

Link

CB

Ltd.,

4.50%

,

12/12/27

(d)(n)

...

HKD

40,000

5,172,280

Melco

Resorts

Finance

Ltd.

5.25%,

04/26/26

(d)

...........

USD

450

417,618

5.63%,

07/17/27

(d)

...........

200

179,720

5.38%,

12/04/29

(a)

...........

392

322,910

REXLot

Holdings

Ltd.

(b)(d)(g)(n)(p)

6.00%,

04/28/17

(c)

...........

HKD

1,103

—

4.50%,

04/17/19

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

15,091

1,926

9,979,431

India

—

0.2%

ABJA

Investment

Co.

Pte.

Ltd.,

5.95%

,

07/31/24

(d)

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

USD

400

397,488

CA

Magnum

Holdings,

5.38%

,

10/31/26

(d)

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

1,455

1,299,548

Continuum

Energy

Levanter

Pte.

Ltd.

4.50%,

02/09/27

(a)

...........

7,045

6,526,961

4.50%,

02/09/27

(d)

...........

827

766,002

Diamond

II

Ltd.,

7.95%

,

07/28/26

(a)

..

1,700

1,668,363

GMR

Hyderabad

International

Airport

Ltd.

(d)

4.75%,

02/02/26

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

1,090

1,027,325

4.25%,

10/27/27

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

200

176,988

Greenko

Dutch

BV,

3.85%

,

03/29/26

(d)

244

219,053

Greenko

Solar

Mauritius

Ltd.,

5.55%

,

01/29/25

(d)

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

200

192,706

India

Green

Energy

Holdings,

5.38%

,

04/29/24

(a)

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

1,712

1,673,480

India

Green

Power

Holdings,

4.00%

,

02/22/27

(d)

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

1,228

1,072,044

Natural

Foods,

0.00%

,

10/13/29

(b)(c)

..

EUR

30,581

32,285,674

Network

i2i

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.27%),

5.65%

(b)(d)(o)

...

USD

2,162

2,094,243

Periama

Holdings

LLC,

5.95%

,

04/19/26

(d)

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

1,500

1,439,175

REC

Ltd.

(d)

3.88%,

07/07/27

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

1,000

931,360

5.63%,

04/11/28

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

1,000

988,620

TML

Holdings

Pte.

Ltd.,

4.35%

,

06/09/26

(d)

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

799

744,197

Vedanta

Resources

Finance

II

plc,

8.95%

,

03/11/25

(a)

...........

16,522

12,468,988

Vedanta

Resources

Ltd.,

6.13%

,

08/09/24

(a)

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

5,000

3,741,450

Videocon

Industries

Ltd.,

2.84%

,

12/31/20

(b)(c)(d)(e)(g)(n)(p)

..........

735

—

69,713,665

Indonesia

—

0.1%

(d)

Freeport

Indonesia

PT,

4.76%

,

04/14/27

7,722

7,434,587

LLPL

Capital

Pte.

Ltd.,

6.88%

,

02/04/39

1,654

1,489,921

Minejesa

Capital

BV,

4.63%

,

08/10/30

2,000

1,788,480

Security

Par

(000)

Par

(000)

Value

Indonesia

(continued)

Pertamina

Geothermal

Energy

PT,

5.15%

,

04/27/28

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

USD

850

$

844,781

Star

Energy

Geothermal

Darajat

II,

4.85%

,

10/14/38

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

2,700

2,435,400

Theta

Capital

Pte.

Ltd.,

8.13%

,

01/22/25

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

1,763

1,465,459

15,458,628

Ireland

—

0.1%

AerCap

Ireland

Capital

DAC,

5.75%

,

06/06/28

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

6,271

6,219,126

Bank

of

Ireland

Group

plc,

(5-Year

EUR

Swap

Annual

+

7.92%),

7.50%

(b)(d)(o)

EUR

8,629

9,216,534

15,435,660

Israel

—

0.1%

Bank

Leumi

Le-Israel

BM,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.47%),

7.13%

,

07/18/33

(a)(b)(d)

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

USD

1,944

1,919,991

Energean

Israel

Finance

Ltd.,

8.50%

,

09/30/33

(a)(d)

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

8,232

8,210,803

Leviathan

Bond

Ltd.,

6.75%

,

06/30/30

(a)

(d)

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

6,336

5,879,156

Teva

Pharmaceutical

Finance

Netherlands

II

BV

4.50%,

03/01/25

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

EUR

2,192

2,360,816

1.88%,

03/31/27

(d)

...........

2,710

2,510,947

3.75%,

05/09/27

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

4,876

4,798,093

7.38%,

09/15/29

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

15,016

16,716,937

4.38%,

05/09/30

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

4,764

4,423,332

7.88%,

09/15/31

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

1,859

2,096,010

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

8.13%

,

09/15/31

USD

2,055

2,140,796

51,056,881

Italy

—

1.0%

ASTM

SpA

(d)

1.50%,

01/25/30

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

EUR

2,600

2,300,712

2.38%,

11/25/33

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

2,075

1,765,636

Azzurra

Aeroporti

SpA

(d)

2.13%,

05/30/24

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

34,021

35,894,549

2.63%,

05/30/27

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

6,972

6,817,056

Banco

BPM

SpA

(b)(d)

(3-mo.

EURIBOR

+

2.80%),

6.00%,

06/14/28

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

16,225

17,581,424

(5-Year

EUR

Swap

Annual

+

5.42%),

5.00%,

09/14/30

....

1,017

1,084,781

(5-Year

EUR

Swap

Annual

+

3.80%),

3.25%,

01/14/31

....

10,600

10,490,437

(5-Year

EUR

Swap

Annual

+

3.17%),

2.88%,

06/29/31

....

9,065

8,632,234

(5-Year

EUR

Swap

Annual

+

3.40%),

3.38%,

01/19/32

....

6,650

6,307,420

CA

Auto

Bank

SpA,

0.00%

,

04/16/24

(d)

9,300

9,818,061

Castor

SpA,

(3-mo.

EURIBOR

at

5.25%

Floor

+

5.25%),

8.78%

,

02/15/29

(b)(d)

3,600

3,653,337

Cedacri

Mergeco

SpA

(b)(d)

(3-mo.

EURIBOR

at

4.63%

Floor

+

4.63%),

7.95%,

05/15/28

....

2,993

3,093,434

8.88%,

05/15/28

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

6,700

7,018,598

doValue

SpA,

3.38%

,

07/31/26

(d)

...

5,313

4,869,776

Enel

SpA,

(5-Year

EUR

Swap

Annual

+

3.49%),

6.38%

(b)(d)(o)

..........

4,400

4,830,606

Engineering

-

Ingegneria

Informatica

-

SpA,

11.13%

,

05/15/28

(d)

.......

11,844

12,963,979

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Italy

(continued)

Eni

SpA

(d)

Series

NC5.,

(5-Year

EUR

Swap

Annual

+

3.17%),

2.63%

(b)(o)

...

EUR

34,200

$

34,370,239

4.25%,

05/19/33

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

14,230

15,382,125

Fiber

Bidco

SpA,

11.00%

,

10/25/27

(d)

2,500

2,913,504

IMA

Industria

Macchine

Automatiche

SpA,

3.75%

,

01/15/28

(d)

.......

5,570

5,318,236

Infrastrutture

Wireless

Italiane

SpA,

1.63%

,

10/21/28

(d)

...........

12,305

11,764,309

Inter

Media

&

Communication

SpA,

6.75%

,

02/09/27

(d)

...........

1,121

1,181,814

Intesa

Sanpaolo

SpA

(d)

(5-Year

EUR

Swap

Annual

+

7.19%),

7.75%

(b)(o)

.........

1,100

1,157,709

(5-Year

EUR

Swap

Annual

+

5.75%),

5.88%,

03/04/29

(b)

...

1,100

1,201,820

5.15%,

06/10/30

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

GBP

15,675

16,039,431

Lottomatica

SpA

(d)

5.13%,

07/15/25

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

EUR

12,174

13,438,845

(3-mo.

EURIBOR

+

4.13%),

7.59%,

06/01/28

(b)

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

11,453

12,544,379

Nexi

SpA,

0.00%

,

02/24/28

(d)(m)(n)

....

17,100

14,034,342

Rekeep

SpA,

7.25%

,

02/01/26

(d)

....

10,587

10,799,194

Rossini

SARL

(d)

6.75%,

10/30/25

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

16,710

18,348,461

(3-mo.

EURIBOR

at

3.88%

Floor

+

3.88%),

7.13%,

10/30/25

(b)

...

1,558

1,695,840

Telecom

Italia

SpA

(d)

4.00%,

04/11/24

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

4,677

5,031,072

2.75%,

04/15/25

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

1,975

2,031,200

3.00%,

09/30/25

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

600

616,419

2.88%,

01/28/26

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

1,100

1,115,172

2.38%,

10/12/27

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

1,375

1,275,340

6.88%,

02/15/28

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

17,983

19,511,198

1.63%,

01/18/29

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

16,919

14,125,286

UniCredit

SpA

(b)

(5-Year

EUR

Swap

Annual

+

4.93%),

5.38%

(d)(o)

.........

2,200

2,191,275

(3-mo.

EURIBOR

+

1.90%),

4.80%,

01/17/29

(d)

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

9,441

10,301,607

(3-mo.

EURIBOR

+

1.60%),

4.45%,

02/16/29

(d)

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

8,025

8,480,898

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.74%),

4.88%,

02/20/29

(d)

...

800

866,736

(5-Year

EUR

Swap

Annual

+

2.40%),

2.00%,

09/23/29

(d)

...

200

205,681

(5-Year

EUR

Swap

Annual

+

2.80%),

2.73%,

01/15/32

(d)

...

800

761,398

(5-Year

USD

Swap

Rate

+

4.91%),

7.30%,

04/02/34

(a)

.........

USD

7,500

7,066,683

370,892,253

Jamaica

—

0.0%

(a)

Digicel

Group

Holdings

Ltd.,

8.00%

,

(8.00%

Cash

or

8.00%

PIK),

04/01/25

(q)

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

5,084

2,172,778

Digicel

International

Finance

Ltd.

8.75%,

05/25/24

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

4,843

4,445,696

13.00%,

(13.00%

Cash

or

13.00%

PIK),

12/31/25

(q)

..........

2,946

2,023,882

8.00%,

12/31/26

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

1,933

402,223

9,044,579

Japan

—

0.5%

East

Japan

Railway

Co.

(d)

2.61%,

09/08/25

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

EUR

22,730

24,102,689

Security

Par

(000)

Par

(000)

Value

Japan

(continued)

4.11%,

02/22/43

............

EUR

25,100

$

27,599,304

Mizuho

Financial

Group,

Inc.,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.25%),

3.26%

,

05/22/30

(b)

...........

USD

15,000

13,231,654

Nissan

Motor

Co.

Ltd.

(d)

2.65%,

03/17/26

............

EUR

3,940

4,018,745

3.20%,

09/17/28

............

6,160

6,023,398

Rakuten

Group,

Inc.,

10.25%

,

11/30/24

(a)

................

USD

4,265

4,200,977

SoftBank

Group

Corp.

(d)

(5-Year

USD

Swap

Rate

+

4.23%),

6.00%

(b)(o)

...............

3,400

3,391,500

2.13%,

07/06/24

............

EUR

19,951

20,954,136

4.50%,

04/20/25

............

689

735,877

4.75%,

07/30/25

............

5,081

5,434,331

3.13%,

09/19/25

............

6,570

6,721,110

4.00%,

07/06/26

............

USD

2,879

2,602,040

4.00%,

09/19/29

............

EUR

645

588,566

3.88%,

07/06/32

............

7,787

6,425,988

Sumitomo

Mitsui

Financial

Group,

Inc.,

2.47%

,

01/14/29

............

USD

10,164

8,667,025

Takeda

Pharmaceutical

Co.

Ltd.,

2.05%

,

03/31/30

............

22,529

18,722,741

Tokyu

Corp.

(d)(m)(n)

0.00%,

09/29/28

............

JPY

410,000

2,913,857

0.00%,

09/30/30

............

410,000

2,912,436

159,246,374

Kuwait

—

0.0%

Ahli

United

Sukuk

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.01%),

3.88%

(b)

(d)(o)

.....................

USD

1,551

1,405,594

MEGlobal

BV

4.25%,

11/03/26

(d)

...........

2,264

2,169,432

2.63%,

04/28/28

(a)

...........

2,452

2,134,711

2.63%,

04/28/28

(d)

...........

2,243

1,952,756

MEGlobal

Canada

ULC,

5.88%

,

05/18/30

(d)

................

1,500

1,512,210

9,174,703

Luxembourg

—

0.6%

Adler

Financing

SARL,

12.50%

,

(12.50%

Cash

or

12.50%

PIK),

06/30/25

(q)

................

EUR

25,425

28,344,489

Altice

Financing

SA

(d)

2.25%,

01/15/25

............

17,740

18,002,836

3.00%,

01/15/28

............

2,851

2,397,096

4.25%,

08/15/29

............

8,659

7,231,110

Cidron

Aida

Finco

SARL,

6.25%

,

04/01/28

(d)

................

GBP

12,710

14,031,173

Cullinan

Holdco

SCSp

(d)

4.63%,

10/15/26

............

EUR

7,745

7,131,751

(3-mo.

EURIBOR

at

4.75%

Floor

+

4.75%),

7.93%,

10/15/26

(b)

...

3,100

3,209,646

Garfunkelux

Holdco

3

SA

(d)

6.75%,

11/01/25

............

17,134

13,648,533

7.75%,

11/01/25

............

GBP

12,479

11,315,708

Herens

Midco

SARL,

5.25%

,

05/15/29

(d)

EUR

3,310

2,065,991

INEOS

Finance

plc,

6.63%

,

05/15/28

(d)

6,540

6,999,114

Kleopatra

Holdings

2

SCA,

6.50%

,

09/01/26

(d)

................

4,529

3,172,793

Monitchem

HoldCo

3

SA,

8.75%

,

05/01/28

(d)

................

2,625

2,826,447

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Luxembourg

(continued)

SES

SA

(b)(d)(o)

(5-Year

EUR

Swap

Annual

+

5.40%),

5.63%

...........

EUR

8,300

$

8,957,334

(5-Year

EUR

Swap

Annual

+

3.19%),

2.88%

...........

56,774

52,426,701

Summer

BC

Holdco

B

SARL,

5.75%

,

10/31/26

(d)

................

15,754

15,278,292

Vivion

Investments

SARL,

3.50%

,

11/01/25

(d)

................

11,800

8,781,541

205,820,555

Macau

—

0.0%

Champion

Path

Holdings

Ltd.,

4.85%

,

01/27/28

(d)

................

USD

1,150

931,730

MGM

China

Holdings

Ltd.

5.38%,

05/15/24

(a)

...........

327

322,602

5.88%,

05/15/26

(a)

...........

327

311,356

5.88%,

05/15/26

(d)

...........

350

333,256

4.75%,

02/01/27

(d)

...........

1,466

1,321,233

Sands

China

Ltd.

(b)(e)

4.30%,

01/08/26

............

1,090

1,019,477

4.88%,

06/18/30

............

1,750

1,544,655

Studio

City

Finance

Ltd.,

5.00%

,

01/15/29

(a)

................

3,100

2,300,789

Wynn

Macau

Ltd.

4.88%,

10/01/24

(a)

...........

747

725,367

4.88%,

10/01/24

(d)

...........

200

194,208

5.50%,

01/15/26

(d)

...........

1,700

1,575,688

5.50%,

10/01/27

(a)

...........

327

289,599

5.50%,

10/01/27

(d)

...........

200

177,125

5.13%,

12/15/29

(a)

...........

435

362,137

11,409,222

Malaysia

—

0.0%

(d)

Khazanah

Capital

Ltd.,

4.88%

,

06/01/33

3,540

3,519,539

Khazanah

Global

Sukuk

Bhd.,

4.69%

,

06/01/28

.................

3,570

3,529,159

TNB

Global

Ventures

Capital

Bhd.,

4.85%

,

11/01/28

............

1,250

1,226,650

8,275,348

Mexico

—

0.2%

Axtel

SAB

de

CV

6.38%,

11/14/24

(a)

...........

10,148

10,261,658

6.38%,

11/14/24

(d)

...........

4,907

4,961,958

Banco

Mercantil

del

Norte

SA

(b)(o)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.64%),

5.88%

(a)

..........

6,916

5,848,342

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.64%),

5.88%

(d)

..........

3,883

3,283,562

(10-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.03%),

6.63%

(a)

..........

1,432

1,099,060

(10-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.03%),

6.63%

(d)

..........

998

765,965

Braskem

Idesa

SAPI,

6.99%

,

02/20/32

(a)

................

3,616

2,314,240

Cemex

SAB

de

CV,

3.13%

,

03/19/26

(d)

EUR

3,223

3,372,075

Food

Service

Project

SA,

5.50%

,

01/21/27

(d)

................

3,472

3,592,357

Gruma

SAB

de

CV,

4.88%

,

12/01/24

(d)

USD

7,000

6,896,190

Grupo

Bimbo

SAB

de

CV,

3.88%

,

06/27/24

(d)

................

6,000

5,877,120

Security

Par

(000)

Par

(000)

Value

Mexico

(continued)

Grupo

Posadas

SAB

de

CV,

5.00%

,

12/30/27

(b)(d)(e)

..............

USD

11,058

$

9,520,593

Metalsa

SA

de

CV,

3.75%

,

05/04/31

(d)

5,000

3,923,150

Mexico

City

Airport

Trust,

4.25%

,

10/31/26

(d)

................

4,179

4,014,682

Nemak

SAB

de

CV,

3.63%

,

06/28/31

(d)

5,000

3,881,750

Tierra

Mojada

Luxembourg

II

SARL,

5.75%

,

12/01/40

(d)

...........

3,586

3,053,682

Trust

Fibra

Uno,

4.87%

,

01/15/30

(d)

..

3,130

2,746,575

75,412,959

Morocco

—

0.0%

Vivo

Energy

Investments

BV,

5.13%

,

09/24/27

(a)

................

4,729

4,260,640

Netherlands

—

0.9%

ABN

AMRO

Bank

NV

(d)

3.75%,

04/20/25

............

EUR

4,800

5,190,137

5.25%,

05/26/26

............

GBP

5,600

6,875,910

4.38%,

10/20/28

............

EUR

53,100

57,461,796

Cooperatieve

Rabobank

UA

(d)

1.25%,

01/14/25

............

GBP

3,300

3,873,674

(GUKG1

+

1.05%),

1.88%,

07/12/28

(b)

..............

4,900

5,207,773

4.23%,

04/25/29

(b)

...........

EUR

8,200

8,838,820

4.00%,

01/10/30

............

38,500

41,168,035

ING

Groep

NV

(d)

3.00%,

02/18/26

............

GBP

13,900

16,036,515

(3-mo.

EURIBOR

+

0.85%),

1.25%,

02/16/27

(b)

..............

EUR

27,400

27,354,964

(3-mo.

EURIBOR

+

1.85%),

4.88%,

11/14/27

(b)

..............

12,000

13,181,739

(3-mo.

EURIBOR

+

0.68%),

0.25%,

02/18/29

(b)

..............

5,000

4,465,485

(5-Year

EUR

Swap

Annual

+

1.15%),

1.00%,

11/16/32

(b)

...

5,000

4,505,565

JDE

Peet's

NV,

0.00%

,

01/16/26

(d)

..

10,100

9,917,311

Koninklijke

KPN

NV,

(5-Year

EUR

Swap

Annual

+

2.34%),

2.00%

(b)(d)(o)

....

6,200

6,374,330

OCI

NV,

3.63%

,

10/15/25

(d)

.......

3,155

3,333,240

Q-Park

Holding

I

BV

(d)

1.50%,

03/01/25

............

2,614

2,728,871

(3-mo.

EURIBOR

at

2.00%

Floor

+

2.00%),

5.47%,

03/01/26

(b)

...

3,412

3,568,477

2.00%,

03/01/27

............

1,488

1,382,179

Summer

BidCo

BV

(d)(q)

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

(b)

..............

9,186

8,672,227

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

...............

2,222

2,105,784

Trivium

Packaging

Finance

BV

3.75%,

08/15/26

(d)(e)

..........

3,187

3,202,343

5.50%,

08/15/26

(a)(e)

..........

USD

4,128

3,963,517

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

7.07%,

08/15/26

(b)(d)

..

EUR

1,483

1,589,930

Universal

Music

Group

NV

(d)

3.00%,

06/30/27

............

10,100

10,643,514

4.00%,

06/13/31

............

10,030

10,901,456

Viterra

Finance

BV

(d)

0.38%,

09/24/25

............

13,300

13,228,418

1.00%,

09/24/28

............

17,937

16,455,916

VZ

Vendor

Financing

II

BV,

2.88%

,

01/15/29

(d)

................

13,200

11,053,334

Ziggo

BV,

2.88%

,

01/15/30

(d)

......

451

395,551

303,676,811

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Nigeria

—

0.0%

IHS

Holding

Ltd.

5.63%,

11/29/26

(d)

...........

USD

5,114

$

4,454,959

6.25%,

11/29/28

(a)

...........

4,318

3,538,860

7,993,819

Norway

—

0.0%

Var

Energi

ASA,

5.50%

,

05/04/29

(d)

..

EUR

3,540

3,844,229

Oman

—

0.0%

Oryx

Funding

Ltd.,

5.80%

,

02/03/31

(a)

USD

1,712

1,643,742

Paraguay

—

0.0%

Frigorifico

Concepcion

SA,

7.70%

,

07/21/28

(a)

................

6,083

4,752,526

Peru

—

0.0%

Inkia

Energy

Ltd.,

5.88%

,

11/09/27

(d)

.

1,190

1,130,095

Intercorp

Peru

Ltd.,

3.88%

,

08/15/29

(a)

1,767

1,498,805

2,628,900

Portugal

—

0.1%

(b)(d)

Banco

Espirito

Santo

SA

(g)(p)

2.63%,

05/08/17

............

EUR

6,100

1,530,954

4.75%,

01/15/18

............

15,500

3,890,128

4.00%,

01/21/23

............

19,000

4,768,544

EDP

-

Energias

de

Portugal

SA,

(5-Year

EUR

Swap

Annual

+

1.84%),

1.70%

,

07/20/80

.................

13,200

13,139,903

23,329,529

Romania

—

0.0%

RCS

&

RDS

SA,

2.50%

,

02/05/25

(d)

..

8,500

8,815,892

Saudi

Arabia

—

0.2%

EIG

Pearl

Holdings

SARL

(a)

3.55%,

08/31/36

............

USD

2,091

1,778,626

4.39%,

11/30/46

............

29,714

23,214,062

Gaci

First

Investment

Co.

(d)

5.00%,

10/13/27

............

15,778

15,675,443

4.75%,

02/14/30

............

13,940

13,670,958

54,339,089

Singapore

—

0.1%

DBS

Group

Holdings

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.92%),

3.30%

(b)

(d)(o)

.....................

1,332

1,259,419

Puma

International

Financing

SA

5.13%,

10/06/24

(a)

...........

10,424

10,111,280

5.00%,

01/24/26

(d)

...........

9,000

8,124,750

Straits

Trading

Co.

Ltd.,

3.25%

,

02/13/28

(d)(n)

...............

SGD

17,000

11,387,543

30,882,992

Slovenia

—

0.1%

United

Group

BV

(d)

4.88%,

07/01/24

............

EUR

10,573

11,420,270

4.00%,

11/15/27

............

4,978

4,441,676

4.63%,

08/15/28

............

2,108

1,847,100

(3-mo.

EURIBOR

at

4.88%

Floor

+

4.88%),

8.12%,

02/01/29

(b)

...

2,684

2,679,835

20,388,881

South

Africa

—

0.3%

Anglo

American

Capital

plc

(d)

1.63%,

09/18/25

............

11,800

12,186,255

4.50%,

09/15/28

............

3,360

3,676,119

5.00%,

03/15/31

............

20,030

22,341,648

Security

Par

(000)

Par

(000)

Value

South

Africa

(continued)

4.75%,

09/21/32

............

EUR

16,250

$

17,844,776

Liquid

Telecommunications

Financing

plc,

5.50%

,

09/04/26

(a)

........

USD

5,749

3,187,246

Sasol

Financing

USA

LLC

5.88%,

03/27/24

............

15,000

14,760,750

4.38%,

09/18/26

............

856

758,450

6.50%,

09/27/28

............

3,607

3,226,461

8.75%,

05/03/29

(a)

...........

8,003

7,802,925

5.50%,

03/18/31

............

1,701

1,335,013

Stillwater

Mining

Co.,

4.00%

,

11/16/26

(d)

3,424

3,039,005

90,158,648

South

Korea

—

0.0%

Kookmin

Bank,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.64%),

4.35%

(b)(d)(o)

...

1,000

970,770

POSCO

5.63%,

01/17/26

(a)

...........

1,241

1,235,763

5.63%,

01/17/26

(d)

...........

200

199,156

5.75%,

01/17/28

(a)

...........

1,340

1,359,403

5.75%,

01/17/28

(d)

...........

200

202,896

5.88%,

01/17/33

(a)

...........

360

378,817

Shinhan

Bank

Co.

Ltd.,

4.50%

,

04/12/28

(d)

................

1,000

978,090

SK

Broadband

Co.

Ltd.,

4.88%

,

06/28/28

(d)

................

570

563,662

SK

Hynix,

Inc.

6.25%,

01/17/26

(d)

...........

800

798,712

6.38%,

01/17/28

(a)

...........

5,745

5,768,152

6.38%,

01/17/28

(d)

...........

350

351,411

6.50%,

01/17/33

(d)

...........

500

505,160

SK

On

Co.

Ltd.,

5.38%

,

05/11/26

(d)

..

645

640,485

13,952,477

Spain

—

1.2%

Abertis

Infraestructuras

Finance

BV,

(5-Year

EUR

Swap

Annual

+

3.69%),

3.25%

(b)(d)(o)

................

EUR

9,900

9,684,242

Banco

Bilbao

Vizcaya

Argentaria

SA,

(5-Year

EUR

Swap

Annual

+

6.04%),

6.00%

(b)(d)(o)

................

5,600

5,906,402

Banco

de

Sabadell

SA

(b)(d)

(1-Year

EUR

Swap

Annual

+

2.20%),

2.63%,

03/24/26

....

5,200

5,391,447

(1-Year

EUR

Swap

Annual

+

2.40%),

5.25%,

02/07/29

....

5,200

5,553,765

(5-Year

EUR

Swap

Annual

+

2.20%),

2.00%,

01/17/30

....

4,500

4,470,330

(5-Year

EUR

Swap

Annual

+

2.95%),

2.50%,

04/15/31

....

7,200

6,864,739

Banco

Santander

SA

(d)

(3-mo.

EURIBOR

+

0.55%),

3.73%,

01/16/25

(b)

..............

1,000

1,093,055

(5-Year

EUR

Swap

Annual

+

4.53%),

4.38%

(b)(o)

.........

4,600

4,192,805

3.75%,

01/16/26

............

4,800

5,156,690

(1-Year

EUR

Swap

Annual

+

1.05%),

3.63%,

09/27/26

(b)

...

39,200

41,972,794

(GUKG1

+

1.80%),

3.13%,

10/06/26

(b)

..............

GBP

10,800

12,417,918

3.88%,

01/16/28

............

EUR

11,500

12,324,804

(GUKG1

+

2.50%),

4.75%,

08/30/28

(b)

..............

GBP

16,200

19,030,530

Bankinter

SA,

4.38%

,

05/03/30

(b)(d)

..

EUR

3,500

3,783,034

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Spain

(continued)

CaixaBank

SA

(b)(d)

(5-Year

EUR

Swap

Annual

+

6.22%),

6.38%

(o)

..........

EUR

5,000

$

5,401,440

(5-Year

EUR

Swap

Annual

+

6.50%),

6.75%

(o)

..........

3,000

3,167,044

(3-mo.

EURIBOR

+

0.80%),

1.63%,

04/13/26

...............

7,200

7,418,585

Cellnex

Finance

Co.

SA

1.00%,

09/15/27

(d)

...........

4,700

4,404,568

1.50%,

06/08/28

(d)

...........

6,700

6,240,909

2.00%,

02/15/33

(d)

...........

13,800

11,692,731

3.88%,

07/07/41

(a)

...........

USD

600

439,619

Cellnex

Telecom

SA

(d)

1.88%,

06/26/29

............

EUR

3,400

3,131,167

1.75%,

10/23/30

............

8,000

7,034,189

0.75%,

11/20/31

(n)

...........

23,600

20,538,535

Cirsa

Finance

International

SARL

(d)

6.25%,

12/20/23

............

1,092

1,186,231

4.75%,

05/22/25

............

6,370

6,836,531

Grupo

Antolin-Irausa

SA,

3.50%

,

04/30/28

(d)

................

3,013

2,389,168

Iberdrola

Finanzas

SA,

7.38%

,

01/29/24

.................

GBP

2,900

3,702,129

Kaixo

Bondco

Telecom

SA,

5.13%

,

09/30/29

(d)

................

EUR

3,163

2,991,565

Lorca

Telecom

Bondco

SA,

4.00%

,

09/18/27

(d)

................

9,756

9,700,937

Naturgy

Finance

BV

(b)(d)(o)

(9-Year

EUR

Swap

Annual

+

3.08%),

3.38%

...........

3,700

3,918,973

(5-Year

EUR

Swap

Annual

+

2.44%),

2.37%

...........

5,200

4,983,458

Repsol

International

Finance

BV

(b)(d)(o)

(5-Year

EUR

Swap

Annual

+

4.00%),

3.75%

...........

2,029

2,067,586

(5-Year

EUR

Swap

Annual

+

2.77%),

2.50%

...........

31,425

29,799,913

(5-Year

EUR

Swap

Annual

+

4.41%),

4.25%

...........

9,700

9,514,554

Telefonica

Emisiones

SA,

5.38%

,

02/02/26

(d)

................

GBP

30,537

37,587,893

Telefonica

Europe

BV

(b)(d)(o)

Series

NC5,

(5-Year

EUR

Swap

Annual

+

2.45%),

3.00%

.....

EUR

11,700

12,619,019

(10-Year

EUR

Swap

Annual

+

4.30%),

5.88%

...........

17,800

19,428,216

(6-Year

EUR

Swap

Annual

+

4.11%),

4.38%

...........

35,600

37,875,552

(8-Year

EUR

Swap

Annual

+

2.97%),

3.88%

...........

5,600

5,641,417

(8-Year

EUR

Swap

Annual

+

2.62%),

2.38%

...........

5,000

4,282,960

(7-Year

EUR

Swap

Annual

+

3.35%),

6.14%

...........

14,800

15,564,331

417,401,775

Sweden

—

0.3%

Fastighets

AB

Balder,

(5-Year

EUR

Swap

Annual

+

3.19%),

2.87%

,

06/02/81

(b)(d)

...............

2,225

1,516,964

Heimstaden

Bostad

AB

(b)(d)(o)

(5-Year

EUR

Swap

Annual

+

3.67%),

3.25%

...........

3,300

2,137,947

(5-Year

EUR

Swap

Annual

+

3.15%),

2.63%

...........

9,577

4,840,636

Security

Par

(000)

Par

(000)

Value

Sweden

(continued)

Intrum

AB

(d)

4.88%,

08/15/25

............

EUR

10,541

$

9,497,251

9.25%,

03/15/28

............

946

869,434

Samhallsbyggnadsbolaget

i

Norden

AB

(b)(d)(o)

(5-Year

EUR

Swap

Annual

+

3.23%),

2.63%

...........

499

103,457

(5-Year

EUR

Swap

Annual

+

3.22%),

2.88%

...........

2,400

500,782

SBB

Treasury

OYJ

(3-mo.

EURIBOR

+

0.55%),

3.83%,

02/08/24

(b)

..............

2,600

2,512,440

0.75%,

12/14/28

(d)

...........

4,600

2,980,640

1.13%,

11/26/29

(d)

...........

2,400

1,513,661

Stena

International

SA

7.25%,

02/15/28

(d)

...........

6,475

7,217,231

Swedbank

AB,

(GUKG1

+

1.00%),

1.38%

,

12/08/27

(b)(d)

..........

GBP

4,900

5,161,555

Verisure

Holding

AB

(d)

3.88%,

07/15/26

............

EUR

5,079

5,195,573

3.25%,

02/15/27

............

5,143

4,980,182

9.25%,

10/15/27

............

1,230

1,426,062

7.13%,

02/01/28

............

1,800

1,967,102

Volvo

Treasury

AB

(d)

2.63%,

02/20/26

............

10,134

10,679,565

4.75%,

06/15/26

............

GBP

13,460

16,325,986

3.63%,

05/25/27

............

EUR

8,730

9,450,119

88,876,587

Switzerland

—

0.7%

Argentum

Netherlands

BV,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.76%),

5.52%

(b)

(d)(o)

.....................

USD

13,101

11,349,213

Credit

Suisse

AG

3.63%,

09/09/24

............

3,286

3,164,460

7.95%,

01/09/25

............

10,000

10,202,427

3.70%,

02/21/25

............

23,000

21,978,899

2.95%,

04/09/25

............

8,000

7,517,780

0.25%,

01/05/26

(d)

...........

EUR

11,000

10,698,524

5.00%,

07/09/27

............

USD

8,000

7,723,129

0.25%,

09/01/28

(d)

...........

EUR

27,677

24,182,055

Credit

Suisse

Group

AG

(b)(c)(g)(o)(p)

(5-Year

USD

Swap

Semi

+

3.46%),

6.25%

(a)

................

USD

4,961

—

(5-Year

USD

Swap

Semi

+

3.46%),

6.25%

(d)

................

11,247

1

UBS

Group

AG

(5-Year

USD

Swap

Semi

+

4.34%),

7.00%

(a)(b)(o)

..............

2,000

1,931,297

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.83%),

1.01%,

07/30/24

(a)(b)

..

37,684

37,527,125

(5-Year

USD

Swap

Semi

+

4.87%),

7.00%

(b)(d)(o)

..............

3,400

3,228,490

(1-Year

EURIBOR

ICE

Swap

Rate

+

0.80%),

1.00%,

03/21/25

(b)(d)

..

EUR

15,000

15,863,866

(1-Year

EUR

Swap

Annual

+

0.75%),

1.25%,

07/17/25

(b)(d)

..

6,000

6,260,760

(1-day

SOFR

+

1.56%),

2.59%,

09/11/25

(a)(b)

.............

USD

8,600

8,197,270

(1-Year

EURIBOR

ICE

Swap

Rate

+

0.55%),

0.25%,

01/29/26

(b)(d)

..

EUR

13,000

13,068,399

(1-Year

EURIBOR

ICE

Swap

Rate

+

3.50%),

3.25%,

04/02/26

(b)(d)

..

6,500

6,829,515

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Switzerland

(continued)

(1-day

SOFR

+

2.04%),

2.19%,

06/05/26

(a)(b)

.............

USD

3,288

$

3,014,993

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.86%),

5.13%

(b)(d)(o)

........

750

651,562

(SOFR

Index

+

0.98%),

1.31%,

02/02/27

(a)(b)

.............

9,534

8,329,551

(GUKG1

+

4.20%),

7.00%,

09/30/27

(b)(d)

.............

GBP

6,400

7,994,620

(1-Year

EUR

Swap

Annual

+

0.77%),

0.65%,

01/14/28

(b)(d)

..

EUR

20,600

19,295,773

(1-Year

EURIBOR

ICE

Swap

Rate

+

4.95%),

7.75%,

03/01/29

(b)(d)

..

4,669

5,639,866

(1-Year

EURIBOR

ICE

Swap

Rate

+

1.55%),

4.38%,

01/11/31

(b)(d)

..

10,130

10,740,811

0.63%,

02/24/33

(d)

...........

7,000

5,367,305

250,757,691

Tanzania,

United

Republic

Of

—

0.0%

HTA

Group

Ltd.,

7.00%

,

12/18/25

(a)

..

USD

3,827

3,615,788

Thailand

—

0.0%

(d)

Bangkok

Bank

PCL,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.90%),

3.73%

,

09/25/34

(b)

................

2,577

2,195,166

GC

Treasury

Center

Co.

Ltd.,

2.98%

,

03/18/31

.................

1,885

1,558,556

Kasikornbank

PCL

(b)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.94%),

5.28%

(o)

..........

1,110

1,043,910

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.70%),

3.34%,

10/02/31

....

906

799,998

Krung

Thai

Bank

PCL,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.53%),

4.40%

(b)

(o)

......................

1,980

1,816,868

Thaioil

Treasury

Center

Co.

Ltd.,

3.75%

,

06/18/50

............

2,145

1,424,452

8,838,950

Turkey

—

0.0%

Turkish

Airlines

Pass-Through

Trust,

Series

2015-1,

Class

A,

4.20%

,

03/15/27

(a)

................

4,789

4,328,860

Ukraine

—

0.1%

Kernel

Holding

SA

(d)

6.50%,

10/17/24

............

5,000

3,650,000

6.75%,

10/27/27

............

3,925

2,572,641

Metinvest

BV

8.50%,

04/23/26

(d)

...........

3,257

2,198,475

8.50%,

04/23/26

(a)

...........

1,000

675,000

7.65%,

10/01/27

(d)

...........

5,372

3,380,922

MHP

Lux

SA

(d)

6.95%,

04/03/26

............

2,067

1,199,955

6.25%,

09/19/29

............

1,091

595,239

VFU

Funding

plc,

6.20%

,

02/11/25

(d)

.

2,929

2,167,460

16,439,692

United

Arab

Emirates

—

0.1%

Abu

Dhabi

National

Energy

Co.

PJSC

(a)

4.38%,

01/24/29

............

1,388

1,365,445

4.70%,

04/24/33

............

936

927,810

Security

Par

(000)

Par

(000)

Value

United

Arab

Emirates

(continued)

Aldar

Investment

Properties

Sukuk

Ltd.,

4.88%

,

05/24/33

(d)

...........

USD

5,600

$

5,513,424

DAE

Funding

LLC

(d)

1.55%,

08/01/24

............

2,065

1,951,322

2.63%,

03/20/25

............

1,055

989,601

DP

World

Salaam,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.75%),

6.00%

(b)(d)(o)

...

3,424

3,385,925

MAF

Global

Securities

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.54%),

6.38%

(b)

(d)(o)

.....................

2,871

2,787,827

MDGH

GMTN

RSC

Ltd.,

4.38%

,

11/22/33

(a)

................

4,764

4,597,260

Shelf

Drilling

Holdings

Ltd.,

8.88%

,

11/15/24

(a)

................

793

781,105

Shelf

Drilling

North

Sea

Holdings

Ltd.,

10.25%

,

10/31/25

(a)

..........

10,061

10,081,625

32,381,344

United

Kingdom

—

3.3%

Astrazeneca

Finance

LLC

4.88%,

03/03/28

............

10,000

9,994,245

4.90%,

03/03/30

............

8,000

8,014,998

Barclays

plc

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.67%),

8.00%

(b)(o)

.........

8,741

8,259,371

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

6.58%),

7.13%

(b)(o)

...............

GBP

1,112

1,278,170

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.87%),

6.13%

(b)(o)

.........

USD

1,541

1,350,687

3.00%,

05/08/26

(d)

...........

GBP

4,900

5,553,405

3.25%,

02/12/27

(d)

...........

4,900

5,450,950

(1-Year

EUR

Swap

Annual

+

1.26%),

0.58%,

08/09/29

(b)(d)

..

EUR

16,290

14,220,874

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.75%),

8.41%,

11/14/32

(b)(d)

........

GBP

6,690

8,418,831

(1-Year

EUR

Swap

Annual

+

2.55%),

5.26%,

01/29/34

(b)(d)

..

EUR

28,568

31,105,631

BAT

International

Finance

plc

(d)

2.75%,

03/25/25

............

3,300

3,499,211

4.00%,

09/04/26

............

GBP

14,961

17,328,847

BCP

V

Modular

Services

Finance

II

plc

(d)

4.75%,

11/30/28

............

EUR

2,888

2,677,890

6.13%,

11/30/28

............

GBP

1,200

1,257,300

Bellis

Acquisition

Co.

plc

(d)

3.25%,

02/16/26

............

12,646

13,410,579

4.50%,

02/16/26

............

17,668

19,189,286

BG

Energy

Capital

plc

(d)

5.13%,

12/01/25

............

8,950

11,060,286

5.00%,

11/04/36

............

4,100

4,804,395

BP

Capital

Markets

BV,

4.32%

,

05/12/35

(d)

................

EUR

16,600

18,061,824

BP

Capital

Markets

plc

(b)(d)(o)

(5-Year

EUR

Swap

Annual

+

3.88%),

3.25%

...........

45,042

45,236,127

(5-Year

EUR

Swap

Annual

+

4.12%),

3.63%

...........

8,018

7,605,646

British

Telecommunications

plc

5.75%,

12/07/28

(d)

...........

GBP

15,600

19,088,466

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

(5-Year

EUR

Swap

Annual

+

2.13%),

1.87%,

08/18/80

(b)(d)

..

EUR

41,115

$

40,322,138

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.99%),

4.25%,

11/23/81

(a)(b)

..

USD

4,500

3,960,298

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.49%),

4.88%,

11/23/81

(a)(b)

..

11,321

9,202,082

8.38%,

12/20/83

(b)(d)

..........

GBP

11,900

14,835,979

Cadent

Finance

plc,

2.13%

,

09/22/28

(d)

15,600

16,015,862

Chanel

Ceres

plc,

0.50%

,

07/31/26

(d)

.

EUR

3,518

3,413,621

Channel

Link

Enterprises

Finance

plc

(b)(d)

Series

A8,

(6-mo.

EURIBOR

+

5.90%),

2.71%,

06/30/50

....

4,400

4,333,313

Series

A5,

(Sterling

Overnight

Index

Average

+

0.28%),

3.04%,

06/30/50

...............

GBP

3,075

3,198,420

CK

Hutchison

International

23

Ltd.

4.75%,

04/21/28

(a)

...........

USD

3,202

3,166,586

4.75%,

04/21/28

(d)

...........

960

949,382

4.88%,

04/21/33

(d)

...........

965

955,582

Connect

Finco

SARL,

6.75%

,

10/01/26

(a)

................

20,980

20,378,218

Constellation

Automotive

Financing

plc,

4.88%

,

07/15/27

(d)

...........

GBP

4,498

4,370,032

CPUK

Finance

Ltd.

(d)

3.59%,

08/28/25

............

2,601

3,043,719

4.88%,

08/28/25

............

11,712

14,082,484

6.50%,

08/28/26

............

1,400

1,684,833

4.50%,

08/28/27

............

4,550

4,921,837

Dignity

Finance

plc

(d)

Series

A,

3.55%,

12/31/34

.....

1,633

1,788,743

Series

B,

4.70%,

12/31/49

.....

485

392,102

EC

Finance

plc,

3.00%

,

10/15/26

(d)

..

EUR

3,251

3,300,941

eG

Global

Finance

plc,

3.63%

,

02/07/24

(d)

................

12,064

13,103,023

Galaxy

Bidco

Ltd.,

6.50%

,

07/31/26

(d)

GBP

23,560

27,147,505

Global

Switch

Holdings

Ltd.,

2.25%

,

05/31/27

(d)

................

EUR

3,936

3,980,684

Heathrow

Finance

plc

(b)(d)(e)

4.75%,

03/01/24

............

GBP

4,818

5,982,507

5.75%,

03/03/25

............

2,396

2,943,313

3.88%,

03/01/27

............

3,525

3,816,394

4.13%,

09/01/29

............

1,956

2,009,032

Heathrow

Funding

Ltd.,

2.63%

,

03/16/28

(d)

................

11,165

11,496,756

HSBC

Bank

Capital

Funding

Sterling

1

LP,

(Sterling

Overnight

Index

Average

+

2.04%),

5.84%

(b)(d)(o)

...

1,468

1,864,360

HSBC

Bank

plc,

Series

2M,

(6-mo.

LIBOR

USD

+

0.25%),

5.46%

(b)(o)

.

USD

5,280

5,280,000

HSBC

Holdings

plc

(b)

(BPISDS01

+

1.32%),

2.26%,

11/13/26

(d)

..............

GBP

18,600

21,050,462

(Sterling

Overnight

Index

Average

+

1.31%),

1.75%,

07/24/27

....

31,460

34,027,793

(3-mo.

EURIBOR

+

1.55%),

4.79%,

03/10/32

(d)

..............

EUR

7,000

7,658,122

(5-Year

EUR

Swap

Annual

+

3.30%),

6.36%,

11/16/32

(d)

...

12,700

14,097,142

Imperial

Brands

Finance

plc

(d)

8.13%,

03/15/24

............

GBP

3,600

4,611,520

5.50%,

09/28/26

............

6,200

7,495,425

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

INEOS

Quattro

Finance

2

plc

(d)

2.50%,

01/15/26

............

EUR

9,275

$

9,042,601

2.50%,

01/15/26

............

2,183

2,128,302

Informa

plc

(d)

2.13%,

10/06/25

............

18,950

19,703,261

3.13%,

07/05/26

............

GBP

25,769

29,410,179

International

Consolidated

Airlines

Group

SA

(d)

0.50%,

07/04/23

............

EUR

4,300

4,692,160

3.75%,

03/25/29

............

5,400

5,133,823

Intu

Jersey

2

Ltd.,

2.88%

,

11/01/22

(b)(d)(g)

(n)(p)

.....................

GBP

3,990

836,079

Jaguar

Land

Rover

Automotive

plc

(d)

6.88%,

11/15/26

............

EUR

1,200

1,299,619

4.50%,

07/15/28

............

4,701

4,475,691

Jerrold

Finco

plc

(d)

4.88%,

01/15/26

............

GBP

1,219

1,354,861

5.25%,

01/15/27

............

4,461

4,725,002

Kane

Bidco

Ltd.,

6.50%

,

02/15/27

(d)

.

3,286

3,729,239

Lloyds

Bank

Corporate

Markets

plc,

4.13%

,

05/30/27

(d)

...........

EUR

10,010

10,782,990

Lloyds

Banking

Group

plc

(5-Year

USD

Swap

Semi

+

4.76%),

7.50%

(b)(o)

...............

USD

3,359

3,208,685

2.25%,

10/16/24

(d)

...........

GBP

9,800

11,770,730

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.29%),

4.95%

(b)(d)(o)

........

EUR

1,600

1,588,612

(GUKG1

+

1.30%),

1.88%,

01/15/26

(b)(d)

.............

GBP

4,419

5,196,305

(GUKG1

+

1.18%),

2.00%,

04/12/28

(b)(d)

.............

9,300

9,792,174

(1-Year

EUR

Swap

Annual

+

1.50%),

3.13%,

08/24/30

(b)(d)

..

EUR

6,900

6,894,155

Metrocentre

Finance

plc,

8.75%

,

(8.75%

Cash

or

8.75%

PIK),

12/06/23

(b)(q)

...............

GBP

1,052

607,992

Mitchells

&

Butlers

Finance

plc,

Series

D1,

(Sterling

Overnight

Index

Average

+

2.36%),

7.30%

,

06/15/36

(b)(d)

...............

2,225

2,215,821

Mobico

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(b)(d)(o)

..

2,575

2,849,205

National

Grid

Electricity

Distribution

South

West

plc,

5.88%

,

03/25/27

(d)

3,275

4,084,641

National

Grid

Electricity

Transmission

plc,

5.88%

,

02/02/24

(d)

........

4,500

5,694,380

National

Grid

plc

(d)

0.55%,

09/18/29

............

EUR

10,900

9,611,225

3.25%,

03/30/34

............

15,500

15,258,875

Nationwide

Building

Society,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.63%),

5.75%

(b)

(d)(o)

.....................

GBP

4,500

4,872,038

NatWest

Group

plc

(b)(d)

(BPSW1

+

1.49%),

2.88%,

09/19/26

4,900

5,640,540

(BPSW1

+

2.01%),

3.13%,

03/28/27

4,900

5,573,505

(5-Year

EUR

Swap

Annual

+

2.60%),

5.76%,

02/28/34

....

EUR

16,000

17,208,067

NatWest

Markets

plc

(d)

6.63%,

06/22/26

............

GBP

10,130

12,736,772

6.38%,

11/08/27

............

8,100

10,096,629

4.25%,

01/13/28

............

EUR

12,870

13,892,830

Neptune

Energy

Bondco

plc,

6.63%

,

05/15/25

(a)

................

USD

33,891

33,831,013

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

NGG

Finance

plc,

(5-Year

EUR

Swap

Annual

+

2.14%),

1.63%

,

12/05/79

(b)

(d)

......................

EUR

45,185

$

46,532,417

NIE

Finance

plc,

2.50%

,

10/27/25

(d)

.

GBP

4,800

5,542,501

Ocado

Group

plc,

3.88%

,

10/08/26

(d)

.

2,523

2,519,310

Pinewood

Finance

Co.

Ltd.,

3.25%

,

09/30/25

(d)

................

20,875

24,324,072

Premier

Foods

Finance

plc,

3.50%

,

10/15/26

(d)

................

3,999

4,423,980

Rolls-Royce

plc

4.63%,

02/16/26

(d)

...........

EUR

1,525

1,635,098

5.75%,

10/15/27

(d)

...........

GBP

485

570,411

5.75%,

10/15/27

(a)

...........

USD

325

317,770

1.63%,

05/09/28

(d)

...........

EUR

1,700

1,567,546

Santander

UK

Group

Holdings

plc

(d)

(BPSWS5

+

5.79%),

6.75%

(b)(o)

..

GBP

3,821

4,525,581

3.63%,

01/14/26

............

4,900

5,682,831

(BPSWS1

+

2.87%),

7.10%,

11/16/27

(b)

..............

4,000

4,981,041

SCC

Power

plc

(a)(q)

8.00%,

(8.00%

Cash

or

8.00%

PIK),

12/31/28

...............

USD

22,969

7,768,516

4.00%,

(4.00%

Cash

or

4.00%

PIK),

05/17/32

...............

12,441

1,163,267

Sherwood

Financing

plc,

6.00%

,

11/15/26

(d)

................

GBP

3,900

4,126,810

SP

Distribution

plc,

5.88%

,

07/17/26

(d)

4,200

5,233,699

SSE

plc,

8.38%

,

11/20/28

(d)

.......

10,800

14,946,353

Standard

Chartered

plc,

(1-Year

EUR

Swap

Annual

+

1.85%),

4.87%

,

05/10/31

(b)(d)

...............

EUR

8,319

8,957,849

Stonegate

Pub

Co.

Financing

plc

(d)

8.00%,

07/13/25

............

GBP

9,612

11,060,980

8.25%,

07/31/25

............

8,272

9,608,276

Synthomer

plc,

3.88%

,

07/01/25

(d)

...

EUR

5,407

5,444,169

Tesco

Property

Finance

1

plc,

7.62%

,

07/13/39

(d)

................

GBP

2,885

3,886,338

Tesco

Property

Finance

3

plc,

5.74%

,

04/13/40

(d)

................

6,480

7,616,421

Tesco

Property

Finance

4

plc,

5.80%

,

10/13/40

(d)

................

3,079

3,632,516

Thames

Water

Kemble

Finance

plc,

4.63%

,

05/19/26

(d)

...........

4,667

3,260,279

Thames

Water

Utilities

Finance

plc

1.88%,

01/24/24

(d)

...........

5,300

6,327,231

4.00%,

06/19/25

(d)

...........

7,500

8,507,425

0.88%,

01/31/28

(d)

...........

EUR

5,700

4,930,161

6.75%,

11/16/28

............

GBP

8,100

9,804,499

4.38%,

01/18/31

(d)

...........

EUR

35,110

33,903,010

Virgin

Media

Secured

Finance

plc

(d)

5.00%,

04/15/27

............

GBP

5,230

6,014,900

5.25%,

05/15/29

............

2,948

3,159,153

4.25%,

01/15/30

............

2,425

2,413,779

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%

,

07/15/28

(d)

.......

2,460

2,470,855

Vmed

O2

UK

Financing

I

plc

(d)

4.00%,

01/31/29

............

9,622

9,658,641

3.25%,

01/31/31

............

EUR

7,636

6,834,237

4.50%,

07/15/31

............

GBP

5,130

4,926,132

Vodafone

Group

plc

5.75%,

02/10/63

............

USD

3,950

3,819,506

(5-Year

EUR

Swap

Annual

+

3.43%),

4.20%,

10/03/78

(b)(d)

..

EUR

2,210

2,198,130

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

(5-Year

GBP

Swap

+

3.27%),

4.88%,

10/03/78

(b)(d)

........

GBP

10,108

$

12,002,744

(5-Year

USD

Swap

Semi

+

3.05%),

6.25%,

10/03/78

(b)(d)

........

USD

5,297

5,226,868

(5-Year

EUR

Swap

Annual

+

3.00%),

2.63%,

08/27/80

(b)(d)

..

EUR

5,957

5,849,418

Series

NC10,

(5-Year

EUR

Swap

Annual

+

3.48%),

3.00%,

08/27/80

(b)(d)

.............

3,386

2,974,435

1,178,034,385

United

States

—

16.6%

AbbVie,

Inc.

2.60%,

11/21/24

............

USD

5,000

4,797,365

3.20%,

05/14/26

............

1,591

1,507,890

2.95%,

11/21/26

............

6,250

5,839,027

3.20%,

11/21/29

............

43,455

39,295,323

Affinity

Interactive,

6.88%

,

12/15/27

(a)

4,747

4,177,346

Albertsons

Cos.,

Inc.

(a)

4.63%,

01/15/27

............

588

557,132

3.50%,

03/15/29

............

3,640

3,150,931

4.88%,

02/15/30

............

435

401,601

Alexandria

Real

Estate

Equities,

Inc.

4.50%,

07/30/29

............

3,950

3,732,511

2.95%,

03/15/34

............

5,310

4,188,124

4.75%,

04/15/35

............

1,905

1,767,523

Allegiant

Travel

Co.

(a)

8.50%,

02/05/24

............

8,741

8,719,147

7.25%,

08/15/27

............

4,805

4,787,270

Allied

Universal

Holdco

LLC

(d)

3.63%,

06/01/28

............

EUR

11,681

10,171,553

4.88%,

06/01/28

............

GBP

1,712

1,685,036

Amazon.com,

Inc.

4.65%,

12/01/29

............

USD

16,400

16,441,460

2.10%,

05/12/31

............

23,125

19,448,313

4.70%,

12/01/32

............

25,800

26,012,083

Ambac

Assurance

Corp.,

5.10%

(a)(o)

..

1,407

2,047,789

American

Airlines

Group,

Inc.,

Series

2017-1C,

5.18%

,

08/15/23

(c)

....

679

679,990

American

Airlines

Pass-Through

Trust

(c)

Series

2017-2C,

5.18%,

10/15/23

767

761,510

Series

2011-1,

Class

B,

4.87%,

04/22/25

...............

827

821,015

Series

2017-2,

Class

A,

4.00%,

12/15/25

...............

2,736

2,664,317

Series

2017-2,

Class

A,

3.50%,

12/15/27

...............

30,890

28,535,812

American

Electric

Power

Co.,

Inc.,

5.63%

,

03/01/33

............

7,880

8,011,275

American

Express

Co.

2.50%,

07/30/24

............

6,101

5,897,756

3.00%,

10/30/24

............

13,300

12,821,668

4.90%,

02/13/26

............

10,000

9,897,320

(1-day

SOFR

+

1.00%),

4.99%,

05/01/26

(b)

..............

12,000

11,850,958

4.05%,

05/03/29

............

4,150

3,950,876

American

Tower

Corp.

2.95%,

01/15/25

............

7,500

7,172,647

1.95%,

05/22/26

............

EUR

10,100

10,247,261

0.45%,

01/15/27

............

4,950

4,681,936

2.75%,

01/15/27

............

USD

4,435

4,034,832

0.40%,

02/15/27

............

EUR

12,750

12,051,156

4.13%,

05/16/27

............

14,890

16,063,066

0.50%,

01/15/28

............

7,900

7,236,745

1.50%,

01/31/28

............

USD

10,000

8,389,460

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

54

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

5.25%,

07/15/28

............

USD

8,196

$

8,098,885

2.10%,

06/15/30

............

4,150

3,351,227

2.70%,

04/15/31

............

12,000

9,950,735

2.30%,

09/15/31

............

20,460

16,276,228

5.65%,

03/15/33

............

16,600

16,832,671

American

University

(The),

Series

2019,

3.67%

,

04/01/49

............

4,870

3,880,416

American

Water

Capital

Corp.,

3.45%

,

06/01/29

.................

9,422

8,744,705

AmeriGas

Partners

LP,

9.38%

,

06/01/28

(a)

................

11,001

11,172,836

Amgen,

Inc.

5.50%,

12/07/26

(d)

...........

GBP

37,420

46,221,829

5.15%,

03/02/28

............

USD

27,000

26,975,688

1.65%,

08/15/28

............

7,633

6,529,200

3.00%,

02/22/29

............

5,894

5,322,787

4.05%,

08/18/29

............

31,525

29,889,978

2.45%,

02/21/30

............

5,125

4,393,679

2.30%,

02/25/31

............

19,038

15,821,034

2.00%,

01/15/32

............

4,150

3,277,421

Amkor

Technology,

Inc.,

6.63%

,

09/15/27

(a)

................

5,750

5,760,844

Aptiv

plc

2.40%,

02/18/25

............

8,300

7,876,635

3.25%,

03/01/32

............

7,588

6,496,530

Ardagh

Metal

Packaging

Finance

USA

LLC

2.00%,

09/01/28

(d)

...........

EUR

5,900

5,346,439

3.25%,

09/01/28

(a)

...........

USD

13,190

11,329,787

3.00%,

09/01/29

(d)

...........

EUR

1,427

1,156,303

4.00%,

09/01/29

(a)

...........

USD

475

376,197

Ardagh

Packaging

Finance

plc

5.25%,

04/30/25

(a)

...........

9,543

9,333,960

2.13%,

08/15/26

(d)

...........

EUR

9,260

8,968,886

4.75%,

07/15/27

(d)

...........

GBP

9,372

9,420,494

Arrow

Electronics,

Inc.,

6.13%

,

03/01/26

.................

USD

7,880

7,861,338

Ashland

Services

BV,

2.00%

,

01/30/28

(d)

................

EUR

5,590

5,155,802

Ashton

Woods

USA

LLC

(a)

6.63%,

01/15/28

............

USD

12,838

12,270,817

4.63%,

08/01/29

............

2,230

1,900,473

4.63%,

04/01/30

............

6,259

5,342,682

AT&T,

Inc.

1.70%,

03/25/26

............

11,534

10,513,146

2.90%,

12/04/26

............

GBP

44,660

50,453,107

5.50%,

03/15/27

(d)

...........

19,400

23,670,269

2.30%,

06/01/27

............

USD

11,286

10,150,196

1.65%,

02/01/28

............

5,624

4,833,392

4.10%,

02/15/28

............

5,000

4,781,263

4.30%,

11/18/34

............

EUR

8,890

9,714,349

3.15%,

09/04/36

............

7,900

7,575,454

Autodesk,

Inc.,

2.85%

,

01/15/30

....

USD

7,289

6,390,371

AvalonBay

Communities,

Inc.

3.35%,

05/15/27

............

1,650

1,539,043

5.00%,

02/15/33

............

3,365

3,351,133

Avantor

Funding,

Inc.,

2.63%

,

11/01/25

(d)

................

EUR

4,481

4,684,604

Axalta

Coating

Systems

Dutch

Holding

B

BV,

3.75%

,

01/15/25

(d)

.......

1,816

1,942,066

Banff

Merger

Sub,

Inc.,

8.38%

,

09/01/26

(d)

................

2,853

2,979,613

Bank

of

America

Corp.

(1-day

SOFR

+

1.33%),

3.38%,

04/02/26

(b)

..............

USD

17,433

16,709,617

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

3.50%,

04/19/26

............

USD

1,570

$

1,506,025

(1-day

SOFR

+

1.75%),

4.83%,

07/22/26

(b)

..............

22,396

22,014,309

(3-mo.

EURIBOR

+

0.91%),

1.95%,

10/27/26

(b)(d)

.............

EUR

23,700

24,316,529

Series

N,

(1-day

SOFR

+

0.91%),

1.66%,

03/11/27

(b)

.........

USD

1,479

1,330,924

(3-mo.

LIBOR

USD

+

1.58%),

3.82%,

01/20/28

(b)

.........

3,369

3,185,547

(3-mo.

LIBOR

USD

+

1.51%),

3.71%,

04/24/28

(b)

.........

7,960

7,460,567

(1-day

SOFR

+

1.58%),

4.38%,

04/27/28

(b)

..............

16,355

15,700,545

(3-mo.

EURIBOR

+

0.76%),

0.58%,

08/24/28

(b)(d)

.............

EUR

13,040

12,143,781

(3-mo.

LIBOR

USD

+

1.07%),

3.97%,

03/05/29

(b)

.........

USD

5,000

4,681,147

(1-day

SOFR

+

1.63%),

5.20%,

04/25/29

(b)

..............

34,246

33,871,732

(3-mo.

EURIBOR

+

0.73%),

0.58%,

08/08/29

(b)(d)

.............

EUR

14,100

12,746,742

(3-mo.

LIBOR

USD

+

1.21%),

3.97%,

02/07/30

(b)

.........

USD

5,000

4,629,297

(3-mo.

EURIBOR

+

0.91%),

1.38%,

05/09/30

(b)(d)

.............

EUR

15,000

13,818,488

(3-mo.

LIBOR

USD

+

0.99%),

2.50%,

02/13/31

(b)

.........

USD

24,350

20,386,584

(1-day

SOFR

+

2.15%),

2.59%,

04/29/31

(b)

..............

4,150

3,484,077

(1-day

SOFR

+

1.37%),

1.92%,

10/24/31

(b)

..............

4,150

3,285,024

Series

N,

(1-day

SOFR

+

1.22%),

2.65%,

03/11/32

(b)

.........

12,420

10,286,704

(1-day

SOFR

+

1.32%),

2.69%,

04/22/32

(b)

..............

8,300

6,878,595

(1-day

SOFR

+

1.22%),

2.30%,

07/21/32

(b)

..............

12,420

9,933,103

(1-day

SOFR

+

1.21%),

2.57%,

10/20/32

(b)

..............

13,010

10,596,651

Bank

of

New

York

Mellon

Corp.

(The)

2.05%,

01/26/27

............

8,000

7,199,277

(1-day

SOFR

+

1.03%),

4.95%,

04/26/27

(b)

..............

8,300

8,197,606

3.85%,

04/26/29

............

25,000

23,666,119

Baxter

International,

Inc.,

2.54%

,

02/01/32

.................

12,150

9,841,779

Beazer

Homes

USA,

Inc.,

7.25%

,

10/15/29

.................

11,497

11,171,817

Becton

Dickinson

&

Co.

3.73%,

12/15/24

............

8,400

8,154,791

0.03%,

08/13/25

............

EUR

4,400

4,415,286

4.69%,

02/13/28

............

USD

8,500

8,384,583

1.96%,

02/11/31

............

14,150

11,464,134

Becton

Dickinson

Euro

Finance

SARL,

1.34%

,

08/13/41

............

EUR

8,815

6,125,487

Belden,

Inc.

(d)

3.38%,

07/15/27

............

2,635

2,676,869

3.88%,

03/15/28

............

800

817,309

Blue

Racer

Midstream

LLC,

7.63%

,

12/15/25

(a)

................

USD

1,592

1,609,324

Booking

Holdings,

Inc.

4.00%,

11/15/26

............

EUR

4,700

5,137,717

4.50%,

11/15/31

............

12,250

13,749,315

Boxer

Parent

Co.,

Inc.,

6.50%

,

10/02/25

(d)

................

12,782

13,754,682

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

55

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

BP

Capital

Markets

America,

Inc.

3.59%,

04/14/27

............

USD

5,000

$

4,781,512

3.94%,

09/21/28

............

7,000

6,696,897

Broadcom,

Inc.

4.00%,

04/15/29

(a)

...........

8,290

7,656,676

4.15%,

11/15/30

............

21,150

19,459,040

2.45%,

02/15/31

(a)

...........

27,351

22,244,609

4.30%,

11/15/32

............

8,300

7,613,423

3.42%,

04/15/33

(a)

...........

12,550

10,495,042

Buckeye

Partners

LP

4.35%,

10/15/24

............

4,975

4,857,590

4.13%,

03/01/25

(a)

...........

2,365

2,246,750

3.95%,

12/01/26

............

261

235,620

Caesars

Entertainment,

Inc.

(a)

6.25%,

07/01/25

............

5,752

5,725,364

8.13%,

07/01/27

............

10,979

11,236,666

California

Resources

Corp.,

7.13%

,

02/01/26

(a)

................

4,843

4,867,215

Calpine

Corp.,

5.13%

,

03/15/28

(a)

...

4,315

3,850,715

Calumet

Specialty

Products

Partners

LP,

9.75%

,

07/15/28

(a)

.........

13,235

13,019,931

Capital

One

Financial

Corp.,

(1-day

SOFR

+

2.86%),

6.38%

,

06/08/34

(b)

33,065

32,828,103

Cargill,

Inc.,

4.50%

,

06/24/26

(a)

.....

6,955

6,859,191

Carnival

Corp.

(d)

10.13%,

02/01/26

...........

EUR

14,916

17,065,742

7.63%,

03/01/26

............

10,580

11,201,435

Carnival

plc,

1.00%

,

10/28/29

.....

866

583,944

Carrols

Restaurant

Group,

Inc.,

5.88%

,

07/01/29

(a)

................

USD

9,333

7,681,152

Catalent

Pharma

Solutions,

Inc.

2.38%,

03/01/28

(d)

...........

EUR

8,237

7,225,230

3.13%,

02/15/29

(a)

...........

USD

985

800,874

CDI

Escrow

Issuer,

Inc.,

5.75%

,

04/01/30

(a)

................

5,562

5,177,210

Centene

Corp.,

4.63%

,

12/15/29

...

8,400

7,731,670

CenterPoint

Energy

Houston

Electric

LLC,

5.30%

,

04/01/53

.........

957

977,741

Century

Communities,

Inc.,

6.75%

,

06/01/27

.................

13,410

13,430,155

Charter

Communications

Operating

LLC

3.75%,

02/15/28

............

8,128

7,451,171

4.20%,

03/15/28

............

7,758

7,272,888

2.25%,

01/15/29

............

31,294

26,057,900

5.05%,

03/30/29

............

8,300

7,914,610

2.30%,

02/01/32

............

13,470

10,196,800

Chemours

Co.

(The),

4.00%

,

05/15/26

EUR

3,000

3,028,080

Chesapeake

Energy

Corp.

6.13%,

02/15/21

(c)(g)(p)

.........

USD

27,853

3

5.38%,

06/15/21

(c)(g)(p)

.........

4,795

—

5.50%,

02/01/26

(a)

...........

1,968

1,918,727

Churchill

Downs,

Inc.

(a)

5.50%,

04/01/27

............

261

250,934

4.75%,

01/15/28

............

218

202,173

Citigroup,

Inc.

(1-day

SOFR

+

1.53%),

3.29%,

03/17/26

(b)

..............

8,407

8,039,729

3.40%,

05/01/26

............

537

510,695

(3-mo.

EURIBOR

+

1.07%),

1.50%,

07/24/26

(b)(d)

.............

EUR

10,500

10,745,785

1.75%,

10/23/26

............

GBP

7,470

8,164,962

(1-day

SOFR

+

1.28%),

3.07%,

02/24/28

(b)

..............

USD

30,373

27,950,491

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

(3-mo.

CME

Term

SOFR

+

1.60%),

3.98%,

03/20/30

(b)

.........

USD

2,075

$

1,918,621

(1-day

SOFR

+

1.15%),

2.67%,

01/29/31

(b)

..............

16,570

14,026,392

(1-day

SOFR

+

3.91%),

4.41%,

03/31/31

(b)

..............

11,675

10,977,554

(1-day

SOFR

+

2.11%),

2.57%,

06/03/31

(b)

..............

28,500

23,778,018

(1-day

SOFR

+

1.17%),

2.56%,

05/01/32

(b)

..............

16,570

13,529,846

Civitas

Resources,

Inc.,

8.38%

,

07/01/28

(a)

................

21,678

21,922,961

Clarios

Global

LP,

4.38%

,

05/15/26

(d)

.

EUR

5,382

5,588,570

Clear

Channel

Outdoor

Holdings,

Inc.,

5.13%

,

08/15/27

(a)

...........

USD

747

678,196

Cleveland-Cliffs,

Inc.,

6.75%

,

04/15/30

(a)

21,508

20,721,930

Cloud

Software

Group,

Inc.,

6.50%

,

03/31/29

(a)

................

36,811

32,775,808

Comcast

Corp.

2.35%,

01/15/27

............

7,932

7,282,894

3.30%,

02/01/27

............

7,037

6,677,742

3.55%,

05/01/28

............

677

640,095

4.15%,

10/15/28

............

9,828

9,522,130

3.40%,

04/01/30

............

16,629

15,278,786

1.95%,

01/15/31

............

1,776

1,453,286

4.65%,

02/15/33

............

12,824

12,730,577

Commercial

Metals

Co.

4.13%,

01/15/30

............

22,119

19,683,730

4.38%,

03/15/32

............

7,677

6,634,427

Consensus

Cloud

Solutions,

Inc.,

6.00%

,

10/15/26

(a)

...........

1,470

1,334,023

Conservation

Fund

A

Nonprofit

Corp.

(The),

Series

2019,

3.47%

,

12/15/29

1,530

1,324,190

Consolidated

Edison

Co.

of

New

York,

Inc.,

6.15%

,

11/15/52

.........

1,855

2,039,242

Coty,

Inc.

(d)

3.88%,

04/15/26

............

EUR

7,059

7,452,440

4.75%,

04/15/26

............

2,300

2,447,016

Covanta

Holding

Corp.,

4.88%

,

12/01/29

(a)

................

USD

7,037

6,087,005

Crown

Castle,

Inc.

2.90%,

03/15/27

............

17,757

16,248,660

5.00%,

01/11/28

............

11,804

11,584,057

4.30%,

02/15/29

............

7,774

7,309,095

3.10%,

11/15/29

............

10,000

8,706,925

2.50%,

07/15/31

............

32,029

26,312,300

Crown

European

Holdings

SA

(d)

3.38%,

05/15/25

............

EUR

7,132

7,616,657

5.00%,

05/15/28

............

9,951

10,953,543

CSC

Holdings

LLC,

5.25%

,

06/01/24

.

USD

11,997

11,157,722

CVS

Health

Corp.

2.88%,

06/01/26

............

2,375

2,232,222

3.63%,

04/01/27

............

3,175

3,013,974

1.30%,

08/21/27

............

11,955

10,288,307

1.75%,

08/21/30

............

25,506

20,352,098

1.88%,

02/28/31

............

23,380

18,569,607

5.63%,

02/21/53

............

3,940

3,916,874

Dana

Financing

Luxembourg

SARL

8.50%,

07/15/31

(d)

...........

EUR

6,188

6,965,044

Dana,

Inc.,

4.25%

,

09/01/30

......

USD

1,736

1,445,280

Dell

International

LLC

6.02%,

06/15/26

............

11,945

12,141,008

5.75%,

02/01/33

............

5,050

5,098,411

DISH

DBS

Corp.,

5.88%

,

11/15/24

..

5,491

4,802,519

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

56

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Dollar

General

Corp.

3.88%,

04/15/27

............

USD

5,000

$

4,770,909

3.50%,

04/03/30

............

12,550

11,253,983

Duke

Energy

Corp.,

3.10%

,

06/15/28

EUR

15,959

16,401,984

Earthstone

Energy

Holdings

LLC

(a)

8.00%,

04/15/27

............

USD

9,512

9,186,785

9.88%,

07/15/31

............

8,306

8,210,065

Eaton

Corp.,

4.35%

,

05/18/28

.....

3,609

3,539,723

Ecolab,

Inc.

5.25%,

01/15/28

............

10,000

10,157,527

2.13%,

02/01/32

............

27,468

22,480,199

Edison

International,

6.95%

,

11/15/29

4,150

4,365,288

Elevance

Health,

Inc.

4.90%,

02/08/26

............

9,700

9,540,508

1.50%,

03/15/26

............

11,312

10,228,609

3.65%,

12/01/27

............

3,402

3,211,882

2.88%,

09/15/29

............

8,000

7,049,643

2.55%,

03/15/31

............

19,600

16,468,263

4.10%,

05/15/32

............

4,150

3,867,103

Emerald

Debt

Merger

Sub

LLC

6.38%,

12/15/30

(d)

...........

EUR

3,508

3,813,575

6.63%,

12/15/30

(a)

...........

USD

6,929

6,868,371

Encore

Capital

Group,

Inc.

(d)

4.88%,

10/15/25

............

EUR

7,337

7,481,172

5.38%,

02/15/26

............

GBP

2,175

2,412,826

Energizer

Gamma

Acquisition

BV,

3.50%

,

06/30/29

(d)

...........

EUR

2,644

2,317,947

Enterprise

Products

Operating

LLC

3.13%,

07/31/29

............

USD

4,200

3,763,384

2.80%,

01/31/30

............

8,400

7,354,016

EQM

Midstream

Partners

LP

(a)

7.50%,

06/01/27

............

4,290

4,331,055

7.50%,

06/01/30

............

2,750

2,782,852

EQT

Corp.,

7.00%

,

02/01/30

(b)(e)

....

2,960

3,099,209

Equinix,

Inc.

1.25%,

07/15/25

............

8,000

7,297,079

2.90%,

11/18/26

............

3,000

2,750,679

3.20%,

11/18/29

............

9,709

8,523,760

2.50%,

05/15/31

............

8,080

6,578,697

EquipmentShare.com,

Inc.,

9.00%

,

05/15/28

(a)

................

30,063

29,182,829

ESC

Investments

&

Realty

Corp.,

Inc.,

6.63%

,

08/15/20

(c)(g)(p)

.........

1,665

—

Eversource

Energy

Series

L,

2.90%,

10/01/24

.....

8,093

7,788,902

4.75%,

05/15/26

............

10,000

9,800,830

Exelon

Corp.,

2.75%

,

03/15/27

.....

4,486

4,104,908

Fidelity

National

Information

Services,

Inc.

0.63%,

12/03/25

............

EUR

4,400

4,396,708

1.50%,

05/21/27

............

19,800

19,606,709

Fiserv,

Inc.

2.25%,

07/01/25

............

GBP

3,800

4,425,115

4.50%,

05/24/31

............

EUR

22,930

25,111,492

Five

Point

Operating

Co.

LP,

7.88%

,

11/15/25

(a)

................

USD

21,761

19,646,701

Florida

Power

&

Light

Co.,

4.40%

,

05/15/28

.................

10,368

10,173,207

FLYR,

Inc.,

7.74%

,

01/20/27

(b)(c)

....

12,083

11,206,990

Flyreel,

Inc.,

8.00%

,

07/20/23

(b)(c)(n)

..

24,336

24,555,436

Ford

Motor

Co.

3.25%,

02/12/32

............

4,719

3,712,364

6.10%,

08/19/32

............

12,129

11,754,894

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Ford

Motor

Credit

Co.

LLC

5.58%,

03/18/24

............

USD

4,822

$

4,787,987

2.75%,

06/14/24

............

GBP

5,174

6,272,986

4.54%,

03/06/25

............

9,946

11,974,586

6.86%,

06/05/26

............

26,289

32,535,995

4.87%,

08/03/27

............

EUR

3,975

4,251,637

6.13%,

05/15/28

............

5,234

5,850,629

Forestar

Group,

Inc.

(a)

3.85%,

05/15/26

............

USD

2,712

2,491,948

5.00%,

03/01/28

............

18,586

17,049,193

Fortrea

Holdings,

Inc.,

7.50%

,

07/01/30

(a)

................

1,118

1,144,798

Freed

Corp.,

10.00%

,

12/01/23

(c)

...

26,905

25,527,273

Freedom

Mortgage

Corp.

(a)

8.13%,

11/15/24

............

9,681

9,591,026

8.25%,

04/15/25

............

3,286

3,203,888

FreeWire

Technologies,

Inc.,

0.00%

,

03/31/25

(b)(c)

...............

17,373

17,633,732

Frontier

Communications

Holdings

LLC

(a)

5.88%,

10/15/27

............

15,185

13,936,201

8.75%,

05/15/30

............

18,687

18,264,184

8.63%,

03/15/31

............

15,465

14,967,148

Frontier

Florida

LLC,

Series

E,

6.86%

,

02/01/28

.................

16,595

14,686,575

Frontier

North,

Inc.,

Series

G,

6.73%

,

02/15/28

.................

4,850

4,268,000

Full

House

Resorts,

Inc.,

8.25%

,

02/15/28

(a)

................

3,216

3,010,112

Garden

Spinco

Corp.,

8.63%

,

07/20/30

(a)

................

999

1,073,676

Gen

Digital,

Inc.

(a)

6.75%,

09/30/27

............

10,643

10,613,035

7.13%,

09/30/30

............

6,809

6,820,398

General

Mills,

Inc.

4.20%,

04/17/28

............

18,680

18,129,552

3.91%,

04/13/29

............

EUR

12,930

14,109,131

2.88%,

04/15/30

............

USD

4,150

3,685,406

General

Motors

Financial

Co.,

Inc.

5.40%,

04/06/26

............

7,055

6,974,269

5.15%,

08/15/26

(d)

...........

GBP

6,800

8,183,007

2.35%,

02/26/27

............

USD

15,000

13,370,835

Georgia-Pacific

LLC

(a)

0.95%,

05/15/26

............

3,000

2,652,120

2.30%,

04/30/30

............

5,183

4,412,105

Gilead

Sciences,

Inc.

3.65%,

03/01/26

............

13,015

12,520,590

1.65%,

10/01/30

............

7,775

6,345,492

Global

Payments,

Inc.,

4.88%

,

03/17/31

EUR

16,606

18,011,599

GLP

Capital

LP,

4.00%

,

01/15/31

...

USD

3,678

3,179,853

Golden

Entertainment,

Inc.,

7.63%

,

04/15/26

(a)

................

3,070

3,083,109

Goldman

Sachs

Group,

Inc.

(The)

3.50%,

01/23/25

............

6,000

5,789,268

(1-day

SOFR

+

0.79%),

1.09%,

12/09/26

(b)

..............

12,566

11,198,015

(1-day

SOFR

+

0.80%),

1.43%,

03/09/27

(b)

..............

7,186

6,420,728

(1-day

SOFR

+

0.82%),

1.54%,

09/10/27

(b)

..............

36,586

32,155,552

(1-day

SOFR

+

0.91%),

1.95%,

10/21/27

(b)

..............

7,180

6,386,811

(1-day

SOFR

+

1.85%),

3.62%,

03/15/28

(b)

..............

20,249

18,999,068

7.25%,

04/10/28

............

GBP

4,900

6,366,854

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

57

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

1.25%,

02/07/29

(d)

...........

EUR

51,349

$

47,480,420

0.88%,

05/09/29

(d)

...........

31,500

28,251,692

(1-day

SOFR

+

1.09%),

1.99%,

01/27/32

(b)

..............

USD

8,300

6,533,965

(1-day

SOFR

+

1.28%),

2.62%,

04/22/32

(b)

..............

6,225

5,105,242

(1-day

SOFR

+

1.25%),

2.38%,

07/21/32

(b)

..............

4,150

3,324,146

(1-day

SOFR

+

1.26%),

2.65%,

10/21/32

(b)

..............

20,200

16,465,550

GoTo

Group,

Inc.,

5.50%

,

09/01/27

(a)

.

16,784

9,233,280

Grand

Canyon

University

3.25%,

10/01/23

............

3,053

3,007,205

5.13%,

10/01/28

............

8,775

7,945,763

Graphic

Packaging

International

LLC,

2.63%

,

02/01/29

(d)

...........

EUR

1,246

1,191,354

GXO

Logistics,

Inc.,

2.65%

,

07/15/31

USD

9,270

7,208,719

HCA,

Inc.

5.38%,

02/01/25

............

17,164

17,013,516

4.50%,

02/15/27

............

20,000

19,293,372

3.13%,

03/15/27

(a)

...........

5,492

5,043,512

5.88%,

02/01/29

............

11,080

11,151,916

3.50%,

09/01/30

............

8,400

7,363,016

3.63%,

03/15/32

(a)

...........

5,242

4,550,100

Healthpeak

OP

LLC

1.35%,

02/01/27

............

3,840

3,324,067

5.25%,

12/15/32

............

3,146

3,061,482

Home

Depot,

Inc.

(The)

2.95%,

06/15/29

............

16,735

15,232,901

1.38%,

03/15/31

............

34,397

27,165,844

Homes

by

West

Bay

LLC,

9.50%

,

04/30/27

(c)

................

28,500

26,362,500

Honeywell

International,

Inc.,

3.75%

,

05/17/32

.................

EUR

3,100

3,320,613

Howard

Hughes

Corp.

(The),

5.38%

,

08/01/28

(a)

................

USD

7,145

6,359,584

iHeartCommunications,

Inc.

6.38%,

05/01/26

............

349

292,550

5.25%,

08/15/27

(a)

...........

327

250,057

4.75%,

01/15/28

(a)

...........

218

164,347

Illumina,

Inc.,

5.80%

,

12/12/25

.....

3,000

3,007,507

Intercontinental

Exchange,

Inc.

3.10%,

09/15/27

............

8,750

8,175,309

4.35%,

06/15/29

............

8,300

8,117,707

1.85%,

09/15/32

............

14,150

10,907,541

Iron

Mountain

UK

plc,

3.88%

,

11/15/25

(d)

................

GBP

6,724

7,959,562

Jacobs

Engineering

Group,

Inc.,

5.90%

,

03/01/33

.................

USD

5,435

5,332,178

JPMorgan

Chase

&

Co.

(b)

(1-day

SOFR

+

1.85%),

2.08%,

04/22/26

...............

7,430

6,958,208

(1-day

SOFR

+

1.32%),

4.08%,

04/26/26

...............

22,913

22,266,042

(Sterling

Overnight

Index

Average

+

0.68%),

0.99%,

04/28/26

(d)

...

GBP

12,200

14,016,523

(1-day

SOFR

+

1.56%),

4.32%,

04/26/28

...............

USD

54,985

53,073,453

(3-mo.

EURIBOR

+

0.84%),

1.64%,

05/18/28

(d)

..............

EUR

14,100

13,907,518

(1-day

SOFR

+

1.89%),

2.18%,

06/01/28

...............

USD

6,997

6,218,416

(1-day

SOFR

+

1.99%),

4.85%,

07/25/28

...............

18,535

18,286,700

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

(3-mo.

EURIBOR

+

1.13%),

1.96%,

03/23/30

(d)

..............

EUR

8,000

$

7,697,709

(3-mo.

LIBOR

USD

+

1.16%),

3.70%,

05/06/30

..........

USD

22,213

20,356,629

(1-day

SOFR

+

1.51%),

2.74%,

10/15/30

...............

6,225

5,362,357

(3-mo.

CME

Term

SOFR

+

1.11%),

1.76%,

11/19/31

..........

8,300

6,568,767

Series

u,

(3-mo.

LIBOR

USD

+

0.95%),

6.25%,

02/02/37

....

19,361

16,505,532

Keurig

Dr

Pepper,

Inc.

4.60%,

05/25/28

............

19,000

18,588,646

3.95%,

04/15/29

............

20,275

19,095,130

Kraft

Heinz

Foods

Co.

4.13%,

07/01/27

(d)

...........

GBP

2,985

3,502,586

3.75%,

04/01/30

............

USD

10,375

9,628,040

4.25%,

03/01/31

............

6,910

6,573,249

Kronos

International,

Inc.,

3.75%

,

09/15/25

(d)

................

EUR

6,387

6,333,389

Lessen,

Inc.,

9.66%

,

01/05/28

(a)(b)(c)

..

USD

39,939

37,142,836

Liberty

Mutual

Group,

Inc.,

(5-Year

EUR

Swap

Annual

+

3.70%),

3.63%

,

05/23/59

(b)(d)

...............

EUR

13,947

14,419,971

Lightning

eMotors,

Inc.,

7.50%

,

05/15/24

(a)(n)

...............

USD

4,313

2,329,020

Lions

Gate

Capital

Holdings

LLC,

5.50%

,

04/15/29

(a)

...........

23,463

16,991,905

Litigation

Systems,

Inc.,

Series

2020-1,

Class

A,

4.00%

,

10/30/27

(c)

.....

8,654

8,350,772

Lowe's

Cos.,

Inc.

4.80%,

04/01/26

............

3,787

3,749,690

3.35%,

04/01/27

............

9,489

8,961,399

3.10%,

05/03/27

............

10,000

9,336,325

4.50%,

04/15/30

............

6,225

6,051,526

1.70%,

10/15/30

............

12,800

10,256,628

2.63%,

04/01/31

............

16,300

13,763,469

3.75%,

04/01/32

............

4,150

3,756,060

5.75%,

07/01/53

............

1,180

1,202,368

M/I

Homes,

Inc.,

4.95%

,

02/01/28

...

10,833

10,098,523

Massachusetts

Institute

of

Technology,

3.96%

,

07/01/38

............

8,375

7,684,663

Matador

Resources

Co.,

5.88%

,

09/15/26

.................

457

442,854

Mauser

Packaging

Solutions

Holding

Co.,

7.88%

,

08/15/26

(a)

........

33,107

32,892,084

Medline

Borrower

LP,

3.88%

,

04/01/29

(a)

................

45,890

39,881,310

Medtronic

Global

Holdings

SCA

2.63%,

10/15/25

............

EUR

4,940

5,216,586

4.25%,

03/30/28

............

USD

10,429

10,178,987

3.13%,

10/15/31

............

EUR

3,800

3,969,038

Metropolitan

Life

Global

Funding

I,

1.88%

,

01/11/27

(a)

...........

USD

637

567,487

MGM

Resorts

International

5.75%,

06/15/25

............

109

108,024

4.63%,

09/01/26

............

391

368,702

5.50%,

04/15/27

............

1,517

1,453,259

Midwest

Gaming

Borrower

LLC,

4.88%

,

05/01/29

(a)

................

6,911

6,102,745

Mondelez

International

Holdings

Netherlands

BV,

1.25%

,

09/24/26

(a)

983

863,260

Moody's

Corp.,

0.95%

,

02/25/30

....

EUR

5,454

4,971,113

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

58

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Morgan

Stanley

(b)

(1-day

SOFR

+

1.30%),

5.05%,

01/28/27

...............

USD

18,497

$

18,342,880

(1-day

SOFR

+

0.86%),

1.51%,

07/20/27

...............

1,562

1,383,882

(1-day

SOFR

+

1.00%),

2.48%,

01/21/28

...............

21,862

19,729,015

(1-day

SOFR

+

1.61%),

4.21%,

04/20/28

...............

40,932

39,321,149

(3-mo.

EURIBOR

+

0.87%),

0.50%,

10/26/29

...............

EUR

7,900

7,022,157

(3-mo.

LIBOR

USD

+

1.63%),

4.43%,

01/23/30

..........

USD

2,075

1,974,229

(1-day

SOFR

+

1.14%),

2.70%,

01/22/31

...............

20,200

17,179,968

(1-day

SOFR

+

3.12%),

3.62%,

04/01/31

...............

6,640

5,983,242

(1-day

SOFR

+

1.03%),

1.79%,

02/13/32

...............

8,300

6,438,285

(3-mo.

EURIBOR

+

1.25%),

2.95%,

05/07/32

...............

EUR

34,000

33,446,520

(3-mo.

EURIBOR

+

0.83%),

1.10%,

04/29/33

...............

20,000

16,531,244

Morgan

Stanley

Bank

NA,

4.75%

,

04/21/26

.................

USD

17,850

17,587,109

MPLX

LP,

5.65%

,

03/01/53

.......

137

127,995

MPT

Operating

Partnership

LP,

3.33%

,

03/24/25

.................

EUR

4,921

4,804,409

Nasdaq,

Inc.

5.65%,

06/28/25

............

USD

4,165

4,177,025

5.35%,

06/28/28

............

6,603

6,612,526

4.50%,

02/15/32

............

EUR

8,850

9,766,728

National

Grid

North

America,

Inc.,

1.05%

,

01/20/31

(d)

...........

3,871

3,360,136

Nationstar

Mortgage

Holdings,

Inc.

(a)

6.00%,

01/15/27

............

USD

2,465

2,293,152

5.50%,

08/15/28

............

7,695

6,740,397

5.13%,

12/15/30

............

7,284

5,908,781

5.75%,

11/15/31

............

3,441

2,826,592

Netflix,

Inc.

5.88%,

02/15/25

............

4,200

4,216,800

4.88%,

04/15/28

............

4,200

4,153,670

5.88%,

11/15/28

............

10,000

10,328,020

New

Home

Co.,

Inc.

(The),

7.25%

,

10/15/25

(a)

................

2,117

1,958,225

New

York

Life

Global

Funding,

4.35%

,

09/16/25

(d)

................

GBP

5,880

7,126,598

Newmont

Corp.

2.80%,

10/01/29

............

USD

8,035

6,907,304

2.25%,

10/01/30

............

15,869

13,001,344

2.60%,

07/15/32

............

20,362

16,636,975

Nexstar

Media,

Inc.

(a)

5.63%,

07/15/27

............

2,431

2,265,916

4.75%,

11/01/28

............

4,104

3,560,282

NextEra

Energy

Capital

Holdings,

Inc.

6.05%,

03/01/25

(b)

...........

3,348

3,360,588

4.63%,

07/15/27

............

5,000

4,889,036

1.90%,

06/15/28

............

4,475

3,835,041

Nine

Energy

Service,

Inc.,

13.00%

,

02/01/28

.................

4,164

3,656,929

Northern

Oil

&

Gas,

Inc.,

8.75%

,

06/15/31

(a)

................

5,846

5,743,695

Northern

States

Power

Co.,

2.90%

,

03/01/50

.................

7,107

4,895,443

NRG

Energy,

Inc.,

7.00%

,

03/15/33

(a)

18,371

18,523,204

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

NVIDIA

Corp.

2.85%,

04/01/30

............

USD

22,498

$

20,401,754

2.00%,

06/15/31

............

31,985

26,787,946

OA

Leasing

Corp.,

8.00%

,

01/21/24

(c)

AUD

3,090

2,027,527

OI

European

Group

BV

(d)

2.88%,

02/15/25

............

EUR

4,779

5,077,955

6.25%,

05/15/28

............

7,549

8,410,769

Olympus

Water

US

Holding

Corp.

7.13%,

10/01/27

(a)

...........

USD

5,254

4,736,996

9.63%,

11/15/28

(d)

...........

EUR

12,026

12,597,861

9.75%,

11/15/28

(a)

...........

USD

31,757

30,972,602

Oncor

Electric

Delivery

Co.

LLC

4.30%,

05/15/28

(a)

...........

7,580

7,373,468

5.75%,

03/15/29

............

11,227

11,652,885

2.75%,

05/15/30

............

9,000

7,890,127

4.60%,

06/01/52

............

11,300

10,320,871

OPENLANE,

Inc.,

5.13%

,

06/01/25

(a)

.

64

62,719

Oracle

Corp.

1.65%,

03/25/26

............

10,000

9,075,513

2.30%,

03/25/28

............

6,775

5,978,667

2.95%,

04/01/30

............

8,400

7,332,072

2.88%,

03/25/31

............

8,300

7,085,812

6.25%,

11/09/32

............

12,276

13,030,877

4.90%,

02/06/33

............

13,444

13,050,155

Organon

&

Co.,

2.88%

,

04/30/28

(d)

..

EUR

5,200

4,921,495

Outfront

Media

Capital

LLC

(a)

5.00%,

08/15/27

............

USD

283

256,879

4.63%,

03/15/30

............

218

181,617

Pacific

Gas

&

Electric

Co.

3.25%,

02/16/24

............

353

346,478

6.10%,

01/15/29

............

4,945

4,865,448

6.15%,

01/15/33

............

6,430

6,288,867

6.40%,

06/15/33

............

7,745

7,702,604

4.95%,

07/01/50

............

10,000

7,854,101

3.50%,

08/01/50

............

1,840

1,170,434

Paramount

Global,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.00%),

6.38%

,

03/30/62

(b)

................

13,483

11,247,657

Park

Intermediate

Holdings

LLC,

4.88%

,

05/15/29

(a)

...........

9,753

8,405,135

Parker-Hannifin

Corp.

3.65%,

06/15/24

............

12,000

11,758,168

3.25%,

06/14/29

............

15,000

13,642,680

PDC

Energy,

Inc.,

5.75%

,

05/15/26

..

261

259,955

PECO

Energy

Co.

3.00%,

09/15/49

............

5,725

3,978,771

4.60%,

05/15/52

............

6,500

5,941,608

Penske

Truck

Leasing

Co.

LP

(a)

4.00%,

07/15/25

............

4,091

3,913,227

5.55%,

05/01/28

............

10,000

9,845,748

Permian

Resources

Operating

LLC

(a)

5.38%,

01/15/26

............

31,270

29,729,208

7.75%,

02/15/26

............

1,526

1,532,491

6.88%,

04/01/27

............

4,962

4,887,570

5.88%,

07/01/29

............

2,835

2,670,601

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.65%,

05/19/25

............

25,000

24,777,253

4.75%,

05/19/33

............

24,922

24,828,101

5.30%,

05/19/53

............

10,855

11,285,740

5.34%,

05/19/63

............

22,180

22,445,012

Pfizer,

Inc.

2.63%,

04/01/30

............

9,539

8,479,568

2.55%,

05/28/40

............

6,150

4,527,387

Pilgrim's

Pride

Corp.,

6.25%

,

07/01/33

11,954

11,578,549

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

59

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Pioneer,

Inc.,

10.50%

,

11/18/30

(a)(b)(c)

.

USD

28,038

$

27,477,409

Pitney

Bowes,

Inc.

4.63%,

03/15/24

............

1,015

995,928

6.88%,

03/15/27

(a)

...........

29,790

22,058,601

Playtika

Holding

Corp.,

4.25%

,

03/15/29

(a)

................

1,750

1,553,125

PNC

Financial

Services

Group,

Inc.

(The),

(1-day

SOFR

+

1.32%),

5.81%

,

06/12/26

(b)

...........

10,000

9,939,156

PPG

Industries,

Inc.

1.20%,

03/15/26

............

7,700

6,897,288

3.75%,

03/15/28

............

7,000

6,639,223

Prologis

LP

4.88%,

06/15/28

............

8,785

8,705,403

2.25%,

01/15/32

............

2,751

2,220,712

4.63%,

01/15/33

............

6,898

6,734,151

Public

Service

Electric

&

Gas

Co.,

4.65%

,

03/15/33

............

3,000

2,943,227

Rand

Parent

LLC,

8.50%

,

02/15/30

(a)

23,826

21,570,933

Raytheon

Technologies

Corp.,

2.15%

,

05/18/30

.................

EUR

14,800

14,318,410

Realty

Income

Corp.,

5.13%

,

07/06/34

13,020

14,191,085

Regal

Rexnord

Corp.,

6.05%

,

02/15/26

(a)

................

USD

10,845

10,858,766

Republic

Services,

Inc.

2.50%,

08/15/24

............

8,300

8,006,713

2.90%,

07/01/26

............

4,150

3,888,804

3.38%,

11/15/27

............

4,697

4,417,635

4.88%,

04/01/29

............

4,640

4,632,617

RHP

Hotel

Properties

LP,

4.75%

,

10/15/27

.................

824

767,144

Rocket

Mortgage

LLC

(a)

2.88%,

10/15/26

............

16,070

14,221,950

3.63%,

03/01/29

............

10,254

8,618,159

3.88%,

03/01/31

............

695

563,546

Roper

Technologies,

Inc.

3.80%,

12/15/26

............

5,955

5,693,585

2.95%,

09/15/29

............

6,239

5,515,512

Royalty

Pharma

plc,

2.20%

,

09/02/30

8,000

6,431,057

Sabre

GLBL,

Inc.

(a)

9.25%,

04/15/25

............

2,161

2,015,349

7.38%,

09/01/25

............

12,740

11,308,151

11.25%,

12/15/27

...........

7,219

6,118,102

SC

Johnson

&

Son,

Inc.,

3.35%

,

09/30/24

(a)

................

1,210

1,170,337

SCIL

IV

LLC

(d)

(3-mo.

EURIBOR

at

4.38%

Floor

+

4.38%),

7.62%,

11/01/26

(b)

...

EUR

2,347

2,498,941

9.50%,

07/15/28

............

6,719

7,331,773

Seagate

HDD

Cayman

(a)

8.25%,

12/15/29

............

USD

5,088

5,314,264

8.50%,

07/15/31

............

5,057

5,303,225

9.63%,

12/01/32

............

11,980

13,219,187

Select

Medical

Corp.,

6.25%

,

08/15/26

(a)

................

20,542

20,189,175

Sempra

Energy,

3.70%

,

04/01/29

...

5,806

5,302,861

Service

Properties

Trust

4.35%,

10/01/24

............

4,105

3,949,909

4.50%,

03/15/25

............

2,878

2,718,674

7.50%,

09/15/25

............

8,341

8,190,837

5.50%,

12/15/27

............

1,318

1,158,804

Sherwin-Williams

Co.

(The)

3.45%,

08/01/25

............

3,875

3,720,878

3.95%,

01/15/26

............

1,595

1,544,380

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Shire

Acquisitions

Investments

Ireland

DAC,

3.20%

,

09/23/26

........

USD

6,000

$

5,633,717

Silgan

Holdings,

Inc.,

3.25%

,

03/15/25

EUR

6,300

6,719,706

Sirius

XM

Radio,

Inc.,

5.00%

,

08/01/27

(a)

................

USD

1,302

1,207,983

Sitio

Royalties

Corp.,

11.08%

,

09/21/26

(b)(c)

...............

53,150

52,687,248

Southern

California

Edison

Co.

Series

D,

4.70%,

06/01/27

.....

9,800

9,633,211

5.30%,

03/01/28

............

5,525

5,524,388

2.85%,

08/01/29

............

3,800

3,319,858

2.75%,

02/01/32

............

11,150

9,324,977

5.95%,

11/01/32

............

4,925

5,154,990

Series

H,

3.65%,

06/01/51

.....

7,800

5,784,678

5.70%,

03/01/53

............

2,261

2,260,494

Southern

Co.

(The),

(5-Year

EUR

Swap

Annual

+

2.11%),

1.88%

,

09/15/81

(b)

EUR

47,749

40,687,057

Southern

Power

Co.,

1.85%

,

06/20/26

5,500

5,621,939

Spirit

AeroSystems,

Inc.

(a)

7.50%,

04/15/25

............

USD

19,396

19,165,374

9.38%,

11/30/29

............

2,225

2,382,029

Sprint

LLC,

7.88%

,

09/15/23

......

28,192

28,260,084

Sprint

Spectrum

Co.

LLC

(a)

4.74%,

03/20/25

............

5,363

5,292,624

5.15%,

03/20/28

............

1,753

1,734,249

State

Street

Corp.

(b)

(1-day

SOFR

+

0.56%),

1.68%,

11/18/27

...............

7,050

6,286,409

(3-mo.

LIBOR

USD

+

1.00%),

6.55%,

06/15/47

..........

21,748

17,841,672

Steel

Dynamics,

Inc.,

3.45%

,

04/15/30

20,575

18,279,378

Stellantis

NV,

3.38%

,

07/07/23

(d)

....

EUR

4,110

4,484,769

Stem,

Inc.,

0.50%

,

12/01/28

(a)(n)

....

USD

1,234

708,580

Summer

BC

Bidco

B

LLC,

5.50%

,

10/31/26

(a)

................

875

735,000

SUN

Country

Marine,

Inc.,

Series

2019-

1C,

7.00%

,

12/15/23

(c)

........

3,123

3,095,953

Sun

Country,

Inc.

(c)

Series

2019-1B,

4.70%,

12/15/25

3,329

3,196,038

Series

2022-1A,

4.84%,

03/15/31

8,194

7,887,199

Sunoco

LP

5.88%,

03/15/28

............

3,502

3,367,613

4.50%,

04/30/30

............

8,738

7,639,172

Tap

Rock

Resources

LLC,

7.00%

,

10/01/26

(a)

................

3,035

3,126,050

Targa

Resources

Corp.,

6.50%

,

02/15/53

.................

6,738

6,881,044

Taylor

Morrison

Communities,

Inc.,

5.88%

,

06/15/27

(a)

...........

4,828

4,742,013

TEGNA,

Inc.

4.63%,

03/15/28

............

1,083

955,747

5.00%,

09/15/29

............

4,796

4,137,708

Tenet

Healthcare

Corp.

4.25%,

06/01/29

............

34,027

30,740,924

4.38%,

01/15/30

............

17,771

16,036,469

6.13%,

06/15/30

............

6,609

6,514,491

Texas

Capital

Bank

NA,

(3-mo.

LIBOR

USD

+

4.50%),

10.04%

,

09/30/24

(a)(b)

24,145

22,776,149

Thermo

Fisher

Scientific

Finance

I

BV,

0.00%

,

11/18/25

............

EUR

4,400

4,376,213

T-Mobile

USA,

Inc.

1.50%,

02/15/26

............

USD

10,546

9,529,336

3.75%,

04/15/27

............

8,000

7,572,845

2.05%,

02/15/28

............

5,298

4,593,820

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

60

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

2.40%,

03/15/29

............

USD

8,314

$

7,145,930

3.38%,

04/15/29

............

27,510

24,842,848

3.88%,

04/15/30

............

20,395

18,789,273

2.88%,

02/15/31

............

8,400

7,100,187

3.50%,

04/15/31

............

6,225

5,492,930

2.70%,

03/15/32

............

8,275

6,835,401

Topaz

Solar

Farms

LLC,

5.75%

,

09/30/39

(a)

................

9,735

9,545,527

Toyota

Motor

Credit

Corp.

4.45%,

05/18/26

............

10,000

9,851,947

3.05%,

03/22/27

............

2,414

2,260,772

Transocean

Titan

Financing

Ltd.,

8.38%

,

02/01/28

(a)

...........

2,888

2,949,370

Transocean,

Inc.,

8.75%

,

02/15/30

(a)

.

3,032

3,077,480

Tri

Pointe

Homes,

Inc.

5.25%,

06/01/27

............

11,685

11,053,479

5.70%,

06/15/28

............

562

542,892

Tyson

Foods,

Inc.,

3.95%

,

08/15/24

.

12,000

11,777,928

UGI

International

LLC,

2.50%

,

12/01/29

(d)

................

EUR

3,036

2,593,802

Union

Pacific

Corp.

3.70%,

03/01/29

............

USD

4,150

3,960,639

2.40%,

02/05/30

............

2,215

1,924,966

4.95%,

05/15/53

............

3,940

3,921,446

United

Wholesale

Mortgage

LLC,

5.50%

,

11/15/25

(a)

...........

16,105

15,324,027

UnitedHealth

Group,

Inc.

3.38%,

04/15/27

............

8,090

7,684,083

3.88%,

12/15/28

............

8,171

7,827,742

4.25%,

01/15/29

............

30,000

29,146,385

2.30%,

05/15/31

............

10,840

9,165,782

4.20%,

05/15/32

............

8,300

7,923,693

5.35%,

02/15/33

............

34,085

35,417,906

Uniti

Group

LP,

10.50%

,

02/15/28

(a)

..

15,123

15,002,979

Vantage

Drilling

International,

9.50%

,

02/15/28

(a)

................

9,053

8,888,869

Venture

Global

LNG,

Inc.,

8.13%

,

06/01/28

(a)

................

36,166

36,731,445

Verizon

Communications,

Inc.

4.07%,

06/18/24

............

GBP

1,293

1,612,568

2.63%,

08/15/26

............

USD

878

816,135

4.13%,

03/16/27

............

4,800

4,660,525

2.10%,

03/22/28

............

8,000

7,027,782

1.13%,

11/03/28

............

GBP

4,900

4,829,272

3.88%,

02/08/29

............

USD

5,000

4,689,427

4.02%,

12/03/29

............

2,075

1,942,789

3.15%,

03/22/30

............

12,450

11,062,928

1.68%,

10/30/30

............

13,225

10,440,900

2.55%,

03/21/31

............

30,538

25,497,184

2.36%,

03/15/32

............

8,300

6,675,560

4.50%,

08/10/33

............

10,000

9,436,533

1.13%,

09/19/35

............

EUR

1,823

1,415,078

Vertiv

Group

Corp.,

4.13%

,

11/15/28

(a)

USD

7,009

6,314,924

Viasat,

Inc.

(a)

5.63%,

09/15/25

............

985

954,455

5.63%,

04/15/27

............

11,391

10,635,321

VICI

Properties

LP

5.63%,

05/01/24

(a)

...........

6,773

6,731,249

3.50%,

02/15/25

(a)

...........

12,437

11,883,580

4.50%,

09/01/26

(a)

...........

434

410,008

4.25%,

12/01/26

(a)

...........

6,271

5,866,403

5.75%,

02/01/27

(a)

...........

4,419

4,324,964

3.75%,

02/15/27

(a)

...........

8,266

7,582,697

3.88%,

02/15/29

(a)

...........

5,000

4,387,813

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

4.63%,

12/01/29

(a)

...........

USD

5,361

$

4,867,091

4.95%,

02/15/30

............

7,775

7,293,572

4.13%,

08/15/30

(a)

...........

10,119

8,909,071

5.13%,

05/15/32

............

12,876

12,047,355

5.63%,

05/15/52

............

4,700

4,186,760

Vistra

Operations

Co.

LLC

(a)

3.55%,

07/15/24

............

19,463

18,797,493

5.13%,

05/13/25

............

9,423

9,187,010

5.00%,

07/31/27

............

4,883

4,570,571

VMware,

Inc.

4.65%,

05/15/27

............

7,659

7,441,445

4.70%,

05/15/30

............

26,083

24,892,192

2.20%,

08/15/31

............

4,150

3,261,070

Walt

Disney

Co.

(The)

1.75%,

08/30/24

............

7,600

7,283,581

2.00%,

09/01/29

............

14,615

12,442,315

3.80%,

03/22/30

............

4,150

3,921,854

Warnermedia

Holdings,

Inc.,

6.41%

,

03/15/26

.................

2,588

2,590,140

Washington

Mutual

Bank

(b)(c)(g)(p)

0.00%,

09/21/17

(m)

..........

15,753

2

0.00%,

09/21/17

............

25,126

2

Washington

Mutual

Escrow

Bonds

(c)(g)(p)

0.00%,

11/06/09

............

45,161

112,903

0.00%,

09/19/17

(m)

..........

2,631

—

Washington

Mutual,

Inc.,

0.00%

,

10/03/17

(b)(c)(g)(p)

.............

14,745

1

Waste

Management,

Inc.

1.15%,

03/15/28

............

12,000

10,204,946

2.00%,

06/01/29

............

4,000

3,421,913

Weekley

Homes

LLC,

4.88%

,

09/15/28

(a)

................

3,099

2,789,162

Wells

Fargo

&

Co.

(b)

(Sterling

Overnight

Index

Average

+

1.28%),

3.47%,

04/26/28

(d)

...

GBP

11,300

12,582,325

(1-day

SOFR

+

1.98%),

4.81%,

07/25/28

...............

USD

11,604

11,342,017

(3-mo.

EURIBOR

+

1.85%),

1.74%,

05/04/30

(d)

..............

EUR

19,700

18,355,594

(1-day

SOFR

+

1.26%),

2.57%,

02/11/31

...............

USD

10,000

8,466,897

Wells

Fargo

Bank

NA,

5.25%

,

08/01/23

(d)

................

GBP

16,100

20,421,728

Welltower

OP

LLC

4.25%,

04/15/28

............

USD

7,400

6,962,198

2.05%,

01/15/29

............

7,945

6,604,859

2.75%,

01/15/32

............

15,000

12,120,722

Western

Digital

Corp.,

1.50%

,

02/01/24

(e)(n)

...............

17,400

16,869,300

WMG

Acquisition

Corp.,

2.25%

,

08/15/31

(d)

................

EUR

2,330

2,010,479

Workday,

Inc.,

3.70%

,

04/01/29

....

USD

11,600

10,757,335

WRKCo,

Inc.,

3.90%

,

06/01/28

.....

10,557

9,835,528

Wynn

Las

Vegas

LLC

(a)

5.50%,

03/01/25

............

6,417

6,313,282

5.25%,

05/15/27

............

1,624

1,538,338

Wynn

Resorts

Finance

LLC,

5.13%

,

10/01/29

(a)

................

8,102

7,260,958

Xerox

Holdings

Corp.,

5.00%

,

08/15/25

(a)

................

30,255

28,562,684

XHR

LP

(a)

6.38%,

08/15/25

............

2,317

2,274,321

4.88%,

06/01/29

............

3,000

2,572,500

5,927,635,350

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

61

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Zambia

—

0.0%

First

Quantum

Minerals

Ltd.

(a)

7.50%,

04/01/25

............

USD

5,930

$

5,909,067

6.88%,

03/01/26

............

6,210

6,087,353

6.88%,

10/15/27

............

700

678,909

8.63%,

06/01/31

............

1,000

1,020,000

13,695,329

Total

Corporate

Bonds

—

33.1%

(Cost:

$12,390,502,359)

...........................

11,823,442,857

Floating

Rate

Loan

Interests

Canada

—

0.0%

WestJet

Airlines

Ltd.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.00%),

8.25%

,

 12/11/26

(b)

.....

6

5,489

European

Union

—

0.1%

Project

Casavo,

Term

Loan,

(3-mo.

EURIBOR

+

0.00%),

0.00%

-

6.48%

,

 12/05/26

(b)(c)

..........

EUR

30,264

32,488,576

France

—

0.0%

Tarkett

Participation,

Facility

Term

Loan

B,

(6-mo.

EURIBOR

+

3.70%),

7.63%

,

 04/21/28

(b)

...........

1,888

1,878,489

Germany

—

0.0%

(b)

Tele

Columbus

AG,

Facility

Term

Loan

A3,

(6-mo.

EURIBOR

+

3.50%),

7.43%

,

 10/15/24

(c)

...........

3,100

2,232,595

Wittur

Holding

GmbH,

Facility

1st

Lien

Term

Loan

B,

(6-mo.

EURIBOR

+

4.50%),

7.44%

,

 10/02/26

......

7,200

5,462,565

7,695,160

Jersey,

Channel

Islands

—

0.1%

(b)(c)

New

Look

Corp.

Ltd.,

Term

Loan

(2-mo.

LIBOR

USD

+

0.00%),

16.50%, 11/10/27

.........

GBP

251

255,242

(1-mo.

LIBOR

GBP

+

0.00%),

0.00%, 11/09/29

..........

161

4,089

Vita

Global

Finco

Ltd.,

Additional

Facility,

(6-mo.

LIBOR

GBP

+

7.00%),

11.99%

,

 07/06/27

......

7,644

9,076,274

Vita

Global

Finco

Ltd.,

Facility

B,

(6-mo.

EURIBOR

+

0.00%),

9.44%

,

 09/23/27

............

EUR

12,739

12,962,663

22,298,268

Luxembourg

—

0.1%

(b)

AEA

International

Holdings

(Luxembourg)

SARL,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.31%

,

 09/07/28

(c)

...........

USD

7,298

7,270,302

Luxembourg

Life

Fund

II

-

Absolute

Return

Fund

III,

Term

Loan

(3-mo.

CME

Term

SOFR

+

9.25%),

14.75%, 05/27/26

(c)

........

20,814

20,685,054

Rainbow

UK

Holdco

Ltd.,

Facility

Term

Loan

B2,

(6-mo.

EURIBOR

+

3.75%),

6.95%

,

 02/24/29

......

EUR

2,600

2,725,167

30,680,523

Security

Par

(000)

Par

(000)

Value

Mexico

—

0.0%

Credito

Real

SAB

de

CV

SOFOM

ER,

Term

Loan

A,

(3-mo.

LIBOR

USD

+

3.75%),

0.00%

,

 02/21/24

(b)(c)(g)(p)

..

USD

2,240

$

291,200

Netherlands

—

0.0%

(b)

Columbus

Finance

BV,

Facility

Term

Loan

B,

(3-mo.

EURIBOR

+

3.75%),

7.35%

,

 01/01/38

............

EUR

5,600

4,968,260

Median

BV,

Facility

Term

Loan

B1,

(3-mo.

EURIBOR

+

4.93%),

8.52%

,

 10/14/27

............

7,000

7,044,514

12,012,774

Spain

—

0.2%

(b)(c)

Challenger,

Term

Loan,

(1-

mo.

EURIBOR

+

0.00%),

6.18%

,

 12/19/24

............

32,034

34,431,036

Galapagos,

Term

Loan,

(3-

mo.

EURIBOR

+

0.00%),

3.90%

,

 01/01/28

............

32,244

35,406,753

69,837,789

United

Kingdom

—

0.3%

(b)

CML

Project

Horizons,

Term

Loan,

(3-mo.

LIBOR

GBP

+

4.34%),

8.70%

,

 06/05/26

(c)

...........

GBP

30,990

39,172,095

Connect

Finco

SARL,

Term

Loan,

(1-mo.

LIBOR

USD

at

1.00%

Floor

+

3.50%),

8.70%

,

 12/11/26

.......

USD

16,192

16,166,573

Mercia,

Term

Loan

A1,

(3-mo.

LIBOR

GBP

+

2.40%),

6.53%

,

 04/09/25

(c)

GBP

9,371

11,796,898

Mercia,

Term

Loan

A2,

(3-mo.

LIBOR

GBP

+

2.40%),

6.53%

,

 04/09/25

(c)

28,574

35,970,028

Mercia,

Term

Loan

B1,

(3-mo.

LIBOR

GBP

+

2.40%),

6.53%

,

 04/09/25

(c)

1,646

2,071,993

Misys

Ltd.,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

at

1.00%

Floor

+

3.00%),

6.60%

,

 06/13/24

............

EUR

5,369

5,518,214

Virgin

Media

SFA

Finance

Ltd.,

Facility

Term

Loan

M,

(1-mo.

LIBOR

GBP

+

3.25%),

8.23%

,

 11/15/27

.......

GBP

5,100

6,152,502

116,848,303

United

States

—

2.9%

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

(b)

(1-mo.

CME

Term

SOFR

+

3.75%),

8.94%, 02/02/26

..........

USD

8,166

7,894,720

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

9.90%, 02/02/26

3,274

3,193,791

Allied

Universal

Holdco

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.95%

,

 05/12/28

(b)

...........

7,369

7,152,118

Alorica,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

6.88%),

11.98%

,

 12/21/27

(b)(c)

....

22,622

22,338,731

Altar

BidCo,

Inc.,

2nd

Lien

Term

Loan,

(12-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.60%),

10.49%

,

 02/01/30

(b)

20,953

18,399,283

American

Auto

Auction

Group

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.24%

,

 12/30/27

(b)(c)

.........

3,194

2,969,969

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

62

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

American

Rock

Salt

Co.

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.22%

,

 06/09/28

(b)

...........

USD

2,345

$

2,192,674

AMF

MF

Portfolio,

Term

Loan,

6.67%

,

 11/06/28

(c)(r)

..........

4,446

4,418,216

Apex

Tool

Group

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

10.44%

,

 02/08/29

(b)

..........

13,599

12,554,863

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

LIBOR

USD

at

0.75%

Floor

+

4.00%),

9.19%

,

 11/24/27

(b)

...........

4,848

4,669,891

Athenahealth

Group,

Inc.,

Delayed

Draw

Term

Loan,

02/15/29

(b)(s)

...

189

181,940

Athenahealth

Group,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.59%

,

 02/15/29

(b)

1,537

1,477,292

Avaya,

Inc.,

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

+

10.00%),

0.00%

,

 12/15/27

(b)

...........

959

239,716

Bakelite

US

Holdco,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.39%

,

 05/29/29

(b)

15,197

14,906,154

Bally's

Corp.,

Facility

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.40%

,

 10/02/28

(b)

29,995

29,275,935

BCPE

North

Star

US

Holdco

2,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.54%

,

 06/09/28

(b)

...........

10,080

9,223,337

Caliber

Home

Loans,

Term

Loan,

(1-mo.

LIBOR

USD

+

0.00%),

8.43%

,

 07/15/26

(b)(c)

..........

50,380

50,128,100

Centuri

Group,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.72%

,

 08/27/28

(b)(j)

.....

—

(f)

265

City

Brewing

Co.

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.76%

,

 04/05/28

(b)

...........

3,937

2,539,389

CML

Hyatt

Lost

Pines,

Term

Loan,

(1-mo.

LIBOR

USD

at

1.00%

Floor

+

0.00%),

8.32%

,

 09/09/24

(b)(c)

....

25,700

25,188,308

CML

La

Quinta

Resort,

Term

Loan,

(1-mo.

LIBOR

USD

+

0.00%),

0.00%

-

8.17%

,

 10/25/24

(b)(c)

.........

21,774

21,110,024

CML

Lake

Tahoe

Resort

Hotel,

Term

Loan,

(1-mo.

LIBOR

USD

+

0.00%),

0.00%

-

8.06%

,

 12/09/24

(b)(c)

....

15,033

14,406,345

CML

Paradise

Plaza,

Term

Loan,

(3-mo.

LIBOR

USD

at

0.15%

Floor

+

0.00%),

0.00%

-

8.70%

,

 12/09/26

(b)(c)

24,586

23,845,120

CML

ST

Regis

Aspen,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.10%

Floor

+

0.00%),

0.00%

-

7.96%

,

 02/07/25

(b)(c)

..........

30,748

29,610,924

CML

Terranea

Resort,

Term

Loan,

(1-mo.

LIBOR

USD

+

0.00%),

0.00%

,

 01/01/30

(b)(c)

..........

16,500

16,500,000

CML

Trigrams,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

0.00%),

7.75%

,

 09/15/23

(b)(c)

..........

48,970

48,764,760

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Colorado

Plaza,

Term

Loan,

(1-mo.

LIBOR

USD

+

0.00%),

0.00%

-

14.75%

,

 11/15/23

(b)(c)(g)(p)

.......

USD

15,894

$

7,981,118

Conair

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.29%

,

 05/17/28

(b)

...........

2,297

2,159,828

ConnectWise

LLC,

Term

Loan,

(1-mo.

LIBOR

USD

at

0.50%

Floor

+

3.50%),

8.69%

,

 09/29/28

(b)

.....

12,713

12,355,894

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.50%

,

 04/12/28

(b)

...........

11,549

11,036,468

Coty,

Inc.,

Term

Loan

B,

(1-mo.

EURIBOR

+

2.50%),

2.50%

-

5.75%

,

 04/07/25

(b)

...........

EUR

2,254

2,451,074

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.95%

,

 10/02/28

(b)

...........

USD

1,723

1,596,067

CP

Iris

Holdco

I,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan,

10/02/28

(b)(s)

....

298

276,344

DirecTV

Financing

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.22%

,

 08/02/27

(b)

8,402

8,204,540

DRI

Holding,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

10.45%

,

 12/21/28

(b)

6,235

5,580,392

DS

Parent,

Inc.,

Term

Loan

B,

(6-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.75%),

11.34%

,

 12/10/28

(b)

.....

9,373

9,091,834

ECL

Entertainment

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.50%),

12.72%

,

 05/01/28

(b)

11,865

11,894,806

EIS

Group,

Ltd.,

Term

Loan

(b)(c)

12.10%, 07/10/28

...........

2,892

2,845,010

12.10%, 07/10/28

...........

28,919

28,450,095

Emerald

Technologies

US

AcquisitionCo.,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

11.66%

,

 12/29/27

(b)(c)

7,737

7,350,536

Fertitta

Entertainment

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.10%

,

 01/27/29

(b)

15,258

15,038,417

Flexsys

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.25%),

10.75%

,

 11/01/28

(b)

..........

4,498

4,063,235

Galaxy

Brands,

Delayed

Draw

Term

Loan,

(1-mo.

LIBOR

USD

at

1.00%

Floor

+

0.00%),

10.82%

,

 06/24/27

(b)

(c)

......................

6,122

6,099,222

Galaxy

Universal

LLC,

Term

Loan,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

0.00%),

10.98%

,

 11/12/26

(b)(c)

....

28,089

27,105,668

GoTo

Group,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

LIBOR

USD

+

4.75%),

9.94%

,

 08/31/27

(b)

...........

26,697

16,596,629

Green

Plains

Operating

Co.

LLC,

Term

Loan,

(3-mo.

LIBOR

USD

+

0.00%),

11.29%

,

 07/20/26

(b)(c)

.........

23,920

24,070,696

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

63

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Helix

Gen

Funding

LLC,

Term

Loan,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

3.75%),

9.29%

,

 06/03/24

(b)(j)

.....

USD

950

$

942,761

Herschend

Entertainment

Co.

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.97%

,

 08/27/28

(b)

...........

3,737

3,740,049

Hilton

Washington

Dupont

Hotel,

Term

Loan,

(1-mo.

LIBOR

USD

at

1.00%

Floor

+

0.00%),

7.67%

,

 04/01/24

(b)(c)

30,379

29,292,829

Houston

Center,

Term

Loan,

(1-mo.

LIBOR

USD

+

0.00%),

7.27%

,

 01/24/24

(b)(c)

..........

30,825

24,498,609

HRNI

Holdings

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

9.44%

,

 12/11/28

(b)

34,460

33,139,004

Hydrofarm

Holdings

Group,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

10.72%

,

 10/25/28

(b)(c)

.........

4,470

3,665,343

Interface

Security

LLC,

Term

Loan,

(1-mo.

LIBOR

USD

at

1.75%

Floor

+

7.00%),

12.20%

,

 08/07/23

(b)(c)

...

14,253

12,720,722

J&J

Ventures

Gaming

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.54%

,

 04/26/28

(b)

7,951

7,853,698

Jack

Ohio

Finance

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

9.97%

,

 10/04/28

(b)

6,076

5,844,157

Kronos

Acquisition

Holdings,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.00%),

11.38%

,

 12/22/26

(b)

..........

3,312

3,241,693

Maverick

Gaming

LLC,

Facility

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

12.98%

,

 09/03/26

(b)(c)

.........

5,501

4,208,342

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

7.00%),

12.36%

,

 11/01/29

(b)

..........

3,210

2,836,838

Medline

Borrower

LP,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.47%

,

 10/23/28

(b)

41,891

41,380,089

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

11.34%

,

 01/24/30

(b)

943

742,613

Nielsen

Consumer,

Inc.

Term

Loan

B,

03/06/28

(b)(s)

...............

EUR

7,300

7,575,438

OD

Intermediate

SUBI

Holdco

II

LLC,

Term

Loan,

10.00%

,

 04/01/26

(c)(r)

.

USD

35,827

33,821,044

Olaplex,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.70%

,

 02/23/29

(b)

.....

12,678

11,822,561

Park

Avenue

Tower,

Term

Loan,

(1-mo.

LIBOR

USD

+

0.00%),

0.00%

-

7.92%

,

 03/09/24

(b)(c)

..........

42,152

38,970,878

Park

River

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.52%

,

 12/28/27

(b)

...........

2,089

1,998,689

ProFrac

Holdings

II

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.25%),

12.78%

,

 03/04/25

(b)

10,871

10,871,289

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Quartz

AcquireCo

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.59%

,

 06/28/30

(b)(c)

USD

7,893

$

7,883,134

Redstone

HoldCo

2

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.01%

,

 04/27/28

(b)

..........

22,968

19,048,941

Redstone

HoldCo

2

LP,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.75%),

13.04%

,

 04/27/29

(b)

..........

10,460

6,380,600

Robertshaw

U.S.

Holding

Corp.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

8.00%),

13.34%

,

 02/28/27

(b)(c)

.........

4,760

1,047,200

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.19%

,

 03/16/27

(b)

...........

11,315

11,134,645

Shearer's

Foods

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.72%

,

 09/23/27

(b)

...........

1,569

1,547,095

Sheraton

Austin,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.00%),

0.00%

-

8.52%

,

 06/01/24

(b)(c)

22,436

21,545,976

Signal

Parent,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.70%

,

 04/03/28

(b)

.....

6,201

5,002,085

Sonder

Corp.,

0.00% 01/19/27

(b)(c)

...

38,190

33,416,351

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.22%

,

 10/06/28

(b)

...........

3,967

3,199,214

The

Vinoy

St.

Petersburg,

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.39%

Floor

+

0.00%),

0.00%

-

7.72%

,

 06/09/24

(b)(c)

..........

26,834

25,554,713

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.49%

,

 03/31/28

(b)

...........

4,145

4,000,846

Vaca

Morada,

Term

Loan,

(3-mo.

LIBOR

USD

+

0.00%),

0.00%

-

3.00%

,

 03/25/24

(b)(c)

..........

11,172

11,143,991

Vaco

Holdings

LLC,

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.59%

,

 01/21/29

(b)

.....

7,685

6,998,164

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.95%

,

 12/21/27

(b)

...........

3,225

3,151,967

1,017,651,306

Total

Floating

Rate

Loan

Interests

—

3.7%

(Cost:

$1,394,624,254)

...........................

1,311,687,877

Foreign

Agency

Obligations

Argentina

—

0.0%

YPF

SA

6.95%,

07/21/27

(d)

...........

4,000

3,240,000

8.50%,

06/27/29

(d)

...........

1,291

1,089,100

7.00%,

09/30/33

(b)(d)(e)

.........

5,545

4,100,218

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

64

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Argentina

(continued)

7.00%,

12/15/47

(a)

...........

USD

4,456

$

3,032,665

11,461,983

Chile

—

0.1%

Empresa

Nacional

del

Petroleo

3.75%,

08/05/26

(d)

...........

12,397

11,731,529

6.15%,

05/10/33

(a)

...........

1,955

1,949,507

13,681,036

Colombia

—

0.2%

Ecopetrol

SA

5.88%,

09/18/23

............

4,000

3,986,000

4.13%,

01/16/25

............

4,682

4,482,781

8.63%,

01/19/29

............

27,700

27,713,850

6.88%,

04/29/30

............

24,501

22,238,333

8.88%,

01/13/33

............

22,763

22,439,196

5.88%,

05/28/45

............

2,385

1,618,580

82,478,740

Finland

—

0.0%

Finnair

OYJ,

4.25%

,

05/19/25

(d)

....

EUR

2,625

2,663,892

France

—

0.3%

Electricite

de

France

SA

(d)

(6-Year

EUR

Swap

Annual

+

3.44%),

4.00%

(b)(o)

.........

10,300

10,882,286

(12-Year

EUR

Swap

Annual

+

3.79%),

5.38%

(b)(o)

.........

11,000

11,703,120

(12-Year

EUR

Swap

Annual

+

3.04%),

5.00%

(b)(o)

.........

900

924,383

(13-Year

GBP

Swap

Semi

+

4.23%),

6.00%

(b)(o)

...............

GBP

7,300

8,405,274

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.37%),

2.88%

(b)(o)

.........

EUR

5,400

5,011,825

(5-Year

EUR

Swap

Annual

+

3.20%),

3.00%

(b)(o)

.........

1,000

921,846

6.25%,

05/30/28

............

GBP

15,600

19,453,125

(5-Year

EUR

Swap

Annual

+

4.86%),

7.50%

(b)(o)

.........

EUR

8,200

9,080,662

(BPISDS15

+

3.32%),

5.88%

(b)(o)

.

GBP

3,000

3,131,363

(5-Year

EUR

Swap

Annual

+

3.97%),

3.38%

(b)(o)

.........

EUR

7,600

6,350,705

4.25%,

01/25/32

............

12,700

13,691,387

89,555,976

Hungary

—

0.0%

MFB

Magyar

Fejlesztesi

Bank

Zrt.,

6.50%

,

06/29/28

(d)

...........

USD

6,610

6,541,587

India

—

0.0%

Power

Finance

Corp.

Ltd.,

4.50%

,

06/18/29

(d)

................

1,500

1,393,035

Indonesia

—

0.0%

(d)

Bank

Mandiri

Persero

Tbk.

PT,

5.50%

,

04/04/26

.................

380

378,617

Pertamina

Persero

PT,

3.65%

,

07/30/29

8,043

7,419,828

7,798,445

Ireland

—

0.0%

AIB

Group

plc

(b)(d)(o)

(5-Year

EUR

Swap

Annual

+

5.70%),

5.25%

...........

EUR

8,825

8,982,715

(5-Year

EUR

Swap

Annual

+

6.63%),

6.25%

...........

3,229

3,320,504

12,303,219

Security

Par

(000)

Par

(000)

Value

Italy

—

0.1%

(d)

A2A

SpA,

4.50%

,

09/19/30

.......

EUR

6,153

$

6,740,406

Banca

Monte

dei

Paschi

di

Siena

SpA,

(3-mo.

EURIBOR

+

3.21%),

6.75%

,

03/02/26

(b)

................

8,755

9,553,456

Poste

Italiane

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.68%),

2.63%

(b)(o)

3,860

3,190,614

19,484,476

Mexico

—

0.4%

Comision

Federal

de

Electricidad,

4.88%

,

01/15/24

(d)

...........

USD

14,519

14,348,692

Petroleos

Mexicanos

4.88%,

01/18/24

............

10,000

9,786,250

4.25%,

01/15/25

............

2,147

2,023,097

6.88%,

08/04/26

............

51,105

47,463,769

6.50%,

03/13/27

............

4,279

3,797,613

8.75%,

06/02/29

............

23,549

21,115,211

5.95%,

01/28/31

............

5,135

3,741,515

6.70%,

02/16/32

............

14,062

10,672,355

5.50%,

06/27/44

............

5,383

3,088,496

6.75%,

09/21/47

............

7,332

4,581,693

6.35%,

02/12/48

............

13,040

7,858,686

Series

13-2,

7.19%,

09/12/24

...

MXN

2,306

12,484,091

140,961,468

Morocco

—

0.0%

OCP

SA

(d)

4.50%,

10/22/25

............

USD

7,000

6,767,110

5.13%,

06/23/51

............

2,568

1,865,934

8,633,044

Netherlands

—

0.0%

TenneT

Holding

BV,

(5-Year

EUR

Swap

Annual

+

2.72%),

2.37%

(b)(d)(o)

....

EUR

5,400

5,532,355

Norway

—

0.0%

Equinor

ASA,

1.38%

,

05/22/32

(d)

....

3,860

3,493,072

Oman

—

0.0%

OQ

SAOC,

5.13%

,

05/06/28

(a)

.....

USD

1,712

1,619,877

Panama

—

0.0%

Aeropuerto

Internacional

de

Tocumen

SA,

5.13%

,

08/11/61

(a)

........

1,712

1,316,254

Peru

—

0.0%

Corp.

Financiera

de

Desarrollo

SA,

4.75%

,

07/15/25

(d)

...........

4,545

4,437,011

Poland

—

0.1%

Bank

Gospodarstwa

Krajowego,

5.38%

,

05/22/33

(a)

................

16,162

16,000,380

South

Korea

—

0.0%

Korea

National

Oil

Corp.

(d)

4.75%,

04/03/26

............

500

490,420

4.88%,

04/03/28

............

500

495,920

986,340

Supranational

—

0.0%

European

Union

(d)

Series

NGEU,

2.63%,

02/04/48

..

EUR

3,234

3,186,344

Series

NGEU,

3.00%,

03/04/53

..

5,417

5,611,501

8,797,845

Total

Foreign

Agency

Obligations

—

1.2%

(Cost:

$457,158,888)

.............................

439,140,035

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

65

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Foreign

Government

Obligations

Angola

—

0.0%

Republic

of

Angola,

8.75%

,

04/14/32

(a)

USD

9,675

$

8,136,094

Bahrain

—

0.0%

Kingdom

of

Bahrain

(d)

5.45%,

09/16/32

............

3,817

3,399,840

7.50%,

09/20/47

............

3,615

3,275,588

6,675,428

Benin

—

0.0%

Benin

Government

Bond

(d)

4.88%,

01/19/32

............

EUR

2,283

1,885,447

6.88%,

01/19/52

............

2,282

1,754,264

3,639,711

Brazil

—

0.1%

Federative

Republic

of

Brazil

10.00%,

01/01/25

...........

BRL

130

26,818,192

10.00%,

01/01/27

...........

68

14,182,427

41,000,619

Chile

—

0.0%

Republic

of

Chile,

4.34%

,

03/07/42

..

USD

6,163

5,467,814

China

—

0.1%

China

Development

Bank,

3.30%

,

02/01/24

.................

CNY

168,000

23,234,914

Colombia

—

0.4%

Republic

of

Colombia

4.50%,

01/28/26

............

USD

8,419

7,991,988

3.88%,

03/22/26

............

EUR

1,296

1,355,124

7.50%,

08/26/26

............

COP

195,000,000

43,798,266

3.88%,

04/25/27

............

USD

4,922

4,455,739

5.75%,

11/03/27

............

COP

160,046,300

32,988,808

7.00%,

03/26/31

............

73,771,400

14,875,907

3.13%,

04/15/31

............

USD

12,413

9,375,166

8.00%,

04/20/33

............

13,528

13,754,594

7.25%,

10/18/34

............

COP

72,332,000

13,932,517

4.13%,

05/15/51

............

USD

9,149

5,464,972

147,993,081

Costa

Rica

—

0.0%

Republic

of

Costa

Rica

(d)

6.13%,

02/19/31

............

10,199

10,115,674

6.55%,

04/03/34

............

2,756

2,761,237

12,876,911

Czech

Republic

—

0.4%

Czech

Republic

0.95%,

05/15/30

(d)

...........

CZK

171,640

6,274,265

5.00%,

09/30/30

............

1,830,830

86,867,918

1.20%,

03/13/31

............

911,580

33,156,504

4.20%,

12/04/36

(d)

...........

168,180

7,536,802

133,835,489

Dominican

Republic

—

0.2%

Dominican

Republic

Government

Bond

6.88%,

01/29/26

(d)

...........

USD

5,102

5,136,591

5.95%,

01/25/27

(d)

...........

7,170

7,010,969

4.50%,

01/30/30

(a)

...........

8,162

7,133,425

7.05%,

02/03/31

(a)

...........

2,446

2,436,509

4.88%,

09/23/32

(a)

...........

13,213

11,244,395

4.88%,

09/23/32

(d)

...........

19,444

16,547,039

5.30%,

01/21/41

(d)

...........

1,440

1,133,266

50,642,194

Security

Par

(000)

Par

(000)

Value

Egypt

—

0.1%

Arab

Republic

of

Egypt

5.25%,

10/06/25

(d)

...........

USD

2,153

$

1,634,170

6.38%,

04/11/31

(d)

...........

EUR

2,600

1,565,438

7.63%,

05/29/32

(d)

...........

USD

28,639

16,594,582

8.50%,

01/31/47

(d)

...........

3,050

1,615,341

8.50%,

01/31/47

(a)

...........

2,987

1,581,975

7.90%,

02/21/48

(d)

...........

3,180

1,627,937

7.50%,

02/16/61

(a)

...........

3,421

1,705,266

7.50%,

02/16/61

(d)

...........

15,000

7,477,050

33,801,759

El

Salvador

—

0.0%

Republic

of

El

Salvador,

7.65%

,

06/15/35

(d)

................

6,136

3,606,741

Gabon

—

0.0%

Gabon

Government

Bond,

7.00%

,

11/24/31

(d)

................

5,780

4,584,638

Germany

—

0.5%

Bundesrepublik

Deutschland

(d)

0.10%,

04/15/26

............

EUR

57,479

61,268,502

0.50%,

02/15/28

............

15,900

15,804,396

0.00%,

08/15/29

............

19,480

18,331,501

0.00%,

08/15/31

............

4,800

4,333,304

1.70%,

08/15/32

............

83,140

85,788,704

4.00%,

01/04/37

............

4,420

5,656,247

191,182,654

Ghana

—

0.0%

Republic

of

Ghana

(b)(d)(g)(p)

6.38%,

02/11/27

............

USD

1,805

776,655

7.63%,

05/16/29

............

7,974

3,382,651

8.63%,

04/07/34

............

1,805

766,872

8.95%,

03/26/51

............

1,805

743,101

5,669,279

Guatemala

—

0.1%

Republic

of

Guatemala

5.25%,

08/10/29

(a)

...........

2,943

2,798,558

5.25%,

08/10/29

(d)

...........

2,695

2,562,729

3.70%,

10/07/33

(d)

...........

5,374

4,323,329

6.60%,

06/13/36

(a)

...........

16,502

16,609,263

4.65%,

10/07/41

(a)

...........

4,095

3,268,916

29,562,795

Hong

Kong

—

0.0%

Hong

Kong

Government

International

Bond

(d)

4.50%,

01/11/28

............

850

853,417

4.63%,

01/11/33

............

425

438,732

5.25%,

01/11/53

............

200

225,492

1,517,641

Hungary

—

0.0%

Hungary

Government

Bond

5.38%,

03/25/24

............

1,002

997,992

5.25%,

06/16/29

(a)

...........

5,978

5,806,790

5.50%,

06/16/34

(d)

...........

7,500

7,266,525

14,071,307

India

—

0.0%

Indian

Railway

Finance

Corp.

Ltd.,

3.25%

,

02/13/30

(d)

...........

638

560,190

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

66

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Indonesia

—

0.8%

Bank

Negara

Indonesia

Persero

Tbk.

PT,

3.75%

,

03/30/26

(d)

........

USD

1,980

$

1,824,847

Perusahaan

Penerbit

SBSN

Indonesia

III,

4.40%

,

06/06/27

(a)

.........

3,966

3,903,100

Republic

of

Indonesia

4.55%,

01/11/28

............

475

467,201

4.10%,

04/24/28

............

6,806

6,556,084

6.38%,

08/15/28

............

IDR

248,266,000

16,865,694

9.00%,

03/15/29

............

117,321,000

8,913,031

8.25%,

05/15/29

............

179,715,000

13,191,687

6.38%,

04/15/32

............

586,734,000

39,272,141

4.85%,

01/11/33

............

USD

500

498,595

7.00%,

02/15/33

............

IDR

535,700,000

37,624,952

8.25%,

05/15/36

............

479,511,000

36,800,765

7.50%,

05/15/38

............

294,733,000

21,221,562

7.13%,

06/15/38

............

1,033,319,000

73,195,583

6.75%,

01/15/44

(d)

...........

USD

5,843

6,846,827

5.65%,

01/11/53

............

400

418,180

267,600,249

Ivory

Coast

—

0.1%

Republic

of

Cote

d'Ivoire

(d)

6.38%,

03/03/28

............

11,954

11,493,891

5.88%,

10/17/31

............

EUR

1,856

1,690,531

4.88%,

01/30/32

............

1,665

1,412,327

6.13%,

06/15/33

............

USD

14,273

12,460,186

6.88%,

10/17/40

............

EUR

1,660

1,373,832

6.63%,

03/22/48

............

1,845

1,422,431

29,853,198

Jamaica

—

0.0%

Jamaica

Government

Bond,

6.75%

,

04/28/28

.................

USD

3,408

3,556,180

Jordan

—

0.1%

Hashemite

Kingdom

of

Jordan

(d)

4.95%,

07/07/25

............

2,506

2,421,573

5.85%,

07/07/30

............

15,236

13,902,545

16,324,118

Kenya

—

0.0%

Republic

of

Kenya,

8.00%

,

05/22/32

(d)

15,652

13,186,027

Mexico

—

2.1%

United

Mexican

States

0.00%,

11/28/24

(m)

...........

MXN

250,000

126,471,534

0.00%,

01/23/25

(m)

..........

88,730

44,157,725

7.50%,

06/03/27

............

7,245

40,198,491

3.75%,

01/11/28

............

USD

5,536

5,264,348

8.50%,

05/31/29

............

MXN

32,934

190,365,590

2.66%,

05/24/31

............

USD

11,988

9,947,043

7.75%,

05/29/31

............

MXN

24,018

132,695,249

4.88%,

05/19/33

............

USD

2,369

2,260,358

7.50%,

05/26/33

............

MXN

22,540

121,384,260

6.35%,

02/09/35

............

USD

1,142

1,197,981

8.50%,

11/18/38

............

MXN

9,723

55,313,801

6.34%,

05/04/53

............

USD

9,730

9,905,140

739,161,520

Morocco

—

0.1%

Kingdom

of

Morocco

2.38%,

12/15/27

(d)

...........

812

708,145

5.95%,

03/08/28

(a)

...........

2,779

2,802,205

6.50%,

09/08/33

(a)

...........

18,006

18,512,689

6.50%,

09/08/33

(d)

...........

1,980

2,035,717

Security

Par

(000)

Par

(000)

Value

Morocco

(continued)

4.00%,

12/15/50

(d)

...........

USD

3,235

$

2,169,391

26,228,147

Nigeria

—

0.1%

Federal

Republic

of

Nigeria

8.38%,

03/24/29

(a)

...........

3,637

3,266,317

7.88%,

02/16/32

(d)

...........

15,219

12,721,714

7.63%,

11/28/47

(d)

...........

8,457

5,988,232

9.25%,

01/21/49

(d)

...........

3,820

3,151,424

25,127,687

Oman

—

0.1%

Oman

Government

Bond

(d)

6.50%,

03/08/47

............

7,174

6,666,081

6.75%,

01/17/48

............

8,603

8,246,233

14,912,314

Panama

—

0.1%

Republic

of

Panama

3.88%,

03/17/28

............

5,499

5,201,504

3.16%,

01/23/30

............

7,317

6,400,399

6.40%,

02/14/35

............

19,287

20,060,216

6.85%,

03/28/54

............

11,605

12,050,632

43,712,751

Paraguay

—

0.0%

Republic

of

Paraguay

(d)

5.60%,

03/13/48

............

6,087

5,334,951

5.40%,

03/30/50

............

4,023

3,446,062

8,781,013

Peru

—

0.0%

Republic

of

Peru

2.78%,

01/23/31

............

5,557

4,757,959

1.86%,

12/01/32

............

10,590

8,132,485

12,890,444

Philippines

—

0.0%

Republic

of

Philippines,

2.65%

,

12/10/45

.................

1,702

1,141,565

Poland

—

0.0%

Republic

of

Poland

4.88%,

10/04/33

............

4,294

4,205,458

4.25%,

02/14/43

(d)

...........

EUR

3,388

3,626,114

5.50%,

04/04/53

............

USD

6,571

6,596,496

14,428,068

Romania

—

0.1%

Romania

Government

Bond

5.25%,

11/25/27

(a)

...........

5,955

5,806,304

2.13%,

03/07/28

(d)

...........

EUR

11,222

10,606,516

2.88%,

03/11/29

(d)

...........

6,183

5,854,613

2.50%,

02/08/30

(d)

...........

6,501

5,833,732

2.12%,

07/16/31

(d)

...........

7,422

6,116,522

34,217,687

Russia

—

0.0%

Russian

Federation,

6.10%

,

07/18/35

(b)

(g)(p)

.....................

RUB

1,479,489

5,537,752

Saudi

Arabia

—

0.1%

Kingdom

of

Saudi

Arabia

4.50%,

04/17/30

(d)

...........

USD

6,941

6,807,386

2.25%,

02/02/33

(d)

...........

5,153

4,146,722

5.00%,

01/18/53

(a)

...........

5,621

5,199,706

3.45%,

02/02/61

(d)

...........

17,250

12,104,670

28,258,484

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

67

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Senegal

—

0.0%

Republic

of

Senegal

(d)

4.75%,

03/13/28

............

EUR

1,427

$

1,339,687

6.25%,

05/23/33

............

USD

3,537

2,950,212

5.38%,

06/08/37

............

EUR

2,020

1,469,644

6.75%,

03/13/48

............

USD

2,285

1,631,650

7,391,193

South

Africa

—

0.4%

Republic

of

South

Africa

4.85%,

09/30/29

............

6,231

5,472,937

8.00%,

01/31/30

............

ZAR

1,398,787

65,655,209

8.25%,

03/31/32

............

222,483

9,945,966

5.88%,

04/20/32

............

USD

6,017

5,329,016

9.00%,

01/31/40

............

ZAR

1,001,991

40,880,933

8.75%,

01/31/44

............

180,318

7,021,830

5.00%,

10/12/46

............

USD

9,976

6,616,981

140,922,872

South

Korea

—

0.0%

Export-Import

Bank

of

Korea,

5.13%

,

01/11/33

..................

300

309,474

Spain

—

2.9%

Bonos

y

Obligaciones

del

Estado

(a)(d)

0.80%,

07/30/29

............

EUR

32,050

30,292,074

2.55%,

10/31/32

............

427,039

436,530,980

3.15%,

04/30/33

............

423,573

452,884,848

3.90%,

07/30/39

............

23,720

26,430,549

2.90%,

10/31/46

............

45,767

43,157,381

3.45%,

07/30/66

............

42,500

41,984,193

1,031,280,025

Sri

Lanka

—

0.0%

Democratic

Socialist

Republic

of

Sri

Lanka

(b)(d)(g)(p)

6.85%,

03/14/24

............

USD

4,398

1,925,620

6.35%,

06/28/24

............

1,930

852,597

6.83%,

07/18/26

............

1,000

455,600

3,233,817

Ukraine

—

0.1%

Ukraine

Government

Bond

(b)

7.75%,

09/01/25

(d)(g)(p)

.........

3,394

851,555

8.99%,

02/01/26

(d)(g)(p)

.........

6,102

1,515,554

7.75%,

09/01/26

(d)(g)(p)

.........

3,663

872,197

7.75%,

09/01/28

(d)(g)(p)

.........

3,278

780,688

7.75%,

09/01/29

(d)(g)(p)

.........

14,930

3,545,278

4.38%,

01/27/32

(d)

...........

EUR

9,851

2,290,699

7.38%,

09/25/34

(a)(g)(p)

.........

USD

6,537

1,510,047

7.38%,

09/25/34

(d)(g)(p)

.........

27,200

6,283,200

7.25%,

03/15/35

(a)(g)(p)

.........

16,526

3,780,653

7.25%,

03/15/35

(d)(g)(p)

.........

37,470

8,572,012

7.75%,

08/01/41

(d)(g)(p)

.........

12,895

5,138,657

35,140,540

United

Kingdom

—

0.3%

U.K.

Treasury

Bonds

(d)

3.50%,

01/22/45

............

GBP

33,536

36,636,538

0.50%,

10/22/61

............

174,471

70,173,708

106,810,246

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

5.75%

,

10/28/34

.................

USD

6,137

6,642,745

Total

Foreign

Government

Obligations

—

9.3%

(Cost:

$3,352,747,275)

...........................

3,334,707,375

Security

Shares

Shares

Value

Investment

Companies

Health

Care

Select

Sector

SPDR

Fund

42,000

$

5,574,660

Industrial

Select

Sector

SPDR

Fund

.

87,333

9,372,577

iShares

0-5

Year

TIPS

Bond

ETF

(t)

..

401,690

39,204,944

iShares

20+

Year

Treasury

Bond

ETF

(t)

103,000

10,602,820

iShares

Biotechnology

ETF

(l)(t)

.....

29,333

3,724,118

iShares

China

Large-Cap

ETF

(t)

....

50,000

1,359,500

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(t)

........

1,515,626

163,899,796

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(l)(t)

.........

2,159,925

186,919,910

iShares

Latin

America

40

ETF

(l)(t)

...

536,067

14,564,940

iShares

MSCI

Brazil

ETF

(t)

........

496,774

16,110,381

iShares

MSCI

USA

Momentum

Factor

ETF

(t)

....................

160,000

23,080,000

iShares

Russell

Mid-Cap

Growth

ETF

(t)

95,766

9,253,869

SPDR

Bloomberg

High

Yield

Bond

ETF

(l)

....................

642,747

59,152,006

SPDR

S&P

Metals

&

Mining

ETF

(l)

..

116,077

5,899,033

VanEck

JPMorgan

EM

Local

Currency

Bond

ETF

(l)

................

1,780,566

45,511,267

VanEck

Semiconductor

ETF

(l)

......

56,000

8,526,000

Vanguard

Intermediate-Term

Corporate

Bond

ETF

(l)

................

3,319,000

262,300,570

Vanguard

Long-Term

Corporate

Bond

ETF

(l)

....................

1,529,449

120,046,452

Vanguard

Short-Term

Corporate

Bond

ETF

(l)

....................

512,500

38,775,750

Total

Investment

Companies

—

2.9%

(Cost:

$998,350,765)

.............................

1,023,878,593

Par

(000)

Pa

r

(

000)

Municipal

Bonds

California

-

0.1%

Bay

Area

Toll

Authority

,

Series

2010S-1,

RB,

6.92%, 04/01/40

.........

USD

6,360

7,482,297

California

State

Public

Works

Board

,

Series

2009G,

Sub-Series

G-2,

RB,

8.36%, 10/01/34

............

7,255

8,997,551

Central

Unified

School

District

,

Series

2021A,

GO,

3.00%, 08/01/44

....

5,000

4,088,493

City

of

Riverside

,

Series

2010A,

RB,

7.61%, 10/01/40

............

3,805

4,729,451

Contra

Costa

Community

College

District

,

Series

2010B,

GO,

6.50%, 08/01/34

............

3,205

3,559,096

Golden

State

Tobacco

Securitization

Corp.

,

Series

2021B,

RB,

2.75%, 06/01/34

............

4,140

3,381,452

Los

Angeles

Unified

School

District

,

Series

2010RY,

GO,

6.76%, 07/01/34

............

3,745

4,229,517

State

of

California

Series

2009,

GO,

7.50%, 04/01/34

2,155

2,602,208

Series

2009,

GO,

7.55%, 04/01/39

4,840

6,075,264

Series

2009,

GO,

7.30%, 10/01/39

3,720

4,490,107

Series

2009,

GO,

7.35%, 11/01/39

2,270

2,745,433

University

of

California

,

Series

2009R,

RB,

5.77%, 05/15/43

.........

3,960

4,228,874

56,609,743

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

68

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Colorado

-

0.2%

City

&

County

of

Denver

,

Series

2022

A,

GO,

5.00%, 08/01/37

.........

USD

10,000

$

11,439,590

City

of

Greeley

Series

2022,

RB,

3.00%, 08/01/38

1,275

1,170,558

Series

2022,

RB,

3.00%, 08/01/39

1,340

1,211,345

Series

2022,

RB,

3.00%, 08/01/40

1,380

1,228,408

Colorado

Health

Facilities

Authority

,

Series

2016A,

RB,

4.00%, 11/15/46

10,860

10,402,224

Denver

City

&

County

School

District

No.

1

,

Series

2022

A,

GO,

5.00%, 12/01/45

............

5,950

6,603,487

32,055,612

Delaware

-

0.0%

University

of

Delaware

,

Series

2010A,

RB,

5.87%, 11/01/40

.........

7,500

8,049,866

District

of

Columbia

-

0.0%

District

of

Columbia

Series

2015,

RB,

5.00%, 07/15/34

3,280

3,413,077

Series

2015,

RB,

5.00%, 07/15/35

3,280

3,399,631

6,812,708

Florida

-

0.1%

Brevard

County

Health

Facilities

Authority

,

Series

2022A,

RB,

5.00%, 04/01/47

............

14,000

14,672,599

County

of

Broward

Airport

System

,

Series

2019C,

RB,

2.91%, 10/01/32

3,100

2,626,415

County

of

Miami-Dade

,

Series

2019E,

RB,

2.53%, 10/01/30

.........

7,590

6,377,165

Florida

Department

of

Management

Services

,

Series

2021

A,

COP,

3.00%, 11/01/36

............

5,005

4,689,207

Sumter

Landing

Community

Development

District

,

Series

2016,

RB,

4.17%, 10/01/47

.........

2,555

2,287,170

30,652,556

Georgia

-

0.1%

State

of

Georgia

Series

2022A,

GO,

4.00%, 07/01/40

7,890

8,153,879

Series

2022A,

GO,

4.00%, 07/01/41

7,890

8,117,968

16,271,847

Louisiana

-

0.0%

Louisiana

Public

Facilities

Authority

,

Series

2020A,

RB,

3.00%, 05/15/47

8,000

5,735,454

Massachusetts

-

0.1%

Commonwealth

of

Massachusetts

Series

2009E,

GO,

5.46%, 12/01/39

805

848,072

Series

2019H,

GO,

2.90%, 09/01/49

1,055

755,927

Series

2021

D,

GO,

5.00%, 09/01/49

7,795

8,439,183

Massachusetts

Housing

Finance

Agency

Series

2014B,

RB,

AMT,

4.50%, 12/01/39

..........

860

860,182

Series

2015A,

RB,

AMT,

4.35%, 12/01/40

..........

815

797,999

Massachusetts

School

Building

Authority

Series

2019B,

RB,

2.87%, 10/15/31

11,415

9,867,502

Series

2019B,

RB,

2.97%, 10/15/32

9,240

7,913,871

29,482,736

Minnesota

-

0.0%

State

of

Minnesota

,

Series

2021

A,

GO,

4.00%, 09/01/38

............

7,785

8,011,933

Security

Par

(000)

Par

(000)

Value

New

Hampshire

-

0.0%

New

Hampshire

Municipal

Bond

Bank

,

Series

2022

A,

RB,

3.00%, 02/15/38

USD

1,530

$

1,398,328

New

Jersey

-

0.0%

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Series

2021,

RB,

3.00%, 07/01/51

.........

4,965

3,678,844

New

Jersey

Transportation

Trust

Fund

Authority

,

Series

2010C,

RB,

5.75%, 12/15/28

............

3,800

3,815,498

Rutgers

The

State

University

of

New

Jersey

,

Series

2019R,

RB,

3.27%, 05/01/43

............

3,750

2,943,996

10,438,338

New

York

-

0.2%

New

York

City

Municipal

Water

Finance

Authority

Series

2010AA-1,

RB,

5.75%, 06/15/41

..........

1,610

1,756,619

Series

2011AA,

RB,

5.44%, 06/15/43

..........

4,775

5,054,966

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

,

Series

2019B,

Sub-Series

B-3,

RB,

3.90%, 08/01/31

............

11,870

11,079,496

New

York

State

Dormitory

Authority

,

Series

2020F,

RB,

3.19%, 02/15/43

4,005

3,149,462

New

York

State

Urban

Development

Corp.

Series

2017D,

RB,

3.32%, 03/15/29

3,700

3,401,899

Series

2020

E,

RB,

4.00%, 03/15/38

6,360

6,441,785

Series

2021

B,

RB,

2.01%, 03/15/30

7,085

5,918,223

Series

2021

B,

RB,

2.50%, 03/15/33

9,725

7,904,397

State

of

New

York

,

Series

2019B,

GO,

2.80%, 02/15/32

............

11,215

9,753,954

State

of

New

York

Mortgage

Agency

,

Series

2014-189,

RB,

AMT,

3.85%, 10/01/34

............

135

134,808

54,595,609

North

Carolina

-

0.0%

City

of

Charlotte

,

Series

2021A,

RB,

3.00%, 07/01/46

............

12,525

10,054,283

Ohio

-

0.0%

American

Municipal

Power,

Inc.

,

Series

2010A,

RB,

7.83%, 02/15/41

....

4,015

5,010,140

JobsOhio

Beverage

System

,

Series

2013B,

RB,

3.99%, 01/01/29

....

6,260

6,122,909

State

of

Ohio

,

Series

2020

C,

GO,

5.00%, 03/01/39

............

4,095

4,565,049

15,698,098

Oregon

-

0.0%

Oregon

School

Boards

Association

Series

2002B,

GO,

5.55%, 06/30/28

6,710

6,759,542

Series

2005A,

GO,

4.76%, 06/30/28

2,601

2,565,440

State

of

Oregon

,

Series

2003,

GO,

5.89%, 06/01/27

............

3,880

3,956,013

13,280,995

Pennsylvania

-

0.0%

Commonwealth

Financing

Authority

,

Series

2016A,

RB,

4.14%, 06/01/38

1,580

1,422,087

Puerto

Rico

-

0.2%

Commonwealth

of

Puerto

Rico

(u)

Series

2022,

VRDN,

0.00%, 11/01/43

..........

8,946

4,517,657

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

69

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Puerto

Rico

(continued)

Series

2022,

VRDN,

0.00%, 11/01/51

..........

USD

141,202

$

56,028,343

Puerto

Rico

Electric

Power

Authority

(g)(p)

Series

2003NN,

RB,

5.50%, 07/01/20

..........

2,060

777,784

Series

2007-TT,

RB,

5.00%, 07/01/18

..........

1,915

723,037

Series

2008WW,

RB,

5.38%, 07/01/24

..........

1,530

577,674

Series

2008WW,

RB,

5.25%, 07/01/33

..........

2,930

1,106,265

Series

2008WW,

RB,

5.50%, 07/01/38

..........

6,160

2,325,799

Series

2010

AAA,

RB,

5.25%, 07/01/26

..........

940

354,911

Series

2010AAA,

RB,

5.25%, 07/01/21

..........

1,710

645,636

Series

2010ZZ,

RB,

5.00%, 07/01/18

1,225

462,517

Series

2010ZZ,

RB,

5.25%, 07/01/23

500

188,782

Series

2010ZZ,

RB,

5.25%, 07/01/26

1,150

434,200

Series

2010-ZZ,

RB,

5.25%, 07/01/18

..........

6,255

2,361,668

Series

2012A,

RB,

5.00%, 07/01/42

6,800

2,567,441

Series

2012A,

RB,

5.05%, 07/01/42

1,030

388,892

Series

2013A,

RB,

7.00%, 07/01/43

7,405

2,792,085

Series

2020CCC,

RB,

5.25%, 07/01/28

..........

1,635

617,318

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Series

2018A-1,

RB,

4.75%, 07/01/53

............

2,048

1,963,020

78,833,029

South

Carolina

-

0.0%

City

of

Charleston

Waterworks

&

Sewer

System

,

Series

2022,

RB,

5.00%, 01/01/52

............

5,000

5,491,133

Tennessee

-

0.0%

Tennessee

Housing

Development

Agency

Series

2018-3,

RB,

3.85%, 07/01/43

765

759,885

Series

2018-3,

RB,

3.95%, 01/01/49

615

608,648

1,368,533

Texas

-

0.0%

Dallas

Fort

Worth

International

Airport

,

Series

2019A,

RB,

3.14%, 11/01/45

2,360

1,804,935

Temple

College

,

Series

2021,

GO,

3.00%, 07/01/46

............

6,035

4,720,823

Texas

A&M

University

,

Series

2017B,

RB,

2.84%, 05/15/27

.........

5,965

5,566,393

University

of

Houston

,

Series

2020

A,

RB,

3.00%, 02/15/44

.........

5,530

4,595,430

16,687,581

Utah

-

0.1%

City

of

Salt

Lake

City

,

Series

2021

A,

RB,

AMT,

5.00%, 07/01/46

.....

12,445

12,885,974

Virginia

-

0.0%

Tobacco

Settlement

Financing

Corp.

,

Series

2007A-1,

RB,

6.71%, 06/01/46

............

9,640

8,667,129

Virginia

Small

Business

Financing

Authority

,

Series

2017,

RB,

AMT,

5.00%, 12/31/47

............

2,900

2,927,400

11,594,529

Security

Par

(000)

Par

(000)

Value

Washington

-

0.2%

State

of

Washington

,

Series

2022

A,

GO,

5.00%, 08/01/39

.........

USD

10,000

$

11,120,307

Washington

Health

Care

Facilities

Authority

,

Series

2015A,

RB,

4.00%, 10/01/45

............

26,000

24,465,664

35,585,971

Wisconsin

-

0.0%

Wisconsin

Health

&

Educational

Facilities

Authority

,

Series

2016

A,

RB,

5.00%, 11/15/35

.........

6,895

7,198,351

Total

Municipal

Bonds

—

1.3%

(Cost:

$527,196,303)

.............................

470,215,294

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

3.7%

Cayman

Islands

—

0.0%

Prima

Capital

CRE

Securitization

Ltd.,

Series

2016-6A,

Class

C,

4.00%,

08/24/40

(a)

................

17,980

15,544,427

Netherlands

—

0.0%

(b)

Domi

BV

Series

2021-1,

Class

A,

(3-mo.

EURIBOR

+

0.63%),

4.16%,

06/15/53

(d)

..............

EUR

2,198

2,379,293

Series

2023-1,

Class

A,

(3-mo.

EURIBOR

+

1.12%),

4.44%,

02/15/55

(d)

..............

2,525

2,764,497

Series

2023-1,

Class

B,

(3-mo.

EURIBOR

+

1.70%),

5.02%,

02/15/55

(d)

..............

803

868,982

Dutch

Property

Finance

BV

Series

2021-1,

Class

B,

(3-mo.

EURIBOR

+

1.10%),

4.34%,

07/28/58

(d)

..............

740

798,690

Series

2021-2,

Class

A,

(3-mo.

EURIBOR

+

0.70%),

3.94%,

04/28/59

(d)

..............

2,244

2,438,164

Series

2021-2,

Class

B,

(3-mo.

EURIBOR

+

0.80%),

4.04%,

04/28/59

(d)

..............

820

873,391

Series

2021-2,

Class

C,

(3-mo.

EURIBOR

+

1.05%),

4.29%,

04/28/59

(d)

..............

504

527,976

Jubilee

Place,

Series

3,

Class

C,

(3-mo.

EURIBOR

+

1.60%),

4.78%,

01/17/59

(d)

................

202

210,553

10,861,546

United

Kingdom

—

0.5%

(b)

Atlas

Funding

plc

Series

2021-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.70%),

6.67%,

07/25/58

(d)

...

GBP

125

157,706

Series

2021-1,

Class

D,

(Sterling

Overnight

Index

Average

+

2.25%),

7.22%,

07/25/58

(d)

...

110

138,475

Series

2022-1,

Class

B,

(Sterling

Overnight

Index

Average

+

1.80%),

6.75%,

02/25/60

(d)

...

2,955

3,753,169

Series

2023-1,

Class

A,

6.08%,

01/20/61

(d)

..............

4,346

5,521,775

Series

2023-1,

Class

B,

6.83%,

01/20/61

(d)

..............

1,494

1,896,260

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

70

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

2023-1,

Class

C,

7.68%,

01/20/61

(d)

..............

GBP

987

$

1,251,750

Series

2023-1,

Class

D,

8.73%,

01/20/61

(d)

..............

505

641,263

Barley

Hill

No.

2

plc,

Series

2,

Class

C,

(Sterling

Overnight

Index

Average

+

1.70%),

6.63%,

08/27/58

(d)

.....

520

638,890

Brants

Bridge

plc,

Series

2023-

1,  0.00%,

06/14/66

(d)

.........

2,922

3,688,837

Canada

Square

Funding

plc

Series

2021-2,

Class

A,

(Sterling

Overnight

Index

Average

+

0.78%),

5.71%,

06/17/58

(d)

...

1,607

2,024,121

Series

2021-2,

Class

B,

(Sterling

Overnight

Index

Average

+

1.20%),

6.13%,

06/17/58

(d)

...

382

474,699

Series

2021-2,

Class

C,

(Sterling

Overnight

Index

Average

+

1.60%),

6.53%,

06/17/58

(d)

...

102

127,484

Series

6,

Class

C,

(Sterling

Overnight

Index

Average

+

1.45%),

6.42%,

01/17/59

(d)

...

317

383,254

Series

6,

Class

D,

(Sterling

Overnight

Index

Average

+

1.85%),

6.82%,

01/17/59

(d)

...

178

211,254

CMF

plc

Series

2020-1,

Class

B,

(Sterling

Overnight

Index

Average

+

1.00%),

5.94%,

01/16/57

(d)

...

220

277,037

Series

2020-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.25%),

6.19%,

01/16/57

(d)

...

100

125,786

Finsbury

Square

Series

2021-1GRX,

Class

AGRN,

(Sterling

Overnight

Index

Average

+

0.65%),

5.59%,

12/16/67

(d)

..

1,796

2,263,470

Series

2021-1GRX,

Class

B,

(Sterling

Overnight

Index

Average

+

1.00%),

5.94%,

12/16/67

(d)

..

1,470

1,824,736

Series

2021-1GRX,

Class

C,

(Sterling

Overnight

Index

Average

+

1.25%),

6.19%,

12/16/67

(d)

..

1,045

1,271,716

Finsbury

Square

plc

Series

2021-2X,

Class

A,

(Sterling

Overnight

Index

Average

+

0.80%),

5.74%,

12/16/71

(d)

...

4,479

5,645,644

Series

2021-2X,

Class

B,

(Sterling

Overnight

Index

Average

+

1.25%),

6.19%,

12/16/71

(d)

...

1,339

1,669,934

Series

2021-2X,

Class

C,

(Sterling

Overnight

Index

Average

+

1.40%),

6.34%,

12/16/71

(d)

...

371

450,733

Series

2021-2X,

Class

D,

(Sterling

Overnight

Index

Average

+

1.70%),

6.64%,

12/16/71

(d)

...

200

237,577

Gemgarto

plc,

Series

2021-1X,

Class

C,

(Sterling

Overnight

Index

Average

+

1.30%),

6.24%,

12/16/67

(d)

....

218

270,435

Great

Hall

Mortgages

No.

1

plc,

Series

2007-2X,

Class

BA,

(Sterling

Overnight

Index

Average

+

0.42%),

5.35%,

06/18/39

(d)

...........

6,150

7,338,722

Harben

Finance

Series

2017-1RX,

Class

C,

(Sterling

Overnight

Index

Average

+

1.15%),

6.08%,

09/28/55

(d)

...

741

894,532

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

2017-1RX,

Class

D,

(Sterling

Overnight

Index

Average

+

1.50%),

6.43%,

09/28/55

(d)

...

GBP

441

$

521,965

Hops

Hill

No.

1

plc

Series

1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.85%),

6.78%,

05/27/54

(d)

...

200

252,748

Series

1,

Class

D,

(Sterling

Overnight

Index

Average

+

2.35%),

7.28%,

05/27/54

(d)

...

100

125,224

Hops

Hill

No.

2

plc

Series

2,

Class

B,

(Sterling

Overnight

Index

Average

+

2.25%),

5.68%,

11/27/54

(d)

...

4,073

5,152,345

Series

2,

Class

C,

(Sterling

Overnight

Index

Average

+

2.85%),

7.78%,

11/27/54

(d)

...

1,077

1,358,064

Hops

Hill

No.

3

plc

Series

3,

Class

A,

5.95%,

12/21/55

(d)

6,818

8,615,557

Series

3,

Class

B,

6.65%,

12/21/55

(d)

5,526

6,856,676

Series

3,

Class

C,

7.45%,

12/21/55

(d)

5,100

6,279,354

Lanebrook

Mortgage

Transaction

plc

Series

2020-1,

Class

C,

(Sterling

Overnight

Index

Average

+

2.25%),

7.19%,

06/12/57

(d)

...

370

465,079

Series

2021-1,

Class

A,

(Sterling

Overnight

Index

Average

+

0.65%),

5.62%,

07/20/58

(d)

...

1,776

2,234,325

Series

2021-1,

Class

B,

(Sterling

Overnight

Index

Average

+

0.95%),

5.92%,

07/20/58

(d)

...

266

328,539

Series

2021-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.25%),

6.22%,

07/20/58

(d)

...

158

191,135

Series

2021-1,

Class

D,

(Sterling

Overnight

Index

Average

+

1.65%),

6.62%,

07/20/58

(d)

...

103

123,086

London

Wall

Mortgage

Capital

plc

Series

2021-FL1,

Class

A,

(Sterling

Overnight

Index

Average

+

0.75%),

5.71%,

05/15/51

(d)

...

1,499

1,885,365

Series

2021-FL2,

Class

A,

(Sterling

Overnight

Index

Average

+

0.80%),

5.76%,

05/15/52

(d)

...

1,019

1,281,910

Mortimer

BTL

plc

Series

2021-1,

Class

A,

(Sterling

Overnight

Index

Average

+

0.70%),

5.63%,

06/23/53

(d)

...

1,802

2,262,100

Series

2021-1,

Class

B,

(Sterling

Overnight

Index

Average

+

1.10%),

6.03%,

06/23/53

(d)

...

334

412,186

Series

2021-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.45%),

6.38%,

06/23/53

(d)

...

110

133,976

Newgate

Funding

plc,

Series

2006-1,

Class

BB,

(3-mo.

EURIBOR

at

0.28%

Floor

+

0.28%),

3.75%,

12/01/50

(d)

................

EUR

1,018

999,250

Paragon

Mortgages

No.

12

plc,

Series

12X,

Class

B1B,

(3-mo.

EURIBOR

+

0.48%),

3.80%,

11/15/38

(d)

......

581

591,589

Parkmore

Point

RMBS

plc,

Series

2022-1X,

Class

A,

(Sterling

Overnight

Index

Average

+

1.50%),

6.47%,

07/25/45

(d)

...........

GBP

10,958

13,944,843

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

71

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Pierpont

Btl

plc

Series

2023-1,

Class

A,

6.05%,

09/21/54

(d)

..............

GBP

4,287

$

5,443,913

Series

2023-1,

Class

B,

6.85%,

09/21/54

(d)

..............

2,246

2,830,613

Pierpont

BTL

plc

Series

2021-1,

Class

A,

(Sterling

Overnight

Index

Average

+

0.80%),

5.73%,

12/22/53

(d)

...

3,112

3,918,910

Series

2021-1,

Class

B,

(Sterling

Overnight

Index

Average

+

1.25%),

6.18%,

12/22/53

(d)

...

1,728

2,133,918

Polaris

plc

Series

2022-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.50%),

6.43%,

10/23/59

(d)

...

421

512,607

Series

2022-1,

Class

D,

(Sterling

Overnight

Index

Average

+

2.00%),

6.93%,

10/23/59

(d)

...

307

368,955

Series

2022-1,

Class

E,

(Sterling

Overnight

Index

Average

+

3.40%),

8.33%,

10/23/59

(d)

...

538

656,000

Series

2023-1,

Class

A,

6.20%,

02/23/61

(d)

..............

6,148

7,808,678

Series

2023-1,

Class

B,

7.70%,

02/23/61

(d)

..............

2,389

3,043,933

Series

2023-1,

Class

C,

8.60%,

02/23/61

(d)

..............

1,770

2,255,123

Series

2023-1,

Class

D,

9.30%,

02/23/61

(d)

..............

1,093

1,390,582

Precise

Mortgage

Funding

plc

Series

2020-1B,

Class

B,

(Sterling

Overnight

Index

Average

+

1.45%),

6.39%,

10/16/56

(d)

...

115

145,009

Series

2020-1B,

Class

C,

(Sterling

Overnight

Index

Average

+

1.70%),

6.64%,

10/16/56

(d)

...

100

125,783

Series

2020-1B,

Class

D,

(Sterling

Overnight

Index

Average

+

1.95%),

6.89%,

10/16/56

(d)

...

100

123,509

Residential

Mortgage

Securities

32

plc,

Series

32X,

Class

C,

(Sterling

Overnight

Index

Average

+

2.20%),

7.13%,

06/20/70

(d)

...........

1,025

1,291,086

RMAC

Securities

No.

1

plc,

Series

2007-NS1X,

Class

A2A,

(Sterling

Overnight

Index

Average

+

0.27%),

5.21%,

06/12/44

(d)

...........

292

355,741

RMAC

Securities

No.1

plc

Series

2006-NS1X,

Class

M1C,

(3-

mo.

EURIBOR

+

0.25%),

3.74%,

06/12/44

(d)

..............

EUR

114

116,843

Series

2007-NS1X,

Class

M1C,

(3-

mo.

EURIBOR

+

0.27%),

3.76%,

06/12/44

(d)

..............

1,929

1,964,153

Stanlington

No.

2

plc

Series

2,

Class

C,

(Sterling

Overnight

Index

Average

at

8.00%

Cap

+

1.75%),

6.69%,

06/12/45

(d)

..............

GBP

534

658,380

Series

2,

Class

D,

(Sterling

Overnight

Index

Average

at

8.00%

Cap

+

2.20%),

7.14%,

06/12/45

(d)

..............

329

401,490

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

2,

Class

E,

(Sterling

Overnight

Index

Average

at

8.00%

Cap

+

3.30%),

8.24%,

06/12/45

(d)

..............

GBP

450

$

531,406

Together

Asset-Backed

Securitisation

plc

Series

2021-1ST1,

Class

A,

(Sterling

Overnight

Index

Average

+

0.70%),

5.67%,

07/12/63

(d)

...

914

1,152,707

Series

2021-1ST1,

Class

B,

(Sterling

Overnight

Index

Average

+

0.95%),

5.92%,

07/12/63

(d)

...

157

192,494

Series

2021-1ST1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.25%),

6.22%,

07/12/63

(d)

...

107

130,818

Tower

Bridge

Funding

plc

Series

2021-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.85%),

6.82%,

07/21/64

(d)

...

365

461,282

Series

2021-1,

Class

D,

(Sterling

Overnight

Index

Average

+

2.15%),

7.12%,

07/21/64

(d)

...

253

317,880

Series

2021-2,

Class

A,

(Sterling

Overnight

Index

Average

+

0.78%),

5.73%,

11/20/63

(d)

...

912

1,152,861

Series

2021-2,

Class

B,

(Sterling

Overnight

Index

Average

+

1.10%),

6.05%,

11/20/63

(d)

...

253

316,236

Series

2021-2,

Class

C,

(Sterling

Overnight

Index

Average

+

1.50%),

6.45%,

11/20/63

(d)

...

140

172,933

Series

2021-2,

Class

D,

(Sterling

Overnight

Index

Average

+

1.80%),

6.75%,

11/20/63

(d)

...

170

207,144

Series

2022-1X,

Class

C,

(Sterling

Overnight

Index

Average

+

1.25%),

6.18%,

12/20/63

(d)

...

264

321,880

Series

2023-2X,

Class

B,

7.13%,

03/20/65

(d)

..............

755

957,453

Series

2023-2X,

Class

C,

8.13%,

03/20/65

(d)

..............

1,119

1,418,501

Series

2023-2X,

Class

D,

9.23%,

03/20/65

(d)

..............

959

1,215,684

Twin

Bridges

Series

2023-1,

Class

A,

5.91%,

06/14/55

(d)

..............

3,916

4,957,913

Series

2023-1,

Class

B,

6.56%,

06/14/55

(d)

..............

6,190

7,761,996

Series

2023-1,

Class

C,

7.46%,

06/14/55

(d)

..............

2,602

3,287,492

Series

2023-1,

Class

D,

8.46%,

06/14/55

(d)

..............

1,672

2,114,258

Twin

Bridges

plc

Series

2020-1,

Class

B,

(Sterling

Overnight

Index

Average

+

2.00%),

6.94%,

12/12/54

(d)

...

2,752

3,509,303

Series

2020-1,

Class

C,

(Sterling

Overnight

Index

Average

+

2.25%),

7.19%,

12/12/54

(d)

...

390

493,423

Series

2020-1,

Class

D,

(Sterling

Overnight

Index

Average

+

3.00%),

7.94%,

12/12/54

(d)

...

225

284,183

Series

2021-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.60%),

6.54%,

03/12/55

(d)

...

436

543,152

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

72

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

2021-1,

Class

D,

(Sterling

Overnight

Index

Average

+

2.10%),

7.04%,

03/12/55

(d)

...

GBP

804

$

976,291

Series

2021-2,

Class

A,

(Sterling

Overnight

Index

Average

+

0.66%),

5.60%,

09/12/55

(d)

...

3,020

3,791,143

Series

2021-2,

Class

B,

(Sterling

Overnight

Index

Average

+

0.90%),

5.84%,

09/12/55

(d)

...

819

1,010,522

Series

2021-2,

Class

C,

(Sterling

Overnight

Index

Average

+

1.15%),

6.09%,

09/12/55

(d)

...

435

525,627

Series

2021-2,

Class

D,

(Sterling

Overnight

Index

Average

+

1.50%),

6.44%,

09/12/55

(d)

...

187

221,166

Series

2022-1,

Class

C,

(Sterling

Overnight

Index

Average

+

1.30%),

6.24%,

12/01/55

(d)

...

830

997,544

Series

2022-1,

Class

D,

(Sterling

Overnight

Index

Average

+

1.70%),

6.64%,

12/01/55

(d)

...

365

428,533

Series

2022-2,

Class

B,

(Sterling

Overnight

Index

Average

+

2.00%),

6.94%,

06/12/55

(d)

...

5,709

7,258,362

179,449,988

United

States

—

3.2%

Agate

Bay

Mortgage

Trust

(a)(b)

Series

2015-1,

Class

B5,

3.67%,

01/25/45

...............

USD

1,323

857,002

Series

2015-3,

Class

B5,

3.54%,

04/25/45

...............

1,521

993,458

Series

2015-4,

Class

B5,

3.51%,

06/25/45

...............

1,061

648,305

Ajax

Mortgage

Loan

Trust

(a)

Series

2022-A,

Class

A1,

3.50%,

10/25/61

(e)

..............

47,923

44,747,205

Series

2022-A,

Class

A2,

3.00%,

10/25/61

(b)

..............

2,705

2,254,703

Series

2022-A,

Class

A3,

3.00%,

10/25/61

(b)

..............

1,443

1,178,895

Series

2022-A,

Class

B,

3.00%,

10/25/61

...............

10,820

7,370,726

Series

2022-A,

Class

C,

3.00%,

10/25/61

...............

5,377

7,628,475

Series

2022-A,

Class

M1,

3.00%,

10/25/61

...............

1,578

1,255,508

Series

2022-A,

Class

M2,

3.00%,

10/25/61

...............

7,078

5,405,708

Series

2022-A,

Class

M3,

3.00%,

10/25/61

...............

451

331,598

Series

2022-B,

Class

A1,

3.50%,

03/27/62

(e)

..............

54,519

50,641,825

Series

2022-B,

Class

A2,

3.00%,

03/27/62

(b)

..............

2,124

1,646,050

Series

2022-B,

Class

A3,

3.00%,

03/27/62

(b)

..............

1,821

1,382,688

Series

2022-B,

Class

B,

3.00%,

03/27/62

...............

10,116

6,248,343

Series

2022-B,

Class

C,

3.00%,

03/27/62

(c)

..............

6,610

6,507,313

Series

2022-B,

Class

M1,

3.00%,

03/27/62

...............

1,365

1,009,404

Series

2022-B,

Class

M2,

3.00%,

03/27/62

...............

6,777

4,793,910

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2023-A,

Class

A1,

3.50%,

07/25/62

(b)(e)

.............

USD

64,110

$

58,756,233

Series

2023-A,

Class

A2,

3.00%,

07/25/62

(b)

..............

2,667

2,188,113

Series

2023-A,

Class

A3,

2.50%,

07/25/62

(b)

..............

1,511

1,181,225

Series

2023-A,

Class

B,

2.50%,

07/25/62

(b)

..............

8,888

5,824,234

Series

2023-A,

Class

C,

2.50%,

07/25/62

(b)

..............

4,728

4,901,601

Series

2023-A,

Class

M1,

2.50%,

07/25/62

(b)

..............

4,578

3,394,382

Alternative

Loan

Trust

Series

2005-22T1,

Class

A1,

(1-mo.

LIBOR

USD

at

0.35%

Floor

and

5.42%

Cap

+

0.35%),

5.42%,

06/25/35

(b)

..............

7,461

6,083,865

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

..........

3,624

1,884,901

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

...............

642

322,544

Series

2006-23CB,

Class

2A5,

(1-

mo.

LIBOR

USD

at

0.40%

Floor

and

7.50%

Cap

+

0.40%),

5.55%,

08/25/36

(b)

..............

7,545

1,555,097

Series

2006-34,

Class

A3,

(1-mo.

LIBOR

USD

at

0.70%

Floor

and

6.25%

Cap

+

0.70%),

5.85%,

11/25/46

(b)

..............

4,733

1,492,109

Series

2006-45T1,

Class

2A2,

6.00%,

02/25/37

..........

2,411

1,341,476

Series

2006-J7,

Class

2A1,

(1-mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.67%,

11/20/46

(b)

...

3,683

2,736,060

Series

2006-OA11,

Class

A4,

(1-mo.

LIBOR

USD

at

0.38%

Floor

+

0.38%),

5.53%,

09/25/46

(b)

...

2,628

2,276,288

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.73%

Floor

and

2.00%

Cap

+

1.73%),

5.71%,

11/25/46

(b)

...

9,714

7,599,183

Series

2006-OA16,

Class

A4C,

(1-

mo.

LIBOR

USD

at

0.68%

Floor

+

0.68%),

5.83%,

10/25/46

(b)

...

10,145

7,414,073

Series

2006-OA21,

Class

A1,

(1-mo.

LIBOR

USD

at

0.19%

Floor

+

0.19%),

5.35%,

03/20/47

(b)

...

3,177

2,601,401

Series

2006-OC7,

Class

2A3,

(1-mo.

LIBOR

USD

at

0.50%

Floor

+

0.50%),

5.65%,

07/25/46

(b)

...

5,403

4,750,731

Series

2006-OC10,

Class

2A3,

(1-

mo.

LIBOR

USD

at

0.46%

Floor

+

0.46%),

5.61%,

11/25/36

(b)

...

4,190

3,615,850

Series

2007-25,

Class

1A3,

6.50%,

11/25/37

...............

20,968

10,295,459

Series

2007-3T1,

Class

1A1,

6.00%,

04/25/37

...............

711

348,053

Series

2007-9T1,

Class

1A1,

6.00%,

05/25/37

...............

3,791

1,965,978

Series

2007-OA3,

Class

1A1,

(1-mo.

LIBOR

USD

at

0.28%

Floor

+

0.28%),

5.43%,

04/25/47

(b)

...

2,886

2,557,492

Series

2007-OA3,

Class

2A2,

(1-mo.

LIBOR

USD

at

0.36%

Floor

+

0.36%),

5.51%,

04/25/47

(b)

...

12

1,190

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

73

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2007-OA8,

Class

2A1,

(1-mo.

LIBOR

USD

at

0.36%

Floor

+

0.36%),

5.51%,

06/25/47

(b)

...

USD

553

$

416,911

Series

2007-OH2,

Class

A2A,

(1-mo.

LIBOR

USD

at

0.48%

Floor

and

10.00%

Cap

+

0.48%),

5.63%,

08/25/47

(b)

..............

662

550,203

American

Home

Mortgage

Assets

Trust

(b)

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.94%

Floor

+

0.94%),

4.92%,

10/25/46

...............

2,593

1,807,648

Series

2006-4,

Class

1A12,

(1-mo.

LIBOR

USD

at

0.21%

Floor

+

0.21%),

5.36%,

10/25/46

....

5,390

2,946,982

Series

2006-5,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.92%

Floor

+

0.92%),

4.90%,

11/25/46

...............

—

(f)

—

American

Home

Mortgage

Investment

Trust,

Series

2007-1,

Class

GA1C,

(1-mo.

LIBOR

USD

at

0.19%

Floor

+

0.19%),

5.34%,

05/25/47

(b)

.....

4,853

2,643,065

Angel

Oak

Mortgage

Trust,

Series

2019-5,

Class

B1,

3.96%,

10/25/49

(a)

(b)

......................

715

617,216

APS

Resecuritization

Trust

(a)(b)

Series

2016-1,

Class

1MZ,

2.99%,

07/31/57

...............

20,896

8,430,197

Series

2016-3,

Class

3A,

(1-mo.

LIBOR

USD

at

2.85%

Floor

+

2.85%),

8.00%,

09/27/46

....

2,372

2,367,989

Banc

of

America

Funding

Trust

(a)(b)

Series

2014-R2,

Class

1C,

0.00%,

11/26/36

...............

9,139

2,552,525

Series

2016-R2,

Class

1A1,

4.70%,

05/01/33

...............

2,907

2,813,396

Barclays

Mortgage

Loan

Trust,

Series

2022-NQM1,

Class

A1,

4.55%,

07/25/52

(a)(b)(e)

..............

13,468

12,872,180

Barclays

Mortgage

Trust

(a)

Series

2021-NPL1,

Class

A,

2.00%,

11/25/51

(e)

..............

58,818

52,413,229

Series

2021-NPL1,

Class

B,

4.62%,

11/25/51

(e)

..............

6,222

5,567,991

Series

2021-NPL1,

Class

C,

0.00%,

11/25/51

(c)

..............

13,902

13,179,145

Series

2022-RPL1,

Class

A,

4.25%,

02/25/28

(e)

..............

30,575

29,427,430

Series

2022-RPL1,

Class

B,

4.25%,

02/25/28

(e)

..............

4,958

4,875,805

Series

2022-RPL1,

Class

C,

0.00%,

02/25/28

(c)

..............

8,806

5,303,836

Series

2022-RPL1,

Class

SA,

0.00%,

02/25/28

..........

123

61,322

Bayview

Commercial

Asset

Trust,

Series

2007-4A,

Class

A1,

(1-mo.

LIBOR

USD

at

0.45%

Floor

+

0.45%),

5.83%,

09/25/37

(a)(b)

....

6,354

5,807,382

BCAP

LLC

Trust,

Series

2011-RR5,

Class

11A5,

(1-mo.

LIBOR

USD

at

0.15%

Floor

+

0.15%),

4.11%,

05/28/36

(a)(b)

...............

3,450

3,271,722

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Bear

Stearns

ALT-A

Trust

(b)

Series

2006-6,

Class

1A1,

(1-mo.

LIBOR

USD

at

0.32%

Floor

and

11.50%

Cap

+

0.32%),

5.47%,

11/25/36

...............

USD

1,979

$

1,590,594

Series

2007-1,

Class

1A1,

(1-mo.

LIBOR

USD

at

0.32%

Floor

and

11.50%

Cap

+

0.32%),

5.47%,

01/25/47

...............

1,848

1,475,768

Bear

Stearns

Asset-Backed

Securities

I

Trust

(b)(e)

Series

2005-AC9,

Class

A5,

6.25%,

12/25/35

...............

2,213

1,481,158

Series

2006-AC1,

Class

1A2,

6.25%,

02/25/36

...............

2,766

1,675,246

Bear

Stearns

Mortgage

Funding

Trust

(b)

Series

2006-SL1,

Class

A1,

(1-mo.

LIBOR

USD

at

0.28%

Floor

and

11.00%

Cap

+

0.28%),

5.43%,

08/25/36

...............

984

951,711

Series

2007-AR2,

Class

A1,

(1-mo.

LIBOR

USD

at

0.17%

Floor

and

10.50%

Cap

+

0.17%),

5.32%,

03/25/37

...............

96

89,750

Series

2007-AR3,

Class

1A1,

(1-mo.

LIBOR

USD

at

0.14%

Floor

and

10.50%

Cap

+

0.14%),

5.29%,

03/25/37

...............

1,529

1,311,504

Series

2007-AR4,

Class

2A1,

(1-mo.

LIBOR

USD

at

0.21%

Floor

and

10.50%

Cap

+

0.21%),

5.36%,

06/25/37

...............

1,032

952,574

Chase

Mortgage

Finance

Trust,

Series

2007-S6,

Class

1A1,

6.00%,

12/25/37

.................

49,818

22,343,033

CHL

Mortgage

Pass-Through

Trust

Series

2005-22,

Class

2A1,

3.50%,

11/25/35

(b)

..............

1,063

839,330

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.96%

Floor

+

0.96%),

4.94%,

04/25/46

(b)

..............

26,610

8,341,463

Series

2006-OA5,

Class

3A1,

(1-mo.

LIBOR

USD

at

0.40%

Floor

+

0.40%),

5.55%,

04/25/46

(b)

...

1,038

967,092

Series

2007-15,

Class

2A2,

6.50%,

09/25/37

...............

13,121

5,627,781

CHNGE

Mortgage

Trust

(a)(b)

Series

2022-1,

Class

A1,

3.01%,

01/25/67

...............

4,665

4,137,638

Series

2022-4,

Class

A1,

6.00%,

10/25/57

(e)

..............

1,828

1,782,737

CIM

Trust,

Series

2019-J2,

Class

B4,

3.77%,

10/25/49

(a)(b)

..........

1,596

1,155,804

Citicorp

Mortgage

Securities

Trust

Series

2007-9,

Class

1A1,

6.25%,

12/25/37

...............

3,101

2,575,447

Series

2008-2,

Class

1A1,

6.50%,

06/25/38

...............

4,116

3,198,756

Citigroup

Mortgage

Loan

Trust

(a)

Series

2014-C,

Class

B2,

4.25%,

02/25/54

...............

582

518,534

Series

2022-A,

Class

A1,

6.17%,

09/25/62

(b)(e)

.............

12,576

12,345,520

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

74

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

CitiMortgage

Alternative

Loan

Trust,

Series

2007-A6,

Class

1A11,

6.00%,

06/25/37

.................

USD

841

$

722,456

COLT

Mortgage

Loan

Trust,

Series

2020-2,

Class

M1,

5.25%,

03/25/65

(a)

(b)

......................

2,734

2,605,575

Credit

Suisse

Mortgage

Capital

Certificates

(a)

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

...............

21,075

8,848,561

Series

2021-JR1,

Class

A1,

2.46%,

09/27/66

(b)

..............

39,875

38,332,022

Series

2021-JR1,

Class

A2,

3.50%,

09/27/66

(b)

..............

2,245

1,908,331

Series

2021-JR1,

Class

B2,

0.00%,

09/27/66

(b)

..............

3,808

4,111,664

Series

2021-JR1,

Class

PT2,

0.00%,

07/26/60

(b)

..............

2,875

931,645

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2005-10,

Class

10A1,

(1-mo.

LIBOR

USD

at

1.35%

Floor

and

6.25%

Cap

+

1.35%),

6.25%,

11/25/35

(b)

...........

3,159

734,367

CSMC

Mortgage-Backed

Trust,

Series

2006-4,

Class

1A3,

6.00%,

05/25/36

647

377,491

CSMC

Trust

(a)(b)

Series

2014-4R,

Class

16A3,

(1-mo.

LIBOR

USD

at

0.20%

Floor

+

0.20%),

5.00%,

02/27/36

....

2,017

1,856,530

Series

2014-9R,

Class

9A1,

(1-mo.

LIBOR

USD

at

0.12%

Floor

+

0.12%),

5.14%,

08/27/36

....

2,509

1,889,025

Series

2014-SAF1,

Class

B5,

3.84%,

03/25/44

...............

2,835

2,081,633

Series

2015-4R,

Class

1A4,

(1-mo.

LIBOR

USD

at

0.15%

Floor

+

0.15%),

4.02%,

10/27/36

....

5,206

3,739,373

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(1-mo.

LIBOR

USD

at

0.34%

Floor

+

0.34%),

5.49%,

08/25/47

(b)

2,188

1,945,227

Deutsche

Alt-B

Securities

Mortgage

Loan

Trust

(b)

Series

2006-AB3,

Class

A3,

6.51%,

07/25/36

...............

887

718,485

Series

2006-AB3,

Class

A8,

6.36%,

07/25/36

...............

564

456,893

GCAT

Trust

(a)(b)

Series

2020-NQM2,

Class

B1,

4.63%,

04/25/65

..........

4,430

3,757,634

Series

2022-NQM4,

Class

A1,

5.27%,

08/25/67

(e)

.........

13,707

13,372,129

GreenPoint

Mortgage

Funding

Trust,

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

2.00%

Floor

and

10.50%

Cap

+

2.00%),

5.98%,

03/25/36

(b)

.....

1,261

1,213,452

GS

Mortgage-Backed

Securities

Corp.

Trust

(a)(b)

Series

2019-PJ2,

Class

B4,

4.38%,

11/25/49

...............

2,579

1,991,124

Series

2020-PJ2,

Class

B4,

3.56%,

07/25/50

...............

1,893

1,474,453

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

GSMPS

Mortgage

Loan

Trust

(a)(b)

Series

2005-RP1,

Class

1AF,

(1-mo.

LIBOR

USD

at

0.35%

Floor

+

0.35%),

5.50%,

01/25/35

....

USD

2,791

$

2,481,925

Series

2005-RP2,

Class

1AF,

(1-mo.

LIBOR

USD

at

0.35%

Floor

+

0.35%),

5.50%,

03/25/35

....

4,049

3,524,006

Series

2006-RP1,

Class

1AF1,

(1-

mo.

LIBOR

USD

at

0.35%

Floor

and

9.15%

Cap

+

0.35%),

5.50%,

01/25/36

...............

2,666

2,160,093

GSR

Mortgage

Loan

Trust

Series

2005-AR1,

Class

2A1,

4.24%,

01/25/35

(b)

..............

357

337,221

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

...............

139

174,729

Series

2007-OA2,

Class

2A1,

2.82%,

06/25/47

(b)

.........

1,569

997,159

HarborView

Mortgage

Loan

Trust

(b)

Series

2006-12,

Class

1A1A,

(1-mo.

LIBOR

USD

at

0.41%

Floor

+

0.41%),

5.57%,

12/19/36

....

10,984

9,124,056

Series

2007-4,

Class

2A2,

(1-mo.

LIBOR

USD

at

0.25%

Floor

and

10.00%

Cap

+

0.50%),

5.41%,

07/19/47

...............

1,131

1,032,809

Homeward

Opportunities

Fund

I

Trust,

Series

2020-2,

Class

B1,

5.45%,

05/25/65

(a)(b)

...............

6,360

5,717,378

Homeward

Opportunities

Fund

Trust,

Series

2022-1,

Class

A1,

5.08%,

07/25/67

(a)(e)

...............

13,460

12,966,667

Impac

Secured

Assets

Trust,

Series

2006-3,

Class

A1,

(1-mo.

LIBOR

USD

at

0.34%

Floor

+

0.34%),

5.49%,

11/25/36

(b)

...........

1,781

1,538,284

IndyMac

INDX

Mortgage

Loan

Trust

(b)

Series

2006-AR15,

Class

A1,

(1-mo.

LIBOR

USD

at

0.24%

Floor

+

0.24%),

5.39%,

07/25/36

....

615

577,294

Series

2007-AR19,

Class

3A1,

3.38%,

09/25/37

..........

5,081

3,294,136

Series

2007-FLX5,

Class

2A2,

(1-

mo.

LIBOR

USD

at

0.24%

Floor

+

0.24%),

5.39%,

08/25/37

....

1,498

1,244,925

JP

Morgan

Mortgage

Trust

(a)(b)

Series

2021-INV5,

Class

A5A,

2.50%,

12/25/51

..........

19,231

14,859,955

Series

2021-INV5,

Class

B4,

3.19%,

12/25/51

...............

2,570

1,690,516

Series

2021-INV5,

Class

B5,

3.19%,

12/25/51

...............

900

583,843

Series

2021-INV5,

Class

B6,

3.00%,

12/25/51

...............

3,075

1,312,260

Series

2021-INV7,

Class

A5A,

2.50%,

02/25/52

..........

8,922

6,894,255

Series

2021-INV7,

Class

B1,

3.27%,

02/25/52

...............

7,590

5,954,302

Series

2021-INV7,

Class

B2,

3.27%,

02/25/52

...............

1,781

1,345,721

Series

2021-INV7,

Class

B3,

3.27%,

02/25/52

...............

2,478

1,742,405

Series

2021-INV7,

Class

B4,

3.27%,

02/25/52

...............

1,317

864,911

Series

2021-INV7,

Class

B5,

3.27%,

02/25/52

...............

542

351,255

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

75

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-INV7,

Class

B6,

3.02%,

02/25/52

...............

USD

1,782

$

744,296

JPMorgan

Alternative

Loan

Trust,

Series

2007-A2,

Class

2A1,

4.41%,

05/25/37

(b)

................

855

774,147

JPMorgan

Madison

Avenue

Securities

Trust,

Series

2014-CH1,

Class

M2,

(1-mo.

LIBOR

USD

at

4.25%

Floor

+

4.25%),

9.40%,

11/25/24

(a)(b)

....

1,121

1,096,437

JPMorgan

Mortgage

Trust

(b)

Series

2007-A1,

Class

4A1,

4.73%,

07/25/35

...............

8

7,764

Series

2021-4,

Class

B3,

2.90%,

08/25/51

(a)

..............

6,664

4,644,878

Legacy

Mortgage

Asset

Trust

(a)(e)

Series

2020-GS5,

Class

A1,

3.25%,

06/25/60

...............

4,862

4,768,904

Series

2020-SL1,

Class

A,

2.73%,

01/25/60

...............

1,061

1,051,778

Series

2021-GS2,

Class

A1,

1.75%,

04/25/61

(b)

..............

33,520

31,000,481

Lehman

XS

Trust,

Series

2007-16N,

Class

AF2,

(1-mo.

LIBOR

USD

at

1.90%

Floor

+

1.90%),

7.05%,

09/25/47

(b)

................

3,072

3,860,128

MASTR

Resecuritization

Trust,

Series

2008-3,

Class

A1,

4.62%,

08/25/37

(a)

(b)

......................

1,392

856,303

MCM

Trust

(c)

Series

2018-NPL2,  3.00%,

08/25/28

(a)

..............

30,861

29,589,685

Series

2021-VFN1,  3.00%,

08/28/28

20,938

13,494,730

Merrill

Lynch

Alternative

Note

Asset

Trust,

Series

2007-OAR2,

Class

A2,

(1-mo.

LIBOR

USD

at

0.42%

Floor

+

0.42%),

5.57%,

04/25/37

(b)

.....

3,019

2,551,438

MFA

Trust

(a)(b)

Series

2020-NQM1,

Class

A3,

2.30%,

08/25/49

..........

257

228,521

Series

2021-NQM1,

Class

B1,

3.51%,

04/25/65

..........

6,050

4,465,212

Series

2022-NQM3,

Class

A1,

5.57%,

09/25/67

(e)

.........

11,185

10,911,683

Morgan

Stanley

Resecuritization

Trust,

Series

2013-R7,

Class

1B,

(1-mo.

LIBOR

USD

at

0.16%

Floor

and

10.50%

Cap

+

0.16%),

5.34%,

12/26/46

(a)(b)

...............

1,263

1,135,699

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2014-1A,

Class

B3,

6.51%,

06/25/44

(a)(b)

.......

777

754,902

Mortgage

Loan

Resecuritization

Trust,

Series

2009-RS1,

Class

A85,

(1-mo.

LIBOR

USD

at

0.34%

Floor

and

9.00%

Cap

+

0.34%),

5.51%,

04/16/36

(a)(b)

...............

6,673

6,320,816

NACC

Reperforming

Loan

REMIC

Trust

(a)

Series

2004-R1,

Class

A1,

6.50%,

03/25/34

...............

3,235

2,736,228

Series

2004-R1,

Class

A2,

7.50%,

03/25/34

...............

743

648,210

New

Residential

Mortgage

Loan

Trust

(a)

(b)

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

...............

2,059

1,940,815

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2020-RPL1,

Class

B3,

3.88%,

11/25/59

...............

USD

10,258

$

7,381,310

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust

(b)

Series

2001-R1A,

Class

A,

7.00%,

02/19/30

(a)

..............

728

695,203

Series

2005-AP1,

Class

2A4,

6.05%,

02/25/35

(e)

..............

594

567,527

Series

2006-AF1,

Class

1A4,

7.13%,

05/25/36

(e)

..............

1,563

344,260

Series

2007-2,

Class

A4,

(1-mo.

LIBOR

USD

at

0.42%

Floor

+

0.42%),

5.57%,

06/25/37

....

747

651,523

NYMT

Loan

Trust,

Series

2020-SP2,

Class

A1,

2.94%,

10/25/60

(a)(b)

...

18,984

18,705,163

OBX

Trust,

Series

2022-NQM7,

Class

A1,

5.11%,

08/25/62

(a)(b)(e)

......

8,957

8,714,056

PRKCM

Trust

(a)(b)

Series

2021-AFC2,

Class

A1,

2.07%,

11/25/56

...............

3,415

2,795,324

Series

2022-AFC1,

Class

A1A,

4.10%,

04/25/57

..........

1,912

1,777,025

Series

2022-AFC2,

Class

A1,

5.33%,

08/25/57

...............

14,036

13,654,818

PRPM

LLC

(a)(b)

Series

2020-4,

Class

A1,

2.95%,

10/25/25

(e)

..............

9,851

9,712,588

Series

2021-4,

Class

A1,

1.87%,

04/25/26

(e)

..............

6,011

5,536,303

Series

2022-1,

Class

A1,

3.72%,

02/25/27

(e)

..............

1,721

1,630,112

Series

2023-1,

Class

A1,

6.88%,

02/25/28

...............

17,622

17,510,766

RALI

Trust,

Series

2007-QH9,

Class

A1,

5.09%,

11/25/37

(b)

.........

594

492,745

RCKT

Mortgage

Trust,

Series

2020-1,

Class

B4,

3.47%,

02/25/50

(a)(b)

...

1,652

1,307,360

RCO

VI

Mortgage

LLC,

Series

2022-1,

Class

A1,

3.00%,

01/25/27

(a)(b)(e)

..

23,496

22,068,527

Ready

Capital

Mortgage

Financing

LLC,

Series

2022-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.55%

Floor

+

2.55%),

7.64%,

10/25/39

(a)(b)

21,487

21,475,212

Reperforming

Loan

REMIC

Trust

(a)(b)

Series

2005-R2,

Class

1AF1,

(1-mo.

LIBOR

USD

at

0.34%

Floor

and

9.50%

Cap

+

0.34%),

5.49%,

06/25/35

...............

1,126

1,026,188

Series

2005-R3,

Class

AF,

(1-mo.

LIBOR

USD

at

0.40%

Floor

and

9.50%

Cap

+

0.40%),

5.55%,

09/25/35

...............

1,720

1,474,062

Residential

Mortgage

Loan

Trust,

Series

2019-3,

Class

B2,

5.66%,

09/25/59

(a)(b)

...............

5,100

4,271,101

RFMSI

Trust,

Series

2006-SA2,

Class

2A1,

5.22%,

08/25/36

(b)

........

7,781

5,421,504

RMF

Buyout

Issuance

Trust,

Series

2021-HB1,

Class

M6,

6.00%,

11/25/31

(a)(b)(c)

..............

4,113

2,350,645

Seasoned

Credit

Risk

Transfer

Trust,

Series

2018-1,

Class

BX,

3.56%,

05/25/57

(b)

................

1,387

467,865

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

76

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Seasoned

Loans

Structured

Transaction

Trust

(a)(b)

Series

2020-2,

Class

M1,

4.75%,

09/25/60

...............

USD

24,922

$

23,847,592

Series

2020-3,

Class

M1,

4.75%,

04/26/60

...............

1,982

1,915,388

Sequoia

Mortgage

Trust,

Series

2007-3,

Class

2AA1,

3.72%,

07/20/37

(b)

..

1,519

1,220,488

SG

Residential

Mortgage

Trust,

Series

2022-2,

Class

A1,

5.35%,

08/25/62

(a)

(b)(e)

.....................

2,851

2,770,424

STARM

Mortgage

Loan

Trust,

Series

2007-2,

Class

3A3,

4.15%,

04/25/37

(b)

................

435

264,138

Starwood

Mortgage

Residential

Trust,

Series

2020-3,

Class

B1,

4.75%,

04/25/65

(a)(b)

...............

4,942

4,240,309

Structured

Adjustable

Rate

Mortgage

Loan

Trust

(b)

Series

2005-11,

Class

1A1,

4.71%,

05/25/35

...............

680

533,964

Series

2006-3,

Class

4A,

3.85%,

04/25/36

...............

1,415

854,550

Structured

Asset

Mortgage

Investments

II

Trust

(b)

Series

2006-AR2,

Class

A1,

(1-mo.

LIBOR

USD

at

0.46%

Floor

and

10.50%

Cap

+

0.46%),

5.61%,

02/25/36

...............

1,001

869,608

Series

2006-AR4,

Class

3A1,

(1-mo.

LIBOR

USD

at

0.38%

Floor

and

10.50%

Cap

+

0.38%),

5.53%,

06/25/36

...............

4,147

3,547,788

Series

2006-AR5,

Class

2A1,

(1-mo.

LIBOR

USD

at

0.42%

Floor

and

10.50%

Cap

+

0.42%),

5.57%,

05/25/46

...............

991

662,130

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust,

Series

2006-

RF4,

Class

2A1,

6.00%,

10/25/36

(a)

2,282

1,293,445

Thornburg

Mortgage

Securities

Trust,

Series

2006-3,

Class

A1,

3.24%,

06/25/46

(b)

................

2,862

1,947,992

TVC

DSCR,

Series

2021-1,

Class

A,

2.38%,

02/01/51

(a)(c)

..........

51,326

47,779,594

TVC

Holding,

Series

2021-1,  2.38%,

02/01/51

(c)

................

12,832

11,186,933

TVC

Mortgage

Trust,

Series

2020-

RTL1,

Class

A1,

3.47%,

09/25/24

(a)

32

31,711

Verus

Securitization

Trust

(a)(b)

Series

2019-4,

Class

B1,

3.86%,

11/25/59

...............

1,400

1,152,194

Series

2019-INV2,

Class

M1,

3.50%,

07/25/59

...............

1,415

1,271,316

Series

2020-5,

Class

M1,

2.60%,

05/25/65

...............

3,834

3,080,382

Series

2022-1,

Class

B1,

3.98%,

01/25/67

...............

2,802

1,797,732

Visio

Trust

(a)(b)

Series

2019-2,

Class

B1,

3.91%,

11/25/54

...............

1,825

1,291,699

Series

2020-1,

Class

M1,

4.45%,

08/25/55

...............

1,900

1,633,245

Vista

Point

Securitization

Trust,

Series

2020-2,

Class

B1,

4.90%,

04/25/65

(a)

(b)

......................

1,160

989,001

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

WaMu

Mortgage

Pass-Through

Certificates

Trust

(b)

Series

2006-AR5,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.99%

Floor

+

0.99%),

4.97%,

06/25/46

...............

USD

272

$

239,503

Series

2007-OA5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.75%

Floor

+

0.75%),

4.73%,

06/25/47

...............

7,110

5,771,175

Series

2007-OA5,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.25%

Floor

+

0.80%),

4.77%,

06/25/47

...............

2,207

1,711,150

Washington

Mutual

Mortgage

Pass-

Through

Certificates

WMALT

Trust

Series

2005-9,

Class

5A6,

(1-mo.

LIBOR

USD

at

0.55%

Floor

and

5.50%

Cap

+

0.55%),

5.50%,

11/25/35

(b)

..............

697

475,626

Series

2005-9,

Class

5A9,

5.50%,

11/25/35

...............

283

215,854

Series

2006-1,

Class

4CB,

6.50%,

02/25/36

...............

2,021

1,627,255

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

...............

2,733

2,439,723

Series

2006-4,

Class

3A1,

7.00%,

05/25/36

(b)(e)

.............

3,112

2,608,507

Series

2006-4,

Class

3A5,

6.85%,

05/25/36

(b)(e)

.............

827

693,463

Series

2007-OA1,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.72%

Floor

+

0.72%),

4.70%,

12/25/46

(b)

..............

5,435

4,398,004

Series

2007-OA3,

Class

5A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.25%

Floor

+

1.25%),

5.23%,

04/25/47

(b)

..............

2,015

1,692,489

Western

Mortgage

Reference

Notes

(a)

Series

2021-CL2,  8.22%,

07/25/59

17,254

16,152,225

Series

2021-CL2,  8.77%,

07/25/59

17,356

15,497,142

WinWater

Mortgage

Loan

Trust,

Series

2014-3,

Class

B5,

3.98%,

11/20/44

(a)

(b)

......................

1,651

1,472,160

1,127,904,584

1,333,760,545

Commercial

Mortgage-Backed

Securities

—

4.0%

Bermuda

—

0.1%

(a)(b)

PFP

Ltd.,

Series

2022-9,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.27%

Floor

+

2.27%),

7.38%,

08/19/35

.

11,988

11,958,030

RIAL

Issuer

Ltd.,

Series

2022-FL8,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.34%,

01/19/37

.................

22,543

22,121,642

34,079,672

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

77

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

—

0.0%

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-W10,

Class

G,

(1-mo.

CME

Term

SOFR

at

4.22%

Floor

+

4.22%),

9.37%,

12/15/34

(a)(b)

...............

USD

1,999

$

1,857,644

Ireland

—

0.1%

(b)

Agora

Securities

DAC,

Series

2021-1X,

Class

A,

(Sterling

Overnight

Index

Average

at

5.12%

Cap

+

1.20%),

5.12%,

07/22/31

(d)

...........

GBP

1,160

1,424,652

Atom

Mortgage

Securities

DAC,

Series

1X,

Class

D,

(Sterling

Overnight

Index

Average

at

1.90%

Floor

+

1.90%),

6.87%,

07/22/31

(d)

.....

1,542

1,617,622

Frost

CMBS

DAC,

Series

2021-1X,

Class

GBA,

(Sterling

Overnight

Index

Average

at

1.35%

Floor

+

1.35%),

6.30%,

11/20/33

(d)

......

1,846

2,281,077

Haus

European

Loan

Conduit

No

39

DAC

Series

39X,

Class

A1,

(3-mo.

EURIBOR

at

0.65%

Floor

+

0.65%),

3.90%,

07/28/51

(d)

...

EUR

2,508

2,565,380

Series

39X,

Class

B,

(3-mo.

EURIBOR

at

1.10%

Floor

+

1.10%),

4.35%,

07/28/51

(d)

...

1,039

1,002,380

Haus

European

Loan

Conduit

No.

39

DAC,

Series

39X,

Class

C,

(3-mo.

EURIBOR

at

1.40%

Floor

+

1.40%),

4.65%,

07/28/51

(d)

...........

841

765,065

Last

Mile

Logistics

Pan

Euro

Finance

DAC

Series

1X,

Class

A,

(3-mo.

EURIBOR

at

0.75%

Floor

+

0.75%),

4.11%,

08/17/33

(d)

...

1,844

1,913,480

Series

1X,

Class

B,

(3-mo.

EURIBOR

at

1.05%

Floor

+

1.05%),

4.41%,

08/17/33

(d)

...

1,125

1,122,228

Series

1X,

Class

C,

(3-mo.

EURIBOR

at

1.40%

Floor

+

1.40%),

4.76%,

08/17/33

(d)

...

1,331

1,323,348

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

1.90%

Floor

+

1.90%),

5.26%,

08/17/33

(d)

...

1,031

1,005,425

Last

Mile

Securities

PE

DAC

Series

2021-1X,

Class

A1,

(3-mo.

EURIBOR

at

0.90%

Floor

and

4.90%

Cap

+

0.90%),

4.26%,

08/17/31

(d)

..............

3,245

3,408,653

Series

2021-1X,

Class

B,

(3-mo.

EURIBOR

at

1.20%

Floor

and

5.20%

Cap

+

1.20%),

4.56%,

08/17/31

(d)

..............

939

955,830

Series

2021-1X,

Class

C,

(3-mo.

EURIBOR

at

1.60%

Floor

and

5.60%

Cap

+

1.60%),

4.96%,

08/17/31

(d)

..............

1,061

1,053,433

Pearl

Finance

DAC

Series

2020-1,

Class

A2,

(3-mo.

EURIBOR

at

1.90%

Floor

+

1.90%),

5.26%,

11/17/32

(d)

...

1,128

1,198,530

Series

2020-1,

Class

B,

(3-mo.

EURIBOR

at

2.50%

Floor

+

2.50%),

5.86%,

11/17/32

(d)

...

1,355

1,435,513

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

River

Green

Finance

2020

DAC

Series

2020-1,

Class

B,

(3-mo.

EURIBOR

at

1.05%

Floor

+

1.05%),

4.26%,

01/22/32

(d)

...

EUR

542

$

554,940

Series

2020-1,

Class

C,

(3-mo.

EURIBOR

at

1.40%

Floor

+

1.40%),

4.61%,

01/22/32

(d)

...

324

331,036

Scorpio

European

Loan

Conduit

No.

34

DAC,

Series

34A,

Class

C,

(Sterling

Overnight

Index

Average

at

2.10%

Floor

and

7.10%

Cap

+

2.22%),

7.17%,

05/17/29

(a)

...........

GBP

2,665

3,265,184

Taurus

UK

DAC

Series

2019-UK2,

Class

B,

(Sterling

Overnight

Index

Average

at

1.80%

Floor

+

1.92%),

6.87%,

11/17/29

(d)

..............

3,358

4,125,581

Series

2019-UK2,

Class

C,

(Sterling

Overnight

Index

Average

at

2.10%

Floor

+

2.22%),

7.17%,

11/17/29

(d)

..............

2,075

2,505,412

Series

2021-UK1X,

Class

B,

(Sterling

Overnight

Index

Average

at

1.30%

Floor

+

1.30%),

6.25%,

05/17/31

(d)

..............

880

1,061,906

Series

2021-UK1X,

Class

C,

(Sterling

Overnight

Index

Average

at

1.65%

Floor

+

1.65%),

6.60%,

05/17/31

(d)

..............

536

637,165

Series

2021-UK1X,

Class

D,

(Sterling

Overnight

Index

Average

at

2.60%

Floor

+

2.60%),

7.55%,

05/17/31

(d)

..............

547

657,422

Series

2021-UK4X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.95%

Floor

+

0.95%),

5.90%,

08/17/31

(d)

..............

4,139

5,068,004

Series

2021-UK4X,

Class

B,

(Sterling

Overnight

Index

Average

at

1.50%

Floor

+

1.50%),

6.45%,

08/17/31

(d)

..............

3,859

4,644,366

Series

2021-UK4X,

Class

C,

(Sterling

Overnight

Index

Average

at

1.75%

Floor

+

1.75%),

6.70%,

08/17/31

(d)

..............

509

599,459

Series

2021-UK4X,

Class

D,

(Sterling

Overnight

Index

Average

at

2.10%

Floor

+

2.10%),

7.05%,

08/17/31

(d)

..............

2,299

2,648,281

Vita

Scientia

DAC,

Series

2022-1X,

Class

B,

(3-mo.

EURIBOR

at

1.80%

Floor

+

1.80%),

5.26%,

02/27/33

(d)

EUR

2,700

2,720,891

51,892,263

Italy

—

0.1%

(d)

Cassia

SRL

(b)

Series

2022-1X,

Class

A,

(3-mo.

EURIBOR

at

2.50%

Floor

+

2.50%),

5.88%,

05/22/34

(d)

...

12,859

13,330,497

Series

2022-1X,

Class

B,

(3-mo.

EURIBOR

at

3.50%

Floor

+

3.50%),

6.88%,

05/22/34

(d)

...

6,145

6,165,136

19,495,633

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

78

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Switzerland

—

0.0%

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2005-C2,

Class

AMFX,

4.88%,

04/15/37

...

USD

17

$

16,998

United

Kingdom

—

0.0%

(b)

Canary

Wharf

Finance

II

plc

Series

II,

Class

C2,

(Sterling

Overnight

Index

Average

+

1.49%),

6.46%,

10/22/37

(d)

...

GBP

2,100

2,136,497

Series

II,

Class

D2,

(Sterling

Overnight

Index

Average

at

1.26%

Floor

+

2.22%),

7.19%,

10/22/37

(d)

..............

14,689

14,567,918

Sage

AR

Funding

plc,

Series

1X,

Class

C,

(Sterling

Overnight

Index

Average

+

2.15%),

7.10%,

11/17/30

(d)

....

535

636,003

17,340,418

United

States

—

3.7%

1211

Avenue

of

the

Americas

Trust

(a)(b)

Series

2015-1211,

Class

C,

4.28%,

08/10/35

...............

USD

1,100

985,305

Series

2015-1211,

Class

D,

4.28%,

08/10/35

...............

1,235

1,075,892

Series

2015-1211,

Class

E,

4.28%,

08/10/35

...............

2,360

1,966,245

245

Park

Avenue

Trust

(a)(b)

Series

2017-245P,

Class

D,

3.78%,

06/05/37

...............

1,100

814,536

Series

2017-245P,

Class

E,

3.78%,

06/05/37

...............

5,691

3,932,415

280

Park

Avenue

Mortgage

Trust

(a)(b)

Series

2017-280P,

Class

D,

(1-mo.

LIBOR

USD

at

1.54%

Floor

+

1.54%),

6.64%,

09/15/34

....

3,660

3,234,668

Series

2017-280P,

Class

E,

(1-mo.

LIBOR

USD

at

2.12%

Floor

+

2.12%),

7.22%,

09/15/34

....

12,926

11,059,378

Alen

Mortgage

Trust,

Series

2021-

ACEN,

Class

D,

(1-mo.

LIBOR

USD

at

3.10%

Floor

+

3.10%),

8.29%,

04/15/34

(a)(b)

...............

4,827

3,458,348

Arbor

Multifamily

Mortgage

Securities

Trust

(a)

Series

2020-MF1,

Class

E,

1.75%,

05/15/53

...............

1,165

606,684

Series

2021-MF3,

Class

A5,

2.57%,

10/15/54

...............

3,605

2,950,394

AREIT

LLC,

Series

2022-CRE7,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.24%

Floor

+

2.24%),

7.33%,

06/17/39

(a)(b)

11,460

11,395,762

Ashford

Hospitality

Trust,

Series

2018-

ASHF,

Class

D,

(1-mo.

LIBOR

USD

at

2.23%

Floor

+

2.10%),

7.42%,

04/15/35

(a)(b)

...............

3,816

3,663,360

Atrium

Hotel

Portfolio

Trust,

Series

2017-ATRM,

Class

D,

(1-mo.

LIBOR

USD

at

1.95%

Floor

+

2.20%),

7.39%,

12/15/36

(a)(b)

..........

10,441

9,440,668

BAMLL

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2015-200P,

Class

F,

3.72%,

04/14/33

...............

4,751

4,011,671

Series

2017-SCH,

Class

AF,

(1-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.19%,

11/15/33

.....

250

237,729

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2017-SCH,

Class

BF,

(1-mo.

LIBOR

USD

at

1.40%

Floor

+

1.40%),

6.59%,

11/15/33

.....

USD

6,440

$

6,116,783

Series

2017-SCH,

Class

CL,

(1-mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.69%,

11/15/32

.....

2,560

2,351,815

Series

2017-SCH,

Class

DL,

(1-mo.

LIBOR

USD

at

2.00%

Floor

+

2.00%),

7.19%,

11/15/32

.....

5,070

4,490,967

Series

2018-DSNY,

Class

C,

(1-mo.

LIBOR

USD

at

1.35%

Floor

+

1.35%),

6.54%,

09/15/34

....

590

583,086

Series

2018-DSNY,

Class

D,

(1-mo.

LIBOR

USD

at

1.70%

Floor

+

1.70%),

6.89%,

09/15/34

....

5,767

5,697,309

Banc

of

America

Commercial

Mortgage

Trust,

Series

2015-UBS7,

Class

B,

4.48%,

09/15/48

(b)

...........

1,135

1,014,240

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-3A,

Class

A1,

(1-mo.

LIBOR

USD

at

0.48%

Floor

and

10.80%

Cap

+

0.48%),

5.47%,

11/25/35

...............

3,150

2,848,014

Series

2005-4A,

Class

A1,

(1-mo.

LIBOR

USD

at

0.30%

Floor

+

0.45%),

5.60%,

01/25/36

....

5,355

4,895,978

Series

2005-4A,

Class

A2,

(1-mo.

LIBOR

USD

at

0.39%

Floor

+

0.59%),

5.74%,

01/25/36

....

129

118,695

Series

2005-4A,

Class

M1,

(1-mo.

LIBOR

USD

at

0.45%

Floor

+

0.68%),

5.83%,

01/25/36

....

346

316,624

Series

2006-1A,

Class

A2,

(1-mo.

LIBOR

USD

at

0.54%

Floor

+

0.54%),

5.69%,

04/25/36

....

503

453,173

Series

2006-2A,

Class

A2,

(1-mo.

LIBOR

USD

at

0.28%

Floor

+

0.42%),

5.43%,

07/25/36

....

924

837,179

Series

2006-3A,

Class

A1,

(1-mo.

LIBOR

USD

at

0.25%

Floor

+

0.38%),

5.53%,

10/25/36

....

658

606,622

Series

2006-3A,

Class

A2,

(1-mo.

LIBOR

USD

at

0.30%

Floor

+

0.45%),

5.60%,

10/25/36

....

713

659,400

Series

2006-4A,

Class

A1,

(1-mo.

LIBOR

USD

at

0.23%

Floor

+

0.35%),

5.50%,

12/25/36

....

2,130

1,969,959

Series

2007-1,

Class

A2,

(1-mo.

LIBOR

USD

at

0.27%

Floor

+

0.41%),

5.56%,

03/25/37

....

1,501

1,346,244

Series

2007-2A,

Class

A1,

(1-mo.

LIBOR

USD

at

0.27%

Floor

+

0.27%),

5.42%,

07/25/37

....

2,017

1,785,402

Series

2007-6A,

Class

A4A,

(1-mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.65%,

12/25/37

....

9,675

8,210,138

Series

2008-2,

Class

A4A,

(1-mo.

LIBOR

USD

at

2.50%

Floor

and

3.75%

Cap

+

2.50%),

7.65%,

04/25/38

...............

2,396

2,337,776

BBCMS

Mortgage

Trust

(a)(b)

Series

2018-CHRS,

Class

E,

4.41%,

08/05/38

...............

2,640

1,761,988

Series

2018-TALL,

Class

A,

(1-mo.

LIBOR

USD

at

0.87%

Floor

+

0.72%),

6.07%,

03/15/37

....

2,453

2,209,049

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

79

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

BB-UBS

Trust,

Series

2012-SHOW,

Class

E,

4.16%,

11/05/36

(a)(b)

....

USD

2,313

$

2,079,729

BDS

LLC,

Series

2022-FL12,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.14%

Floor

+

2.14%),

7.23%,

08/19/38

(a)(b)

6,880

6,837,700

Beast

Mortgage

Trust

(a)(b)

Series

2021-SSCP,

Class

A,

(1-mo.

LIBOR

USD

at

0.75%

Floor

+

0.75%),

6.01%,

04/15/36

....

6,687

6,437,228

Series

2021-SSCP,

Class

B,

(1-mo.

LIBOR

USD

at

1.10%

Floor

+

1.10%),

6.36%,

04/15/36

....

6,829

6,514,867

Series

2021-SSCP,

Class

C,

(1-mo.

LIBOR

USD

at

1.35%

Floor

+

1.35%),

6.61%,

04/15/36

....

8,403

8,007,693

Series

2021-SSCP,

Class

D,

(1-mo.

LIBOR

USD

at

1.60%

Floor

+

1.60%),

6.86%,

04/15/36

....

7,896

7,449,716

Series

2021-SSCP,

Class

E,

(1-mo.

LIBOR

USD

at

2.10%

Floor

+

2.10%),

7.36%,

04/15/36

....

6,692

6,241,723

Series

2021-SSCP,

Class

F,

(1-mo.

LIBOR

USD

at

2.90%

Floor

+

2.90%),

8.16%,

04/15/36

....

6,430

6,065,436

Series

2021-SSCP,

Class

G,

(1-mo.

LIBOR

USD

at

3.80%

Floor

+

3.80%),

9.06%,

04/15/36

....

7,248

6,833,652

Series

2021-SSCP,

Class

H,

(1-mo.

LIBOR

USD

at

4.90%

Floor

+

4.90%),

10.16%,

04/15/36

....

5,096

4,803,435

Benchmark

Mortgage

Trust,

Series

2021-B29,

Class

A5,

2.39%,

09/15/54

.................

2,250

1,805,666

BFLD

Trust,

Series

2020-EYP,

Class

E,

(1-mo.

LIBOR

USD

at

3.70%

Floor

+

3.70%),

8.89%,

10/15/35

(a)(b)

....

6,517

2,314,634

BHMS,

Series

2018-ATLS,

Class

A,

(1-mo.

LIBOR

USD

at

1.25%

Floor

+

1.25%),

6.44%,

07/15/35

(a)(b)

....

15,173

14,792,402

BLP

Commercial

Mortgage

Trust,

Series

2023-IND,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

6.84%,

03/15/40

(a)(b)

....

7,455

7,343,839

BOCA

Commercial

Mortgage

Trust,

Series

2022-BOCA,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.77%

Floor

+

1.77%),

6.92%,

05/15/39

(a)(b)

....

5,533

5,493,563

BPR

Trust

(a)(b)

Series

2021-TY,

Class

E,

(1-mo.

LIBOR

USD

at

3.60%

Floor

+

3.60%),

8.79%,

09/15/38

....

5,768

5,317,138

Series

2022-SSP,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.00%),

8.15%,

05/15/39

...

2,870

2,844,748

BWAY

Mortgage

Trust

(a)

Series

2013-1515,

Class

A2,

3.45%,

03/10/33

...............

4,630

4,287,010

Series

2013-1515,

Class

D,

3.63%,

03/10/33

...............

9,570

8,666,505

Series

2013-1515,

Class

E,

3.72%,

03/10/33

...............

650

565,224

Series

2013-1515,

Class

F,

4.06%,

03/10/33

(b)

..............

601

500,728

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

BX

Commercial

Mortgage

Trust

(a)

Series

2019-XL,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.92%

Floor

+

1.03%),

6.18%,

10/15/36

(b)

..

USD

4,721

$

4,692,121

Series

2019-XL,

Class

G,

(1-mo.

CME

Term

SOFR

at

2.30%

Floor

+

2.41%),

7.56%,

10/15/36

(b)

..

38,734

38,000,031

Series

2019-XL,

Class

J,

(1-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.76%),

7.91%,

10/15/36

(b)

..

33,865

32,714,164

Series

2020-VIV3,

Class

B,

3.66%,

03/09/44

(b)

..............

10,747

9,021,062

Series

2020-VIV4,

Class

A,

2.84%,

03/09/44

...............

1,284

1,059,150

Series

2020-VKNG,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.93%

Floor

+

1.04%),

6.19%,

10/15/37

(b)

..

1,027

1,013,986

Series

2020-VKNG,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.75%

Floor

+

2.86%),

8.01%,

10/15/37

(b)

..

5,369

5,144,656

Series

2021-CIP,

Class

A,

(1-mo.

LIBOR

USD

at

0.92%

Floor

+

0.92%),

6.11%,

12/15/38

(b)

...

1,254

1,222,540

Series

2021-NWM,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.91%

Floor

+

1.02%),

6.17%,

02/15/33

(b)

..

25,114

24,400,138

Series

2021-NWM,

Class

B,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.26%),

7.41%,

02/15/33

(b)

..

15,394

15,079,417

Series

2021-NWM,

Class

C,

(1-mo.

CME

Term

SOFR

at

4.25%

Floor

+

4.36%),

9.51%,

02/15/33

(b)

..

10,302

10,066,102

Series

2021-SOAR,

Class

G,

(1-mo.

LIBOR

USD

at

2.80%

Floor

+

2.80%),

7.99%,

06/15/38

(b)

...

7,394

6,994,620

Series

2021-VINO,

Class

F,

(1-mo.

LIBOR

USD

at

2.80%

Floor

+

2.80%),

8.00%,

05/15/38

(b)

...

10,521

9,913,563

Series

2021-VIV5,

Class

A,

2.84%,

03/09/44

(b)

..............

2,328

1,927,941

Series

2022-CSMO,

Class

C,

(1-mo.

CME

Term

SOFR

at

3.89%

Floor

+

3.89%),

9.04%,

06/15/27

(b)

..

4,000

3,974,923

BX

Trust

(a)(b)

Series

2019-OC11,

Class

E,

4.08%,

12/09/41

...............

7,318

5,865,965

Series

2021-ARIA,

Class

A,

(1-mo.

LIBOR

USD

at

0.90%

Floor

+

0.90%),

6.09%,

10/15/36

....

2,522

2,443,643

Series

2021-ARIA,

Class

D,

(1-mo.

LIBOR

USD

at

1.90%

Floor

+

1.90%),

7.09%,

10/15/36

....

4,111

3,925,341

Series

2021-ARIA,

Class

G,

(1-mo.

LIBOR

USD

at

3.14%

Floor

+

3.14%),

8.34%,

10/15/36

....

8,289

7,638,960

Series

2021-LBA,

Class

AJV,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.91%),

6.06%,

02/15/36

...

15,198

14,731,323

Series

2021-LBA,

Class

AV,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.91%),

6.06%,

02/15/36

...

5,208

5,041,648

Series

2021-LBA,

Class

FJV,

(1-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.51%),

7.66%,

02/15/36

...

11,223

10,298,677

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

80

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-LBA,

Class

FV,

(1-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.51%),

7.66%,

02/15/36

...

USD

9,000

$

8,258,763

Series

2021-LBA,

Class

GJV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.26%,

02/15/36

...

2,185

1,999,459

Series

2021-LBA,

Class

GV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.26%,

02/15/36

...

9,336

8,543,741

Series

2021-MFM1,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

7.51%,

01/15/34

...

2,604

2,506,099

Series

2021-MFM1,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.26%,

01/15/34

...

4,033

3,846,794

Series

2021-SDMF,

Class

A,

(1-mo.

LIBOR

USD

at

0.59%

Floor

+

0.59%),

5.78%,

09/15/34

....

2,057

1,984,731

Series

2021-VIEW,

Class

E,

(1-mo.

LIBOR

USD

at

3.60%

Floor

+

3.60%),

8.79%,

06/15/36

....

10,095

9,087,159

Series

2022-GPA,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.17%

Floor

+

2.17%),

7.31%,

10/15/39

...

45,050

44,979,371

Series

2022-GPA,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.06%

Floor

+

4.06%),

9.21%,

10/15/39

...

4,450

4,405,374

Series

2022-LBA6,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

6.15%,

01/15/39

...

5,973

5,826,912

Series

2022-LBA6,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

7.15%,

01/15/39

...

5,950

5,726,137

Series

2022-VAMF,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.85%

Floor

+

0.85%),

6.00%,

01/15/39

...

3,580

3,478,970

Series

2022-VAMF,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

6.43%,

01/15/39

...

1,449

1,409,018

Series

2023-DELC,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.69%

Floor

+

2.69%),

7.69%,

05/15/38

...

18,097

18,051,613

BXP

Trust

(a)(b)

Series

2017-CC,

Class

D,

3.67%,

08/13/37

...............

1,930

1,399,059

Series

2017-CC,

Class

E,

3.67%,

08/13/37

...............

3,820

2,540,031

Series

2017-GM,

Class

D,

3.54%,

06/13/39

...............

1,520

1,246,569

Series

2017-GM,

Class

E,

3.54%,

06/13/39

...............

3,300

2,493,600

Series

2021-601L,

Class

D,

2.87%,

01/15/44

...............

3,999

2,402,014

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

E,

(1-mo.

LIBOR

USD

at

2.15%

Floor

+

2.15%),

7.34%,

12/15/37

(a)(b)

....

9,282

9,048,791

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

C,

5.00%,

05/10/58

(b)

................

6,142

5,454,648

CFK

Trust

(a)(b)

Series

2019-FAX,

Class

D,

4.79%,

01/15/39

...............

6,897

5,923,854

Series

2019-FAX,

Class

E,

4.79%,

01/15/39

...............

6,152

5,082,758

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Citigroup

Commercial

Mortgage

Trust

Series

2014-GC19,

Class

C,

5.26%,

03/11/47

(b)

..............

USD

1,156

$

1,121,236

Series

2016-GC37,

Class

C,

5.08%,

04/10/49

(b)

..............

2,110

1,848,819

Series

2019-PRM,

Class

D,

4.35%,

05/10/36

(a)

..............

1,890

1,870,765

Series

2019-PRM,

Class

E,

4.89%,

05/10/36

(a)(b)

.............

11,599

11,501,203

Series

2019-PRM,

Class

F,

4.89%,

05/10/36

(a)(b)

.............

5,775

5,726,308

Series

2019-SMRT,

Class

D,

4.90%,

01/10/36

(a)(b)

.............

17,385

17,290,852

Series

2019-SMRT,

Class

E,

4.90%,

01/10/36

(a)(b)

.............

1,081

1,075,002

Series

2020-420K,

Class

E,

3.42%,

11/10/42

(a)(b)

.............

2,660

1,797,662

Cold

Storage

Trust

(a)(b)

Series

2020-ICE5,

Class

A,

(1-mo.

LIBOR

USD

at

0.90%

Floor

+

0.90%),

6.09%,

11/15/37

.....

7,055

6,935,234

Series

2020-ICE5,

Class

E,

(1-mo.

LIBOR

USD

at

2.77%

Floor

+

2.77%),

7.96%,

11/15/37

.....

15,600

15,286,422

Series

2020-ICE5,

Class

F,

(1-mo.

LIBOR

USD

at

3.49%

Floor

+

3.49%),

8.69%,

11/15/37

.....

7,334

7,153,347

Commercial

Mortgage

Trust

Series

2013-300P,

Class

D,

4.54%,

08/10/30

(a)(b)

.............

750

581,250

Series

2014-CR15,

Class

C,

4.81%,

02/10/47

(b)

..............

154

134,068

Series

2015-LC19,

Class

B,

3.83%,

02/10/48

(b)

..............

942

846,947

Series

2015-LC23,

Class

A4,

3.77%,

10/10/48

...............

2,008

1,900,814

Series

2016-667M,

Class

D,

3.28%,

10/10/36

(a)(b)

.............

1,840

1,414,472

Credit

Suisse

Mortgage

Capital

Certificates

(a)(b)

Series

2015-RPL1,

Class

A,

0.00%,

02/15/24

(c)

..............

23,200

20,783,636

Series

2019-ICE4,

Class

A,

(1-mo.

LIBOR

USD

at

0.98%

Floor

+

0.98%),

6.17%,

05/15/36

....

6,219

6,187,486

Series

2019-ICE4,

Class

C,

(1-mo.

LIBOR

USD

at

1.43%

Floor

+

1.43%),

6.62%,

05/15/36

....

2,793

2,762,917

Series

2019-ICE4,

Class

E,

(1-mo.

LIBOR

USD

at

2.15%

Floor

+

2.15%),

7.34%,

05/15/36

....

14,066

13,767,995

Series

2019-ICE4,

Class

F,

(1-mo.

LIBOR

USD

at

2.65%

Floor

+

2.65%),

7.84%,

05/15/36

....

14,857

14,514,091

Series

2020-NET,

Class

D,

3.83%,

08/15/37

...............

560

485,031

Series

2021-980M,

Class

E,

3.65%,

07/15/31

...............

3,955

2,829,406

CSAIL

Commercial

Mortgage

Trust,

Series

2018-CX12,

Class

C,

4.88%,

08/15/51

(b)

................

1,586

1,266,843

CSMC

Trust

(a)

Series

2017-PFHP,

Class

A,

(1-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.14%,

12/15/30

(b)

...

2,310

2,206,076

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

81

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2017-TIME,

Class

A,

3.65%,

11/13/39

...............

USD

2,190

$

1,847,058

Series

2020-FACT,

Class

E,

(1-mo.

LIBOR

USD

at

4.86%

Floor

+

4.86%),

10.06%,

10/15/37

(b)

..

5,754

5,136,514

Series

2021-BHAR,

Class

A,

(1-mo.

LIBOR

USD

at

1.15%

Floor

+

1.15%),

6.34%,

11/15/38

(b)

...

5,892

5,766,344

Series

2021-BHAR,

Class

B,

(1-mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.69%,

11/15/38

(b)

...

2,356

2,294,849

Series

2021-BHAR,

Class

C,

(1-mo.

LIBOR

USD

at

2.00%

Floor

+

2.00%),

7.19%,

11/15/38

(b)

...

3,520

3,429,739

Series

2021-BHAR,

Class

E,

(1-mo.

LIBOR

USD

at

3.50%

Floor

+

3.50%),

8.69%,

11/15/38

(b)

...

2,315

2,246,277

Series

2022-NWPT,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.14%

Floor

+

3.14%),

8.29%,

09/09/24

(b)

..

12,521

12,507,859

DBGS

Mortgage

Trust

(a)(b)

Series

2018-BIOD,

Class

D,

(1-mo.

LIBOR

USD

at

1.30%

Floor

+

1.30%),

6.74%,

05/15/35

....

137

133,959

Series

2019-1735,

Class

F,

4.33%,

04/10/37

...............

1,060

630,907

DBUBS

Mortgage

Trust

(a)(b)

Series

2017-BRBK,

Class

D,

3.65%,

10/10/34

...............

3,760

2,980,130

Series

2017-BRBK,

Class

E,

3.65%,

10/10/34

...............

8,126

6,211,395

Series

2017-BRBK,

Class

F,

3.65%,

10/10/34

...............

2,070

1,520,182

ELP

Commercial

Mortgage

Trust,

Series

2021-ELP,

Class

G,

(1-mo.

LIBOR

USD

at

3.12%

Floor

+

3.12%),

8.31%,

11/15/38

(a)(b)

....

11,896

10,971,289

Extended

Stay

America

Trust

(a)(b)

Series

2021-ESH,

Class

D,

(1-mo.

LIBOR

USD

at

2.25%

Floor

+

2.25%),

7.44%,

07/15/38

....

12,269

11,922,902

Series

2021-ESH,

Class

E,

(1-mo.

LIBOR

USD

at

2.85%

Floor

+

2.85%),

8.04%,

07/15/38

....

14,456

14,011,612

Series

2021-ESH,

Class

F,

(1-mo.

LIBOR

USD

at

3.70%

Floor

+

3.70%),

8.89%,

07/15/38

....

7,291

6,925,748

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes,

Series

2018-

K80,

Class

B,

4.38%,

08/25/50

(a)(b)

2,888

2,719,313

GCT

Commercial

Mortgage

Trust,

Series

2021-GCT,

Class

D,

(1-mo.

LIBOR

USD

at

2.35%

Floor

+

2.35%),

7.54%,

02/15/38

(a)(b)

....

770

462,612

Grace

Trust,

Series

2020-GRCE,

Class

E,

2.77%,

12/10/40

(a)(b)

........

2,546

1,681,689

GS

Mortgage

Securities

Corp.

II,

Series

2005-ROCK,

Class

A,

5.37%,

05/03/32

(a)

................

7,340

7,105,783

GS

Mortgage

Securities

Corp.

Trust

(a)

Series

2017-375H,

Class

A,

3.59%,

09/10/37

(b)

..............

1,460

1,274,061

Series

2017-GPTX,

Class

A,

2.86%,

05/10/34

...............

6,110

4,643,600

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-DM,

Class

A,

(1-mo.

LIBOR

USD

at

0.89%

Floor

+

0.89%),

6.08%,

11/15/36

(b)

...

USD

8,770

$

8,558,212

Series

2021-DM,

Class

F,

(1-mo.

LIBOR

USD

at

3.44%

Floor

+

3.44%),

8.63%,

11/15/36

(b)

...

1,030

970,576

Series

2021-ROSS,

Class

A,

(1-mo.

LIBOR

USD

at

1.15%

Floor

+

1.15%),

6.34%,

05/15/26

(b)

...

2,320

2,080,633

Series

2022-AGSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.79%

Floor

+

2.69%),

7.84%,

11/15/27

(b)

..

19,780

19,693,749

Series

2022-ECI,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.19%),

7.34%,

08/15/39

(b)

..

11,620

11,623,630

Series

2022-SHIP,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.73%

Floor

+

0.73%),

5.88%,

08/15/36

(b)

..

14,287

14,188,828

Series

2023-FUN,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.09%

Floor

+

2.09%),

7.24%,

03/15/28

(b)

..

7,510

7,387,667

GS

Mortgage

Securities

Trust

(b)

Series

2014-GC20,

Class

B,

4.53%,

04/10/47

...............

370

346,570

Series

2015-590M,

Class

E,

3.93%,

10/10/35

(a)

..............

2,540

2,084,139

Series

2015-GC32,

Class

C,

4.56%,

07/10/48

...............

1,786

1,590,433

Series

2019-GSA1,

Class

C,

3.93%,

11/10/52

...............

570

431,595

Harvest

Commercial

Capital

Loan

Trust,

Series

2020-1,

Class

M4,

5.96%,

04/25/52

(a)(b)

...............

1,181

1,062,512

HIT

Trust,

Series

2022-HI32,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.39%

Floor

+

2.39%),

7.54%,

07/15/24

(a)(b)

2,650

2,644,950

HONO

Mortgage

Trust

(a)(b)

Series

2021-LULU,

Class

E,

(1-mo.

LIBOR

USD

at

3.35%

Floor

+

3.35%),

8.54%,

10/15/36

....

3,296

3,006,203

Series

2021-LULU,

Class

F,

(1-mo.

LIBOR

USD

at

4.40%

Floor

+

4.40%),

9.59%,

10/15/36

....

3,031

2,744,412

Hudson

Yards

Mortgage

Trust,

Series

2019-55HY,

Class

F,

3.04%,

12/10/41

(a)(b)

...............

6,164

4,045,650

ILPT

Commercial

Mortgage

Trust,

Series

2022-LPF2,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.39%,

10/15/39

(a)(b)

....

22,092

22,023,005

IMT

Trust

(a)

Series

2017-APTS,

Class

AFX,

3.48%,

06/15/34

..........

4,090

3,950,474

Series

2017-APTS,

Class

DFX,

3.61%,

06/15/34

(b)

.........

1,350

1,280,758

Series

2017-APTS,

Class

EFX,

3.61%,

06/15/34

(b)

.........

2,090

1,965,906

Independence

Plaza

Trust

(a)

Series

2018-INDP,

Class

B,

3.91%,

07/10/35

...............

1,220

1,128,388

Series

2018-INDP,

Class

C,

4.16%,

07/10/35

...............

2,655

2,440,207

INTOWN

Mortgage

Trust,

Series

2022-

STAY,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.49%

Floor

+

2.49%),

7.64%,

08/15/39

(a)(b)

..........

12,733

12,732,986

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

82

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2015-C33,

Class

D1,

4.29%,

12/15/48

(a)(b)

...

USD

4,979

$

3,783,742

JPMCC

Commercial

Mortgage

Securities

Trust

Series

2017-JP7,

Class

B,

4.05%,

09/15/50

...............

840

688,926

Series

2019-COR5,

Class

A3,

3.12%,

06/13/52

..........

2,890

2,478,287

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2015-JP1,

Class

C,

4.88%,

01/15/49

(b)

..............

1,650

1,374,087

Series

2018-AON,

Class

A,

4.13%,

07/05/31

(a)

..............

4,834

4,390,722

Series

2018-PHH,

Class

A,

(1-mo.

LIBOR

USD

at

2.41%

Floor

+

1.21%),

6.40%,

06/15/35

(a)(b)

..

3,566

3,306,178

Series

2019-MFP,

Class

E,

(1-mo.

LIBOR

USD

at

2.16%

Floor

+

2.16%),

7.35%,

07/15/36

(a)(b)

..

5,580

5,353,835

Series

2020-609M,

Class

D,

(1-mo.

LIBOR

USD

at

2.77%

Floor

+

2.77%),

7.96%,

10/15/33

(a)(b)

..

2,500

2,090,670

Series

2021-MHC,

Class

A,

(1-mo.

LIBOR

USD

at

0.80%

Floor

+

0.80%),

6.06%,

04/15/38

(a)(b)

..

991

974,994

Series

2021-MHC,

Class

E,

(1-mo.

LIBOR

USD

at

2.45%

Floor

+

2.45%),

7.71%,

04/15/38

(a)(b)

..

11,570

11,108,563

Series

2021-MHC,

Class

F,

(1-mo.

LIBOR

USD

at

2.95%

Floor

+

2.95%),

8.21%,

04/15/38

(a)(b)

..

5,050

4,836,654

Series

2022-CGSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.97%

Floor

+

2.47%),

7.62%,

12/15/36

(a)(b)

.

12,820

12,803,337

Series

2022-NLP,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.54%

Floor

+

3.54%),

8.69%,

04/15/37

(a)(b)

.

12,698

10,993,847

Series

2022-NXSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.18%

Floor

+

2.18%),

7.33%,

09/15/39

(a)(b)

.

19,396

19,401,852

Series

2022-OPO,

Class

D,

3.56%,

01/05/39

(a)(b)

.............

7,412

5,367,796

KNDL

Mortgage

Trust,

Series

2019-

KNSQ,

Class

E,

(1-mo.

LIBOR

USD

at

1.80%

Floor

+

1.80%),

7.14%,

05/15/36

(a)(b)

...............

3,676

3,616,515

Lehman

Brothers

Small

Balance

Commercial

Mortgage

Trust

(a)(b)

Series

2006-2A,

Class

M3,

(1-mo.

LIBOR

USD

at

0.45%

Floor

+

0.45%),

5.60%,

09/25/36

....

2,479

2,346,376

Series

2007-1A,

Class

1A,

(1-mo.

LIBOR

USD

at

0.25%

Floor

+

0.25%),

5.40%,

03/25/37

....

146

145,927

Series

2007-3A,

Class

M2,

(1-mo.

LIBOR

USD

at

2.00%

Floor

+

2.00%),

7.15%,

10/25/37

....

5,850

4,536,830

Life

Mortgage

Trust,

Series

2021-BMR,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.46%),

7.61%,

03/15/38

(a)(b)

...............

7,616

7,209,658

LSTAR

Commercial

Mortgage

Trust,

Series

2015-3,

Class

AS,

3.31%,

04/20/48

(a)(b)

...............

465

445,567

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

LUXE

Trust,

Series

2021-TRIP,

Class

E,

(1-mo.

LIBOR

USD

at

2.75%

Floor

+

2.75%),

7.94%,

10/15/38

(a)(b)

....

USD

1,216

$

1,168,274

MAD

Mortgage

Trust

(a)(b)

Series

2017-330M,

Class

D,

4.11%,

08/15/34

...............

2,925

2,293,015

Series

2017-330M,

Class

E,

4.17%,

08/15/34

...............

4,493

3,387,438

Manhattan

West

Mortgage

Trust,

Series

2020-1MW,

Class

D,

2.41%,

09/10/39

(a)(b)

...............

2,088

1,689,188

Med

Trust,

Series

2021-MDLN,

Class

G,

(1-mo.

LIBOR

USD

at

5.25%

Floor

+

5.25%),

10.44%,

11/15/38

(a)(b)

54,931

51,428,312

MFT

Trust,

Series

2020-ABC,

Class

C,

3.59%,

02/10/42

(a)(b)

..........

3,925

2,508,440

MHC

Commercial

Mortgage

Trust

(a)(b)

Series

2021-MHC,

Class

A,

(1-mo.

LIBOR

USD

at

0.80%

Floor

+

0.80%),

6.06%,

04/15/38

....

9,519

9,342,935

Series

2021-MHC,

Class

E,

(1-mo.

LIBOR

USD

at

2.10%

Floor

+

2.10%),

7.36%,

04/15/38

....

20,808

20,181,841

Series

2021-MHC,

Class

F,

(1-mo.

LIBOR

USD

at

2.60%

Floor

+

2.60%),

7.86%,

04/15/38

....

2,139

2,075,811

MHP,

Series

2021-STOR,

Class

G,

(1-mo.

LIBOR

USD

at

2.75%

Floor

+

2.75%),

7.94%,

07/15/38

(a)(b)

....

3,854

3,641,251

MHP

Commercial

Mortgage

Trust,

Series

2021-STOR,

Class

J,

(1-mo.

LIBOR

USD

at

3.95%

Floor

+

3.95%),

9.14%,

07/15/38

(a)(b)

....

3,438

3,239,452

MIRA

Trust,

Series

2023-MILE,

Class

A,

6.75%,

06/10/28

(a)

...........

10,455

10,423,642

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

(b)

Series

2015-C23,

Class

D,

4.28%,

07/15/50

(a)

..............

901

741,742

Series

2015-C25,

Class

C,

4.67%,

10/15/48

...............

720

636,397

Morgan

Stanley

Capital

I

Trust

(b)

Series

2017-H1,

Class

C,

4.28%,

06/15/50

...............

483

380,383

Series

2018-H3,

Class

C,

5.01%,

07/15/51

(c)

..............

10

8,450

Series

2018-MP,

Class

E,

4.42%,

07/11/40

(a)

..............

6,810

4,462,354

Series

2018-SUN,

Class

A,

(1-mo.

LIBOR

USD

at

0.90%

Floor

+

0.90%),

6.09%,

07/15/35

(a)

...

2,330

2,301,344

Series

2018-SUN,

Class

F,

(1-mo.

LIBOR

USD

at

2.55%

Floor

+

2.55%),

7.74%,

07/15/35

(a)

...

74

72,043

MSCG

Trust

(a)(b)

Series

2018-SELF,

Class

E,

(1-mo.

LIBOR

USD

at

2.15%

Floor

+

2.15%),

7.34%,

10/15/37

....

1,298

1,251,594

Series

2018-SELF,

Class

F,

(1-mo.

LIBOR

USD

at

3.05%

Floor

+

3.05%),

8.24%,

10/15/37

....

1,426

1,373,649

MTN

Commercial

Mortgage

Trust

(a)(b)

Series

2022-LPFL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

6.54%,

03/15/39

...

6,670

6,544,890

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

83

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2022-LPFL,

Class

F,

(1-mo.

CME

Term

SOFR

at

5.29%

Floor

+

5.29%),

10.43%,

03/15/39

..

USD

2,870

$

2,662,435

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

1,434,552

Natixis

Commercial

Mortgage

Securities

Trust

(a)

Series

2018-FL1,

Class

A,

(1-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.14%,

06/15/35

(b)

...

714

674,288

Series

2019-LVL,

Class

D,

4.44%,

08/15/38

...............

3,140

2,535,936

Olympic

Tower

Mortgage

Trust,

Series

2017-OT,

Class

E,

4.08%,

05/10/39

(a)

(b)

......................

7,856

4,552,888

One

Bryant

Park

Trust,

Series

2019-

OBP,

Class

A,

2.52%,

09/15/54

(a)

.

2,850

2,313,842

One

New

York

Plaza

Trust,

Series

2020-1NYP,

Class

D,

(1-mo.

LIBOR

USD

at

2.75%

Floor

+

2.75%),

7.94%,

01/15/36

(a)(b)

..........

1,660

1,275,068

PKHL

Commercial

Mortgage

Trust

(a)(b)

Series

2021-MF,

Class

F,

(1-mo.

LIBOR

USD

at

3.35%

Floor

+

3.35%),

8.54%,

07/15/38

....

3,276

2,853,381

Series

2021-MF,

Class

G,

(1-mo.

LIBOR

USD

at

4.35%

Floor

+

4.35%),

9.54%,

07/15/38

....

3,533

3,023,761

Ready

Capital

Mortgage

Financing

LLC,

Series

2022-FL9,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.47%

Floor

+

2.47%),

7.56%,

06/25/37

(a)(b)

....

4,790

4,791,398

SG

Commercial

Mortgage

Securities

Trust,

Series

2019-PREZ,

Class

D,

3.59%,

09/15/39

(a)(b)

..........

4,690

3,628,729

SMRT,

Series

2022-MINI,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

6.15%,

01/15/39

(a)(b)

3,505

3,395,098

SMRT

Trust,

Series

2022-MINI,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.70%

Floor

+

2.70%),

7.85%,

01/15/39

(a)(b)

3,153

2,970,468

SREIT

Trust,

Series

2021-MFP2,

Class

A,

(1-mo.

LIBOR

USD

at

0.82%

Floor

+

0.82%),

6.01%,

11/15/36

(a)(b)

2,689

2,619,846

STWD

Trust,

Series

2021-FLWR,

Class

E,

(1-mo.

LIBOR

USD

at

1.92%

Floor

+

1.92%),

7.12%,

07/15/36

(a)(b)

3,122

2,949,619

Taubman

Centers

Commercial

Mortgage

Trust,

Series

2022-DPM,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.19%

Floor

+

2.19%),

7.33%,

05/15/37

(a)(b)

...............

22,066

21,431,737

Velocity

Commercial

Capital

Loan

Trust

(a)

Series

2017-2,

Class

M3,

4.24%,

11/25/47

(b)

..............

551

439,408

Series

2017-2,

Class

M4,

5.00%,

11/25/47

(b)

..............

333

254,684

Series

2018-1,

Class

M2,

4.26%,

04/25/48

...............

317

276,814

Series

2020-1,

Class

M1,

2.80%,

02/25/50

(b)

..............

1,114

923,851

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2020-1,

Class

M2,

2.98%,

02/25/50

(b)

..............

USD

1,262

$

1,042,863

Series

2020-1,

Class

M3,

3.19%,

02/25/50

(b)

..............

556

443,809

Series

2020-1,

Class

M4,

3.54%,

02/25/50

(b)

..............

859

666,802

Series

2020-1,

Class

M5,

4.29%,

02/25/50

(b)

..............

969

723,806

Series

2021-4,

Class

M4,

4.48%,

12/26/51

(b)

..............

2,277

1,616,211

Series

2022-4,

Class

M2,

6.97%,

08/25/52

(b)

..............

1,997

1,860,042

Series

2022-4,

Class

M3,

7.54%,

08/25/52

(b)

..............

1,997

1,703,602

Series

2023-2,

Class

A,

6.22%,

05/25/53

(b)

..............

9,294

9,082,534

Wells

Fargo

Commercial

Mortgage

Trust

Series

2018-1745,

Class

A,

3.87%,

06/15/36

(a)(b)

.............

2,708

2,297,632

Series

2018-C45,

Class

C,

4.73%,

06/15/51

...............

1,450

1,197,263

Series

2020-SDAL,

Class

D,

(1-mo.

LIBOR

USD

at

2.09%

Floor

+

2.09%),

7.28%,

02/15/37

(a)(b)

..

3,010

2,857,118

Series

2020-SDAL,

Class

E,

(1-mo.

LIBOR

USD

at

2.74%

Floor

+

2.74%),

7.93%,

02/15/37

(a)(b)

..

2,560

2,371,270

Series

2021-FCMT,

Class

D,

(1-mo.

LIBOR

USD

at

3.50%

Floor

+

3.50%),

8.69%,

05/15/31

(a)(b)

..

750

662,993

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C24,

Class

B,

4.20%,

11/15/47

(b)

................

1,770

1,586,022

WMRK

Commercial

Mortgage

Trust

(a)(b)

Series

2022-WMRK,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.79%

Floor

+

2.79%),

7.94%,

11/15/27

...

14,598

14,579,585

Series

2022-WMRK,

Class

B,

(1-mo.

CME

Term

SOFR

at

3.44%

Floor

+

3.44%),

8.58%,

11/15/27

...

4,950

4,931,349

1,320,242,267

1,444,924,895

Interest

Only

Collateralized

Mortgage

Obligations

—

0.1%

United

States

—

0.1%

(b)

IndyMac

IMSC

Mortgage

Loan

Trust,

Series

2007-HOA1,

Class

AXPP,

0.00%,

07/25/47

............

13,007

9,587

JP

Morgan

Mortgage

Trust

(a)

Series

2021-INV5,

Class

A2X,

0.50%,

12/25/51

..........

105,414

2,563,602

Series

2021-INV5,

Class

A5X,

0.50%,

12/25/51

..........

11,471

278,966

Series

2021-INV5,

Class

AX1,

0.19%,

12/25/51

..........

206,479

1,909,330

Series

2021-INV7,

Class

A2X,

0.50%,

02/25/52

..........

65,551

1,595,163

Series

2021-INV7,

Class

A3X,

0.50%,

02/25/52

..........

40,045

887,042

Series

2021-INV7,

Class

A4X,

0.50%,

02/25/52

..........

15,746

655,246

Series

2021-INV7,

Class

A5X,

0.50%,

02/25/52

..........

7,138

173,698

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

84

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-INV7,

Class

AX1,

0.27%,

02/25/52

..........

USD

128,480

$

1,692,724

Reperforming

Loan

REMIC

Trust,

Series

2005-R3,

Class

AS,

0.90%,

09/25/35

(a)

................

1,415

47,169

Seasoned

Credit

Risk

Transfer

Trust,

Series

2017-3,

Class

BIO,

0.72%,

07/25/56

(a)

................

7,569

764,269

Voyager

OPTONE

Delaware

Trust,

Series

2009-1,

Class

SAA7,

0.09%,

02/25/38

(a)

................

28,773

6,858,731

17,435,527

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

United

States

—

0.1%

(b)

245

Park

Avenue

Trust,

Series

2017-

245P,

Class

XA,

0.27%,

06/05/37

(a)

25,000

161,667

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2016-SS1,

Class

XA,

0.70%,

12/15/35

(a)

....

19,140

214,504

BANK,

Series

2019-BN20,

Class

XB,

0.47%,

09/15/62

............

86,048

1,675,225

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

Series

2017-BNK3,

Class

XB,

0.73%,

02/15/50

..........

31,555

604,206

Series

2017-BNK3,

Class

XD,

1.39%,

02/15/50

(a)

.........

12,290

472,677

BBCMS

Mortgage

Trust,

Series

2020-

C7,

Class

XB,

1.10%,

04/15/53

..

2,706

154,560

BBCMS

Trust

(a)

Series

2015-SRCH,

Class

XA,

1.06%,

08/10/35

..........

67,483

1,894,232

Series

2015-SRCH,

Class

XB,

0.30%,

08/10/35

..........

42,790

334,751

Benchmark

Mortgage

Trust

Series

2019-B9,

Class

XA,

1.19%,

03/15/52

...............

31,843

1,385,750

Series

2020-B17,

Class

XB,

0.65%,

03/15/53

...............

13,340

350,258

Series

2021-B23,

Class

XA,

1.38%,

02/15/54

...............

47,951

3,096,791

BMO

Mortgage

Trust,

Series

2023-C5,

Class

XA,

0.73%,

06/15/56

.....

28,430

1,503,870

BX

Trust,

Series

2022-GPA,

Class

XCP,

1.03%,

10/15/39

(a)

...........

242,391

315,690

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XB,

0.85%,

05/10/58

.................

18,700

330,632

Commercial

Mortgage

Trust

Series

2015-CR25,

Class

XA,

0.95%,

08/10/48

..........

14,107

191,634

Series

2018-COR3,

Class

XD,

1.75%,

05/10/51

(a)

.........

8,680

563,645

CSAIL

Commercial

Mortgage

Trust

Series

2017-CX10,

Class

XB,

0.26%,

11/15/50

..........

32,800

330,207

Series

2019-C16,

Class

XA,

1.71%,

06/15/52

...............

68,682

4,599,293

Series

2019-C17,

Class

XA,

1.49%,

09/15/52

...............

28,107

1,530,472

Series

2019-C17,

Class

XB,

0.70%,

09/15/52

...............

41,829

1,170,167

CSMC

OA

LLC,

Series

2014-USA,

Class

X2,

0.19%,

09/15/37

(a)

....

598,765

984,938

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

DBGS

Mortgage

Trust,

Series

2019-

1735,

Class

X,

0.43%,

04/10/37

(a)

.

USD

52,590

$

822,337

DBJPM

Mortgage

Trust,

Series

2017-

C6,

Class

XD,

1.00%,

06/10/50

(a)

.

15,440

485,640

GS

Mortgage

Securities

Corp.

II,

Series

2005-ROCK,

Class

X1,

0.21%,

05/03/32

(a)

................

24,000

106,574

GS

Mortgage

Securities

Trust

Series

2019-GSA1,

Class

XA,

0.94%,

11/10/52

..........

15,770

623,667

Series

2020-GSA2,

Class

XA,

1.84%,

12/12/53

(a)

.........

31,949

2,800,407

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2014-C22,

Class

XA,

0.95%,

09/15/47

...............

6,313

34,000

Series

2015-C27,

Class

XD,

0.50%,

02/15/48

(a)

..............

31,775

225,512

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(a)

....

14,670

298,312

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2016-JP3,

Class

XC,

0.75%,

08/15/49

(a)

................

37,589

733,249

Ladder

Capital

Commercial

Mortgage

Mortgage

Trust,

Series

2013-GCP,

Class

XA,

1.32%,

02/15/36

(a)

....

5,946

249,649

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

X,

0.95%,

03/10/50

(a)

................

7,036

122,629

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

(a)

Series

2014-C19,

Class

XD,

1.33%,

12/15/47

...............

51,913

794,212

Series

2014-C19,

Class

XF,

1.33%,

12/15/47

...............

13,486

224,318

Series

2015-C21,

Class

XB,

0.41%,

03/15/48

...............

15,696

76,498

Series

2015-C26,

Class

XD,

1.45%,

10/15/48

...............

18,660

490,495

Morgan

Stanley

Capital

I

Trust

Series

2017-H1,

Class

XD,

2.31%,

06/15/50

(a)

..............

8,870

602,623

Series

2019-H6,

Class

XB,

0.87%,

06/15/52

...............

53,695

1,889,089

Series

2019-L2,

Class

XA,

1.17%,

03/15/52

...............

22,248

955,706

Olympic

Tower

Mortgage

Trust,

Series

2017-OT,

Class

XA,

0.51%,

05/10/39

(a)

................

99,000

1,318,452

One

Market

Plaza

Trust

(a)

Series

2017-1MKT,

Class

XCP,

0.00%,

02/10/32

..........

152,049

4,348

Series

2017-1MKT,

Class

XNCP,

0.22%,

02/10/32

..........

30,410

79,227

UBS

Commercial

Mortgage

Trust

Series

2019-C17,

Class

XA,

1.61%,

10/15/52

...............

67,517

4,446,059

Series

2019-C18,

Class

XA,

1.15%,

12/15/52

...............

69,636

2,971,932

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-BNK1,

Class

XD,

1.39%,

08/15/49

(a)

.........

9,764

309,243

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

85

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2019-C50,

Class

XA,

1.58%,

05/15/52

...............

USD

49,597

$

2,802,167

Series

2021-C59,

Class

XA,

1.66%,

04/15/54

...............

37,825

3,072,013

48,403,527

Principal

Only

Collateralized

Mortgage

Obligations

—

0.0%

United

States

—

0.0%

Seasoned

Credit

Risk

Transfer

Trust,

Series

2017-3,

Class

B,

0.00%,

07/25/56

(a)(m)

...............

4,033

426,962

Total

Non-Agency

Mortgage-Backed

Securities

—

7.9%

(Cost:

$3,086,999,768)

...........................

2,844,951,456

Preferred

Securities

Capital

Trusts

—

0.1%

United

States

—

0.1%

AT&T,

Inc.,

Series

B

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.14%),

2.88%

(b)(g)

(o)

......................

EUR

45,900

46,137,895

Total

Capital

Trusts

—

0.1%  

(Cost:

$45,808,668)

..............................

46,137,895

Shares

Shares

Preferred

Stocks

—

1.0%

Brazil

—

0.1%

Neon

Payments

Ltd.

(c)(g)

.........

28,089

16,594,139

China

—

0.1%

ByteDance

Ltd.,

Series

E-1,

(Acquired

11/11/20,

cost

$32,477,349)

(c)(g)(i)

..

296,396

52,107,621

Germany

—

0.0%

Volocopter

Gmbh,

(Acquired

03/03/21,

cost

$11,751,352)

(c)(g)(i)

........

2,211

14,243,618

Israel

—

0.1%

(c)(g)(i)

Deep

Instinct

Ltd.,

Series

D-2,

(Acquired

03/19/21,

cost

$8,210,225)

...............

1,350,837

9,861,110

Deep

Instinct

Ltd.,

Series

D-4,

(Acquired

09/20/22,

cost

$11,103,299)

..............

1,574,860

11,496,478

21,357,588

Jersey,

Channel

Islands

—

0.0%

Loadsmart,

Inc.,

Series

C,

(Acquired

10/05/20,

cost

$7,500,000)

(c)(g)(i)

..

877,193

11,184,211

Sweden

—

0.0%

Volta

Greentech

AB,

Series

C,

(Acquired

02/22/22,

cost

$5,952,131)

(c)(g)(i)

............

50,461

6,568,470

United

States

—

0.7%

(c)(g)

10X

Future

Technologies

Holding

Ltd.,

(Acquired

05/13/21,

cost

$16,122,169)

(i)

..............

425,677

5,979,144

Breeze

Aviation

Group,

Inc.,

Series

B,

(Acquired

07/30/21,

cost

$13,089,026)

(i)

..............

24,234

8,536,184

Cap

Hill

Brands

(Preference)

......

13,277,076

20,048,385

Caresyntax,

Inc.,

Series

C-2

......

27,266

2,457,212

Security

Shares

Shares

Value

United

States

(continued)

Clarify

Health

Solutions,

Inc.

......

1,542,267

$

11,042,632

Dream

Finders

Homes,

Inc.,

9.00%

(o)

58,891

53,517,196

Exo

Imaging,

Inc.,

Series

C,

(Acquired

06/24/21,

cost

$5,879,165)

(i)

....

1,003,613

2,810,116

Farmer’s

Business

Network,

Inc.,

Series

F,

(Acquired

07/31/20,

cost

$6,250,011)

(i)

...............

189,070

8,152,698

Farmer's

Business

Network,

Inc.,

Series

G,

(Acquired

09/15/21,

cost

$1,777,651)

(i)

..............

28,599

1,233,189

GM

Cruise

Holdings

LLC,

Series

G,

(Acquired

03/25/21,

cost

$7,513,940)

(i)

..............

285,159

4,850,555

JumpCloud,

Inc.,

Series

F,

(Acquired

09/03/21,

cost

$10,016,793)

(i)

...

4,814,053

12,516,538

Lessen,

Inc.,

Series

B

...........

2,002,830

18,686,404

Loadsmart,

Inc.,

Series

D,

(Acquired

01/27/22,

cost

$2,351,580)

(i)

....

117,579

1,499,132

MNTN

Digital,

Series

D,

(Acquired

11/05/21,

cost

$6,262,132)

(i)

....

272,678

3,585,716

Mythic

AI,

Inc.,

Series

C,

(Acquired

01/26/21,

cost

$4,357,643)

(i)

....

634,291

6

Noodle

Partners,

Inc.,

Series

C,

(Acquired

08/26/21,

cost

$7,700,677)

(i)

..............

862,850

4,184,822

PsiQuantum

Corp.,

Series

D,

(Acquired

05/21/21,

cost

$3,512,029)

(i)

....

133,913

3,539,321

Relativity

Space,

Inc.,

Series

E,

(Acquired

05/27/21,

cost

$5,860,925)

(i)

..............

256,663

4,270,872

SCI

PH,

Inc.,

(Acquired

02/10/23,

cost

$7,993,000)

(b)(i)

.............

7,993

7,452,833

Snorkel

AI,

Inc.,

Series

C,

(Acquired

06/30/21,

cost

$2,440,004)

(i)

....

162,454

1,798,366

Ursa

Major

Technologies,

Inc.,

Series

C,

(Acquired

09/13/21,

cost

$7,831,305)

(i)

..............

1,312,920

8,704,660

Ursa

Major

Technologies,

Inc.,

Series

D,

(Acquired

10/14/22,

cost

$1,066,003)

(i)

..............

160,843

1,066,389

Verge

Genomics,

Series

B,

(Acquired

11/05/21,

cost

$7,544,038)

(i)

....

1,416,243

8,412,483

Versa

Networks,

Inc.,

Series

E,

(Acquired

10/14/22,

cost

$27,065,882)

(i)

..............

9,274,836

29,030,237

Zero

Mass

Water,

Inc.,

Series

C-1,

(Acquired

05/07/20,

cost

$7,421,039)

(i)

..............

425,072

12,938,493

236,313,583

Total

Preferred

Stocks

—

1.0%  

(Cost:

$361,609,496)

.............................

358,369,230

Total

Preferred

Securities

—

1.1%

(Cost:

$407,418,164)

.............................

404,507,125

Par

(000)

Pa

r

(

000)

U.S.

Government

Sponsored

Agency

Securities

Agency

Obligations

—

0.1%

WPP

Finance

SA,

4.13%, 05/30/28

(d)

.

EUR

12,590

13,716,529

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

86

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Structured

Agency

Credit

Risk

Debt

Variable

Rate

Notes

(b)

Series

2015-DN1,

Class

B,

(1-

mo.

LIBOR

USD

+

11.50%),

16.65%

,

 01/25/25

.......

USD

824

$

841,488

Series

2015-HQ2,

Class

B,

(1-mo.

LIBOR

USD

+

7.95%),

13.10%

,

 05/25/25

.......

1,539

1,558,153

2,399,641

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

2,462,948

Series

2018-W5FX,

Class

CFX,

3.79%

,

 04/25/28

........

10,630

8,755,414

11,218,362

Interest

Only

Collateralized

Mortgage

Obligations

—

0.7%

Federal

Home

Loan

Mortgage

Corp.

Series

389,

Class

C35,

2.00%

,

 06/15/52

........

67,130

8,215,330

Series

389,

Class

C45,

3.00%

,

 10/15/52

........

46,632

7,605,630

Series

5022,

Class

KI,

3.00%

,

 10/25/50

........

28,302

4,474,796

Series

5052,

Class

KI,

4.00%

,

 12/25/50

........

67,823

12,966,767

Series

5081,

Class

AI,

3.50%

,

 03/25/51

........

16,954

2,952,685

Series

5081,

Class

PI,

3.00%

,

 03/25/51

........

14,034

2,284,940

Series

5112,

Class

KI,

3.50%

,

 06/25/51

........

33,870

6,066,755

Series

5127,

Class

AI,

3.00%

,

 06/25/51

........

13,766

2,176,577

Series

5129,

3.00%

,

 09/25/50

.

17,484

2,858,062

Series

5139,

Class

IG,

3.00%

,

 09/25/51

........

43,027

6,361,308

Series

5145,

Class

HI,

3.00%

,

 09/25/51

........

16,909

2,666,415

Series

5152,

Class

EI,

3.50%

,

 10/25/51

........

16,160

2,987,065

Series

5155,

Class

NI,

3.00%

,

 10/25/51

(c)

.......

45,751

6,383,624

Series

-5155,

Class

JI,

3.00%

,

 10/25/51

........

28,498

4,526,151

Series

5161,

Class

LI,

3.00%

,

 11/25/51

........

10,953

1,423,656

Series

5164,

Class

IB,

3.00%

,

 11/25/51

........

56,624

8,491,672

Series

5167,

Class

MI,

3.00%

,

 11/25/51

........

18,408

2,479,202

Series

5196,

Class

DI,

3.00%

,

 02/25/52

........

93,892

14,422,655

Federal

National

Mortgage

Association

Series

2020-101,

Class

AI,

3.50%

,

 01/25/51

........

14,857

2,659,337

Series

2020-32,

Class

PI,

4.00%

,

 05/25/50

........

26,259

5,279,349

Series

2020-77,

Class

HI,

4.00%

,

 11/25/50

........

115,813

22,859,102

Series

2021-3,

Class

MI,

3.50%

,

 02/25/51

........

28,895

5,075,758

Security

Par

(000)

Par

(000)

Value

Interest

Only

Collateralized

Mortgage

Obligations

(continued)

Series

2021-31,

Class

IB,

4.00%

,

 06/25/51

........

USD

39,626

$

7,741,237

Series

2021-50,

4.00%

,

 08/25/51

48,969

9,427,767

Series

427,

Class

C71,

3.00%

,

 10/25/49

........

37,931

5,936,284

Series

427,

Class

C85,

3.50%

,

 08/25/49

........

30,304

5,284,635

Series

428,

Class

C16,

3.00%

,

 03/25/50

........

19,426

3,035,248

Government

National

Mortgage

Association

Series

2020-144,

2.50%

,

 09/20/50

........

27,675

3,600,806

Series

2020-146,

Class

DI,

2.50%

,

 10/20/50

........

24,226

3,156,596

Series

2020-151,

Class

MI,

2.50%

,

 10/20/50

........

71,624

9,347,613

Series

2020-175,

Class

DI,

2.50%

,

 11/20/50

........

8,187

1,067,560

Series

2020-185,

Class

MI,

2.50%

,

 12/20/50

........

30,086

3,929,610

Series

2021-15,

Class

GI,

3.50%

,

 01/20/51

........

17,394

2,871,045

Series

2021-161,

Class

IB,

4.00%

,

 09/20/51

........

12,088

1,910,388

Series

2021-176,

Class

IA,

3.50%

,

 10/20/51

........

29,078

4,393,117

Series

2021-199,

Class

KI,

3.50%

,

 11/20/51

........

14,432

2,225,905

Series

2021-209,

Class

TJ,

3.50%

,

 11/20/51

........

12,870

1,876,422

Series

2021-214,

Class

AI,

4.00%

,

 12/20/51

........

28,636

4,437,255

Series

2021-215,

Class

LI,

3.00%

,

 12/20/51

........

22,310

2,679,000

Series

2021-221,

Class

AI,

3.50%

,

 12/20/51

........

26,922

3,838,688

Series

2021-221,

Class

CI,

3.00%

,

 12/20/51

........

13,131

1,570,631

Series

2021-67,

Class

QI,

3.00%

,

 04/20/51

........

25,953

3,628,009

Series

2021-76,

Class

JI,

3.00%

,

 08/20/50

........

26,666

3,959,365

Series

2021-78,

Class

IC,

4.00%

,

 05/20/51

(c)

.......

19,895

3,350,235

Series

2021-83,

Class

PI,

3.00%

,

 05/20/51

........

23,270

3,368,747

Series

2021-96,

Class

MI,

3.00%

,

 06/20/51

........

46,541

6,910,415

Series

2022-78,

Class

D,

3.00%

,

 08/20/51

........

12,575

1,786,332

236,549,746

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.,

Series

2019-KW08,

Class

X2A,

0.10%, 01/25/29

(a)

...........

273,043

1,066,478

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-

Through

Certificates

Variable

Rate

Notes,

Series

KL06,

Class

XFX,

1.47%, 12/25/29

(b)

...........

11,610

695,876

Government

National

Mortgage

Association

Variable

Rate

Notes

(b)

Series

2009-80,

1.56%

,

 09/16/51

1,925

290,469

Series

2013-30,

0.52%

,

 09/16/53

7,568

107,138

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

87

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

Series

2013-78,

0.28%

,

 10/16/54

USD

12,651

$

154,825

Series

2015-173,

0.60%

,

 09/16/55

........

8,648

189,275

Series

2015-22,

0.52%

,

 03/16/55

9,896

160,680

Series

2015-37,

0.62%

,

 10/16/56

1,429

36,348

Series

2015-48,

0.91%

,

 02/16/50

1,134

25,323

Series

2016-36,

0.68%

,

 08/16/57

1,782

51,181

Series

2016-96,

0.77%

,

 12/16/57

8,760

321,186

3,098,779

Mortgage-Backed

Securities

—

28.2%

Government

National

Mortgage

Association,

4.50%, 07/20/23

(v)

..

812,896

784,571,655

Uniform

Mortgage-Backed

Securities

2.00%

,

 07/13/23

(v)

.........

638,872

520,955,273

2.50%

,

 07/13/23

-

08/14/23

(v)

..

415,643

352,529,216

3.00%

,

 07/13/23

(v)

.........

2,269,885

1,997,587,427

3.50%

,

 07/13/23

(v)

.........

3,623,985

3,302,214,578

4.00%

,

 07/13/23

(v)

.........

691,425

648,832,141

4.50%

,

 07/13/23

(v)

.........

1,279,400

1,230,023,156

5.00%

,

 07/13/23

(v)

.........

150,980

147,936,809

5.50%

,

 07/13/23

(v)

.........

147,671

146,955,759

6.00%

,

 03/01/38

-

05/01/53

...

22,342

22,859,030

4.50%

,

 09/01/43

-

11/01/44

...

106

104,046

4.00%

,

 09/01/44

-

09/01/52

...

659,719

627,305,736

3.50%

,

 01/01/48

-

04/01/52

...

291,488

268,210,030

2.50%

,

 02/01/51

-

10/01/51

...

43,234

37,002,260

5.00%

,

 10/01/52

..........

1

870

10,087,087,986

Total

U.S.

Government

Sponsored

Agency

Securities

—

29.0%  

(Cost:

$10,443,413,152)

...........................

10,354,071,043

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

1.88%, 02/15/41

-

02/15/51

.....

133,372

92,728,879

1.75%, 08/15/41

............

83,186

58,441,274

2.38%, 02/15/42

............

59,969

46,689,146

3.25%, 05/15/42

............

163,156

145,591,415

1.38%, 08/15/50

............

75,000

43,579,102

2.88%, 05/15/52

(w)

...........

201,565

167,038,706

3.00%, 08/15/52

(w)(x)(y)

.........

1,391,365

1,182,986,358

3.63%, 02/15/53

............

3,000

2,879,063

U.S.

Treasury

Inflation

Linked

Bonds

,

1.50%, 02/15/53

............

4,406

4,282,084

U.S.

Treasury

Inflation

Linked

Notes

0.63%, 01/15/24

-

07/15/32

.....

824,228

798,466,881

0.50%, 04/15/24

(w)

...........

535,651

522,688,655

0.13%, 04/15/26

-

04/15/27

.....

162,182

151,147,153

1.63%, 10/15/27

............

249,226

245,538,466

1.25%, 04/15/28

............

105,276

101,854,100

U.S.

Treasury

Notes

2.63%, 12/31/23

............

65

64,157

1.13%, 02/28/25

............

32,000

29,993,750

4.00%, 12/15/25

(w)

...........

80,057

78,802,982

3.25%, 06/30/27

(w)

...........

86,543

83,229,737

4.00%, 06/30/28

............

225,000

223,769,531

2.38%, 05/15/29

............

1,000

911,719

1.63%, 05/15/31

............

1,000

849,805

1.25%, 08/15/31

............

50,000

41,031,250

3.38%, 05/15/33

............

50,000

48,218,750

Total

U.S.

Treasury

Obligations

—

11.4%

(Cost:

$4,172,636,234)

...........................

4,070,782,963

Security

Shares

Shares

Value

Warrants

Brazil

—

0.0%

Lavoro

Ltd.

(Issued/Exercisable

12/27/22,

1

Share

for

1

Warrant,

Expires

12/27/27,

Strike

Price

USD

11.50)

(g)

..................

147,996

$

116,177

Germany

—

0.0%

Tonies

SE

(Issued/Exercisable

04/30/21,

1

Share

for

1

Warrant,

Expires

04/30/26,

Strike

Price

EUR

11.50)

(g)

..................

196,295

32,129

Israel

—

0.0%

Deep

Instinct

Ltd.,

(Acquired

09/20/22,

cost

$0)

(Issued/Exercisable

09/20/22,

1

Share

for

1

Warrant,

Expires

09/20/32)

(c)(g)(i)

........

111,033

688,405

Luxembourg

—

0.0%

HomeToGo

SE

(Issued/Exercisable

02/17/21,

1

Share

for

1

Warrant,

Expires

12/31/25,

Strike

Price

EUR

11.50)

(g)

..................

109,138

119

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

2

United

States

—

0.0%

(g)

Aurora

Innovation,

Inc.

(Issued/

Exercisable

05/04/21,

1

Share

for

1

Warrant,

Expires

12/31/28,

Strike

Price

USD

11.50)

............

45,680

21,013

California

Resources

Corp.

(Issued/

Exercisable

10/23/20,

1

Share

for

1

Warrant,

Expires

10/27/24,

Strike

Price

USD

36.00)

...........

12,137

143,945

Cano

Health,

Inc.

(Issued/Exercisable

07/06/20,

1

Share

for

1

Warrant,

Expires

06/03/26,

Strike

Price

USD

11.50)

...................

178,770

37,560

Caresyntax,

Inc.

(Issued/Exercisable

06/14/23,

1

Share

for

1

Warrant,

Expires

06/21/33,

Strike

Price

USD

0.01)

....................

5,337

—

Crown

PropTech

Acquisitions

(Issued/

Exercisable

01/25/21,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

............

199,600

15,968

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

30,020

CXApp,

Inc.

(Issued/Exercisable

02/02/21,

1

Share

for

1

Warrant,

Expires

12/15/25,

Strike

Price

USD

11.50)

...................

399,242

217,387

Embark

Technology,

Inc.

(Issued/

Exercisable

12/28/20,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

............

31,812

461

EVgo,

Inc.

(Issued/Exercisable

11/10/20,

1

Share

for

1

Warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

...................

213,790

131,481

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

88

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

FLYR,

Inc.

(Issued/Exercisable

05/10/22,

1

Share

for

1

Warrant,

Expires

05/10/32,

Strike

Price

USD

3.95)

(c)

...................

64,041

$

1,063,081

FreeWire

Technologies,

Inc.

(Issued/

Exercisable

05/03/22,

1

Share

for

1

Warrant,

Expires

04/26/29,

Strike

Price

USD

3.35)

(c)

...........

1,742,911

18

FreeWire

Technologies,

Inc.

(Issued/

Exercisable

04/27/22,

1

Share

for

1

Warrant,

Expires

04/26/27,

Strike

Price

USD

3.35)

(c)

...........

1,834,643

697,164

FreeWire

Technologies,

Inc.

(Issued/

Exercisable

03/31/22,

1

Share

for

1

Warrant,

Expires

04/26/27,

Strike

Price

USD

3.35)

(c)

...........

91,732

34,858

Hippo

Holdings,

Inc.

(Issued/

Exercisable

01/04/21,

1

Share

for

1

Warrant,

Expires

08/02/26,

Strike

Price

USD

11.50)

............

7,405

279

Innovid

Corp.

(Issued/Exercisable

01/28/21,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

...................

3,266

327

Kinsey

Interests,

Inc.

(Issued/

Exercisable

10/16/20,

1

Share

for

1

Warrant,

Expires

12/31/25,

Strike

Price

USD

10.00)

(c)

..........

469,648

61,054

Latch,

Inc.

(Issued/Exercisable

12/29/20,

1

Share

for

1

Warrant,

Expires

06/04/26,

Strike

Price

USD

11.50)

...................

164,855

17,557

Lightning

eMotors,

Inc.

(Issued/

Exercisable

05/06/21,

1

Share

for

1

Warrant,

Expires

12/15/25,

Strike

Price

USD

11.50)

............

375,043

11,401

Offerpad

Solutions,

Inc.

(Issued/

Exercisable

10/13/20,

1

Share

for

1

Warrant,

Expires

09/01/26,

Strike

Price

USD

11.50)

............

369,311

7,460

Pear

Therapeutics,

Inc.

(Issued/

Exercisable

03/23/21,

1

Share

for

1

Warrant,

Expires

12/03/26,

Strike

Price

USD

11.50)

............

111,845

123

Pivotal

Investment

Corp.

III

(Issued/

Exercisable

01/19/21,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

............

54,520

300

Proof

Acquisition

Corp.

I

(Issued/

Exercisable

12/03/21,

1

Share

for

1

Warrant,

Expires

10/01/26,

Strike

Price

USD

11.50)

(c)

...........

446,489

35,719

Sarcos

Technology

&

Robotics

Corp.

(Issued/Exercisable

01/15/21,

1

Share

for

1

Warrant,

Expires

06/15/27,

Strike

Price

USD

11.50)

128,364

6,418

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

19,547

Sonder

Holdings,

Inc.

(Issued/

Exercisable

01/19/22,

1

Share

for

1

Warrant,

Expires

11/19/26,

Strike

Price

USD

12.50)

(c)

..........

498,240

5

Security

Shares

Shares

Value

United

States

(continued)

Versa

Networks,

Inc.,

Series

E,

(Acquired

10/14/22,

cost

$0)

(Issued/

Exercisable

10/14/22,

1

Share

for

1

Warrant,

Expires

10/07/23,

Strike

Price

USD

0.01)

(c)(i)

..........

1,143,143

$

3,269,389

5,822,535

Total

Warrants

—

0.0%

(Cost:

$27,820,528)

..............................

6,659,367

Total

Long-Term

Investments

—

117.0%

(Cost:

$43,391,495,363)

...........................

41,834,224,638

Par

(000)

Pa

r

(

000)

Short-Term

Securities

Borrowed

Bond

Agreements

—

1.1%

(z)

Barclays

Bank

plc,

1.75%, 07/18/23

(Purchased

on

06/21/23

to

be

repurchased

at

USD

8,431,936,

collateralized

by

Callon

Petroleum

Co.,

7.50%,

due

at

06/15/30,

par

and

fair

value

of

USD

8,907,000

and

$8,407,069,

respectively)

......

USD

8,428

8,428,249

Barclays

Bank

plc,

4.90%, 07/18/23

(Purchased

on

06/21/23

to

be

repurchased

at

USD

7,912,431,

collateralized

by

Deutsche

Bank

AG,

4.50%,

due

at

04/01/25,

par

and

fair

value

of

USD

8,200,000

and

$7,786,380,

respectively)

......

7,903

7,902,750

Barclays

Bank

plc,

2.45%, Open

(Purchased

on

05/03/23

to

be

repurchased

at

USD

5,864,371,

collateralized

by

Stellantis

NV,

4.50%,

due

at

07/07/28,

par

and

fair

value

of

EUR

5,000,000

and

$5,553,717,

respectively)

(aa)

.....

EUR

5,355

5,843,812

Barclays

Bank

plc,

2.75%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

4,562,986,

collateralized

by

Arkema

SA,

0.75%,

due

at

12/03/29,

par

and

fair

value

of

EUR

5,000,000

and

$4,526,625,

respectively)

(aa)

.............

4,172

4,552,867

Barclays

Bank

plc,

4.75%, Open

(Purchased

on

06/21/23

to

be

repurchased

at

USD

9,914,660,

collateralized

by

AthenaHealth

Group,

Inc.,

6.50%,

due

at

02/15/30,

par

and

fair

value

of

USD

11,515,000

and

$9,691,486,

respectively)

(aa)

..

USD

9,903

9,902,900

Barclays

Bank

plc,

4.85%, Open

(Purchased

on

06/21/23

to

be

repurchased

at

USD

4,418,232,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

5,065,000

and

$4,394,896,

respectively)

(aa)

.....

4,413

4,412,881

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

89

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Barclays

Bank

plc,

4.90%, Open

(Purchased

on

06/21/23

to

be

repurchased

at

USD

4,774,154,

collateralized

by

PHH

Mortgage

Corp.,

7.88%,

due

at

03/15/26,

par

and

fair

value

of

USD

5,190,000

and

$4,635,708,

respectively)

(aa)

.....

USD

4,768

$

4,768,313

Barclays

Bank

plc,

4.90%, Open

(Purchased

on

06/21/23

to

be

repurchased

at

USD

3,180,334,

collateralized

by

Park

River

Holdings,

Inc.,

5.63%,

due

at

02/01/29,

par

and

fair

value

of

USD

3,983,000

and

$3,086,825,

respectively)

(aa)

.............

3,176

3,176,443

Barclays

Bank

plc,

4.92%, Open

(Purchased

on

06/21/23

to

be

repurchased

at

USD

4,291,898,

collateralized

by

McAfee

Corp.,

7.38%,

due

at

02/15/30,

par

and

fair

value

of

USD

4,830,000

and

$4,199,793,

respectively)

(aa)

.....

4,287

4,286,625

Barclays

Capital,

Inc.,

3.00%, 07/18/23

(Purchased

on

06/21/23

to

be

repurchased

at

USD

1,820,120,

collateralized

by

Range

Resources

Corp.,

4.75%,

due

at

02/15/30,

par

and

fair

value

of

USD

1,985,000

and

$1,779,056,

respectively)

......

1,819

1,818,756

Barclays

Capital,

Inc.,

3.60%, 07/18/23

(Purchased

on

06/21/23

to

be

repurchased

at

USD

7,111,333,

collateralized

by

Clear

Channel

Outdoor

Holdings,

Inc.,

7.75%,

due

at

04/15/28,

par

and

fair

value

of

USD

8,923,000

and

$7,004,555,

respectively)

...............

7,105

7,104,939

Barclays

Capital,

Inc.,

4.00%, 07/18/23

(Purchased

on

06/21/23

to

be

repurchased

at

USD

709,459,

collateralized

by

CommScope,

Inc.,

8.25%,

due

at

03/01/27,

par

and

fair

value

of

USD

840,000

and

$671,985,

respectively)

........

709

708,750

Barclays

Capital,

Inc.,

4.50%, 07/18/23

(Purchased

on

06/21/23

to

be

repurchased

at

USD

7,291,093,

collateralized

by

Great

Lakes

Dredge

&

Dock

Corp.,

5.25%,

due

at

06/01/29,

par

and

fair

value

of

USD

8,696,000

and

$7,263,163,

respectively)

...............

7,283

7,282,900

Barclays

Capital,

Inc.,

4.90%, 07/18/23

(Purchased

on

06/26/23

to

be

repurchased

at

USD

9,013,094,

collateralized

by

Valaris

Ltd.,

8.38%,

due

at

04/30/30,

par

and

fair

value

of

USD

8,919,000

and

$8,948,968,

respectively)

...............

9,008

9,008,190

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Barclays

Capital,

Inc.,

4.90%, 07/18/23

(Purchased

on

06/26/23

to

be

repurchased

at

USD

7,366,471,

collateralized

by

Royal

Caribbean

Cruises

Ltd.,

5.50%,

due

at

04/01/28,

par

and

fair

value

of

USD

7,906,000

and

$7,372,659,

respectively)

...............

USD

7,362

$

7,362,463

Barclays

Capital,

Inc.,

4.90%, 07/18/23

(Purchased

on

06/29/23

to

be

repurchased

at

USD

1,733,067,

collateralized

by

Micron

Technology,

Inc.,

5.88%,

due

at

09/15/33,

par

and

fair

value

of

USD

1,735,000

and

$1,732,178,

respectively)

......

1,733

1,732,831

Barclays

Capital,

Inc.,

4.90%, 07/18/23

(Purchased

on

06/21/23

to

be

repurchased

at

USD

6,064,996,

collateralized

by

Freedom

Mortgage

Corp.,

6.63%,

due

at

01/15/27,

par

and

fair

value

of

USD

6,740,000

and

$5,835,603,

respectively)

......

6,058

6,057,575

Barclays

Capital,

Inc.,

4.90%, 07/18/23

(Purchased

on

06/21/23

to

be

repurchased

at

USD

2,544,613,

collateralized

by

eG

Global

Finance

plc,

8.50%,

due

at

10/30/25,

par

and

fair

value

of

USD

2,600,000

and

$2,522,693,

respectively)

......

2,542

2,541,500

BNP

Paribas

SA,

(0.50)%, Open

(Purchased

on

05/23/23

to

be

repurchased

at

USD

1,828,225,

collateralized

by

Quatrim

SAS,

5.88%,

due

at

01/15/24,

par

and

fair

value

of

EUR

2,022,000

and

$1,496,826,

respectively)

(aa)

.....

EUR

1,677

1,829,508

BNP

Paribas

SA,

0.50%, Open

(Purchased

on

04/20/23

to

be

repurchased

at

USD

2,048,022,

collateralized

by

Next

Group

plc,

3.63%,

due

at

05/18/28,

par

and

fair

value

of

GBP

1,700,000

and

$1,895,860,

respectively)

(aa)

.....

GBP

1,613

2,048,092

BNP

Paribas

SA,

2.25%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

1,732,760,

collateralized

by

Legrand

SA,

0.38%,

due

at

10/06/31,

par

and

fair

value

of

EUR

2,000,000

and

$1,727,378,

respectively)

(aa)

.............

EUR

1,585

1,729,661

BNP

Paribas

SA,

3.36%, Open

(Purchased

on

04/20/23

to

be

repurchased

at

USD

34,780,418,

collateralized

by

Bonos

y

Obligaciones

del

Estado,

0.50%,

due

at

10/31/31,

par

and

fair

value

of

EUR

40,000,000

and

$34,876,236,

respectively)

(aa)

.............

31,682

34,571,835

BNP

Paribas

SA,

3.38%, Open

(Purchased

on

04/20/23

to

be

repurchased

at

USD

35,090,710,

collateralized

by

Bonos

y

Obligaciones

del

Estado,

0.70%,

due

at

04/30/32,

par

and

fair

value

of

EUR

40,000,000

and

$35,042,797,

respectively)

(aa)

.............

31,963

34,878,244

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

90

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

BNP

Paribas

SA,

4.86%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

7,390,300,

collateralized

by

Cooperatieve

Rabobank

UA,

1.00%,

due

at

09/24/26,

par

and

fair

value

of

USD

8,200,000

and

$7,324,681,

respectively)

(aa)

.............

USD

7,360

$

7,359,500

BNP

Paribas

SA,

4.88%, Open

(Purchased

on

06/21/23

to

be

repurchased

at

USD

2,571,039,

collateralized

by

PHH

Mortgage

Corp.,

7.88%,

due

at

03/15/26,

par

and

fair

value

of

USD

2,795,000

and

$2,496,494,

respectively)

(aa)

.....

2,568

2,567,906

BofA

Securities,

Inc.,

4.85%, 07/19/23

(Purchased

on

06/06/23

to

be

repurchased

at

USD

10,082,495,

collateralized

by

Deutsche

Bank

AG,

6.12%,

due

at

07/14/26,

par

and

fair

value

of

USD

10,000,000

and

$9,888,671,

respectively)

......

10,050

10,050,000

BofA

Securities,

Inc.,

4.93%, 07/19/23

(Purchased

on

06/22/23

to

be

repurchased

at

USD

1,604,844,

collateralized

by

Staples,

Inc.,

7.50%,

due

at

04/15/26,

par

and

fair

value

of

USD

1,970,000

and

$1,627,049,

respectively)

......

1,603

1,603,088

Deutsche

Bank

AG,

4.93%, Open

(Purchased

on

04/20/23

to

be

repurchased

at

USD

5,054,336,

collateralized

by

U.K.

Treasury

Inflation

Linked

Bonds,

0.13%,

due

at

03/22/46,

par

and

fair

value

of

GBP

3,210,000

and

$8,455,754,

respectively)

(aa)

.............

GBP

3,946

5,011,854

Deutsche

Bank

AG,

4.93%, Open

(Purchased

on

04/20/23

to

be

repurchased

at

USD

23,423,145,

collateralized

by

U.K.

Treasury

Inflation

Linked

Bonds,

0.13%,

due

at

03/22/46,

par

and

fair

value

of

GBP

14,876,000

and

$18,820,870,

respectively)

(aa)

.............

18,288

23,226,275

Goldman

Sachs

International,

2.75%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

1,074,256,

collateralized

by

eG

Global

Finance

plc,

4.38%,

due

at

02/07/25,

par

and

fair

value

of

EUR

1,016,000

and

$1,048,760,

respectively)

(aa)

.............

EUR

982

1,071,874

Goldman

Sachs

International,

3.00%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

1,088,381,

collateralized

by

Heimstaden

Bostad

Treasury

BV,

1.00%,

due

at

04/13/28,

par

and

fair

value

of

EUR

1,375,000

and

$1,017,661,

respectively)

(aa)

.....

995

1,085,735

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Goldman

Sachs

International,

3.10%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

2,748,935,

collateralized

by

eG

Global

Finance

plc,

6.25%,

due

at

10/30/25,

par

and

fair

value

of

EUR

2,590,000

and

$2,681,365,

respectively)

(aa)

.............

EUR

2,513

$

2,742,015

Goldman

Sachs

International,

3.10%, Open

(Purchased

on

03/29/23

to

be

repurchased

at

USD

7,245,972,

collateralized

by

eG

Global

Finance

plc,

6.25%,

due

at

10/30/25,

par

and

fair

value

of

EUR

7,000,000

and

$7,246,932,

respectively)

(aa)

.............

6,594

7,195,067

J.P.

Morgan

Securities

LLC,

3.95%, 07/21/23

(Purchased

on

06/08/23

to

be

repurchased

at

USD

2,641,862,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

3,012,000

and

$2,613,509,

respectively)

...............

USD

2,636

2,635,500

J.P.

Morgan

Securities

LLC,

4.90%, 07/21/23

(Purchased

on

06/12/23

to

be

repurchased

at

USD

5,978,785,

collateralized

by

Rayonier

AM

Products,

Inc.,

7.63%,

due

at

01/15/26,

par

and

fair

value

of

USD

6,474,000

and

$5,635,552,

respectively)

...............

5,964

5,964,173

J.P.

Morgan

Securities

LLC,

4.92%, 07/21/23

(Purchased

on

06/08/23

to

be

repurchased

at

USD

8,491,956,

collateralized

by

AIB

Group

plc,

7.58%,

due

at

10/14/26,

par

and

fair

value

of

USD

8,200,000

and

$8,329,143,

respectively)

...

8,467

8,466,500

J.P.

Morgan

Securities

plc,

2.75%, 09/26/23

(Purchased

on

06/20/23

to

be

repurchased

at

USD

3,499,744,

collateralized

by

Jaguar

Land

Rover

Automotive

plc,

4.50%,

due

at

01/15/26,

par

and

fair

value

of

EUR

3,300,000

and

$3,405,428,

respectively)

...............

EUR

3,205

3,497,072

J.P.

Morgan

Securities

plc,

(1.00)%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

4,846,699,

collateralized

by

Cie

Generale

des

Etablissements

Michelin

SCA,

2.50%,

due

at

09/03/38,

par

and

fair

value

of

EUR

5,000,000

and

$4,788,273,

respectively)

(aa)

.............

4,446

4,851,584

J.P.

Morgan

Securities

plc,

2.40%, Open

(Purchased

on

04/20/23

to

be

repurchased

at

USD

599,352,

collateralized

by

International

Design

Group

SpA,

6.50%,

due

at

11/15/25,

par

and

fair

value

of

EUR

555,000

and

$584,419,

respectively)

(aa)

......

547

596,859

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

91

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

J.P.

Morgan

Securities

plc,

2.70%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

5,677,982,

collateralized

by

eG

Global

Finance

plc,

4.38%,

due

at

02/07/25,

par

and

fair

value

of

EUR

5,370,000

and

$5,543,154,

respectively)

(aa)

.............

EUR

5,192

$

5,666,021

J.P.

Morgan

Securities

plc,

2.75%, Open

(Purchased

on

04/20/23

to

be

repurchased

at

USD

5,512,276,

collateralized

by

Pirelli

&

C

SpA,

4.25%,

due

at

01/18/28,

par

and

fair

value

of

EUR

5,000,000

and

$5,363,848,

respectively)

(aa)

.....

5,027

5,485,571

J.P.

Morgan

Securities

plc,

2.80%, Open

(Purchased

on

04/20/23

to

be

repurchased

at

USD

3,534,997,

collateralized

by

Jaguar

Land

Rover

Automotive

plc,

4.50%,

due

at

01/15/26,

par

and

fair

value

of

EUR

3,400,000

and

$3,508,623,

respectively)

(aa)

.............

3,224

3,517,527

J.P.

Morgan

Securities

plc,

3.00%, Open

(Purchased

on

04/27/23

to

be

repurchased

at

USD

340,025,

collateralized

by

eG

Global

Finance

plc,

6.25%,

due

at

10/30/25,

par

and

fair

value

of

EUR

330,000

and

$341,641,

respectively)

(aa)

...

310

338,469

J.P.

Morgan

Securities

plc,

3.05%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

3,804,072,

collateralized

by

Vonovia

SE,

0.25%,

due

at

09/01/28,

par

and

fair

value

of

EUR

4,500,000

and

$3,812,660,

respectively)

(aa)

.....

3,478

3,794,659

J.P.

Morgan

Securities

plc,

3.10%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

1,944,387,

collateralized

by

Vonovia

SE,

0.25%,

due

at

09/01/28,

par

and

fair

value

of

EUR

2,300,000

and

$1,948,693,

respectively)

(aa)

.....

1,777

1,939,492

J.P.

Morgan

Securities

plc,

3.15%, Open

(Purchased

on

04/20/23

to

be

repurchased

at

USD

2,499,504,

collateralized

by

Erste

Group

Bank

AG,

0.88%,

due

at

11/15/32,

par

and

fair

value

of

EUR

2,800,000

and

$2,487,130,

respectively)

(aa)

.............

2,278

2,485,444

J.P.

Morgan

Securities

plc,

3.20%, Open

(Purchased

on

04/20/23

to

be

repurchased

at

USD

2,499,749,

collateralized

by

Erste

Group

Bank

AG,

0.88%,

due

at

11/15/32,

par

and

fair

value

of

EUR

2,800,000

and

$2,487,131,

respectively)

(aa)

.............

2,278

2,485,444

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Merrill

Lynch

International,

1.85%, Open

(Purchased

on

05/23/23

to

be

repurchased

at

USD

604,537,

collateralized

by

Quatrim

SAS,

5.88%,

due

at

01/15/24,

par

and

fair

value

of

EUR

667,000

and

$493,760,

respectively)

(aa)

......

EUR

553

$

603,502

Merrill

Lynch

International,

2.40%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

2,599,475,

collateralized

by

Legrand

SA,

0.38%,

due

at

10/06/31,

par

and

fair

value

of

EUR

3,000,000

and

$2,591,068,

respectively)

(aa)

.............

2,378

2,594,492

Merrill

Lynch

International,

2.60%, Open

(Purchased

on

05/04/23

to

be

repurchased

at

USD

11,736,263,

collateralized

by

Stellantis

NV,

4.50%,

due

at

07/07/28,

par

and

fair

value

of

EUR

10,000,000

and

$11,107,434,

respectively)

(aa)

....

10,717

11,694,390

Merrill

Lynch

International,

2.75%, Open

(Purchased

on

04/27/23

to

be

repurchased

at

USD

1,982,640,

collateralized

by

eG

Global

Finance

plc,

4.38%,

due

at

02/07/25,

par

and

fair

value

of

EUR

1,904,000

and

$1,965,394,

respectively)

(aa)

.....

1,809

1,974,386

Merrill

Lynch

International,

2.80%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

13,689,546,

collateralized

by

Arkema

SA,

0.75%,

due

at

12/03/29,

par

and

fair

value

of

EUR

15,000,000

and

$13,579,875,

respectively)

(aa)

.............

12,517

13,658,605

Merrill

Lynch

International,

2.85%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

11,095,668,

collateralized

by

Pirelli

&

C

SpA,

4.25%,

due

at

01/18/28,

par

and

fair

value

of

EUR

10,000,000

and

$10,727,697,

respectively)

(aa)

....

10,145

11,070,115

Merrill

Lynch

International,

2.85%, Open

(Purchased

on

04/20/23

to

be

repurchased

at

USD

5,514,424,

collateralized

by

Pirelli

&

C

SpA,

4.25%,

due

at

01/18/28,

par

and

fair

value

of

EUR

5,000,000

and

$5,363,848,

respectively)

(aa)

.....

5,027

5,485,571

Nomura

Securities

International,

Inc.,

4.00%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

7,587,094,

collateralized

by

PBF

Holding

Co.

LLC,

6.00%,

due

at

02/15/28,

par

and

fair

value

of

USD

7,980,000

and

$7,456,791,

respectively)

(aa)

.............

USD

7,561

7,561,050

Nomura

Securities

International,

Inc.,

4.25%, Open

(Purchased

on

04/21/23

to

be

repurchased

at

USD

4,047,341,

collateralized

by

CommScope,

Inc.,

8.25%,

due

at

03/01/27,

par

and

fair

value

of

USD

5,035,000

and

$4,027,913,

respectively)

(aa)

.............

4,015

4,015,412

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

92

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Nomura

Securities

International,

Inc.,

4.50%, Open

(Purchased

on

06/23/23

to

be

repurchased

at

USD

2,901,857,

collateralized

by

Frontier

Communications

Holdings

LLC,

6.75%,

due

at

05/01/29,

par

and

fair

value

of

USD

3,760,000

and

$2,917,028,

respectively)

(aa)

.....

USD

2,900

$

2,899,900

Nomura

Securities

International,

Inc.,

4.70%, Open

(Purchased

on

06/21/23

to

be

repurchased

at

USD

4,361,369,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

5,000,000

and

$4,338,496,

respectively)

(aa)

.............

4,356

4,356,250

Nomura

Securities

International,

Inc.,

4.95%, Open

(Purchased

on

06/26/23

to

be

repurchased

at

USD

2,017,353,

collateralized

by

Zayo

Group

Holdings,

Inc.,

4.00%,

due

at

03/01/27,

par

and

fair

value

of

USD

2,815,000

and

$1,988,106,

respectively)

(aa)

.............

2,016

2,016,244

RBC

Capital

Markets

LLC,

(0.20)%, Open

(Purchased

on

06/21/23

to

be

repurchased

at

USD

3,102,189,

collateralized

by

CP

Atlas

Buyer,

Inc.,

7.00%,

due

at

12/01/28,

par

and

fair

value

of

USD

3,971,000

and

$3,117,235,

respectively)

(aa)

..

3,102

3,102,344

RBC

Capital

Markets

LLC,

3.25%, Open

(Purchased

on

04/19/23

to

be

repurchased

at

USD

1,965,586,

collateralized

by

Callon

Petroleum

Co.,

7.50%,

due

at

06/15/30,

par

and

fair

value

of

USD

1,985,000

and

$1,873,586,

respectively)

(aa)

.............

1,953

1,952,744

RBC

Capital

Markets

LLC,

4.50%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

93,109,

collateralized

by

PG&E

Corp.,

5.25%,

due

at

07/01/30,

par

and

fair

value

of

USD

100,000

and

$89,629,

respectively)

(aa)

.......

93

92,750

RBC

Capital

Markets

LLC,

4.55%, Open

(Purchased

on

06/21/23

to

be

repurchased

at

USD

5,207,279,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

5,970,000

and

$5,180,164,

respectively)

(aa)

.............

5,201

5,201,363

RBC

Capital

Markets

LLC,

4.70%, Open

(Purchased

on

05/10/23

to

be

repurchased

at

USD

7,498,073,

collateralized

by

Strathcona

Resources

Ltd.,

6.88%,

due

at

08/01/26,

par

and

fair

value

of

USD

8,907,000

and

$7,797,037,

respectively)

(aa)

.............

7,448

7,448,479

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

RBC

Capital

Markets

LLC,

4.90%, Open

(Purchased

on

04/24/23

to

be

repurchased

at

USD

9,380,816,

collateralized

by

Weatherford

International

Ltd.,

8.63%,

due

at

04/30/30,

par

and

fair

value

of

USD

8,907,000

and

$9,042,760,

respectively)

(aa)

.....

USD

9,297

$

9,296,681

RBC

Capital

Markets

LLC,

4.90%, Open

(Purchased

on

05/15/23

to

be

repurchased

at

USD

3,174,251,

collateralized

by

Cargo

Aircraft

Management,

Inc.,

4.75%,

due

at

02/01/28,

par

and

fair

value

of

USD

3,600,000

and

$3,153,852,

respectively)

(aa)

.............

3,155

3,154,500

RBC

Capital

Markets

LLC,

4.92%, Open

(Purchased

on

06/21/23

to

be

repurchased

at

USD

7,213,204,

collateralized

by

Carnival

Corp.,

5.75%,

due

at

03/01/27,

par

and

fair

value

of

USD

7,906,000

and

$7,278,185,

respectively)

(aa)

.....

7,204

7,204,342

RBC

Europe

Ltd.,

2.30%, Open

(Purchased

on

04/20/23

to

be

repurchased

at

USD

2,531,901,

collateralized

by

International

Design

Group

SpA,

6.50%,

due

at

11/15/25,

par

and

fair

value

of

EUR

2,345,000

and

$2,469,304,

respectively)

(aa)

..

EUR

2,311

2,521,863

Total

Borrowed

Bond

Agreements

—

1.1%

(Cost:

$392,515,841)

.............................

393,492,696

Certificates

of

Deposit

—

0.3%

Domestic

—

0.3%

Citibank

NA

4.06%, 08/01/23

............

USD

24,829

24,800,182

5.00%, 09/21/23

............

64,230

64,135,344

88,935,526

Yankee

—

0.0%

(ab)

Mizuho

Bank

Ltd.,

New

York,

5.48%, 01/04/24

............

8,080

8,062,467

Total

Certificates

of

Deposit

—

0.3%

(Cost:

$97,139,000)

..............................

96,997,993

Commercial

Paper

—

1.7%

(ac)

Societe

Generale

SA,

5.70%

,

03/06/24

31,038

29,820,503

Enel

Finance

America

LLC,

5.27%

,

09/06/23

.................

16,850

16,674,152

UBS

AG

6.20%,

06/18/24

............

21,445

20,242,364

6.05%,

06/25/24

(a)

...........

29,734

28,034,156

3M

Co.,

5.55%

,

09/07/23

........

41,093

40,681,707

AT&T,

Inc.

5.62%,

12/19/23

............

78,835

76,676,384

5.68%,

12/20/23

............

13,905

13,521,847

5.99%,

01/23/24

............

43,025

41,594,322

5.93%,

02/21/24

............

108,573

104,432,002

Bayer

Corp.,

6.08%

,

09/01/23

(a)

....

43,025

42,620,146

General

Motors

Financial

Co.,

Inc.

5.96%,

01/22/20

(a)

...........

25,670

24,779,850

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

93

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

5.58%,

08/10/23

(a)

...........

USD

22,900

$

22,750,193

5.73%,

10/10/23

(a)

...........

29,198

28,699,318

5.96%,

01/23/24

(a)

...........

16,140

15,577,602

5.96%,

01/25/24

(a)

...........

33,282

32,110,890

HSBC

USA,

Inc.

5.62%,

11/20/23

............

14,704

14,373,413

6.55%,

06/24/24

............

14,500

13,611,585

Johnson

&

Johnson,

5.16%

,

08/14/23

41,873

41,604,228

Northrop

Grumman

Corp.,

5.68%

,

08/17/23

.................

10,000

9,927,040

Total

Commercial

Paper

—

1.7%

(Cost:

$618,350,077)

.............................

617,731,702

Shares

Shares

Money

Market

Funds

—

2.7%

(t)(ad)

BlackRock

Liquid

Environmentally

Aware

Fund,

Class

Direct,

5.15%

.

383,786,421

383,824,800

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

4.98%

(j)

.....

214,774,789

214,774,789

SL

Liquidity

Series,

LLC,

Money

Market

Series,

5.28%

(ae)

............

364,718,320

364,754,792

Total

Money

Market

Funds

—

2.7%

(Cost:

$963,316,463)

.............................

963,354,381

Total

Short-Term

Securities

—

5.8%

(Cost:

$2,071,321,381)

...........................

2,071,576,772

Total

Options

Purchased

—

0.3%

(Cost:

$141,740,525

)

.............................

103,026,538

Total

Investments

Before

Options

Written,

Borrowed

Bonds,

TBA

Sale

Commitments

and

Investments

Sold

Short

—

123.1%

(Cost:

$45,604,557,269)

...........................

44,008,827,948

Total

Options

Written

—

(0.6)%

(Premiums

Received

—

$(152,909,082))

...............

(190,315,477)

Par

(000)

Pa

r

(

000)

Borrowed

Bonds

Corporate

Bonds

—

(0.8)%

Austria

—

(0.0)%

Erste

Group

Bank

AG,

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.10%),

0.88%

,

 11/15/32

(b)

...........

EUR

(5,600)

(4,974,261)

Canada

—

(0.0)%

Strathcona

Resources

Ltd.,

6.88%

,

 08/01/26

(a)

...........

USD

(8,907)

(7,797,037)

France

—

(0.1)%

Arkema

SA,

0.75%

,

 12/03/29

......

EUR

(20,000)

(18,106,500)

Cie

Generale

des

Etablissements

Michelin

SCA,

2.50%

,

 09/03/38

..

(5,000)

(4,788,273)

Legrand

SA,

0.38%

,

 10/06/31

.....

(5,000)

(4,318,446)

Quatrim

SAS,

5.88%

,

 01/15/24

.....

(2,689)

(1,990,586)

(29,203,805)

Germany

—

(0.1)%

Deutsche

Bank

AG:

4.50%

,

 04/01/25

............

USD

(8,200)

(7,786,380)

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

(1-day

SOFR

+

3.19%),

6.12%

,

 07/14/26

(b)

.........

USD

(10,000)

$

(9,888,671)

Vonovia

SE,

0.25%

,

 09/01/28

......

EUR

(6,800)

(5,761,353)

(23,436,404)

Italy

—

(0.1)%

International

Design

Group

SpA,

6.50%

,

 11/15/25

............

(2,900)

(3,053,723)

Pirelli

&

C

SpA,

4.25%

,

 01/18/28

...

(20,000)

(21,455,393)

(24,509,116)

Netherlands

—

(0.0)%

Cooperatieve

Rabobank

UA,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.73%),

1.00%

,

 09/24/26

(a)(b)

..........

USD

(8,200)

(7,324,681)

Sweden

—

(0.0)%

Heimstaden

Bostad

Treasury

BV,

1.00%

,

 04/13/28

............

EUR

(1,375)

(1,017,661)

United

Kingdom

—

(0.1)%

eG

Global

Finance

plc:

4.38%

,

 02/07/25

............

(8,290)

(8,557,308)

6.25%

,

 10/30/25

............

(9,920)

(10,269,938)

8.50%

,

 10/30/25

(a)

...........

USD

(2,600)

(2,522,693)

Jaguar

Land

Rover

Automotive

plc,

4.50%

,

 01/15/26

............

EUR

(6,700)

(6,914,051)

Next

Group

plc,

3.63%

,

 05/18/28

...

GBP

(1,700)

(1,895,860)

(30,159,850)

United

States

—

(0.4)%

AthenaHealth

Group,

Inc.,

6.50%

,

 02/15/30

(a)

...........

USD

(11,515)

(9,691,486)

Callon

Petroleum

Co.,

7.50%

,

 06/15/30

(a)

...........

(10,892)

(10,280,655)

Cargo

Aircraft

Management,

Inc.,

4.75%

,

 02/01/28

(a)

...........

(3,600)

(3,153,852)

Carnival

Corp.,

5.75%

,

 03/01/27

(a)

...

(7,906)

(7,278,185)

Clear

Channel

Outdoor

Holdings,

Inc.,

7.75%

,

 04/15/28

(a)

...........

(8,923)

(7,004,555)

CommScope,

Inc.,

8.25%

,

 03/01/27

(a)

(5,875)

(4,699,898)

CP

Atlas

Buyer,

Inc.,

7.00%

,

 12/01/28

(a)

(3,971)

(3,117,235)

Freedom

Mortgage

Corp.,

6.63%

,

 01/15/27

(a)

...........

(6,740)

(5,835,603)

Frontier

Communications

Holdings

LLC,

6.75%

,

 05/01/29

(a)

...........

(3,760)

(2,917,028)

Great

Lakes

Dredge

&

Dock

Corp.,

5.25%

,

 06/01/29

(a)

...........

(8,696)

(7,263,163)

McAfee

Corp.,

7.38%

,

 02/15/30

(a)

...

(4,830)

(4,199,793)

Medline

Borrower

LP,

5.25%

,

 10/01/29

(a)

...........

(19,047)

(16,527,065)

Micron

Technology,

Inc.,

5.88%

,

 09/15/33

............

(1,735)

(1,732,178)

Park

River

Holdings,

Inc.,

5.63%

,

 02/01/29

(a)

...........

(3,983)

(3,086,825)

PBF

Holding

Co.

LLC,

6.00%

,

 02/15/28

(7,980)

(7,456,791)

PG&E

Corp.,

5.25%

,

 07/01/30

.....

(100)

(89,629)

PHH

Mortgage

Corp.,

7.88%

,

 03/15/26

(a)

...........

(7,985)

(7,132,202)

Range

Resources

Corp.,

4.75%

,

 02/15/30

(a)

...........

(1,985)

(1,779,056)

Rayonier

AM

Products,

Inc.,

7.63%

,

 01/15/26

(a)

...........

(6,474)

(5,635,552)

Royal

Caribbean

Cruises

Ltd.,

5.50%

,

 04/01/28

(a)

...........

(7,906)

(7,372,659)

Staples,

Inc.,

7.50%

,

 04/15/26

(a)

....

(1,970)

(1,627,049)

Stellantis

NV,

4.50%

,

 07/07/28

.....

EUR

(15,000)

(16,661,151)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

94

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Valaris

Ltd.,

8.38%

,

 04/30/30

(a)

.....

USD

(8,919)

$

(8,948,968)

Weatherford

International

Ltd.,

8.63%

,

 04/30/30

(a)

...........

(8,907)

(9,042,760)

Zayo

Group

Holdings,

Inc.,

4.00%

,

 03/01/27

(a)

...........

(2,815)

(1,988,106)

(154,521,444)

Foreign

Agency

Obligations

—

(0.0)%

Ireland

—

(0.0)%

AIB

Group

plc,

(1-day

SOFR

+

3.46%),

7.58%

,

 10/14/26

(a)(b)

..........

(8,200)

(8,329,143)

Foreign

Government

Obligations

—

(0.3)%

Spain

—

(0.2)%

Bonos

y

Obligaciones

del

Estado

(a)

:

0.50%

,

 10/31/31

............

EUR

(40,000)

(34,876,236)

0.70%

,

 04/30/32

............

(40,000)

(35,042,797)

(69,919,033)

United

Kingdom

—

(0.1)%

U.K.

Treasury

Inflation

Linked

Bonds,

0.13%

,

 03/22/46

............

GBP

(26,155)

(27,276,624)

Total

Borrowed

Bonds

—

(1.1)%

(Proceeds:

$(424,469,659))

........................

(388,469,059)

TBA

Sale

Commitments

Uniform

Mortgage-Backed

Securities

(v)

2.00%

,

 07/13/23

............

USD

(638,872)

(520,955,273)

2.50%

,

 07/13/23

-

08/14/23

.....

(443,683)

(376,338,864)

3.00%

,

 07/13/23

............

(184,759)

(162,595,422)

4.00%

,

 07/13/23

-

08/14/23

.....

(1,323,276)

(1,242,264,080)

4.50%

,

 07/13/23

-

08/14/23

.....

(3,905,664)

(3,756,020,280)

5.50%

,

 07/13/23

............

(23,353)

(23,239,884)

Total

TBA

Sale

Commitments

—

(17.0)%

(Proceeds:

$(6,110,356,204))

.......................

(6,081,413,803)

Investments

Sold

Short

Corporate

Bonds

United

States

—

(0.0)%

Micron

Technology,

Inc.,

5.88%

,

09/15/33

.................

(1,735)

(1,706,360)

Total

Corporate

Bonds

—

(0.0)%

(Proceeds:

$(1,716,444))

..........................

(1,706,360)

Total

Investments

Sold

Short

—

(0.0)%

(Proceeds:

$(1,716,444)

)

..........................

(1,706,360)

Total

Investments

Net

of

Options

Written,

Borrowed

Bonds,

TBA

Sale

Commitments

and

Investments

Sold

Short

—

104.4%

(Cost:

$38,915,105,880)

...........................

37,346,923,249

Liabilities

in

Excess

of

Other

Assets

—

(4.4)%

............

(1,591,056,936)

Net

Assets

—

100.0%

..............................

$

35,755,866,313

(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.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

95

(f)

Rounds

to

less

than

1,000.

(g)

Non-income

producing

security.

(h)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(i)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$323,500,225,

representing

0.90%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$280,806,613.

(j)

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.

(k)

Investment

does

not

issue

shares.

(l)

All

or

a

portion

of

this

security

is

on

loan.

(m)

Zero-coupon

bond.

(n)

Convertible

security.

(o)

Perpetual

security

with

no

stated

maturity

date.

(p)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(q)

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.

(r)

Fixed

rate.

(s)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(t)

Affiliate

of

the

Fund.

(u)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(v)

Represents

or

includes

a

TBA

transaction.

(w)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(x)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

borrowed

bonds.

(y)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

TBA

commitments.

(z)

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

(aa)

The

amount

to

be

repurchased

assumes

the

maturity

will

be

the

day

after

the

period

end.

(ab)

Issuer

is

a

U.S.

branch

of

a

foreign

domiciled

bank.

(ac)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(ad)

Annualized

7-day

yield

as

of

period

end.

(ae)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

96

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

June

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/23

Shares

Held

at

06/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquid

Environmentally

Aware

Fund,

Class

Direct

...

$

374,908,494

$

8,992,382

$

—

$

—

$

(76,076)

$

383,824,800

383,786,421

$

8,991,922

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

467,417,578

—

(252,642,789)

(a)

—

—

214,774,789

214,774,789

12,872,279

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

...........

190,897,846

173,859,079

(a)

—

(20,687)

18,554

364,754,792

364,718,320

839,124

(b)

—

iShares

0-5

Year

TIPS

Bond

ETF

38,947,863

—

—

—

257,081

39,204,944

401,690

406,430

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

(c)

—

56,560,294

(56,696,884)

136,590

—

—

—

—

—

iShares

20+

Year

Treasury

Bond

ETF

..................

12,942,800

7,893,750

(10,794,953)

(166,987)

728,210

10,602,820

103,000

165,612

—

iShares

Biotechnology

ETF

....

3,851,129

—

—

—

(127,011)

3,724,118

29,333

2,076

—

iShares

China

Large-Cap

ETF

..

20,929,265

10,780,000

(30,985,730)

1,405,960

(769,995)

1,359,500

50,000

—

—

iShares

Core

U.S.

Aggregate

Bond

ETF

(c)

............

2,250,168

—

(2,309,952)

(411,461)

471,245

—

—

22,740

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(c)

.....

55,222,647

201,785,208

(260,232,985)

3,393,881

(168,751)

—

—

1,539,810

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

......

59,114,812

1,130,002,071

(1,029,070,641)

2,578,379

1,275,175

163,899,796

1,515,626

2,569,092

—

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

.

135,337,571

52,346,132

(2,538,190)

(126,098)

1,900,495

186,919,910

2,159,925

3,801,519

—

iShares

Latin

America

40

ETF

..

12,270,574

—

—

—

2,294,366

14,564,940

536,067

256,635

—

iShares

MSCI

Brazil

ETF

.....

13,894,769

9,747,705

(9,452,534)

(2,395,767)

4,316,208

16,110,381

496,774

375,671

—

iShares

MSCI

USA

Momentum

Factor

ETF

.............

—

56,338,867

(33,984,544)

198,138

527,539

23,080,000

160,000

—

—

iShares

Russell

Mid-Cap

Growth

ETF

..................

—

9,131,490

—

—

122,379

9,253,869

95,766

—

—

$

4,591,948

$

10,769,419

$

1,432,074,659

$

31,842,910

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

97

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

SGX

FTSE

China

A50

Index

...................................................

700

07/28/23

$

8,655

$

11,365

30-day

Federal

Funds

.......................................................

190

08/31/23

74,993

(8,244)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....................................

20

09/01/23

2,863

(3,122)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

................................

20

09/01/23

2,569

(44,962)

Euro-Bund

..............................................................

1,765

09/07/23

257,579

339,785

Euro-OAT

...............................................................

606

09/07/23

84,907

(225,476)

TOPIX

Index

.............................................................

986

09/07/23

157,263

4,844,455

Australia

10-Year

Bond

......................................................

1,134

09/15/23

87,758

(450,493)

FTSE

100

Index

...........................................................

32

09/15/23

3,071

(15,685)

MSCI

Emerging

Markets

E-Mini

Index

............................................

625

09/15/23

31,184

(348,356)

3-mo.

SONIA

Index

.........................................................

1,256

09/19/23

378,083

(2,450,443)

Korea

10-Year

Bond

........................................................

680

09/19/23

57,263

153,826

U.S.

Treasury

2-Year

Note

....................................................

21,814

09/29/23

4,436,422

(20,014,889)

ECX

Emission

(a)

...........................................................

38

12/18/23

3,694

(70,493)

3-mo.

SONIA

Index

.........................................................

211

12/19/23

63,006

(189,202)

3-mo.

Australian

Bank

Bills

....................................................

585

03/07/24

385,224

(860,537)

3-mo.

SOFR

.............................................................

4,606

03/19/24

1,089,837

(3,806,954)

3-mo.

EURIBOR

..........................................................

331

06/17/24

86,843

(574,327)

3-mo.

SOFR

.............................................................

4,278

06/18/24

1,014,902

(2,062,486)

3-mo.

SOFR

.............................................................

2,143

09/17/24

510,302

(1,467,090)

3-mo.

SONIA

Index

.........................................................

563

09/17/24

167,840

(512,007)

3-mo.

Canadian

Bankers

Acceptance

............................................

43

09/18/24

7,718

(39,996)

(27,795,331)

Short

Contracts

CBOE

Volatility

Index

.......................................................

244

07/19/23

3,663

387,099

3-mo.

Australian

Bank

Bills

....................................................

584

09/07/23

384,687

592,291

Euro-Bobl

...............................................................

4,606

09/07/23

581,566

4,086,965

Euro-BTP

...............................................................

3,397

09/07/23

430,397

(2,967,505)

Euro-Buxl

...............................................................

540

09/07/23

82,259

(2,045,522)

Euro-Schatz

.............................................................

2,166

09/07/23

247,817

808,758

SGX

Nikkei

225

Index

.......................................................

1,370

09/07/23

158,414

(4,428,825)

Japan

10-Year

Bond

........................................................

686

09/12/23

706,229

(2,592,727)

EURO

STOXX

50

Index

.....................................................

1,531

09/15/23

74,050

(1,607,380)

EURO

STOXX

Banks

Price

Index

...............................................

871

09/15/23

5,146

(183,644)

NASDAQ-100

E-Mini

Index

...................................................

295

09/15/23

90,488

(1,266,515)

Russell

2000

E-Mini

Index

....................................................

1,476

09/15/23

140,493

(1,269,634)

S&P

500

E-Mini

Index

.......................................................

549

09/15/23

123,202

122,193

U.S.

Treasury

10-Year

Note

...................................................

40,160

09/20/23

4,509,843

49,205,941

U.S.

Treasury

10-Year

Ultra

Note

...............................................

17,116

09/20/23

2,028,246

30,767,147

U.S.

Treasury

Long

Bond

.....................................................

4,949

09/20/23

628,987

3,156,740

U.S.

Treasury

Ultra

Bond

.....................................................

4,441

09/20/23

606,335

(2,779,150)

Long

Gilt

................................................................

773

09/27/23

93,557

125,200

U.S.

Treasury

5-Year

Note

....................................................

2,473

09/29/23

264,920

1,235,111

3-mo.

SOFR

.............................................................

161

12/19/23

38,079

11,913

3-mo.

SOFR

.............................................................

32

12/17/24

7,652

72,912

3-mo.

SOFR

.............................................................

5,066

03/18/25

1,215,713

5,936,388

77,367,756

$

49,572,425

(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.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

98

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

69,571,136

USD

14,398,000

Bank

of

America

NA

07/05/23

$

131,706

BRL

253,524,021

USD

51,582,000

BNP

Paribas

SA

07/05/23

1,365,667

BRL

144,331,624

USD

28,968,000

Citibank

NA

07/05/23

1,175,191

BRL

69,568,670

USD

14,396,000

Goldman

Sachs

International

07/05/23

133,190

COP

389,419,060,076

USD

92,984,494

Bank

of

America

NA

07/05/23

361,414

USD

37,006,000

BRL

176,637,040

Barclays

Bank

plc

07/05/23

115,928

USD

46,262,000

TWD

1,410,332,450

Citibank

NA

07/13/23

998,516

AUD

21,798,000

USD

14,432,892

JPMorgan

Chase

Bank

NA

07/18/23

93,566

CLP

11,556,866,400

USD

14,376,000

Deutsche

Bank

AG

07/18/23

13,686

CZK

932,401,004

USD

42,186,000

Goldman

Sachs

International

07/18/23

585,998

EUR

13,262,000

NOK

152,498,504

Deutsche

Bank

AG

07/18/23

266,718

EUR

11,668,000

USD

12,588,383

HSBC

Bank

plc

07/18/23

152,225

GBP

8,368,000

USD

10,521,744

BNP

Paribas

SA

07/18/23

106,592

GBP

17,156,000

USD

21,631,070

JPMorgan

Chase

Bank

NA

07/18/23

159,052

HUF

10,098,538,080

USD

29,244,000

JPMorgan

Chase

Bank

NA

07/18/23

225,150

INR

1,789,947,424

USD

21,666,000

Citibank

NA

07/18/23

129,404

MXN

436,959,308

GBP

19,984,000

Goldman

Sachs

International

07/18/23

78,448

NOK

38,967,657

USD

3,603,000

Barclays

Bank

plc

07/18/23

29,185

PLN

59,730,548

USD

14,444,000

Goldman

Sachs

International

07/18/23

236,152

USD

7,562,141

AUD

11,105,000

Bank

of

America

NA

07/18/23

161,631

USD

3,983,963

AUD

5,885,000

Morgan

Stanley

&

Co.

International

plc

07/18/23

62,126

USD

69,164,000

CLP

55,085,667,800

Morgan

Stanley

&

Co.

International

plc

07/18/23

575,733

USD

3,606,646

GBP

2,825,000

HSBC

Bank

plc

07/18/23

18,566

USD

14,449,640

GBP

11,336,000

Morgan

Stanley

&

Co.

International

plc

07/18/23

51,596

USD

7,207,000

HUF

2,457,006,620

JPMorgan

Chase

Bank

NA

07/18/23

37,062

USD

21,666,000

INR

1,778,453,610

Citibank

NA

07/18/23

10,552

USD

10,947,000

JPY

1,515,351,611

Barclays

Bank

plc

07/18/23

423,536

USD

14,444,000

KRW

18,414,511,160

Deutsche

Bank

AG

07/18/23

461,106

USD

14,402,000

SEK

154,222,202

Deutsche

Bank

AG

07/18/23

94,030

USD

15,064,500

THB

527,732,032

Citibank

NA

07/18/23

160,026

USD

10,798,000

ZAR

198,293,392

Citibank

NA

07/18/23

276,528

USD

3,599,000

ZAR

65,791,030

JPMorgan

Chase

Bank

NA

07/18/23

108,120

USD

14,424,000

ZAR

267,379,130

UBS

AG

07/18/23

236,830

USD

10,916,254

EUR

9,862,541

Standard

Chartered

Bank

08/08/23

134,765

USD

49,628,023

ZAR

919,413,724

Morgan

Stanley

&

Co.

International

plc

08/08/23

956,688

MXN

589,128,545

USD

32,405,310

JPMorgan

Chase

Bank

NA

08/31/23

1,629,311

USD

14,499,830

GBP

11,370,000

JPMorgan

Chase

Bank

NA

09/13/23

56,675

BRL

245,033,478

USD

49,369,160

Citibank

NA

09/14/23

1,139,947

COP

135,779,720,174

USD

31,776,204

JPMorgan

Chase

Bank

NA

09/14/23

126,056

CZK

334,801,788

USD

15,159,492

Toronto

Dominion

Bank

09/14/23

160,170

HUF

16,394,645,728

USD

46,497,761

JPMorgan

Chase

Bank

NA

09/14/23

668,355

INR

6,212,315,000

USD

74,985,847

Citibank

NA

09/14/23

519,045

NOK

194,937,471

USD

17,728,574

Deutsche

Bank

AG

09/14/23

479,261

PLN

105,065,000

USD

25,210,558

Bank

of

America

NA

09/14/23

537,472

USD

45,248,383

IDR

673,558,386,629

UBS

AG

09/14/23

519,392

USD

75,520,484

INR

6,212,315,000

Barclays

Bank

plc

09/14/23

15,591

USD

25,410,430

ZAR

475,086,098

Citibank

NA

09/14/23

352,882

AUD

1,730,576

USD

1,150,000

Deutsche

Bank

AG

09/20/23

5,371

AUD

8,237,444

USD

5,450,000

JPMorgan

Chase

Bank

NA

09/20/23

49,500

AUD

2,112,347

USD

1,400,000

Morgan

Stanley

&

Co.

International

plc

09/20/23

10,250

AUD

2,848,226

USD

1,900,000

Toronto

Dominion

Bank

09/20/23

1,539

BRL

99,440,210

USD

20,206,250

Deutsche

Bank

AG

09/20/23

270,324

BRL

228,726,484

USD

46,478,240

Toronto

Dominion

Bank

09/20/23

620,763

CAD

4,262,085

USD

3,200,000

Goldman

Sachs

International

09/20/23

21,230

CHF

5,440,388

USD

6,100,000

Deutsche

Bank

AG

09/20/23

28,765

CHF

2,268,671

USD

2,550,000

JPMorgan

Chase

Bank

NA

09/20/23

5,728

CHF

29,138,000

USD

32,762,738

State

Street

Bank

and

Trust

Co.

09/20/23

62,117

EUR

56,678,000

GBP

48,712,645

Bank

of

America

NA

09/20/23

211,911

EUR

15,978,000

GBP

13,739,770

JPMorgan

Chase

Bank

NA

09/20/23

50,505

EUR

69,070,000

GBP

59,299,703

UBS

AG

09/20/23

338,787

EUR

8,658,000

SEK

101,637,994

UBS

AG

09/20/23

25,485

EUR

16,187,348

USD

17,674,642

BNP

Paribas

SA

09/20/23

58,338

EUR

28,286,300

USD

30,903,631

Citibank

NA

09/20/23

83,556

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

99

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

15,137,556

USD

16,514,734

Deutsche

Bank

AG

09/20/23

$

68,215

EUR

77,380,000

USD

84,578,284

HSBC

Bank

plc

09/20/23

190,263

EUR

13,045,944

USD

14,238,661

JPMorgan

Chase

Bank

NA

09/20/23

52,961

EUR

2,608,809

USD

2,850,000

Royal

Bank

of

Canada

09/20/23

7,908

EUR

639,163

USD

700,000

Toronto

Dominion

Bank

09/20/23

192

GBP

23,571,999

EUR

27,330,000

Deutsche

Bank

AG

09/20/23

3,090

GBP

1,738,903

USD

2,200,000

JPMorgan

Chase

Bank

NA

09/20/23

8,867

INR

780,600,000

USD

9,413,552

Barclays

Bank

plc

09/20/23

72,528

INR

4,864,536,326

USD

58,944,000

Citibank

NA

09/20/23

171,276

JPY

221,449,961

USD

1,550,000

Deutsche

Bank

AG

09/20/23

3,610

MXN

5,229,693,085

USD

299,149,866

Barclays

Bank

plc

09/20/23

1,854,721

MXN

1,687,024,000

USD

96,848,040

Goldman

Sachs

International

09/20/23

251,724

NOK

16,000,000

EUR

1,356,381

Goldman

Sachs

International

09/20/23

8,833

NOK

5,880,000

USD

543,585

Bank

of

America

NA

09/20/23

5,726

NOK

9,210,582

USD

850,000

BNP

Paribas

SA

09/20/23

10,456

NOK

15,900,000

USD

1,481,283

Deutsche

Bank

AG

09/20/23

4,101

NOK

86,622,601

USD

8,038,850

Goldman

Sachs

International

09/20/23

53,467

NOK

86,737,138

USD

8,091,000

JPMorgan

Chase

Bank

NA

09/20/23

12,017

NOK

131,207,492

USD

12,140,511

JPMorgan

Chase

Bank

NA

09/20/23

116,944

NOK

28,699,679

USD

2,665,477

Morgan

Stanley

&

Co.

International

plc

09/20/23

15,658

NOK

71,661,155

USD

6,633,440

Toronto

Dominion

Bank

09/20/23

61,174

NZD

7,719,092

AUD

6,990,000

Deutsche

Bank

AG

09/20/23

68,959

NZD

4,240,031

USD

2,600,000

BNP

Paribas

SA

09/20/23

1,246

NZD

4,033,630

USD

2,450,000

Deutsche

Bank

AG

09/20/23

24,619

NZD

2,054,600

USD

1,250,000

Goldman

Sachs

International

09/20/23

10,490

SEK

102,292,088

EUR

8,658,000

Morgan

Stanley

&

Co.

International

plc

09/20/23

35,390

SEK

8,090,000

USD

746,043

Bank

of

America

NA

09/20/23

6,875

SEK

16,060,000

USD

1,488,504

Barclays

Bank

plc

09/20/23

6,164

SEK

92,177,553

USD

8,531,973

Deutsche

Bank

AG

09/20/23

46,782

SEK

88,933,954

USD

8,250,000

JPMorgan

Chase

Bank

NA

09/20/23

26,879

SEK

7,040,000

USD

653,781

Morgan

Stanley

&

Co.

International

plc

09/20/23

1,416

SEK

8,120,000

USD

750,382

Societe

Generale

SA

09/20/23

5,328

SEK

10,223,791

USD

950,000

Toronto

Dominion

Bank

09/20/23

1,505

USD

5,973,768

AUD

8,700,000

Bank

of

America

NA

09/20/23

165,455

USD

900,000

AUD

1,345,054

BNP

Paribas

SA

09/20/23

2,012

USD

6,100,000

AUD

8,847,222

Citibank

NA

09/20/23

193,398

USD

5,200,000

AUD

7,638,642

Deutsche

Bank

AG

09/20/23

100,273

USD

11,712,045

AUD

17,250,767

JPMorgan

Chase

Bank

NA

09/20/23

195,050

USD

11,143,930

AUD

16,157,000

Nomura

International

plc

09/20/23

357,159

USD

5,750,000

AUD

8,414,726

Royal

Bank

of

Canada

09/20/23

132,141

USD

44,437,923

AUD

64,621,000

Westpac

Banking

Corp.

09/20/23

1,295,509

USD

71,897,157

BRL

348,485,520

Goldman

Sachs

International

09/20/23

137,560

USD

2,600,000

CAD

3,425,040

BNP

Paribas

SA

09/20/23

11,398

USD

2,850,000

CAD

3,748,247

Deutsche

Bank

AG

09/20/23

17,122

USD

16,160,000

CAD

21,243,855

HSBC

Bank

plc

09/20/23

104,161

USD

4,050,000

CAD

5,322,020

JPMorgan

Chase

Bank

NA

09/20/23

27,684

USD

18,660,000

CAD

24,637,983

Morgan

Stanley

&

Co.

International

plc

09/20/23

38,922

USD

8,881,729

CAD

11,705,000

Natwest

Markets

plc

09/20/23

35,237

USD

1,000,000

CAD

1,322,507

Royal

Bank

of

Canada

09/20/23

466

USD

2,350,000

CAD

3,105,981

Toronto

Dominion

Bank

09/20/23

2,539

USD

650,000

CHF

576,562

HSBC

Bank

plc

09/20/23

485

USD

179,263

CHF

159,000

Royal

Bank

of

Canada

09/20/23

144

USD

2,718,048

CNY

19,312,000

Barclays

Bank

plc

09/20/23

44,007

USD

72,133,603

CNY

513,088,840

Toronto

Dominion

Bank

09/20/23

1,088,624

USD

4,009,377,741

EUR

3,653,540,293

BNP

Paribas

SA

09/20/23

6,983,051

USD

38,212,274

EUR

34,816,217

Deutsche

Bank

AG

09/20/23

71,668

USD

35,704,895

EUR

32,580,000

HSBC

Bank

plc

09/20/23

14,029

USD

52,513,728

EUR

47,878,919

JPMorgan

Chase

Bank

NA

09/20/23

63,140

USD

2,300,000

EUR

2,097,948

Royal

Bank

of

Canada

09/20/23

1,732

USD

21,270,825

EUR

19,410,000

State

Street

Bank

and

Trust

Co.

09/20/23

7,481

USD

2,281,406,990

EUR

2,078,654,055

Toronto

Dominion

Bank

09/20/23

4,274,870

USD

1,495,163

GBP

1,170,000

Bank

of

America

NA

09/20/23

8,954

USD

1,872,241,336

GBP

1,460,105,245

BNP

Paribas

SA

09/20/23

17,521,964

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

100

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

2,850,000

GBP

2,235,705

Deutsche

Bank

AG

09/20/23

$

10,063

USD

8,071,749

GBP

6,298,040

JPMorgan

Chase

Bank

NA

09/20/23

71,575

USD

4,542,188

GBP

3,566,195

Morgan

Stanley

&

Co.

International

plc

09/20/23

12,179

USD

9,033,423

GBP

7,045,613

Nomura

International

plc

09/20/23

83,633

USD

1,300,000

GBP

1,018,885

Royal

Bank

of

Canada

09/20/23

5,747

USD

17,079,003

GBP

13,426,000

State

Street

Bank

and

Trust

Co.

09/20/23

24,436

USD

75,773,549

IDR

1,130,522,401,179

Citibank

NA

09/20/23

704,600

USD

16,841,462

IDR

250,196,427,113

UBS

AG

09/20/23

227,919

USD

5,250,000

JPY

732,500,475

Bank

of

America

NA

09/20/23

111,051

USD

2,850,000

JPY

393,249,555

Goldman

Sachs

International

09/20/23

91,108

USD

2,100,000

JPY

294,185,640

HSBC

Bank

plc

09/20/23

36,104

USD

14,241,642

JPY

2,017,882,972

JPMorgan

Chase

Bank

NA

09/20/23

84,930

USD

64,561,605

JPY

9,004,930,000

Natwest

Markets

plc

09/20/23

1,386,384

USD

3,600,000

JPY

509,030,131

Royal

Bank

of

Canada

09/20/23

28,835

USD

5,250,000

NOK

55,569,499

Deutsche

Bank

AG

09/20/23

58,676

USD

4,850,000

NOK

51,653,033

HSBC

Bank

plc

09/20/23

24,553

USD

8,991,000

NOK

95,845,341

JPMorgan

Chase

Bank

NA

09/20/23

37,091

USD

15,628,149

NOK

166,710,887

Morgan

Stanley

&

Co.

International

plc

09/20/23

53,953

USD

669,934

NOK

7,170,000

Natwest

Markets

plc

09/20/23

110

USD

2,950,000

NOK

30,937,193

Royal

Bank

of

Canada

09/20/23

59,835

USD

20,137,295

NZD

32,316,000

Bank

of

America

NA

09/20/23

311,534

USD

2,700,000

NZD

4,375,428

Goldman

Sachs

International

09/20/23

15,689

USD

450,000

NZD

727,533

HSBC

Bank

plc

09/20/23

3,661

USD

3,700,000

NZD

6,022,650

JPMorgan

Chase

Bank

NA

09/20/23

5,124

USD

26,838,309

SEK

284,930,000

Bank

of

America

NA

09/20/23

320,527

USD

711,409

SEK

7,530,000

BNP

Paribas

SA

09/20/23

10,610

USD

14,391,000

SEK

153,725,946

Citibank

NA

09/20/23

84,079

USD

10,109,096

SEK

108,401,439

Deutsche

Bank

AG

09/20/23

20,422

USD

9,780,354

SEK

104,843,390

Goldman

Sachs

International

09/20/23

22,821

USD

1,448,877

SEK

15,400,000

JPMorgan

Chase

Bank

NA

09/20/23

15,635

USD

2,605,431

SEK

27,750,000

Morgan

Stanley

&

Co.

International

plc

09/20/23

22,801

USD

11,122,766

SGD

14,888,000

HSBC

Bank

plc

09/20/23

81,446

USD

9,451,510

TWD

287,600,000

Barclays

Bank

plc

09/20/23

195,636

USD

14,771,130

EUR

13,447,900

Deutsche

Bank

AG

09/22/23

37,680

USD

60,245,120

IDR

902,170,671,715

Citibank

NA

09/26/23

343,694

58,884,769

USD

14,444,000

BRL

71,331,694

Citibank

NA

07/05/23

(453,392)

USD

14,534,000

BRL

74,115,552

Goldman

Sachs

International

07/05/23

(944,792)

USD

14,398,000

BRL

70,125,603

JPMorgan

Chase

Bank

NA

07/05/23

(247,504)

USD

14,534,000

BRL

72,626,398

Morgan

Stanley

&

Co.

International

plc

07/05/23

(633,787)

USD

14,428,000

BRL

69,254,400

Toronto

Dominion

Bank

07/05/23

(35,556)

USD

83,825,574

COP

389,419,060,076

JPMorgan

Chase

Bank

NA

07/05/23

(9,520,335)

TWD

709,659,080

USD

23,131,000

Standard

Chartered

Bank

07/13/23

(355,064)

AUD

18,526,000

CAD

16,713,879

Natwest

Markets

plc

07/18/23

(273,249)

AUD

7,548,000

USD

5,109,637

BNP

Paribas

SA

07/18/23

(79,557)

AUD

32,290,000

USD

21,619,092

JPMorgan

Chase

Bank

NA

07/18/23

(100,636)

CAD

30,560,940

EUR

21,258,000

Deutsche

Bank

AG

07/18/23

(138,266)

CNY

51,197,949

USD

7,198,000

HSBC

Bank

plc

07/18/23

(147,979)

COP

66,882,782,000

GBP

12,598,000

Morgan

Stanley

&

Co.

International

plc

07/18/23

(39,154)

EUR

4,388,000

PLN

19,535,578

HSBC

Bank

plc

07/18/23

(9,939)

EUR

26,962,000

USD

29,584,306

Citibank

NA

07/18/23

(143,762)

EUR

26,378,000

USD

28,913,330

Deutsche

Bank

AG

07/18/23

(110,472)

HUF

7,342,551,480

USD

21,604,000

Bank

of

America

NA

07/18/23

(177,260)

IDR

610,578,211,000

USD

40,966,000

Citibank

NA

07/18/23

(380,256)

JPY

1,867,870,164

EUR

12,491,000

Bank

of

America

NA

07/18/23

(667,710)

JPY

315,618,142

USD

2,280,000

State

Street

Bank

and

Trust

Co.

07/18/23

(88,168)

KRW

18,699,556,800

USD

14,402,000

Citibank

NA

07/18/23

(202,660)

KRW

18,734,590,200

USD

14,444,000

JPMorgan

Chase

Bank

NA

07/18/23

(218,058)

MYR

66,287,208

USD

14,404,000

Barclays

Bank

plc

07/18/23

(117,720)

NOK

156,625,552

EUR

13,456,000

Natwest

Markets

plc

07/18/23

(93,868)

NOK

153,304,828

EUR

13,340,000

UBS

AG

07/18/23

(276,730)

THB

1,039,601,145

USD

30,129,000

Citibank

NA

07/18/23

(768,062)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

101

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

28,077,796

AUD

42,412,000

Citibank

NA

07/18/23

$

(186,086)

USD

17,151,000

CAD

22,855,094

Goldman

Sachs

International

07/18/23

(104,904)

USD

4,110,000

COP

17,399,150,700

BNP

Paribas

SA

07/18/23

(42,360)

USD

14,414,000

COP

60,877,529,000

Citibank

NA

07/18/23

(114,604)

USD

21,657,518

EUR

20,022,000

Goldman

Sachs

International

07/18/23

(205,050)

USD

14,376,000

HUF

5,021,840,134

JPMorgan

Chase

Bank

NA

07/18/23

(278,534)

USD

5,904,000

MXN

102,635,118

State

Street

Bank

and

Trust

Co.

07/18/23

(76,276)

ZAR

285,132,390

EUR

14,200,000

BNP

Paribas

SA

07/18/23

(376,206)

ZAR

262,397,940

USD

14,376,000

Bank

of

America

NA

07/18/23

(453,132)

ZAR

67,609,803

USD

3,599,000

Deutsche

Bank

AG

07/18/23

(11,615)

ZAR

112,818,072

USD

6,068,000

Morgan

Stanley

&

Co.

International

plc

07/18/23

(81,859)

BRL

177,549,238

USD

37,006,000

Barclays

Bank

plc

08/02/23

(125,088)

USD

14,326,000

BRL

70,154,422

Citibank

NA

08/02/23

(246,628)

USD

178,585,283

MXN

3,267,824,938

Barclays

Bank

plc

08/31/23

(10,200,654)

USD

195,802,614

MXN

3,601,475,570

JPMorgan

Chase

Bank

NA

08/31/23

(12,258,695)

USD

42,479,571

MXN

787,726,808

State

Street

Bank

and

Trust

Co.

08/31/23

(3,028,288)

USD

22,306,608

MXN

415,852,048

Toronto

Dominion

Bank

08/31/23

(1,717,635)

USD

36,886,304

CZK

813,766,448

Barclays

Bank

plc

09/06/23

(361,918)

CNY

128,040,000

USD

18,123,655

Citibank

NA

09/14/23

(404,919)

CNY

257,505,000

USD

35,745,653

JPMorgan

Chase

Bank

NA

09/14/23

(110,983)

IDR

534,993,220,000

USD

35,690,008

JPMorgan

Chase

Bank

NA

09/14/23

(162,713)

KRW

23,202,665,000

USD

17,788,476

Citibank

NA

09/14/23

(111,363)

SGD

24,948,615

USD

18,581,046

JPMorgan

Chase

Bank

NA

09/14/23

(83,046)

THB

872,230,000

USD

25,409,444

Citibank

NA

09/14/23

(632,483)

THB

1,296,539,070

USD

37,537,321

HSBC

Bank

plc

09/14/23

(707,244)

USD

53,275,629

COP

228,019,694,178

Citibank

NA

09/14/23

(298,966)

USD

35,311,103

CZK

783,040,023

Deutsche

Bank

AG

09/14/23

(518,780)

USD

7,252,531

EUR

6,646,993

Citibank

NA

09/14/23

(26,930)

USD

1,291,505

EUR

1,189,874

Royal

Bank

of

Canada

09/14/23

(11,587)

USD

7,153,849

EUR

6,609,959

State

Street

Bank

and

Trust

Co.

09/14/23

(85,055)

USD

151,838,432

MXN

2,685,095,646

JPMorgan

Chase

Bank

NA

09/14/23

(2,880,493)

USD

18,481,072

SGD

24,948,615

Citibank

NA

09/14/23

(16,929)

USD

53,308,674

ZAR

1,028,709,014

BNP

Paribas

SA

09/14/23

(948,702)

AUD

6,990,000

NZD

7,684,710

Deutsche

Bank

AG

09/20/23

(47,866)

AUD

16,157,000

USD

10,957,469

Bank

of

America

NA

09/20/23

(170,697)

AUD

12,136,000

USD

8,260,490

BNP

Paribas

SA

09/20/23

(158,227)

AUD

3,609,380

USD

2,450,000

HSBC

Bank

plc

09/20/23

(40,298)

AUD

19,895,443

USD

13,450,000

JPMorgan

Chase

Bank

NA

09/20/23

(167,361)

AUD

8,700,000

USD

5,992,621

Morgan

Stanley

&

Co.

International

plc

09/20/23

(184,308)

CAD

3,760,427

USD

2,850,000

Bank

of

America

NA

09/20/23

(7,917)

CAD

26,576,938

USD

20,200,000

BNP

Paribas

SA

09/20/23

(113,485)

CAD

15,995,897

USD

12,120,000

Citibank

NA

09/20/23

(30,502)

CAD

7,338,082

USD

5,550,000

HSBC

Bank

plc

09/20/23

(3,969)

CAD

6,736,772

USD

5,100,000

Royal

Bank

of

Canada

09/20/23

(8,433)

CHF

3,314,108

USD

3,750,000

HSBC

Bank

plc

09/20/23

(16,555)

CHF

931,435

USD

1,050,000

JPMorgan

Chase

Bank

NA

09/20/23

(710)

CHF

4,960,871

USD

5,600,000

Royal

Bank

of

Canada

09/20/23

(11,426)

CHF

1,553,069

USD

1,750,000

Toronto

Dominion

Bank

09/20/23

(420)

CNY

334,248,968

USD

46,854,278

Toronto

Dominion

Bank

09/20/23

(572,408)

EUR

15,978,000

GBP

13,781,036

JPMorgan

Chase

Bank

NA

09/20/23

(1,914)

EUR

8,082,000

SEK

95,134,787

Morgan

Stanley

&

Co.

International

plc

09/20/23

(275)

EUR

7,700,990

USD

8,450,000

HSBC

Bank

plc

09/20/23

(13,689)

EUR

71,030,000

USD

78,018,135

JPMorgan

Chase

Bank

NA

09/20/23

(205,911)

EUR

2,236,349

USD

2,450,000

Morgan

Stanley

&

Co.

International

plc

09/20/23

(115)

GBP

70,947,322

EUR

82,440,000

HSBC

Bank

plc

09/20/23

(189,856)

GBP

4,690,000

USD

6,017,124

Deutsche

Bank

AG

09/20/23

(59,585)

GBP

1,451,808

USD

1,850,000

HSBC

Bank

plc

09/20/23

(5,820)

GBP

2,952,014

USD

3,750,000

JPMorgan

Chase

Bank

NA

09/20/23

(162)

GBP

1,020,345

USD

1,300,000

Morgan

Stanley

&

Co.

International

plc

09/20/23

(3,892)

GBP

2,750,236

USD

3,500,000

Royal

Bank

of

Canada

09/20/23

(6,473)

GBP

786,351

USD

1,000,000

Toronto

Dominion

Bank

09/20/23

(1,127)

IDR

181,290,000,000

USD

12,144,293

Bank

of

America

NA

09/20/23

(106,274)

JPY

411,000,000

USD

2,991,288

Bank

of

America

NA

09/20/23

(107,866)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

102

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

JPY

917,421,830

USD

6,522,168

BNP

Paribas

SA

09/20/23

$

(85,880)

JPY

695,420,127

USD

5,000,000

Deutsche

Bank

AG

09/20/23

(121,193)

JPY

3,140,017,733

USD

22,341,642

JPMorgan

Chase

Bank

NA

09/20/23

(312,452)

JPY

14,193,903,417

USD

101,925,982

Nomura

International

plc

09/20/23

(2,346,864)

JPY

1,187,686,708

USD

8,485,000

Royal

Bank

of

Canada

09/20/23

(152,635)

JPY

493,580,995

USD

3,550,000

Toronto

Dominion

Bank

09/20/23

(87,220)

KRW

2,086,025,400

USD

1,620,000

Morgan

Stanley

&

Co.

International

plc

09/20/23

(30,148)

NOK

16,000,000

EUR

1,365,572

Goldman

Sachs

International

09/20/23

(1,236)

NOK

7,210,000

USD

687,657

Citibank

NA

09/20/23

(14,096)

NOK

7,250,000

USD

691,032

Goldman

Sachs

International

09/20/23

(13,735)

NOK

277,600,000

USD

26,407,249

HSBC

Bank

plc

09/20/23

(473,748)

NOK

16,050,000

USD

1,518,793

JPMorgan

Chase

Bank

NA

09/20/23

(19,396)

NOK

47,187,336

USD

4,423,998

Morgan

Stanley

&

Co.

International

plc

09/20/23

(15,739)

NOK

50,977,687

USD

4,772,121

Toronto

Dominion

Bank

09/20/23

(9,766)

NZD

9,068,701

USD

5,600,000

Deutsche

Bank

AG

09/20/23

(36,381)

NZD

16,158,400

USD

9,984,453

JPMorgan

Chase

Bank

NA

09/20/23

(71,327)

NZD

16,157,600

USD

9,977,207

State

Street

Bank

and

Trust

Co.

09/20/23

(64,571)

NZD

1,765,823

USD

1,100,000

Toronto

Dominion

Bank

09/20/23

(16,673)

SEK

48,941,971

USD

4,650,000

Bank

of

America

NA

09/20/23

(95,083)

SEK

7,980,000

USD

747,422

Barclays

Bank

plc

09/20/23

(4,742)

SEK

56,210,338

USD

5,250,000

BNP

Paribas

SA

09/20/23

(18,633)

SEK

7,010,000

USD

656,948

Citibank

NA

09/20/23

(4,543)

SEK

62,853,438

USD

5,900,000

Deutsche

Bank

AG

09/20/23

(50,374)

SEK

103,851,068

USD

9,741,000

HSBC

Bank

plc

09/20/23

(75,819)

SEK

52,767,703

USD

4,950,000

JPMorgan

Chase

Bank

NA

09/20/23

(39,031)

SEK

36,960,000

USD

3,460,052

Morgan

Stanley

&

Co.

International

plc

09/20/23

(20,269)

SEK

13,751,224

USD

1,300,000

Royal

Bank

of

Canada

09/20/23

(20,205)

USD

5,722,214

BRL

28,292,000

JPMorgan

Chase

Bank

NA

09/20/23

(103,631)

USD

6,300,000

CAD

8,350,136

Deutsche

Bank

AG

09/20/23

(10,928)

USD

4,350,000

CAD

5,759,679

JPMorgan

Chase

Bank

NA

09/20/23

(3,094)

USD

1,750,000

CHF

1,557,939

BNP

Paribas

SA

09/20/23

(5,067)

USD

900,000

CHF

800,746

Deutsche

Bank

AG

09/20/23

(2,065)

USD

11,400,000

CHF

10,150,416

Goldman

Sachs

International

09/20/23

(34,756)

USD

1,050,000

CHF

932,805

HSBC

Bank

plc

09/20/23

(833)

USD

2,500,000

CHF

2,233,737

Royal

Bank

of

Canada

09/20/23

(16,374)

USD

2,650,000

EUR

2,424,706

BNP

Paribas

SA

09/20/23

(6,226)

USD

2,450,000

EUR

2,241,228

Deutsche

Bank

AG

09/20/23

(5,230)

USD

118,192,872

EUR

108,476,000

HSBC

Bank

plc

09/20/23

(640,843)

USD

20,153,567

EUR

18,405,630

JPMorgan

Chase

Bank

NA

09/20/23

(9,505)

USD

1,800,000

EUR

1,657,361

Morgan

Stanley

&

Co.

International

plc

09/20/23

(15,613)

USD

1,550,000

EUR

1,420,127

Royal

Bank

of

Canada

09/20/23

(5,727)

USD

23,940,677

EUR

21,890,000

Societe

Generale

SA

09/20/23

(39,466)

USD

1,004,226

EUR

922,900

State

Street

Bank

and

Trust

Co.

09/20/23

(6,796)

USD

40,256,986

EUR

37,026,372

Toronto

Dominion

Bank

09/20/23

(304,810)

USD

19,374,253

EUR

17,779,960

UBS

AG

09/20/23

(103,407)

USD

17,491,503

GBP

13,773,000

Bank

of

America

NA

09/20/23

(3,845)

USD

2,053,624

GBP

1,620,000

BNP

Paribas

SA

09/20/23

(4,204)

USD

5,950,000

GBP

4,714,152

Deutsche

Bank

AG

09/20/23

(38,218)

USD

6,707,174

GBP

5,323,007

JPMorgan

Chase

Bank

NA

09/20/23

(54,451)

USD

50,488,951

GBP

40,732,000

Morgan

Stanley

&

Co.

International

plc

09/20/23

(1,251,448)

USD

29,599,647

GBP

23,369,335

State

Street

Bank

and

Trust

Co.

09/20/23

(85,582)

USD

9,025,854

GBP

7,200,000

Toronto

Dominion

Bank

09/20/23

(120,048)

USD

18,645,874

INR

1,540,000,000

Barclays

Bank

plc

09/20/23

(68,659)

USD

1,400,000

JPY

199,817,800

JPMorgan

Chase

Bank

NA

09/20/23

(1,847)

USD

1,550,000

JPY

220,973,270

Natwest

Markets

plc

09/20/23

(266)

USD

3,750,000

JPY

535,617,825

Toronto

Dominion

Bank

09/20/23

(7,694)

USD

71,897,158

MXN

1,252,700,132

Citibank

NA

09/20/23

(204,298)

USD

53,805,453

MXN

941,245,692

Goldman

Sachs

International

09/20/23

(369,671)

USD

51,390,971

MXN

896,428,267

JPMorgan

Chase

Bank

NA

09/20/23

(204,604)

USD

2,206,815

NOK

23,700,000

Barclays

Bank

plc

09/20/23

(7,248)

USD

2,000,000

NOK

21,490,972

Deutsche

Bank

AG

09/20/23

(7,695)

USD

739,979

NOK

7,950,000

Goldman

Sachs

International

09/20/23

(2,713)

USD

729,666

NOK

7,830,000

HSBC

Bank

plc

09/20/23

(1,816)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

103

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

3,646,610

NOK

39,172,717

JPMorgan

Chase

Bank

NA

09/20/23

$

(12,921)

USD

728,370

NOK

7,810,000

Morgan

Stanley

&

Co.

International

plc

09/20/23

(1,244)

USD

2,900,000

NZD

4,735,513

Citibank

NA

09/20/23

(5,222)

USD

1,150,000

NZD

1,892,353

JPMorgan

Chase

Bank

NA

09/20/23

(10,953)

USD

650,000

NZD

1,060,468

Royal

Bank

of

Canada

09/20/23

(594)

USD

4,250,000

NZD

6,939,750

Toronto

Dominion

Bank

09/20/23

(7,514)

USD

1,300,000

SEK

13,989,056

Deutsche

Bank

AG

09/20/23

(1,929)

USD

8,082,000

SEK

86,841,042

Morgan

Stanley

&

Co.

International

plc

09/20/23

(97)

ZAR

747,454,067

USD

40,187,431

Barclays

Bank

plc

09/20/23

(788,469)

COP

35,765,154,917

USD

8,305,888

JPMorgan

Chase

Bank

NA

12/20/23

(75,253)

USD

89,506,191

COP

389,419,060,076

Bank

of

America

NA

12/20/23

(110,817)

(64,296,652)

$

(5,411,883)

Interest

Rate

Caps

Purchased

Description

Exercise

Rate

Counterparty

Expiration

Date

Notional

Amount

(000)

Value

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

5Y-30Y

CMS

Index

Cap

.....

0.07

%

Goldman

Sachs

International

09/27/23

USD

2,489,860

$

379,449

$

4,357,255

$

(3,977,806)

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

S&P

500

Index

Down

and

In

Citibank

NA

3,644

09/15/23

USD

4,100.00

USD

3,800.00

USD

16,217

$

15,207

Put

EUR

Currency

Down

and

Out

UBS

AG

—

07/13/23

USD

1.09

USD

1.06

EUR

40,523

$

152,736

EUR

Currency

Up

and

In

Morgan

Stanley

&

Co.

International

plc

—

07/18/23

USD

1.10

USD

1.11

EUR

40,604

3,466

EURO

STOXX

50

Index

Down

and

Out

Bank

of

America

NA

5,917

07/21/23

EUR

4,150.00

EUR

3,700.00

EUR

26,029

7,607

USD

Currency

Up

and

In

UBS

AG

—

08/01/23

JPY

144.00

JPY

147.50

USD

81,842

103,282

GBP

Currency

Down

and

Out

Bank

of

America

NA

—

08/04/23

USD

1.26

USD

1.22

GBP

36,460

100,890

USD

Currency

Down

and

Out

Bank

of

America

NA

—

08/04/23

JPY

129.00

JPY

124.00

USD

58,535

15,679

USD

Currency

One-Touch

Citibank

NA

—

09/07/23

JPY

125.00

JPY

125.00

USD

3,021

48,304

EUR

Currency

One-Touch

Bank

of

America

NA

—

09/12/23

USD

1.02

USD

1.02

EUR

2,780

70,027

EUR

Currency

One-Touch

Morgan

Stanley

&

Co.

International

plc

—

09/27/23

USD

1.06

USD

1.06

EUR

5,690

967,066

EURO

STOXX

50

Index

Down

and

Out

Merrill

Lynch

International

&

Co.

2,971

10/20/23

EUR

4,000.00

EUR

3,900.00

EUR

13,070

12,293

EURO

STOXX

50

Index

Down

and

Out

Bank

of

America

NA

5,713

10/20/23

EUR

4,100.00

EUR

3,800.00

EUR

25,132

188,623

EUR

Currency

One-Touch

HSBC

Bank

plc

—

11/16/23

USD

1.05

USD

1.05

EUR

2,629

380,794

2,050,767

$

2,065,974

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

104

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Invesco

QQQ

Trust

Series

1

....................

7,800

07/07/23

USD

372.00

USD

288,148

$

1,450,800

SPDR

S&P

500

ETF

Trust

......................

2,965

07/07/23

USD

438.00

USD

131,433

1,771,588

SPDR

S&P

500

ETF

Trust

......................

6,250

07/07/23

USD

448.00

USD

277,050

353,125

3-mo.

SOFR

Interest

Futures

....................

972

07/14/23

USD

94.81

USD

243,000

30,375

SPDR

S&P

500

ETF

Trust

......................

6,250

07/14/23

USD

442.00

USD

277,050

2,771,875

CBOE

Volatility

Index

.........................

2,000

07/19/23

USD

28.00

USD

2,718

21,000

Advanced

Micro

Devices,

Inc.

...................

425

07/21/23

USD

140.00

USD

4,841

9,775

Constellation

Brands,

Inc.

......................

500

07/21/23

USD

260.00

USD

12,307

16,250

Consumer

Staples

Select

Sector

SPDR

Fund

.........

1,973

07/21/23

USD

75.00

USD

14,634

65,109

Equitrans

Midstream

Corp.

.....................

500

07/21/23

USD

11.00

USD

478

6,250

Kroger

Co.

(The)

............................

1,788

07/21/23

USD

50.00

USD

8,404

9,834

Lockheed

Martin

Corp.

........................

100

07/21/23

USD

460.00

USD

4,604

87,500

S&P

500

Index

.............................

115

07/21/23

USD

4,500.00

USD

51,179

256,450

SPDR

S&P

Regional

Banking

ETF

................

18,006

07/21/23

USD

45.00

USD

73,518

405,135

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

........

1,150

07/21/23

USD

105.00

USD

11,606

186,875

U.S.

Treasury

2-Year

Note

.....................

1,900

07/21/23

USD

102.25

USD

380,000

267,188

Uber

Technologies,

Inc.

.......................

2,800

07/21/23

USD

42.50

USD

12,088

466,200

Vinci

SA

..................................

1,000

07/21/23

EUR

114.00

EUR

10,638

1,091

Walt

Disney

Co.

(The)

........................

1,000

07/21/23

USD

95.00

USD

8,928

36,500

Waste

Management,

Inc.

......................

910

07/21/23

USD

175.00

USD

15,781

134,225

NASDAQ-100

Index

..........................

56

08/04/23

USD

15,400.00

USD

85,004

1,405,040

Advanced

Micro

Devices,

Inc.

...................

2,400

08/18/23

USD

140.00

USD

27,338

349,200

First

Solar,

Inc.

.............................

320

08/18/23

USD

210.00

USD

6,083

177,600

L3Harris

Technologies,

Inc.

.....................

200

08/18/23

USD

180.00

USD

3,915

370,000

McCormick

&

Co.,

Inc.

........................

2,000

08/18/23

USD

95.00

USD

17,446

50,000

Uber

Technologies,

Inc.

.......................

1,700

08/18/23

USD

42.50

USD

7,339

522,750

Valero

Energy

Corp.

..........................

450

08/18/23

USD

120.00

USD

5,279

187,875

Barclays

plc

...............................

3,000

09/15/23

GBP

1.60

GBP

4,601

171,450

Delta

Air

Lines,

Inc.

..........................

3,000

09/15/23

USD

50.00

USD

14,262

519,000

Eli

Lilly

&

Co.

..............................

130

09/15/23

USD

480.00

USD

6,097

209,300

Ford

Motor

Co.

.............................

4,000

09/15/23

USD

16.00

USD

6,052

204,000

General

Motors

Co.

..........................

1,200

09/15/23

USD

40.00

USD

4,627

195,600

United

Rentals,

Inc.

..........................

250

09/15/23

USD

460.00

USD

11,134

542,500

Equitrans

Midstream

Corp.

.....................

500

10/20/23

USD

12.00

USD

478

6,250

Sabre

Corp.

...............................

750

10/20/23

USD

5.50

USD

239

8,250

Sabre

Corp.

...............................

2,500

10/20/23

USD

5.00

USD

798

36,250

Antero

Resources

Corp.

.......................

985

11/17/23

USD

35.00

USD

2,268

32,013

Antero

Resources

Corp.

.......................

985

11/17/23

USD

32.00

USD

2,268

55,653

Sabre

Corp.

...............................

1,750

01/19/24

USD

6.00

USD

558

34,125

13,424,001

Put

SPDR

S&P

500

ETF

Trust

......................

2,965

07/07/23

USD

438.00

USD

131,433

194,208

SPDR

S&P

500

ETF

Trust

......................

2,200

07/14/23

USD

434.00

USD

97,522

209,000

CBOE

Volatility

Index

.........................

10,000

07/19/23

USD

17.00

USD

13,590

2,455,000

EURO

STOXX

50

Index

.......................

651

07/21/23

EUR

4,250.00

EUR

28,638

78,496

EURO

STOXX

50

Index

.......................

1,309

07/21/23

EUR

4,300.00

EUR

57,584

235,683

EURO

STOXX

50

Index

.......................

1,309

07/21/23

EUR

4,000.00

EUR

57,584

40,709

Ford

Motor

Co.

.............................

1,550

07/21/23

USD

10.00

USD

2,345

2,325

Frontier

Communications

Parent,

Inc.

..............

550

07/21/23

USD

15.00

USD

1,025

8,250

Invesco

QQQ

Trust

Series

1

....................

3,500

07/21/23

USD

350.00

USD

129,297

315,000

Invesco

Senior

Loan

ETF

......................

2,000

07/21/23

USD

20.00

USD

4,208

11,000

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

1,500

07/21/23

USD

73.50

USD

11,261

13,500

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

2,400

07/21/23

USD

71.00

USD

18,017

8,400

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

2,850

07/21/23

USD

73.00

USD

21,395

17,100

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

..

1,100

07/21/23

USD

105.00

USD

11,895

8,800

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

..

1,150

07/21/23

USD

106.00

USD

12,436

19,550

iShares

Russell

2000

ETF

......................

500

07/21/23

USD

150.00

USD

9,364

1,750

iShares

Russell

2000

ETF

......................

725

07/21/23

USD

181.00

USD

13,577

64,525

Pitney

Bowes,

Inc.

...........................

1,000

07/21/23

USD

3.00

USD

354

7,500

S&P

500

Index

.............................

39

07/21/23

USD

4,050.00

USD

17,356

10,628

S&P

500

Index

.............................

76

07/21/23

USD

3,950.00

USD

33,823

15,770

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

105

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

S&P

500

Index

.............................

76

07/21/23

USD

4,250.00

USD

33,823

$

50,160

Sabre

Corp.

...............................

500

07/21/23

USD

3.00

USD

160

5,250

SPDR

S&P

500

ETF

Trust

......................

2,000

07/21/23

USD

420.00

USD

88,656

111,000

Spirit

AeroSystems

Holdings,

Inc.

.................

400

07/21/23

USD

20.00

USD

1,168

3,000

Spirit

AeroSystems

Holdings,

Inc.

.................

750

07/21/23

USD

26.00

USD

2,189

18,750

U.S.

Treasury

2-Year

Note

.....................

1,900

07/21/23

USD

101.25

USD

380,000

356,250

United

Parcel

Service,

Inc.

.....................

550

07/21/23

USD

160.00

USD

9,859

7,150

Xerox

Holdings

Corp.

.........................

550

07/21/23

USD

11.00

USD

819

5,500

Consumer

Discretionary

Select

Sector

SPDR

Fund

.....

1,302

07/28/23

USD

160.00

USD

22,109

125,643

NASDAQ-100

Index

..........................

56

08/04/23

USD

14,400.00

USD

85,004

528,360

Frontier

Communications

Parent,

Inc.

..............

625

08/18/23

USD

15.00

USD

1,165

126,563

Frontier

Communications

Parent,

Inc.

..............

800

08/18/23

USD

12.50

USD

1,491

18,000

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

..

1,750

08/18/23

USD

100.00

USD

18,925

11,375

Pitney

Bowes,

Inc.

...........................

750

08/18/23

USD

3.00

USD

266

5,625

S&P

500

Index

.............................

89

08/18/23

USD

4,125.00

USD

39,608

121,930

SPDR

S&P

500

ETF

Trust

......................

3,200

08/18/23

USD

425.00

USD

141,850

790,400

SPDR

S&P

Regional

Banking

ETF

................

4,204

08/18/23

USD

40.00

USD

17,165

710,476

Spirit

AeroSystems

Holdings,

Inc.

.................

500

08/18/23

USD

22.00

USD

1,460

12,500

Air

Transport

Services

Group,

Inc.

................

525

09/15/23

USD

12.50

USD

991

7,875

Air

Transport

Services

Group,

Inc.

................

900

09/15/23

USD

15.00

USD

1,698

29,250

Ally

Financial,

Inc.

...........................

4,273

09/15/23

USD

20.00

USD

11,541

117,508

PG&E

Corp.

...............................

2,000

09/15/23

USD

13.00

USD

3,456

13,000

PG&E

Corp.

...............................

2,100

09/15/23

USD

14.00

USD

3,629

17,850

SPDR

S&P

500

ETF

Trust

......................

325

09/15/23

USD

350.00

USD

14,407

19,338

SPDR

S&P

500

ETF

Trust

......................

3,299

09/15/23

USD

430.00

USD

146,238

1,654,449

3-mo.

SOFR

Interest

Futures

....................

2,252

10/13/23

USD

94.38

USD

563,000

464,475

3-mo.

SOFR

Interest

Futures

....................

2,252

10/13/23

USD

96.00

USD

563,000

2,209,775

3-mo.

SOFR

Interest

Futures

....................

2,365

10/13/23

USD

94.88

USD

591,250

2,305,875

3-mo.

SOFR

Interest

Futures

....................

3,547

10/13/23

USD

95.00

USD

886,750

4,322,906

3-mo.

SOFR

Interest

Futures

....................

5,912

10/13/23

USD

95.63

USD

1,478,000

15,371,200

3-mo.

SOFR

Interest

Futures

....................

2,862

12/15/23

USD

96.00

USD

715,500

3,434,400

STOXX

Europe

600

Automobiles

&

Parts

............

286

12/15/23

EUR

500.00

EUR

9,163

74,900

STOXX

Europe

600

Automobiles

&

Parts

............

286

12/15/23

EUR

600.00

EUR

9,163

269,952

37,037,879

$

50,461,880

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

EUR

Currency

...........

JPMorgan

Chase

Bank

NA

—

07/11/23

USD

1.10

EUR

26,308

$

48,674

TOPIX

Bank

Index

........

BNP

Paribas

SA

10,725,000

07/14/23

JPY

218.87

JPY

2,363,897

421,670

TOPIX

Bank

Index

........

Goldman

Sachs

International

17,867,850

07/14/23

JPY

226.71

JPY

3,938,253

294,548

TOPIX

Bank

Index

........

JPMorgan

Chase

Bank

NA

7,157,150

07/14/23

JPY

227.60

JPY

1,577,507

105,487

USD

Currency

...........

Goldman

Sachs

International

—

07/17/23

ZAR

19.75

USD

22,508

39,433

USD

Currency

...........

Goldman

Sachs

International

—

07/18/23

ZAR

18.60

USD

21,566

419,098

EUR

Currency

...........

Deutsche

Bank

AG

—

07/19/23

USD

1.13

EUR

114,610

19,463

USD

Currency

...........

Barclays

Bank

plc

—

07/20/23

CLP

810.00

USD

14,428

142,729

ING

Groep

NV

..........

Goldman

Sachs

International

87,092

07/21/23

EUR

12.00

EUR

1,075

551,162

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

07/25/23

COP

4,200.00

USD

14,412

223,586

EUR

Currency

...........

Bank

of

America

NA

—

07/27/23

USD

1.09

EUR

159,611

1,479,705

EUR

Currency

...........

HSBC

Bank

plc

—

08/03/23

USD

1.13

EUR

60,870

44,439

EUR

Currency

...........

JPMorgan

Chase

Bank

NA

—

08/07/23

USD

1.12

EUR

157,835

335,398

USD

Currency

...........

Bank

of

America

NA

—

09/01/23

JPY

145.00

USD

50,000

521,081

EUR

Currency

...........

Barclays

Bank

plc

—

12/20/23

USD

1.13

EUR

27,310

266,243

4,912,716

Put

USD

Currency

...........

HSBC

Bank

plc

—

07/10/23

MXN

17.70

USD

22,570

745,501

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

106

OTC

Options

Purchased

(continued)

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

07/13/23

MXN

17.00

USD

299,688

$

739,557

USD

Currency

...........

JPMorgan

Chase

Bank

NA

—

07/17/23

ZAR

19.00

USD

11,254

187,698

EUR

Currency

...........

JPMorgan

Chase

Bank

NA

—

07/20/23

NOK

11.60

EUR

13,202

82,141

EUR

Currency

...........

JPMorgan

Chase

Bank

NA

—

07/20/23

USD

1.08

EUR

26,444

65,461

GBP

Currency

...........

Bank

of

America

NA

—

07/24/23

USD

1.25

GBP

11,302

39,927

GBP

Currency

...........

Bank

of

America

NA

—

08/04/23

USD

1.25

GBP

26,010

138,221

USD

Currency

...........

Barclays

Bank

plc

—

08/04/23

MXN

17.50

USD

28,868

629,794

USD

Currency

...........

Citibank

NA

—

08/10/23

BRL

4.90

USD

28,810

789,070

AUD

Currency

...........

Citibank

NA

—

08/18/23

USD

0.66

AUD

31,914

255,612

USD

Currency

...........

Bank

of

America

NA

—

09/22/23

CNH

7.10

USD

40,441

192,911

USD

Currency

...........

Citibank

NA

—

09/25/23

CNH

7.10

USD

8,090

85,395

USD

Currency

...........

JPMorgan

Chase

Bank

NA

—

10/18/23

CNH

6.90

USD

94,530

149,723

EUR

Currency

...........

UBS

AG

—

10/26/23

SEK

11.00

EUR

161,826

150,771

4,251,782

$

9,164,498

OTC

Dual

Binary

Options

Purchased

Description

(a)

Counterparty

Units

Expiration

Date

Notional

Amount

(000)

Value

Put

Payout

at

expiry

if

USDJPY

<

128.79

and

10-Year

JPY

TONAR

>

0.93

...................

Citibank

NA

6,394,000

08/14/23

USD

823,483

$

2,519

(a)

Option

only

pays

if

both

terms

are

met

on

the

expiration

date.

OTC

Credit

Default

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Call

Bought

Protection

on

5-Year

Credit

Default

Swap

......

Markit

CDX

North

American

High

Yield

Index

Series

40.V1

5.00

%

Quarterly

Barclays

Bank

plc

07/19/23

USD

103.00

USD

25,000

$

54,453

Put

Bought

Protection

on

5-Year

Credit

Default

Swap

......

1.00

%

Markit

CDX

North

American

Investment

Grade

Index

Series

40.V1

Quarterly

Citibank

NA

07/19/23

USD

80.00

USD

900,000

86,996

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

Markit

CDX

North

American

High

Yield

Index

Series

40.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/19/23

USD

94.00

USD

17,500

3,914

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

Markit

CDX

North

American

High

Yield

Index

Series

40.V1

Quarterly

BNP

Paribas

SA

07/19/23

USD

95.00

USD

15,000

3,751

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

Markit

CDX

North

American

High

Yield

Index

Series

40.V1

Quarterly

BNP

Paribas

SA

08/16/23

USD

98.50

USD

30,000

45,772

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

Markit

CDX

North

American

High

Yield

Index

Series

40.V1

Quarterly

JPMorgan

Chase

Bank

NA

08/16/23

USD

99.00

USD

20,000

36,227

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

107

OTC

Credit

Default

Swaptions

Purchased

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

%

Markit

CDX

North

American

High

Yield

Index

Series

40.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/19/23

USD

99.50

USD

22,500

$

11,139

Bought

Protection

on

5-Year

Credit

Default

Swap

......

1.00

Markit

CDX

North

American

Investment

Grade

Index

Series

40.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/19/23

USD

110.00

USD

100,000

4,736

192,535

$

246,988

(a)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.00%

Semi-Annual

Citibank

NA

07/10/23

3.00

%

USD

34,730

$

97

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

2.85%

Semi-Annual

Goldman

Sachs

International

08/07/23

2.85

USD

200,905

60,321

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

2.85%

Semi-Annual

JPMorgan

Chase

Bank

NA

08/09/23

2.85

USD

238,344

84,215

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

2.81%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

09/21/23

2.81

USD

148,860

291,229

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

2.80%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

09/22/23

2.80

USD

63,493

123,216

2Yx2Y

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

2.75%

Annual

Goldman

Sachs

International

10/19/23

2.75

USD

286,090

558,598

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.05%

Semi-Annual

Citibank

NA

10/24/23

3.05

USD

245,780

1,683,760

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

2.90%

Semi-Annual

JPMorgan

Chase

Bank

NA

10/30/23

2.90

USD

245,780

1,226,496

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

2.82%

Semi-Annual

Goldman

Sachs

International

11/07/23

2.82

USD

100,384

449,741

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

2.85%

Semi-Annual

Citibank

NA

11/14/23

2.85

USD

74,808

1,340,554

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.11%

Semi-Annual

Goldman

Sachs

International

04/20/26

3.11

USD

190,360

8,436,726

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.24%

Semi-Annual

Barclays

Bank

plc

06/15/26

3.24

USD

81,370

4,061,996

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.15%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

06/23/26

3.15

USD

70,073

3,272,744

21,589,693

Put

10-Year

Interest

Rate

Swap

(a)

4.55%

Semi-Annual

1-day

SOFR

Annual

Citibank

NA

10/24/23

4.55

USD

245,780

350,740

10-Year

Interest

Rate

Swap

(a)

4.40%

Semi-Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

10/30/23

4.40

USD

245,780

569,954

10-Year

Interest

Rate

Swap

(a)

4.82%

Semi-Annual

1-day

SOFR

Annual

Goldman

Sachs

International

11/07/23

4.82

USD

100,384

92,645

10-Year

Interest

Rate

Swap

(a)

0.80%

Annual

1-day

TONAR

Annual

Morgan

Stanley

&

Co.

International

plc

12/20/23

0.80

JPY

12,382,820

807,114

10-Year

Interest

Rate

Swap

(a)

3.11%

Semi-Annual

1-day

SOFR

Annual

Goldman

Sachs

International

04/20/26

3.11

USD

190,360

9,819,573

10-Year

Interest

Rate

Swap

(a)

3.24%

Semi-Annual

1-day

SOFR

Annual

Barclays

Bank

plc

06/15/26

3.24

USD

81,370

3,909,304

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

108

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)

3.15%

Semi-Annual

1-day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

06/23/26

3.15

%

USD

70,073

$

3,566,207

19,115,537

$

40,705,230

(a)

Forward

settling

swaption.

Interest

Rate

Caps

Sold

Description

Exercise

Rate

Counterparty

Expiration

Date

Notional

Amount

(000)

Value

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

5Y-30Y

CMS

Index

Cap

....

(0.68)

%

Goldman

Sachs

International

09/27/23

USD

4,979,720

$

(3,893,086)

$

(3,768,743)

$

(124,343)

OTC

Barrier

Options

Written

Description

Type

of

Option

Counterparty

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

EUR

Currency

...............

Down

and

Out

UBS

AG

07/13/23

USD

1.09

EUR

1.06

EUR

40,523

$

(255,139)

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

3-mo.

SOFR

Interest

Futures

.....................

1,456

07/14/23

USD

95.00

USD

364,000

$

(27,300)

CBOE

Volatility

Index

..........................

2,000

07/19/23

USD

40.00

USD

2,718

(8,000)

Advanced

Micro

Devices,

Inc.

....................

425

07/21/23

USD

155.00

USD

4,841

(3,400)

S&P

500

Index

..............................

115

07/21/23

USD

4,300.00

USD

51,179

(1,902,100)

SPDR

S&P

Regional

Banking

ETF

.................

18,006

07/21/23

USD

48.00

USD

73,518

(108,036)

U.S.

Treasury

2-Year

Note

......................

1,900

07/21/23

USD

102.00

USD

380,000

(475,000)

Walt

Disney

Co.

(The)

.........................

1,000

07/21/23

USD

105.00

USD

8,928

(4,500)

NASDAQ-100

Index

...........................

112

08/04/23

USD

15,900.00

USD

170,007

(1,042,720)

Advanced

Micro

Devices,

Inc.

....................

2,400

08/18/23

USD

170.00

USD

27,338

(69,600)

Delta

Air

Lines,

Inc.

...........................

3,000

09/15/23

USD

55.00

USD

14,262

(168,000)

SPDR

S&P

500

ETF

Trust

.......................

799

12/15/23

USD

420.00

USD

35,418

(3,138,073)

(6,946,729)

Put

SPDR

S&P

500

ETF

Trust

.......................

2,200

07/14/23

USD

417.00

USD

97,522

(56,100)

CBOE

Volatility

Index

..........................

20,000

07/19/23

USD

15.00

USD

27,180

(1,860,000)

Eli

Lilly

&

Co.

...............................

250

07/21/23

USD

390.00

USD

11,725

(4,500)

EURO

STOXX

50

Index

........................

651

07/21/23

EUR

4,075.00

EUR

28,638

(26,994)

EURO

STOXX

50

Index

........................

2,223

07/21/23

EUR

4,150.00

EUR

97,792

(135,841)

Invesco

QQQ

Trust

Series

1

.....................

1,200

07/21/23

USD

340.00

USD

44,330

(51,600)

Invesco

QQQ

Trust

Series

1

.....................

2,300

07/21/23

USD

335.00

USD

84,967

(74,750)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

...

1,100

07/21/23

USD

101.00

USD

11,895

(2,750)

iShares

Russell

2000

ETF

.......................

500

07/21/23

USD

120.00

USD

9,364

(500)

iShares

Russell

2000

ETF

.......................

725

07/21/23

USD

166.00

USD

13,577

(8,700)

Lockheed

Martin

Corp.

.........................

100

07/21/23

USD

410.00

USD

4,604

(3,500)

S&P

500

Index

..............................

76

07/21/23

USD

4,150.00

USD

33,823

(29,640)

SPDR

S&P

500

ETF

Trust

.......................

2,000

07/21/23

USD

410.00

USD

88,656

(69,000)

Uber

Technologies,

Inc.

........................

2,800

07/21/23

USD

37.50

USD

12,088

(22,400)

Uber

Technologies,

Inc.

........................

3,100

07/21/23

USD

32.50

USD

13,383

(9,300)

Vinci

SA

...................................

1,000

07/21/23

EUR

100.00

EUR

10,638

(32,736)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

109

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Waste

Management,

Inc.

.......................

910

07/21/23

USD

160.00

USD

15,781

$

(13,650)

NASDAQ-100

Index

...........................

112

08/04/23

USD

13,900.00

USD

170,007

(518,000)

First

Solar,

Inc.

..............................

320

08/18/23

USD

160.00

USD

6,083

(85,440)

L3Harris

Technologies,

Inc.

......................

200

08/18/23

USD

160.00

USD

3,915

(9,000)

S&P

500

Index

..............................

89

08/18/23

USD

4,025.00

USD

39,608

(84,550)

SPDR

S&P

500

ETF

Trust

.......................

3,200

08/18/23

USD

405.00

USD

141,850

(353,600)

Uber

Technologies,

Inc.

........................

1,700

08/18/23

USD

35.00

USD

7,339

(56,950)

Valero

Energy

Corp.

...........................

450

08/18/23

USD

105.00

USD

5,279

(70,425)

U.S.

Treasury

10-Year

Note

......................

1,162

08/25/23

USD

114.00

USD

116,200

(2,632,656)

U.S.

Treasury

2-Year

Note

......................

1,500

08/25/23

USD

103.00

USD

300,000

(4,171,875)

Barclays

plc

................................

3,000

09/15/23

GBP

1.35

GBP

4,601

(85,725)

Eli

Lilly

&

Co.

...............................

130

09/15/23

USD

430.00

USD

6,097

(85,475)

Ford

Motor

Co.

..............................

4,000

09/15/23

USD

13.00

USD

6,052

(90,000)

General

Motors

Co.

...........................

1,200

09/15/23

USD

35.00

USD

4,627

(96,000)

SPDR

S&P

500

ETF

Trust

.......................

3,299

09/15/23

USD

400.00

USD

146,238

(643,305)

United

Rentals,

Inc.

...........................

250

09/15/23

USD

400.00

USD

11,134

(261,250)

3-mo.

SOFR

Interest

Futures

.....................

2,252

10/13/23

USD

95.75

USD

563,000

(1,534,175)

3-mo.

SOFR

Interest

Futures

.....................

2,252

10/13/23

USD

94.63

USD

563,000

(1,182,300)

3-mo.

SOFR

Interest

Futures

.....................

2,365

10/13/23

USD

95.13

USD

591,250

(3,503,156)

3-mo.

SOFR

Interest

Futures

.....................

3,547

10/13/23

USD

95.25

USD

886,750

(6,207,250)

3-mo.

SOFR

Interest

Futures

.....................

5,912

10/13/23

USD

95.38

USD

1,478,000

(12,008,750)

3-mo.

SOFR

Interest

Futures

.....................

2,862

12/15/23

USD

95.75

USD

715,500

(2,575,800)

STOXX

Europe

600

Automobiles

&

Parts

.............

572

12/15/23

EUR

550.00

EUR

18,326

(283,996)

(38,941,639)

$

(45,888,368)

OTC

Options

Written

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

EUR

Currency

..............

JPMorgan

Chase

Bank

NA

—

07/13/23

USD

1.09

EUR

40,410

$

(307,780)

EUR

Currency

..............

Deutsche

Bank

AG

—

07/19/23

USD

1.15

EUR

114,610

(591)

EUR

Currency

..............

JPMorgan

Chase

Bank

NA

—

07/20/23

NOK

11.95

EUR

13,202

(50,565)

ING

Groep

NV

.............

Goldman

Sachs

International

80,392

07/21/23

EUR

13.00

EUR

992

(76,750)

USD

Currency

..............

HSBC

Bank

plc

—

07/25/23

COP

4,400.00

USD

14,412

(52,835)

EUR

Currency

..............

JPMorgan

Chase

Bank

NA

—

08/07/23

USD

1.14

EUR

157,835

(36,461)

(524,982)

Put

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

07/13/23

MXN

16.80

USD

299,688

(172,721)

TOPIX

Bank

Index

...........

BNP

Paribas

SA

10,725,000

07/14/23

JPY

175.10

JPY

2,363,897

(137)

TOPIX

Bank

Index

...........

Goldman

Sachs

International

17,867,850

07/14/23

JPY

181.37

JPY

3,938,253

(891)

TOPIX

Bank

Index

...........

JPMorgan

Chase

Bank

NA

7,157,150

07/14/23

JPY

182.08

JPY

1,577,507

(415)

USD

Currency

..............

Goldman

Sachs

International

—

07/17/23

ZAR

19.00

USD

22,508

(375,397)

USD

Currency

..............

Goldman

Sachs

International

—

07/18/23

ZAR

17.75

USD

21,566

(7,112)

USD

Currency

..............

Barclays

Bank

plc

—

07/20/23

CLP

790.00

USD

14,428

(77,669)

ING

Groep

NV

.............

Goldman

Sachs

International

104,510

07/21/23

EUR

10.00

EUR

1,289

(15,897)

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

07/25/23

COP

4,100.00

USD

14,412

(82,777)

EUR

Currency

..............

Bank

of

America

NA

—

07/27/23

USD

1.06

EUR

79,805

(31,232)

GBP

Currency

..............

Bank

of

America

NA

—

08/04/23

USD

1.23

GBP

26,010

(54,521)

USD

Currency

..............

Barclays

Bank

plc

—

08/04/23

MXN

17.10

USD

43,300

(322,924)

EUR

Currency

..............

JPMorgan

Chase

Bank

NA

—

08/07/23

USD

1.08

EUR

78,917

(344,756)

USD

Currency

..............

Citibank

NA

—

08/10/23

BRL

4.75

USD

36,012

(363,950)

AUD

Currency

..............

Citibank

NA

—

08/18/23

USD

0.65

AUD

31,914

(114,302)

USD

Currency

..............

Bank

of

America

NA

—

09/22/23

CNH

6.95

USD

48,529

(64,950)

USD

Currency

..............

JPMorgan

Chase

Bank

NA

—

10/18/23

CNH

6.78

USD

94,530

(58,835)

(2,088,486)

$

(2,613,468)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

110

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

%

iTraxx

Europe

Crossover

Index

Series

39.V1

Quarterly

Bank

of

America

NA

08/16/23

BB-

EUR

425.00

EUR

54,524

$

(636,128)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

5.00

iTraxx

Europe

Crossover

Index

Series

39.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/19/23

BB-

EUR

437.50

EUR

13,749

(211,979)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

5.00

iTraxx

Europe

Crossover

Index

Series

39.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/19/23

BB-

EUR

450.00

EUR

41,760

(845,544)

(1,693,651)

Put

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

40.V1

5.00

%

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/19/23

B+

USD

87.00

USD

17,500

(1,882)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

Investment

Grade

Index

Series

40.V1

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/19/23

BBB+

USD

140.00

USD

100,000

(3,079)

(4,961)

$

(1,698,612)

(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)

2.55%

Semi-Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

08/09/23

2.55

%

USD

238,344

$

(15,875)

5-Year

Interest

Rate

Swap

(a)

.

3.06%

Annual

6-mo.

EURIBOR

Semi-Annual

Barclays

Bank

plc

09/07/23

3.06

EUR

13,910

(83,222)

2Yx2Y

Interest

Rate

Swap

(a)

.

2.45%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

10/19/23

2.45

USD

286,090

(297,270)

2-Year

Interest

Rate

Swap

(a)

.

3.09%

Semi-Annual

1-day

SOFR

Annual

Citibank

NA

10/24/23

3.09

USD

983,120

(875,310)

2-Year

Interest

Rate

Swap

(a)

.

2.95%

Semi-Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

10/30/23

2.95

USD

983,120

(802,076)

2-Year

Interest

Rate

Swap

(a)

.

3.26%

Semi-Annual

1-day

SOFR

Annual

Goldman

Sachs

International

11/07/23

3.26

USD

401,536

(557,849)

2-Year

Interest

Rate

Swap

(a)

.

2.75%

Semi-Annual

1-day

SOFR

Annual

Citibank

NA

11/14/23

2.75

USD

748,082

(592,917)

5-Year

Interest

Rate

Swap

(a)

.

2.90%

Semi-Annual

1-day

SOFR

Annual

Citibank

NA

11/30/23

2.90

USD

80,732

(314,025)

5-Year

Interest

Rate

Swap

(a)

.

2.90%

Semi-Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

12/13/23

2.90

USD

80,790

(351,820)

10-Year

Interest

Rate

Swap

(a)

2.40%

Semi-Annual

1-day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

12/14/23

2.40

USD

127,090

(319,877)

2-Year

Interest

Rate

Swap

(a)

.

2.75%

Semi-Annual

1-day

SOFR

Annual

Citibank

NA

01/17/24

2.75

USD

486,800

(785,572)

2-Year

Interest

Rate

Swap

(a)

.

2.50%

Semi-Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

03/21/24

2.50

USD

17,770

(35,171)

5-Year

Interest

Rate

Swap

(a)

.

3.31%

Semi-Annual

1-day

SOFR

Annual

Barclays

Bank

plc

06/14/24

3.31

USD

78,035

(1,372,757)

10-Year

Interest

Rate

Swap

(a)

3.02%

Semi-Annual

1-day

SOFR

Annual

Goldman

Sachs

International

03/16/26

3.02

USD

193,075

(7,796,773)

10-Year

Interest

Rate

Swap

(a)

3.12%

Semi-Annual

1-day

SOFR

Annual

Goldman

Sachs

International

03/16/26

3.12

USD

168,630

(7,408,900)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

111

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)

3.05%

Semi-Annual

1-day

SOFR

Annual

UBS

AG

05/04/26

3.05

%

USD

84,807

$

(3,568,524)

(25,177,938)

Put

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.85%

Semi-Annual

JPMorgan

Chase

Bank

NA

07/03/23

3.85

USD

199,664

(508)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SONIA

Annual

4.20%

Annual

Barclays

Bank

plc

07/17/23

4.20

GBP

15,670

(650,480)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.75%

Semi-Annual

Goldman

Sachs

International

08/07/23

3.75

USD

251,131

(1,132,129)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.10%

Semi-Annual

JPMorgan

Chase

Bank

NA

08/09/23

4.10

USD

1,000,596

(12,536,366)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.05%

Semi-Annual

Barclays

Bank

plc

08/14/23

4.05

USD

59,494

(790,430)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.11%

Semi-Annual

JPMorgan

Chase

Bank

NA

08/22/23

4.11

USD

28,603

(347,303)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.15%

Semi-Annual

UBS

AG

08/22/23

4.15

USD

29,747

(342,381)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.10%

Semi-Annual

JPMorgan

Chase

Bank

NA

08/23/23

4.10

USD

28,603

(351,785)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.13%

Semi-Annual

UBS

AG

08/23/23

4.13

USD

29,747

(351,719)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.18%

Semi-Annual

BNP

Paribas

SA

08/24/23

4.18

USD

57,206

(636,639)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SONIA

Annual

4.75%

Annual

Citibank

NA

08/25/23

4.75

GBP

49,458

(1,438,689)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.30%

Semi-Annual

JPMorgan

Chase

Bank

NA

08/31/23

4.30

USD

57,206

(527,115)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.43%

Semi-Annual

JPMorgan

Chase

Bank

NA

08/31/23

4.43

USD

57,205

(426,646)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.39%

Semi-Annual

JPMorgan

Chase

Bank

NA

09/05/23

4.39

USD

57,206

(463,347)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.61%

Semi-Annual

Barclays

Bank

plc

09/05/23

4.61

USD

57,205

(314,709)

5-Year

Interest

Rate

Swap

(a)

.

6-mo.

EURIBOR

Semi-Annual

3.06%

Annual

Barclays

Bank

plc

09/07/23

3.06

EUR

13,910

(191,536)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.93%

Semi-Annual

Goldman

Sachs

International

10/02/23

3.93

USD

249,492

(1,485,150)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.50%

Semi-Annual

Goldman

Sachs

International

10/13/23

3.50

USD

343,829

(6,496,207)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.25%

Semi-Annual

Citibank

NA

10/13/23

4.25

USD

1,489,926

(14,654,361)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.05%

Semi-Annual

Goldman

Sachs

International

10/16/23

4.05

USD

765,005

(9,620,938)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.25%

Semi-Annual

Citibank

NA

10/17/23

4.25

USD

685,759

(6,770,047)

2Yx2Y

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.30%

Annual

Goldman

Sachs

International

10/19/23

3.30

USD

143,045

(648,724)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.75%

Semi-Annual

Citibank

NA

11/14/23

4.75

USD

598,465

(2,761,448)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.90%

Semi-Annual

Citibank

NA

11/30/23

3.90

USD

80,732

(923,633)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.90%

Semi-Annual

Citibank

NA

12/01/23

3.90

USD

486,800

(6,712,133)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.90%

Semi-Annual

JPMorgan

Chase

Bank

NA

12/13/23

3.90

USD

80,790

(946,973)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.60%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

12/14/23

3.60

USD

127,090

(2,340,946)

10-Year

Interest

Rate

Swap

(a)

1-day

TONAR

Annual

1.00%

Annual

Morgan

Stanley

&

Co.

International

plc

12/20/23

1.00

JPY

12,382,820

(515,157)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.79%

Semi-Annual

JPMorgan

Chase

Bank

NA

03/27/24

3.79

USD

732,656

(10,751,673)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.31%

Semi-Annual

Barclays

Bank

plc

06/14/24

3.31

USD

78,035

(1,938,104)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.02%

Semi-Annual

Goldman

Sachs

International

03/16/26

3.02

USD

193,075

(10,526,816)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.12%

Semi-Annual

Goldman

Sachs

International

03/16/26

3.12

USD

168,630

(8,610,728)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.05%

Semi-Annual

UBS

AG

05/04/26

3.05

USD

84,807

(4,584,046)

(110,788,866)

$

(135,966,804)

(a)

Forward

settling

swaption.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

112

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

iTraxx

Europe

Crossover

Index

Series

38.V1

.

5.00

%

Quarterly

12/20/27

EUR

12,765

$

(700,078)

$

(507,968)

$

(192,110)

Markit

CDX

North

American

High

Yield

Index

Series

39.V2

.....................

5.00

Quarterly

12/20/27

USD

44,767

(1,493,662)

(520,434)

(973,228)

Markit

CDX

North

American

Investment

Grade

Index

Series

39.V1

................

1.00

Quarterly

12/20/27

USD

58,347

(869,095)

(761,337)

(107,758)

iTraxx

Asia

ex-Japan

Investment

Grade

Index

Series

39.V1

.....................

1.00

Quarterly

06/20/28

USD

15,825

114,623

214,814

(100,191)

iTraxx

Europe

Crossover

Index

Series

39.V1

.

5.00

Quarterly

06/20/28

EUR

142,859

(6,411,792)

(3,718,625)

(2,693,167)

iTraxx

Europe

Main

Index

Series

39.V1

.....

1.00

Quarterly

06/20/28

EUR

39,536

(521,803)

(402,324)

(119,479)

iTraxx

Europe

Senior

Financials

Index

Series

39.V1

.........................

1.00

Quarterly

06/20/28

EUR

123,968

(932,771)

1,643,582

(2,576,353)

iTraxx

Europe

Subordinated

Financials

Index

Series

39.V1

.....................

1.00

Quarterly

06/20/28

EUR

55,882

1,600,414

3,626,194

(2,025,780)

Markit

CDX

North

American

Investment

Grade

Index

Series

40.V1

................

1.00

Quarterly

06/20/28

USD

842,470

(12,836,692)

(10,429,452)

(2,407,240)

$

(22,050,856)

$

(10,855,550)

$

(11,195,306)

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Markit

CDX

North

American

High

Yield

Index

Series

40.V1

...........

5.00

%

Quarterly

06/20/28

B+

USD

444,487

$

13,093,745

$

4,040,542

$

9,053,203

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

5.09%

At

Termination

1-day

EFFR

At

Termination

N/A

07/26/23

USD

2,921,342

$

393,019

$

—

$

393,019

1-day

EFFR

At

Termination

5.28%

At

Termination

07/26/23

(a)

09/20/23

USD

983,938

(42,851)

—

(42,851)

1-day

EFFR

At

Termination

5.28%

At

Termination

07/26/23

(a)

09/20/23

USD

975,437

(46,978)

—

(46,978)

1-day

SOFR

At

Termination

4.40%

At

Termination

N/A

02/13/24

USD

3,922,503

(33,194,364)

—

(33,194,364)

3.75%

At

Termination

1-day

SOFR

At

Termination

N/A

02/13/24

USD

1,961,252

29,091,924

—

29,091,924

28-day

MXIBTIIE

Monthly

4.68%

Monthly

N/A

02/27/24

MXN

993,264

(2,583,810)

—

(2,583,810)

28-day

MXIBTIIE

Monthly

4.86%

Monthly

N/A

03/01/24

MXN

993,264

(2,509,977)

—

(2,509,977)

1-day

SOFR

Annual

4.66%

Annual

N/A

03/07/24

USD

953,853

(6,058,145)

—

(6,058,145)

1-day

SOFR

Annual

4.66%

Annual

N/A

03/08/24

USD

1,430,518

(9,112,197)

—

(9,112,197)

3.61%

Annual

1-day

SOFR

Annual

N/A

03/08/24

USD

1,159,987

19,314,118

23,476

19,290,642

1-day

SOFR

At

Termination

4.50%

At

Termination

N/A

03/09/24

USD

1,988,333

(15,926,475)

—

(15,926,475)

1-day

SOFR

Annual

4.66%

Annual

N/A

03/18/24

USD

1,926,196

(12,710,069)

—

(12,710,069)

3.61%

Annual

1-day

SOFR

Annual

N/A

03/19/24

USD

342,756

5,762,061

26,859

5,735,202

1-day

SONIA

At

Termination

3.22%

At

Termination

N/A

04/03/24

GBP

1,975,043

(57,537,456)

—

(57,537,456)

2.47%

At

Termination

1-day

SONIA

At

Termination

N/A

04/03/24

GBP

987,522

37,793,086

—

37,793,086

6-mo.

EURIBOR

Semi-Annual

1.75%

At

Termination

N/A

05/04/24

EUR

2,904,724

(67,733,262)

—

(67,733,262)

1.00%

At

Termination

6-mo.

EURIBOR

Semi-Annual

N/A

05/04/24

EUR

1,452,362

45,437,172

—

45,437,172

3.56%

Annual

1-day

SOFR

Annual

N/A

06/28/24

USD

267,946

4,646,489

43,511

4,602,978

3-mo.

CD_KSDA

Quarterly

3.87%

Quarterly

07/03/23

(a)

07/03/24

KRW

161,056,480

—

—

—

1-day

SOFR

At

Termination

4.46%

At

Termination

07/12/23

(a)

07/12/24

USD

1,936,779

(16,792,585)

—

(16,792,585)

3.55%

Annual

1-day

SOFR

Annual

N/A

07/13/24

USD

246,525

5,889,604

46,293

5,843,311

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

113

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3.57%

Annual

1-day

SOFR

Annual

N/A

07/16/24

USD

363,491

$

8,563,252

$

(6,570)

$

8,569,822

3.56%

Annual

1-day

SOFR

Annual

N/A

07/20/24

USD

360,069

8,625,903

17,559

8,608,344

3.56%

Annual

1-day

SOFR

Annual

N/A

07/23/24

USD

479,100

11,494,299

22,486

11,471,813

3.56%

Annual

1-day

SOFR

Annual

N/A

08/12/24

USD

356,321

8,793,255

(22,441)

8,815,696

3.56%

Annual

1-day

SOFR

Annual

N/A

08/13/24

USD

604,646

14,941,517

(41,665)

14,983,182

3.53%

Annual

1-day

SOFR

Annual

N/A

08/27/24

USD

678,054

17,459,376

122,824

17,336,552

1-day

SONIA

At

Termination

4.26%

At

Termination

09/06/23

(a)

09/06/24

GBP

551,110

(13,043,456)

—

(13,043,456)

3.51%

Annual

1-day

SOFR

Annual

N/A

10/20/24

USD

262,263

7,515,870

8,443

7,507,427

3.50%

Annual

1-day

SOFR

Annual

N/A

10/25/24

USD

521,289

15,119,467

65,782

15,053,685

3.48%

Annual

1-day

SOFR

Annual

N/A

11/26/24

USD

426,986

12,774,105

59,773

12,714,332

3.46%

Annual

1-day

SOFR

Annual

N/A

12/06/24

USD

560,589

17,049,114

188,457

16,860,657

1-day

SOFR

At

Termination

4.59%

At

Termination

12/14/23

(a)

12/14/24

USD

1,865,764

(6,985,999)

(774)

(6,985,225)

3-mo.

BBR

Quarterly

4.70%

Semi-Annual

12/20/23

(a)

12/20/24

NZD

191,595

(1,020,335)

—

(1,020,335)

4.04%

Quarterly

3-mo.

BBR

Quarterly

12/20/23

(a)

12/20/24

AUD

166,050

624,530

—

624,530

0.27%

Annual

1-day

TONAR

Annual

N/A

01/05/25

JPY

5,762,700

(204,259)

—

(204,259)

0.23%

Annual

1-day

TONAR

Annual

N/A

01/11/25

JPY

4,977,810

(145,257)

—

(145,257)

0.24%

Annual

1-day

TONAR

Annual

N/A

01/19/25

JPY

25,150,650

(743,348)

—

(743,348)

0.21%

Annual

1-day

TONAR

Annual

N/A

02/03/25

JPY

3,760,032

(93,403)

—

(93,403)

0.20%

Annual

1-day

TONAR

Annual

N/A

02/03/25

JPY

3,760,032

(90,794)

—

(90,794)

28-day

MXIBTIIE

Monthly

9.80%

Monthly

N/A

02/04/25

MXN

996,835

(343,364)

—

(343,364)

28-day

MXIBTIIE

Monthly

9.90%

Monthly

N/A

02/05/25

MXN

3,745,186

(942,908)

—

(942,908)

28-day

MXIBTIIE

Monthly

9.92%

Monthly

N/A

02/05/25

MXN

1,804,542

(423,023)

—

(423,023)

28-day

MXIBTIIE

Monthly

9.95%

Monthly

N/A

02/07/25

MXN

4,205,317

(834,470)

—

(834,470)

3.80%

Quarterly

3-mo.

BBR

Quarterly

N/A

02/09/25

AUD

144,870

1,100,403

—

1,100,403

3-mo.

BBR

Quarterly

4.94%

Semi-Annual

N/A

02/10/25

NZD

161,110

62,880

—

62,880

1-day

SOFR

Annual

2.60%

Annual

N/A

02/17/25

USD

988,820

(45,736,236)

—

(45,736,236)

1-day

SOFR

Annual

2.70%

Annual

N/A

02/17/25

USD

988,820

(43,838,614)

—

(43,838,614)

2.00%

Annual

1-day

SOFR

Annual

N/A

02/17/25

USD

278,159

16,068,655

—

16,068,655

1-day

SOFR

Annual

4.03%

Annual

N/A

03/10/25

USD

1,999,163

(36,778,689)

—

(36,778,689)

1-day

ESTR

At

Termination

3.58%

At

Termination

03/11/24

(a)

03/11/25

EUR

184,390

(88,203)

—

(88,203)

3.58%

At

Termination

1-day

ESTR

At

Termination

03/11/24

(a)

03/11/25

EUR

7,440

3,559

(42,510)

46,069

2.12%

At

Termination

1-day

SARON

At

Termination

03/11/24

(a)

03/11/25

CHF

171,400

(139,047)

—

(139,047)

3-mo.

JIBAR

Quarterly

7.20%

Quarterly

03/20/24

(a)

03/20/25

ZAR

2,163,835

(1,240,289)

—

(1,240,289)

2.79%

Annual

1-day

SOFR

Annual

N/A

04/26/25

USD

455,000

18,500,601

—

18,500,601

2.80%

Annual

1-day

SOFR

Annual

N/A

05/11/25

USD

145,000

5,793,119

—

5,793,119

2.60%

Annual

1-day

SOFR

Annual

N/A

05/16/25

USD

150,000

6,519,699

—

6,519,699

9.84%

Monthly

28-day

MXIBTIIE

Monthly

N/A

05/16/25

MXN

1,529,428

104,166

—

104,166

1-day

SONIA

Annual

4.50%

Annual

N/A

05/18/25

GBP

25,720

(856,025)

(21,620)

(834,405)

4.62%

Annual

3-mo.

PRIBOR

Quarterly

06/19/24

(a)

06/19/25

CZK

4,798,840

(81,605)

—

(81,605)

1-day

SONIA

At

Termination

5.66%

At

Termination

06/21/24

(a)

06/21/25

GBP

48,546

(128,732)

—

(128,732)

1-day

SONIA

At

Termination

5.64%

At

Termination

06/24/24

(a)

06/24/25

GBP

24,280

(67,445)

—

(67,445)

1-day

SONIA

At

Termination

5.75%

At

Termination

06/28/24

(a)

06/28/25

GBP

24,280

(35,016)

—

(35,016)

1-day

ESTR

At

Termination

3.30%

At

Termination

07/02/24

(a)

07/02/25

EUR

288,460

(284,588)

(25,408)

(259,180)

1-day

ESTR

At

Termination

3.40%

At

Termination

07/02/24

(a)

07/02/25

EUR

288,330

11,358

11,358

—

4.19%

Annual

1-day

SOFR

Annual

N/A

09/28/25

USD

292,000

3,533,975

—

3,533,975

4.51%

Annual

1-day

SOFR

Annual

N/A

11/07/25

USD

800,000

2,874,584

—

2,874,584

4.45%

Annual

1-day

SOFR

Annual

N/A

11/08/25

USD

400,000

2,072,621

—

2,072,621

1-day

SOFR

Annual

3.88%

Annual

N/A

12/12/25

USD

265,000

(5,592,367)

—

(5,592,367)

1-day

SOFR

Annual

3.75%

Annual

N/A

12/15/25

USD

251,214

(6,199,113)

—

(6,199,113)

1-day

SOFR

Annual

3.93%

Annual

N/A

12/15/25

USD

270,000

(5,283,557)

—

(5,283,557)

1-day

SOFR

Annual

3.78%

Annual

N/A

12/19/25

USD

589,000

(14,078,951)

—

(14,078,951)

1-day

SOFR

Annual

3.81%

Annual

N/A

12/19/25

USD

613,023

(14,095,787)

—

(14,095,787)

1-day

SOFR

Annual

3.70%

Annual

N/A

01/20/26

USD

472,000

(11,964,422)

—

(11,964,422)

4.33%

Annual

1-day

SOFR

Annual

N/A

02/22/26

USD

511,600

3,376,328

—

3,376,328

4.46%

Annual

1-day

SOFR

Annual

N/A

03/02/26

USD

272,500

753,517

—

753,517

4.47%

Annual

1-day

SOFR

Annual

N/A

03/02/26

USD

272,000

646,441

—

646,441

1-day

SONIA

At

Termination

3.60%

At

Termination

03/17/25

(a)

03/17/26

GBP

43,120

(765,767)

(2,245)

(763,522)

1-day

SONIA

At

Termination

3.75%

At

Termination

03/17/25

(a)

03/17/26

GBP

17,910

(288,069)

35,769

(323,838)

3.72%

Annual

1-day

SOFR

Annual

N/A

03/17/26

USD

270,000

6,231,922

—

6,231,922

1-day

SONIA

At

Termination

3.57%

At

Termination

03/31/25

(a)

03/31/26

GBP

209,980

(3,723,518)

—

(3,723,518)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

114

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SONIA

At

Termination

3.70%

At

Termination

03/31/25

(a)

03/31/26

GBP

21,560

$

(351,310)

$

—

$

(351,310)

1-day

SONIA

At

Termination

3.46%

At

Termination

04/07/25

(a)

04/07/26

GBP

805,100

(15,073,758)

30,641

(15,104,399)

1-day

SONIA

Annual

4.29%

Annual

N/A

04/28/26

GBP

44,320

(2,076,787)

—

(2,076,787)

3.64%

Annual

1-day

SOFR

Annual

N/A

05/02/26

USD

54,560

1,267,855

—

1,267,855

1-day

SONIA

Annual

4.26%

Annual

N/A

05/15/26

GBP

26,706

(1,285,928)

(179)

(1,285,749)

3.15%

Annual

1-day

SOFR

Annual

N/A

05/27/26

USD

533,651

18,909,534

524,839

18,384,695

3-mo.

CD_KSDA

Quarterly

3.19%

Quarterly

09/20/23

(a)

09/20/26

KRW

103,055,007

(891,040)

—

(891,040)

3-mo.

CD_KSDA

Quarterly

3.19%

Quarterly

09/20/23

(a)

09/20/26

KRW

76,171,092

(654,489)

—

(654,489)

3-mo.

CD_KSDA

Quarterly

3.33%

Quarterly

09/20/23

(a)

09/20/26

KRW

39,807,024

(221,882)

—

(221,882)

3-mo.

CD_KSDA

Quarterly

3.38%

Quarterly

09/20/23

(a)

09/20/26

KRW

55,839,533

(246,235)

—

(246,235)

3-mo.

CD_KSDA

Quarterly

3.38%

Quarterly

09/20/23

(a)

09/20/26

KRW

39,812,996

(176,850)

—

(176,850)

3-mo.

CD_KSDA

Quarterly

3.38%

Quarterly

09/20/23

(a)

09/20/26

KRW

39,812,996

(178,996)

—

(178,996)

3-mo.

CD_KSDA

Quarterly

3.38%

Quarterly

09/20/23

(a)

09/20/26

KRW

55,839,533

(255,866)

—

(255,866)

3-mo.

CD_KSDA

Quarterly

3.39%

Quarterly

09/20/23

(a)

09/20/26

KRW

55,831,157

(240,179)

—

(240,179)

1-day

SOFR

Annual

4.03%

Annual

N/A

03/07/27

USD

464,406

(3,619,927)

—

(3,619,927)

1-day

SOFR

Annual

3.47%

Annual

03/10/25

(a)

03/10/27

USD

200,466

158,306

—

158,306

1-day

SONIA

At

Termination

3.45%

At

Termination

03/16/26

(a)

03/16/27

GBP

98,090

(1,098,261)

113,312

(1,211,573)

28-day

MXIBTIIE

Monthly

7.49%

Monthly

N/A

04/14/27

MXN

1,412,000

(3,140,201)

—

(3,140,201)

1-day

SOFR

Annual

3.98%

Annual

N/A

10/06/27

USD

482,431

(2,944,306)

—

(2,944,306)

28-day

MXIBTIIE

Monthly

8.42%

Monthly

N/A

01/20/28

MXN

899,029

(59,052)

—

(59,052)

1-day

SONIA

At

Termination

3.18%

At

Termination

01/26/27

(a)

01/26/28

GBP

101,220

(919,805)

2,991

(922,796)

1-day

SONIA

At

Termination

3.18%

At

Termination

02/10/27

(a)

02/10/28

GBP

694,015

(6,144,206)

—

(6,144,206)

28-day

MXIBTIIE

Monthly

8.35%

Monthly

N/A

04/28/28

MXN

500,719

(13,710)

—

(13,710)

4.64%

Annual

1-day

SONIA

Annual

N/A

05/26/28

GBP

48,910

1,248,265

—

1,248,265

1-day

SONIA

Annual

4.86%

Annual

N/A

06/20/28

GBP

124,190

(1,637,223)

—

(1,637,223)

6-mo.

PRIBOR

Semi-Annual

4.32%

Annual

09/20/23

(a)

09/20/28

CZK

1,121,830

32,243

—

32,243

6-mo.

PRIBOR

Semi-Annual

4.54%

Annual

09/20/23

(a)

09/20/28

CZK

961,351

463,294

—

463,294

5.70%

Annual

6-mo.

WIBOR

Semi-Annual

09/20/23

(a)

09/20/28

PLN

155,411

(1,337,687)

—

(1,337,687)

2.92%

Annual

1-day

SOFR

Annual

N/A

02/16/29

USD

180,919

9,556,606

500,105

9,056,501

0.02%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

08/26/31

EUR

157,050

38,787,135

—

38,787,135

1-day

SOFR

Annual

3.79%

Annual

N/A

10/14/31

USD

197,460

1,281,178

—

1,281,178

1-day

SOFR

Annual

3.79%

Annual

N/A

11/19/31

USD

251,205

1,627,372

—

1,627,372

1-day

SOFR

Annual

3.78%

Annual

N/A

01/28/32

USD

467,125

3,681,374

—

3,681,374

2.38%

Annual

1-day

SOFR

Annual

N/A

04/08/32

USD

43,962

4,228,040

—

4,228,040

2.60%

Annual

1-day

SOFR

Annual

N/A

05/26/32

USD

53,426

4,104,112

—

4,104,112

6-mo.

EURIBOR

Semi-Annual

2.44%

Annual

07/14/27

(a)

07/14/32

EUR

41,846

(485,843)

—

(485,843)

1-day

SOFR

Annual

3.47%

Annual

N/A

10/04/32

USD

223,490

(3,508,097)

—

(3,508,097)

1-day

SOFR

Annual

3.42%

Annual

N/A

10/05/32

USD

103,240

(2,077,672)

—

(2,077,672)

1-day

SOFR

Annual

3.05%

Annual

N/A

10/28/32

USD

249,920

(12,862,931)

—

(12,862,931)

1-day

SOFR

Annual

2.88%

Annual

N/A

11/02/32

USD

250,132

(16,481,044)

—

(16,481,044)

1-day

SOFR

Annual

2.92%

Annual

N/A

11/04/32

USD

249,476

(15,587,436)

—

(15,587,436)

1-day

SOFR

Annual

2.90%

Annual

N/A

11/15/32

USD

400,986

(25,638,983)

—

(25,638,983)

1-day

SOFR

Annual

3.20%

Annual

N/A

11/28/32

USD

239,768

(9,178,263)

—

(9,178,263)

1-day

ESTR

Annual

2.34%

Annual

01/19/28

(a)

01/19/33

EUR

150,420

(1,398,119)

—

(1,398,119)

6-mo.

BBR

Semi-Annual

4.15%

Semi-Annual

N/A

02/09/33

AUD

33,640

(384,631)

—

(384,631)

4.25%

Semi-Annual

3-mo.

BBR

Quarterly

N/A

02/10/33

NZD

37,290

261,052

—

261,052

3-mo.

BA

Semi-Annual

3.30%

Semi-Annual

N/A

03/27/33

CAD

2,911

(98,316)

217

(98,533)

3-mo.

BA

Semi-Annual

3.35%

Semi-Annual

N/A

03/30/33

CAD

2,959

(90,362)

(6,025)

(84,337)

6-mo.

EURIBOR

Semi-Annual

2.96%

Annual

N/A

03/31/33

EUR

27,350

(137,926)

3,650

(141,576)

1.91%

Annual

1-day

SARON

Annual

N/A

03/31/33

CHF

24,490

(374,684)

24,830

(399,514)

3-mo.

BA

Semi-Annual

3.28%

Semi-Annual

N/A

04/25/33

CAD

8,753

(297,063)

(28,484)

(268,579)

3-mo.

BA

Semi-Annual

3.44%

Semi-Annual

N/A

05/09/33

CAD

2,967

(68,671)

—

(68,671)

1-day

SOFR

Annual

3.14%

Annual

05/12/28

(a)

05/12/33

USD

279,328

17,934

—

17,934

3-mo.

BA

Semi-Annual

3.36%

Semi-Annual

N/A

05/12/33

CAD

3,014

(84,396)

(174)

(84,222)

3-mo.

BA

Semi-Annual

3.43%

Semi-Annual

N/A

05/15/33

CAD

9,032

(213,398)

(43,420)

(169,978)

3-mo.

BA

Semi-Annual

3.77%

Semi-Annual

N/A

05/30/33

CAD

3,076

(5,276)

(1,442)

(3,834)

3-mo.

BA

Semi-Annual

3.68%

Semi-Annual

N/A

05/31/33

CAD

3,110

(22,836)

—

(22,836)

3-mo.

BA

Semi-Annual

3.68%

Semi-Annual

N/A

06/01/33

CAD

2,857

(21,533)

—

(21,533)

3-mo.

BA

Semi-Annual

3.92%

Semi-Annual

N/A

06/13/33

CAD

573

4,535

—

4,535

0.58%

Annual

1-day

TONAR

Annual

N/A

06/23/33

JPY

1,213,650

16,088

—

16,088

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

115

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SONIA

Annual

3.44%

Annual

06/26/28

(a)

06/26/33

GBP

7,790

$

(17,686)

$

—

$

(17,686)

3-mo.

BA

Semi-Annual

3.85%

Semi-Annual

N/A

06/29/33

CAD

2,797

10,913

—

10,913

3.24%

Annual

1-day

SOFR

Annual

08/09/23

(a)

08/09/33

USD

122,861

2,930,924

—

2,930,924

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

09/20/23

(a)

09/20/33

ZAR

550,000

428,632

—

428,632

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

09/20/23

(a)

09/20/33

ZAR

275,000

215,248

—

215,248

3-mo.

JIBAR

Quarterly

9.92%

Quarterly

09/20/23

(a)

09/20/33

ZAR

275,000

235,286

—

235,286

3.24%

Annual

1-day

SOFR

Annual

07/01/25

(a)

07/01/35

USD

19,090

(42,553)

9,848

(52,401)

2.93%

Annual

1-day

SOFR

Annual

N/A

11/26/41

USD

32,045

2,571,772

(42,386)

2,614,158

2.67%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

02/04/48

EUR

2,740

9,780

—

9,780

2.81%

Annual

6-mo.

EURIBOR

Semi-Annual

09/11/23

(a)

08/15/48

EUR

15,355

(477,927)

—

(477,927)

2.81%

Annual

1-day

SOFR

Annual

N/A

01/25/51

USD

62,463

5,301,286

(872,040)

6,173,326

2.81%

Annual

1-day

SOFR

Annual

N/A

01/28/51

USD

111,429

9,428,945

(1,562,436)

10,991,381

2.80%

Annual

1-day

SOFR

Annual

N/A

02/01/51

USD

65,177

5,627,020

(792,444)

6,419,464

2.80%

Annual

1-day

SOFR

Annual

N/A

02/04/51

USD

37,194

3,200,700

(454,456)

3,655,156

2.80%

Annual

1-day

SOFR

Annual

N/A

02/05/51

USD

38,392

3,303,710

(469,056)

3,772,766

2.80%

Annual

1-day

SOFR

Annual

N/A

02/22/51

USD

15,576

1,325,792

(802,661)

2,128,453

2.80%

Annual

1-day

SOFR

Annual

N/A

05/27/51

USD

62,621

4,935,074

(3,301,337)

8,236,411

2.80%

Annual

1-day

SOFR

Annual

N/A

06/07/51

USD

19,517

1,526,790

(1,030,765)

2,557,555

2.79%

Annual

1-day

SOFR

Annual

N/A

01/21/52

USD

153,727

13,240,367

(8,279,553)

21,519,920

0.88%

Annual

1-day

TONAR

Annual

N/A

05/23/52

JPY

88,583

25,056

—

25,056

0.85%

Annual

1-day

TONAR

Annual

N/A

05/26/52

JPY

73,043

24,592

—

24,592

0.79%

Annual

1-day

TONAR

Annual

N/A

05/27/52

JPY

73,043

32,202

—

32,202

0.99%

Annual

1-day

TONAR

Annual

N/A

07/26/52

JPY

229,295

6,958

—

6,958

1-day

TONAR

Annual

1.11%

Annual

N/A

09/12/52

JPY

173,705

30,061

—

30,061

1-day

TONAR

Annual

1.13%

Annual

N/A

09/12/52

JPY

173,705

37,636

—

37,636

2.27%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

03/04/53

EUR

4,700

301,713

—

301,713

3.37%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

03/27/53

CAD

1,262

35,604

(220)

35,824

3.40%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

03/30/53

CAD

1,282

30,577

3,307

27,270

1-day

SARON

Annual

1.86%

Annual

N/A

03/31/53

CHF

9,960

425,696

(26,013)

451,709

2.51%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

03/31/53

EUR

11,160

98,942

(3,759)

102,701

3.32%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

04/25/53

CAD

3,793

128,812

23,251

105,561

3.48%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

05/09/53

CAD

1,286

12,821

—

12,821

3.38%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

05/12/53

CAD

1,306

32,962

(1,082)

34,044

3.44%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

05/15/53

CAD

3,914

62,033

17,319

44,714

3.66%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

05/30/53

CAD

1,333

(21,359)

3,962

(25,321)

3.58%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

05/31/53

CAD

1,348

(6,260)

—

(6,260)

3.56%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

06/01/53

CAD

1,242

(2,974)

—

(2,974)

3.77%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

06/13/53

CAD

248

(7,865)

—

(7,865)

2.49%

Annual

1-day

SOFR

Annual

06/15/43

(a)

06/15/53

USD

4,059

(13,093)

—

(13,093)

3.64%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

06/29/53

CAD

1,217

(16,594)

—

(16,594)

$

(92,411,498)

$

(15,950,303)

$

(76,461,195)

(a)

Forward

swap.

Centrally

Cleared

Inflation

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

2.27%

At

Termination

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

01/15/28

EUR

24,995

$

325,487

$

20,181

$

305,306

2.56%

At

Termination

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

06/15/28

EUR

34,150

(150,797)

—

(150,797)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

116

Centrally

Cleared

Inflation

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.69%

At

Termination

08/15/32

EUR

30,405

$

(515,857)

$

—

$

(515,857)

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.29%

At

Termination

01/15/33

EUR

24,465

(547,857)

(53,095)

(494,762)

2.44%

At

Termination

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

05/15/33

EUR

14,935

61,598

5,164

56,434

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.56%

At

Termination

06/15/33

EUR

33,250

223,580

—

223,580

2.53%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

06/28/33

USD

1,883

2,716

—

2,716

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.57%

At

Termination

05/15/38

EUR

8,118

18,979

—

18,979

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.60%

At

Termination

05/15/43

EUR

15,095

(48,644)

11,115

(59,759)

$

(630,795)

$

(16,635)

$

(614,160)

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)

KB

Home

...............

5.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/23

USD

5,714

$

(133,809)

$

(45,364)

$

(88,445)

Realogy

Group

LLC

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/23

USD

2,856

(7,931)

(2,650)

(5,281)

RR

Donnelley

&

Sons

Co.

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/23

USD

2,860

(46,116)

13,725

(59,841)

Staples,

Inc.

.............

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/23

USD

1,555

13,279

10,271

3,008

Beazer

Homes

USA,

Inc.

....

5.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

2,265

(98,128)

(29,467)

(68,661)

Beazer

Homes

USA,

Inc.

....

5.00

Quarterly

BNP

Paribas

SA

06/20/24

USD

2,500

(108,309)

(28,718)

(79,591)

Beazer

Homes

USA,

Inc.

....

5.00

Quarterly

BNP

Paribas

SA

06/20/24

USD

2,500

(108,309)

(30,990)

(77,319)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

750

36,370

48,967

(12,597)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

2,370

114,930

150,448

(35,518)

Staples,

Inc.

.............

5.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

1,000

36,776

57,201

(20,425)

Staples,

Inc.

.............

5.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

1,160

42,660

56,082

(13,422)

Tenet

Healthcare

Corp.

......

5.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

2,483

(110,362)

(5,692)

(104,670)

Tenet

Healthcare

Corp.

......

5.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

2,750

(122,229)

(19,338)

(102,891)

Tenet

Healthcare

Corp.

......

5.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

2,785

(123,785)

(19,622)

(104,163)

Tenet

Healthcare

Corp.

......

5.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

2,347

(104,317)

(6,509)

(97,808)

Tenet

Healthcare

Corp.

......

5.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

2,750

(122,229)

(19,338)

(102,891)

Tenet

Healthcare

Corp.

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/24

USD

1,000

(44,447)

(2,684)

(41,763)

Xerox

Corp.

.............

1.00

Quarterly

BNP

Paribas

SA

06/20/24

USD

1,925

6,529

35,773

(29,244)

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

2,960

(154,388)

73,302

(227,690)

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

1,500

(82,219)

37,146

(119,365)

Boeing

Co.

(The)

..........

1.00

Quarterly

BNP

Paribas

SA

12/20/24

USD

4,760

(33,333)

(28,024)

(5,309)

Boeing

Co.

(The)

..........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/24

USD

11,875

(83,158)

(41,430)

(41,728)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/24

USD

7,750

(98,243)

(58,795)

(39,448)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

7,752

(68,629)

56,715

(125,344)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

12,809

(113,399)

95,531

(208,930)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

12,810

(113,408)

95,539

(208,947)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

17,930

(158,736)

131,179

(289,915)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

12,807

(113,382)

93,698

(207,080)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

12,810

(113,408)

95,539

(208,947)

Vue

International

Bidco

plc

...

5.00

Quarterly

Goldman

Sachs

International

12/20/24

EUR

1,140

167,988

67,933

100,055

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

117

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)

Ally

Financial,

Inc.

.........

5.00

%

Quarterly

Citibank

NA

06/20/25

USD

880

$

(48,782)

$

(37,445)

$

(11,337)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

NA

06/20/25

USD

1,320

(73,173)

(56,158)

(17,015)

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

USD

4,370

(281,813)

214,490

(496,303)

Electricite

de

France

SA

.....

1.00

Quarterly

Citibank

NA

06/20/25

EUR

11,330

(98,303)

(45,672)

(52,631)

Macy's

Retail

Holdings

LLC

...

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,000

(1,554)

95,873

(97,427)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

06/20/25

USD

1,625

240,273

281,104

(40,831)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,000

295,721

413,214

(117,493)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,010

(11,062)

32,718

(43,780)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,190

(13,034)

50,644

(63,678)

Simon

Property

Group

LP

....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/25

USD

4,300

(47,096)

142,434

(189,530)

Southwest

Airlines

Co.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

3,750

(36,422)

88,180

(124,602)

Southwest

Airlines

Co.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,825

(27,438)

33,748

(61,186)

Southwest

Airlines

Co.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,825

(27,438)

36,284

(63,722)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/26

USD

7,110

(174,384)

(146,344)

(28,040)

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

2,139

(23,711)

33,549

(57,260)

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

1,601

(17,748)

26,815

(44,563)

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

1,601

(17,748)

26,815

(44,563)

Koninklijke

DSM

NV

........

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

3,000

(90,427)

(40,513)

(49,914)

Koninklijke

DSM

NV

........

1.00

Quarterly

BNP

Paribas

SA

06/20/27

EUR

9,000

(271,282)

(130,466)

(140,816)

Naturgy

Capital

Markets

SA

...

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

EUR

3,121

(55,940)

(4,766)

(51,174)

Naturgy

Capital

Markets

SA

...

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

EUR

3,901

(69,925)

(5,957)

(63,968)

STMicroelectronics

NV

......

1.00

Quarterly

Bank

of

America

NA

06/20/27

EUR

2,933

(79,320)

(68,081)

(11,239)

STMicroelectronics

NV

......

1.00

Quarterly

Bank

of

America

NA

06/20/27

EUR

5,867

(158,640)

(136,060)

(22,580)

STMicroelectronics

NV

......

1.00

Quarterly

Deutsche

Bank

AG

06/20/27

EUR

5,900

(159,541)

(105,768)

(53,773)

STMicroelectronics

NV

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

5,900

(159,541)

(88,331)

(71,210)

STMicroelectronics

NV

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

8,800

(237,959)

(219,060)

(18,899)

STMicroelectronics

NV

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

5,900

(159,541)

(107,279)

(52,262)

Banco

Santander

SA

.......

1.00

Quarterly

Bank

of

America

NA

12/20/27

EUR

5,900

133,812

292,180

(158,368)

BASF

SE

...............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

EUR

12,500

(235,192)

117,673

(352,865)

BASF

SE

...............

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

EUR

3,133

(58,955)

60,914

(119,869)

BASF

SE

...............

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

EUR

6,267

(117,910)

121,827

(239,737)

BMW

Finance

NV

.........

1.00

Quarterly

Bank

of

America

NA

12/20/27

EUR

6,267

(122,622)

56,685

(179,307)

BMW

Finance

NV

.........

1.00

Quarterly

Goldman

Sachs

International

12/20/27

EUR

6,200

(121,317)

55,748

(177,065)

BMW

Finance

NV

.........

1.00

Quarterly

Goldman

Sachs

International

12/20/27

EUR

3,133

(61,311)

27,122

(88,433)

BMW

Finance

NV

.........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

EUR

6,200

(121,317)

47,147

(168,464)

BorgWarner,

Inc.

..........

1.00

Quarterly

BNP

Paribas

SA

12/20/27

USD

3,000

(48,397)

37,259

(85,656)

INEOS

Group

Holdings

SA

...

5.00

Quarterly

BNP

Paribas

SA

12/20/27

EUR

1,202

(149,106)

(115,569)

(33,537)

Intesa

Sanpaolo

SpA

.......

1.00

Quarterly

BNP

Paribas

SA

12/20/27

EUR

5,600

272,713

404,340

(131,627)

NatWest

Group

plc

.........

1.00

Quarterly

BNP

Paribas

SA

12/20/27

EUR

5,850

156,727

260,603

(103,876)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Bank

of

America

NA

12/20/27

USD

1,620

562,333

387,504

174,829

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Barclays

Bank

plc

12/20/27

USD

1,030

357,533

239,747

117,786

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

12/20/27

USD

980

340,177

247,105

93,072

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

12/20/27

USD

1,215

421,750

404,558

17,192

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

12/20/27

USD

650

225,628

159,247

66,381

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Goldman

Sachs

International

12/20/27

USD

1,030

357,533

239,881

117,652

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

2,760

958,049

870,775

87,274

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

12/20/27

USD

7,485

(38,101)

104,403

(142,504)

Simon

Property

Group

LP

....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

4,700

(23,925)

65,681

(89,606)

Standard

Chartered

plc

......

1.00

Quarterly

Barclays

Bank

plc

12/20/27

EUR

11,800

174,515

412,381

(237,866)

Stellantis

NV

.............

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

EUR

9,150

(1,504,324)

(957,361)

(546,963)

Tesco

plc

...............

1.00

Quarterly

Goldman

Sachs

International

12/20/27

EUR

6,700

(65,593)

117,474

(183,067)

Tesco

plc

...............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

EUR

16,700

(163,492)

249,152

(412,644)

UniCredit

SpA

............

1.00

Quarterly

Goldman

Sachs

International

12/20/27

EUR

5,600

244,646

398,863

(154,217)

UniCredit

SpA

............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

EUR

5,349

233,681

346,327

(112,646)

Xerox

Corp.

.............

1.00

Quarterly

Citibank

NA

12/20/27

USD

1,050

96,202

109,701

(13,499)

Xerox

Corp.

.............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

1,750

160,336

183,487

(23,151)

Aegon

NV

...............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

7,200

(86,587)

(67,453)

(19,134)

Altice

France

SA

..........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

2,797

475,462

471,806

3,656

Altice

France

SA

..........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

8,390

1,426,215

1,415,249

10,966

BNP

Paribas

SA

..........

1.00

Quarterly

Goldman

Sachs

International

06/20/28

EUR

19,850

317,479

781,986

(464,507)

Caterpillar,

Inc.

...........

1.00

Quarterly

Citibank

NA

06/20/28

USD

11,800

(350,749)

(297,260)

(53,489)

Comcast

Corp.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/28

USD

49,710

(1,013,136)

(797,993)

(215,143)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

118

OTC

Credit

Default

Swaps

—

Buy

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Commerzbank

AG

.........

1.00

%

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

11,450

$

770,872

$

958,684

$

(187,812)

Credit

Agricole

SA

.........

1.00

Quarterly

BNP

Paribas

SA

06/20/28

EUR

15,000

(343,334)

(138,292)

(205,042)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

Barclays

Bank

plc

06/20/28

EUR

6,975

(3,966)

403,025

(406,991)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

BNP

Paribas

SA

06/20/28

EUR

4,131

(2,349)

185,272

(187,621)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

3,488

(1,984)

192,698

(194,682)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

29,800

(16,946)

1,059,578

(1,076,524)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

6,050

(3,440)

339,620

(343,060)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

3,623

(2,060)

216,293

(218,353)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

3,487

(1,983)

185,001

(186,984)

CVS

Health

Corp.

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

6,911

(124,050)

(98,850)

(25,200)

CVS

Health

Corp.

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

55,376

(993,949)

(787,915)

(206,034)

CVS

Health

Corp.

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

10,367

(186,075)

(147,838)

(38,237)

CVS

Health

Corp.

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

6,911

(124,050)

(98,559)

(25,491)

CVS

Health

Corp.

.........

1.00

Quarterly

Citibank

NA

06/20/28

USD

49,780

(893,501)

(754,090)

(139,411)

CVS

Health

Corp.

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

34,556

(620,249)

(463,738)

(156,511)

CVS

Health

Corp.

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

17,278

(310,125)

(247,532)

(62,593)

Deutsche

Bank

AG

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

3,916

111,800

222,794

(110,994)

Deutsche

Bank

AG

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

3,496

99,809

188,231

(88,422)

Deutsche

Bank

AG

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

4,400

367,706

744,658

(376,952)

Deutsche

Bank

AG

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

10,488

299,427

564,694

(265,267)

Deutsche

Bank

AG

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

17,900

511,035

1,489,758

(978,723)

Eni

SpA

................

1.00

Quarterly

Barclays

Bank

plc

06/20/28

EUR

21,750

(278,320)

(149,753)

(128,567)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

68,522

2,244,822

4,734,920

(2,490,098)

Ford

Motor

Co.

...........

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/28

USD

4,995

(474,443)

(245,846)

(228,597)

ING

Groep

NV

............

1.00

Quarterly

Goldman

Sachs

International

06/20/28

EUR

17,975

343,135

392,647

(49,512)

Intrum

AB

...............

5.00

Quarterly

Goldman

Sachs

International

06/20/28

EUR

626

136,618

136,618

–

Lincoln

National

Corp.

......

1.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

6,391

390,333

458,499

(68,166)

Lincoln

National

Corp.

......

1.00

Quarterly

Deutsche

Bank

AG

06/20/28

USD

6,391

390,333

431,341

(41,008)

Lincoln

National

Corp.

......

1.00

Quarterly

Deutsche

Bank

AG

06/20/28

USD

6,391

390,333

443,543

(53,210)

Lincoln

National

Corp.

......

1.00

Quarterly

Deutsche

Bank

AG

06/20/28

USD

6,391

390,333

418,809

(28,476)

Lincoln

National

Corp.

......

1.00

Quarterly

Deutsche

Bank

AG

06/20/28

USD

6,391

390,333

446,315

(55,982)

Lincoln

National

Corp.

......

1.00

Quarterly

Deutsche

Bank

AG

06/20/28

USD

6,391

390,333

424,239

(33,906)

Lincoln

National

Corp.

......

1.00

Quarterly

Deutsche

Bank

AG

06/20/28

USD

6,391

390,333

443,913

(53,580)

Lincoln

National

Corp.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/28

USD

12,781

780,667

910,202

(129,535)

Lincoln

National

Corp.

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

6,391

390,333

456,749

(66,416)

Lincoln

National

Corp.

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

6,391

390,333

457,124

(66,791)

Lincoln

National

Corp.

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

6,391

390,333

456,335

(66,002)

Lincoln

National

Corp.

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

3,195

195,167

222,013

(26,846)

Lloyds

Banking

Group

plc

....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

11,700

333,750

227,617

106,133

MetLife,

Inc.

.............

1.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

9,250

27,116

64,368

(37,252)

MetLife,

Inc.

.............

1.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

11,636

34,110

126,395

(92,285)

MetLife,

Inc.

.............

1.00

Quarterly

BNP

Paribas

SA

06/20/28

USD

4,060

11,902

30,322

(18,420)

MetLife,

Inc.

.............

1.00

Quarterly

Goldman

Sachs

International

06/20/28

USD

3,854

11,298

28,408

(17,110)

MetLife,

Inc.

.............

1.00

Quarterly

Goldman

Sachs

International

06/20/28

USD

9,636

28,246

63,549

(35,303)

MetLife,

Inc.

.............

1.00

Quarterly

Goldman

Sachs

International

06/20/28

USD

3,854

11,298

28,408

(17,110)

MetLife,

Inc.

.............

1.00

Quarterly

Goldman

Sachs

International

06/20/28

USD

3,854

11,298

28,581

(17,283)

MetLife,

Inc.

.............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

3,854

11,298

41,867

(30,569)

MetLife,

Inc.

.............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

5,781

16,947

50,071

(33,124)

Novafives

SAS

...........

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/28

EUR

1,080

29,095

15,453

13,642

Paramount

Global

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

5,500

313,568

242,749

70,819

Paramount

Global

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

5,785

329,817

255,328

74,489

Prudential

Financial,

Inc.

.....

1.00

Quarterly

BNP

Paribas

SA

06/20/28

USD

9,285

17,761

40,370

(22,609)

Prudential

Financial,

Inc.

.....

1.00

Quarterly

Citibank

NA

06/20/28

USD

7,708

14,745

33,720

(18,975)

Prudential

Financial,

Inc.

.....

1.00

Quarterly

Deutsche

Bank

AG

06/20/28

USD

3,854

7,373

18,490

(11,117)

Prudential

Financial,

Inc.

.....

1.00

Quarterly

Deutsche

Bank

AG

06/20/28

USD

3,854

7,373

18,504

(11,131)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

119

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)

Prudential

Financial,

Inc.

.....

1.00

%

Quarterly

Goldman

Sachs

International

06/20/28

USD

7,708

$

14,745

$

43,517

$

(28,772)

Prudential

Financial,

Inc.

.....

1.00

Quarterly

Goldman

Sachs

International

06/20/28

USD

9,635

18,432

63,547

(45,115)

Prudential

Financial,

Inc.

.....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

9,635

18,432

83,901

(65,469)

Republic

of

Colombia

.......

1.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

64,050

3,667,733

6,137,049

(2,469,316)

Republic

of

Colombia

.......

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/28

USD

21,620

1,238,039

1,264,651

(26,612)

Solvay

SA

...............

1.00

Quarterly

Barclays

Bank

plc

06/20/28

EUR

7,566

(79,240)

1,816

(81,056)

Solvay

SA

...............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

35,525

(372,058)

(103,367)

(268,691)

Solvay

SA

...............

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/28

EUR

11,025

(115,466)

(64,791)

(50,675)

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

06/20/28

USD

9,240

(36,517)

92,464

(128,981)

UniCredit

SpA

............

1.00

Quarterly

BNP

Paribas

SA

06/20/28

EUR

9,000

(3,001)

186,802

(189,803)

UniCredit

SpA

............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

10,825

577,730

1,089,116

(511,386)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

58,261

56,957

1,062,739

(1,005,782)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

6,955

13,270

87,936

(74,666)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

8,097

15,450

85,460

(70,010)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

14

27

158

(131)

CMBX.NA.9.BBB-

.........

3.00

Monthly

Citigroup

Global

Markets,

Inc.

09/17/58

USD

4,870

1,160,683

151,428

1,009,255

CMBX.NA.9.BBB-

.........

3.00

Monthly

Goldman

Sachs

International

09/17/58

USD

1,456

347,013

105,670

241,343

CMBX.NA.9.BBB-

.........

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

1,674

398,970

85,094

313,876

CMBX.NA.9.BBB-

.........

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

1,421

338,672

72,233

266,439

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

10

(2)

(923)

921

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

22

(5)

(10,963)

10,958

$

–

$

–

$

–

$

12,843,610

$

33,714,482

$

(20,870,872)

$

–

$

–

$

–

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)

AT&T,

Inc.

...........

1.00

%

Quarterly

Citibank

NA

12/20/23

BBB

USD

17,800

$

51,049

$

40,227

$

10,822

Casino

Guichard

Perrachon

SA

.............

5.00

Quarterly

BNP

Paribas

SA

12/20/23

CC

EUR

1,319

(1,328,527)

(67,748)

(1,260,779)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Credit

Suisse

International

12/20/23

BB-

EUR

6,500

130,978

(78,332)

209,310

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Credit

Suisse

International

12/20/23

BB-

EUR

6,553

132,046

(75,610)

207,656

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Goldman

Sachs

International

12/20/23

BB-

EUR

2,000

40,301

(22,381)

62,682

thyssenkrupp

AG

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/23

BB

EUR

4,620

9,599

(48,738)

58,337

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

CCC+

EUR

1,117

(154,206)

(133,330)

(20,876)

Telecom

Italia

SpA

.....

5.00

Quarterly

Barclays

Bank

plc

12/20/24

B+

EUR

1,400

71,706

41,428

30,278

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

1,033

88,588

76,755

11,833

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

2,400

205,743

155,559

50,184

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

2,200

188,607

162,688

25,919

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

2,850

244,332

204,934

39,398

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

B

EUR

3,790

206,559

256,347

(49,788)

Altice

France

SA

......

5.00

Quarterly

Barclays

Bank

plc

12/20/25

B-

EUR

2,797

(229,133)

(55,116)

(174,017)

Altice

France

SA

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B-

EUR

5,593

(458,265)

(117,572)

(340,693)

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB-

USD

3,114

227,923

286,780

(58,857)

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB-

USD

1,868

136,754

172,151

(35,397)

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

1,868

136,754

173,609

(36,855)

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

3,000

219,605

264,195

(44,590)

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

980

54,322

71,522

(17,200)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

120

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)

Vistra

Operations

Co.

LLC

5.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB

USD

4,408

$

305,736

$

193,012

$

112,724

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/26

NR

EUR

410

36,389

13,469

22,920

CMA

CGM

SA

........

5.00

Quarterly

Goldman

Sachs

International

06/20/26

NR

EUR

310

27,513

18,148

9,365

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

BNP

Paribas

SA

06/20/26

BB-

EUR

3,400

40,174

(178,966)

219,140

Vue

International

Bidco

plc

5.00

Quarterly

Goldman

Sachs

International

06/20/26

NR

EUR

1,190

(189,557)

(41,542)

(148,015)

Vue

International

Bidco

plc

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

NR

EUR

1,160

(184,705)

(43,878)

(140,827)

Intrum

AB

...........

5.00

Quarterly

Credit

Suisse

International

12/20/26

BB

EUR

974

(157,224)

57,168

(214,392)

Intrum

AB

...........

5.00

Quarterly

Credit

Suisse

International

12/20/26

BB

EUR

1,546

(249,509)

89,399

(338,908)

Intrum

AB

...........

5.00

Quarterly

Credit

Suisse

International

12/20/26

BB

EUR

1,120

(180,770)

67,870

(248,640)

Intrum

AB

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/26

BB

EUR

1,680

(271,155)

110,843

(381,998)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Bank

of

America

NA

12/20/26

BB-

EUR

1,140

(5,360)

(35,073)

29,713

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Barclays

Bank

plc

12/20/26

BB-

EUR

970

(4,559)

30,134

(34,693)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Credit

Suisse

International

12/20/26

BB-

EUR

442

(2,080)

14,543

(16,623)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Credit

Suisse

International

12/20/26

BB-

EUR

1,400

(6,583)

43,365

(49,948)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Goldman

Sachs

International

12/20/26

BB-

EUR

722

(3,396)

20,269

(23,665)

K+S

AG

............

5.00

Quarterly

Credit

Suisse

International

12/20/26

BBB-

EUR

2,900

346,635

226,550

120,085

CMA

CGM

SA

........

5.00

Quarterly

Barclays

Bank

plc

06/20/27

NR

EUR

110

10,649

2,775

7,874

CMA

CGM

SA

........

5.00

Quarterly

Barclays

Bank

plc

06/20/27

NR

EUR

3,940

379,796

69,320

310,476

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/27

NR

EUR

2,211

213,170

(69,548)

282,718

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/27

NR

EUR

1,474

142,114

(47,456)

189,570

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/27

NR

EUR

609

58,722

16,647

42,075

CMA

CGM

SA

........

5.00

Quarterly

Goldman

Sachs

International

06/20/27

NR

EUR

1,474

142,114

(42,873)

184,987

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

NR

EUR

2,104

202,815

184,269

18,546

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

NR

EUR

163

15,691

4,727

10,964

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

NR

EUR

575

55,468

17,023

38,445

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

NR

EUR

612

59,008

18,110

40,898

Intrum

AB

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB

EUR

1,200

(213,632)

(66,558)

(147,074)

United

Group

BV

......

5.00

Quarterly

Barclays

Bank

plc

06/20/27

B

EUR

2,930

(237,019)

(143,957)

(93,062)

United

Group

BV

......

5.00

Quarterly

BNP

Paribas

SA

06/20/27

B

EUR

2,930

(237,019)

(130,311)

(106,708)

United

Group

BV

......

5.00

Quarterly

Goldman

Sachs

International

06/20/27

B

EUR

1,750

(141,563)

(145,950)

4,387

United

Group

BV

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

B

EUR

2,930

(237,019)

(161,905)

(75,114)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Bank

of

America

NA

12/20/27

CCC+

EUR

631

(157,497)

(132,192)

(25,305)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Bank

of

America

NA

12/20/27

CCC+

EUR

545

(136,128)

(114,258)

(21,870)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Barclays

Bank

plc

12/20/27

CCC+

EUR

379

(94,668)

(77,972)

(16,696)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Barclays

Bank

plc

12/20/27

CCC+

EUR

1,309

(326,946)

(269,284)

(57,662)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

121

OTC

Credit

Default

Swaps

—

Sell

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

ADLER

Real

Estate

AG

.

5.00

%

Quarterly

Barclays

Bank

plc

12/20/27

CCC+

EUR

1,065

$

(266,094)

$

(219,164)

$

(46,930)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Barclays

Bank

plc

12/20/27

CCC+

EUR

3,750

(936,626)

(771,439)

(165,187)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Citibank

NA

12/20/27

CCC+

EUR

309

(77,212)

(65,465)

(11,747)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Citibank

NA

12/20/27

CCC+

EUR

1,088

(271,779)

(230,431)

(41,348)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

CCC+

EUR

647

(161,586)

(134,407)

(27,179)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

CCC+

EUR

2,277

(568,767)

(473,101)

(95,666)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

CCC+

EUR

1,651

(412,390)

(342,705)

(69,685)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

CCC+

EUR

469

(117,159)

(97,362)

(19,797)

CMA

CGM

SA

........

5.00

Quarterly

BNP

Paribas

SA

12/20/27

NR

EUR

285

27,142

(9,257)

36,399

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

12/20/27

NR

EUR

7,215

687,113

(201,083)

888,196

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

12/20/27

NR

EUR

300

28,570

(6,356)

34,926

CMA

CGM

SA

........

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

NR

EUR

3,100

295,225

(76,171)

371,396

HCA,

Inc.

...........

5.00

Quarterly

Citibank

NA

12/20/27

BBB-

USD

1,985

327,847

279,520

48,327

United

Group

BV

......

5.00

Quarterly

Goldman

Sachs

International

12/20/27

B

EUR

3,411

(337,626)

(415,282)

77,656

Casino

Guichard

Perrachon

SA

.............

5.00

Quarterly

Deutsche

Bank

AG

06/20/28

CC

EUR

1,406

(1,435,325)

(1,142,526)

(292,799)

Casino

Guichard

Perrachon

SA

.............

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

CC

EUR

1,321

(1,348,552)

(996,934)

(351,618)

Glencore

Finance

Europe

Ltd.

.............

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

BBB+

EUR

29,600

4,815,551

4,450,049

365,502

HCA,

Inc.

...........

5.00

Quarterly

Barclays

Bank

plc

06/20/28

BBB-

USD

2,975

529,642

493,736

35,906

Intesa

Sanpaolo

SpA

...

1.00

Quarterly

BNP

Paribas

SA

06/20/28

NR

EUR

9,000

(2,764)

(30,855)

28,091

Loxam

SAS

.........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

B

EUR

4,125

(307,594)

(536,114)

228,520

Monitchem

HoldCo

3

SA

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

B-

EUR

1,678

(2,797)

—

(2,797)

NRG

Energy,

Inc.

......

5.00

Quarterly

Bank

of

America

NA

06/20/28

BB

USD

1,985

127,391

105,521

21,870

NRG

Energy,

Inc.

......

5.00

Quarterly

Citibank

NA

06/20/28

BB

USD

260

16,686

13,811

2,875

Societe

Generale

SA

...

1.00

Quarterly

BNP

Paribas

SA

06/20/28

NR

EUR

15,000

203,790

167,681

36,109

Stellantis

NV

.........

5.00

Quarterly

Barclays

Bank

plc

06/20/28

BBB

EUR

10,000

1,726,039

1,499,571

226,468

Stellantis

NV

.........

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/28

BBB

EUR

5,000

863,020

756,611

106,409

Stena

AB

...........

5.00

Quarterly

Bank

of

America

NA

06/20/28

BB-

EUR

4,223

59,576

99,358

(39,782)

Yum!

Brands,

Inc.

.....

1.00

Quarterly

BNP

Paribas

SA

06/20/28

BB

USD

1,985

10,124

(5,199)

15,323

Yum!

Brands,

Inc.

.....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

BB

USD

3,970

20,248

(39,692)

59,940

CMBX.NA.9.A

........

2.00

Monthly

Goldman

Sachs

International

09/17/58

A

USD

3,707

(352,941)

(56,799)

(296,142)

CMBX.NA.9.A

........

2.00

Monthly

Goldman

Sachs

International

09/17/58

A

USD

3,503

(333,529)

(62,019)

(271,510)

CMBX.NA.9.A

........

2.00

Monthly

Goldman

Sachs

International

09/17/58

A

USD

3,707

(352,941)

(65,864)

(287,077)

CMBX.NA.9.A

........

2.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

A

USD

7,413

(705,882)

(116,220)

(589,662)

CMBX.NA.9.BBB-

.....

3.00

Monthly

Citigroup

Global

Markets,

Inc.

09/17/58

BBB-

USD

1,578

(376,185)

(3,528)

(372,657)

CMBX.NA.9.BBB-

.....

3.00

Monthly

Goldman

Sachs

International

09/17/58

BBB-

USD

1,392

(331,760)

(140,949)

(190,811)

CMBX.NA.9.BBB-

.....

3.00

Monthly

Goldman

Sachs

International

09/17/58

BBB-

USD

579

(137,995)

(1,560)

(136,435)

CMBX.NA.9.BBB-

.....

3.00

Monthly

JPMorgan

Securities

LLC

09/17/58

BBB-

USD

1,674

(398,970)

(155,828)

(243,142)

CMBX.NA.9.BBB-

.....

3.00

Monthly

JPMorgan

Securities

LLC

09/17/58

BBB-

USD

960

(228,800)

(103,780)

(125,020)

CMBX.NA.9.BBB-

.....

3.00

Monthly

JPMorgan

Securities

LLC

09/17/58

BBB-

USD

1,360

(324,133)

(284,645)

(39,488)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

122

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)

CMBX.NA.9.BBB-

.....

3.00

%

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

BBB-

USD

1,635

$

(389,674)

$

(401,060)

$

11,386

CMBX.NA.9.BBB-

.....

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

BBB-

USD

664

(158,253)

(1,792)

(156,461)

CMBX.NA.9.BBB-

.....

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

BBB-

USD

2,400

(572,000)

2,325

(574,325)

CMBX.NA.10.BBB-

....

3.00

Monthly

JPMorgan

Securities

LLC

11/17/59

BBB-

USD

270

(81,897)

(20,501)

(61,396)

CMBX.NA.14.BBB-

....

3.00

Monthly

Goldman

Sachs

International

12/16/72

BBB-

USD

4,375

(1,265,560)

(731,718)

(533,842)

$

(3,544,487)

$

731,663

$

(4,276,150)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

BZDIOVER

At

Termination

13.25%

At

Termination

Citibank

NA

01/02/24

BRL

164,829

$

35,512

$

—

$

35,512

12.37%

At

Termination

1-day

IBR

At

Termination

Citibank

NA

04/18/24

COP

368,616,006

(96,960)

—

(96,960)

1-day

BZDIOVER

At

Termination

12.44%

At

Termination

Barclays

Bank

plc

07/01/24

BRL

55,533

56,092

—

56,092

1-day

BZDIOVER

At

Termination

12.48%

At

Termination

Barclays

Bank

plc

07/01/24

BRL

172,790

164,589

—

164,589

1-day

BZDIOVER

At

Termination

12.60%

At

Termination

Bank

of

America

NA

07/01/24

BRL

367,332

470,926

—

470,926

1-day

BZDIOVER

At

Termination

12.97%

At

Termination

Citibank

NA

07/01/24

BRL

235,176

495,587

—

495,587

1-day

BZDIOVER

At

Termination

12.97%

At

Termination

Goldman

Sachs

International

07/01/24

BRL

142,221

297,856

—

297,856

11.90%

At

Termination

1-day

IBR

At

Termination

Bank

of

America

NA

10/19/24

COP

191,155,765

(318,940)

—

(318,940)

1-day

BZDIOVER

At

Termination

11.87%

At

Termination

Bank

of

America

NA

01/02/25

BRL

410,214

1,122,308

—

1,122,308

1-day

BZDIOVER

At

Termination

12.78%

At

Termination

Morgan

Stanley

&

Co.

International

plc

01/02/25

BRL

1,126,055

6,216,638

—

6,216,638

1-day

BZDIOVER

At

Termination

13.13%

At

Termination

Bank

of

America

NA

01/02/25

BRL

27,073

184,644

—

184,644

1-day

BZDIOVER

At

Termination

13.15%

At

Termination

Bank

of

America

NA

01/02/25

BRL

563,780

3,899,202

—

3,899,202

1-day

BZDIOVER

At

Termination

13.18%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

294,168

2,068,320

—

2,068,320

1-day

BZDIOVER

At

Termination

13.22%

At

Termination

Citibank

NA

01/02/25

BRL

154,749

1,111,870

—

1,111,870

1-day

BZDIOVER

At

Termination

13.32%

At

Termination

Bank

of

America

NA

01/02/25

BRL

562,555

4,257,870

—

4,257,870

1-day

BZDIOVER

At

Termination

11.27%

At

Termination

BNP

Paribas

SA

01/02/26

BRL

67,116

360,773

—

360,773

1-day

BZDIOVER

At

Termination

11.38%

At

Termination

Bank

of

America

NA

01/02/26

BRL

231,620

1,366,293

—

1,366,293

1-day

BZDIOVER

At

Termination

11.56%

At

Termination

Barclays

Bank

plc

01/02/26

BRL

55,533

373,099

—

373,099

1-day

BZDIOVER

At

Termination

11.75%

At

Termination

Citibank

NA

01/02/26

BRL

265,757

2,033,768

—

2,033,768

1-day

BZDIOVER

At

Termination

11.76%

At

Termination

Citibank

NA

01/02/26

BRL

23,121

179,126

—

179,126

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

123

OTC

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

BZDIOVER

At

Termination

11.78%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/26

BRL

24,140

$

189,030

$

—

$

189,030

1-day

BZDIOVER

At

Termination

11.80%

At

Termination

Citibank

NA

01/02/26

BRL

281,977

2,247,202

—

2,247,202

1-day

BZDIOVER

At

Termination

11.82%

At

Termination

Barclays

Bank

plc

01/02/26

BRL

66,321

535,909

—

535,909

1-day

BZDIOVER

At

Termination

11.83%

At

Termination

Morgan

Stanley

&

Co.

International

plc

01/02/26

BRL

42,452

345,395

—

345,395

1-day

BZDIOVER

At

Termination

11.92%

At

Termination

Citibank

NA

01/02/26

BRL

388,150

3,330,417

—

3,330,417

28-day

MXIBTIIE

Monthly

6.02%

Monthly

Citibank

NA

03/24/26

MXN

969,089

(4,319,805)

—

(4,319,805)

7.64%

Monthly

28-day

MXIBTIIE

Monthly

UBS

AG

11/18/26

MXN

517,782

1,081,138

—

1,081,138

7.71%

Monthly

28-day

MXIBTIIE

Monthly

BNP

Paribas

SA

11/19/26

MXN

1,002,958

1,965,970

—

1,965,970

1-day

BZDIOVER

At

Termination

10.43%

At

Termination

JPMorgan

Chase

Bank

NA

01/04/27

BRL

14,970

33,860

—

33,860

1-day

BZDIOVER

At

Termination

10.53%

At

Termination

Citibank

NA

01/02/29

BRL

183,353

469,862

—

469,862

1-day

BZDIOVER

At

Termination

10.57%

At

Termination

Goldman

Sachs

International

01/02/29

BRL

287,176

856,568

—

856,568

1-day

BZDIOVER

At

Termination

10.58%

At

Termination

Morgan

Stanley

&

Co.

International

plc

01/02/29

BRL

201,186

626,952

—

626,952

$

31,641,071

$

—

$

31,641,071

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

minus

0.30%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

BNP

Paribas

SA

07/14/23

USD

170

$

8,659

$

—

$

8,659

1-day

SOFR

minus

0.30%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

JPMorgan

Chase

Bank

NA

07/14/23

USD

704

35,860

—

35,860

1-day

SOFR

.......

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

Barclays

Bank

plc

07/26/23

USD

100

81,913

—

81,913

0.00%

...........

At

Termination

Goldman

Sachs

Calls-Vs-Calls

US

Series

4

Excess

Return

Strategy

At

Termination

Goldman

Sachs

International

08/15/23

USD

8,137

197,284

—

197,284

0.00%

...........

Quarterly

Citi

Equity

US

1W

Volatility

Carry

Index

Quarterly

Citibank

NA

09/15/23

USD

17,512

58,919

—

58,919

1-day

SOFR

minus

0.30%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

Bank

of

America

NA

09/15/23

USD

862

43,909

—

43,909

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

124

(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

0.30%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

JPMorgan

Chase

Bank

NA

09/15/23

USD

482

$

24,527

$

—

$

24,527

1-day

SOFR

minus

0.35%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

BNP

Paribas

SA

09/15/23

USD

3,429

177,862

—

177,862

1-day

SOFR

minus

0.40%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

BNP

Paribas

SA

09/15/23

USD

342

158,405

—

158,405

1-day

SOFR

minus

0.40%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

BNP

Paribas

SA

09/15/23

USD

535

(13,754)

—

(13,754)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

...........

At

Termination

1-day

SOFR

minus

0.85%

At

Termination

Goldman

Sachs

International

09/15/23

USD

1,099

(67,340)

—

(67,340)

SPDR

S&P

Regional

Banking

ETF

.....

At

Termination

1-day

SOFR

minus

0.40%

At

Termination

BNP

Paribas

SA

09/15/23

USD

69

143,647

—

143,647

SPDR

S&P

Regional

Banking

ETF

.....

At

Termination

1-day

SOFR

minus

0.40%

At

Termination

BNP

Paribas

SA

09/15/23

USD

68

141,552

—

141,552

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

..........

At

Termination

1-day

SOFR

Quarterly

Goldman

Sachs

International

09/20/23

USD

94,825

(175,104)

878,371

(1,053,475)

0.00%

...........

Quarterly

Goldman

Sachs

Systematic

Skew

US

Series

10

Excess

Return

Strategy

Quarterly

Goldman

Sachs

International

12/07/23

USD

23,316

45,397

—

45,397

$

861,736

$

878,371

$

(16,635)

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

JPMorgan

Chase

Bank

NA

(b)

10/12/23

$

(112,622,426)

$

6,038,793

(c)

$

(106,261,715)

0.9

%

Monthly

Merrill

Lynch

International

&

Co.

(d)

03/15/28

(915,022,792)

1,934,289

(e)

(915,697,339)

3.1

$

7,973,082

$

(1,021,959,054)

(b)

(d)

Range:

15-500

basis

points

0-85

basis

points

Benchmarks:

AUD

-

1D

Overnight

Reserve

Bank

of

Australia

Rate

(AONIA)

AUD

-

1D

Overnight

Reserve

Bank

of

Australia

Rate

(AONIA)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

125

Benchmarks:

Bank

of

Canada

Overnight

Rate

Target

(CABROVER)

Bank

of

Canada

Overnight

Rate

Target

(CABROVER)

CAD

-

Overnight

Interbank

Rate

Overnight

CHF

-

Swiss

Average

Rate

O/N

(SSARON)

CHF

-

Swiss

Average

Rate

O/N

(SSARON)

DKK

-

1W

Copenhagen

Interbank

Swap

Rate

(CIBOR)

EUR

-

1D

Euro

Short

Term

Rate

(ESTR)

EUR

-

1D

Euro

Short

Term

Rate

(ESTR)

GBP

-

1D

Sterling

Overnight

Index

Average

(SONIA)

GBP

-

1D

Sterling

Overnight

Index

Average

(SONIA)

HKD

-

Overnight

Index

Average

(HONIA)

HKD

-

Overnight

Index

Average

(HONIA)

JPY

-

Provisional

1D

Overnight

Tokyo

Average

Rate

(TONA)

JPY

-

Provisional

1D

Overnight

Tokyo

Average

Rate

(TONA)

MXN

-

28D

Mexican

Interbank

Rate

(TIIE)

MXN

-

28D

Mexican

Interbank

Rate

(TIIE)

NOK

-

Norwegian

Overnight

Weighted

Average

(NOWA)

SEK

-

1W

Stockholm

Interbank

Offer

Rate

(STIBOR)

SEK

-

TN

Stockholm

Interbank

Offer

Rate

(STIBOR)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

ZAR

-

1M

Johannesburg

Interbank

Agreed

Rate

(JIBAR)

ZAR

-

1D

Rand

Overnight

Interest

Rate

Fixing

(RAONON)

(c)

Amount

includes

$(321,918)

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$2,608,836

of

net

dividends

and

financing

fees.

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

October

12,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Australia

Aurizon

Holdings

Ltd.

......

366,300

$

958,316

(0.9)

%

Downer

EDI

Ltd.

..........

265,100

727,855

(0.7)

Wesfarmers

Ltd.

..........

59,700

1,968,268

(1.9)

3,654,439

Brazil

Cia

Energetica

de

Minas

Gerais

(Preference)

..........

398,300

1,068,078

(1.0)

Canada

Canadian

National

Railway

Co.

16,500

1,998,060

(1.9)

Hydro

One

Ltd.

...........

73,300

2,094,286

(2.0)

National

Bank

of

Canada

....

23,100

1,721,057

(1.6)

Royal

Bank

of

Canada

......

25,600

2,444,923

(2.3)

8,258,326

France

AXA

SA

................

64,700

1,911,970

(1.8)

BNP

Paribas

SA

..........

31,100

1,962,595

(1.8)

Dassault

Systemes

SE

.....

27,400

1,214,121

(1.1)

Eurazeo

SE

.............

22,600

1,591,170

(1.5)

6,679,856

Germany

Bayerische

Motoren

Werke

AG

17,000

2,091,120

(2.0)

Italy

Snam

SpA

..............

227,300

1,187,950

(1.1)

Japan

ANA

Holdings,

Inc.

........

72,900

1,736,499

(1.6)

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

..........

117,300

1,244,293

(1.2)

Daiwa

Securities

Group,

Inc.

..

362,300

1,866,936

(1.8)

Ebara

Corp.

.............

23,100

1,108,309

(1.0)

Heiwa

Corp.

.............

88,700

1,542,675

(1.5)

Hirogin

Holdings,

Inc.

.......

150,000

850,887

(0.8)

Hulic

Co.

Ltd.

............

164,200

1,406,937

(1.3)

Japan

Post

Insurance

Co.

Ltd.

110,200

1,656,188

(1.6)

Kamigumi

Co.

Ltd.

........

66,000

1,496,479

(1.4)

Mazda

Motor

Corp.

........

107,600

1,039,867

(1.0)

Medipal

Holdings

Corp.

.....

90,500

1,479,791

(1.4)

Shares

Value

%

of

Basket

Value

Japan

(continued)

Nomura

Research

Institute

Ltd.

27,500

$

759,755

(0.7)

%

NSK

Ltd.

...............

288,900

1,849,033

(1.7)

Rakus

Co.

Ltd.

...........

36,200

617,123

(0.6)

Secom

Co.

Ltd.

...........

26,400

1,786,712

(1.7)

Shimadzu

Corp.

..........

38,300

1,183,800

(1.1)

Takeda

Pharmaceutical

Co.

Ltd.

62,000

1,948,199

(1.8)

Yamaguchi

Financial

Group,

Inc.

120,600

809,825

(0.8)

24,383,308

Mexico

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

.....

37,200

1,039,892

(1.0)

Netherlands

ABN

AMRO

Bank

NV,

CVA

...

69,900

1,086,473

(1.0)

Norway

Equinor

ASA

............

38,300

1,115,253

(1.1)

Singapore

Keppel

Corp.

Ltd.

.........

298,900

1,487,550

(1.4)

South

Korea

DB

Insurance

Co.

Ltd.

......

15,000

851,962

(0.8)

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

6,300

560,039

(0.5)

Hyundai

Marine

&

Fire

Insurance

Co.

Ltd.

..............

40,800

962,671

(0.9)

NCSoft

Corp.

............

2,500

562,986

(0.5)

Samsung

Electronics

Co.

Ltd.

.

17,900

985,633

(0.9)

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

......

5,100

889,978

(0.9)

4,813,269

Spain

ACS

Actividades

de

Construccion

y

Servicios

SA

.........

50,100

1,761,708

(1.7)

Aena

SME

SA

...........

9,000

1,456,621

(1.4)

3,218,329

Switzerland

DKSH

Holding

AG

.........

19,400

1,443,998

(1.4)

Novartis

AG

(Registered)

....

18,600

1,875,241

(1.8)

SGS

SA

(Registered)

.......

18,900

1,787,959

(1.7)

5,107,198

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

126

Shares

Value

%

of

Basket

Value

Taiwan

Cheng

Shin

Rubber

Industry

Co.

Ltd.

................

857,000

$

1,107,029

(1.0)

%

Novatek

Microelectronics

Corp.

65,000

892,461

(0.8)

1,999,490

United

Kingdom

CNH

Industrial

NV

.........

92,000

1,326,880

(1.2)

NatWest

Group

plc

........

449,300

1,373,282

(1.3)

Pearson

plc

.............

80,700

846,045

(0.8)

3,546,207

United

States

3M

Co.

................

12,700

1,271,143

(1.2)

Allstate

Corp.

(The)

........

9,300

1,014,072

(1.0)

American

International

Group,

Inc.

.................

21,900

1,260,126

(1.2)

Aon

plc,

Class

A

..........

4,100

1,415,320

(1.3)

Autodesk,

Inc.

...........

6,000

1,227,660

(1.2)

Chubb

Ltd.

..............

8,900

1,713,784

(1.6)

Cintas

Corp.

.............

4,600

2,286,568

(2.2)

Colgate-Palmolive

Co.

......

25,100

1,933,704

(1.8)

CVS

Health

Corp.

.........

13,300

919,429

(0.9)

Duke

Energy

Corp.

........

19,200

1,723,008

(1.6)

Equity

Residential

.........

23,300

1,537,101

(1.4)

FactSet

Research

Systems,

Inc.

3,200

1,282,080

(1.2)

Federal

Realty

Investment

Trust

14,000

1,354,780

(1.3)

Healthpeak

Properties,

Inc.

...

68,200

1,370,820

(1.3)

Invesco

Ltd.

.............

51,200

860,672

(0.8)

Kimberly-Clark

Corp.

.......

13,500

1,863,810

(1.8)

KLA

Corp.

..............

2,300

1,115,546

(1.1)

Mastercard,

Inc.,

Class

A

....

3,700

1,455,210

(1.4)

MetLife,

Inc.

.............

22,200

1,254,966

(1.2)

Mettler-Toledo

International,

Inc.

800

1,049,312

(1.0)

Moody's

Corp.

...........

4,700

1,634,284

(1.5)

Roche

Holding

AG

........

4,000

1,221,880

(1.2)

Sealed

Air

Corp.

..........

24,800

992,000

(0.9)

Starbucks

Corp.

..........

11,700

1,159,002

(1.1)

Travelers

Cos.,

Inc.

(The)

....

10,700

1,858,162

(1.7)

VICI

Properties,

Inc.

.......

45,600

1,433,208

(1.3)

WEC

Energy

Group,

Inc.

....

18,000

1,588,320

(1.5)

Willis

Towers

Watson

plc

....

7,800

1,836,900

(1.7)

39,632,867

Preferred

Securities

Brazil

Ambev

SA

..............

241,900

779,019

(0.8)

Total

Reference

Entity

—

Long

............

111,148,624

Reference

Entity

—

Short

Common

Stocks

Australia

Computershare

Ltd.

........

(79,600)

(1,242,239)

1.2

Reece

Ltd.

..............

(117,900)

(1,468,732)

1.4

Suncorp

Group

Ltd.

........

(184,300)

(1,655,976)

1.6

Telstra

Group

Ltd.

.........

(687,800)

(1,973,092)

1.8

Woodside

Energy

Group

Ltd.

.

(45,300)

(1,047,861)

1.0

(7,387,900)

Belgium

D'ieteren

Group

..........

(5,200)

(920,323)

0.9

Brazil

Alpargatas

SA

...........

(257,800)

(500,719)

0.5

Energisa

SA

.............

(122,000)

(1,284,157)

1.2

Shares

Value

%

of

Basket

Value

Brazil

(continued)

Hapvida

Participacoes

e

Investimentos

SA

.......

(675,600)

$

(619,415)

0.6

%

(2,404,291)

Canada

BCE,

Inc.

...............

(54,300)

(2,475,728)

2.3

Canadian

Imperial

Bank

of

Commerce

...........

(50,200)

(2,143,281)

2.0

Great-West

Lifeco,

Inc.

.....

(68,600)

(1,992,106)

1.9

Power

Corp.

of

Canada

.....

(111,300)

(2,996,005)

2.8

Restaurant

Brands

International,

Inc.

.................

(21,200)

(1,643,670)

1.6

Toronto-Dominion

Bank

(The)

.

(35,100)

(2,175,551)

2.1

(13,426,341)

China

China

Southern

Airlines

Co.

Ltd.,

Class

H

..............

(1,460,000)

(826,550)

0.8

Finland

Metso

OYJ

..............

(64,000)

(772,271)

0.7

France

Covivio

SA

..............

(33,200)

(1,568,366)

1.5

ICADE

................

(24,200)

(1,009,981)

0.9

Orange

SA

..............

(86,400)

(1,009,709)

0.9

Pernod

Ricard

SA

.........

(6,400)

(1,414,238)

1.3

(5,002,294)

Germany

HOCHTIEF

AG

...........

(9,700)

(839,239)

0.8

Talanx

AG

..............

(25,100)

(1,441,004)

1.4

(2,280,243)

Ireland

Smurfit

Kappa

Group

plc

....

(30,800)

(1,030,753)

1.0

Italy

Davide

Campari-Milano

NV

..

(81,900)

(1,135,070)

1.0

Japan

Aeon

Co.

Ltd.

............

(62,400)

(1,277,734)

1.2

Aeon

Mall

Co.

Ltd.

........

(111,700)

(1,445,600)

1.4

DIC

Corp.

..............

(79,500)

(1,446,476)

1.4

Fujitsu

General

Ltd.

........

(48,000)

(1,048,435)

1.0

Fukuoka

Financial

Group,

Inc.

.

(60,600)

(1,252,509)

1.2

Hachijuni

Bank

Ltd.

(The)

....

(198,300)

(861,371)

0.8

Keihan

Holdings

Co.

Ltd.

....

(45,100)

(1,189,055)

1.1

Kintetsu

Group

Holdings

Co.

Ltd.

................

(33,200)

(1,149,791)

1.1

Koito

Manufacturing

Co.

Ltd.

..

(57,600)

(1,045,276)

1.0

Marui

Group

Co.

Ltd.

.......

(67,400)

(1,177,966)

1.1

McDonald's

Holdings

Co.

Japan

Ltd.

................

(42,600)

(1,656,232)

1.6

Mitsubishi

Gas

Chemical

Co.,

Inc.

.................

(102,200)

(1,488,776)

1.4

Oji

Holdings

Corp.

.........

(357,200)

(1,335,595)

1.2

Olympus

Corp.

...........

(59,700)

(944,774)

0.9

Rakuten

Group,

Inc.

.......

(279,100)

(972,532)

0.9

Seven

Bank

Ltd.

..........

(1,051,600)

(2,065,631)

1.9

Sompo

Holdings,

Inc.

......

(26,400)

(1,184,548)

1.1

Subaru

Corp.

............

(66,800)

(1,258,096)

1.2

SUMCO

Corp.

...........

(95,600)

(1,356,295)

1.3

Yamada

Holdings

Co.

Ltd.

...

(469,300)

(1,381,453)

1.3

(25,538,145)

Luxembourg

Reinet

Investments

SCA

....

(45,000)

(996,892)

0.9

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

127

Shares

Value

%

of

Basket

Value

Mexico

America

Movil

SAB

de

CV

...

(2,009,800)

$

(2,181,579)

2.1

%

Netherlands

Koninklijke

KPN

NV

........

(389,900)

(1,391,933)

1.3

Singapore

Jardine

Cycle

&

Carriage

Ltd.

.

(37,600)

(969,553)

0.9

South

Korea

Coway

Co.

Ltd.

...........

(13,459)

(449,753)

0.4

Kakao

Corp.

.............

(25,600)

(961,535)

0.9

Lotte

Energy

Materials

Corp.

..

(7,795)

(287,372)

0.3

SK,

Inc.

................

(12,376)

(1,403,866)

1.3

(3,102,526)

Spain

Naturgy

Energy

Group

SA

...

(48,700)

(1,451,770)

1.4

Sweden

Skandinaviska

Enskilda

Banken

AB,

Class

A

...........

(131,200)

(1,451,106)

1.4

Switzerland

Bachem

Holding

AG

.......

(8,000)

(698,525)

0.7

Zurich

Insurance

Group

AG

..

(5,700)

(2,711,425)

2.6

(3,409,950)

Taiwan

China

Steel

Corp.

.........

(279,000)

(263,829)

0.2

Shin

Kong

Financial

Holding

Co.

Ltd.

................

(848,000)

(242,887)

0.2

Winbond

Electronics

Corp.

...

(628,000)

(555,459)

0.5

Yuanta

Financial

Holding

Co.

Ltd.

................

(2,098,000)

(1,560,319)

1.5

(2,622,494)

United

Kingdom

Associated

British

Foods

plc

..

(37,100)

(939,478)

0.9

Hiscox

Ltd.

..............

(95,600)

(1,325,409)

1.2

Severn

Trent

plc

..........

(41,900)

(1,365,952)

1.3

Tate

&

Lyle

plc

...........

(117,400)

(1,082,451)

1.0

United

Utilities

Group

plc

....

(104,300)

(1,275,328)

1.2

(5,988,618)

United

States

Accenture

plc,

Class

A

......

(5,000)

(1,542,900)

1.5

Aflac,

Inc.

..............

(32,300)

(2,254,540)

2.1

Arch

Capital

Group

Ltd.

.....

(18,000)

(1,347,300)

1.3

Bank

of

Hawaii

Corp.

.......

(55,485)

(2,287,647)

2.2

BankUnited,

Inc.

..........

(113,004)

(2,435,236)

2.3

Banner

Corp.

............

(41,479)

(1,811,388)

1.7

Bio-Techne

Corp.

.........

(16,800)

(1,371,384)

1.3

Blackstone,

Inc.

..........

(12,700)

(1,180,719)

1.1

Boston

Properties,

Inc.

......

(26,800)

(1,543,412)

1.5

Cadence

Bank

...........

(102,260)

(2,008,386)

1.9

Charles

River

Laboratories

International,

Inc.

.......

(6,100)

(1,282,525)

1.2

Charles

Schwab

Corp.

(The)

..

(78,910)

(4,472,619)

4.2

Columbia

Banking

System,

Inc.

(98,882)

(2,005,327)

1.9

Community

Bank

System,

Inc.

.

(40,049)

(1,877,497)

1.8

Cullen/Frost

Bankers,

Inc.

...

(22,380)

(2,406,521)

2.3

CVB

Financial

Corp.

.......

(143,439)

(1,904,870)

1.8

Darden

Restaurants,

Inc.

....

(8,700)

(1,453,596)

1.4

Emerson

Electric

Co.

.......

(15,400)

(1,392,006)

1.3

FB

Financial

Corp.

........

(73,859)

(2,071,745)

1.9

Fiserv,

Inc.

..............

(15,100)

(1,904,865)

1.8

Glacier

Bancorp,

Inc.

.......

(67,211)

(2,094,967)

2.0

Hancock

Whitney

Corp.

.....

(55,432)

(2,127,480)

2.0

Shares

Value

%

of

Basket

Value

United

States

(continued)

Home

Depot,

Inc.

(The)

.....

(3,900)

$

(1,211,496)

1.1

%

Huntington

Bancshares,

Inc.

..

(390,883)

(4,213,719)

4.0

Invesco

Preferred

ETF

......

(1,000,000)

(11,370,000)

10.7

Iron

Mountain,

Inc.

........

(19,600)

(1,113,672)

1.0

iShares

Preferred

&

Income

Securities

ETF

.........

(500,000)

(15,465,000)

14.6

Kimco

Realty

Corp.

........

(95,900)

(1,891,148)

1.8

KKR

&

Co.,

Inc.

..........

(26,400)

(1,478,400)

1.4

Lamb

Weston

Holdings,

Inc.

..

(10,100)

(1,160,995)

1.1

Mondelez

International,

Inc.,

Class

A

..............

(26,800)

(1,954,792)

1.8

OceanFirst

Financial

Corp.

...

(70,548)

(1,101,960)

1.0

Pacific

Premier

Bancorp,

Inc.

.

(104,662)

(2,164,410)

2.0

Prosperity

Bancshares,

Inc.

..

(31,179)

(1,760,990)

1.7

Quanta

Services,

Inc.

......

(5,400)

(1,060,830)

1.0

Realty

Income

Corp.

.......

(41,000)

(2,451,390)

2.3

Republic

Services,

Inc.

.....

(14,100)

(2,159,697)

2.0

ServisFirst

Bancshares,

Inc.

..

(42,177)

(1,725,883)

1.6

Southern

Co.

(The)

........

(28,400)

(1,995,100)

1.9

SouthState

Corp.

.........

(30,021)

(1,975,382)

1.9

Southwest

Airlines

Co.

......

(35,600)

(1,289,076)

1.2

SPDR

S&P

Regional

Banking

ETF

................

(161,238)

(6,583,347)

6.2

STERIS

plc

.............

(5,600)

(1,259,888)

1.2

Synovus

Financial

Corp.

....

(19,849)

(600,432)

0.6

Take-Two

Interactive

Software,

Inc.

.................

(5,900)

(868,244)

0.8

Teledyne

Technologies,

Inc.

..

(4,300)

(1,767,773)

1.7

Teradyne,

Inc.

...........

(11,400)

(1,269,162)

1.2

Truist

Financial

Corp.

.......

(134,702)

(4,088,206)

3.8

UMB

Financial

Corp.

.......

(33,775)

(2,056,897)

1.9

Valley

National

Bancorp

.....

(272,792)

(2,114,138)

2.0

Washington

Federal,

Inc.

....

(73,386)

(1,946,197)

1.8

Waste

Connections,

Inc.

.....

(10,700)

(1,529,351)

1.4

Western

Alliance

Bancorp

....

(154,720)

(5,642,638)

5.3

WW

Grainger,

Inc.

.........

(1,300)

(1,025,167)

1.0

Zions

Bancorp

NA

.........

(25,608)

(687,831)

0.6

(131,760,141)

Preferred

Securities

Germany

Henkel

AG

&

Co.

KGaA

(Preference)

..........

(17,000)

(1,359,596)

1.3

Total

Reference

Entity

—

Short

............

(217,410,339)

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

(106,261,715)

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Merrill

Lynch

International

&

Co.,

as

of

period

end,

termination

date

March

15,

2028:

Reference

Entity

—

Long

Common

Stocks

Australia

ANZ

Group

Holdings

Ltd.

....

87,100

1,378,775

(0.1)

Metcash

Ltd.

............

587,400

1,474,544

(0.2)

Scentre

Group

...........

462,700

818,291

(0.1)

3,671,610

Belgium

KBC

Group

NV

...........

16,200

1,130,773

(0.1)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

128

Shares

Value

%

of

Basket

Value

Brazil

Intelbras

SA

Industria

de

Telecomunicacao

Eletronica

Brasileira

.............

139,400

$

749,666

(0.1)

%

Petroreconcavo

S/A

........

156,300

627,393

(0.1)

1,377,059

Canada

Barrick

Gold

Corp.

........

33,300

563,316

(0.1)

Enbridge,

Inc.

............

59,100

2,196,704

(0.2)

Pembina

Pipeline

Corp.

.....

70,400

2,213,369

(0.2)

Rogers

Communications,

Inc.,

Class

B

..............

43,400

1,980,069

(0.2)

Sun

Life

Financial,

Inc.

......

43,200

2,252,041

(0.3)

9,205,499

China

Baidu,

Inc.,

Class

A

........

43,900

748,749

(0.1)

China

Tower

Corp.

Ltd.,

Class

H

13,440,000

1,496,804

(0.1)

2,245,553

Denmark

Novo

Nordisk

A/S,

Class

B

...

7,200

1,163,087

(0.2)

France

Societe

Generale

SA

.......

40,000

1,040,250

(0.1)

Germany

ADLER

Group

SA

.........

54,975

33,144

(0.0)

(a)

Merck

KGaA

............

7,700

1,274,580

(0.1)

1,307,724

Hong

Kong

CK

Asset

Holdings

Ltd.

.....

314,500

1,747,601

(0.2)

Ireland

CRH

plc

...............

39,800

2,201,509

(0.2)

Japan

Alfresa

Holdings

Corp.

......

87,800

1,313,401

(0.1)

Aozora

Bank

Ltd.

.........

71,400

1,327,607

(0.1)

BayCurrent

Consulting,

Inc.

..

19,700

740,759

(0.1)

FUJIFILM

Holdings

Corp.

....

27,500

1,638,537

(0.2)

Hirose

Electric

Co.

Ltd.

.....

9,500

1,264,777

(0.1)

Kewpie

Corp.

............

98,100

1,603,812

(0.2)

Nintendo

Co.

Ltd.

.........

25,500

1,162,502

(0.1)

Nitto

Denko

Corp.

.........

20,000

1,484,515

(0.2)

Nomura

Holdings,

Inc.

......

325,400

1,240,594

(0.1)

SMS

Co.

Ltd.

............

41,700

838,644

(0.1)

Stanley

Electric

Co.

Ltd.

.....

72,000

1,459,164

(0.2)

Tobu

Railway

Co.

Ltd.

......

45,000

1,206,592

(0.1)

ZOZO,

Inc.

..............

51,500

1,068,349

(0.1)

16,349,253

Luxembourg

Lottomatica

Group

Spa

.....

197,963

1,882,806

(0.2)

Mexico

Arca

Continental

SAB

de

CV

..

114,100

1,171,063

(0.1)

Netherlands

ASML

Holding

NV

.........

2,200

1,595,723

(0.2)

Singapore

CapitaLand

Ascott

Trust

.....

1,054,979

845,518

(0.1)

South

Africa

Capitec

Bank

Holdings

Ltd.

...

10,700

891,321

(0.1)

Shares

Value

%

of

Basket

Value

South

Korea

HD

Hyundai

Infracore

Co.

Ltd.

.

63,700

$

580,838

(0.1)

%

Sweden

Assa

Abloy

AB,

Class

B

.....

74,600

1,793,158

(0.2)

Telia

Co.

AB

.............

584,300

1,281,869

(0.1)

3,075,027

Switzerland

Clariant

AG

(Registered)

....

123,400

1,785,173

(0.2)

Taiwan

ASE

Technology

Holding

Co.

Ltd.

................

460,000

1,635,828

(0.2)

Chunghwa

Telecom

Co.

Ltd.

..

491,000

1,838,999

(0.2)

Nien

Made

Enterprise

Co.

Ltd.

69,000

760,573

(0.1)

4,235,400

United

Kingdom

Burberry

Group

plc

........

37,400

1,009,183

(0.1)

Dowlais

Group

plc

.........

707,800

1,141,611

(0.1)

EnQuest

plc

.............

4,891,224

925,663

(0.1)

Legal

&

General

Group

plc

...

511,500

1,480,947

(0.2)

Liberty

Global

plc,

Class

A

...

121,654

2,051,086

(0.2)

Tesco

plc

...............

620,300

1,956,765

(0.2)

8,565,255

United

States

Adobe,

Inc.

.............

2,000

977,980

(0.1)

Altice

USA,

Inc.,

Class

A

....

98,847

298,518

(0.0)

(a)

American

Electric

Power

Co.,

Inc.

.................

16,900

1,422,980

(0.2)

Assurant,

Inc.

............

7,100

892,612

(0.1)

Booking

Holdings,

Inc.

......

400

1,080,132

(0.1)

Clorox

Co.

(The)

..........

7,000

1,113,280

(0.1)

Eversource

Energy

........

21,500

1,524,780

(0.2)

Fidelity

National

Information

Services,

Inc.

..........

15,700

858,790

(0.1)

Hartford

Financial

Services

Group,

Inc.

(The)

.......

34,500

2,484,690

(0.3)

Humana,

Inc.

............

2,700

1,207,251

(0.1)

Keurig

Dr

Pepper,

Inc.

......

60,900

1,904,343

(0.2)

Keysight

Technologies,

Inc.

...

10,500

1,758,225

(0.2)

Lockheed

Martin

Corp.

......

2,700

1,243,026

(0.1)

Marathon

Oil

Corp.

........

47,500

1,093,450

(0.1)

Marsh

&

McLennan

Cos.,

Inc.

.

11,100

2,087,688

(0.2)

MGM

Resorts

International

...

33,100

1,453,752

(0.2)

Nasdaq,

Inc.

............

25,700

1,281,145

(0.1)

Paycom

Software,

Inc.

......

3,100

995,844

(0.1)

Prudential

Financial,

Inc.

....

15,800

1,393,876

(0.2)

Rollins,

Inc.

.............

31,800

1,361,994

(0.2)

Salesforce,

Inc.

...........

4,600

971,796

(0.1)

Southwest

Airlines

Co.

......

10,000

362,100

(0.0)

(a)

Xcel

Energy,

Inc.

..........

21,300

1,324,221

(0.1)

Yum!

Brands,

Inc.

.........

12,700

1,759,585

(0.2)

30,852,058

Total

Reference

Entity

—

Long

............

96,920,100

Reference

Entity

—

Short

Common

Stocks

Brazil

Localiza

Rent

a

Car

SA

.....

(99,572)

(1,424,269)

0.2

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

129

Shares

Value

%

of

Basket

Value

Canada

Canadian

Pacific

Kansas

City

Ltd.

................

(19,800)

$

(1,599,245)

0.2

%

Intact

Financial

Corp.

.......

(18,000)

(2,779,181)

0.3

(4,378,426)

China

iQIYI,

Inc.,

ADR

..........

(881,500)

(4,707,210)

0.5

Luye

Pharma

Group

Ltd.

....

(8,509,500)

(3,602,415)

0.4

Xiaomi

Corp.,

Class

B

......

(774,200)

(1,064,474)

0.1

(9,374,099)

Denmark

DSV

A/S

...............

(4,500)

(945,187)

0.1

Tryg

A/S

...............

(73,600)

(1,593,882)

0.2

(2,539,069)

France

Danone

SA

.............

(22,500)

(1,378,878)

0.2

Engie

SA

...............

(64,100)

(1,067,452)

0.1

Sartorius

Stedim

Biotech

....

(3,900)

(974,040)

0.1

(3,420,370)

Germany

Sartorius

AG

(Preference)

...

(2,500)

(866,147)

0.1

Vonovia

SE

.............

(51,800)

(1,011,635)

0.1

(1,877,782)

Hong

Kong

CLP

Holdings

Ltd.

.........

(152,500)

(1,187,761)

0.1

Sino

Biopharmaceutical

Ltd.

..

(1,567,000)

(684,662)

0.1

(1,872,423)

Italy

Eni

SpA

................

(108,200)

(1,557,690)

0.2

Japan

Denso

Corp.

............

(25,900)

(1,747,010)

0.2

ENEOS

Holdings,

Inc.

......

(477,600)

(1,641,616)

0.2

ITOCHU

Corp.

...........

(33,400)

(1,326,700)

0.1

Japan

Post

Holdings

Co.

Ltd.

.

(214,400)

(1,540,946)

0.2

MatsukiyoCocokara

&

Co.

...

(17,000)

(954,910)

0.1

Mitsubishi

Electric

Corp.

.....

(83,800)

(1,184,668)

0.1

MS&AD

Insurance

Group

Holdings,

Inc.

..........

(38,100)

(1,349,209)

0.1

Recruit

Holdings

Co.

Ltd.

....

(28,200)

(900,013)

0.1

SBI

Holdings,

Inc.

.........

(53,400)

(1,029,870)

0.1

SBI

Shinsei

Bank

Ltd.

......

(48,700)

(951,574)

0.1

Taisei

Corp.

.............

(31,000)

(1,083,089)

0.1

Takashimaya

Co.

Ltd.

......

(62,100)

(868,091)

0.1

Tokyu

Corp.

.............

(162,900)

(1,964,716)

0.2

UBE

Corp.

..............

(85,500)

(1,469,938)

0.2

(18,012,350)

Netherlands

Ferrovial

SE

.............

(37,000)

(1,169,647)

0.1

Singapore

United

Overseas

Bank

Ltd.

...

(89,400)

(1,855,162)

0.2

Venture

Corp.

Ltd.

.........

(98,800)

(1,078,678)

0.1

(2,933,840)

Spain

Telefonica

SA

............

(229,400)

(931,355)

0.1

Shares

Value

%

of

Basket

Value

Switzerland

Banque

Cantonale

Vaudoise

(Registered)

...........

(10,600)

$

(1,119,628)

0.1

%

SIG

Group

AG

...........

(37,800)

(1,044,290)

0.1

Tecan

Group

AG

(Registered)

.

(2,600)

(999,111)

0.1

UBS

Group

AG

(Registered)

..

(85,400)

(1,730,944)

0.2

(4,893,973)

United

Kingdom

Rentokil

Initial

plc

.........

(200,300)

(1,566,087)

0.1

United

States

Air

Transport

Services

Group,

Inc.

.................

(34,000)

(641,580)

0.1

Analog

Devices,

Inc.

.......

(6,600)

(1,285,746)

0.1

Avery

Dennison

Corp.

......

(8,400)

(1,443,120)

0.2

Brandywine

Realty

Trust

....

(12,500)

(58,125)

0.0

(b)

Broadridge

Financial

Solutions,

Inc.

.................

(10,400)

(1,722,552)

0.2

Church

&

Dwight

Co.,

Inc.

...

(17,200)

(1,723,956)

0.2

Citizens

Financial

Group,

Inc.

.

(42,100)

(1,097,968)

0.1

Constellation

Energy

Corp.

...

(11,900)

(1,089,445)

0.1

Corteva,

Inc.

............

(24,700)

(1,415,310)

0.2

CoStar

Group,

Inc.

........

(11,200)

(996,800)

0.1

CSX

Corp.

..............

(49,800)

(1,698,180)

0.2

Devon

Energy

Corp.

.......

(21,100)

(1,019,974)

0.1

Equifax,

Inc.

.............

(5,700)

(1,341,210)

0.1

Frontier

Communications

Parent,

Inc.

.................

(40,500)

(754,920)

0.1

International

Business

Machines

Corp.

...............

(12,300)

(1,645,863)

0.2

iShares

Preferred

&

Income

Securities

ETF

.........

(395,000)

(12,217,350)

1.3

Juniper

Networks,

Inc.

......

(37,900)

(1,187,407)

0.1

ONEOK,

Inc.

............

(22,300)

(1,376,356)

0.1

Oracle

Corp.

............

(10,700)

(1,274,263)

0.1

Paramount

Global,

Class

B

...

(46,400)

(738,224)

0.1

QUALCOMM,

Inc.

.........

(8,700)

(1,035,648)

0.1

Raymond

James

Financial,

Inc.

(10,800)

(1,120,716)

0.1

ResMed,

Inc.

............

(6,500)

(1,420,250)

0.2

Sabre

Corp.

.............

(92,500)

(295,075)

0.0

(b)

T-Mobile

US,

Inc.

.........

(10,400)

(1,444,560)

0.2

Xerox

Holdings

Corp.

.......

(30,000)

(446,700)

0.0

(b)

(40,491,298)

Investment

Companies

United

States

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....

(355,240)

(26,667,867)

2.9

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(1,787,187)

(193,266,402)

21.1

SPDR

Bloomberg

High

Yield

Bond

ETF

............

(1,868,000)

(171,912,040)

18.8

Vanguard

Intermediate-Term

Corporate

Bond

ETF

.....

(2,707,000)

(213,934,210)

23.4

Vanguard

Long-Term

Corporate

Bond

ETF

............

(1,725,449)

(135,430,492)

14.8

Vanguard

Short-Term

Corporate

Bond

ETF

............

(2,312,500)

(174,963,750)

19.1

(916,174,761)

Total

Reference

Entity

—

Short

............

(1,012,617,439)

Net

Value

of

Reference

Entity

—

Merrill

Lynch

International

&

Co.

.....................

$

(915,697,339)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

130

(a)

Amount

is

greater

than

(0.1)%.

(b)

Rounds

to

less

than

0.1%.

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

EFFR

.........................................

Effective

Federal

Funds

Rate

5.08

1-day

ESTR

.........................................

Euro

Short-Term

Rate

3.40

1-day

IBR

...........................................

Colombian

Reference

Banking

Indicator

12.27

1-day

SARON

........................................

Swiss

Average

Rate

Overnight

1.71

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

5.07

1-day

SONIA

.........................................

Sterling

Overnight

Index

Average

4.93

1-day

TONAR

........................................

Tokyo

Overnight

Average

Rate

(0.08)

28-day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

11.50

3-mo.

BA

...........................................

Canadian

Bankers

Acceptances

5.40

3-mo.

BBR

..........................................

Australian

Bank

Bill

Rate

4.35

3-mo.

CD_KSDA

......................................

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

3.75

3-mo.

JIBAR

.........................................

Johannesburg

Interbank

Average

Rate

8.50

3-mo.

PRIBOR

.......................................

Prague

Interbank

Offered

Rate

7.13

6-mo.

BBR

..........................................

Australian

Bank

Bill

Rate

4.70

6-mo.

EURIBOR

......................................

Euro

Interbank

Offered

Rate

3.90

6-mo.

PRIBOR

.......................................

Prague

Interbank

Offered

Rate

7.15

6-mo.

WIBOR

........................................

Warsaw

Interbank

Offered

Rate

6.85

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)

............................................

$

11,492,454

$

(34,274,400)

$

505,870,786

$

(585,088,244)

$

—

OTC

Swaps

.....................................................

52,643,486

(17,318,970)

53,314,143

(38,863,647)

—

Options

Written

...................................................

N/A

N/A

40,646,568

(78,052,963)

(190,315,477)

(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.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

131

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)

......

$

—

$

—

$

5,365,112

$

—

$

96,492,977

$

—

$

101,858,089

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

58,884,769

—

—

58,884,769

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

............

—

246,988

23,296,033

9,633,875

69,847,123

2,519

(d)

103,026,538

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

9,053,203

—

—

496,210,568

607,015

505,870,786

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

59,611,466

9,091,016

—

37,255,147

—

105,957,629

$

—

$

68,911,657

$

37,752,161

$

68,518,644

$

699,805,815

$

609,534

$

875,597,811

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

70,493

$

—

$

9,168,123

$

—

$

43,047,048

$

—

$

52,285,664

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

64,296,652

—

—

64,296,652

Options

written

(b)

Options

written

at

value

.....................

—

1,698,612

11,664,196

2,774,517

174,178,152

—

190,315,477

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

11,195,306

—

—

572,671,763

1,221,175

585,088,244

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

50,312,343

81,094

—

5,789,180

—

56,182,617

$

70,493

$

63,206,261

$

20,913,413

$

67,071,169

$

795,686,143

$

1,221,175

$

948,168,654

(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.

(d)

Includes

dual

binary

options

at

value.

For

the

period

ended

June

30,

2023,

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

.......................

$

53,860

$

—

$

(70,467,623)

$

—

$

(60,060,955)

$

—

$

(130,474,718)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(106,069,035)

—

—

(106,069,035)

Options

purchased

(a)

.....................

—

(6,717,919)

(70,002,753)

(70,767,372)

(32,130,419)

—

(179,618,463)

Options

written

........................

—

4,087,372

45,882,920

49,173,257

70,283,395

—

169,426,944

Swaps

..............................

—

(6,480,155)

(25,543,225)

—

(5,903,577)

(220,090)

(38,147,047)

$

53,860

$

(9,110,702)

$

(120,130,681)

$

(127,663,150)

$

(27,811,556)

$

(220,090)

$

(284,882,319)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

(70,493)

$

—

$

(19,865,724)

$

—

$

(179,486,039)

$

—

$

(199,422,256)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(2,044,539)

—

—

(2,044,539)

Options

purchased

(b)

.....................

—

(366,471)

17,426,333

(12,069,198)

(74,578,373)

(407,489)

(69,995,198)

Options

written

........................

—

(824,259)

(4,628,659)

3,723,385

171,306,111

—

169,576,578

Swaps

..............................

—

(21,002,108)

(8,126,800)

—

(284,674,636)

96,536

(313,707,008)

$

(70,493)

$

(22,192,838)

$

(15,194,850)

$

(10,390,352)

$

(367,432,937)

$

(310,953)

$

(415,592,423)

(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.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

132

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

—

long

..................................................................................

$

6,137,373,689

Average

notional

value

of

contracts

—

short

.................................................................................

$

13,003,489,090

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

$

11,629,782,748

Average

amounts

sold

—

in

USD

........................................................................................

$

3,518,484,383

Options

Average

value

of

option

contracts

purchased

................................................................................

$

81,579,169

Average

value

of

option

contracts

written

...................................................................................

$

53,656,714

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

$

6,970,277,435

Average

notional

value

of

swaption

contracts

written

...........................................................................

$

20,354,791,780

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

$

2,691,917,432

Average

notional

value

—

sell

protection

...................................................................................

$

686,161,016

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

$

19,959,651,184

Average

notional

value

—

receives

fixed

rate

................................................................................

$

36,818,279,309

Inflation

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

$

123,561,997

Average

notional

value

—

receives

fixed

rate

................................................................................

$

159,487,010

Total

return

swaps

Average

notional

value

...............................................................................................

$

1,564,481,272

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

206,641

Futures

contracts

....................................................................................

$

5,577,902

$

31,203,290

Forward

foreign

currency

exchange

contracts

.................................................................

58,884,769

64,296,652

Options

(a)(b)

........................................................................................

103,026,538

190,315,477

Swaps

—

centrally

cleared

..............................................................................

—

8,185,156

Swaps

—

OTC

(c)

.....................................................................................

105,957,629

56,182,617

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

273,446,838

$

350,183,192

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(56,039,782)

(85,276,814)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

217,407,056

$

264,906,378

(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.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

133

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Bank

of

America

NA

..............................

$

17,601,739

$

(3,950,487)

$

(11,766,800)

$

—

$

1,884,452

Barclays

Bank

plc

................................

31,092,195

(29,753,384)

—

(1,338,811)

—

BNP

Paribas

SA

.................................

31,641,810

(6,155,683)

—

(1,311,000)

24,175,127

Citibank

NA

....................................

22,863,337

(22,863,337)

—

—

—

Citigroup

Global

Markets,

Inc.

........................

1,160,683

(376,185)

—

(605,000)

179,498

Credit

Suisse

International

..........................

2,526,467

(1,346,896)

—

(1,179,571)

—

Deutsche

Bank

AG

...............................

4,831,037

(3,056,350)

—

—

1,774,687

Goldman

Sachs

International

........................

30,372,167

(30,372,167)

—

—

—

HSBC

Bank

plc

..................................

1,796,227

(1,796,227)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

35,932,609

(35,932,609)

—

—

—

Merrill

Lynch

International

&

Co.

......................

1,946,582

—

—

—

1,946,582

Morgan

Stanley

&

Co.

International

plc

..................

22,965,520

(11,236,192)

—

(9,085,000)

2,644,328

Natwest

Markets

plc

..............................

1,421,731

(367,383)

—

—

1,054,348

Nomura

International

plc

...........................

440,792

(440,792)

—

—

—

Royal

Bank

of

Canada

.............................

236,808

(233,454)

—

—

3,354

Societe

Generale

SA

..............................

5,328

(5,328)

—

—

—

Standard

Chartered

Bank

...........................

134,765

(134,765)

—

—

—

State

Street

Bank

and

Trust

Co.

......................

94,034

(94,034)

—

—

—

Toronto

Dominion

Bank

............................

6,211,376

(2,880,871)

—

—

3,330,505

UBS

AG

......................................

2,836,340

(2,836,340)

—

—

—

Westpac

Banking

Corp.

............................

1,295,509

—

—

—

1,295,509

$

217,407,056

$

(153,832,484)

$

(11,766,800)

$

(13,519,382)

$

38,288,390

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

(b)

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(c)(e)

Bank

of

America

NA

..............................

$

3,950,487

$

(3,950,487)

$

—

$

—

$

—

Barclays

Bank

plc

................................

29,753,384

(29,753,384)

—

—

—

BNP

Paribas

SA

.................................

6,155,683

(6,155,683)

—

—

—

Citibank

NA

....................................

46,984,638

(22,863,337)

(24,121,301)

—

—

Citigroup

Global

Markets,

Inc.

........................

376,185

(376,185)

—

—

—

Credit

Suisse

International

..........................

1,346,896

(1,346,896)

—

—

—

Deutsche

Bank

AG

...............................

3,056,350

(3,056,350)

—

—

—

Goldman

Sachs

International

........................

69,637,887

(30,372,167)

(39,265,720)

—

—

HSBC

Bank

plc

..................................

2,381,243

(1,796,227)

—

—

585,016

JPMorgan

Chase

Bank

NA

..........................

69,853,849

(35,932,609)

(22,811,439)

—

11,109,801

JPMorgan

Securities

LLC

...........................

1,033,800

—

(1,023,407)

—

10,393

Morgan

Stanley

&

Co.

International

plc

..................

11,236,192

(11,236,192)

—

—

—

Natwest

Markets

plc

..............................

367,383

(367,383)

—

—

—

Nomura

International

plc

...........................

2,346,864

(440,792)

—

—

1,906,072

Royal

Bank

of

Canada

.............................

233,454

(233,454)

—

—

—

Societe

Generale

SA

..............................

39,466

(5,328)

—

—

34,138

Standard

Chartered

Bank

...........................

355,064

(134,765)

(220,299)

—

—

State

Street

Bank

and

Trust

Co.

......................

3,434,736

(94,034)

—

—

3,340,702

Toronto

Dominion

Bank

............................

2,880,871

(2,880,871)

—

—

—

UBS

AG

......................................

9,481,946

(2,836,340)

(6,645,606)

—

—

$

264,906,378

$

(153,832,484)

$

(94,087,772)

$

—

$

16,986,122

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(d)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(e)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

134

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

.............................................

$

—

$

24,852,572

$

—

$

24,852,572

Canada

.............................................

—

24,138,396

—

24,138,396

Cayman

Islands

........................................

—

2,435,374,409

7,569,500

2,442,943,909

France

..............................................

—

4,026,352

—

4,026,352

Germany

............................................

—

4,271,926

—

4,271,926

Ireland

..............................................

—

227,250,193

—

227,250,193

Italy

................................................

—

17,948,828

—

17,948,828

Jersey,

Channel

Islands

...................................

—

32,233,506

—

32,233,506

Luxembourg

..........................................

—

4,245,158

—

4,245,158

Netherlands

...........................................

—

3,055,327

—

3,055,327

Portugal

.............................................

—

3,060,622

—

3,060,622

Spain

...............................................

—

8,766,174

—

8,766,174

United

Kingdom

........................................

—

99,973,189

—

99,973,189

United

States

..........................................

—

2,206,472,917

86,791,994

2,293,264,911

Common

Stocks

Canada

.............................................

1,400,039

—

14

1,400,053

France

..............................................

—

14,558,096

—

14,558,096

Germany

............................................

577,261

27,912,380

1,780,141

30,269,782

Japan

...............................................

—

46,768,402

—

46,768,402

Netherlands

...........................................

652,104

7,993,942

—

8,646,046

Spain

...............................................

—

802,919

—

802,919

Sweden

.............................................

—

1,535,154

—

1,535,154

Switzerland

...........................................

—

1,426,789

—

1,426,789

United

Kingdom

........................................

8,327,927

14,883,827

27

23,211,781

United

States

..........................................

338,637,322

12,824,848

47,581,426

399,043,596

Corporate

Bonds

Argentina

............................................

—

11,864,622

—

11,864,622

Australia

.............................................

—

52,754,820

33,476,494

86,231,314

Austria

..............................................

—

46,755,903

—

46,755,903

Belgium

.............................................

—

71,995,594

—

71,995,594

Brazil

...............................................

—

49,925,377

—

49,925,377

Canada

.............................................

—

206,943,357

17,788,288

224,731,645

Cayman

Islands

........................................

—

37,903

—

37,903

Chile

...............................................

—

14,569,294

—

14,569,294

China

...............................................

—

95,977,145

—

95,977,145

Colombia

............................................

—

54,350,720

—

54,350,720

Costa

Rica

...........................................

—

1,728,790

—

1,728,790

Cyprus

..............................................

—

15,846,559

—

15,846,559

Czech

Republic

........................................

—

5,689,207

—

5,689,207

Denmark

.............................................

—

11,896,502

—

11,896,502

Dominican

Republic

.....................................

—

2,471,417

—

2,471,417

Finland

..............................................

—

15,860,703

—

15,860,703

France

..............................................

—

705,636,106

18,867,939

724,504,045

Germany

............................................

—

829,403,198

20,181,198

849,584,396

Greece

..............................................

—

8,650,594

—

8,650,594

Guatemala

...........................................

—

7,176,943

—

7,176,943

Hong

Kong

...........................................

—

9,979,431

—

9,979,431

India

...............................................

—

37,427,991

32,285,674

69,713,665

Indonesia

............................................

—

15,458,628

—

15,458,628

Ireland

..............................................

—

15,435,660

—

15,435,660

Israel

...............................................

—

51,056,881

—

51,056,881

Italy

................................................

—

370,892,253

—

370,892,253

Jamaica

.............................................

—

9,044,579

—

9,044,579

Japan

...............................................

—

159,246,374

—

159,246,374

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

135

Level

1

Level

2

Level

3

Total

Kuwait

..............................................

$

—

$

9,174,703

$

—

$

9,174,703

Luxembourg

..........................................

—

205,820,555

—

205,820,555

Macau

..............................................

—

11,409,222

—

11,409,222

Malaysia

.............................................

—

8,275,348

—

8,275,348

Mexico

..............................................

—

75,412,959

—

75,412,959

Morocco

.............................................

—

4,260,640

—

4,260,640

Netherlands

...........................................

—

303,676,811

—

303,676,811

Nigeria

..............................................

—

7,993,819

—

7,993,819

Norway

..............................................

—

3,844,229

—

3,844,229

Oman

...............................................

—

1,643,742

—

1,643,742

Paraguay

............................................

—

4,752,526

—

4,752,526

Peru

................................................

—

2,628,900

—

2,628,900

Portugal

.............................................

—

23,329,529

—

23,329,529

Romania

.............................................

—

8,815,892

—

8,815,892

Saudi

Arabia

..........................................

—

54,339,089

—

54,339,089

Singapore

............................................

—

30,882,992

—

30,882,992

Slovenia

.............................................

—

20,388,881

—

20,388,881

South

Africa

...........................................

—

90,158,648

—

90,158,648

South

Korea

..........................................

—

13,952,477

—

13,952,477

Spain

...............................................

—

417,401,775

—

417,401,775

Sweden

.............................................

—

88,876,587

—

88,876,587

Switzerland

...........................................

—

250,757,690

1

250,757,691

Tanzania,

United

Republic

Of

...............................

—

3,615,788

—

3,615,788

Thailand

.............................................

—

8,838,950

—

8,838,950

Turkey

..............................................

—

4,328,860

—

4,328,860

Ukraine

.............................................

—

16,439,692

—

16,439,692

United

Arab

Emirates

....................................

—

32,381,344

—

32,381,344

United

Kingdom

........................................

—

1,178,034,385

—

1,178,034,385

United

States

..........................................

—

5,646,908,882

280,726,468

5,927,635,350

Zambia

..............................................

—

13,695,329

—

13,695,329

Floating

Rate

Loan

Interests

Canada

.............................................

—

5,489

—

5,489

European

Union

........................................

—

—

32,488,576

32,488,576

France

..............................................

—

1,878,489

—

1,878,489

Germany

............................................

—

5,462,565

2,232,595

7,695,160

Jersey,

Channel

Islands

...................................

—

—

22,298,268

22,298,268

Luxembourg

..........................................

—

2,725,167

27,955,356

30,680,523

Mexico

..............................................

—

—

291,200

291,200

Netherlands

...........................................

—

12,012,774

—

12,012,774

Spain

...............................................

—

—

69,837,789

69,837,789

United

Kingdom

........................................

—

27,837,289

89,011,014

116,848,303

United

States

..........................................

—

406,699,332

610,951,974

1,017,651,306

Foreign

Agency

Obligations

.................................

—

439,140,035

—

439,140,035

Foreign

Government

Obligations

..............................

—

3,334,707,375

—

3,334,707,375

Investment

Companies

....................................

1,023,878,593

—

—

1,023,878,593

Municipal

Bonds

.........................................

—

470,215,294

—

470,215,294

Non-Agency

Mortgage-Backed

Securities

Bermuda

.............................................

—

34,079,672

—

34,079,672

Cayman

Islands

........................................

—

17,402,071

—

17,402,071

Ireland

..............................................

—

51,892,263

—

51,892,263

Italy

................................................

—

19,495,633

—

19,495,633

Netherlands

...........................................

—

10,861,546

—

10,861,546

Switzerland

...........................................

—

16,998

—

16,998

United

Kingdom

........................................

—

196,790,406

—

196,790,406

United

States

..........................................

—

2,364,228,900

150,183,967

2,514,412,867

Preferred

Securities

Brazil

...............................................

—

—

16,594,139

16,594,139

China

...............................................

—

—

52,107,621

52,107,621

Germany

............................................

—

—

14,243,618

14,243,618

Israel

...............................................

—

—

21,357,588

21,357,588

Jersey,

Channel

Islands

...................................

—

—

11,184,211

11,184,211

Sweden

.............................................

—

—

6,568,470

6,568,470

United

States

..........................................

—

46,137,895

236,313,583

282,451,478

U.S.

Government

Sponsored

Agency

Securities

....................

—

10,344,337,184

9,733,859

10,354,071,043

Fair

Value

Hierarchy

as

of Period

End

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

136

Level

1

Level

2

Level

3

Total

U.S.

Treasury

Obligations

...................................

$

—

$

4,070,782,963

$

—

$

4,070,782,963

Warrants

..............................................

761,833

17,821

5,879,713

6,659,367

Short-Term

Securities

Borrowed

Bond

Agreements

.................................

—

393,492,696

—

393,492,696

Certificates

of

Deposit

.....................................

—

96,997,993

—

96,997,993

Commercial

Paper

.......................................

—

617,731,702

—

617,731,702

Money

Market

Funds

......................................

598,599,589

—

—

598,599,589

Options

Purchased

Credit

contracts

..........................................

—

246,988

—

246,988

Equity

contracts

..........................................

21,699,436

1,596,597

—

23,296,033

Foreign

currency

exchange

contracts

...........................

—

9,633,875

—

9,633,875

Interest

rate

contracts

......................................

28,762,444

41,084,679

—

69,847,123

Other

contracts

..........................................

—

2,519

—

2,519

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

—

656,922

656,922

Liabilities

Investments

Borrowed

Bonds

.........................................

—

(388,469,059)

—

(388,469,059)

TBA

Sale

Commitments

....................................

—

(6,081,413,803)

—

(6,081,413,803)

Investment

Sold

Short

Corporate

Bonds

........................................

—

(1,706,360)

—

(1,706,360)

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

—

(774,025)

(774,025)

$

2,023,296,548

$

33,190,417,709

$

1,926,165,602

$

37,139,879,859

Investments

valued

at

NAV

(b)

......................................

397,241,764

$

—

$

37,537,121,623

$

—

Derivative

Financial

Instruments

(c)

Assets

Credit

contracts

...........................................

$

—

$

16,899,554

$

—

$

16,899,554

Equity

contracts

...........................................

509,292

13,946,836

—

14,456,128

Foreign

currency

exchange

contracts

............................

—

58,884,769

—

58,884,769

Interest

rate

contracts

.......................................

96,492,977

532,587,344

—

629,080,321

Other

contracts

...........................................

—

607,015

—

607,015

Liabilities

Commodity

contracts

.......................................

(70,493)

—

—

(70,493)

Credit

contracts

...........................................

—

(45,887,291)

—

(45,887,291)

Equity

contracts

...........................................

(14,502,695)

(6,410,718)

—

(20,913,413)

Foreign

currency

exchange

contracts

............................

—

(67,071,169)

—

(67,071,169)

Interest

rate

contracts

.......................................

(77,365,310)

(718,320,833)

—

(795,686,143)

Other

contracts

...........................................

—

(1,221,175)

—

(1,221,175)

$

5,063,771

$

(215,985,668)

$

—

$

(210,921,897)

(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

as

a

practical

expedient

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.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

137

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

Options

Purchased

Preferred

Securities

Unfunded

Floating

Rate

Loan

Interests

U.S.

Government

Sponsored

Agency

Securities

Warrants

Total

Investments

Assets/Liabilities

Opening

balance,

as

of

December

31,

2022

$

78,776,696

$

49,110,433

$

330,214,740

$

852,706,468

$

319,875,783

$

3,494,268

$

340,809,432

$

(1,151,914)

$

76,592,805

$

6,002,568

$

2,056,431,279

Transfers

into

Level

3

.............

3,524,711

—

20,016,311

31,121,019

22,683,771

—

—

—

3,314,159

—

80,659,971

Transfers

out

of

Level

3

............

(49,818,001)

—

—

(63,314,569)

(178,509,179)

—

—

—

(56,171,356)

—

(347,813,105)

Other

(a)

.......................

36,982,155

—

(36,982,155)

—

—

—

—

—

—

—

—

Accrued

discounts/premiums

.........

17,766

—

362,520

1,122,090

(347,688)

—

—

—

76,913

—

1,231,601

Net

realized

gain

(loss)

............

(33,903)

(911)

159,002

(3,071,195)

(127,407)

(4,229,337)

—

—

2,106,463

—

(5,197,288)

Net

change

in

unrealized

appreciation

(depreciation)

(b)(c)

..............

606,296

(1,804,338)

(15,888,494)

(16,552,732)

(3,978,918)

735,069

2,544,648

1,034,811

(2,337,863)

(122,855)

(35,764,376)

Purchases

.....................

24,999,770

2,056,424

116,360,771

163,750,350

109,724

—

15,015,150

—

—

—

322,292,189

Sales

........................

(693,996)

—

(10,916,633)

(110,694,659)

(9,522,119)

—

—

—

(13,847,262)

—

(145,674,669)

Closing

balance,

as

of

June

30,

2023

...

$

94,361,494

$

49,361,608

$

403,326,062

$

855,066,772

$

150,183,967

$

—

$

358,369,230

$

(117,103)

$

9,733,859

$

5,879,713

$

1,926,165,602

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

June

30,

2023

(c)

...............

$

582,009

$

(1,804,338)

$

(15,888,494)

$

(18,050,985)

$

(4,093,809)

$

—

$

2

,

544

,

648

$

1,034,811

$

(266,993)

$

(122,855)

$

(3

6

,

066

,

006

)

(a)

Certain

Level

3

investments

were

re-classified

between

Asset-Backed

Securities

and

Corporate

Bonds.

(b)

Included

in

the

related

net

change

in

unrealized

appreciation

(depreciation)

in

the

Statements

of

Operations.

(c)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

June

30,

2023

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Strategic

Income

Opportunities

Portfolio

138

(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

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

$363,214,743

.

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

.............................

$

47,457,387

Market

Revenue

Multiple

4.00x

-

20.00x

10.18x

Volatility

51%

-

58%

54%

Time

to

Exit

1.4-

1.6

years

1.5

years

Corporate

Bonds

.............................

372,947,187

Income

Discount

Rate

5%

-

35%

13%

Floating

Rate

Loan

Interests

......................

778,358,425

Income

Discount

Rate

4%

-

22%

10%

Credit

Spread

273-819

426

Estimated

Recovery

Value

50%

—

Preferred

Stocks

.............................

358,369,224

Market

Revenue

Multiple

0.21x

-

29.00x

10.49x

EBIDTAR

Multiple

7.50x

—

Volatility

49%

-

90%

70%

Time

to

Exit

1.5

-

5.0

years

2.9

years

Market

Adjustment

Multiple

0.90x

—

Gross

Profit

Multiple

7.50x

-

31.50x

17.20x

Income

Discount

Rate

13%

-

15%

13%

Warrants

..................................

5,818,636

Market

Revenue

Multiple

3.75x

-

29.00x

11.81x

Volatility

51%

-

60%

56%

Time

to

Exit

0.5

-

4.3

years

4.1

years

Discount

Rate

35%

—

$

1,562,950,859

Schedule

of

Investments

(unaudited)

June

30,

2023

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Schedules

of

Investments

139

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Corporate

Bonds

Brazil

—

0.4%

Klabin

Austria

GmbH,

3.20%

,

01/12/31

(a)

................

USD

200

$

159,900

Guatemala

—

0.4%

Millicom

International

Cellular

SA,

6.25%

,

03/25/29

(a)

...........

180

160,706

Saudi

Arabia

—

0.9%

Gaci

First

Investment

Co.,

5.00%

,

10/13/27

(a)

................

320

317,921

Total

Corporate

Bonds

—

1.7%

(Cost:

$688,472)

................................

638,527

Foreign

Government

Obligations

Argentina

—

0.7%

Argentine

Republic

(The)

(b)(c)

3.88%,

01/09/38

............

522

183,210

1.50%,

07/09/46

............

306

91,542

274,752

Bahrain

—

0.5%

Kingdom

of

Bahrain,

7.75%

,

04/18/35

(d)

200

202,500

Benin

—

0.8%

Benin

Government

Bond,

4.95%

,

01/22/35

(d)

................

EUR

378

290,848

Brazil

—

5.7%

Federative

Republic

of

Brazil

10.00%,

01/01/25

...........

BRL

4

848,326

10.00%,

01/01/27

...........

3

641,509

10.00%,

01/01/29

...........

3

538,855

10.00%,

01/01/31

...........

1

121,990

2,150,680

Chile

—

3.3%

Bonos

Tesoreria

Pesos,

4.50%

,

03/01/26

.................

CLP

380,000

460,780

Republic

of

Chile

5.00%,

10/01/28

(a)(d)

..........

115,000

140,930

2.55%,

01/27/32

............

USD

272

231,910

3.10%,

05/07/41

............

326

244,050

4.34%,

03/07/42

............

200

177,440

1,255,110

China

—

1.9%

People's

Republic

of

China

3.03%,

03/11/26

............

CNY

1,080

151,708

2.85%,

06/04/27

............

2,230

311,891

3.02%,

05/27/31

............

1,570

221,447

3.72%,

04/12/51

............

140

21,441

706,487

Colombia

—

5.7%

Republic

of

Colombia

7.50%,

08/26/26

............

COP

346,000

77,714

6.00%,

04/28/28

............

788,300

161,651

7.75%,

09/18/30

............

1,724,200

367,451

7.00%,

03/26/31

............

644,500

129,962

3.13%,

04/15/31

............

USD

200

151,054

3.25%,

04/22/32

............

200

147,520

7.00%,

06/30/32

............

COP

1,373,200

269,200

7.50%,

02/02/34

............

USD

200

195,522

7.25%,

10/18/34

............

COP

961,700

185,242

6.25%,

07/09/36

............

1,384,300

240,289

Security

Par

(000)

Par

(000)

Value

Colombia

(continued)

9.25%,

05/28/42

............

COP

1,080,400

$

231,789

2,157,394

Czech

Republic

—

6.5%

Czech

Republic

5.70%,

05/25/24

(a)

...........

CZK

8,740

400,592

1.25%,

02/14/25

............

8,610

369,826

1.00%,

06/26/26

(a)

...........

10,000

408,425

0.25%,

02/10/27

............

2,900

113,137

2.50%,

08/25/28

(a)

...........

5,080

211,230

2.75%,

07/23/29

............

4,470

186,587

0.05%,

11/29/29

............

5,550

192,698

0.95%,

05/15/30

(a)

...........

5,330

194,837

1.20%,

03/13/31

............

5,650

205,505

2.00%,

10/13/33

............

4,360

160,956

2,443,793

Dominican

Republic

—

1.3%

Dominican

Republic

Government

Bond

6.88%,

01/29/26

(a)

...........

USD

103

103,698

13.63%,

02/03/33

(d)

..........

DOP

8,000

178,426

5.88%,

01/30/60

(d)

...........

USD

250

192,810

474,934

Ecuador

—

0.2%

Republic

of

Ecuador,

2.50%

,

07/31/35

(b)

(c)(d)

.....................

211

72,880

Egypt

—

1.2%

Arab

Republic

of

Egypt

(a)

8.50%,

01/31/47

............

247

130,816

7.90%,

02/21/48

............

600

307,158

437,974

El

Salvador

—

0.6%

Republic

of

El

Salvador

(a)

7.65%,

06/15/35

............

163

95,812

9.50%,

07/15/52

............

210

131,466

227,278

Gabon

—

0.6%

Gabonese

Republic,

7.00%

,

11/24/31

(d)

278

220,507

Ghana

—

0.7%

Republic

of

Ghana

(c)(e)(f)

8.13%,

01/18/26

(a)

...........

249

111,662

8.88%,

05/07/42

(d)

...........

369

150,349

262,011

Guatemala

—

0.5%

Republic

of

Guatemala,

5.38%

,

04/24/32

(a)

................

200

189,542

Hungary

—

4.1%

Hungary

Government

Bond

6.00%,

11/24/23

............

HUF

222,040

637,993

5.38%,

03/25/24

............

USD

16

15,936

3.00%,

06/26/24

............

HUF

69,920

190,434

1.00%,

11/26/25

............

78,480

191,618

5.50%,

06/16/34

(d)

...........

USD

275

266,439

4.00%,

04/28/51

............

HUF

127,540

237,599

1,540,019

Indonesia

—

3.4%

Republic

of

Indonesia

8.25%,

05/15/29

............

IDR

938,000

68,852

7.00%,

09/15/30

............

2,838,000

196,583

6.50%,

02/15/31

............

3,870,000

260,452

8.38%,

03/15/34

............

7,169,000

549,181

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

140

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Indonesia

(continued)

7.50%,

06/15/35

............

IDR

449,000

$

32,374

4.75%,

07/18/47

(a)

...........

USD

200

188,490

1,295,932

Ivory

Coast

—

0.8%

Republic

of

Cote

d'Ivoire

(a)

6.88%,

10/17/40

............

EUR

293

242,490

6.63%,

03/22/48

............

100

77,096

319,586

Jordan

—

0.5%

Hashemite

Kingdom

of

Jordan,

7.50%

,

01/13/29

(d)

................

USD

200

199,470

Kenya

—

0.9%

Republic

of

Kenya

(a)

8.00%,

05/22/32

............

200

168,490

8.25%,

02/28/48

............

200

152,320

320,810

Malaysia

—

2.0%

Malaysia

Government

Bond

4.37%,

10/31/28

............

MYR

793

175,337

3.83%,

07/05/34

............

2,443

515,424

4.07%,

06/15/50

............

325

67,690

758,451

Mexico

—

10.1%

United

Mexican

States

8.00%,

12/07/23

............

MXN

233

1,341,990

8.00%,

09/05/24

............

14

79,672

4.15%,

03/28/27

............

USD

207

202,699

7.50%,

06/03/27

............

MXN

70

388,563

2.66%,

05/24/31

............

USD

200

165,950

7.75%,

05/29/31

............

MXN

52

289,591

7.75%,

11/23/34

............

158

861,566

4.50%,

01/31/50

............

USD

200

163,224

4.40%,

02/12/52

............

200

157,434

5.75%,

10/12/10

............

196

174,812

3,825,501

Mongolia

—

0.4%

Mongolia

International

Bond,

4.45%

,

07/07/31

(a)

................

200

155,428

Morocco

—

0.4%

Kingdom

of

Morocco,

4.00%

,

12/15/50

(a)

................

200

134,120

Oman

—

1.9%

Oman

Government

Bond

(d)

7.38%,

10/28/32

............

352

386,289

7.00%,

01/25/51

............

342

338,077

724,366

Panama

—

1.6%

Republic

of

Panama

9.38%,

04/01/29

............

84

100,832

6.40%,

02/14/35

............

200

208,018

4.50%,

05/15/47

............

200

157,692

4.50%,

04/16/50

............

200

153,906

620,448

Paraguay

—

0.7%

Republic

of

Paraguay,

6.10%

,

08/11/44

(a)

................

267

253,370

Security

Par

(000)

Par

(000)

Value

Peru

—

1.5%

Republic

of

Peru

8.20%,

08/12/26

............

PEN

766

$

223,686

6.15%,

08/12/32

............

875

230,607

5.63%,

11/18/50

............

USD

98

100,450

554,743

Philippines

—

1.1%

Republic

of

Philippines

1.95%,

01/06/32

............

250

199,850

4.20%,

03/29/47

............

235

201,874

401,724

Poland

—

3.2%

Republic

of

Poland

2.25%,

10/25/24

............

PLN

884

207,471

3.75%,

05/25/27

............

819

188,102

2.50%,

07/25/27

............

935

203,966

2.75%,

04/25/28

............

876

189,991

2.75%,

10/25/29

............

1,029

215,814

6.00%,

10/25/33

............

733

183,054

1,188,398

Qatar

—

1.5%

State

of

Qatar

(a)

3.25%,

06/02/26

............

USD

200

191,428

4.40%,

04/16/50

............

413

374,901

566,329

Romania

—

2.7%

Romania

Government

Bond

2.75%,

02/26/26

(a)

...........

EUR

187

193,407

3.25%,

06/24/26

............

RON

540

108,632

4.15%,

01/26/28

............

715

141,945

3.00%,

02/14/31

(a)

...........

USD

110

91,031

6.70%,

02/25/32

............

RON

650

141,942

6.13%,

01/22/44

(a)

...........

USD

200

192,316

4.00%,

02/14/51

(a)

...........

206

146,606

1,015,879

Saudi

Arabia

—

2.1%

Kingdom

of

Saudi

Arabia

5.00%,

01/18/53

(d)

...........

435

402,397

5.00%,

01/18/53

(a)

...........

200

185,010

3.45%,

02/02/61

(a)

...........

287

201,393

788,800

Senegal

—

0.4%

Republic

of

Senegal,

6.25%

,

05/23/33

(a)

200

166,820

Serbia

—

0.4%

Republic

of

Serbia,

2.13%

,

12/01/30

(a)

200

153,078

South

Africa

—

6.9%

Republic

of

South

Africa

10.50%,

12/21/26

...........

ZAR

8,981

495,633

8.00%,

01/31/30

............

12,905

605,729

5.88%,

06/22/30

............

USD

400

365,340

7.00%,

02/28/31

............

ZAR

4,768

202,752

8.25%,

03/31/32

............

2,743

122,612

5.88%,

04/20/32

............

USD

200

177,132

8.88%,

02/28/35

............

ZAR

4,965

215,995

8.50%,

01/31/37

............

4,519

183,548

9.00%,

01/31/40

............

2,412

98,426

8.75%,

02/28/48

............

3,425

132,071

2,599,238

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Schedules

of

Investments

141

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Sri

Lanka

—

0.4%

Democratic

Socialist

Republic

of

Sri

Lanka,

7.85%

,

03/14/29

(a)(c)(e)(f)

...

USD

361

$

158,028

Trinidad

and

Tobago

—

0.5%

Republic

of

Trinidad

&

Tobago,

4.50%

,

08/04/26

(a)

................

200

193,950

Turkey

—

1.1%

Republic

of

Turkey

5.25%,

03/13/30

............

228

186,794

9.38%,

01/19/33

............

225

225,281

412,075

Ukraine

—

1.3%

Ukraine

Government

Bond

(a)(c)(e)(f)

7.75%,

09/01/27

............

244

57,718

7.75%,

09/01/28

............

142

33,819

7.38%,

09/25/34

............

620

143,220

7.75%,

08/01/41

............

606

241,491

476,248

United

Arab

Emirates

—

1.0%

UAE

International

Government

Bond,

4.95%

,

07/07/52

(d)

...........

380

375,410

Zambia

—

0.3%

Republic

of

Zambia,

8.50%

,

04/14/24

(a)

(c)(e)(f)

....................

200

115,908

Total

Foreign

Government

Obligations

—

81.4%

(Cost:

$32,748,410)

..............................

30,680,819

U.S.

Treasury

Obligations

U.S.

Treasury

Notes

1.38%, 09/30/23

............

221

218,605

1.63%, 10/31/23

............

1,853

1,830,943

2.50%, 04/30/24

............

1,164

1,135,828

Total

U.S.

Treasury

Obligations

—

8.5%

(Cost:

$3,201,702)

..............................

3,185,376

Total

Long-Term

Investments

—

91.6%

(Cost:

$36,638,584)

..............................

34,504,722

Security

Par

(000)

Pa

r

(

000)

Value

Short-Term

Securities

Foreign

Government

Obligations

—

0.5%

Czech

Republic

-

0.5%

Czech

Republic,

5.73%

,

12/12/24

(g)

..

CZK

4,520

$

191,309

Total

Foreign

Government

Obligations

—

0.5%

(Cost:

$187,967)

................................

191,309

Time

Deposits

—

0.0%

Norway

—

0.0%

Brown

Brothers

Harriman

&

Co.,

2.60%, 07/03/23

............

NOK

25

2,302

South

Africa

—

0.0%

Brown

Brothers

Harriman

&

Co.,

6.17%, 07/03/23

............

ZAR

20

1,049

United

Kingdom

—

0.0%

Skandinaviska

Enskilda

Banken

AB,

3.92%, 07/03/23

............

GBP

1

1,447

United

States

—

0.0%

Citibank

NA,

5.07%, 07/03/23

.....

USD

4

3,702

Total

Time

Deposits

—

0.0%

(Cost:

$8,500)

.................................

8,500

U.S.

Treasury

Obligations

—

2.9%

U.S.

Treasury

Bills,

5.33%

,

 11/24/23

(g)

1,111

1,088,266

Total

U.S.

Treasury

Obligations

—

2.9%

(Cost:

$1,087,932)

..............................

1,088,266

Total

Short-Term

Securities

—

3.4%

(Cost:

$1,284,399)

..............................

1,288,075

Total

Options

Purchased

—

0.0%

(Cost:

$4,134

)

.................................

5,136

Total

Investments

—

95.0%

(Cost:

$37,927,117)

..............................

35,797,933

Other

Assets

Less

Liabilities

—

5.0%

...................

1,892,953

Net

Assets

—

100.0%

..............................

$

37,690,886

(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)

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.

(d)

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.

(e)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(f)

Non-income

producing

security.

(g)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

142

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Euro-Buxl

...............................................................

1

09/07/23

$

152

$

4,511

U.S.

Treasury

10-Year

Note

...................................................

11

09/20/23

1,235

(20,875)

U.S.

Treasury

Ultra

Bond

.....................................................

1

09/20/23

137

1,553

Long

Gilt

................................................................

1

09/27/23

121

261

U.S.

Treasury

5-Year

Note

....................................................

4

09/29/23

429

(7,068)

(21,618)

Short

Contracts

Euro-Bund

..............................................................

2

09/07/23

292

758

Euro-Schatz

.............................................................

4

09/07/23

458

3,805

Japan

10-Year

Bond

........................................................

2

09/12/23

2,059

(9,701)

U.S.

Treasury

2-Year

Note

....................................................

4

09/29/23

814

10,560

5,422

$

(16,196)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

4,827,526

USD

972,192

BNP

Paribas

SA

07/05/23

$

36,021

BRL

3,086,469

USD

634,697

Deutsche

Bank

AG

07/05/23

9,902

BRL

906,328

USD

186,870

JPMorgan

Chase

Bank

NA

07/05/23

2,413

AUD

277,900

USD

181,353

JPMorgan

Chase

Bank

NA

07/13/23

3,812

CZK

550,000

USD

24,918

JPMorgan

Chase

Bank

NA

07/13/23

318

EUR

40,000

USD

42,912

Natwest

Markets

plc

07/13/23

753

EUR

15,000

USD

16,171

Royal

Bank

of

Canada

07/13/23

203

GBP

10,000

USD

12,558

Bank

of

America

NA

07/13/23

143

GBP

220,409

USD

274,465

BNP

Paribas

SA

07/13/23

5,468

GBP

219,199

USD

273,905

Citibank

NA

07/13/23

4,492

GBP

174,670

USD

220,412

JPMorgan

Chase

Bank

NA

07/13/23

1,430

GBP

588,142

USD

741,418

Morgan

Stanley

&

Co.

International

plc

07/13/23

5,558

GBP

5,000

USD

6,264

Royal

Bank

of

Canada

07/13/23

86

GBP

40,000

USD

49,925

UBS

AG

07/13/23

877

HUF

3,750,000

USD

10,745

Bank

of

America

NA

07/13/23

214

HUF

2,715,000

USD

7,758

Citibank

NA

07/13/23

177

HUF

3,920,000

USD

11,097

Goldman

Sachs

International

07/13/23

360

HUF

5,060,000

USD

14,438

JPMorgan

Chase

Bank

NA

07/13/23

350

HUF

3,720,000

USD

10,655

Societe

Generale

SA

07/13/23

217

HUF

3,720,000

USD

10,598

State

Street

Bank

and

Trust

Co.

07/13/23

274

INR

22,869,436

USD

277,690

JPMorgan

Chase

Bank

NA

07/13/23

815

JPY

27,291,442

USD

188,558

JPMorgan

Chase

Bank

NA

07/13/23

807

KRW

201,340,750

USD

152,423

JPMorgan

Chase

Bank

NA

07/13/23

422

KRW

477,931,049

USD

360,850

Standard

Chartered

Bank

07/13/23

1,967

MXN

2,110,000

USD

120,720

State

Street

Bank

and

Trust

Co.

07/13/23

2,357

NZD

292,991

USD

179,310

Bank

of

New

York

Mellon

07/13/23

491

PHP

1,305,720

USD

23,345

Barclays

Bank

plc

07/13/23

269

PLN

85,000

USD

20,148

JPMorgan

Chase

Bank

NA

07/13/23

749

PLN

3,544,136

USD

849,560

Morgan

Stanley

&

Co.

International

plc

07/13/23

21,750

PLN

35,000

USD

8,232

State

Street

Bank

and

Trust

Co.

07/13/23

373

USD

111,115

AUD

166,385

Royal

Bank

of

Canada

07/13/23

253

USD

177,134

CNY

1,220,043

Bank

of

America

NA

07/13/23

9,206

USD

8,453

CNY

60,000

Royal

Bank

of

Canada

07/13/23

195

USD

1,050,953

CZK

22,507,802

HSBC

Bank

plc

07/13/23

18,205

USD

1,733,000

EUR

1,576,274

Goldman

Sachs

International

07/13/23

12,304

USD

375,246

GBP

293,102

JPMorgan

Chase

Bank

NA

07/13/23

2,988

USD

11,373

HUF

3,840,000

Bank

of

America

NA

07/13/23

151

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Schedules

of

Investments

143

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

73,688

JPY

10,163,293

Bank

of

New

York

Mellon

07/13/23

$

3,168

USD

294,378

JPY

41,612,832

Barclays

Bank

plc

07/13/23

5,643

USD

182,028

JPY

25,277,062

BNP

Paribas

SA

07/13/23

6,640

USD

364,986

JPY

50,040,624

JPMorgan

Chase

Bank

NA

07/13/23

17,774

USD

552,456

KRW

722,425,748

Standard

Chartered

Bank

07/13/23

4,033

USD

266,543

NZD

424,770

JPMorgan

Chase

Bank

NA

07/13/23

5,871

USD

285,117

NZD

450,728

UBS

AG

07/13/23

8,515

USD

196,066

PLN

790,000

UBS

AG

07/13/23

1,848

USD

109,696

THB

3,792,677

HSBC

Bank

plc

07/13/23

2,643

USD

162,971

TRY

3,622,184

Goldman

Sachs

International

07/13/23

23,968

USD

539,283

ZAR

10,058,776

Goldman

Sachs

International

07/13/23

5,261

BRL

366,400

USD

75,075

BNP

Paribas

SA

08/02/23

1,035

BRL

3,923,785

USD

802,763

Citibank

NA

08/02/23

12,294

USD

767,425

HKD

5,978,856

Citibank

NA

09/15/23

3,148

248,211

USD

867,244

BRL

4,340,261

BNP

Paribas

SA

07/05/23

(39,205)

USD

806,849

BRL

3,923,785

Citibank

NA

07/05/23

(12,621)

USD

111,661

BRL

556,277

JPMorgan

Chase

Bank

NA

07/05/23

(4,515)

AUD

280,000

USD

186,778

Toronto

Dominion

Bank

07/13/23

(214)

CHF

709,535

USD

800,508

State

Street

Bank

and

Trust

Co.

07/13/23

(7,139)

CLP

142,107,156

USD

177,578

Bank

of

America

NA

07/13/23

(495)

CLP

146,204,806

USD

183,580

BNP

Paribas

SA

07/13/23

(1,390)

CNY

70,000

USD

9,868

Bank

of

America

NA

07/13/23

(233)

CNY

668,734

USD

93,263

BNP

Paribas

SA

07/13/23

(1,217)

CNY

60,000

USD

8,440

HSBC

Bank

plc

07/13/23

(181)

CNY

2,720,766

USD

376,101

JPMorgan

Chase

Bank

NA

07/13/23

(1,611)

EUR

335,861

USD

369,034

Deutsche

Bank

AG

07/13/23

(2,401)

EUR

168,953

USD

185,752

Goldman

Sachs

International

07/13/23

(1,319)

HUF

4,190,000

USD

12,352

Bank

of

America

NA

07/13/23

(107)

IDR

10,400,924,203

USD

703,526

Goldman

Sachs

International

07/13/23

(12,093)

JPY

1,300,000

USD

9,364

Commonwealth

Bank

of

Australia

07/13/23

(344)

JPY

90,596,898

USD

677,164

HSBC

Bank

plc

07/13/23

(48,547)

JPY

35,387,900

USD

254,507

Standard

Chartered

Bank

07/13/23

(8,964)

KRW

244,055,901

USD

187,851

BNP

Paribas

SA

07/13/23

(2,578)

KRW

11,096,331

USD

8,654

Standard

Chartered

Bank

07/13/23

(230)

KRW

32,057,618

USD

25,006

UBS

AG

07/13/23

(670)

MYR

5,009,895

USD

1,131,975

Barclays

Bank

plc

07/13/23

(52,486)

NZD

290,579

USD

182,824

JPMorgan

Chase

Bank

NA

07/13/23

(4,502)

NZD

291,928

USD

185,659

Natwest

Markets

plc

07/13/23

(6,510)

RON

746,393

USD

166,094

Morgan

Stanley

&

Co.

International

plc

07/13/23

(1,858)

THB

6,309,949

USD

182,950

Goldman

Sachs

International

07/13/23

(4,844)

THB

86,145,379

USD

2,566,416

Standard

Chartered

Bank

07/13/23

(134,850)

TRY

3,622,184

USD

158,903

Goldman

Sachs

International

07/13/23

(19,899)

TWD

261,817

USD

8,573

Goldman

Sachs

International

07/13/23

(170)

USD

73,934

AUD

111,532

BNP

Paribas

SA

07/13/23

(380)

USD

186,584

AUD

283,615

UBS

AG

07/13/23

(2,389)

USD

705,028

CAD

943,456

JPMorgan

Chase

Bank

NA

07/13/23

(7,233)

USD

73,693

CHF

66,610

Standard

Chartered

Bank

07/13/23

(787)

USD

180,742

CLP

146,197,033

BNP

Paribas

SA

07/13/23

(1,438)

USD

108,781

CLP

87,590,763

UBS

AG

07/13/23

(369)

USD

111,666

COP

491,004,269

Bank

of

America

NA

07/13/23

(5,731)

USD

256,389

COP

1,184,637,944

BNP

Paribas

SA

07/13/23

(26,853)

USD

261,739

COP

1,175,588,138

Citibank

NA

07/13/23

(19,339)

USD

167,141

COP

722,570,465

Deutsche

Bank

AG

07/13/23

(5,623)

USD

182,837

CZK

4,070,000

Deutsche

Bank

AG

07/13/23

(3,911)

USD

366,791

EUR

337,259

BNP

Paribas

SA

07/13/23

(1,368)

USD

21,573

EUR

20,000

Deutsche

Bank

AG

07/13/23

(260)

USD

21,625

EUR

20,000

State

Street

Bank

and

Trust

Co.

07/13/23

(208)

USD

377,622

EUR

346,574

Toronto

Dominion

Bank

07/13/23

(706)

USD

109,814

GBP

87,665

Bank

of

New

York

Mellon

07/13/23

(1,526)

USD

24,957

GBP

20,000

Societe

Generale

SA

07/13/23

(444)

USD

256,526

GBP

205,782

Standard

Chartered

Bank

07/13/23

(4,830)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

144

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

10,792

HUF

3,790,000

Bank

of

America

NA

07/13/23

$

(284)

USD

8,449

HUF

2,950,000

Citibank

NA

07/13/23

(172)

USD

308,581

HUF

106,523,122

Goldman

Sachs

International

07/13/23

(2,737)

USD

44,554

HUF

15,520,000

State

Street

Bank

and

Trust

Co.

07/13/23

(803)

USD

10,652

HUF

3,720,000

UBS

AG

07/13/23

(220)

USD

278,427

INR

22,869,436

Citibank

NA

07/13/23

(78)

USD

391,904

MXN

6,956,523

Citibank

NA

07/13/23

(13,871)

USD

37,057

MXN

655,614

Morgan

Stanley

&

Co.

International

plc

07/13/23

(1,185)

USD

604,076

MXN

10,856,812

State

Street

Bank

and

Trust

Co.

07/13/23

(29,204)

USD

57,272

PEN

212,987

Barclays

Bank

plc

07/13/23

(1,394)

USD

188,972

PHP

10,516,281

Goldman

Sachs

International

07/13/23

(1,216)

USD

110,181

PLN

460,378

Goldman

Sachs

International

07/13/23

(3,001)

USD

9,545

PLN

40,000

JPMorgan

Chase

Bank

NA

07/13/23

(289)

USD

357,398

ZAR

6,907,569

Barclays

Bank

plc

07/13/23

(9,326)

USD

40,159

ZAR

781,900

HSBC

Bank

plc

07/13/23

(1,352)

ZAR

6,673,253

USD

357,774

Goldman

Sachs

International

07/13/23

(3,490)

ZAR

470,000

USD

25,520

Morgan

Stanley

&

Co.

International

plc

07/13/23

(568)

USD

631,534

BRL

3,086,469

Deutsche

Bank

AG

08/02/23

(9,594)

HKD

2,891,239

USD

371,119

Goldman

Sachs

International

09/15/23

(1,531)

HKD

3,087,617

USD

396,087

HSBC

Bank

plc

09/15/23

(1,397)

(536,300)

$

(288,089)

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

EUR

Currency

...............

Up

and

In

BNP

Paribas

SA

11/29/23

USD

1.07

USD

1.12

EUR

3,250

$

5,136

$

–

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

iTraxx

Asia

ex-Japan

Investment

Grade

Index

Series

39.V1

.....................

1.00

%

Quarterly

06/20/28

USD

774

$

5,603

$

12,403

$

(6,800)

iTraxx

Europe

Crossover

Index

Series

39.V1

.

5.00

Quarterly

06/20/28

EUR

337

(15,143)

(3,314)

(11,829)

Markit

CDX

North

American

Emerging

Markets

Index

Series

39.V1

................

1.00

Quarterly

06/20/28

USD

979

46,423

64,212

(17,789)

$

36,883

$

73,301

$

(36,418)

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

9.84%

Monthly

N/A

01/27/25

MXN

10,150

$

(3,567)

$

—

$

(3,567)

28-day

MXIBTIIE

Monthly

8.43%

Monthly

N/A

01/19/28

MXN

8,836

(439)

—

(439)

28-day

MXIBTIIE

Monthly

8.50%

Monthly

N/A

01/24/28

MXN

4,480

607

—

607

1-day

SONIA

Annual

4.49%

Annual

N/A

05/24/28

GBP

255

(8,750)

50

(8,800)

3.82%

Annual

1-day

SOFR

Annual

N/A

05/24/28

USD

471

2,843

(6,042)

8,885

3-mo.

JIBAR

Quarterly

9.00%

Quarterly

09/20/23

(a)

09/20/28

ZAR

3,669

1,769

—

1,769

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Schedules

of

Investments

145

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)

7.71%

Annual

6-mo.

BUBOR

Semi-Annual

09/20/23

(a)

09/20/33

HUF

47,892

$

(9,458)

$

—

$

(9,458)

$

(16,995)

$

(5,992)

$

(11,003)

(a)

Forward

swap.

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)

Federative

Republic

of

Brazil

..

1.00

%

Quarterly

BNP

Paribas

SA

06/20/28

USD

319

$

10,434

$

23,081

$

(12,647)

Republic

of

Korea

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

787

(23,872)

(18,867)

(5,005)

Republic

of

Korea

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

241

(7,316)

(5,857)

(1,459)

Republic

of

Korea

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

603

(18,291)

(14,644)

(3,647)

Republic

of

Korea

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

289

(8,779)

(7,074)

(1,705)

Republic

of

Turkey

.........

1.00

Quarterly

Bank

of

America

NA

06/20/28

USD

340

51,019

56,643

(5,624)

Republic

of

Turkey

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

110

16,511

19,753

(3,242)

Republic

of

Turkey

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

60

9,006

11,686

(2,680)

Republic

of

Turkey

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

120

18,012

25,192

(7,180)

$

–

$

–

$

–

$

46,724

$

89,913

$

(43,189)

$

–

$

–

$

–

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

BZDIOVER

At

Termination

11.99%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

5,945

$

17,105

$

—

$

17,105

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

SOFR

.........................................

Secured

Overnight

Financing

Rate

5.07

1-day

SONIA

.........................................

Sterling

Overnight

Index

Average

4.93

28-day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

11.50

3-mo.

JIBAR

.........................................

Johannesburg

Interbank

Average

Rate

8.50

6-mo.

BUBOR

........................................

Budapest

Interbank

Offered

Rate

14.57

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

and

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

..........................................................

$

76,665

$

(9,356)

$

11,261

$

(58,682)

OTC

Swaps

...................................................................

136,355

(46,442)

17,105

(43,189)

(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.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

146

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)

......

$

—

$

—

$

—

$

—

$

21,448

$

—

$

21,448

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

248,211

—

—

248,211

Options

purchased

Investments

at

value

—

unaffiliated

(b)

............

—

—

—

5,136

—

—

5,136

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

11,261

—

11,261

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

136,355

—

—

17,105

—

153,460

$

—

$

136,355

$

—

$

253,347

$

49,814

$

—

$

439,516

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

—

$

—

$

37,644

$

—

$

37,644

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

536,300

—

—

536,300

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

36,418

—

—

22,264

—

58,682

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

89,631

—

—

—

—

89,631

$

—

$

126,049

$

—

$

536,300

$

59,908

$

—

$

722,257

(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).

(b)

Includes

options

purchased

at

value

as

reported

in

the

Schedule

of

Investments.

For

the

period

ended

June

30,

2023,

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

.......................

$

—

$

—

$

—

$

—

$

(38,380)

$

—

$

(38,380)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(230,272)

—

—

(230,272)

Options

purchased

(a)

.....................

—

—

—

(11,257)

—

—

(11,257)

Options

written

........................

—

—

—

42,650

28,106

—

70,756

Swaps

..............................

—

(51,228)

—

—

(17,097)

—

(68,325)

$

—

$

(51,228)

$

—

$

(198,879)

$

(27,371)

$

—

$

(277,478)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

—

$

—

$

61,388

$

—

$

61,388

Forward

foreign

currency

exchange

contracts

....

—

—

—

(297,004)

—

—

(297,004)

Options

purchased

(b)

.....................

—

—

—

3,808

—

—

3,808

Options

written

........................

—

—

—

(7,244)

—

—

(7,244)

Swaps

..............................

—

(36,780)

—

—

(13,220)

—

(50,000)

$

—

$

(36,780)

$

—

$

(300,440)

$

48,168

$

—

$

(289,052)

(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.

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Schedules

of

Investments

147

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

—

long

..................................................................................

$

1,931,860

Average

notional

value

of

contracts

—

short

.................................................................................

$

4,777,944

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

$

18,378,239

Average

amounts

sold

—

in

USD

........................................................................................

$

20,022,061

Options

Average

value

of

option

contracts

purchased

................................................................................

$

3,331

Average

value

of

option

contracts

written

...................................................................................

$

37,278

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

$

3,991,141

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

$

425,544

Average

notional

value

—

receives

fixed

rate

................................................................................

$

3,541,210

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

5,429

$

834

Forward

foreign

currency

exchange

contracts

.................................................................

248,211

536,300

Options

(a)

.........................................................................................

5,136

—

Swaps

—

centrally

cleared

..............................................................................

—

12,632

Swaps

—

OTC

(b)

.....................................................................................

153,460

89,631

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

412,236

$

639,397

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(5,429)

(13,466)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

406,807

$

625,931

(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

Schedule

of

Investments.

(b)

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

..............................

$

66,357

$

(12,474)

$

—

$

—

$

53,883

Bank

of

New

York

Mellon

...........................

3,659

(1,526)

—

—

2,133

Barclays

Bank

plc

................................

5,912

(5,912)

—

—

—

BNP

Paribas

SA

.................................

77,381

(77,381)

—

—

—

Citibank

NA

....................................

20,111

(20,111)

—

—

—

Deutsche

Bank

AG

...............................

9,902

(9,902)

—

—

—

Goldman

Sachs

International

........................

41,893

(41,893)

—

—

—

HSBC

Bank

plc

..................................

20,848

(20,848)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

111,485

(65,638)

—

—

45,847

Morgan

Stanley

&

Co.

International

plc

..................

27,308

(3,611)

—

—

23,697

Natwest

Markets

plc

..............................

753

(753)

—

—

—

Royal

Bank

of

Canada

.............................

737

—

—

—

737

Societe

Generale

SA

..............................

217

(217)

—

—

—

Standard

Chartered

Bank

...........................

6,000

(6,000)

—

—

—

State

Street

Bank

and

Trust

Co.

......................

3,004

(3,004)

—

—

—

UBS

AG

......................................

11,240

(3,648)

—

—

7,592

$

406,807

$

(272,918)

$

—

$

—

$

133,889

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

148

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(b)(d)

Bank

of

America

NA

..............................

$

12,474

$

(12,474)

$

—

$

—

$

—

Bank

of

New

York

Mellon

...........................

1,526

(1,526)

—

—

—

Barclays

Bank

plc

................................

87,078

(5,912)

—

—

81,166

BNP

Paribas

SA

.................................

87,076

(77,381)

—

—

9,695

Citibank

NA

....................................

46,081

(20,111)

—

—

25,970

Commonwealth

Bank

of

Australia

.....................

344

—

—

—

344

Deutsche

Bank

AG

...............................

21,789

(9,902)

—

—

11,887

Goldman

Sachs

International

........................

50,300

(41,893)

—

—

8,407

HSBC

Bank

plc

..................................

51,477

(20,848)

—

—

30,629

JPMorgan

Chase

Bank

NA

..........................

65,638

(65,638)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

3,611

(3,611)

—

—

—

Natwest

Markets

plc

..............................

6,510

(753)

—

—

5,757

Societe

Generale

SA

..............................

444

(217)

—

—

227

Standard

Chartered

Bank

...........................

149,661

(6,000)

—

—

143,661

State

Street

Bank

and

Trust

Co.

......................

37,354

(3,004)

—

—

34,350

Toronto

Dominion

Bank

............................

920

—

—

—

920

UBS

AG

......................................

3,648

(3,648)

—

—

—

$

625,931

$

(272,918)

$

—

$

—

$

353,013

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(d)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Schedules

of

Investments

149

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Corporate

Bonds

........................................

$

—

$

638,527

$

—

$

638,527

Foreign

Government

Obligations

..............................

—

30,680,819

—

30,680,819

U.S.

Treasury

Obligations

...................................

—

3,185,376

—

3,185,376

Short-Term

Securities

Foreign

Government

Obligations

..............................

—

191,309

—

191,309

Time

Deposits

..........................................

—

8,500

—

8,500

U.S.

Treasury

Obligations

...................................

—

1,088,266

—

1,088,266

Options

Purchased

Foreign

currency

exchange

contracts

...........................

—

5,136

—

5,136

$

—

$

35,797,933

$

—

$

35,797,933

Derivative

Financial

Instruments

(a)

Assets

Foreign

currency

exchange

contracts

............................

$

—

$

248,211

$

—

$

248,211

Interest

rate

contracts

.......................................

21,448

28,366

—

49,814

Liabilities

Credit

contracts

...........................................

—

(79,607)

—

(79,607)

Foreign

currency

exchange

contracts

............................

—

(536,300)

—

(536,300)

Interest

rate

contracts

.......................................

(37,644)

(22,264)

—

(59,908)

$

(16,196)

$

(361,594)

$

—

$

(377,790)

(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,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

150

BlackRock

Strategic

Income

Opportunities

Portfolio

(a)

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(b)

(c)

........................................................................

$

42,576,753,289‌

$

35,797,933‌

Investments,

at

value

—

affiliated

(d)

...........................................................................

1,432,074,659‌

—‌

Cash  

..............................................................................................

33,276,126‌

1,191,021‌

Cash

pledged:

Collateral

—

borrowed

bond

agreements

......................................................................

3,822,806‌

—‌

Collateral

—

OTC

derivatives

.............................................................................

10,271,000‌

—‌

Collateral

—

TBA

commitments

............................................................................

660,000‌

—‌

Futures

contracts

.....................................................................................

318,069,000‌

74,000‌

Centrally

cleared

swaps

.................................................................................

235,800,000‌

139,000‌

Foreign

currency,

at

value

(e)

................................................................................

157,422,578‌

226,379‌

Receivables:

–‌

–‌

Investments

sold

.....................................................................................

1,575,770,394‌

80,026‌

Securities

lending

income

—

affiliated

.......................................................................

133,153‌

—‌

TBA

sale

commitments

.................................................................................

6,110,356,204‌

—‌

Capital

shares

sold

....................................................................................

174,012,371‌

50,373‌

Dividends

—

unaffiliated

................................................................................

329,928‌

—‌

Dividends

—

affiliated

..................................................................................

2,972,467‌

—‌

Interest

—

unaffiliated

..................................................................................

320,630,233‌

685,323‌

From

the

Manager

....................................................................................

—‌

8,881‌

Variation

margin

on

futures

contracts

........................................................................

5,577,902‌

5,429‌

Swap

premiums

paid

....................................................................................

52,643,486‌

136,355‌

Unrealized

appreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

58,884,769‌

248,211‌

OTC

swaps

.........................................................................................

53,314,143‌

17,105‌

Unfunded

floating

rate

loan

interests

........................................................................

656,922‌

—‌

Prepaid

expenses

......................................................................................

1,264,777‌

50,225‌

Total

assets

..........................................................................................

53,124,696,207‌

38,710,261‌

LIABILITIES

Investments

sold

short,

at

value

(f)

............................................................................

1,706,360‌

—‌

Due

to

broker

.........................................................................................

—‌

14,282‌

Cash

received:

Collateral

—

borrowed

bond

agreements

......................................................................

5,100,345‌

—‌

Collateral

—

OTC

derivatives

.............................................................................

23,261,000‌

—‌

Collateral

—

TBA

commitments

............................................................................

12,794,370‌

—‌

Borrowed

bonds,

at

value

(g)

................................................................................

388,469,059‌

—‌

Collateral

on

securities

loaned

..............................................................................

364,667,697‌

—‌

Options

written,

at

value

(h)

.................................................................................

190,315,477‌

—‌

TBA

sale

commitments,

at

value

(i)

............................................................................

6,081,413,803‌

—‌

Payables:

–‌

–‌

Investments

purchased

.................................................................................

9,888,991,726‌

11,849‌

Swaps  

...........................................................................................

3,349,305‌

—‌

Bank

borrowings

.....................................................................................

116,777,033‌

—‌

Accounting

services

fees

................................................................................

741,020‌

25,414‌

Dividends

on

short

sales

................................................................................

204,193‌

—‌

Administration

fees

....................................................................................

1,515,556‌

—‌

Capital

shares

redeemed

................................................................................

85,288,877‌

51,016‌

Custodian

fees

.......................................................................................

786,883‌

37,343‌

Deferred

foreign

capital

gain

tax

...........................................................................

839,675‌

1,554‌

Income

dividend

distributions

.............................................................................

15,277,622‌

132,182‌

Interest

expense

.....................................................................................

5,465,604‌

—‌

Investment

advisory

fees

................................................................................

13,170,607‌

—‌

Trustees'

and

Officer's

fees

..............................................................................

383,103‌

877‌

Other

affiliate

fees

....................................................................................

51,924‌

810‌

Printing

and

postage

fees

...............................................................................

178,726‌

46,456‌

Professional

fees

.....................................................................................

120,674‌

43,769‌

Registration

fees

.....................................................................................

—‌

2,432‌

Service

and

distribution

fees

..............................................................................

342,672‌

1,072‌

Transfer

agent

fees

...................................................................................

6,756,029‌

9,745‌

Other

accrued

expenses

................................................................................

218,814‌

1,177‌

Variation

margin

on

futures

contracts

........................................................................

31,203,290‌

834‌

Variation

margin

on

centrally

cleared

swaps

...................................................................

8,185,156‌

12,632‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2023

151

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Strategic

Income

Opportunities

Portfolio

(a)

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Swap

premiums

received

.................................................................................

17,318,970‌

46,442‌

Unrealized

depreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

64,296,652‌

536,300‌

OTC

swaps

.........................................................................................

38,863,647‌

43,189‌

Unfunded

floating

rate

loan

interests

........................................................................

774,025‌

—‌

Total

liabilities

.........................................................................................

17,368,829,894‌

1,019,375‌

Commitments

and

contingent

liabilities

—‌

—‌

NET

ASSETS

.........................................................................................

$

35,755,866,313‌

$

37,690,886‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

40,327,270,212‌

$

62,204,432‌

Accumulated

loss

......................................................................................

(4,571,403,899‌)

(24,513,546‌)

NET

ASSETS

.........................................................................................

$

35,755,866,313‌

$

37,690,886‌

(a)

  Consolidated

Statement

of

Assets

and

Liabilities.

(b)

  Investments,

at

cost

—

unaffiliated

.........................................................................

$

44,183,022,899‌

$

37,927,117‌

(c)

  Securities

loaned,

at

value

...............................................................................

$

358,231,182‌

$

—‌

(d)

  Investments,

at

cost

—

affiliated

...........................................................................

$

1,421,534,370‌

$

—‌

(e)

  Foreign

currency,

at

cost

................................................................................

$

164,339,460‌

$

227,477‌

(f)

  Proceeds

received

from

short

sales

........................................................................

$

1,716,444‌

$

—‌

(g)

  Proceeds

received

from

borrowed

bonds

.....................................................................

$

424,469,659‌

$

—‌

(h)

  Premiums

received

...................................................................................

$

152,909,082‌

$

—‌

(i)

  Proceeds

received

from

TBA

sale

commitments

.................................................................

$

6,110,356,204‌

$

—‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

152

See

notes

to

financial

statements.

BlackRock

Strategic

Income

Opportunities

Portfolio

(a)

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

NET

ASSET

VALUE

Institutional

Net

assets

..........................................................................................

$

24,525,834,452‌

$

6,831,075‌

Shares

outstanding

...................................................................................

2,670,949,008‌

1,011,164‌

Net

asset

value

......................................................................................

$

9.18‌

$

6.76‌

Shares

authorized

....................................................................................

Unlimited

Unlimited

Par

value

..........................................................................................

$

0.001‌

$

0.001‌

Investor

A

Net

assets

..........................................................................................

$

1,012,352,948‌

$

4,728,287‌

Shares

outstanding

...................................................................................

110,295,874‌

699,963‌

Net

asset

value

......................................................................................

$

9.18‌

$

6.76‌

Shares

authorized

....................................................................................

Unlimited

Unlimited

Par

value

..........................................................................................

$

0.001‌

$

0.001‌

Investor

C

Net

assets

..........................................................................................

$

111,323,230‌

$

167,715‌

Shares

outstanding

...................................................................................

12,133,002‌

24,817‌

Net

asset

value

......................................................................................

$

9.18‌

$

6.76‌

Shares

authorized

....................................................................................

Unlimited

Unlimited

Par

value

..........................................................................................

$

0.001‌

$

0.001‌

Class

K

Net

assets

..........................................................................................

$

10,106,355,683‌

$

25,963,809‌

Shares

outstanding

...................................................................................

1,099,824,708‌

3,842,919‌

Net

asset

value

......................................................................................

$

9.19‌

$

6.76‌

Shares

authorized

....................................................................................

Unlimited

Unlimited

Par

value

..........................................................................................

$

0.001‌

$

0.001‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2023

153

Financial

Statements

BlackRock

Strategic

Income

Opportunities

Portfolio

(a)

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

................................................................................

$

16,904,061‌

$

—‌

Dividends

—

affiliated

..................................................................................

31,003,786‌

—‌

Interest

—

unaffiliated

..................................................................................

945,848,072‌

1,171,044‌

Securities

lending

income

—

affiliated

—

net

..................................................................

839,124‌

—‌

Foreign

taxes

withheld

.................................................................................

(1,418,448‌)

(8,044‌)

Total

investment

income

..................................................................................

993,176,595‌

1,163,000‌

EXPENSES

Investment

advisory

...................................................................................

83,953,570‌

108,927‌

Transfer

agent

—

class

specific

...........................................................................

13,622,557‌

10,407‌

Administration

......................................................................................

5,808,646‌

7,716‌

Administration

—

class

specific

...........................................................................

3,703,001‌

3,631‌

Service

and

distribution

—

class

specific

.....................................................................

1,946,011‌

6,849‌

Registration

........................................................................................

969,122‌

36,644‌

Accounting

services

...................................................................................

881,295‌

28,819‌

Custodian

..........................................................................................

799,763‌

22,526‌

Professional

........................................................................................

453,575‌

72,895‌

Trustees

and

Officer

...................................................................................

175,338‌

—‌

Printing

and

postage

..................................................................................

—‌

30,904‌

Miscellaneous

.......................................................................................

917,327‌

12,036‌

Total

expenses

excluding

interest

expense

......................................................................

113,230,205‌

341,354‌

Interest

expense

.....................................................................................

24,244,030‌

—‌

Total

expenses

........................................................................................

137,474,235‌

341,354‌

Less:

–‌

–‌

Administration

fees

waived

..............................................................................

—‌

(7,716‌)

Administration

fees

waived

by

the

Manager

—

class

specific

........................................................

(387‌)

(3,586‌)

Fees

waived

and/or

reimbursed

by

the

Manager

................................................................

(1,446,834‌)

(198,440‌)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

...........................................

—‌

(7,611‌)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

136,027,014‌

124,001‌

Net

investment

income

...................................................................................

857,149,581‌

1,038,999‌

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

June

30,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

154

See

notes

to

financial

statements.

BlackRock

Strategic

Income

Opportunities

Portfolio

(a)

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(103,849,933‌)

$

1,187,186‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

(b)

...........................................................................

$

(863,525,303‌)

$

(603,729‌)

Investments

—

affiliated

..............................................................................

4,591,948‌

—‌

Borrowed

bonds

...................................................................................

2,710,042‌

—‌

Forward

foreign

currency

exchange

contracts

................................................................

(106,069,035‌)

(230,272‌)

Foreign

currency

transactions

..........................................................................

(15,314,573‌)

(98,985‌)

Futures

contracts

...................................................................................

(130,474,718‌)

(38,380‌)

Options

written

....................................................................................

169,426,944‌

70,756‌

Short

sales

—

unaffiliated

.............................................................................

589,669‌

—‌

Swaps  

.........................................................................................

(38,147,047‌)

(68,325‌)

(976,212,073‌)

(968,935‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

(c)

...........................................................................

1,225,981,817‌

2,362,744‌

Investments

—

affiliated

..............................................................................

10,769,419‌

—‌

Borrowed

bonds

...................................................................................

(17,885,537‌)

—‌

Forward

foreign

currency

exchange

contracts

................................................................

(2,044,539‌)

(297,004‌)

Foreign

currency

translations

...........................................................................

(1,948,801‌)

86,237‌

Futures

contracts

...................................................................................

(199,422,256‌)

61,388‌

Options

written

....................................................................................

169,576,578‌

(7,244‌)

Short

sales

—

unaffiliated

.............................................................................

10,084‌

—‌

Swaps  

.........................................................................................

(313,707,008‌)

(50,000‌)

Unfunded

floating

rate

loan

interests

......................................................................

1,032,383‌

—‌

872,362,140‌

2,156,121‌

Net

realized

and

unrealized

gain

(loss)

........................................................................

(103,849,933‌)

1,187,186‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................................................

$

753,299,648‌

$

2,226,185‌

(a)

  Consolidated

Statement

of

Operations.

(b)

  Net

of

foreign

capital

gain

tax

and

capital

gain

tax

refund,

if

applicable

of

................................................

$

(221‌)

$

(5,410‌)

(c)

Net

of

increase

in

deferred

foreign

capital

gain

tax

of

.............................................................

$

(839,675‌)

$

(1,554‌)

Statements

of

Changes

in

Net

Assets

155

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Strategic

Income

Opportunities

Portfolio

(a)

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Six

Months

Ended

06/30/23

(unaudited)

Year

Ended

12/31/22

Six

Months

Ended

06/30/23

(unaudited)

Year

Ended

12/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

857,149,581‌

$

1,291,411,945‌

$

1,038,999‌

$

1,946,187‌

Net

realized

loss

........................................................

(976,212,073‌)

(1,510,764,812‌)

(968,935‌)

(4,128,564‌)

Net

change

in

unrealized

appreciation

(depreciation)

................................

872,362,140‌

(2,361,722,915‌)

2,156,121‌

(2,876,356‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...........................

753,299,648‌

(2,581,075,782‌)

2,226,185‌

(5,058,733‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

From

net

investment

income

and

net

realized

gain:

  Institutional

...........................................................

(600,595,049‌)

(1,211,880,162‌)

(163,902‌)

(125,991‌)

  Investor

A

............................................................

(22,880,338‌)

(45,090,224‌)

(121,603‌)

(110,557‌)

  Investor

C

............................................................

(2,107,946‌)

(4,447,174‌)

(4,088‌)

(4,957‌)

  Class

K

..............................................................

(208,928,492‌)

(395,114,222‌)

(688,304‌)

(585,321‌)

Return

of

capital:

–

–

–

–

  Institutional

...........................................................

—‌

—‌

—‌

(182,473‌)

  Investor

A

............................................................

—‌

—‌

—‌

(160,121‌)

  Investor

C

............................................................

—‌

—‌

—‌

(7,179‌)

  Class

K

..............................................................

—‌

—‌

—‌

(847,726‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(834,511,825‌)

(1,656,531,782‌)

(977,897‌)

(2,024,325‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

(1,922,464,312‌)

(3,109,384,477‌)

2,350,937‌

9,679,198‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(2,003,676,489‌)

(7,346,992,041‌)

3,599,225‌

2,596,140‌

Beginning

of

period

........................................................

37,759,542,802‌

45,106,534,843‌

34,091,661‌

31,495,521‌

End

of

period

............................................................

$

35,755,866,313‌

$

37,759,542,802‌

$

37,690,886‌

$

34,091,661‌

(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)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

156

(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)

Not

annualized.

(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:

(k)

Excludes

underlying

investments

in

total

return

swaps.

See

notes

to

financial

statements.

BlackRock

Strategic

Income

Opportunities

Portfolio

Institutional

Six

Months

Ended

06/30/23

(unaudited)

(a)

Year

Ended

12/31/22

(a)

Year

Ended

12/31/21

(a)

Year

Ended

12/31/20

Year

Ended

12/31/19

Year

Ended

12/31/18

(a)

Net

asset

value,

beginning

of

period

........

$

9.20

‌

$

10.15

‌

$

10.37

‌

$

9.97

‌

$

9.60

‌

$

9.96

‌

Net

investment

income

(b)

................

0.21

‌

0.29

‌

0.23

‌

0.26

‌

0.34

‌

0.33

‌

Net

realized

and

unrealized

gain

(loss)

.......

(0.02

)

(0.86

)

(0.13

)

0.44

‌

0.38

‌

(0.37

)

Net

increase

(decrease)

from

investment

operations

0.19

‌

(0.57

)

0.10

‌

0.70

‌

0.72

‌

(0.04

)

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.............

(0.21

)

(0.34

)

(0.22

)

(0.30

)

(0.35

)

(0.32

)

From

net

realized

gain

..................

—

‌

(0.04

)

(0.10

)

—

‌

—

‌

—

‌

Return

of

capital

......................

—

‌

—

‌

—

‌

—

‌

—

‌

(0.00

)

(d)

Total

distributions

......................

(0.21

)

(0.38

)

(0.32

)

(0.30

)

(0.35

)

(0.32

)

Net

asset

value,

end

of

period

.............

$

9.18

‌

$

9.20

‌

$

10.15

‌

$

10.37

‌

$

9.97

‌

$

9.60

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

.................

2.03

%

(f)

(5.64

)%

(g)

0.96

%

7.21

%

7.62

%

(g)

(0.46

)%

(g)

Ratios

to

Average

Net

Assets

(h)

Total

expenses

........................

0.76

%

(i)

0.70

%

0.68

%

0.73

%

0.74

%

1.09

%

Total

expenses

after

fees

waived

and/or

reimbursed

0.75

%

(i)

0.69

%

0.68

%

0.72

%

0.74

%

1.09

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense

and

interest

expense

...........................

0.62

%

(i)

0.60

%

0.61

%

0.60

%

0.61

%

0.62

%

Net

investment

income

..................

4.62

%

(i)

3.02

%

2.23

%

2.62

%

3.49

%

3.40

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.............

$

24,525,834

‌

$

27,215,944

‌

$

33,577,122

‌

$

25,026,882

‌

$

23,223,183

‌

$

23,621,298

‌

Portfolio

turnover

rate

(j)

...................

529

%

(k)

894

%

1,155

%

1,515

%

1,805

%

2,337

%

Six

Months

Ended

06/30/23

(unaudited)

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Year

Ended

12/31/18

Portfolio

turnover

rate

(excluding

MDRs)

...............................

388%

673%

755%

1,030%

1,307%

1,565%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

157

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)

Not

annualized.

(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:

(k)

Excludes

underlying

investments

in

total

return

swaps.

See

notes

to

financial

statements.

BlackRock

Strategic

Income

Opportunities

Portfolio

Investor

A

Six

Months

Ended

06/30/23

(unaudited)

(a)

Year

Ended

12/31/22

(a)

Year

Ended

12/31/21

(a)

Year

Ended

12/31/20

Year

Ended

12/31/19

Year

Ended

12/31/18

(a)

Net

asset

value,

beginning

of

period

........

$

9.20

‌

$

10.15

‌

$

10.37

‌

$

9.97

‌

$

9.60

‌

$

9.96

‌

Net

investment

income

(b)

................

0.20

‌

0.26

‌

0.20

‌

0.23

‌

0.31

‌

0.29

‌

Net

realized

and

unrealized

gain

(loss)

.......

(0.03

)

(0.86

)

(0.13

)

0.44

‌

0.38

‌

(0.36

)

Net

increase

(decrease)

from

investment

operations

0.17

‌

(0.60

)

0.07

‌

0.67

‌

0.69

‌

(0.07

)

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.............

(0.19

)

(0.31

)

(0.19

)

(0.27

)

(0.32

)

(0.29

)

From

net

realized

gain

..................

—

‌

(0.04

)

(0.10

)

—

‌

—

‌

—

‌

Return

of

capital

......................

—

‌

—

‌

—

‌

—

‌

—

‌

(0.00

)

(d)

Total

distributions

......................

(0.19

)

(0.35

)

(0.29

)

(0.27

)

(0.32

)

(0.29

)

Net

asset

value,

end

of

period

.............

$

9.18

‌

$

9.20

‌

$

10.15

‌

$

10.37

‌

$

9.97

‌

$

9.60

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

.................

1.91

%

(f)

(5.91

)%

(g)

0.67

%

6.90

%

7.31

%

(g)

(0.74

)%

(g)

Ratios

to

Average

Net

Assets

(h)

Total

expenses

........................

1.00

%

(i)

0.98

%

0.97

%

1.02

%

1.05

%

1.39

%

Total

expenses

after

fees

waived

and/or

reimbursed

0.99

%

(i)

0.97

%

0.97

%

1.01

%

1.03

%

1.38

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense

and

interest

expense

...........................

0.86

%

(i)

0.88

%

0.90

%

0.89

%

0.90

%

0.91

%

Net

investment

income

..................

4.37

%

(i)

2.73

%

1.96

%

2.34

%

3.20

%

3.00

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.............

$

1,012,353

‌

$

1,118,485

‌

$

1,387,829

‌

$

1,583,745

‌

$

1,501,890

‌

$

2,023,700

‌

Portfolio

turnover

rate

(j)

...................

529

%

(k)

894

%

1,155

%

1,515

%

1,805

%

2,337

%

Six

Months

Ended

06/30/23

(unaudited)

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Year

Ended

12/31/18

Portfolio

turnover

rate

(excluding

MDRs)

...............................

388%

673%

755%

1,030%

1,307%

1,565%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

158

(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)

Not

annualized.

(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:

(k)

Excludes

underlying

investments

in

total

return

swaps.

See

notes

to

financial

statements.

BlackRock

Strategic

Income

Opportunities

Portfolio

Investor

C

Six

Months

Ended

06/30/23

(unaudited)

(a)

Year

Ended

12/31/22

(a)

Year

Ended

12/31/21

(a)

Year

Ended

12/31/20

Year

Ended

12/31/19

Year

Ended

12/31/18

(a)

Net

asset

value,

beginning

of

period

........

$

9.20

‌

$

10.14

‌

$

10.36

‌

$

9.96

‌

$

9.59

‌

$

9.95

‌

Net

investment

income

(b)

................

0.17

‌

0.19

‌

0.13

‌

0.16

‌

0.24

‌

0.24

‌

Net

realized

and

unrealized

gain

(loss)

.......

(0.03

)

(0.85

)

(0.13

)

0.44

‌

0.38

‌

(0.38

)

Net

increase

(decrease)

from

investment

operations

0.14

‌

(0.66

)

—

‌

0.60

‌

0.62

‌

(0.14

)

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.............

(0.16

)

(0.24

)

(0.12

)

(0.20

)

(0.25

)

(0.22

)

From

net

realized

gain

..................

—

‌

(0.04

)

(0.10

)

—

‌

—

‌

—

‌

Return

of

capital

......................

—

‌

—

‌

—

‌

—

‌

—

‌

(0.00

)

(d)

Total

distributions

......................

(0.16

)

(0.28

)

(0.22

)

(0.20

)

(0.25

)

(0.22

)

Net

asset

value,

end

of

period

.............

$

9.18

‌

$

9.20

‌

$

10.14

‌

$

10.36

‌

$

9.96

‌

$

9.59

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

.................

1.54

%

(f)

(6.48

)%

(g)

(0.04

)%

6.14

%

6.54

%

(g)

(1.47

)%

(g)

Ratios

to

Average

Net

Assets

(h)

Total

expenses

........................

1.73

%

(i)

1.70

%

1.68

%

1.75

%

1.77

%

2.11

%

Total

expenses

after

fees

waived

and/or

reimbursed

1.72

%

(i)

1.69

%

1.67

%

1.74

%

1.76

%

2.11

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense

and

interest

expense

...........................

1.59

%

(i)

1.60

%

1.61

%

1.62

%

1.63

%

1.64

%

Net

investment

income

..................

3.63

%

(i)

1.97

%

1.25

%

1.59

%

2.48

%

2.41

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.............

$

111,323

‌

$

129,029

‌

$

200,734

‌

$

247,844

‌

$

434,348

‌

$

514,268

‌

Portfolio

turnover

rate

(j)

...................

529

%

(k)

894

%

1,155

%

1,515

%

1,805

%

2,337

%

Six

Months

Ended

06/30/23

(unaudited)

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Year

Ended

12/31/18

Portfolio

turnover

rate

(excluding

MDRs)

...............................

388%

673%

755%

1,030%

1,307%

1,565%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

159

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)

Not

annualized.

(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:

(k)

Excludes

underlying

investments

in

total

return

swaps.

BlackRock

Strategic

Income

Opportunities

Portfolio

Class

K

Six

Months

Ended

06/30/23

(unaudited)

(a)

Year

Ended

12/31/22

(a)

Year

Ended

12/31/21

(a)

Year

Ended

12/31/20

Year

Ended

12/31/19

Year

Ended

12/31/18

(a)

Net

asset

value,

beginning

of

period

........

$

9.21

‌

$

10.16

‌

$

10.38

‌

$

9.98

‌

$

9.60

‌

$

9.97

‌

Net

investment

income

(b)

................

0.22

‌

0.30

‌

0.24

‌

0.27

‌

0.35

‌

0.34

‌

Net

realized

and

unrealized

gain

(loss)

.......

(0.03

)

(0.86

)

(0.13

)

0.44

‌

0.39

‌

(0.39

)

Net

increase

(decrease)

from

investment

operations

0.19

‌

(0.56

)

0.11

‌

0.71

‌

0.74

‌

(0.05

)

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.............

(0.21

)

(0.35

)

(0.23

)

(0.31

)

(0.36

)

(0.32

)

From

net

realized

gain

..................

—

‌

(0.04

)

(0.10

)

—

‌

—

‌

—

‌

Return

of

capital

......................

—

‌

—

‌

—

‌

—

‌

—

‌

(0.00

)

(d)

Total

distributions

......................

(0.21

)

(0.39

)

(0.33

)

(0.31

)

(0.36

)

(0.32

)

Net

asset

value,

end

of

period

.............

$

9.19

‌

$

9.21

‌

$

10.16

‌

$

10.38

‌

$

9.98

‌

$

9.60

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

.................

2.08

%

(f)

(5.56

)%

(g)

1.05

%

7.29

%

7.82

%

(g)

(0.47

)%

(g)

Ratios

to

Average

Net

Assets

(h)

Total

expenses

........................

0.66

%

(i)

0.61

%

0.59

%

0.65

%

0.66

%

1.01

%

Total

expenses

after

fees

waived

and/or

reimbursed

0.65

%

(i)

0.60

%

0.59

%

0.63

%

0.65

%

1.00

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense

and

interest

expense

...........................

0.52

%

(i)

0.51

%

0.52

%

0.52

%

0.52

%

0.53

%

Net

investment

income

..................

4.71

%

(i)

3.14

%

2.33

%

2.71

%

3.57

%

3.47

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.............

$

10,106,356

‌

$

9,296,084

‌

$

9,940,850

‌

$

8,585,689

‌

$

8,858,737

‌

$

7,830,270

‌

Portfolio

turnover

rate

(j)

...................

529

%

(k)

894

%

1,155

%

1,515

%

1,805

%

2,337

%

Six

Months

Ended

06/30/23

(unaudited)

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Year

Ended

12/31/18

Portfolio

turnover

rate

(excluding

MDRs)

...............................

388%

673%

755%

1,030%

1,307%

1,565%

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

160

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Institutional

Six

Months

Ended

06/30/23

(unaudited)

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Year

Ended

12/31/18

Net

asset

value,

beginning

of

period

...........

$

6.53

‌

$

7.75

‌

$

8.93

‌

$

8.04

‌

$

8.03

‌

$

9.45

‌

Net

investment

income

(a)

...................

0.19

‌

0.37

‌

0.40

‌

0.41

‌

0.45

‌

0.52

‌

Net

realized

and

unrealized

gain

(loss)

..........

0.22

‌

(1.20

)

(1.24

)

0.81

‌

0.06

‌

(1.52

)

Net

increase

(decrease)

from

investment

operations

..

0.41

‌

(0.83

)

(0.84

)

1.22

‌

0.51

‌

(1.00

)

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(0.18

)

(0.16

)

(0.11

)

(0.33

)

(0.50

)

(0.00

)

(c)

Return

of

capital

.........................

—

‌

(0.23

)

(0.23

)

—

‌

—

‌

(0.42

)

Total

distributions

.........................

(0.18

)

(0.39

)

(0.34

)

(0.33

)

(0.50

)

(0.42

)

Net

asset

value,

end

of

period

................

$

6.76

‌

$

6.53

‌

$

7.75

‌

$

8.93

‌

$

8.04

‌

$

8.03

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

....................

6.32

%

(e)

(10.79

)%

(9.59

)%

15.51

%

6.45

%

(10.84

)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...........................

1.91

%

(g)

2.18

%

(h)

1.39

%

1.16

%

1.13

%

1.13

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

0.68

%

(g)

0.76

%

(h)

0.70

%

0.68

%

0.68

%

0.71

%

Net

investment

income

.....................

5.73

%

(g)

5.48

%

4.76

%

4.93

%

5.45

%

5.89

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

6,831

‌

$

4,242

‌

$

5,933

‌

$

19,153

‌

$

17,515

‌

$

26,314

‌

Portfolio

turnover

rate

.......................

41

%

131

%

186

%

324

%

118

%

165

%

(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)

Not

annualized.

(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

2.10%,

0.68%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

161

Financial

Highlights

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Investor

A

Six

Months

Ended

06/30/23

(unaudited)

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Year

Ended

12/31/18

Net

asset

value,

beginning

of

period

...........

$

6.53

‌

$

7.75

‌

$

8.91

‌

$

8.02

‌

$

8.02

‌

$

9.43

‌

Net

investment

income

(a)

...................

0.18

‌

0.36

‌

0.39

‌

0.38

‌

0.44

‌

0.49

‌

Net

realized

and

unrealized

gain

(loss)

..........

0.22

‌

(1.21

)

(1.24

)

0.82

‌

0.04

‌

(1.51

)

Net

increase

(decrease)

from

investment

operations

..

0.40

‌

(0.85

)

(0.85

)

1.20

‌

0.48

‌

(1.02

)

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(0.17

)

(0.15

)

(0.09

)

(0.31

)

(0.48

)

(0.00

)

(c)

Return

of

capital

.........................

—

‌

(0.22

)

(0.22

)

—

‌

—

‌

(0.39

)

Total

distributions

.........................

(0.17

)

(0.37

)

(0.31

)

(0.31

)

(0.48

)

(0.39

)

Net

asset

value,

end

of

period

................

$

6.76

‌

$

6.53

‌

$

7.75

‌

$

8.91

‌

$

8.02

‌

$

8.02

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

....................

6.19

%

(e)

(11.01

)%

(9.62

)%

15.25

%

6.05

%

(10.99

)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...........................

2.29

%

(g)

2.55

%

(h)

1.85

%

(i)

1.53

%

1.46

%

1.46

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

0.93

%

(g)

1.00

%

(h)

0.96

%

(i)

0.93

%

0.93

%

0.96

%

Net

investment

income

.....................

5.47

%

(g)

5.24

%

4.64

%

4.55

%

5.31

%

5.64

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

4,728

‌

$

4,550

‌

$

6,017

‌

$

7,710

‌

$

7,784

‌

$

8,102

‌

Portfolio

turnover

rate

.......................

41

%

131

%

186

%

324

%

118

%

165

%

(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)

Not

annualized.

(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

2.48%,

0.93%,

respectively.

(i)

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%,

0.93%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

162

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Investor

C

Six

Months

Ended

06/30/23

(unaudited)

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Year

Ended

12/31/18

Net

asset

value,

beginning

of

period

...........

$

6.53

‌

$

7.75

‌

$

8.91

‌

$

8.03

‌

$

8.02

‌

$

9.44

‌

Net

investment

income

(a)

...................

0.16

‌

0.31

‌

0.32

‌

0.31

‌

0.37

‌

0.43

‌

Net

realized

and

unrealized

gain

(loss)

..........

0.21

‌

(1.21

)

(1.23

)

0.82

‌

0.06

‌

(1.52

)

Net

increase

(decrease)

from

investment

operations

..

0.37

‌

(0.90

)

(0.91

)

1.13

‌

0.43

‌

(1.09

)

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(0.14

)

(0.13

)

(0.08

)

(0.25

)

(0.42

)

(0.00

)

(c)

Return

of

capital

.........................

—

‌

(0.19

)

(0.17

)

—

‌

—

‌

(0.33

)

Total

distributions

.........................

(0.14

)

(0.32

)

(0.25

)

(0.25

)

(0.42

)

(0.33

)

Net

asset

value,

end

of

period

................

$

6.76

‌

$

6.53

‌

$

7.75

‌

$

8.91

‌

$

8.03

‌

$

8.02

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

....................

5.79

%

(e)

(11.68

)%

(10.30

)%

14.25

%

5.39

%

(11.74

)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...........................

3.14

%

(g)

3.63

%

(h)

2.74

%

(i)

2.34

%

2.32

%

2.30

%

(j)

Total

expenses

after

fees

waived

and/or

reimbursed

..

1.68

%

(g)

1.76

%

(h)

1.70

%

(i)

1.68

%

1.68

%

1.71

%

Net

investment

income

.....................

4.72

%

(g)

4.47

%

3.83

%

3.76

%

4.46

%

4.85

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

168

‌

$

206

‌

$

345

‌

$

672

‌

$

1,547

‌

$

2,411

‌

Portfolio

turnover

rate

.......................

41

%

131

%

186

%

324

%

118

%

165

%

(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)

Not

annualized.

(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

3.55%,

1.68%,

respectively.

(i)

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%,

1.68%,

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)

163

Financial

Highlights

BlackRock

Sustainable

Emerging

Markets

Flexible

Bond

Fund

Class

K

Six

Months

Ended

06/30/23

(unaudited)

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Year

Ended

12/31/18

Net

asset

value,

beginning

of

period

...........

$

6.53

‌

$

7.75

‌

$

8.92

‌

$

8.03

‌

$

8.03

‌

$

9.44

‌

Net

investment

income

(a)

...................

0.19

‌

0.37

‌

0.40

‌

0.39

‌

0.47

‌

0.51

‌

Net

realized

and

unrealized

gain

(loss)

..........

0.22

‌

(1.20

)

(1.23

)

0.83

‌

0.04

‌

(1.50

)

Net

increase

(decrease)

from

investment

operations

..

0.41

‌

(0.83

)

(0.83

)

1.22

‌

0.51

‌

(0.99

)

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(0.18

)

(0.16

)

(0.12

)

(0.33

)

(0.51

)

(0.00

)

(c)

Return

of

capital

.........................

—

‌

(0.23

)

(0.22

)

—

‌

—

‌

(0.42

)

Total

distributions

.........................

(0.18

)

(0.39

)

(0.34

)

(0.33

)

(0.51

)

(0.42

)

Net

asset

value,

end

of

period

................

$

6.76

‌

$

6.53

‌

$

7.75

‌

$

8.92

‌

$

8.03

‌

$

8.03

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

....................

6.34

%

(e)

(10.75

)%

(9.45

)%

15.58

%

6.37

%

(10.70

)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...........................

1.79

%

(g)

2.03

%

(h)

1.30

%

1.08

%

1.04

%

1.08

%

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

..

0.63

%

(g)

0.70

%

(h)

0.64

%

0.63

%

0.63

%

0.66

%

Net

investment

income

.....................

5.78

%

(g)

5.49

%

4.74

%

4.72

%

5.67

%

5.91

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

25,964

‌

$

25,093

‌

$

19,200

‌

$

60,091

‌

$

84,039

‌

$

64,736

‌

Portfolio

turnover

rate

.......................

41

%

131

%

186

%

324

%

118

%

165

%

(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)

Not

annualized.

(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

1.96%,

0.63%,

respectively.

(i)

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)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

164

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.

On

June

1,

2023,

the

Board

of

Trustees

of

BlackRock

Multi-Sector

Opportunities

Trust

II

(the

“Target

Fund”)

and

the

Board

of

Trustees

of

BlackRock

Funds

V,

on

behalf

of

Strategic

Income

Opportunities,

each

approved

the

reorganization

of

the

Target

Fund

into

Strategic

Income

Opportunities.

Subject

to

approval

by

the

Target

Fund's

shareholders,

the

reorganization

is

expected

to

occur

during

the

fourth

quarter

of

2023.

The

Funds,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”) or

its

affiliates,

are

included

in

a

complex

of

funds

referred

to

as

the BlackRock

Fixed-Income

Complex.

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

$33,416,832

,

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.

The

net

assets

of

the

Subsidiary

as

of

period

end

were

$54,001,232,

which

is

0.2%

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:

an

upfront

fee

of

0.15%

of

the

initial

commitment,

an

unused

commitment

fee

of

0.50%

per

annum

when

the

amount

borrowed

is

less

than

$150

million

and

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

was

0.15%

of

advances

outstanding

when

the

amount

borrowed

is

less

than

50%

of

the

Facility

or

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

0.15%

of

advances

outstanding

when

the

amount

borrowed

is

less

than

50%

of

the

year

one

fee

basis

amount

or

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.

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)

165

Notes

to

Financial

Statements

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

fees

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.

Advances

to

the

Subsidiary

as

of

period

end,

if

any,

are

shown

in

the

Statement

of

Assets

and

Liabilities

as

bank

borrowings.

For

the

six

months

ended

June

30,

2023,

the

maximum

amount

borrowed,

the

average

daily

borrowing

and

the

weighted

average

interest

rate,

if

any,

under

the

Subsidiary's

credit

agreement

were

as

follows:

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: 

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,

2023

,

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. 

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions:

Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly.

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

dates

and

made

at

least

annually. The

portion

of

distributions,

if

any,

that

exceeds

a

fund’s

current

and

accumulated

earnings

and

profits,

as

measured

on

a

tax

basis,

constitute

a

non-taxable

return

of

capital.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP

.

Net

income

and

realized

gains

from

investments

held

by

the

Cayman

Subsidiary

are

treated

as

ordinary

income

for

tax

purposes. If

a

net

loss

is

realized

by

the

Cayman

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.  

Fund

Name

Maximum

Amount

Borrowed

Average

Borrowing

Daily

Weighted

Average

Interest

Rates

Strategic

Income

Opportunities

....................................................

$

137,070,488‌

$

123,722,727‌

5.65‌

%

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

166

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

BlackRock

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.

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.

The

Board

of

each

Fund

has

approved

the

designation

of

each

Fund’s

Manager

as

the

valuation

designee

for

each

Fund.

Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

the

Manager’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value.

The

Manager

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services.

Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third-party

pricing

service. Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

167

Notes

to

Financial

Statements

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that

each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Valuation

Committee

and

third-party

pricing

services

utilized

by

the

Valuation

Committee

include one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

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

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

As

of

June

30,

2023,

certain

investments

of

the

Funds

were fair valued

using

NAV

as

a

practical

expedient as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

Standard

Inputs

Generally

Considered

By

The

Valuation

Committee

And

Third-Party

Pricing

Services

Market

approach

........................

(i)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(i)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(i)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

168

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

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. 

Notes

to

Financial

Statements

(unaudited)

(continued)

169

Notes

to

Financial

Statements

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

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

or

revolving

lines

of

credit.

Floating

rate

loan

interests

are

typically

senior

in

the

corporate

capital

structure

of

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

at

rates

that

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

Since

the

rates

reset

only

periodically,

changes

in

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

be

expected

to

cause

some

fluctuations

in

the

NAV

of

a

fund

to

the

extent

that

it

invests

in

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

by

one

or

more

European

banks,

such

as

SOFR,

the

prime

rate

offered

by

one

or

more

U.S.

banks

or

the

certificate

of

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

These

investments

are

treated

as

investments

in

debt

securities

for

purposes

of

a

fund’s

investment

policies. 

When

a

fund

purchases

a

floating

rate

loan

interest,

it

may

receive

a

facility

fee

and

when

it

sells

a

floating

rate

loan

interest,

it

may

pay

a

facility

fee.

On

an

ongoing

basis,

a

fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

amount

of

a

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

to

income

over

the

term

of

the

loan

or

term

of

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

to

income

as

earned.

Prepayment

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

170

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: 

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. 

Commitments:

Commitments

are

agreements

to

acquire

an

investment

at

a

future

date

(subject

to

conditions)

in

connection

with

a

potential

public

or

non-public

offering. 

Such

agreements

may

obligate a

fund

to

make

future

cash

payments. As

of

June

30,

2023

,

Strategic

Income

Opportunities

had

outstanding

commitments

of

$43,920,615

.

These

commitments

are

not

included

in

the

net

assets

of

Strategic

Income

Opportunities

as

of

June

30,

2023

.

Borrowed

Bond

Agreements:

Repurchase

agreements

may

be

referred

to

as

borrowed

bond

agreements

when

entered

into

in

connection

with

short

sales

of

bonds.

In

a

borrowed

bond

agreement,

a

fund

borrows

a

bond

from

a

counterparty

in

exchange

for

cash

collateral.

The

agreement

contains

a

commitment

that

the

security

and

the

cash

will

be

returned

to

the

counterparty

and

a

fund

at

a

mutually

agreed

upon

date.

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

Earnings

on

cash

collateral

and

compensation

to

the

lender

of

the

bond

are

based

on

agreed

upon

rates

between

a

fund

and

the

counterparty.

The

value

of

the

underlying

cash

collateral

approximates

the

market

value

and

accrued

interest

of

the

borrowed

bond.

To

the

extent

that

a

borrowed

bond

transaction

exceeds

one

business

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

Strategic

Income

Opportunities

CML

La

Quinta

Resort,

Term

Loan

.....................

$

4,126,103‌

$

4,126,103‌

$

4,000,300‌

$

(125,803‌)

Strategic

Income

Opportunities

CML

Lake

Tahoe

Resort

Hotel,

Term

Loan

................

4,211,701‌

4,211,701‌

4,036,054‌

(175,647‌)

Strategic

Income

Opportunities

CML

Paradise

Plaza,

Term

Loan

......................

3,214,140‌

3,214,140‌

3,117,302‌

(96,838‌)

Strategic

Income

Opportunities

CML

ST

Regis

Aspen,

Term

Loan

......................

1,852,312‌

1,844,903‌

1,783,831‌

(61,072‌)

Strategic

Income

Opportunities

Park

Avenue

Tower,

Term

Loan

.......................

848,044‌

848,044‌

784,045‌

(63,999‌)

Strategic

Income

Opportunities

Project

Casavo,

Term

Loan

..........................

9,736,476‌

9,795,405‌

10,452,327‌

656,922‌

Strategic

Income

Opportunities

Sheraton

Austin,

Term

Loan

..........................

4,063,789‌

4,063,789‌

3,902,544‌

(161,245‌)

Strategic

Income

Opportunities

The

Vinoy

St.

Petersburg,

Term

Loan

...................

865,625‌

865,625‌

824,346‌

(41,279‌)

Strategic

Income

Opportunities

Vaca

Morada,

Term

Loan

...........................

19,257,136‌

19,257,136‌

19,208,994‌

(48,142‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

171

Notes

to

Financial

Statements

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.

Borrowed

bond

agreements

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,

typically

a

fund

and

counterparty

under

an

MRA

are

permitted

to

sell,

re-pledge,

or

use

the

collateral

associated

with

the

transaction.

Bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

the

MRA

counterparty’s

bankruptcy

or

insolvency.

Pursuant

to

the

terms

of

the

MRA,

a

fund

receives

or

posts

securities

and

cash

as

collateral

with

a

market

value

in

excess

of

the

repurchase

price

to

be

paid

or

received

by

a

fund

upon

the

maturity

of

the

transaction.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty,

a

fund

is

considered

an

unsecured

creditor

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

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

..............

$

53,274,840‌

$

(53,362,180‌)

$

(87,340‌)

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

(87,340‌)

Barclays

Capital,

Inc.

............

43,617,904‌

(43,895,963‌)

(278,059‌)

—‌

—‌

—‌

95,123‌

95,123‌

(182,936‌)

BNP

Paribas

SA

...............

84,984,746‌

(85,159,485‌)

(174,739‌)

—‌

—‌

—‌

174,739‌

174,739‌

—‌

BofA

Securities,

Inc.

.............

11,653,088‌

(11,831,072‌)

(177,984‌)

—‌

—‌

—‌

—‌

—‌

(177,984‌)

Deutsche

Bank

AG

..............

28,238,129‌

(27,284,504‌)

953,625‌

—‌

(953,625‌)

—‌

—‌

(953,625‌)

—‌

Goldman

Sachs

International

.......

12,094,691‌

(12,114,900‌)

(20,209‌)

—‌

—‌

20,209‌

—‌

20,209‌

—‌

J.P.

Morgan

Securities

LLC

........

17,066,173‌

(16,977,955‌)

88,218‌

—‌

(88,218‌)

—‌

—‌

(88,218‌)

—‌

J.P.

Morgan

Securities

plc

.........

34,658,142‌

(34,729,557‌)

(71,415‌)

—‌

—‌

—‌

—‌

—‌

(71,415‌)

Merrill

Lynch

International

.........

47,081,061‌

(46,715,773‌)

365,288‌

—‌

(300,000‌)

—‌

—‌

(300,000‌)

65,288‌

Nomura

Securities

International,

Inc.

..

20,848,856‌

(21,190,939‌)

(342,083‌)

—‌

—‌

—‌

191,000‌

191,000‌

(151,083‌)

RBC

Capital

Markets

LLC

.........

37,453,203‌

(38,181,788‌)

(728,585‌)

—‌

—‌

—‌

397,339‌

397,339‌

(331,246‌)

RBC

Europe

Ltd.

...............

2,521,863‌

(2,490,547‌)

31,316‌

—‌

—‌

—‌

—‌

—‌

31,316‌

$

393,492,696‌

$

(393,934,663‌)

$

(441,967‌)

$

—‌

$

(1,341,843‌)

$

20,209‌

$

858,201‌

$

(463,433‌)

$

(905,400‌)

...........................................

(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

$5,465,604

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

172

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

and

the

value

of

related

collateral,

if

any, 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

to

the

applicable

commodities

market

(commodities

price

risk).

Futures

contracts

are

exchange-traded agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

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)

As

of

period

end,

the

following

table

is

a

summary

of

the

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

Valu

e

Net

Amount

Strategic

Income

Opportunities

BMO

Capital

Markets

Corp.

......................

$

3,084,430‌

$

(3,084,430‌)

$

—‌

$

—‌

BNP

Paribas

SA

.............................

65,816,409‌

(65,816,409‌)

—‌

—‌

BofA

Securities,

Inc.

...........................

166,925,125‌

(166,925,125‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

....................

11,532,093‌

(11,532,093‌)

—‌

—‌

Credit

Suisse

Securities

(USA)

LLC

................

12,941‌

(12,941‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

......................

32,329,924‌

(32,329,924‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

......................

37,040,487‌

(37,040,487‌)

—‌

—‌

Jefferies

LLC

...............................

15,992,592‌

(15,992,592‌)

—‌

—‌

Mizuho

Securities

USA

LLC

.....................

9,570,085‌

(9,570,085‌)

—‌

—‌

Morgan

Stanley

..............................

1,616,895‌

(1,616,895‌)

—‌

—‌

National

Financial

Services

LLC

...................

4,020,588‌

(4,020,588‌)

—‌

—‌

Toronto-Dominion

Bank

........................

10,289,613‌

(10,289,613‌)

—‌

—‌

$

358,231,182‌

$

(358,231,182‌)

$

—‌

$

—‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund's

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(continued)

173

Notes

to

Financial

Statements

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.

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

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

174

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.

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

risks

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

Notes

to

Financial

Statements

(unaudited)

(continued)

175

Notes

to

Financial

Statements

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

Fund(s)

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

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.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

each

Fund

as

follows:

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

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

176

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,

2023,

the

following

table

shows

the

class

specific

service

and

distribution

fees borne

directly

by

each

share

class

of

each

Fund:

Administration:

The

Trust,

on

behalf

of the

Funds, entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

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,

2023, the

following

table

shows

the

class

specific

administration

fees

borne

directly

by

each

share

class

of

each

Fund:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Funds

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the 

six

months

 ended June

30,

2023,

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,

2023,

each

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

For

the

six

months ended

June

30,

2023,

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,

2023,

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,

2023,

affiliates

received

CDSCs

as

follows:

Expense

Limitations,

Waivers

and

Reimbursements:

With

respect

to

each

Fund,

the

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

each

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

202

4

.

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,

2023,

the

amount

waived

was

$

400,727

for

Strategic

Income

Opportunities.

Fund

Name

Investor

A

Investor

C

Total

Strategic

Income

Opportunities

.......................................................................

$

1,346,790‌

$

599,221‌

$

1,946,011‌

Sustainable

Emerging

Markets

Flexible

Bond

..............................................................

5,917‌

932‌

6,849‌

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

......................................................

$

2,672,820‌

$

107,743‌

$

11,984‌

$

910,454‌

$

3,703,001‌

Sustainable

Emerging

Markets

Flexible

Bond

.............................................

609‌

473‌

19‌

2,530‌

3,631‌

Fund

Name

Institutional

Strategic

Income

Opportunities

................................................................................................

$

890,298‌

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Total

Strategic

Income

Opportunities

......................................................

$

23,255‌

$

6,890‌

$

2,340‌

$

6,687‌

$

39,172‌

Sustainable

Emerging

Markets

Flexible

Bond

.............................................

—‌

893‌

20‌

—‌

913‌

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Total

Strategic

Income

Opportunities

......................................................

$

13,051,977‌

$

503,549‌

$

40,834‌

$

26,197‌

$

13,622,557‌

Sustainable

Emerging

Markets

Flexible

Bond

.............................................

4,259‌

5,835‌

313‌

—‌

10,407‌

Fund

Name

Other

Fees

Strategic

Income

Opportunities

...............................................................................................

$

12,185‌

Sustainable

Emerging

Markets

Flexible

Bond

......................................................................................

10‌

Fund

Name

Investor

A

Investor

C

Strategic

Income

Opportunities

....................................................................................

$

20,858‌

$

2,477‌

Notes

to

Financial

Statements

(unaudited)

(continued)

177

Notes

to

Financial

Statements

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,

2024.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

Strategic

Income

Opportunities'

assets

invested

in

affiliated

equity

and

fixed-income

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2024.

The

contractual

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,

2023,

the

amounts

waived

in

investment

advisory

fees

pursuant

to

these

arrangements

were

as

follows:

With

respect

to

each

Fund,

the

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

each

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2024,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of a

Fund. For

the

six

months

ended

June

30,

2023,

the

amounts

included

in

fees

waived

and/or

reimbursed

by

the

Manager

and

administration

fees

waived

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

by

the

manager

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific,

respectively,

in

the

Statements

of

Operations.

For

the

six

months ended

June

30,

2023,

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,

Strategic

Income

Opportunities

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Fixed-Income

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

Strategic

Income

Opportunities,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

85%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses. 

Fund

Name

Amount

Waived

Strategic

Income

Opportunities

...............................................................................................

$

1,046,107‌

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

0.6

3‌

%

Fund

Name

Fees

Waived

and/

or

Reimbursed

by

the

Manager

Administration

Fees

Waived

Sustainable

Emerging

Markets

Flexible

Bond

.............................................................

$

198,440‌

$

7,716‌

Fund

Name/Share

Class

Administration

Fees

Waived

by

the

Manager

-

Class

Specific

Transfer

Agent

Fees

Waived

and/or

Reimbursed

by

the

Manager

-

Class

Specific

Strategic

Income

Opportunities

Institutional

....................................................................................

$

387‌

$

—‌

Sustainable

Emerging

Markets

Flexible

Bond

Institutional

....................................................................................

605‌

2,698‌

Investor

A

.....................................................................................

473‌

4,646‌

Investor

C

.....................................................................................

19‌

267‌

Class

K

......................................................................................

2,48

9‌

—‌

$

3,58

6‌

$

7,611‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

178

Prior

to

January

1,

2023,

Strategic

Income

Opportunities

retained

81%

of

securities

lending

income

(which

excluded

collateral

investment

expenses)

and

the

amount

retained

could

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Fixed-Income

Complex

in

a

calendar

year

exceeded

a

specified

threshold,

the

Fund

would

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excluded

collateral

investment

expenses),

and

the

amount

retained

could

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

The

share

of

securities

lending

income

earned

by

Strategic

Income

Opportunities

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Statements

of

Operations.

For

the six

months

ended June

30,

2023,

the

Fund

paid

BIM $183,240

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 six

months

ended

June

30,

2023,

the

Funds

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Funds

reimburse

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Trust’s

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statements

of

Operations. 

7.

PURCHASES

AND

SALES 

For

the six

months ended

June

30,

2023,

purchases

and

sales

of

investments,

including

paydowns/payups,

mortgage

dollar

rolls

and

excluding

short-term

securities,

were

as

follows:

For

the six

months ended

June

30,

2023,

purchases

and

sales

related

to

mortgage

dollar

rolls

were

as

follows:

8.

INCOME

TAX

INFORMATION 

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

Each Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

each

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

years

after

they

are

filed.

The

statutes

of

limitations

on

each

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Funds

as

of

June

30,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of

December

31,

2022, the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

and

qualified

late-year

losses as

follows: 

U.S.

Government

Securities

Other

Securities

Fund

Name

Purchases

Sales

Purchases

Sales

Strategic

Income

Opportunities

............................................

$

14,029,110,198‌

$

17,554,247,091‌

$

186,030,106,774‌

$

182,050,721,287‌

Sustainable

Emerging

Markets

Flexible

Bond

...................................

341,473‌

165,103‌

12,649,861‌

13,042,927‌

Fund

Name

Purchases

Sales

Strategic

Income

Opportunities

............................................................................

$

53,253,103,400‌

$

53,246,665,265‌

Fund

Name

Non-Expiring

Capital

Loss

Carryforwards

Qualified

Late-Year

Losses

Strategic

Income

Opportunities

.............................................................................

$

1,121,375,118‌

$

263,640,550‌

Sustainable

Emerging

Markets

Flexible

Bond

....................................................................

20,520,358‌

298,970‌

Notes

to

Financial

Statements

(unaudited)

(continued)

179

Notes

to

Financial

Statements

As

of

June

30,

2023, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

9.

BANK

BORROWINGS 

The

Trust,

on

behalf

of

the

Funds,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”), is

party

to

a

364-day,

$2.50

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Funds

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Funds,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

(x)

Daily

Simple

SOFR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.10%

and

(y) 0.80%

per

annum.

The

agreement

expires

in

April

2024

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

six

months ended

June

30,

2023,

the

Funds

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business, the

Funds

invest

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

each

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

each

Fund

is

subject. 

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

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.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. A

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that a

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. A

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

each

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of a

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which a

Fund

invests. 

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Strategic

Income

Opportunities

........................................

$

45,836,806,321‌

$

1,200,269,431‌

$

(3,021,307,534‌)

$

(1,821,038,103‌)

Sustainable

Emerging

Markets

Flexible

Bond

..............................

38,500,365‌

965,295‌

(4,045,517‌)

(3,080,222‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

180

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. 

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each Fund’s

portfolio

are

disclosed

in

its 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

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the period

of

historically

low

interest

rates

that

ended

in

March

2022. The

Federal

Reserve

has

recently been

raising the

federal

funds

rate

as

part

of

its

efforts

to

address

inflation.

There

is

a

risk

that

interest

rates

will

continue

to

rise,

which

will

likely

drive

down

the

prices

of

bonds

and

other

fixed-income

securities,

and

could

negatively

impact

the

Funds'

performance.

Certain

Funds invest

a

substantial

amount

of

their

assets

in

issuers

located

in

a

single

country

or

a

limited

number

of

countries.

When a

fund

concentrates its investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

in

those

countries

may

have

a

significant

impact

on

their

investment

performance

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund's

portfolio.

Unanticipated

or

sudden

political

or

social

developments

may

cause

uncertainty

in

the

markets

and

as

a

result

adversely

affect

the

Fund’s

investments.

Foreign

issuers

may

not

be

subject

to

the

same

uniform

accounting,

auditing

and

financial

reporting

standards

and

practices

as

used

in

the

United

States.

Foreign

securities

markets

may

also

be

more

volatile

and

less

liquid

than

U.S.

securities

and

may

be

less

subject

to

governmental

supervision

not

typically

associated

with

investing

in

U.S.

securities.

Investment

percentages

in

specific

countries

are

presented

in

the

Schedules

of

Investments. 

Certain

Funds

invest

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

certain

Funds

invest. 

Certain

Funds

invest

a

significant

portion

of their

assets

in

securities

backed

by

commercial

or

residential

mortgage

loans

or

in

issuers

that

hold

mortgage

and

other

asset-

backed

securities.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

a

greater

risk

of

prepayment

or

payment

extension

by

securities

issuers.

Changes

in

economic

conditions,

including

delinquencies

and/or

defaults

on

assets

underlying

these

securities,

can

affect

the

value,

income

and/or

liquidity

of

such

positions.

Investment

percentages

in

these

securities

are

presented

in

the

Schedules

of

Investments.

Notes

to

Financial

Statements

(unaudited)

(continued)

181

Notes

to

Financial

Statements

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

Funds

may

be

exposed

to

financial

instruments

that

are

tied

to

the

London

Interbank

Offered

Rate

(“LIBOR”)

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

United

Kingdom’s

Financial

Conduct

Authority,

which

regulates

LIBOR,

announced

that

a

majority

of

USD

LIBOR

settings

will

no

longer

be

published

after

June

30,

2023.

All

other

LIBOR

settings

and

certain

other

interbank

offered

rates

ceased

to

be

published

after

December

31,

2021.

SOFR

has

been

used

increasingly

on

a

voluntary

basis

in

new

instruments

and

transactions.

The

Federal

Reserve

Board

adopted

regulations

that

provide

a

fallback

mechanism

by

identifying

benchmark

rates

based

on

SOFR

that

will

replace

LIBOR

in

certain

financial

contracts

after

June

30,

2023.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain.

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

As

of

June

30,

2023,

BlackRock

HoldCo

2,

Inc.,

an

affiliate

of

the

Funds,

owned 3,835,005

Class

K

Shares

of

Sustainable

Emerging

Markets

Flexible

Bond.

d

Six

Months

Ended

06/30/23

Year

Ended

12/31/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Strategic

Income

Opportunities

Institutional

Shares

sold

..........................................

492,102,782‌

$

4,563,045,395‌

1,281,480,388‌

$

12,369,438,085‌

Shares

issued

in

reinvestment

of

distributions

.....................

58,518,912‌

540,981,873‌

116,277,089‌

1,099,035,398‌

Shares

redeemed

......................................

(836,871,669‌)

(7,734,367,497‌)

(1,748,337,415‌)

(16,688,976,517‌)

(286,249,975‌)

$

(2,630,340,229‌)

(350,579,938‌)

$

(3,220,503,034‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

....................

11,445,358‌

$

105,881,286‌

31,163,196‌

$

298,768,503‌

Shares

issued

in

reinvestment

of

distributions

.....................

2,303,070‌

21,275,660‌

4,455,109‌

42,051,817‌

Shares

redeemed

......................................

(25,036,865‌)

(231,321,629‌)

(50,797,245‌)

(484,530,530‌)

(11,288,437‌)

$

(104,164,683‌)

(15,178,940‌)

$

(143,710,210‌)

Investor

C

Shares

sold

..........................................

938,560‌

$

8,689,360‌

2,015,178‌

$

19,271,039‌

Shares

issued

in

reinvestment

of

distributions

.....................

220,536‌

2,037,107‌

458,417‌

4,317,597‌

Shares

redeemed

and

automatic

conversion

of

shares

................

(3,057,164‌)

(28,267,809‌)

(8,238,893‌)

(78,837,876‌)

(1,898,068‌)

$

(17,541,342‌)

(5,765,298‌)

$

(55,249,240‌)

Class

K

Shares

sold

..........................................

216,986,009‌

$

2,002,565,109‌

239,685,502‌

$

2,292,830,887‌

Shares

issued

in

reinvestment

of

distributions

.....................

20,827,687‌

192,583,150‌

38,410,956‌

363,052,167‌

Shares

redeemed

......................................

(147,372,878‌)

(1,365,566,317‌)

(247,285,787‌)

(2,345,805,047‌)

90,440,818‌

$

829,581,942‌

30,810,671‌

$

310,078,007‌

(208,995,662‌)

$

(1,922,464,312‌)

(340,713,505‌)

$

(3,109,384,477‌)

Sustainable

Emerging

Markets

Flexible

Bond

Institutional

Shares

sold

..........................................

583,356‌

$

3,832,505‌

281,524‌

$

2,027,236‌

Shares

issued

in

reinvestment

of

distributions

.....................

18,249‌

121,364‌

34,547‌

233,817‌

Shares

redeemed

......................................

(240,045‌)

(1,587,080‌)

(432,282‌)

(2,872,002‌)

361,560‌

$

2,366,789‌

(116,211‌)

$

(610,949‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

....................

71,523‌

$

482,867‌

69,509‌

$

498,284‌

Shares

issued

in

reinvestment

of

distributions

.....................

17,192‌

114,230‌

37,270‌

251,849‌

Shares

redeemed

......................................

(85,669‌)

(568,965‌)

(186,761‌)

(1,303,311‌)

3,046‌

$

28,132‌

(79,982‌)

$

(553,178‌)

Investor

C

Shares

sold

..........................................

—‌

$

—‌

—‌

$

—‌

Shares

issued

in

reinvestment

of

distributions

.....................

57

1‌

3,803‌

1,524‌

10,332‌

Shares

redeemed

and

automatic

conversion

of

shares

................

(7,339‌

)

(48,359‌)

(14,493‌)

(98,559‌)

(6,768‌)

$

(44,556‌)

(12,969‌)

$

(88,227‌)

Class

K

Shares

sold

..........................................

239‌

$

1,591‌

4,385,689‌

$

33,645,740‌

Shares

issued

in

reinvestment

of

distributions

.....................

212‌

1,411‌

8,706‌

66,021‌

Shares

redeemed

......................................

(364‌)

(2,430‌)

(3,028,617‌)

(22,780,209‌)

87‌

$

572‌

1,365,778‌

$

10,931,552‌

357,925‌

$

2,350,937‌

1,156,616‌

$

9,679,198‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

182

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.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

183

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

May

4,

2023

(the

“May

Meeting”)

and

June

1-2,

2023

(the

“June

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

or

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

adviser.

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

of

which

extended

over

a

two-day

period,

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

regarding

the

renewal

of

the

Agreements.

In

considering

the

renewal

of

the

Agreements,

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

May

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreements.

The

Independent

Board

Members

are

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

May

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

May

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

June

Meeting.

At

the

June

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

them

on

a

fund-by-fund

basis.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

184

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

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.

The

Board

noted

that

the

engagement

of

the

Sub-Advisors

with

respect

to

each

Fund,

as

applicable,

facilitates

the

provision

of

investment

advice

and

trading

by

investment

personnel

out

of

non-U.S.

jurisdictions.

The

Board

considered

that

this

arrangement

provides

additional

flexibility

to

the

portfolio

management

team,

which

may

benefit

each

Fund

and

its

shareholders.

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

May

Meeting.

In

preparation

for

the

May

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

each

Fund’s

performance

as

of

December

31,

2022,

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

and

the

respective

Morningstar

Category

(“Morningstar

Category”).

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

first,

first

and

third

quartiles,

respectively,

against

its

Morningstar

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Category

is

an

appropriate

performance

metric

for

the

Sustainable

Emerging

Markets

Flexible

Bond

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Sustainable

Emerging

Markets

Flexible

Bond

Fund’s

underperformance

relative

to

its

Morningstar

Open-End

Category

during

the

applicable

period.

The

Board

noted

that

for

each

of

the

one-,

three-

and

five-year

periods

reported,

the

Strategic

Income

Opportunities

Portfolio

ranked

in

the

second

quartile

against

its

Morningstar

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Category

is

an

appropriate

performance

metric

for

the

Strategic

Income

Opportunities

Portfolio,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

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

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

185

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

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

that

the

fee

and

expense

information

in

the

Broadridge

report

for

each

Fund

reflected

information

for

a

specific

period

and

that

historical

asset

levels

and

expenses

may

differ

from

current

levels,

particularly

in

a

period

of

market

volatility.

The

Board

considered

the

services

provided

and

the

fees

charged

by

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,

2022

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

and

resources,

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

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

Sustainable

Emerging

Markets

Flexible

Bond

Fund

decreases

below

certain

contractually

specified

levels.

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

Portfolio’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

Portfolio’s

Expense

Peers.

The

Board

also

noted

that

the

Strategic

Income

Opportunities

Portfolio

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Strategic

Income

Opportunities

Portfolio

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

Strategic

Income

Opportunities

Portfolio

decreases

below

certain

contractually

specified

levels.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Strategic

Income

Opportunities

Portfolio’s

total

expenses

as

a

percentage

of

the

Strategic

Income

Opportunities

Portfolio’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.

With

respect

to

securities

lending,

during

the

year

the

Board

also

considered

information

provided

by

independent

third-party

consultants

related

to

the

performance

of

each

BlackRock

affiliate

as

securities

lending

agent.

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)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

186

Conclusion

At

the

June

Meeting,

in

a

continuation

of

the

discussions

that

occurred

during

the

May

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

the

Advisory

Agreements

between

the

Manager

and

the

Trust,

on

behalf

of

each

Fund,

for

a

one-year

term

ending

June

30,

2024,

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

Portfolio

for

a

one-year

term

ending

June

30,

2024.

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

advised

by

independent

legal

counsel

throughout

the

deliberative

process.

Additional

Information

187

Additional

Information

Tailored

Shareholder

Reports

for

Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Funds.

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Funds

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Funds

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Funds

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Funds at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedules

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/fundreports

.

Availability

of

Proxy

Voting

Policies,

Procedures

and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Funds

voted

proxies

relating

to

securities

held

in

the

Funds'

portfolios

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800) 

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

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)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

188

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.

New

York,

NY

10179

Citibank

NA

(b)

New

York,

NY

10013

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10001

Legal

Counsel

Willkie

Farr

&

Gallagher

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

(a)

For

BlackRock

Strategic

Income

Opportunities

Portfolio.

(b)

For

SIO

Neptunite

2022-1

LLC.

Glossary

of

Terms

Used

in

this

Report

189

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNH

Chinese

Yuan

Offshore

CNY

Chinese

Yuan

COP

Colombian

Peso

CZK

Czech

Koruna

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

PHP

Philippine

Peso

PLN

Polish

Zloty

RON

Romanian

Leu

RUB

New

Russian

Ruble

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thai

Baht

TRY

Turkish

Lira

TWD

Taiwan

New

Dollar

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviation

ABS

Asset-Backed

Security

ADR

American

Depositary

Receipts

BA

Canadian

Bankers

Acceptances

BBR

Australian

Bank

Bill

Rate

BUBOR

Budapest

Interbank

Offered

Rate

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CD_KSDA

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

CDO

Collateralized

Debt

Obligation

CDI

Crest

Depository

Interests

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

COP

Certificates

of

Participation

CSMC

Credit

Suisse

Mortgage

Capital

CVA

Certification

Van

Aandelon

(Dutch

Certificate)

CWABS

Countrywide

Asset-Backed

Certificates

DAC

Designated

Activity

Company

EM

Emerging

Markets

EFFR

Effective

Federal

Funds

Rate

ESG

Environmental,

Social

And

Governance

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GO

General

Obligation

Bonds

GUKG1

UK

Government

Bond

1

Year

Note

Generic

Bid

Yield

JIBAR

Johannesburg

Interbank

Average

Rate

LIBOR

London

Interbank

Offered

Rate

LOC

Letter

of

Credit

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

NASDAQ

National

Association

of

Securities

Dealers

Automated

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

PJSC

Public

Joint

Stock

Company

PRIBOR

Prague

Interbank

Offered

Rate

RB

Revenue

Bonds

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

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

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-6/23-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 22, 2023

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 22, 2023

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds V

Date: August 22, 2023